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BTEC Business- Unit 3 Finance revision exam Questions and answers. Rated A+

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BTEC Business- Unit 3 Finance revision exam Questions and answers. Rated A+ Cash - ✔✔-Money in the form of bills or coins Debit card - ✔✔-A card used to withdraw money from a bank account ... Credit card - ✔✔-A card authorizing the holder to buy goods and services that can be paid for later. Cheque - ✔✔-A written instruction to your bank to pay a sum of money to another person from your current account Electronic transfer - ✔✔-The transfer of funds from one account to another via the internet or telephone Direct debit - ✔✔-An electronic payment out of an account. The amount and frequency of a direct debit payment can vary Standing order - ✔✔-n. an instruction to a bank to make regular payments Contactless card - ✔✔-Cards containing antennae allow money to be transferred when the card touches a contactless terminal Store card - ✔✔-a credit card which can only be used to buy goods in one particular shop or chain of shops Mobile banking - ✔✔-apps that allow online banking access from devices such as smart phones, tablets, etc. BACS - ✔✔-Bankers Automated Clearing Services CHAPS - ✔✔-Clearing House Automated Payments System Standard current account - ✔✔-Account with full banking facilities Premium current account - ✔✔-An account with a fee entitling the user to extra services Basic current account - ✔✔-Account with limited facilities usually used by someone with a poor credit rating Student account - ✔✔-Account designed to assist young people to become prudent with their personal finances Overdraft - ✔✔-Occurs when money is withdrawn from a bank account and the available balance goes below zero Personal loan - ✔✔-Not backed up by collateral. Also k [Show More]

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