BTEC Level 3 Business (Personal and Business
Finance) | Exam QUESTIONS with Verified 100%
Correct Answers| Latest 2024/2025 update
Pawnbrokers - ✔✔Businesses that provide loans secured against personal property.
Branch banking - ✔✔Physical locations where customers can conduct banking
transactions.
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.
Cash flow forecasts - ✔✔Estimates of future cash inflows and outflows over a specific
period.
Break-even analysis - ✔✔Calculation to determine the sales volume at which total
revenues equal total costs.
Statement of comprehensive income - ✔✔Financial statement showing revenues,
expenses, and profits over a period.
Statement of financial position - ✔✔Snapshot of a company's assets, liabilities, and
equity at a specific point in time.
Gross profit margin - ✔✔A measure of profitability calculated as (gross
profit/revenue) x 100.
Current ratio - ✔✔A liquidity ratio calculated as current assets/current liabilities.
Finance) | Exam QUESTIONS with Verified 100%
Correct Answers| Latest 2024/2025 update
Pawnbrokers - ✔✔Businesses that provide loans secured against personal property.
Branch banking - ✔✔Physical locations where customers can conduct banking
transactions.
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.
Cash flow forecasts - ✔✔Estimates of future cash inflows and outflows over a specific
period.
Break-even analysis - ✔✔Calculation to determine the sales volume at which total
revenues equal total costs.
Statement of comprehensive income - ✔✔Financial statement showing revenues,
expenses, and profits over a period.
Statement of financial position - ✔✔Snapshot of a company's assets, liabilities, and
equity at a specific point in time.
Gross profit margin - ✔✔A measure of profitability calculated as (gross
profit/revenue) x 100.
Current ratio - ✔✔A liquidity ratio calculated as current assets/current liabilities.
