Bepe has recently left college and obtained her first job. Her employer has recommended that she should open a savings account and a current account at a bank.

Mark scheme

Marking points from the official mark scheme (Oct/Nov 2017). The mark or mark type is shown in brackets.

1. [4] A savings account will earn interest (1) on the outstanding balance (1) which will increase the amount of money Bepe has (1) that Bepe can use later (1) It is a safe place (1) to keep surplus/excess/save money (1) since most accounts are guaranteed by the government (1) with no bank charges (1) and no notice of withdrawal (1) A range of saving accounts (1), e.g. long-term notice (1) offering higher rates of interest (1)
2. [4] A direct debit can be for a variable amount (1), whereas a standing order is for a fixed amount (1) A direct debit has irregular intervals of payment (1), whereas a standing order has regular intervals/e.g. monthly intervals (1) A direct debit authority is sent to the payee (1), while a standing order authority is sent to the customer's bank (1) A direct debit originates from the creditor collecting payment (1), while a standing order is collected by the bank (1)
3. [1] Automated Cash Machine (ATM) Make a purchase at a store and ask for cashback
4. [3] Cash (1): she would like the money immediately (1), no need to visit bank (1), no risk of non-payment (1) Cheque (1): safer than carrying cash (1) safer than having cash on premises (1), crossed cheque would be safe (1) Credit Transfer (BACS) (1): goes directly from employer's bank account to Bepe's bank account (1) electronically (1): therefore safe/secure (1); no administrative costs involved (1); instantly available to Bepe
5. [2] Mail order shopping is a type of home shopping / it is carried out from home (1) buying goods (1) through catalogues (1), use of agents (1), sent by post/delivered by courier/shop (1), paid by cash on delivery (COD) (1)
6. [6] Level 2 (4–6 marks) Has discussed whether or not Bepe should have bought the dress from a retail store and given reasoning Level 1 (1-3 marks) Has commented on the statement If a candidate has presented a one-sided argument, award 4 marks max. She could have tried the dress on at the retail store and would have been more likely to have got a dress that fitted well It will be quicker going to the store than waiting for a dress to arrive through post The variety of dresses at the retail store would have probably been less than at the mail order company She should have compared the prices at the two outlets. She would have to remember there may be an extra charge for postage from the mail order company If there was any fault with the dress, it might be easier to return to the retail store If the prices at the two outlets were similar then it would probably be better to buy the dress at the retail store as there may be more customer service However if the price were considerably less at the mail order company then this may make the purchase from them more attractive