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banking
junior cert banking
Question | Answer |
---|---|
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. |