BTEC National Level 3 Business Unit 3 Personal and Business Finance Test 2024

BTEC NATIONAL LEVEL 3 BUSINESS UNIT 3 PERSONAL AND BUSINESS FINANCE TEST 2024 Car insurance Ans - A requirement to drive on UK roads, but can be third party Pet insurance Ans - Covers the cost of veterinary treatment, but not a requirement Health Insurance Ans - Insurance that supports your medical condition, but not a requirement Travel Insurance Ans - Covers multiple factors when abroad Life Insurance Ans - Help to cover family if you die Home and Contents insurance Ans - Protects your belongings and infrastructure Credit Cards Ans - Borrow money to be repaid later. Overdraft Ans - The ability to withdraw money that you do not have from a current account. Hire purchase Ans - This allows you to have use of an item immediately but pay for it in regular instalments. Payday Loan Ans - This is a short term source of finance used to bridge the gap between now and next receiving a wage. Personal Loan Ans - A loan granted for personal, family or household purposes Mortgage Ans - When the bank lends you money but you have to pay it back plus the interest on the mortgage Cash Ans - Money that is physical in either paper or coins Cheque Ans - A written, dated, and signed instrument that contains an unconditional order from the drawer that directs a bank to pay a definite sum of money to a payee.