BTEC Business- Unit 3 Finance revision exam Questions And Answers Rated A+ New Update Assured Satisfaction

Cash - Answer-Money in the form of bills or coins Debit card - Answer-A card used to withdraw money from a bank account Credit card - Answer-A card authorizing the holder to buy goods and services that can be paid for later. Cheque - Answer-A written instruction to your bank to pay a sum of money to another person from your current account Electronic transfer - Answer-The transfer of funds from one account to another via the internet or telephone Direct debit - Answer-An electronic payment out of an account. The amount and frequency of a direct debit payment can vary Standing order - Answer-n. an instruction to a bank to make regular payments Contactless card - Answer-Cards containing antennae allow money to be transferred when the card touches a contactless terminal Store card - Answer-a credit card which can only be used to buy goods in one particular shop or chain of shops Mobile banking - Answer-apps that allow online banking access from devices such as smart phones, tablets, etc. BACS - Answer-Bankers Automated Clearing Services CHAPS - Answer-Clearing House Automated Payments SystemStandard current account - Answer-Account with full banking facilities Premium current account - Answer-An account with a fee entitling the user to extra services Basic current account - Answer-Account with limited facilities usually used by someone with a poor credit rating Student account - Answer-Account designed to assist young people to become prudent with their personal finances Overdraft - Answer-Occurs when money is withdrawn from a bank account and the available balance goes below zero Personal loan - Answer-Not backed up by collateral. Also known as an unsecured loan Hire purchase - Answer-The buying of equipment by paying in instalments, usually including interest. Mortgage - Answer-A payment, usually monthly, applied to the balance of a home loan used when purchasing housing Payday loan - Answer-a high interest loan where money is borrowed against a future paycheck ISA - Answer-Individual savings account DSA - Answer-Deposit and savings account