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