The answer should include 4 points with brief explanation. Avoid writing in a list style. 

Role of commercial banks:

• accept deposits
• lend to customers 
• enable customers to make payments 
• travellers cheques/foreign currency 
• deposit important documents 
• source of financial advice.

Functions of money: 

• means of exchange 
• unit of account/measure of value 
• standard for deferred payments 
• store of value. 

In order to get full marks, the answer should include 4 functions with description.

The usual trend of income change is as follows:

There is low earnings at the start in a job, earnings gradually rise with more experience and reach a high point before retirement. However, retirement income is likely to be lower. The income might also be affected by the change in demand for occupation over a lifetime.

The discussion will include a two sided discussion on the importance of wages. The response might include that:

certainly wages are a very important factor to be taken into account. However, other factors also influence the choice of occupation for individuals. These might include:

• working conditions/health and safety
• promotion prospects
• hours of work
• proximity to home
• canteen/sports facilities
• pension provision
• skills/education
• fringe benefits.

A one-sided answer can gain only half the marks.

It is true in most of the cases however, wages also depend on: 

• experience 
• skills 
• training 
• promotion. 

Factors that can affect an individual’s choice of occupation: 

• wages/salaries 
• bonuses/commission 
• pension 
• holiday entitlement 
• proximity to home 
• promotion prospects 
• working conditions 
• canteen/social facilities. 

A brief description for each point is required to achieve full marks. 

Benefits of a trade union to an individual: 

• collective bargaining to improve pay 
• working on behalf of members in terms of working conditions, pension entitlement 
• protecting the rights of members, e.g. in a legal dispute 
• acting on behalf of members in discussions with government.

Key word "Discuss' Two sided discussion.

Potential disadvantages: 

• there might be industrial action 
• powerful unions/industrial action could lead to disruption of the economy 
• this could lead to a firm going out of business, causing an increase in unemployment 
• this could affect output and damage reputation of country 
• powerful trade unions could lead to higher wages 
• making products uncompetitive in world markets. 

Potential advantages:

• can work with employers, not always against them 
• can work with government, e.g. to support legislation. 

Explanation: 

Involves comparing the importance of function of money as a medium of exchange as compared to barter (the direct exchange of goods and services for other goods and services without using money )

The problem with barter was that it relied on a double coincidence of wants, this wasn’t always possible and the use of money as a means of exchange avoids this. 

Money is also significantly better as a measure of value, a store of value and a standard for deferred payments.

Possible reasons: 

• some individuals run into financial difficulties 
• some individuals are spending ‘beyond their means’ 
• some individuals may be more aware of what is available from financial institutions 
• some individuals may be better able to pay the money back 
• some individuals may be able to provide more security 
• some individuals may have a need of money for a very short period of time, e.g. until the next pay day 
• some individuals may have a greater need for something, e.g. a car or a holiday and borrow for the medium term to pay for it 
• some individuals may wish to buy a house and may borrow for a long period of time, e.g. a mortgage to purchase a house which is often for 25 years.