BTEC Business- Unit 3 Finance revision
exam Questions and Answers Graded A+
Cash - Correct answer-Money in the form of bills or coins
Debit card - Correct answer-A card used to withdraw money from a bank account
Credit card - Correct answer-A card authorizing the holder to buy goods and
services that can be paid for later.
Cheque - Correct answer-A written instruction to your bank to pay a sum of money
to another person from your current account
Electronic transfer - Correct answer-The transfer of funds from one account to
another via the internet or telephone
Direct debit - Correct answer-An electronic payment out of an account. The
amount and frequency of a direct debit payment can vary
Standing order - Correct answer-n. an instruction to a bank to make regular
payments
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, Contactless card - Correct answer-Cards containing antennae allow money to be
transferred when the card touches a contactless terminal
Store card - Correct answer-a credit card which can only be used to buy goods in
one particular shop or chain of shops
Mobile banking - Correct answer-apps that allow online banking access from
devices such as smart phones, tablets, etc.
BACS - Correct answer-Bankers Automated Clearing Services
CHAPS - Correct answer-Clearing House Automated Payments System
Standard current account - Correct answer-Account with full banking facilities
Premium current account - Correct answer-An account with a fee entitling the user
to extra services
Basic current account - Correct answer-Account with limited facilities usually used
by someone with a poor credit rating
Student account - Correct answer-Account designed to assist young people to
become prudent with their personal finances
Overdraft - Correct answer-Occurs when money is withdrawn from a bank account
and the available balance goes below zero
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
exam Questions and Answers Graded A+
Cash - Correct answer-Money in the form of bills or coins
Debit card - Correct answer-A card used to withdraw money from a bank account
Credit card - Correct answer-A card authorizing the holder to buy goods and
services that can be paid for later.
Cheque - Correct answer-A written instruction to your bank to pay a sum of money
to another person from your current account
Electronic transfer - Correct answer-The transfer of funds from one account to
another via the internet or telephone
Direct debit - Correct answer-An electronic payment out of an account. The
amount and frequency of a direct debit payment can vary
Standing order - Correct answer-n. an instruction to a bank to make regular
payments
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, Contactless card - Correct answer-Cards containing antennae allow money to be
transferred when the card touches a contactless terminal
Store card - Correct answer-a credit card which can only be used to buy goods in
one particular shop or chain of shops
Mobile banking - Correct answer-apps that allow online banking access from
devices such as smart phones, tablets, etc.
BACS - Correct answer-Bankers Automated Clearing Services
CHAPS - Correct answer-Clearing House Automated Payments System
Standard current account - Correct answer-Account with full banking facilities
Premium current account - Correct answer-An account with a fee entitling the user
to extra services
Basic current account - Correct answer-Account with limited facilities usually used
by someone with a poor credit rating
Student account - Correct answer-Account designed to assist young people to
become prudent with their personal finances
Overdraft - Correct answer-Occurs when money is withdrawn from a bank account
and the available balance goes below zero
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
