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BTEC Business Review Exam Unit 3 Questions & Answers 2024/2025 $8.49   Add to cart

Exam (elaborations)

BTEC Business Review Exam Unit 3 Questions & Answers 2024/2025

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  • Course
  • BTEC Business
  • Institution
  • BTEC Business

BTEC Business Review Exam Unit 3 Questions & Answers 2024/2025 Methods of payment - ANSWERSCash, Credit/debit card; Standing orders; Direct debits; Cheque Cheque - ANSWERSa written order directing a bank to pay money Give 2 advantages and 2 disadvantages of using a cheque as a method of ...

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  • August 23, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BTEC Business
  • BTEC Business
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BTEC Business Review Exam Unit 3
Questions & Answers 2024/2025

Methods of payment - ANSWERSCash, Credit/debit card; Standing orders; Direct debits; Cheque



Cheque - ANSWERSa written order directing a bank to pay money



Give 2 advantages and 2 disadvantages of using a cheque as a method of payment -
ANSWERSAdvantages

- low risk form of payment as the cheque can only be cashed by the named payee

- Widely accepted for face- to face or postal transactions

Disadvantages

- viewed as old fashioned

- easy to make errors when writing the cheque which can cause problems for both the consumer and the
recipient



Credit Card - ANSWERSType of card issued by a bank that allows users to finance a purchase. It is issued
by financial institutions allowing customers to delay payments for goods and services



Give 2 advantages and 2 disadvantages of using a credit card as a method of payment -
ANSWERSAdvantages

- allows a period of credit that is interest free - usually one months

- suitable for online transactions

Disadvantages

- Interest is charged on balances not paid off within a month

- can encourage customer to overspend and get into debt



Electronic transfer - ANSWERSPayment is transferred directly from one bank account to another

, Give 2 advantages and disadvantages of using electronic transfer as a method of payment -
ANSWERSAdvantages

- almost instantaneous

- provides a record of payment

Disadvantages

- Risk or loss if the transfer is set up incorrectly

- not appropriate for face to face transactions



Cash - ANSWERSNotes and coins in a wide range of denominations



Give 2 advantages and disadvantages of using cash as a method of payment - ANSWERSAdvantages

- most widely accepted form of exchange

- makes budgeting easier

Disadvantages

- can be lost or stolen

- cannot be used for online purchases



Debit card - ANSWERSA bank card that automatically deducts the amount of a purchase from the
checking account of the cardholder



Give 2 advantages and disadvantages of using a Debit card as a method of payment -
ANSWERSAdvantages

- no need to carry cash

- widely accepted & a secure method of payment

Disadvantages

- short time lapse between making the transaction and the money being drawn from the customers
account

- Not accepted or appropriate for small transactions

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