BTEC Level 3 Business Unit 3: Personal and
Business Finance Questions and Answers 100%
Solved
Online banking Banking services accessed via the internet.
Telephone banking Banking services accessed via telephone.
Mobile banking Banking services accessed via mobile devices.
Postal banking Banking services conducted through postal mail.
Financial Conduct Authority (FCA) Regulatory body overseeing financial markets and
firms in the UK.
Financial Ombudsmen Service (FOS) Service that resolves disputes between consumers
and financial businesses.
,Financial Services Compensation Scheme (FSCS) Scheme that protects consumers when
financial institutions fail.
Office of Fair Trading (OFT) Regulatory body that promotes competition and protects
consumer interests.
Citizens Advice Organization providing free advice on legal, financial, and other issues.
Independent financial advisor (IFA) Professional who provides personalized financial
advice to clients.
Price comparison websites Websites that allow consumers to compare prices of financial
products.
Money advice service Service providing free and impartial money advice to consumers.
Debt counsellors Professionals who help individuals manage and reduce their debt.
, Individual Voluntary Arrangements (IVAs) Formal agreements between debtors and
creditors to repay debts over time.
Bankruptcy Legal status of a person or entity that cannot repay debts.
Capital income Income generated from investments or assets.
Revenue income Income generated from the sale of goods and services.
Capital expenditure Money spent on acquiring or maintaining fixed assets.
Revenue expenditure Money spent on day-to-day operational costs.
Internal sources of finance Funds generated from within the business, such as retained
profits.
External sources of finance Funds raised from outside the business, such as loans or
investors.
Business Finance Questions and Answers 100%
Solved
Online banking Banking services accessed via the internet.
Telephone banking Banking services accessed via telephone.
Mobile banking Banking services accessed via mobile devices.
Postal banking Banking services conducted through postal mail.
Financial Conduct Authority (FCA) Regulatory body overseeing financial markets and
firms in the UK.
Financial Ombudsmen Service (FOS) Service that resolves disputes between consumers
and financial businesses.
,Financial Services Compensation Scheme (FSCS) Scheme that protects consumers when
financial institutions fail.
Office of Fair Trading (OFT) Regulatory body that promotes competition and protects
consumer interests.
Citizens Advice Organization providing free advice on legal, financial, and other issues.
Independent financial advisor (IFA) Professional who provides personalized financial
advice to clients.
Price comparison websites Websites that allow consumers to compare prices of financial
products.
Money advice service Service providing free and impartial money advice to consumers.
Debt counsellors Professionals who help individuals manage and reduce their debt.
, Individual Voluntary Arrangements (IVAs) Formal agreements between debtors and
creditors to repay debts over time.
Bankruptcy Legal status of a person or entity that cannot repay debts.
Capital income Income generated from investments or assets.
Revenue income Income generated from the sale of goods and services.
Capital expenditure Money spent on acquiring or maintaining fixed assets.
Revenue expenditure Money spent on day-to-day operational costs.
Internal sources of finance Funds generated from within the business, such as retained
profits.
External sources of finance Funds raised from outside the business, such as loans or
investors.
