BTEC Business Level 3-Exam QUESTIONS with
Verified 100% Correct Answers| Latest 2024/2025
update
Interest rates - ✔✔Low = borrow High = Save
Remaining solvent - ✔✔Meet day to day expenditure + repay debts, set financial
goals + save
Cash A+D - ✔✔A- most widely accepted form of exchange D- can be lost or stolen
Debit card A+D - ✔✔A- no need to carry cash D-not suitbale for small transactions
Debit card - ✔✔Issued by banks for payments for goods and services deducted from
a current account
Credit card - ✔✔Issued by financial institutions allowing customers to delay
payments for good and services
Credit card A+D - ✔✔A- suitable for online transactions D- can encourage over
spending leading to debt
Cheque - ✔✔Written order to the bank to make a payment for a specific amount of
monet taken from one persons account to another
Cheque A+D - ✔✔A- low risk D- can make errors, viewed as old fashioned
, Electronic transfer - ✔✔Payment is transferred directly from one bank account to
another
Electronic transfer A+D - ✔✔A- proivdes record of payment D- risk of loss is
incorrectly set up
Standing order - ✔✔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
Standing order A+D - ✔✔A- same amount each time making it easy to budget D-
payment is taken regardless of balance = lead to use of an overdraft facility
Pre- paid card - ✔✔Money uploaded onto a card
Pre- paid card - ✔✔A- can set budget in advance to avoid overspending D- no
protection
Contactless card - ✔✔Card with a feature that allows money to be transferred when
it touches a contactless terminal
Contactless A+D - ✔✔A- gaining popularity, convinient D- only accepted for small
transactions
Charge card - ✔✔Issued by financial institutions allowing customers to delay
payments for goods and services for a short period of time; the balance must be paid off
in full when a statement is issued
Verified 100% Correct Answers| Latest 2024/2025
update
Interest rates - ✔✔Low = borrow High = Save
Remaining solvent - ✔✔Meet day to day expenditure + repay debts, set financial
goals + save
Cash A+D - ✔✔A- most widely accepted form of exchange D- can be lost or stolen
Debit card A+D - ✔✔A- no need to carry cash D-not suitbale for small transactions
Debit card - ✔✔Issued by banks for payments for goods and services deducted from
a current account
Credit card - ✔✔Issued by financial institutions allowing customers to delay
payments for good and services
Credit card A+D - ✔✔A- suitable for online transactions D- can encourage over
spending leading to debt
Cheque - ✔✔Written order to the bank to make a payment for a specific amount of
monet taken from one persons account to another
Cheque A+D - ✔✔A- low risk D- can make errors, viewed as old fashioned
, Electronic transfer - ✔✔Payment is transferred directly from one bank account to
another
Electronic transfer A+D - ✔✔A- proivdes record of payment D- risk of loss is
incorrectly set up
Standing order - ✔✔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
Standing order A+D - ✔✔A- same amount each time making it easy to budget D-
payment is taken regardless of balance = lead to use of an overdraft facility
Pre- paid card - ✔✔Money uploaded onto a card
Pre- paid card - ✔✔A- can set budget in advance to avoid overspending D- no
protection
Contactless card - ✔✔Card with a feature that allows money to be transferred when
it touches a contactless terminal
Contactless A+D - ✔✔A- gaining popularity, convinient D- only accepted for small
transactions
Charge card - ✔✔Issued by financial institutions allowing customers to delay
payments for goods and services for a short period of time; the balance must be paid off
in full when a statement is issued
