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337571
Chp. 7 money and borrowing
Description
business Mind Map on Chp. 7 money and borrowing, created by nkeely14 on 07/11/2013.
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business
Mind Map by
nkeely14
, updated more than 1 year ago
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Created by
nkeely14
almost 11 years ago
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Resource summary
Chp. 7 money and borrowing
ATMand PIN
ATM
Aotomated Teller Machine
PIN
Personal Identification Number
Forms Of Money
barter
swapping
cash
notes/coins
legal tender(must be taken to pay
cheques
person with current a/c can write cheques
Laser card(debit card)
used to pay for shopping,can also get cash at checkout with it
cheaper than cheque
credit card(mastercard,visa)
buy goods/services now and pay later
must pay all or installment each month
high interest on balance
charge card
like credit card but you must pay all balance at statement each month
good places to save your money
post office
money safe
always one near
no DIRT tax
saving certificates
saving bonds
instalment savings
building society
to get a mortgage loan to buy house
begin by opening savings a/c
save money by buying shares in the society
credit union
almost always one nearby
entitled to get loan at low interset rate
offer 2 main a/c
savings a/c
get dividend(interest) each year
dividend paid relates to amount of cash in credit union and a/c
deposit a/c
higher interest then the bank
commercial bank
AIB,bank of ireland,ulster bank
deposit a/c
save money,earn interest
current a/c
get a cheque book
no interest,not good for saving
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