BTEC Business Midterm Unit Exam And Actual Complete Answers 2024.
what are the 6 types of personal borrowing? - Answer mortgages, hire purchase, payday loans, overdraft, personal loans, credit cards personal loan - Answer gives you the ability to borrow a set amount of money, normally for a specific purpose, to be repaid in regular instalments. payday loan - Answer short term source of finance used to bridge the gaps between now and next receiving a wage credit card - Answer goods are paid for by card and can be paid for either at the end of a set period, normally a month, when a statement is issued overdraft - Answer allows you to withdraw money that you don't have in a current account mortgage - Answer long-term loan to fund the purchase of assets, normally paid back over a long time, usually 25 years. it is secured against an item like a house. hire purchase - Answer allows you to have use of an item immediately but pay for it in regular instalments. the item remains the property of the seller until all instalments have been made what are the 6 saving and investment options? - Answer ISA, deposits & savings account, premium bonds, bonds & gilts, shares, pensions when are saving and investment options available? - Answer when you are earning or receiving more money than you need to cover your expenditure
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