BTEC National Level 3 Business
Unit 3 Personal and Business
Finance 2026 Expert Verified |
Ace the Test
Car insurance - 🧠ANSWER ✔✔A requirement to drive on UK roads, but can
be third party
Pet insurance - 🧠ANSWER ✔✔Covers the cost of veterinary treatment, but
not a requirement
,Health Insurance - 🧠ANSWER ✔✔Insurance that supports your medical
condition, but not a requirement
Travel Insurance - 🧠ANSWER ✔✔Covers multiple factors when abroad
Life Insurance - 🧠ANSWER ✔✔Help to cover family if you die
Home and Contents insurance - 🧠ANSWER ✔✔Protects your belongings
and infrastructure
Credit Cards - 🧠ANSWER ✔✔Borrow money to be repaid later.
Overdraft - 🧠ANSWER ✔✔The ability to withdraw money that you do not
have from a current account.
Hire purchase - 🧠ANSWER ✔✔This allows you to have use of an item
immediately but pay for it in regular instalments.
Payday Loan - 🧠ANSWER ✔✔This is a short term source of finance used
to bridge the gap between now and next receiving a wage.
Personal Loan - 🧠ANSWER ✔✔A loan granted for personal, family or
household purposes
, Mortgage - 🧠ANSWER ✔✔When the bank lends you money but you have
to pay it back plus the interest on the mortgage
Cash - 🧠ANSWER ✔✔Money that is physical in either paper or coins
Cheque - 🧠ANSWER ✔✔A written, dated, and signed instrument that
contains an unconditional order from the drawer that directs a bank to pay
a definite sum of money to a payee.
Debit Card - 🧠ANSWER ✔✔Money that you currently own in the bank.
Electronic Transfer - 🧠ANSWER ✔✔Money from one bank account to
another using a computer-based system without the need of bank staff
Direct Debit - 🧠ANSWER ✔✔An arrangement made with a bank that allows
a third party to transfer money from a person's account on agreed dates
Standing order - 🧠ANSWER ✔✔A way of setting up a regular, fixed
payment from your bank account
Prepaid Card - 🧠ANSWER ✔✔Your money but has to be repaid but with
the ability to set a spending limit according to your budget
Contactless Card - 🧠ANSWER ✔✔A regular card but with RFID or NFC
wireless communication
3
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
Unit 3 Personal and Business
Finance 2026 Expert Verified |
Ace the Test
Car insurance - 🧠ANSWER ✔✔A requirement to drive on UK roads, but can
be third party
Pet insurance - 🧠ANSWER ✔✔Covers the cost of veterinary treatment, but
not a requirement
,Health Insurance - 🧠ANSWER ✔✔Insurance that supports your medical
condition, but not a requirement
Travel Insurance - 🧠ANSWER ✔✔Covers multiple factors when abroad
Life Insurance - 🧠ANSWER ✔✔Help to cover family if you die
Home and Contents insurance - 🧠ANSWER ✔✔Protects your belongings
and infrastructure
Credit Cards - 🧠ANSWER ✔✔Borrow money to be repaid later.
Overdraft - 🧠ANSWER ✔✔The ability to withdraw money that you do not
have from a current account.
Hire purchase - 🧠ANSWER ✔✔This allows you to have use of an item
immediately but pay for it in regular instalments.
Payday Loan - 🧠ANSWER ✔✔This is a short term source of finance used
to bridge the gap between now and next receiving a wage.
Personal Loan - 🧠ANSWER ✔✔A loan granted for personal, family or
household purposes
, Mortgage - 🧠ANSWER ✔✔When the bank lends you money but you have
to pay it back plus the interest on the mortgage
Cash - 🧠ANSWER ✔✔Money that is physical in either paper or coins
Cheque - 🧠ANSWER ✔✔A written, dated, and signed instrument that
contains an unconditional order from the drawer that directs a bank to pay
a definite sum of money to a payee.
Debit Card - 🧠ANSWER ✔✔Money that you currently own in the bank.
Electronic Transfer - 🧠ANSWER ✔✔Money from one bank account to
another using a computer-based system without the need of bank staff
Direct Debit - 🧠ANSWER ✔✔An arrangement made with a bank that allows
a third party to transfer money from a person's account on agreed dates
Standing order - 🧠ANSWER ✔✔A way of setting up a regular, fixed
payment from your bank account
Prepaid Card - 🧠ANSWER ✔✔Your money but has to be repaid but with
the ability to set a spending limit according to your budget
Contactless Card - 🧠ANSWER ✔✔A regular card but with RFID or NFC
wireless communication
3
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
