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Personal Finance 1
Terms to do with money management
Question | Answer |
---|---|
A bank account that allows you to have a debit card and pay people by Direct Debit | Current account |
A Bank account that you cannot get immediate access to your money | Savings account |
When you borrow money from somebody or somewhere | Loan |
Which of these is NOT a "source of income". Wages, Salary, Expenditure, Selling your clothes to someone. ? | Expenditure |
What method of paying someone from your bank account involves filling in a printed piece of paper from a Bank Book. | Cheque |
What does a set of numbers like this 01 23 45 mean when you have to pay into someone's bank | Sort code to identify which bank and address it is going to |
What do the set of 8 numbers you have to give when paying into someone's bank mean ? ( eg 34568765 ) | The person's account number |
What is a mortgage ? | A loan to buy a House where the Bank/Building Society would sell your house to get back what you haven't paid them |
What is an ATM | Cash Point to get cash from your account with a card |
What is an overdraft ? | When you run out of money in your bank by paying a bill that is higher than the amount in your account |
What do we call the money that some bank accounts pay you when you have money in your account | Interest |
What do the letters ISA stand for ? | Individual Savings Account |
What is meant by the word Expenditure ? | Your spending |
What is meant by a Bank Statement ? | A list of all the payments, who they were paid to, how much you paid them and how much is left in your account |
What does the word Budget mean ? | When you plan your income and your expenditure to avoid money problems |
What does VAT mean when it appears on a bill ? | Value Added Tax ( paid to the Government) |
What do we call the process of keeping records of your money | Accounting |
What do you call a person who you pay to manage your financial records ? | an Accountant |
What do we call it when a shop ( or online site) let's you have the item right away but you payment over a period of several months | Buying on Credit |
What do the letters HP stand for ? | Hire Purchase |