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
Money and Banking
| Question | Answer |
|---|---|
| Explain the difference between a deposit and current a/c | Deposit account = for saving money and you earn interest on savings. Current account - easy access for day to day transactions. Get a cheque book.No interest paid. |
| Name 5 forms of money | 1. Cash 2. Cheque 3. Laser/Debit Card 4. Credit Card 5. Charge Card |
| Name 3 characteristics of a good form of money | 1. Divisible 2. Portable 3. Durable |
| How does a laser/debit card work? | Used a form of payment. Money taken from directly from current a/c. No credit available. Convenient and secure. |
| Name 3 legal requirements to satisfy when opening a bank account | 1. Give name and address 2. Signature on application form 3. State Occupation 4. Details of other a/c's. |
| What is a credit card? | Allows user to buy goods now and pay later. You must pay part or all of balance. High interest charged. |
| Name 3 factors to consider when looking for a savings a/c | 1. Security 2. Access 3. Interest. 4. Tax? 5. Can I afford it |
| What does ATM and DIRT stand for? | ATM = Automated Teller Machine. DIRT = Deposit Interest Retention TAX. |
| Explain the term 'paypath' | Paypath is a method by which an employee’s wages or salary can be paid directly into their bank account |
| Explain the term 'Direct Debit' | Agreement with bank to pay a bill of a different amount each month. E.g. ESB Bill |
| Explain the term 'Standing Order' | Agreement with bank to pay a bill of the same amount at same time each month. E.g. Mortgage |
| Outline 1 benefit of saving with An Post | No DIRT on interest on Deposit a/c's, Savings Certificates, Savings Bonds. |
| 3 services available with the ATM | 1.Withdraw Cash 2. Pay bills 3. Check balance 4. Buy phone credit |
| Name 3 financial institutions who provide loans | Commercial Banks E.g. AIB, An Post, Credit Unions, Building Societies |
| What is an overdraft? | Agreemnt between bank and customer to overdraw current a/c to an agreed limit. |
| What is a crossed cheque? | Cheque must be paid into account of payee named |
| What is a stale cheque? | A cheque gone out of date. |
| What is an endorsed cheque? | A cheque which can be transferred to another person. The name of the payee must be on the rear of the cheque. |
| Explain the term 'APR' | APR = Annual Percentage Rate. The total cost of the loan including interest and charges. |
| Name 3 factors to consider when looking for a loan | 1. Rate of Interest 2. Rate of tax 3. Can I afford it |
| Name 2 examples of short term credit | Overdraft and Credit Cards. |
| Name 2 examples of medium term credit | Medium term loan (lbetween 1 and 5 years) and Hire Purchase |
| Provide an example of long term credit | Mortgage |
| Outline 2 rights you have as a borrower | Know rate of interest and know full cost of loan. |
| Explain the term 'Guarantor' | A person who co-signs a loan. Wil pay interes and loan if you cannot. |
| Explain the term 'Collateral' | Security on a loan. E.g. Deeds of a house. |
| Explain the term 'Insolvency' | This is when a person cannot pay debts. Their liabilities are greater than their assets. |
Created by:
dqualter
Popular Business sets