BTEC BUSINESS LEVEL 3 EXAM QUESTIONS with correct answers

BTEC BUSINESS LEVEL 3 EXAM \| \| \| \| \|




QUESTIONS with correct answers \| \| \|




Give two features of a premium current account. - CORRECT ANSWERS
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✔✔travel insurance \|




cinema tickets \|




Monthly fee \|




Describe the role of the Financial Ombudsman Service. - CORRECT
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ANSWERS ✔✔acts as an independent assessor when dealing with complaints
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between consumers and financial service providers
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Explain two benefits of pre-paid credit cards of the type used when on
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holiday - CORRECT ANSWERS ✔✔it allows you to take money on holiday in
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a safe and secure way because if the pre-paid credit card is stolen it cannot be
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used without the PIN.
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Another reason is that it will allow you to control spending as the card will be
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up to a fixed amount
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Identify two types of intangible non-current assets. - CORRECT ANSWERS
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✔✔Goodwill

Patent

Trademarks

,Outline what is meant by 'capital income' - CORRECT ANSWERS ✔✔Money
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invested by owners to set up a business
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Give two functions of money. - CORRECT ANSWERS ✔✔Unit of account
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Means of exchange \| \|




State two areas of guidance given by Citizens Advice - CORRECT ANSWERS
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✔✔tax

debt

benefits



Outline two benefits of online banking. - CORRECT ANSWERS ✔✔24 hr
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access and monitor accounts in real time
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Access account anywhere in the world , therefore conducting business faster
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Discuss the differences between direct debits and standing orders - CORRECT
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ANSWERS ✔✔Direct debit - usually will be taken on a set agreed date and
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Direct Debit Guarantee protects customers from payments taken in error
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Standing order - you can cancel the standing order when
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you like and customer sets it up to pay other people
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, Outline one benefit to Jenny of using a cash flow forecast. - CORRECT
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ANSWERS ✔✔Jenny can plan expenditure and ensure she does not overspend
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Identify two sources of advice and guidance about personal finance. -
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CORRECT ANSWERS ✔✔citizens advice \| \| \|




IFA

Money advice service
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Give two ways that customers can contact and interact with their bank. -
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CORRECT ANSWERS ✔✔Face to face \| \| \| \| \|




branch \|




telephone



Discuss how useful break-even analysis can be to a small business such as
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Treasures. - CORRECT ANSWERS ✔✔it shows whether a product is worth
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selling or is too risky.
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it shows how many products they need to sell to ensure a profit.
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Outline what a 'semi-variable cost' is - CORRECT ANSWERS ✔✔Part of the
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cost stays the same and part varies in relation to the
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degree of business activity
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