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BTEC Business- Unit 3 Finance Revision Exam Questions And Accurate Answers
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BTEC Business- Unit 3 Finance Revision ExamQuestions And Accurate Answers 2024-2025
Cash - Answer Money in form of bills or coins
Debit card - Answer A card used to take out money out from the bank account
Credit card - Answer A card that gives the holder permission to purchase goods and
services that he or she can pay for later.
Cheque - Answer A written order to your bank to pay a certain amount of money to
another person from your current account
Electronic transfer - Answer The movement of funds from account to account by
internet or by telephone
Direct debit - Answer An electronic payment of an account. A direct debit payment can
be variable on either amount or frequency
Standing order - Answer n. an instruction to a bank to make regular payments
Contactless card - Answer Cards containing antennae allow money to be transferred
when the card touches a contactless terminal
Store card - Answer a credit card which can only be used to buy goods in one particular
shop or chain of shops
Mobile banking - Answer apps that allow online banking access from devices such as
smart phones, tablets, etc.
, BACS - Answer Bankers Automated Clearing Services
CHAPS - Answer Clearing House Automated Payments System
Standard current account - Answer Account with full banking facilities
Premium current account - Answer An account with a fee entitling the user to extra
services
Basic current account - Answer Account with limited facilities usually used by someone
with a poor credit rating
Student account - Answer Account designed to assist young people to become prudent
with their personal finances
Overdraft - Answer When money is taken out of a bank account and the available
balance has gone below zero
Personal loan - Answer One that is not secured by collateral. A loan based solely on the
borrower's creditworthiness. Also called an unsecured loan
Hire purchase - Answer Firms can buy equipment by paying for it in instalments, often
with interest.
Mortgage - Answer An amount paid usually monthly, applied to the balance of money
borrowed used when buying housing
Payday loan - High interest loan where money is borrowed against a future paycheck
ISA - Individual savings account
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