Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
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
Normal Size Small Size show me how
Banking
JC Business
| Term | Definition |
|---|---|
| Commercial Bank | Provides financial services to members of the public and businesses |
| Deposit Interest | The reward received for saving |
| Standing Order | An instruction given by the account holder to the bank to transfer a Fixed amount of money on a Fixed date (at regular intervals) to another account |
| Credit Transfer | Once off transfer of money from one account to another |
| Current account | Use this for everyday banking transactions |
| Direct debit | Permission to a creditor from the account holder to take a varying amount of money from the account on a date that varies |
| DIRT | Tax on interest earned from investments and savings. Paid to the government |
| Pay Path | Payment of wages directly into one's bank account by an employer |
| Bank Overdraft | A person withdraws more money than is held in the account |
| Deposit Account | An account used for saving that yields a higher rate of interest |
| Drawer | Person who writes the cheque |
| Drawee | Bank where the drawer holds the account |
| Payee | Person whom the cheque is made payable to |
| Crossing a Cheque | ensures that the cheque can be paid only into the account of the payee |
| Endorsing a Cheque | Payee signs the back of the cheque so that it can be passed on to a third party. A crossed cheque cannot be endorsed |
| Stale Cheque | A cheque that has been drawn over six months ago |
| Post Dated Cheque | A cheque written with a date in future. Cannot be cashed until that date has passed |
| Blank Cheque | No amount has been filled in on the cheque |
| Dishonoured Cheque | Cheques which the banks refuse to pay . Will be returned to drawer marked “R/D” |
| Stopped Cheque | A cheque where the drawer informs his/her bank not to cash the cheque |
| C.A.R | Compound Annual Rate |
| Night Safe | Allows money to be lodged in the bank after the bank has closed |
| Strongroom Facility | For storage of valuables |
| ECB | the European Central Bank is the governing body of all European Union central banks and is responsible for making financial decisions for the European Union |
| Money | anything of value that is widely accepted as payment for goods and services |
| Bartering | means swapping goods or services that one person has for goods or services another person has |
| Antedated Cheque | A cheque that contains a date that is sometime in the past. |
| EFTPOS | The use of laser cards and smart cards to pay for goods and services. |
| Investing | Using our money to earn a greater return than is possible from an ordinary savings account |
| Savings | The part of our income that we dont spend |
| Postal money order | An order from one post office to another to pay a certain amount of money to the person named on the order |
| Building society | A financial institution that provides a wide range of banking services to their customers |
| Credit union | A co-operative organisation where people save regularly and lend to each other at low rates of interest |
| Compound interest | Where the interest is calculated as a percentage of the total amount in the account at the end of each year |
Created by:
dkellybusiness
Popular Business sets