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Personal Finance 1

Terms to do with money management

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
Created by: peterleechhomeed
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