Btec Unit 3 Personal and Business Finance A

'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

'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 borrowing

• Mortgage

• Debit Card

• Payday Loan

• Credit Card

'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

Which of the following is a type of saving and investment

• Credit Cards

• Premium Bonds

• Payday Loans

• Bit Coin

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

'Allows you to use an item immediately but pay for it in installments' is a description of which method of payment

• Payday Loan

• Credit Card

• Hire Purchase

• Personal Loan

Why should you plan expenditure?

• Payback loans

• Control pension

• To control costs

• Pay mortgage

In which life stage will you most likely be making regular mortgage payments?

• Childhood

• Adolescence

• Young Adult

• Middle Age

Describe the role of the Financial Ombudsman Service

• Help settle disputes between consumers

• Help guide your finance

• Help organise your money