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7/23/2019 Introduction to Personal Finance SEPT 2015 REVISION PACK.docx
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Introduction to Personal
Finance
Code: ACF132 (Level 4)
CRN:82563
September 2015 exam
R!"ISI#N PAC$
Student Name:
%%%%%%%%%%%%%%%%%%%
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You have all completed your Introduction to PersonalFinance courseor! and have received your mar!s" In
order to pass this module you must achieve an overall
pass in the courseor! and e#amination"
$he e#amination is se%re%ated into $&' main areas"
&uestions Percenta'e o(
PaperSectio
n A
)ultiple C*oice &uestions 20+
2 multiple choice *uestions each orth +
mar!,percent" $his section o- the e#amination is a -act
.ased assessment ith no ne%ative mar!in%" Please
attempt /LL multiple choice *uestions in this
e#amination"Sectio
n ,
!ssa- &uestions .0+
4 essay topics ill .e assessed" ach topic ill include
short *uestions (+"a0 +".0 +"c etc)" You 1$ anser
/LL *uestions" $his section has the hi%hest ei%ht -or
the e#amination"
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&u1
hich one o- the -olloin% statements re%ardin% interest
rates is true
a" &eadline rates are the .est .asis -or comparison.eteen providers"
." Fi#ed rate mort%a%es provide certainty a.out monthlycosts"
c" $he hi%her the interest rate0 the loer the credit ris!"d" aria.le rates only apply to .orroers"
&u2
$o hat e#tent do ordinary shares provide %uarantees o-
income and capital
a" 7ividends ill denitely provide continuin% income0 .ut
the capital value may -all"." ome income and some capital %roth are%uaranteed"
c" Income may vary .ut the share price has a minimumvalue"
d" $here is no %uarantee o- capital %roth or income
&u3
9ane is !een to invest a portion o- her availa.le -unds in a
hi%h:ris! investment" hich o- the -olloin% vehicles is
most li/el- to meet her re*uirements
a" enture capital trusts"." ;ational savin%s"
c"
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&u
hich o- the -olloin% > providers is seen as o?erin% the
loest level o- provider ris!
a" @an!"." Li-e companyc" Aovernment"d" @uildin% society"
&u5@eta @uildin% ociety is *uotin% an interest rate o- 5pc0 /P'6"5 per cent" hy is there a di?erence .eteen the torates
a" 5 per cent is the rate char%ed i- the loan is repaidearly"
." $he /P' includes any lendin% -ees0 and reBects theay that interest is char%ed"
c" $he /P' is an annual rate0 hereas 5 per cent ischar%ed hal-:yearly"
d" 6"5 per cent is the %ross rate0 and 5 per cent is the netrate"
&u
hich one o- the -olloin% plastic cards does not representa means o- .orroin% money
a" tore cards"." =har%e cards"c" 7e.it cards"d" =redit cards"
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&u
teve has a .alanced attitude to investment ris!" hat isthe .est ay o- spreadin% the ris!s o- his medium:to:lar%e
port-olio
a" $o diversi-y across di?erent sectors"." $o concentrate on #ed interest securities"c" @y puttin% all the -unds on deposit"
d" @y choosin% three or -our .lue chip shares"
&u.
hich o- the -olloin% too! over the role o- the F/ inre%ulatin% nancial services in the nited >in%dom $heC
a" Financial =onduct /uthority
." Financial Dm.udsman"c" Financial Policy =ommitteed" Prudential 'e%ulation /uthority"
&u4
hat is a !ey .enet o- investin% in unit trusts0 open:endedinvestment companies and investment trusts
a" Income is ta#:-ree"." $hese types o- investments are ris!:-ree"c" $hey ena.le investors to pool -unds and diminish ris!
.y diversication"d" $hese types o- investments are more heavily
re%ulated"
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&u10
hy is it said that .orroers .enet -rom inBation
a" Lenders reduce the value o- the loan to ta!e account o-the -allin% value o- money"
." Interest rates usually -all0 so monthly payments to thelender also reduce"
c" $he e?ect o- inBation ill reduce the real capital value
o- their loan"d" $heir income ill increase in line ith inBation0 so
payments -orm a smaller part o- out%oin%s"
&u11
For the last -e months0 Peter has invested in a depositaccount ith an interest rate o- 4E0 hilst inBation has
remained steady at +E" hat is the real rate o- interestthat Peter has earned
a"3E"." :+E"c" 4E"d"E"
&u12
/t hich sta%e o- the li-e cycle are people most li!ely to
invest capital to produce an income
a" @irth o- children"." 'etirement"c" arly career"
d"1iddle a%e"
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&u13
hat does /P' stand -or
a" /vera%e percenta%e rate." /nnual percenta%e ratec" /lternative percenta%e rated" /.solutely pathetic rate
&u1
hich o- the -olloin% is an indirect ta#
a" Income $a#." =orporation $a#c" Inheritance $a#
d" alue /dded $a#
&u15&o much does a house have to cost .e-ore you pay stampduty
a" You pay stamp duty on all property purchases." Dnly a-ter G+250c" Dnly a-ter G+50d" Dnly a-ter G250
&u1$he rate o- inBation in the > is currently appro#imatelyC
a" 5E." (2E)c" E
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d" (5E)
&u1hich o- the -olloin% .est e#plains hy 'ichard0 a
.alanced investor0 mi%ht pre-er to !eep the maHority o- his
investments in #ed interest securities
a" &e is retired and needs a re%ular income"." &e ants to achieve capital %roth"c" &e re*uires instant0 no penalty access"
d" &e ishes to miti%ate his ta# lia.ility"
&u1.'yan is in le%al diculties" hich one o- the -olloin% is themost suita.le or%anisation that may .e a.le to assist him
a" =itiJens /dvice @ureau#"." Financial ervices /uthority"
c" Dce o- Fair $radin%"d" Financial Dm.udsman service"
&u14$he > ta# year -or individuals runs -romC
a" + 9anuary to the -olloin% 3+ 7ecem.er
." + /pril to the -olloin% 3+ 1archc" 6 /pril to the -olloin% 5 /prild" 6 9anuary to the -olloin% 5 9anuary
&u20hat is the ma#imum amount that can .e invested into a
cash I/ in the current ta# year
a" G30"
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." G506c" G024d" G+5024
,orroin' mone- to purc*ase a propert-
"ariable Rate )ort'a'es
$he ,an/ o( !n'landset a .ase rate o- interest (the
cost o- .orroin% char%ed on .an!s)"
$his type o- mort%a%e has an interest rate c*an'es
every time the .an! o- n%land chan%es the .ase rate
In most cases0 the overall e?ect o- any interest rate
chan%es is calculated once a year and payments are
altered accordin%ly"
hatever !ind o- mort%a%e you start ith0 it is li!ely to
chan%e to varia.le rates at some point"
/ trac!er mort%a%e is a type o- varia.le rate mort%a%e0
alon% ith discounted mort%a%e"
Fixed Rate )ort'a'es
$he interest rate char%ed is 6xed-or the period a%reed :
o-ten .eteen to and 67e -ears" It is possi.le to %et a + year #ed rate mort%a%e"
$his in turn #es the amount that you pay -or that
period"
$he appeal o- this is that it allos you to mana%e and
control individual nances .etter"
$he .orroer does not .enet i- rates -all0 and ill -ace
penalties i- you try to *uit"
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ery lo rates may tempt people0 .ut they can .e used
to trap individuals into payin% over the odds at a -uture
date"
Individuals should chec! ho lon% they ill have to stay
ith the lender .e-ore they can sitch ithout penalty"
#8 set )ort'a'e
1ost mort%a%e .orroers also have sa7in's0 eveni- they are small0 and usin% this money to cancel outmort%a%e de.t ma!es sense"
Sa7ers a7oid pa-in' tax on interestthat theirdeposits ould otherise have earned"
D?set mort%a%e lenders calculate interest daily0 e7er-
pound on deposit or/s *ard to reduce t*e cost o(
borroin'"
Individual savin%s ill decrease the interest o- the
mort%a%e" 'ather than earnin% interest on savin%s0 that
money is set a%ainst the mort%a%e so the individualpays less interest on that de.t"
For example0 say an individual has a G+0
mort%a%e and G20 in savin%s0 the individual ould
only .e char%ed interest on G80 o- the mort%a%e"
&oever0 the monthly mort%a%e repayments ill have
.een calculated as i- the de.t as G+0: the capital
o- the property" $his means the individual ill end uppayin% more on their mort%a%e each month" /s a result
they ill clear their mort%a%e o? more *uic!ly and save
thousands o- pounds in interest"
/s ell as ta!in% years o? a mort%a%e and savin%
thousands o- pounds in interest0 o?set mort%a%es also
o?er a si%nicant ta# .enet"
$he rates on o?set mort%a%es tend to .e hi%her thanthose on standard mort%a%e products" I- an individual
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has a small amount o- savin%s0 they mi%ht .e .etter o?
Hust ta!in% a normal mort%a%e and ndin% the most
competitive savin%s rate"
9rac/er
/ trac!er mort%a%e is a type o- varia.le rate mort%a%e"
It is a type o- mort%a%e loan that -ollos the ,an/ o(
!n'land base interest rate
/ trac!er mort%a%e0 or .ase rate trac!er mort%a%e0 is avaria.le rate loan that c*an'es rates dependin' on
t*e le7el o( interest rates set
$he .enets o- trac!er mort%a%es are that hen interest
rates start to -all0 so do the monthly repayments on the
loan"
/ny chan%e in interest rate is usually passed on to
.orroers on trac!er mort%a%es ithin 3 days" $he interest rate on a trac!er mort%a%e is lin!ed to the
@an! o- n%land .ase rate" o i- the .ase rate chan%es0
the mort%a%e rate ill chan%e"
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Additional Costin' *en Purc*asin' a Propert-
Stamp ut-
$his is ta# hich is paya.le hen the costo- the house is a.ove G+250" It is paid atC:
Residential properties
nothin% on the rst G+250 o- the property price
2E on the ne#t G+250
5E on the ne#t G650
+E on the ne#t G550
+2E on the rest (a.ove G+"5 million)
@uyin% a property in the > over a certain price0 means a
tamp 7uty Land $a# (7L$) must .e paid" $his is char%ed
on all purchases o- houses0 Bats and other land and
.uildin%s"For example:
I- a property price as G30 the tamp 7uty Land $a#
ould .eC
G+250 K E G
G+250 K 2E G205G50 K 5E G205
$otal cost o- stamp duty G50
hen purchasin% a house many people thin! the price o-
the house and the interest rates is all that is needed"
&oever0 .uyin% a house i- -ar costin% than these -actors
alone" e need to !no ho lon% our mort%a%e is" &o
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lon% e ill .e tired into a mort%a%e hat additional costs
e need to pay such as stamp duty and solicitor -ees" e
need to understand ho much it ould cost on repairs and
maintains o- a house not only the initial payments .ut the
payments su.se*uent to movin% in"
)ort'a'e Arran'ement Fee
Fees char%ed .y the lender -or puttin%
the mort%a%e in place" $hey can .e e#pensive0ran%in% -rom Hust a -e hundred to ell over the
G+0 mar!" It can .e char%ed as a Bat -ee or as a
percenta%e o- the amount o- the mort%a%e (anythin%
-rom "5E to 3"5E)" It is important to !no hat the
-ee is hen selectin% a mort%a%e"
)ort'a'e Indemnit- Insurance
$his is an insurance premium char%ed .y some lenders
here your loan amount is more than 5E o- the price
o- the property" $his is char%ed in case .orroer
de-aults on their mort%a%e repayments and the
mort%a%e lender cannot recover its money" ;ote that
this protects the lender0 not .orroer
Sur7e- (ees
urvey -ees are paid to analyse the structure o- the
property" / .asic valuation is usually the minimum that
is re*uired .y the mort%a%e lender .e-ore they illproceed ith the mort%a%e or remort%a%e" $his type o-
survey %ives very little in-ormation a.out the state o-
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the property and so is not normally recommended -or
older properties" / &ome.uyerMs 'eport provides more
detail a.out the overall condition o- the property0 and
ill hi%hli%ht any pro.lems that re*uire attention" $he
report -ollos an industry:ide -ormat and coversareas such asC the heatin%0 irin%0 evidence o- damp0
su.sidence0 condition o- the alls and roo- structure0
etc" / -ull structural survey is the most comprehensive
type o- inspection0 coverin% every aspect o- the
property -rom the -oundations upards"
Solicitors; (ees
Le%al -ees hich are paid to your solicitor or
conveyancer" $hese are #ed amounts that the
solicitor pays to others on your .ehal-0 -or e#ample
-ees to the land re%istry0 local authority search -ees0
etc"
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Pension C*an'ed
Pensions have radically chan%ed -rom ho they used to .e"$he re-orms0 e?ective since April 20150 li-t many o- thecaps and restrictions hich previously limited ourretirement options" /s there are more c*oices a7ailable0independent nancial advice ill .e more important thanever in decidin% hat to do" $here is much more potential
-or livin% the retirement that you ant : .ut also a much%reater ris! o- %ettin% it ron%"
)ore (reedom (or -our retirement sa7in's
veryone ith a dened contri.ution (money purchase)pension pot no has (ull access to it (rom t*e a'e o(55" p to 25 per cent o( t*e pot can be it*dran tax
(ree0 ith the remainder taxed at the individualMsmar%inal rate"=ou can eit*er ta/e a tax>(ree lump sumo( 25 per cent? it* t*e remainder bein' taxed? or-ou can it*dra t*e mone- o7er time? it* a@uarter o( e7er- it*draal bein' tax (ree
hat you do ith your pension sa7in's is no up to-ou: there is N#
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Pension Bise > t*e 'o7ernment;s (ree 'uidance
ser7ice
/nyone in a dened contri.ution (7=) scheme is entitledto -ree %uidanceon their options as they approach
retirement" $his service is called Pension ise"
$he %uidance is delivered .y independent or'anisationsselected .y &1 $reasury0 so as to .e impartial o- productproviders" $hey include the Pensions /dvisory ervice($P/) and Citiens Ad7ice" Auidance is availa.le via anum.er o- channels0 includin% -ace:to:-ace consultationsand on the phone"
Somet*in' to t*in/ about
B*- are t*ere t*ese c*an'esD
/llos more -reedom to pensioners" Pensioners can ta!e
their entire pension or ta!e .its hen they ant" $his is an
advanta%e .ecause it %ives control .ac! to the pensionersith their on money" hy else are there these chan%es
25E is ta# -ree0 anythin% a.ove that must .e ta#ed:
advanta%e -or the %overnment
B*at are t*e problems to t*ese c*an'esD
Individuals can ta!e their entire pension and spend it"
$here-ore0 not plannin% -or their hole -uture" $his could
lead to claimin% .enets -rom the Aovernment" hat other
pro.lems are they
https://www.unbiased.co.uk/the-guidance-guaranteehttps://www.unbiased.co.uk/the-guidance-guarantee -
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9*ere are t1o di8erent t-pes o( occupationalpension sc*eme
N 7e8ned =ontri.ution PensionN Final 3alary Pension
e6ned Contribution Pension Sc*emes
1oney purchase schemes are sometimes re-erred to as
de6ned contribution sc*emes" mployers and
employees contributeto the scheme0 here the money is
invested0 and .uild up0 -or each scheme mem.er0 a Epot o(
mone-E" $he amount o- pension paya.le -rom this scheme
is dependent uponC
+" the amount o- money paid into the scheme (.y themem.er and the employer)O
2" ho ell the investment -unds per-ormO and3" $he Mannuity rateM at the date o- retirement" /n annuity
rate is the -actor used to convert the Mpot o- moneyMinto a pension"
$he .enets an individual youre their dependents ill %et-rom a money purchase scheme ill come entirely -rom the
QpotR o- money"
Final Salar- Pension Sc*eme
Final salary schemes are sometimes !non as 7ened@enet Pension cheme" 1em.ers contri.ute to thescheme ith the promise o- a certain level o- pension" $he
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amount o- pension paya.le -rom such a scheme isdependent uponC
+" the len%th o- time served in the scheme (!non aspensiona.le service)O
2" earnin%s prior to retirement (!non as nalpensiona.le salary)O and
3" $he schemeMs Maccrual rateM" $he accrual rate is theproportion o- salary that is received -or each year o-service" o0 i- the scheme has an accrual rate o- 60the mem.er ill receive +,6ths o- his nal
pensiona.le salary -or each year o- service completed"$he Saccrual rate is the rateat hich an individual.uilds up pension .enets hilst they ere an activemem.er o- the pension scheme" It is most commonlye#pressed as a -raction0 such as +,3th0 +,6th0 +,8th0+,+2thetc" $he loer the .ottom num.er0 the .etterthe pension .enet is"
/ 7ened @enet Pension cheme ill use a formulatocalculate the pension .enets usin% these elements" $he-ormula (and the denitions -or each part o- it) ill .e setout in the cheme 'ules"
In a nal salary scheme your pension is .ased uponyour 6nal pensionable salar-;hich -or preserved
mem.ers is normally or!ed out over the yearsimmediately .e-ore you ceased to .e an active mem.er o-the pension scheme" 7i?erent schemes use di?erentdenitions0 so it is the denition o- your Snal pensiona.lesalary (or Snal pensiona.le earnin%s) that is important inthis type o- scheme"@ecause the pensiona.le salary is used as one part o- the
-ormula in order to calculate the pension0 a nal salaryscheme is commonly re-erred to as Ssalary related scheme"
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For example: pensiona.le service # pensiona.lesalary 6
/ nal salary scheme lin!s the pension .enets to thepensiona.le earnin%s" / nal salary scheme also providesmem.ers ith protection -rom Sinvestment ris! andSmortality ris! as it is the sponsorin% employer (orta#payer in respect o- some Pu.lic ector schemes) hoshoulders this ris!"
It is not true that nal salary schemes providea guaranteedretirement pension" $he pension .enet paidill depend upon many -actors0 ith the most important.ein% the schemes a.ility to pay .enets to mem.ers asthey -all due" I- the employers .usiness -ails0 it is li!ely that.enets ill .e reduced -or some0 i- not all mem.ers(althou%h Pu.lic ector schemes are di?erent in thisrespect)"
B*at is )one- Purc*ase Sc*emes and *o are
annuities si'ni6cant it* t*is t-pe o( sc*emeD
: @ased on a pot o- money hich is availa.le hen an
individually has retired": $he pot o- money is used to .uy annuity: $he hi%her the annuity rates the hi%her the output o-
pensions: $he loer the annuity rates the loer the output o-
pensions: /nnuity rates are very important to this money
purchase scheme .ecause ho much an individual
%ets a-ter retirement depends on the annuity
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B*at is e6ned ,ene6t sc*emes and *o are
annuities si'ni6cant it* t*is t-pe o( sc*emeD
: $his is here the employee and employer ill .oth put
into the scheme
: $he output depends on 3 -actorsC pensiona.le salary0pensiona.le len%th and accrual rates" /ccrual rate is
the proportion on hich the pension is calculated: /n individually ill denitely .e %ranted a pension
output": $his type o- pension has no si%nicance to annuity
rates as it does not a?ect this type o- scheme
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Alternati7e a-s o( sa7in's mone-> ad7anta'e and
disad7anta'es> as ell as t*e ris/G return attac*ed
to t*em HResearc*
+" Investments in stoc! mar!et: very ris!y0 hoever could
hold hi%her returns"2" Investments in property mar!et: unpredicta.le
property mar!et0 hoever i- .orroer %ets into positive
e*uity it ill .e easy to ma!e a *uic! prot"3" I/ accounts: less ris!0 ma#imum limit to an I/
account and interest is aarded" I/ accounts not
much return0 hoever lo ris!"4" Fi#ed I/ accounts: una.le to use the -unds entered"
Lo ris! .ut ithout access to money -or a set period"5" 1onthly asy avers: simple savin%s account to set
aay money every month" ill hold an interest rate0
hich ould .e added to the savin% account"6" Aenerally the more ris! attached the more return
aarded" &oever0 the more ris! means that the.orroer can also lose their money, investment"
"T hat can you thin! o-
Nominal and Real Interest rates
ometimes compounded interest is calculated more o-tenthan once per year0 For e#ampleC *uarterly
$his means that the amount paid over the course o- theyear ould actually .e more than the amount o- interestitsel-"
For example:
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ometimes called Qcash advances"R
mall loans hich individuals can o.tain hen they are
out o- 1onday temporarily"
1ost o-ten payday lenders are short term loans andthere-ore are not used -or lon%er periods"
sually a payday lender ill pay the amount re*uired
into a .an! account ithin 24 hours hen theapplication is approved"
$he payday loan repayment and interest is ta!en directly
-rom the individuals .an! account on a specic date"
Payday loans ill loo! at previous credit andemployment records"
Payday lenders are not a solution to de.t .ecause it is a
hi%h ris! solutionO it is a short term type o- loan andusually has a si%nicant amount o- interest attached
N Youn% people under the a%e o- 25 are more li!ely to
turn to payday loan companies such as on%a to ma!e
ends meet than approach their .an!0 .uildin% societies
or a credit card provider0 accordin% to =itiJens /dvice"
N It analysed 30 o- the most serious de.t pro.lems it
sees in its .ureau# and -ound that hile +E o- these
ere su?ered .y +:24 year olds0 payday loans
accounted -or 62E o- the credit used .y this a%e %roup"
Dnly 8E o- the 30 youn%sters ere in de.t .ecause
o- mainstream credit such as overdra-ts0 .an! loans or
credit cards"
N ;ov +4 re%ulationsC $he >s 4 payday lenders could
.e hit .y a ne cap on lendin% due to come into -orce in9anuary0 a-ter an investi%ation into the controversial
payday loan mar!et .y the nancial re%ulator"
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N $he Financial =onduct /uthority (F=/) said rms ill
have to cap lendin% costs at "8 per cent per day0 ith
a total interest cap o- + per cent0 so the total
amount repaid .y a customer is never more than
dou.le the initial amount .orroed" 7e-ault -ees illalso .e capped at G+5"
N $he F=/ added that it ill limit repayments on a 3
day loan paid .ac! on time to no more than G24 in -ees
and char%es per G+ .orroed"
N 1ore crutiny ;ov +4C Payday lenders are -acin% a
maHor sha!e:up a-ter the competition atchdo% laidout plans to cur. the costs o- loans -or consumers"
N $he =ompetition and 1ar!ets /uthority (=1/) said
lenders should ma!e their products availa.le on price
comparison sites to increase competition amon% rms
amid a num.er o- proposals -or re-ormin% the payday
loan mar!et"
!xamples o( Pa-da-
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=rod-undin% is an approach to raisin% the capital
re*uired -or a ne proHect or enterprise .y appealin%
to lar%e num.ers o- ordinary people -or small
donations
$he ntrepreneur pitches an idea" $his is screened on the
e.site to ensure that it is authentic" Dnce it has .een
veried it ill %o onto the Plat-orm, e.site" Dn the prole
pa%e it ill include the proHect idea0 the -undin% %oal
needed0 the deadline o- the -und and the reards,returns i-
the proHect idea does ell"
$he -undin% indo then opens and the pu.lic can put
money into that proHect idea"
hen the deadline o- the -undin% passes and the proHect
%ets the re*uired money0 the proHect ill .e developed" $hereturn and reards ill .e %iven to the aitin% en%a%ed
audience, investors" I- the proHect does not reach their
tar%et then the proHect ends and the -undin% is returned to
the pu.lic mem.ers"
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9*ere are di8erent models to Crod(undin'
Donation based:Allows charities, or those who raise money
for social or charitable projects, to gather a community online
and to enable them to donate to a specific project.
Equity based: Enables the crowd to invest for equity, orprofit/revenue sharing in businesses or projects. This form
of the model has been the slowest to grow due to regulatory
restrictions that relate to this type of activity.
Lending based: rojects or businesses see!ing debt apply
through the platform uploading their pitch, with members of
the crowd ta!ing small chun!s of the overall loan.
Reward based: Enables people to contribute to projects and
receive non"financial rewards in return, usually operating a
tiered system where the more you donate the better thereward you receive.
%
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9IPS F#R 9K! !LA)INA9I#N
Section A: )ultiple C*oice &uestions
/nser /LL *uestions under this section: ;D ne%ative
mar!in%"
=ircle your ansers clearly on the multiple choice
anser sheet"
I- you chan%e your mind on a *uestion you can put an V
throu%h it and circle your correct anser" Please rite in
pen"
Section ,: S*ort @uestions
'ead each *uestion care-ully" I- the *uestion says
descri.e .e descriptive and put in in-ormation on the
stated area" I- the *uestion says analyse or evaluate you
ill need to .e a.le to %ive advanta%es and
disadvanta%es" I- the *uestion says state or list0 only
.ullet point and list the in-ormation needed"
For the short *uestions only rite in proportion to the
amount o- mar!s aarded" "%" a + mar! *uestion ill
have more in-ormation than a 4 mar! *uestion"
I- you are runnin% out o- time you can .ullet point
ansers"
Leave a line o- space .eteen each *uestion ansers"
nsure you la.el the *uestion num.er care-ully in the
ri%ht mar%in"
Please ensure you rite in pen"
Pay attention to handritin%W /s ell as spellin% and
sentence structure" I- you cannot spell a ord0 do not
use it"
Aood luc! ith your revision and your e#amsWWW