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Saving and Borrowing
| Question | Answer |
|---|---|
| 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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