BTEC Business Midterm Exam Questions With Correct Solutions 2024.

Financial Institution - Answer A business that provides financial services to individuals or businesses Bank of England - Answer The central bank for the UK. Its role is to monitor the banking system and to be a banker to the banks. It is responsible for setting interest rates in the UK. Bank - Answer an institution for receiving, keeping, and lending money Building societies - Answer a financial organization which pays interest on investments by its members and lends capital for the purchase or improvement of houses. Credit Union - Answer A nonprofit financial institution that is owned by its members and organized for their benefit. National Savings & investments - Answer Government backed organisation that offers a secure saving option Insurance Company - Answer A financial institution that protects persons against the risk of financial loss. Pension Company - Answer A firm that provides retirement investment plans. Pawnbroker - Answer a person who lends money at interest in exchange for personal property that is deposited as security Payday Loan - Answer A short-term loan that provides immediate cash between paydays