Btec Unit 3 Personal and Business Finance A

Front

Describe the role of the Financial Ombudsman Service

Back

Help settle disputes between consumers

Front

Which is not a function of money? Options: Legal Tender, Means of exchange, Unit of account, Measure of a commodity

Back

Measure of a commodity

Front

In which life stage may a student loan be most important?

Back

Young Adult

Front

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

Back

Middle Age

Front

In which life stage will you need encouragement to start saving money?

Back

Childhood

Front

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

Back

Avoid solvency

Front

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

Back

Electronic Transfer

Front

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

Back

Credit Card

Front

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

Back

Standing Order

Front

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.

Back

Direct Debit