Exam (elaborations)
BTEC Business- Unit 3 Finance Revision Exam Questions And Accurate Answers
- Course
- Institution
BTEC Business- Unit 3 Finance Revision Exam Questions And Accurate Answers ...
[Show more]
Content preview
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
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 Chrisyuis. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
62890 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now