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Saving and Borrowing

What 2 factors should you consider when deciding where to save? Interest rate and accessibility.
Define investing. Using money to earn a greater return than is possible from an ordinary savings account.
Name 3 places to invest. -Deposit account. -Buying shares of a company. -Buying property ( receive rent and may increase in value)
What tax is paid on interest earned on savings? DIRT
What does DIRT stand for? Deposit Interest Retention Tax
What is a credit union? A non-profit-making organisation where people save and lend to each other at fair interest rates.
What 2 types of savings accounts are available from the credit union? -Savings/Share Account -Deposit Account
What is a postal money order? An order from one post office to another to pay a certain sum of money to the person named on the order.
Name 2 types of interest in relation to saving. -Simple -Compound -Compound Annual Rate (CAR) -Deposit Interest Retention Tax(DIRT)
Name 3 factors to consider before borrowing. -Do I really need the item? -Can I raise the money another way? -Can I repay the loan?
Name 3 places you can borrow from. -Commercial Banks -Building Societies -Credit Union
What is interest? The price we pay for borrowing money.
Name 3 ways to borrow. -Overdraft -Term Loan -Long-Term Loan/Mortgage -Credit Union Loan Moneylender
Name 3 rights of a borrower. -To be told the APR of interest. -To be told the total cost of the loan. -To be told the number of instalments required. -The right to cancel the loan within 14 days.
Created by: keeganep



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