Flashcards
Topic 4 Everyday banking Key Terms
Cards in this deck (5)
- 1AER / EARAnnual Equivalent Rate: the interest that will be earned on the money in one year and takes into account how often the provider holder pays interest e.g. monthly, annually, the effect of compounding the interest and any fees and charges
- 2Basic Bank accounta current account that allows people to store their money as electronic balances and make payments by direct debit, standing order, prepaid cash card or by withdrawing cash.
There is no debit card, cheque book or overdraft facility on this type of account. - 3Budget Surplusa sum of money available once all the mandatory and essential expenditures in a given period e.g. a month, has been made
- 4HMRCHer Majesty's Revenue and Customs:
the organisation that collects taxes on behalf of the government - 5Interestmoney either paid or charged to an account holder by the provider
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- A collection of Topic 4 Everyday banking key terms
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- Dawn S_akura
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