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
Chapter 6
Time For Business - 1st Year
| Term | Definition |
|---|---|
| A financial institution | provides financial service for its customers, including storing their money, managing payments and providing loans |
| Types of financial institutions | Commercial Banks, Credit Unions, Building societies, The Post Office (An Post) |
| A Commercial Bank | Is a bank that offers financial services to the general public and to business |
| Current accounts | Are used for day-to-day banking needs |
| Deposit/Savings accounts | Are used to save money |
| ATM | Automated teller machiene |
| A digital wallet | Is an online service that allows you to make electronic transactions |
| A standing order | Is an instruction to a financial institution to pay fixed amounts to a specific person or organisation on a certain date |
| Direct debit | Is used when the amount to be paid and/or the payment date are likely to change |
| A credit transfer | Is a once-off instruction from a current account holder to their bank to transfer an amount of money to another account |
| POS | Point of Sale |
| DR | Over Drawn |
| A cheque | Is a written instruction from an account holder to their bank to pay a specific amount of money to a named person or business |
| An exchange rate | Is the price at which one currency can be exchanged for another |
Created by:
Sarah C. Lynch
Popular Business sets