BTEC Business- Unit 3 Finance
revision exam Comprehensive
Questions (Frequently Tested)
with Verified Answers Graded
A+
Cash - Answer: Money in the form of bills or coins
Debit card - Answer: A card used to withdraw money from a bank account
Credit card - Answer: A card authorizing the holder to buy goods and services that can be paid
for later.
Cheque - Answer: A written instruction to your bank to pay a sum of money to another person
from your current account
Electronic transfer - Answer: The transfer of funds from one account to another via the internet
or telephone
Direct debit - Answer: An electronic payment out of an account. The amount and frequency of a
direct debit payment can vary
, Standing order - Answer: n. an instruction to a bank to make regular payments
Contactless card - Answer: Cards containing antennae allow money to be transferred when the
card touches a contactless terminal
Store card - Answer: a credit card which can only be used to buy goods in one particular shop or
chain of shops
Mobile banking - Answer: apps that allow online banking access from devices such as smart
phones, tablets, etc.
BACS - Answer: Bankers Automated Clearing Services
CHAPS - Answer: Clearing House Automated Payments System
Standard current account - Answer: Account with full banking facilities
Premium current account - Answer: An account with a fee entitling the user to extra services
Basic current account - Answer: Account with limited facilities usually used by someone with a
poor credit rating
Student account - Answer: Account designed to assist young people to become prudent with
their personal finances
Overdraft - Answer: Occurs when money is withdrawn from a bank account and the available
balance goes below zero
revision exam Comprehensive
Questions (Frequently Tested)
with Verified Answers Graded
A+
Cash - Answer: Money in the form of bills or coins
Debit card - Answer: A card used to withdraw money from a bank account
Credit card - Answer: A card authorizing the holder to buy goods and services that can be paid
for later.
Cheque - Answer: A written instruction to your bank to pay a sum of money to another person
from your current account
Electronic transfer - Answer: The transfer of funds from one account to another via the internet
or telephone
Direct debit - Answer: An electronic payment out of an account. The amount and frequency of a
direct debit payment can vary
, Standing order - Answer: n. an instruction to a bank to make regular payments
Contactless card - Answer: Cards containing antennae allow money to be transferred when the
card touches a contactless terminal
Store card - Answer: a credit card which can only be used to buy goods in one particular shop or
chain of shops
Mobile banking - Answer: apps that allow online banking access from devices such as smart
phones, tablets, etc.
BACS - Answer: Bankers Automated Clearing Services
CHAPS - Answer: Clearing House Automated Payments System
Standard current account - Answer: Account with full banking facilities
Premium current account - Answer: An account with a fee entitling the user to extra services
Basic current account - Answer: Account with limited facilities usually used by someone with a
poor credit rating
Student account - Answer: Account designed to assist young people to become prudent with
their personal finances
Overdraft - Answer: Occurs when money is withdrawn from a bank account and the available
balance goes below zero
