BTEC Level 3 Business Unit 3 Section A Question 100% solved 2023

BTEC Level 3 Business Unit 3 Section A Question 100% solved 2023Cash Notes and coins in a wide range of denominations Debit card Issued by banks with payments for goods and services being deducted directly from a current account Credit card Issued by financial institutions to delay payments for goods and services Cheque A written order to a bank to make a specific payment for a specific amount of money into a persons account from another account Electronic transfer Payment transferred directly from one account to another using the internet Direct debit An automated monthly payment which can change eg. bills Standing order An automated monthly payment which stays the same eg. gym membership Pre paid card Money is uploaded onto a card and then transactions are withdrawn from the amount afterwards Contactless card Cards with an embedded chip and antenna that enable customers to wave their card over the payment device without using a PIN number Store card Issued by a retail outlet to delay payments for goods and services within a specific store Mobile banking The ability to carry out financial transactions using a mobile phone or app BACS faster payment A system where the transfer of payments happens within three days CHAPS A system where the transfer of payments happens within one day Standard current acount An account with full baking facilities such as a debit card, overdraft and easy access to your money Premium current account An account with an annual charge in return for offering extra incentives or benefits such as discounted insurance or a free overdraft Basic current account An account typically held by someone with a poor credit history, with limited facilities Student current account An account designed to assist young people to become prudent with personal finances, usually with free overdraft facilities Overdraft Allows an individual to withdraw money from an account which they do not currently have