BTEC Business Unit 3 Keywords 0.0 / 5 ? BusinessFinanceBTEC NationalEdexcel Created by: Aneesah_xaCreated on: 13-11-19 21:07 Money Method of exchange based on a given value in the form of coins and back notes 1 of 20 Debt Expenditure is greater than income 2 of 20 Solvent Able to meet debts 3 of 20 Bank Owned by shareholders/ listed 4 of 20 Building Society No external shareholders 5 of 20 Insurance 3rd party agreement providing compensation against financial loss in lines with policy agreement 6 of 20 Savings Placing money in a secured place making it grow in value and can be used in the future 7 of 20 Investments Speculative commitment to a business venture, generating financial reward in the future 8 of 20 Financial Conduct Authority FCA Independant organisation regulating actions in providers 9 of 20 Financial Ombondmen Service FOS Represent interest of consumers in disputes 10 of 20 Financial Services Compensation Scheme FSCS Pays for compensation to consumers if financial institution cannot 11 of 20 Legislation: consumer credit Laws passed by the UK government to enforce regulation of any firm offering credit to consumers 12 of 20 Excess (Compulsory/Voluntary) An amount which is more than what is allowed (higher excess = more bonds) 13 of 20 Premium Higher voluntary > reduced premium/ Additional amount of money 14 of 20 Interim Account Account temporarily hold a transaction before it is transacted permanently 15 of 20 Capital Expenditure money by a business/organisation on acquiring/maintaining fixed assets 16 of 20 Audit Official inspection of organisation's accounts, usually on independent bodies 17 of 20 Trade Payable Amount billed to a company by its suppliers for goods/servcies 18 of 20 Trade Recieveable Amount billed to customers when it deliverers goods/services 19 of 20 Non-current Assets Asset that will be in a business for over a year 20 of 20
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