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Banking terms and definitions

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Banking terms and definitions

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Questions 8

Answers

1
Interest can be described as........
How much you like someone
An amount of money paid to either borrow or save money
Free money given to you by the bank
The desire to purchase an item
2
A cheque is a piece of paper that.......
Allows you to pay money to someone else
Is an IOU
Is a magical piece of paper
Allows you to check your balance
3
APR stands for
Annual play rate
Annual perks rate
Annual percentage rate
Advantage percentage rate
4
PIN stands for........
Pay in numbers
Personal idiot number
Personal identification number
Pay if needed
5
When you agree to money being taken on a regular basis such as utility bills, council tax
Credit direct
Debit direct
Direct credit
Direct debit
6
Overdrafts can be good in the short term but...........
They promote good financial management
There is no interest to pay
Interest rates can be very high
It can encourage you to be in credit
7
An advantage of a cash card is that......
You can pay by card in shops
You can only spend what you have in the account
You can buy now and pay later on credit
You can get an overdraft
8
What would this image describe?
A teacher
Your best friend
A shark
A loan shark