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UNIT1-3 Review

Personal Financial Management

Term
Savings accounts provide a cheque book and pay an interest on the savings in the account.
Fixed deposits allow you to deposit and withdraw money at any time.
Combination accounts allow you to write as many cheques as you want without any penalty.
Savings accounts usually give a higher interest than fixed deposit accounts.
Combination accounts do not provide you with a cheque book but pay you interest.
Current accounts pay you interest and give you a cheque book.
If rate of return on savings is higher than current inflation rate money is losing its buying power.
Less liquid financial products give higher returns.
More frequent compounding provides higher rates of return.
If rate of return on savings is lower than current inflation rate money loses its buying power.
How many parties are there in a cheque?
When compared to current accounts fixed deposits are less liquid.
Which bank account provides a cheque book, interest and an ATM card?
Which bank accounts provide ATM cards?
Money can lose or gain buying power when rate of return of savings is compared with current inflation rate.
Less liquid products give you lower returns.
When you purchase something using your credit card, the money comes out of your account immediately.
Anybody holding a bearer cheque can encash it.
An order cheque does not have the name of the payee written on it.
A bearer cheque can be paid only into a bank account.
A specially crossed cheque can be paid only into a specific bank account.
Cheques are endorsed by writing on the back of the cheques.
Restrictive endorsement must have the signature of the payee and the word 'only' after the name of the person specified to be paid.
Managers cheques requires the presence of ATMs and EFTPOS for payments.
Charge cards are branded cards provided by various retailers.
Store cards are branded cards provided by various retailers.
Direct debits are automated payments that help you to make a regular payment.
When you use a charge card you have to make the full payment when you get the statement.
Standing orders are automated payments for the same amounts always.
Direct debits are used when the payments are not always the same.
Direct debits are only used for very reliable payees.
In case of payment by credit card, the seller gets immediately paid from your account.
Payment by debit card requires sufficient balance in your account to make the payment.
In the case of prepaid cards you are required to make the full payment when you get the statement and cannot carry over the credit.
A current account enables you to deposit and withdraw money at any time.
A savings account accumulates your savings.
A current account does not give interest to the account holder.
A current account can be used for safekeeping and transmission of money.
The more frequent the compounding the higher the rate of return will be.
If rate of return on saving is lesser than current inflation rate, then money loses its buying power.
If rate of return on savings is higher than inflation rate, money gains its buying power.
A fixed deposit is less liquid than a current account.
Less liquid products give you higher returns.
There are 3 parties in a cheque.
The customer who writes the cheque is the drawer and the bank on which it is drawn is the drawee and the person who will be paid is the payee.
A cheque contains an unconditional order to pay a certain sum of money.
A post-dated cheque has a date in the future.
Corrections made on the cheque should be initiated by the drawee.
Crossings ensure the safety of a cheque.
A cheque that is not crossed is an open cheque.
Endorsement is the method by which a cheque is transferred from one person to another.
Cheques are endorsed by writing on the back of the cheque and crossings are made on the front of the cheque.
Blank endorsement converts an order cheque to a bearer cheque.
Full endorsement includes the signature of the payee plus clear instructions to pay the amount to a specified person.
In the UAE, Central Bank is the clearing bank.
A bank draft is basically a cheque drawn by a bank branch on its head office.
EFTPOS are the payment machines installed at retailers and other companies and are used to swipe the electronic cards through to make payments.
Debit cards are also called ATM cards or payment cards.
The two largest credit card companies are MasterCard and Visa International.
Diners Club is one of the major charge card companies.
Store cards are branded credit cards provided by retailers.
Standing orders are usually given by a customer to his bank to make regular payments.
A travellers cheque is a guaranteed cheque which can be purchased from a bank or a money exchange.
A foreign draft is a cheque drawn by a bank on its overseas branch in the country whose currency the cheque is in.
In case of payment by telegraphic transfer your account in local currency is debited and your beneficiary's account will be credited in their currency.
First Direct of the UK is the first telephone bank.
The first ATM machine was introduced in UK in 1967.
Created by: carolynjm
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