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banking
| Question | Answer |
|---|---|
| Barter | Exchange of goods and services for other goods and services. |
| Money | Scarce in supply, non-durable/perrshable, portable, divisible. |
| Lwgal tender/ currency | Notes&coins. |
| Plastic money | Credit cards, charge cards, store cards, laser and atm cards. |
| credit card | Buy now pay later, Recieves a monthly statement, Pay in part or full, Interest charged on balance. |
| Atm (automated teller machine) | Allows customers to withdraw money, pay bills, order cheque books, change pins, recieve statements, mobile top up. Acess 24 hours, Cheaper than paper transactions. |
| Cheques | Current account holders can use it to make payments, Written permission to a bank to pay someone a certain amount of money, Safe, Record (stubb). |
| Bank draft | If you don't have a cheque book you can buy a cheque from the bank, safe, record. |
| Standing order (SO) | Current account customers, Give permission to a company to withdraw a fixed sum on a fixed date eg. insurance premium. |
| Direct Debit (DD) | Currentaccount holder instructs the bank to pay a variable amount to a company, Time may vary also eg. esb bill. |
| Bank giro credit transfer (CF) | Dont need an account, Can transfer money to another persons account, Fill out form and pay a fee. |
| Pay path | Paying wages directly into an employees account, Quicker, Safer, Reduces impulse buying. |
| Postal/money order | A written statement from one post office to another asking it to pay a certain sum to a named person. |
| Registered letter | Pay post office a small fee, Letter will only be given to person to whomn it is addressed, That person must sign for letter, Very safe. |
| DRAWER | This is the account holder who issues the cheque |
| DRAWEE | This is the bank where the account is held. |
| PAYEE | This is to whom the cheque is made payable |
| Commercial associated bank | An institution providing a range of financial services to personal and business customers. |
| Services- commercial associated banks | Deposit (savings/cashsave) accounts Current (cheque book) accounts ATM 24hour banking |
| Postdated cheque | A cheque with a date sometime in the future. Cannot bew casheduntil date is reached |
| Antedated cheque | Cheque with a date sometime in the past. MUST be cashed in 6 months of the date on the cheque |
| Blank cheque | Signed cheque which has some revelent piece of info. for eg. date, amount etc.. |
| stale cheque | cheque that is out dated. |
| 24hour banking | bankjing on telephone/internet accessable 24/7 |
Created by:
dariafraczek13
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