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 5:
Chapter 5: Financial Institutions
| Question | Answer |
|---|---|
| financial institution | an organisation that provides financial services to its customers e.g. bank, credit union, an post, building society |
| current account | is used for day-to-day transactions |
| Debit card | paying for things with your own money from your current account. |
| cheque | a written instruction to the bank to pay an amount of money to the person named on the cheque. |
| standing order | an instruction to the bank to pay a fixed amount from an account at regular intervals. |
| direct debit | an instruction to the bank to pay a changing amount from an account at regular intervals. |
| overdraft | permission to take out more money than is in your current account. |
| loan | a sum of money borrowed from a financial institution and paid back with interest over a period of time. |
| Credit card | You are not spending your own money. You are borrowing money from the credit card company. If you do not pay off the money you owe on a credit card by the end of the month you must pay interest to the credit card company. |
| Credit union | a co-operative financial institution owned by the people who save with and borrow from it. |
| Post office | owned by the government. It offers postal services, loans, credit cards, insurance, foreign currency exchange, savings and currency accounts to its customers. |
| a Building Society | a financial institution that offers mortgages and saving services to its customers |
Created by:
AnneB97
Popular Business sets