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banking

junior cert banking

QuestionAnswer
list 3 financial institutions. Credit union, Bank, Post office
what account is opened to save money? deposit account
what is the name of the account opened to lodge your wages into? current account
List 5 ways if paying your bills out of your current account. cheque, laser card, direct debit, standing order, atm card.
Who is the drawer of the cheque? The person who is writing the cheque.
Who is the Payee? The person being paid.
when is a cheque stale? when it is more than 6 months old.
what does a crossing do to a cheque? the cheque must be lodged into the payees bank account.
Why would a cheque bounce? There is no money in the drawers account.
List 3 facilities provided at an ATM Machine. Lodge money, withdraw money, check your account balance.
What does ATM stand for? Automated Teller Machine.
What does PIN stand for? Personal Identification Number.
What is Paypath? When your wages are lodged into your bank account.
is a direct debit for a fixed or variable amount of money? variable
Is a standing order for a fixed or variable amount of money? fixed
which of these two cards may allow you to get into debt:laser card or a credit card? credit card
which of these two accounts earns more interest: deposit account or a current account? deposit account
If a cheque bounces what would you do? return the cheque and ask to be paid in cash
list two modern trends in banking. internet and telephone banking
Identify two legal requirements when opening a bank account. proof of address and proof of identity.
Created by: amons