BTEC BUSINESS LEVEL 3 EXAM |\ |\ |\ |\ |\
QUESTIONS with answers |\ |\
Give two features of a premium current account. -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔travel insurance |\ |\ |\
cinema tickets |\
Monthly fee |\
Describe the role of the Financial Ombudsman Service. -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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. -
|\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Goodwill |\ |\
,Patent
Trademarks
Outline what is meant by 'capital income' - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Money invested by owners to set up a
|\ |\ |\ |\ |\ |\ |\ |\ |\
business
Give two functions of money. - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\
✔✔Unit of account |\ |\
Means of exchange|\ |\
State two areas of guidance given by Citizens Advice -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔tax |\ |\
debt
benefits
Outline two benefits of online banking. - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
- CORRECT ANSWERS ✔✔Jenny can plan expenditure and
|\ |\ |\ |\ |\ |\ |\ |\ |\
ensure she does not overspend
|\ |\ |\ |\
Identify two sources of advice and guidance about
|\ |\ |\ |\ |\ |\ |\ |\
personal finance. - CORRECT ANSWERS ✔✔citizens advice
|\ |\ |\ |\ |\ |\
IFA
Money advice service |\ |\
Give two ways that customers can contact and interact
|\ |\ |\ |\ |\ |\ |\ |\ |\
with their bank. - CORRECT ANSWERS ✔✔Face to face
|\ |\ |\ |\ |\ |\ |\ |\ |\
branch |\
telephone
QUESTIONS with answers |\ |\
Give two features of a premium current account. -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔travel insurance |\ |\ |\
cinema tickets |\
Monthly fee |\
Describe the role of the Financial Ombudsman Service. -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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. -
|\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Goodwill |\ |\
,Patent
Trademarks
Outline what is meant by 'capital income' - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Money invested by owners to set up a
|\ |\ |\ |\ |\ |\ |\ |\ |\
business
Give two functions of money. - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\
✔✔Unit of account |\ |\
Means of exchange|\ |\
State two areas of guidance given by Citizens Advice -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔tax |\ |\
debt
benefits
Outline two benefits of online banking. - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
- CORRECT ANSWERS ✔✔Jenny can plan expenditure and
|\ |\ |\ |\ |\ |\ |\ |\ |\
ensure she does not overspend
|\ |\ |\ |\
Identify two sources of advice and guidance about
|\ |\ |\ |\ |\ |\ |\ |\
personal finance. - CORRECT ANSWERS ✔✔citizens advice
|\ |\ |\ |\ |\ |\
IFA
Money advice service |\ |\
Give two ways that customers can contact and interact
|\ |\ |\ |\ |\ |\ |\ |\ |\
with their bank. - CORRECT ANSWERS ✔✔Face to face
|\ |\ |\ |\ |\ |\ |\ |\ |\
branch |\
telephone
