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Personal Finance - BTEC Business Unit 3 Flashcards | StudBud
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Personal Finance - BTEC Business Unit 3
Personal Finance - BTEC Business Unit 3
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A quiz to test understanding of Learning Aim B of Unit 3
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
How much are bank accounts insured up to by the FSCS
£85,000
£70,000
£80,000
£60,000
2
Which is NOT an advantage of contactless payment
Quick
Not accepted for larger amounts (over £30)
Relatively secure
Not all retailers have contactless card readers
3
What does the word legislation mean?
Compensation
Laws
Finance
Government
4
A credit union is
profit making
illegal as they don't have a licence to lend
a 'not for profit' lender
answerable to shareholders
5
What is the name of the savings scheme run by National Savings that has a monthly prize draw?
Premium Bills
Prize Bonds
Premium Bonds
Premium Savings
6
What is a premium/packaged bank account?
No-frills account offered to people with low credit rating
An account which has a fee but includes extra services
Has free rail cards for students
One which has an overdraft facility
7
What is the difference between a bank and a building society?
building societies are not regulated by the FCA
Building societies only do mortgages
Banks don't lend to small businesses
banks have shareholders building societies do not
8
What is a variable rate mortgage?
How much house prices go up by
Loan to buy property with interest linked to BOE base rate
Loan to buy business equipment
Loan to buy property at a set rate for the whole period
9
ISA stands for
Independent Sole Association
Individual Savings Accounts
Independent Statutory Act
Individual Spending Action
10
A form of investment where an individual loans money to a business/government is..
Pensions
Savings Account
Bonds
Shares
11
A firm that buys items off customers is called a
prawnbroker
loan shark
wonga
pawnbroker
12
Shares are
ISA's
getting an overdraft
Loaning your money to the government
Buying a % of a company as a form of investment
13
Deciding to save money rather than invest it depends upon your attitude to
Debt
Risk v Reward
Bonds
National Savings
14
What is an advantage of online banking
Can easily withdraw cash
Available to all
available 24/7
More secure
15
Saving for old age can be done through a
pawnbroker
insurance company
pension company
bank of England
16
Paying in instalments for an item that you can use straightaway but don't own immediately is ..
Credit Cards
Paying on credit
Hire Purchase
Personal Loan
17
which of the following terms is not linked to insurance
Excess
bond
Premium
Third-party
18
Which of the following is not a role of the Bank of England?
Set interest rates
Issue notes and coins
Maintain financial stability across the whole economy
Control unemployment
19
An agreement made with a company to withdraw money from your account to pay for a monthly bill.
BACS
Direct Debit
Standing order
Credit Card
20
What is the name of the organisation that oversees consumer protection in the finance industry.
Financial Conduct Authority
Financial Conduct Agency
Financial Credit Authority
Financial Consumer Agency
