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BTEC Business- Unit 3 Finance revision exam.Questions and answers are graded A+
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BTEC Business- Unit 3 Finance revision exam
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BTEC Business- Unit 3 Finance revisionexam
Cash - answerMoney in the form of bills or coins
Debit card - answerA card used to withdraw money from a bank account
Credit card - answerA card authorizing the holder to buy goods and services that can be
paid for later.
Cheque - answerA written instruction to your bank to pay a sum of money to another
person from your current account
Electronic transfer - answerThe transfer of funds from one account to another via the
internet or telephone
Direct debit - answerAn electronic payment out of an account. The amount and
frequency of a direct debit payment can vary
Standing order - answern. an instruction to a bank to make regular payments
Contactless card - answerCards containing antennae allow money to be transferred
when the card touches a contactless terminal
Store card - answera credit card which can only be used to buy goods in one particular
shop or chain of shops
Mobile banking - answerapps that allow online banking access from devices such as
smart phones, tablets, etc.
BACS - answerBankers Automated Clearing Services
CHAPS - answerClearing House Automated Payments System
Standard current account - answerAccount with full banking facilities
Premium current account - answerAn account with a fee entitling the user to extra
services
Basic current account - answerAccount with limited facilities usually used by someone
with a poor credit rating
, Student account - answerAccount designed to assist young people to become prudent
with their personal finances
Overdraft - answerOccurs when money is withdrawn from a bank account and the
available balance goes below zero
Personal loan - answerNot backed up by collateral. Also known as an unsecured loan
Hire purchase - answerThe buying of equipment by paying in instalments, usually
including interest.
Mortgage - answerA payment, usually monthly, applied to the balance of a home loan
used when purchasing housing
Payday loan - answera high interest loan where money is borrowed against a future
paycheck
ISA - answerIndividual savings account
DSA - answerDeposit and savings account
Premium bonds - answerGovernment scheme allowing individuals to save a set amount
in return for being entered into prize draw monthly
Gilts - answerBonds issued by the UK government.
Shares - answeran individual buying ownership of a corporation
Pension - answerA sum of money paid regularly by a company to someone who has
retired or has a disability
Car insurance - answera type of insurance that covers any damage you may cause to
another person or their vehicle
Home insurance - answerInsurance covering the building and contents owned by an
individual
Life insurance - answerInsurance that provides death benefits to the survivors of the
insured.
Travel insurance - answerinsurance meant to cover expenses over trips
Health insurance - answerhelps people pay for medicine and doctors when they are sick
or hurt
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