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Junior Cert Business Studies

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Term
Definition
Money   is anything that is generally accepted by the majority of people in exchange for goods and services  
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ATM   is an automated teller machine  
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Barter   is an exchanging (swapping) of one good for another  
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Cheque   is a written instruction to a bank to pay a stated sum of money to a named person or to the bearer (the person who has it) of the cheque  
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PIN   stands for the personal identity number  
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EFTPOS   stands for electronic funds transfer at point of sale  
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Bank draft   is a cheque where the bank is both the drawer and the drawee  
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Standing order (SO)   is an instruction from a bank account holder to the bank to pay from his or her account, on a regular basis, a fixed sum of money to a stated person  
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Direct debit   gives a creator permission to apply to his or her debtor's bank account for a variable sum of money (up to a stated maximum amount), on a regular basis  
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Credit transfer (CT)   is a system whereby a person can transfer money from his or her own bank account to another person's bank account  
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Paypath   is an electronic means of transferring an employer's wages from the employer's bank account to an employee's bank account  
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Legal tender   is the form of money that a creditor is legally obliged to accept in payment of a debt  
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