2
BTEC Business- Unit 3 Finance revision exam with accurate detailed
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answers
Cash - ✔✔Money in the form of bills or coins
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Debit card - ✔✔A card used to withdraw money from a bank account
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Credit card - ✔✔A card authorizing the holder to buy goods and services that can be paid
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for later.
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Cheque - ✔✔A written instruction to your bank to pay a sum of money to another person
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from your current account
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Electronic transfer - ✔✔The transfer of funds from one account to another via the internet
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or telephone
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Direct debit - ✔✔An electronic payment out of an account. The amount and frequency of a
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direct debit payment can vary
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Standing order - ✔✔n. an instruction to a bank to make regular payments
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Contactless card - ✔✔Cards containing antennae allow money to be transferred when the
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card touches a contactless terminal
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Store card - ✔✔a credit card which can only be used to buy goods in one particular shop
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or chain of shops
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Mobile banking - ✔✔apps that allow online banking access from devices such as smart
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phones, tablets, etc. || ||
BACS - ✔✔Bankers Automated Clearing Services
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CHAPS - ✔✔Clearing House Automated Payments System
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Standard current account - ✔✔Account with full banking facilities
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Premium current account - ✔✔An account with a fee entitling the user to extra services
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Basic current account - ✔✔Account with limited facilities usually used by someone with a
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poor credit rating
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Student account - ✔✔Account designed to assist young people to become prudent with
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their personal finances
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Overdraft - ✔✔Occurs when money is withdrawn from a bank account and the available
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balance goes below zero || || ||
Personal loan - ✔✔Not backed up by collateral. Also known as an unsecured loan
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Hire purchase - ✔✔The buying of equipment by paying in instalments, usually including
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interest.
Mortgage - ✔✔A payment, usually monthly, applied to the balance of a home loan used
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when purchasing housing
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BTEC Business- Unit 3 Finance revision exam with accurate detailed
|| || || || || || || || || ||
answers
Cash - ✔✔Money in the form of bills or coins
|| || || || || || || || ||
Debit 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
|| || ||
, 2
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
|| ||
