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
Summary UNIT 3 PERSONAL AND BUSINESS FINANCE £4.49   Add to cart
Quickly navigate to
Preview
  2.  
  3. Btec Level 3 Business
  4.  
  5. Btec Level 3 Business
  6.  
  7. Btec level 3 business

Summary

Summary UNIT 3 PERSONAL AND BUSINESS FINANCE

 11 views  0 purchase

The PDF document contains: A revision checklist for the Personal and Business Finance sections of the Unit 3 specification A complete list of all the key terms - with concise definitions A list all the Unit 3 formulae

Preview 2 out of 14  pages

Document information

  • November 11, 2023
  • 14
  • 2019/2020
  • Summary

Subjects

Written for

All documents for this subject (7)

Seller

avatar-seller
farzainbhati

Content preview

BTEC National
level 3 in Business
UNIT 3 personal and
business finance
Knowledge Organiser
Contains:
• Revision checklist
• Key terms and definitions
• Formula sheet




Student Name:

, Revision Checklist Personal Finance
Topic Notes/ Happy/
covered done

A1 Functions and role of money
Functions of money:
Unit of account
Means of exchange
Store of value
Legal tender
Role of money is affected and influence by a number of factors:
Personal attitudes towards risk, reward, borrowing, spending & saving
Life stages (childhood, adolescence, young adult, middle age, old age), key features
of each stage, financial needs and implications at each stage
Culture, including religious and ethical beliefs
Life events can vary the personal life cycle from individual to individual
External influences/trends and the financial-related effects
Interest rate, cost of borrowing versus reward of saving
Planning expenditure, common principles to be considered in planning
personal finances:
To avoid getting into debt
To control costs
Avoid legal action and/or repossession
Remain solvent
Maintain a good credit rating
Avoid bankruptcy
To manage money to fund purchases
Generate income and savings
Set financial targets and goals
Provide insurance against loss or illness
Counter the effects of inflation

A2 Different ways to pay
The use of money as a payment method, advantages and disadvantages of:
Cash
Debit card
Credit card
Cheque
Electronic transfer
Direct debit
Standing order
Pre-paid cards
Contactless cards
Charge cards
Store cards
Mobile banking
Banker’s Automated Clearing Services (BACS) Faster Payment Service (FPS)
Clearing House Automated Payment System (CHAPS)


2 BTEC National Level 3 in Business Unit 3 Personal and Business Finance Knowledge Organiser

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 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 farzainbhati. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £4.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

70055 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

Start selling
£4.49
  • (0)
  Add to cart