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Summary UNIT 3 PERSONAL AND BUSINESS FINANCE

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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

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

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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

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