BTEC Business Unit 3 Exam Review Questions & Answers 2024/2025
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Course
BTEC Business Unit 3
Institution
BTEC Business Unit 3
BTEC Business Unit 3 Exam Review Questions & Answers 2024/2025
Cash - ANSWERSMoney in the form of bills or coins
Debit card - ANSWERSA card used to withdraw money from a bank account
Credit card - ANSWERSA card authorizing the holder to buy goods and services that can be paid for later.
...
CHAPS - ANSWERSClearing House Automated Payments System
Standard current account - ANSWERSAccount with full banking facilities
Premium current account - ANSWERSAn account with a fee entitling the user to extra services
Basic current account - ANSWERSAccount with limited facilities usually used by someone with a poor
credit rating
Student account - ANSWERSAccount designed to assist young people to become prudent with their
personal finances
Overdraft - ANSWERSOccurs when money is withdrawn from a bank account and the available balance
goes below zero
Personal loan - ANSWERSNot backed up by collateral. Also known as an unsecured loan
Hire purchase - ANSWERSThe buying of equipment by paying in instalments, usually including interest.
Mortgage - ANSWERSA payment, usually monthly, applied to the balance of a home loan used when
purchasing housing
Payday loan - ANSWERSa high interest loan where money is borrowed against a future paycheck
ISA - ANSWERSIndividual savings account
DSA - ANSWERSDeposit and savings account
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