BTEC Nationals Business – Unit 3 Self-Assessment Checklist

Watch the Teacher T ‘BTEC National in Business Unit 3 Formulas’ video which will aid you
with remembering the formulas for this exam
https://www.youtube.com/watch?v=oSWc1M0W2xE
Tick either ‘covered’ or ‘need to review’ next to the relevant topic
Learning Aim – A – Understand the Importance of Managing Personal Finance
Topics Covered Need to review

I can recall the different functions of money

I can recall the factors that influence the role of

money

I understand planning expenditure

I can recall the common principles in planning

personal finances

I can recall the use of money as a payment method

I know the different ways to pay and the features

of each of them

I can recall the advantages and disadvantages of

the different ways to pay

I know the different types of and features of

current accounts and the services offered

I know the advantages and disadvantages of the

different services offered

I know the suitability of different financial

products against individual needs

Follow Teacher T on these social handles for more business content and study tips too
Tik Tok - @BusinessTeacherT and Instagram @BusinessTeacherT
 I know the different types of borrowing and the
features

I know the advantages and disadvantages of the

different types of borrowing

I know the different types of saving and

investment products and the features

I know the advantages and disadvantages of the

different types of savings and investment products

I understand risks and rewards of saving versus

investment

I can recall the different types of insurance

products and the features

I can recall the different types of insurance policy

for each product

I can recall the advantages and disadvantages of

the different types of insurance products

Learning Aim – B – Explore the Personal Finance Sector

Topics Covered Need to review

I can recall the different types of organisations and

their advantages and disadvantages

I can recall the methods of communicating with

customers by financial institutions

I know the advantages and disadvantages of the

methods of interacting with customers by financial
institutions (branch, online banking etc.)
I can recall the different financial consumer
protection organisations in relation to personal
finance

Follow Teacher T on these social handles for more business content and study tips too
Tik Tok - @BusinessTeacherT and Instagram @BusinessTeacherT
 I understand the function, roles and responsibilities
of the different consumer protection organisations

I know the function, role and responsibilities of the

sources of information, guidance and advice

I can recall the advantages and disadvantages of

these organisations

Learning Aim – C – Understand the Purpose of Accounting

Topics Covered Need to Review

I understand the purpose of accounting

I can recall the different types of capital income

I can recall the different types of revenue income

I can recall types of capital expenditure

I can recall types of revenue expenditure

I can calculate straight-line depreciation

I can calculate reducing balance depreciation

Follow Teacher T on these social handles for more business content and study tips too
Tik Tok - @BusinessTeacherT and Instagram @BusinessTeacherT
Learning Aim – D – Select and Evaluate Different Sources of Business Finance

Topics Covered Need to Review

I can recall short term and long term sources of
finance

I can recall internal and external sources of finance

I know the advantages and disadvantages of

internal sources of finance

I know the advantages and disadvantages of

internal sources of finance

Learning Aim – E – Break-even and Cash Flow Forecasts

Topics Covered Need to Review

I know the different sources of inflows/receipts

I know the different sources of outflows/payments

I can prepare, complete and analyse cash flow

I can analyse, revise and evaluate cash flow

I can construct, complete and analyse a cash flow

forecast

I know the benefits and limitations of cash flow

forecasts

I know the different types of costs a business has

Follow Teacher T on these social handles for more business content and study tips too
Tik Tok - @BusinessTeacherT and Instagram @BusinessTeacherT
I know the different types of sales a business has
(TR, total sales, selling price per unit and sales in
value and/or units)
I know the break-even formula and I can calculate
break-even

I can complete a break-even chart

I can identify the break-even point and the area of

profit/loss

I can identify and calculate the margin of safety

(units and value)

I can calculate the total contribution and the

contribution per unit

I understand how break-even can be used for

planning, monitoring, control and target setting

I am able to explain the benefits and limitations of

calculating the contribution per unit

I know the benefits and drawbacks of break-even

Follow Teacher T on these social handles for more business content and study tips too
Tik Tok - @BusinessTeacherT and Instagram @BusinessTeacherT
Learning Aim – F – Complete Statements of Comprehensive Income and Financial Position
and Evaluate a Business’s Performance

Topics Covered Need to Review

I can recall the purpose and use of an income

statement

I can recall the formula and calculate gross profit

I can recall the formula and calculate profit/loss for

the year

I can complete an income statement and make

adjustments

I can calculate and make adjustments for

depreciation (straight-line and reducing balance)

I can make adjustments for prepayments and

accruals

I can interpret, analyse and evaluate income

statements

I can explain the purpose and use of a statement of

financial position

I can complete, calculate and amend a statement

of financial position

I can make adjustments for straight-line

depreciation

I can make adjustments for reducing balance

depreciation

Follow Teacher T on these social handles for more business content and study tips too
Tik Tok - @BusinessTeacherT and Instagram @BusinessTeacherT
I can calculate profitability ratios

I can calculate liquidity ratios

I can calculate efficiency ratios

I can explain the limitations of ratios when

assessing a business’s performance

I can evaluate financial ratios

Follow Teacher T on these social handles for more business content and study tips too
Tik Tok - @BusinessTeacherT and Instagram @BusinessTeacherT