BTEC Business Level 3 Extended Diploma
Unit 3 Exam Questions And Answers
hire purchase - - -
correct answer ✅Spreading the payments of a purchase over a
period of time
expenditure - - -
correct answer ✅the spending of money i.e outward flow
current account - - -
correct answer ✅type of account offered by banks and building
societies for frequent use
standard account - - -
correct answer ✅most common account for individuals assuming
they have an OK credit rating
packaged,premium account - - -
correct answer ✅This account offers additional features to a
standard account, for example car and
house insurance
basic account - - -
correct answer ✅offers only some of the features of a standard
,BTEC Business Level 3 Extended Diploma
Unit 3 Exam Questions And Answers
current account those with low credit rating who may otherwise
struggle to open an account
student account - - -
correct answer ✅a current account designed to meet specific
needs of students
overdraft - - -
correct answer ✅the facility to overspend on a current account up
to an agreed sum
premium bonds - - -
correct answer ✅a government incentive for individuals to save
FSCS (Financial Service Compensation Scheme) - - -
correct answer ✅Provides compensation to customers who have
suffered financially as a result of the actions of a financial service
provider
citizens advice - - -
correct answer ✅an organisation that offers free and impartial
, BTEC Business Level 3 Extended Diploma
Unit 3 Exam Questions And Answers
advice to individuals on legal,financial,consumer and other
problems
IFA (Independent Financial Advisor) - - -
correct answer ✅professionals offering independent advice to
clients on financial matters e.g savings/investment/mortgages and
pensions
capital income - - -
correct answer ✅income that comes from sources other than
selling your goods and services
interest - - -
correct answer ✅a charge for borrowed money generally a
percentage of the amount borrowed
shares - - -
correct answer ✅a business registered with companies house can
sell shares privately or float on the stock exchange if they are PLC
debenture - - -
correct answer ✅a medium- long term source of capital income
Unit 3 Exam Questions And Answers
hire purchase - - -
correct answer ✅Spreading the payments of a purchase over a
period of time
expenditure - - -
correct answer ✅the spending of money i.e outward flow
current account - - -
correct answer ✅type of account offered by banks and building
societies for frequent use
standard account - - -
correct answer ✅most common account for individuals assuming
they have an OK credit rating
packaged,premium account - - -
correct answer ✅This account offers additional features to a
standard account, for example car and
house insurance
basic account - - -
correct answer ✅offers only some of the features of a standard
,BTEC Business Level 3 Extended Diploma
Unit 3 Exam Questions And Answers
current account those with low credit rating who may otherwise
struggle to open an account
student account - - -
correct answer ✅a current account designed to meet specific
needs of students
overdraft - - -
correct answer ✅the facility to overspend on a current account up
to an agreed sum
premium bonds - - -
correct answer ✅a government incentive for individuals to save
FSCS (Financial Service Compensation Scheme) - - -
correct answer ✅Provides compensation to customers who have
suffered financially as a result of the actions of a financial service
provider
citizens advice - - -
correct answer ✅an organisation that offers free and impartial
, BTEC Business Level 3 Extended Diploma
Unit 3 Exam Questions And Answers
advice to individuals on legal,financial,consumer and other
problems
IFA (Independent Financial Advisor) - - -
correct answer ✅professionals offering independent advice to
clients on financial matters e.g savings/investment/mortgages and
pensions
capital income - - -
correct answer ✅income that comes from sources other than
selling your goods and services
interest - - -
correct answer ✅a charge for borrowed money generally a
percentage of the amount borrowed
shares - - -
correct answer ✅a business registered with companies house can
sell shares privately or float on the stock exchange if they are PLC
debenture - - -
correct answer ✅a medium- long term source of capital income
