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BTEC Business Unit 3 Learning Aim A - Personal Finance Flashcards | StudBud
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BTEC Business Unit 3 Learning Aim A - Personal Finance
BTEC Business Unit 3 Learning Aim A - Personal Finance
22 terms
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Quick recap of key terminology
Flashcards
22 cards
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Practice quiz
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Host live
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Questions
22
Answers
1
What is money that you earn or gain from investments?
credit
budget
loans
income
2
What is
NOT
a form of money?
Cheques
Coins
Gold
Cash
3
If £500 is placed in an account which pays 10% AER, how much would be earned in a year?
£25
£15
£5
£50
4
Why is money management important?
It will help ensure I spend all my money
It will make me rich with little effort
It really isn't important
It will help me to save and spend appropriately
5
What is an ISA
an Individual Shares Account
an Individual Saving Account
an Individual Status Account
an Individual Service Account
6
which one of these
ISN'T
a feature of a current account?
overdraft limit
rate of interest charged
method of payment
rate of interest paid
7
Select the most secure investment option
a bank loan
a friend's company
the stock market
a savings account
8
Which of the following are financial institutions?
bank
museum
library
credit union
9
Which of these factors
DOESN'T
affect the role of money?
interest rates
life stage
personal attitudes to saving, borrowing etc.
shoe size
10
What does
BACS
stand for?
Bankers Awful Character Service
Bankers Astronomical Charging Service
Bankers Accelerated Cash Service
Bankers Automated Clearing Service
11
What is a way of keeping money safe for future spending?
a credit card
a car loan
a bank loan
a savings account
12
what is a financial institution ?
businesses that use money
organisations that offer financial services
13
What will affect your
credit rating
?
your ability to pay off debts
your likability
your assets
your savings
14
This is a means of buying something now and paying for it later
Debt
Insurance
Credit
Income
15
What does
solvent
mean?
ability to meet day-to-day expenditures
ability not to pay any bills
ability to work out crime dramas
ability to stick to anything
16
Which of these is
NOT
a method of payment
debit card
standing order
current account
electronic transfer
17
What is a form of investing?
Selling goods or services
Buying food
Earning income
Real estate
18
If £1000 is placed in an account which pays 2.4% AER, how much would be earned in a year?
£240
£42
£2.40
£24
19
A benefit of a personal loan is that pre-arranged payments can make planning and budgeting easy
false
true
20
A debit card charges interest, while a credit card does not
False
True
21
Which of these is
NOT
a function of money?
store of value
legal tender
means of exchange
gold coins
22
What is
debt
?
how much you've saved
how much you've earned
how much you owe
how much is owed to you
