Give two features of a premium current account. - ANSWER travel insurance
cinema tickets
Monthly fee
Describe the role of the Financial Ombudsman Service. - ANSWER acts as an independent
assessor when dealing with complaints between consumers and financial service providers
Explain two benefits of pre-paid credit cards of the type used when on holiday - ANSWER
it allows you to take money on holiday in a safe and secure way because if the pre-paid
credit card is stolen it cannot be used without the PIN.
Another reason is that it will allow you to control spending as the card will be up to a fixed
amount
Identify two types of intangible non-current assets. - ANSWER Goodwill
Patent
Trademarks
Outline what is meant by 'capital income' - ANSWER Money invested by owners to set up
a business
Give two functions of money. - ANSWER Unit of account
Means of exchange
State two areas of guidance given by Citizens Advice - ANSWER tax
1
, debt
benefits
Outline two benefits of online banking. - ANSWER 24 hr access and monitor accounts in
real time
Access account anywhere in the world , therefore conducting business faster
Discuss the differences between direct debits and standing orders - ANSWER Direct debit
- usually will be taken on a set agreed date and Direct Debit Guarantee protects customers
from payments taken in error
Standing order - you can cancel the standing order when
you like and customer sets it up to pay other people
Outline one benefit to Jenny of using a cash flow forecast. - ANSWER Jenny can plan ex-
penditure and ensure she does not overspend
Identify two sources of advice and guidance about personal finance. - ANSWER citizens
advice
IFA
Money advice service
Give two ways that customers can contact and interact with their bank. - ANSWER Face
to face
branch
telephone
2
cinema tickets
Monthly fee
Describe the role of the Financial Ombudsman Service. - ANSWER acts as an independent
assessor when dealing with complaints between consumers and financial service providers
Explain two benefits of pre-paid credit cards of the type used when on holiday - ANSWER
it allows you to take money on holiday in a safe and secure way because if the pre-paid
credit card is stolen it cannot be used without the PIN.
Another reason is that it will allow you to control spending as the card will be up to a fixed
amount
Identify two types of intangible non-current assets. - ANSWER Goodwill
Patent
Trademarks
Outline what is meant by 'capital income' - ANSWER Money invested by owners to set up
a business
Give two functions of money. - ANSWER Unit of account
Means of exchange
State two areas of guidance given by Citizens Advice - ANSWER tax
1
, debt
benefits
Outline two benefits of online banking. - ANSWER 24 hr access and monitor accounts in
real time
Access account anywhere in the world , therefore conducting business faster
Discuss the differences between direct debits and standing orders - ANSWER Direct debit
- usually will be taken on a set agreed date and Direct Debit Guarantee protects customers
from payments taken in error
Standing order - you can cancel the standing order when
you like and customer sets it up to pay other people
Outline one benefit to Jenny of using a cash flow forecast. - ANSWER Jenny can plan ex-
penditure and ensure she does not overspend
Identify two sources of advice and guidance about personal finance. - ANSWER citizens
advice
IFA
Money advice service
Give two ways that customers can contact and interact with their bank. - ANSWER Face
to face
branch
telephone
2
