BTEC Business Level 3-Exam Questions and Answers
Verified Solutions Latest Update
Question 1.
Interest rates
Correct Answer: Low = borrow High = Save
Question 2.
Remaining solvent
Correct Answer: Meet day to day expenditure + repay debts, set financial goals +
save
Question 3.
Cash A+D
Correct Answer: A- most widely accepted form of exchange D- can be lost or stolen
Question 4.
Debit card A+D
Correct Answer: A- no need to carry cash D-not suitbale for small transactions
Question 5.
Debit card
Correct Answer: Issued by banks for payments for goods and services deducted
from a current account
Question 6.
Credit card
Correct Answer: Issued by financial institutions allowing customers to delay
payments for good and services
Question 7.
Credit card A+D
Correct Answer: A- suitable for online transactions D- can encourage over
spending leading to debt
Question 8.
Cheque
Correct Answer: Written order to the bank to make a payment for a specific amount
of monet taken from one persons
account to another
, Question 9.
Cheque A+D
Correct Answer: A- low risk D- can make errors, viewed as old fashioned
Question 10.
Electronic transfer
Correct Answer: Payment is transferred directly from one bank account to another
Question 11.
Electronic transfer A+D
Correct Answer: A- proivdes record of payment D- risk of loss is incorrectly set up
Question 12.
Standing order
Correct Answer: Aggreement made with the bank to transfer a fixed sum of money
to a 3rd party account on a set date on
a regular basis
Question 13.
Standing order A+D
Correct Answer: A- same amount each time making it easy to budget D-payment is
taken regardless of balance = lead to
use of an overdraft facility
Question 14.
Pre- paid card
Correct Answer: Money uploaded onto a card
Question 15.
Pre- paid card
Correct Answer: A- can set budget in advance to avoid overspending D- no
protection
Question 16.
Contactless card
Correct Answer: Card with a feature that allows money to be transferred when it
touches a contactless terminal
Question 17.
Contactless A+D
Correct Answer: A- gaining popularity, convinient D- only accepted for small
transactions
Verified Solutions Latest Update
Question 1.
Interest rates
Correct Answer: Low = borrow High = Save
Question 2.
Remaining solvent
Correct Answer: Meet day to day expenditure + repay debts, set financial goals +
save
Question 3.
Cash A+D
Correct Answer: A- most widely accepted form of exchange D- can be lost or stolen
Question 4.
Debit card A+D
Correct Answer: A- no need to carry cash D-not suitbale for small transactions
Question 5.
Debit card
Correct Answer: Issued by banks for payments for goods and services deducted
from a current account
Question 6.
Credit card
Correct Answer: Issued by financial institutions allowing customers to delay
payments for good and services
Question 7.
Credit card A+D
Correct Answer: A- suitable for online transactions D- can encourage over
spending leading to debt
Question 8.
Cheque
Correct Answer: Written order to the bank to make a payment for a specific amount
of monet taken from one persons
account to another
, Question 9.
Cheque A+D
Correct Answer: A- low risk D- can make errors, viewed as old fashioned
Question 10.
Electronic transfer
Correct Answer: Payment is transferred directly from one bank account to another
Question 11.
Electronic transfer A+D
Correct Answer: A- proivdes record of payment D- risk of loss is incorrectly set up
Question 12.
Standing order
Correct Answer: Aggreement made with the bank to transfer a fixed sum of money
to a 3rd party account on a set date on
a regular basis
Question 13.
Standing order A+D
Correct Answer: A- same amount each time making it easy to budget D-payment is
taken regardless of balance = lead to
use of an overdraft facility
Question 14.
Pre- paid card
Correct Answer: Money uploaded onto a card
Question 15.
Pre- paid card
Correct Answer: A- can set budget in advance to avoid overspending D- no
protection
Question 16.
Contactless card
Correct Answer: Card with a feature that allows money to be transferred when it
touches a contactless terminal
Question 17.
Contactless A+D
Correct Answer: A- gaining popularity, convinient D- only accepted for small
transactions
