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BTEC Business- Unit 3 Finance revision exam Latest Update -80 Questions and 100% Verified Correct Answers Guaranteed A+
BACS - CORRECT ANSWER: Bankers Automated Clearing Services
Bank of England - CORRECT ANSWER: The UKs central bank responsible for
maintaining financial stability in the UK
Banks - CORRECT ANSWER: An organisation that stores money on behalf of its
customers
Basic current account - CORRECT ANSWER: Account with limited facilities usually
used by someone with a poor credit rating
Branch banking - CORRECT ANSWER: Going into the branch to make a financial
transaction
Break even point - CORRECT ANSWER: point at which total revenue and total cost are equal
Building society - CORRECT ANSWER: Organisation that stores money on behalf of
customers- customers are members
Capital income - CORRECT ANSWER: any form of payment that derives from owning
physical or financial capital
Car insurance - CORRECT ANSWER: a type of insurance that covers any damage you
may cause to another person or their vehicle 1 / 2
Cash - CORRECT ANSWER: Money in the form of bills or coins
Cash flow forecast - CORRECT ANSWER: A projection, usually by week or month, of
the likely cash inflows and outflows in a business
CHAPS - CORRECT ANSWER: Clearing House Automated Payments System
Cheque - CORRECT ANSWER: A written instruction to your bank to pay a sum of
money to another person from your current account
Citizens advice - CORRECT ANSWER: Organisation offering advice on a range of
issues
Closing balance - CORRECT ANSWER: Opening balance + net cash flow
Contactless card - CORRECT ANSWER: Cards containing antennae allow money to be
transferred when the card touches a contactless terminal
Credit card - CORRECT ANSWER: A card authorizing the holder to buy goods and
services that can be paid for later.
Credit union - CORRECT ANSWER: Credit unions are not-for-profit savings and lending financial institutions, owned by its members
Crowd funding - CORRECT ANSWER: Using social networking to appeal to potential
investors
Current assets - CORRECT ANSWER: Cash and other assets expected to be
exchanged for cash or consumed within a year
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