Btec Unit 3 Personal and Business Finance A

Which of these is not a common principle of planning personal finance?

• Generate income and savings

• Counter the effects of inflation

• Maintain a good credit rating

• Avoid solvency

Which is not a feature of a current account

• An overdraft limit

• Rate of interest paid on positive balances

• Standing orders automatically created

• Charges on unauthorised overdrafts

Which is not a type of borrowing

• Mortgage

• Debit Card

• Payday Loan

• Credit Card

'An agreement made with a bank allowing a third party to withdraw money from an account on a set day to pay for goods and services each month' describes which method of payment

• Electronic Transfer

• Credit Card

• Direct Debit

• Standing Order

Which current account is most appropriate for receiving regular payments and bills?

• Standard

• Packaged, premium

• Basic

• Student

'Issued by financial institutions allowing customers to delay payments for goods and services' describes which method of payment

• Electronic Transfer

• Credit Card

• Direct Debit

• Standing Order

Which is not a type of saving and investment

• Shares

• ISA

• Deposit and savings account

• Personal Loan

'Payment is transferred directly from one bank account to another' describes which method of payment

• Electronic Transfer

• Credit Card

• Direct Debit

• Standing Order

Describe the role of the Financial Ombudsman Service

• Help settle disputes between consumers

• Help guide your finance

• Help organise your money

'An agreement made with a bank to transfer a fixed sum of money to a third part account on a set date and regular basis' describes which method of payment

• Electronic Transfer

• Credit Card

• Direct Debit

• Standing Order