Welcome to FIS Revision
This site contains interactive revision activities for the LIBF Level 2 Certificate/Award in Financial Education, Unit 1: Finance, the Individual and Society.
Select a Topic
Click on any topic below to start revising:
The Role of the Citizen
Citizenship, rights, responsibilities, and political participation
Topic 2Government & Personal Finance
How government policies influence personal finance and values
Topic 3Money
What money is, its features, sources, and payment methods
Topic 4Income
Sources of income, payslips, wages, and benefits
Topic 5Tax
Types of tax, PAYE, VAT, income tax bands, and National Insurance
Topic 6Contributing to the Economy
How individuals and businesses contribute to the economy
Topic 7Financial Choices
Good and poor financial choices and their impact on society
Topic 8Inflation & Interest
Inflation, interest rates, real vs nominal, simple vs compound
Topic 9Economic Cycles & Demographics
Economic cycles, migration, ageing population, and property prices
Topic 10Foreign Exchange
Exchange rates, strong vs weak currency, and their effects
Topic 11Personal Life Cycle
Life stages, financial needs, risk, and insurance
Learning Outcomes
Unit 1 covers these seven learning outcomes:
| LO | Description | Topics |
|---|---|---|
| LO1 | Understand the role of the citizen in the UK | 1, 2 |
| LO2 | Understand the difference between money and income | 3, 4 |
| LO3 | Understand tax | 5 |
| LO4 | Understand the contribution of individuals and organisations to the economy | 6, 7 |
| LO5 | Understand the external factors that can impact on personal financial plans | 8, 9 |
| LO6 | Understand the concept of foreign exchange | 10 |
| LO7 | Understand the concept of the personal life cycle | 11 |
About the Exam
45 minutes
35 multiple choice
20 standalone + 5 case studies (3 Qs each)
Approximately 50%