2
BTEC BUSINESS LEVEL 3 EXAM QUESTIONS WITH ACCURATE DETAILED
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ANSWERS
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Give two features of a premium current account. - ✔✔travel insurance
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cinema tickets ||
Monthly fee ||
Describe the role of the Financial Ombudsman Service. - ✔✔acts as an independent
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assessor when dealing with complaints between consumers and financial service providers
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Explain two benefits of pre-paid credit cards of the type used when on holiday - ✔✔it
|| || || || || || || || || || || || || || || ||
allows you to take money on holiday in a safe and secure way because if the pre-paid credit
|| || || || || || || || || || || || || || || || ||
card is stolen it cannot be used without the PIN.
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Another reason is that it will allow you to control spending as the card will be up to a fixed
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amount
Identify two types of intangible non-current assets. - ✔✔Goodwill
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Patent
Trademarks
Outline what is meant by 'capital income' - ✔✔Money invested by owners to set up a
|| || || || || || || || || || || || || || || ||
business
Give two functions of money. - ✔✔Unit of account
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Means of exchange
|| ||
, 2
State two areas of guidance given by Citizens Advice - ✔✔tax
|| || || || || || || || || ||
debt
benefits
Outline two benefits of online banking. - ✔✔24 hr access and monitor accounts in real time
|| || || || || || || || || || || || || || ||
Access account anywhere in the world , therefore conducting business faster
|| || || || || || || || || ||
Discuss the differences between direct debits and standing orders - ✔✔Direct debit - usually
|| || || || || || || || || || || || ||
will be taken on a set agreed date and Direct Debit Guarantee protects customers from
|| || || || || || || || || || || || || || || ||
payments taken in error || || ||
Standing order - you can cancel the standing order when
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you like and customer sets it up to pay other people
|| || || || || || || || || ||
Outline one benefit to Jenny of using a cash flow forecast. - ✔✔Jenny can plan expenditure
|| || || || || || || || || || || || || || || ||
and ensure she does not overspend
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Identify two sources of advice and guidance about personal finance. - ✔✔citizens advice
|| || || || || || || || || || || ||
IFA
Money advice service || ||
Give two ways that customers can contact and interact with their bank. - ✔✔Face to face
|| || || || || || || || || || || || || || || ||
branch ||
telephone
BTEC BUSINESS LEVEL 3 EXAM QUESTIONS WITH ACCURATE DETAILED
|| || || || || || || ||
ANSWERS
||
Give two features of a premium current account. - ✔✔travel insurance
|| || || || || || || || || ||
cinema tickets ||
Monthly fee ||
Describe the role of the Financial Ombudsman Service. - ✔✔acts as an independent
|| || || || || || || || || || || || ||
assessor when dealing with complaints between consumers and financial service providers
|| || || || || || || || || ||
Explain two benefits of pre-paid credit cards of the type used when on holiday - ✔✔it
|| || || || || || || || || || || || || || || ||
allows you to take money on holiday in a safe and secure way because if the pre-paid credit
|| || || || || || || || || || || || || || || || ||
card is stolen it cannot be used without the PIN.
|| || || || || || || || || || ||
Another reason is that it will allow you to control spending as the card will be up to a fixed
|| || || || || || || || || || || || || || || || || || || ||
amount
Identify two types of intangible non-current assets. - ✔✔Goodwill
|| || || || || || || ||
Patent
Trademarks
Outline what is meant by 'capital income' - ✔✔Money invested by owners to set up a
|| || || || || || || || || || || || || || || ||
business
Give two functions of money. - ✔✔Unit of account
|| || || || || || || ||
Means of exchange
|| ||
, 2
State two areas of guidance given by Citizens Advice - ✔✔tax
|| || || || || || || || || ||
debt
benefits
Outline two benefits of online banking. - ✔✔24 hr access and monitor accounts in real time
|| || || || || || || || || || || || || || ||
Access account anywhere in the world , therefore conducting business faster
|| || || || || || || || || ||
Discuss the differences between direct debits and standing orders - ✔✔Direct debit - usually
|| || || || || || || || || || || || ||
will be taken on a set agreed date and Direct Debit Guarantee protects customers from
|| || || || || || || || || || || || || || || ||
payments taken in error || || ||
Standing order - you can cancel the standing order when
|| || || || || || || || ||
you like and customer sets it up to pay other people
|| || || || || || || || || ||
Outline one benefit to Jenny of using a cash flow forecast. - ✔✔Jenny can plan expenditure
|| || || || || || || || || || || || || || || ||
and ensure she does not overspend
|| || || || ||
Identify two sources of advice and guidance about personal finance. - ✔✔citizens advice
|| || || || || || || || || || || ||
IFA
Money advice service || ||
Give two ways that customers can contact and interact with their bank. - ✔✔Face to face
|| || || || || || || || || || || || || || || ||
branch ||
telephone
