Exam (elaborations)
BTEC Business- level 3 Finance revision exam unit 3
BTEC Business- level 3 Finance revision exam unit 3
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Seller
FollowContent preview
Cash - Money in the form of bills or coinsDebit card - A card used to withdraw money from a bank account
Credit card - A card authorizing the holder to buy goods and services that can be paid
for later.
Cheque - A written instruction to your bank to pay a sum of money to another person
from your current account
Electronic transfer - The transfer of funds from one account to another via the internet
or telephone
Direct debit - An electronic payment out of an account. The amount and frequency of a
direct debit payment can vary
Standing order - n. an instruction to a bank to make regular payments
Contactless card - Cards containing antennae allow money to be transferred when the
card touches a contactless terminal
Store card - a credit card which can only be used to buy goods in one particular shop or
chain of shops
Mobile banking - apps that allow online banking access from devices such as smart
phones, tablets, etc.
BACS - Bankers Automated Clearing Services
CHAPS - Clearing House Automated Payments System
Standard current account - Account with full banking facilities
Premium current account - An account with a fee entitling the user to extra services
Basic current account - Account with limited facilities usually used by someone with a
poor credit rating
Student account - Account designed to assist young people to become prudent with
their personal finances
Overdraft - Occurs when money is withdrawn from a bank account and the available
balance goes below zero
Personal loan - Not backed up by collateral. Also known as an unsecured loan
, Hire purchase - The buying of equipment by paying in instalments, usually including
interest.
Mortgage - A payment, usually monthly, applied to the balance of a home loan used
when purchasing housing
Payday loan - a high interest loan where money is borrowed against a future paycheck
ISA - Individual savings account
DSA - Deposit and savings account
Premium bonds - Government scheme allowing individuals to save a set amount in
return for being entered into prize draw monthly
Gilts - Bonds issued by the UK government.
Shares - an individual buying ownership of a corporation
Pension - A sum of money paid regularly by a company to someone who has retired or
has a disability
Car insurance - a type of insurance that covers any damage you may cause to another
person or their vehicle
Home insurance - Insurance covering the building and contents owned by an individual
Life insurance - Insurance that provides death benefits to the survivors of the insured.
Travel insurance - insurance meant to cover expenses over trips
Health insurance - helps people pay for medicine and doctors when they are sick or
hurt
Bank of England - The UKs central bank responsible for maintaining financial stability in
the UK
Banks - An organisation that stores money on behalf of its customers
Building society - Organisation that stores money on behalf of customers- customers
are members
Credit union - Credit unions are not-for-profit savings and lending financial institutions,
owned by its members
NS&Is - National savings and investments
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 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 alcupobenard. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £4.37. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
84866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now
