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Business
Business(Money and banking II)
| Question | Answer |
|---|---|
| What are financial services? | Money transfer,savings,foreign exchange and loans |
| What is a standing order(SO)? | An instruction given to a bank to pay a fixed sum of money to a named person on a fixed date each month |
| What is Direct Debit(DD)? | An instuction to a bank from someone to whom a customer gives money, telling the bank to give them the payment. E.g telephone company requesting payment of bills |
| What is a bank giro?credit transfer(CT)? | When a bank moves money from one customers account to another at the request of the customer |
| What is a paypath? | A system whereby an employer pays a worker's wages into the worker's bank/building society account electronically |
| What is simple interest? | When interest is calculated on the original sum borrowed |
| What is compound annual rate(CAR)? | When interest is calculated on the original sum plus the interest earned to date |
| What is DIRT? | Deposit interest retention tax. A tax on deposit interest retained by the financial agency and handed on to the government |
Created by:
Chimozukee
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