100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
BTEC Business Level 3: Personal and Business Finance - Notes $14.28
Add to cart
Quickly navigate to
Preview
  2.  
  3. PEARSON (PEARSON)
  4.  
  5. Business 2016 NQF
  6.  
  7. Unit 3 - Personal and Business Finance

Class notes

BTEC Business Level 3: Personal and Business Finance - Notes

4 reviews
 11 purchases
  • Course
  • Unit 3 - Personal and Business Finance
  • Institution
  • PEARSON (PEARSON)

This document includes notes I have taken about the different parts of Personal and Business Finance. The infomation is perfect for revision cards, which is what I did when I was revising for this exam. The document includes: Personal finance - Methods of communication with customers, Financial ...

[Show more]

Preview 3 out of 20  pages

Document information

  • December 11, 2020
  • 20
  • 2018/2019
  • Class notes
  • Paul
  • All classes

Subjects

  • unit 3
  • exam notes
  • btec
  • notes
  • unit 3 exam
  • personal and business finance

Written for

  • BTEC
  • PEARSON (PEARSON)
  • Business 2016 NQF
  • Unit 3 - Personal and Business Finance
All documents for this subject (26)

4  reviews

review-writer-avatar

By: fkosar56 • 3 year ago

review-writer-avatar

By: archiebillings • 3 year ago

review-writer-avatar

By: emailemail • 3 year ago

review-writer-avatar

By: galak • 3 year ago

Seller

avatar-seller
DJO1511

Reviews received

Content preview

Personal and Business Finance Notes

Personal Finance

Method of Communications with Customers (Advantages &
Disadvantage)

Postal Banking - A paper based financial transactions
Advantages
- Traditional method that some customers feel reassured by
- Does not require any technology or devices
Disadvantages
- Can be slow due to the reliance on the postal system
- Post can get lost

Branch - A physical place
Advantages
- Transactions can be carried out immediately
- Additional service
- E.G. Advice can be offered
Disadvantage
- Restricted to bank opening hours
- Long queues can make the process time consuming

Online Banking - The use of the internet to carry out banking transactions
Advantages
- Available 24/7
- High degree of privacy
Disadvantage
- Not suitable for cash withdrawals
- Increased risk due to cyber crime

Telephone Banking - Carry out banking transactions - automated service or
customer advisor
Advantages
- Convenient to access basic functions
- E.G checking your account balance
- No additional charge
Disadvantage
- Call centre and automated phone system can cause customer frustration
- Full access to services may be limited to certain hours

,Mobile Banking
Advantage
- Available 24/7
- Convenient to use, even on the move
Disadvantage
- May need to download specific apps to access mobile banking
- Higher security risk if mobile devices are lost or stolen

Financial Information and Guidance (Advantages & Disadvantages)

Citizen Advice - An organisation, run by charities, that offers advice
Advantages
- Advice can be accessed online and via email/phone in addition to visiting a
branch
- Free service
Disadvantages
- Trained volunteers are not necessarily specialist in financial issues therefore
knowledge may be limited
- May have to wait a long time to be seen by an advisor, which can be stressful
in difficult circumstances

Independent Financial Advisor (IFA) - Professionals who offer independent
advice
Advantages
- Advice is offered by professionals in the field
- Services offered are regulated by the Financial Conduct Authority (FCA) and
Financial Ombudsman Service (FOS)
Disadvantages
- Services used will be charges for
- Advice offered is not guaranteed to be 100% up to date or unbiased

Price Comparison Sites
Advantages
- Easy to access 24/7
- Free service
Disadvantages
- Will not cover all of the available options on the market
- Potential for bias

, Money Advice Service - A Government organisation set up to offer free and
impartial financial advice in the UK
Advantages
- Government funded, therefore advice is free and impartial
- Covers a wide range of financial matters that individuals may need support
with
Disadvantages
- Advice is only available online or over the phone - no face to face
communications
- Advice can be generic rather than general to personal circumstances

Debt Counsellors - A professional who offers advice on how to manage debt
Advantages
- Advice is offered by a professional who specialises in debt management
- Services are regulated by the FCA and FOS
Disadvantages
- Services will be charged for
- Advice will focus on debt management rather than the whole package of
financial concerns

Individual Voluntary Arrangements Bankruptcy (IVA’s) - A Government
organisation that allows someone to declare bankruptcy while agreeing to pay all or
part of the money they owe
Advantages
- Independent advice without bias
- Helps manage debt repayment with regular payments making budgeting
easier
Disadvantages
- Will impact on future credit ratings
- Set up and handling fees are charged for the service

Type of Saving and Investment (Advantages & Disadvantages)

Premium Bonds - Save up to a set amount. Not interest is earned but the bond is
placed into a regular draw for cash prizes
Advantages
- Can be easily withdrawn with no loss or penalty
- A chance to win substantially more than could be earned in interest
Disadvantages
- No guaranteed return on investment
- The amount invested, assuming zero or low returns, loses value due to
inflation

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 DJO1511. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $14.28. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69252 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$14.28  11x  sold
  • (4)
Add to cart
Added