Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Banking

TermDefinition
Commercial Bank A business that provides financial services to personal and business customers.
DIRT Deposit Interest Retention Tax
Advantages of saving Money is safe, convenient to withdraw, earn interest.
Current account Useful for customers who want to pay bills on regular basis
Deposit Account Savings Account
What's needed when opening an account? ID and proof of address,
ATM Automated Teller Machine
Bartering Swapping goods and services
How many countries in the Eurozone 17
ECB European Central Bank
Cheque written instruction to a bank to pay money to another person from your account.
Drawer Person who writes the cheque
Payee The person we want to pay the money to.
Drawee The bank where we have our account.
Dishonoured cheque Bank will not cash cheque if there is not enough money in the account.
R/D Refer to drawer
Endorsing a cheque This is when the payee signs the back of the cheque.
Crossing a cheque Makes the cheque safer. Only the payee can cash it when crossed.
Postdated cheque Date is for the future and it can't be cashed till then.
Stale Cheque Cheque is more than six months old.
Blank Cheque Relevant information is missing and the bank won't accept the cheque.
Laser Card. Debit Card.
Direct Debit This is when you allow a person or organisation to withdraw a variable amount of money from your account on a regular basis.
Standing Order This is where you tell your bank to pay a fixed amount of money from your bank account to another person or organisation on a fixed basis.
Credit Transfer A way of paying bills by transferring money from your bank account directly into another bank account.
Paypath A system that allows an employer to transfer wages into their employees' accounts each week or month.
Savings Part of our income we don't spend.
Investing Using our money to earn a greater return than is possible from an ordinary savings account.
Building Society Financial institution that specialises in mortgages as well as providing a wide range of banking services.
Credit Union An organisation where people save regularly and lend money to each other at low rates.
Deposit Interest Retention Tax DIRT - a tax on the interest earned on your savings.
Factors to consider before borrowing Is item needed, could you wait, could you raise the money yourself, can you afford the loan?
Where to borrow Commercial Banks, Building Societies, Credit Union
Interest on loans The price or cost of the loan.
Types of loans overdraft, term loan, long term loan, credit union loan, money lenders,
Overdraft This allows you to take out more money than you have in your account, amount is limited, repaid within a year.
Term loan Medium term loan - five years
Long term loan More than five years, example a mortgage, used for very expensive items eg, house.
Credit Union Loan Members of a credit union who have been regular savers may apply for a loan. Low interest rate.
Rights of the Borrower Know the APR, the total cost, number of instalments needed, amount of each instalment, have the right to cancel the loan within 14 days of signing agreement.
Responsibilities of the Borrower Meet repayments, repay loan fully in agreed time, be truthful, use the money for the purpose intended.
Security Something of value given by the borrower to the lender in exchange for the loan.
Guarantor Person who agrees to repay a loan for another person if they are unable to meet repayments.
Created by: Lorraine McGrath
Popular Business sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards