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BTEC BUSINESS- UNIT 3 FINANCE
REVISION EXAM QUESTIONS AND
ANSWERS
Cash - correct answer- Money in the form of bills or coins
Debit card - correct answer- A card used to withdraw money
from a bank account
Credit card - correct answer- A card authorizing the holder to
buy goods and services that can be paid for later.
Cheque - correct answer- A written instruction to your bank to
pay a sum of money to another person from your current
account
Electronic transfer - correct answer- The transfer of funds from
one account to another via the internet or telephone
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Direct debit - correct answer- An electronic payment out of an
account. The amount and frequency of a direct debit payment
can vary
Standing order - correct answer- n. an instruction to a bank to
make regular payments
Contactless card - correct answer- Cards containing antennae
allow money to be transferred when the card touches a
contactless terminal
Store card - correct answer- a credit card which can only be
used to buy goods in one particular shop or chain of shops
Mobile banking - correct answer- apps that allow online banking
access from devices such as smart phones, tablets, etc.
BACS - correct answer- Bankers Automated Clearing Services
CHAPS - correct answer- Clearing House Automated Payments
System
BTEC BUSINESS- UNIT 3 FINANCE
REVISION EXAM QUESTIONS AND
ANSWERS
Cash - correct answer- Money in the form of bills or coins
Debit card - correct answer- A card used to withdraw money
from a bank account
Credit card - correct answer- A card authorizing the holder to
buy goods and services that can be paid for later.
Cheque - correct answer- A written instruction to your bank to
pay a sum of money to another person from your current
account
Electronic transfer - correct answer- The transfer of funds from
one account to another via the internet or telephone
, 2 | Page
Direct debit - correct answer- An electronic payment out of an
account. The amount and frequency of a direct debit payment
can vary
Standing order - correct answer- n. an instruction to a bank to
make regular payments
Contactless card - correct answer- Cards containing antennae
allow money to be transferred when the card touches a
contactless terminal
Store card - correct answer- a credit card which can only be
used to buy goods in one particular shop or chain of shops
Mobile banking - correct answer- apps that allow online banking
access from devices such as smart phones, tablets, etc.
BACS - correct answer- Bankers Automated Clearing Services
CHAPS - correct answer- Clearing House Automated Payments
System
