BTEC Business- Unit 3 Finance Advanced Study Guide Test.
5 views 0 purchase
Course
BTEC
Institution
BTEC
BTEC Business- Unit 3 Finance Advanced Study Guide Test.
Cash - CORRECT ANSWER Money in the form of bills or coins
Debit card - CORRECT ANSWER A card used to withdraw money from a bank account
Credit card - CORRECT ANSWER A card authorizing the holder to buy goods and services that can b...
CHAPS - CORRECT ANSWER Clearing House Automated Payments System
Standard current account - CORRECT ANSWER Account with full banking facilities
Premium current account - CORRECT ANSWER An account with a fee entitling the
user to extra services
Basic current account - CORRECT ANSWER Account with limited facilities usually used
by someone with a poor credit rating
, Student account - CORRECT ANSWER Account designed to assist young people to
become prudent with their personal finances
Overdraft - CORRECT ANSWER Occurs when money is withdrawn from a bank
account and the available balance goes below zero
Personal loan - CORRECT ANSWER Not backed up by collateral. Also known as an
unsecured loan
Hire purchase - CORRECT ANSWER The buying of equipment by paying in
instalments, usually including interest.
Mortgage - CORRECT ANSWER A payment, usually monthly, applied to the balance of
a home loan used when purchasing housing
Payday loan - CORRECT ANSWER a high interest loan where money is borrowed
against a future paycheck
ISA - CORRECT ANSWER Individual savings account
DSA - CORRECT ANSWER Deposit and savings account
Premium bonds - CORRECT ANSWER Government scheme allowing individuals to
save a set amount in return for being entered into prize draw monthly
Gilts - CORRECT ANSWER Bonds issued by the UK government.
Shares - CORRECT ANSWER an individual buying ownership of a corporation
Pension - CORRECT ANSWER A sum of money paid regularly by a company to
someone who has retired or has a disability
Car insurance - CORRECT ANSWER a type of insurance that covers any damage you
may cause to another person or their vehicle
Home insurance - CORRECT ANSWER Insurance covering the building and contents
owned by an individual
Life insurance - CORRECT ANSWER Insurance that provides death benefits to the
survivors of the insured.
Travel insurance - CORRECT ANSWER insurance meant to cover expenses over trips
Health insurance - CORRECT ANSWER helps people pay for medicine and doctors
when they are sick or hurt
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ROSEGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
