Exam (elaborations)
BTEC Business- level 3 Finance revision exam unit 3
BTEC Business- level 3 Finance revision exam unit 3
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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Overdraft - Occurs when money is withdrawn from a bank account and the available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
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