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  • Level 3 Finance and Accounting in Class. Zara

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    This document contains a series of questions for a Level 3 Finance and Accounting in-class exam. It covers topics such as the four functions of money, legal tender in England and Wales, reasons to plan finances, payment methods, the life cycle stages and financial needs at different stages, payment types like credit cards and direct debits vs standing orders, premium bonds, insurance, shares, BACS and CHAPS transactions, current accounts examples and features.

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    This document contains a series of questions for a Level 3 Finance and Accounting in-class exam. It covers topics such as the four functions of money, legal tender in England and Wales, reasons to plan finances, payment methods, the life cycle stages and financial needs at different stages, payment types like credit cards and direct debits vs standing orders, premium bonds, insurance, shares, BACS and CHAPS transactions, current accounts examples and features.

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    1 views3 pages

    Level 3 Finance and Accounting in Class. Zara

    Uploaded by

    C1 Bands
    This document contains a series of questions for a Level 3 Finance and Accounting in-class exam. It covers topics such as the four functions of money, legal tender in England and Wales, reasons to plan finances, payment methods, the life cycle stages and financial needs at different stages, payment types like credit cards and direct debits vs standing orders, premium bonds, insurance, shares, BACS and CHAPS transactions, current accounts examples and features.

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    © All Rights Reserved
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    Level 3 Finance and Accounting In- class Exam.

    1. Identify the four functions of money

    2. Describe two functions of money

    3. What legal tender is available in the England and Wales in the form of notes

    4. What legal tender is available in the England and Wales in the form of notes

    5. State 4 reasons to plan your finances

    6. Outline Identify 2 ways to pay

    7. How many stages are in the life cycle?

    8. State the different life stages


    9. Explain the financial needs AND The implications of different life stages…

    10. State 5 payment methods.

    11. Describe the purpose of a standing order etc?

    12. Explain three benefits of paying by credit card?

    13. What is the difference between Direct Debit and Standing order?

     Direct Debit is….

    Standing order….

    14. What are premium bonds?

    15. What is insurance?

    16. State 3 types of insurance


    17. What are the risk and rewards of shares?

    18. What does BACS stand for?

    19. What does BACs do? State one benefit and one drawback Hint (Facilitate what?)

    20. What does CHAPS stand for?

    21. What does CHAPS do? Sate one benefit and one drawback.

    22. How many examples of Current Accounts have we discussed? Hint ( Student account, Basic
    account)

    23. Give 2 features of a premium current account

    24. Describe two features of a student account

    25. Explain two drawback of a basic current account

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