BTEC BUSINESS LEVEL 3 EXAM
Comprehensive Questions
(Frequently Tested) with
Verified Answers Graded A+
Give two features of a premium current account. - Answer: travel insurance
cinema tickets
Monthly fee
Describe the role of the Financial Ombudsman Service. - Answer: 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 - Answer: 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. - Answer: Goodwill
Patent
Trademarks
, Outline what is meant by 'capital income' - Answer: Money invested by owners to set up a
business
Give two functions of money. - Answer: Unit of account
Means of exchange
State two areas of guidance given by Citizens Advice - Answer: tax
debt
benefits
Outline two benefits of online banking. - Answer: 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 - Answer: 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. - Answer: Jenny can plan expenditure
and ensure she does not overspend
Identify two sources of advice and guidance about personal finance. - Answer: citizens advice
IFA
Money advice service
Comprehensive Questions
(Frequently Tested) with
Verified Answers Graded A+
Give two features of a premium current account. - Answer: travel insurance
cinema tickets
Monthly fee
Describe the role of the Financial Ombudsman Service. - Answer: 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 - Answer: 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. - Answer: Goodwill
Patent
Trademarks
, Outline what is meant by 'capital income' - Answer: Money invested by owners to set up a
business
Give two functions of money. - Answer: Unit of account
Means of exchange
State two areas of guidance given by Citizens Advice - Answer: tax
debt
benefits
Outline two benefits of online banking. - Answer: 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 - Answer: 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. - Answer: Jenny can plan expenditure
and ensure she does not overspend
Identify two sources of advice and guidance about personal finance. - Answer: citizens advice
IFA
Money advice service
