BTEC Business Review Unit 3 Test
Questions & Answers 2024/2025
Unit of Account - ANSWERSIt allows us to place a monetary value on goods and services.
Means of Exchange - ANSWERSIt allows us to trade.
Store of Value - ANSWERSIt allows us to use it in the future as it retains its value.
Legal Tender - ANSWERSIt is a legally recognized form of payment.
Interest Rate - ANSWERSThe proportion of an amount that is charged as interest to the borrower.
Debt - ANSWERSMoney owed.
Credit Rating - ANSWERSA score given to individuals on how likely they are to repay debts based upon
their previous actions.
Bankrupt - ANSWERSWhen and individual or organization legally states its inability to repay debts.
Solvent - ANSWERSThe ability to meet day-to-day expenditure and repay debts.
Cash - ANSWERSNotes and coins in a wide range of denominations
Debit Card - ANSWERSIssued by banks with payments for goods and services being deducted directly
from a current account.
Questions & Answers 2024/2025
Unit of Account - ANSWERSIt allows us to place a monetary value on goods and services.
Means of Exchange - ANSWERSIt allows us to trade.
Store of Value - ANSWERSIt allows us to use it in the future as it retains its value.
Legal Tender - ANSWERSIt is a legally recognized form of payment.
Interest Rate - ANSWERSThe proportion of an amount that is charged as interest to the borrower.
Debt - ANSWERSMoney owed.
Credit Rating - ANSWERSA score given to individuals on how likely they are to repay debts based upon
their previous actions.
Bankrupt - ANSWERSWhen and individual or organization legally states its inability to repay debts.
Solvent - ANSWERSThe ability to meet day-to-day expenditure and repay debts.
Cash - ANSWERSNotes and coins in a wide range of denominations
Debit Card - ANSWERSIssued by banks with payments for goods and services being deducted directly
from a current account.
