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UNIT 3

BTEC Personal Finance

QuestionAnswer
Interest rate The cost of borrowing money or the reward for saving money.
Debt This is money owed.
Credit rating A score given to individuals on how likely they are to repay debts based on previous borrowing.
Bankrupt An individual or organisation legally states its inability to repay their debts.
Solvent The ability to meet day to day expenditure and repay debts (cover your costs).
Debit card Issued by banks, pay for goods and services and its directly deducted from your current account.
Credit card Issued by financial institutions, delay the payment for goods and services to a later day, interest is charged.
Direct Debit Agreement with the bank to allow a third party to withdraw money from your account on a set day to pay for goods/services.
Standing order Agreement with the bank to transfer a fixed sum of money to a third party on a set day regularly.
Electronic transfer Payment is transferred directly from one bank account to another.
Pre-paid card Money is uploaded to a car and you can then withdraw the money as needed.
Individual saving account (ISA) This is a saving account where the individual is not charged income tax on the interest received.
Payday loan A short term source of finance to bridge the gap between now and the next time receive wages.
Hire purchase Use an item immediately but pay for it in regular instalments, and it belongs to company until all instalments have been paid.
Store card Issued by retailers so that customers can delay payments for goods and services (only used in the specific store).
Current account An account with a bank/building society designed for frequent use e.g. deposing money or withdrawing money.
Overdraft Ability to withdraw money that you do not have from your current account.
Personal loan Ability to borrow a set amount of money for a specific purpose and repay it in regular instalments with interest.
Created by: mslynam