Admin and Business Flashcards
what is a credit card?
A credit card is a card where you can spend money but you are just borrowing the money from the bank but you have to pay it back with your debit card.
WHAT IS A DEBIT CARD
A debit card is where your money is kept and when you want to buy something big like a tv, coach or a house then you have to pay with you debit card.
WHY USE A BANK ACCOUNT?
- Safety- Because your money is in a safe place.
- And can use a card instead of carrying around a lot of cash - Convenience- If you have a job it’s easier to get paid because nowadays people don’t get paid by cash only through card
- You’ll keep track on the things you spend by card because it comes as a statement either in the mail( piece of paper) or on your phone. - Savings- Can help you increase your money by not spending as much on the stuff you don’t really need.
WHAT IS DIRECT DEBIT?
Direct debit is where your bank, company, landlord etc says you have to pay an amount every month, and will give a notice before the transaction actually happens and will automatically be taken from your account.
WHAT IS STANDING ORDER?
Standing order is when you tell the bank to take a certain amount of your money to give to someone else.
WHAT ARE BUDGETS?
When someone is running out of money and they can’t afford to buy the thing that they need and want anymore they become stressed and don’t know what to do. But if you budget the amount that you are spending then you will have some extra money for the things that you want because the needs are already paid for.
HOW TO PROTECT YOURSELF FORM SCAMMERS?
If you don’t want to get scammed then do these things:
- Never give out any personal details to people you don’t know.
- If the bank asks your personal details like card pin numbers then don’t say it because the bank would already have your personal detail.
- Always re-read your emails because if it says something that seems suspicious or no at the ordinary then don’t do what the email says you should do.
WHAT IS APPLE PAY?
This is where your phone or watch has the card info and you can just tap your phone or watch on the card reader and the company will take the money from your account.
WHAT IS CONTACTLESS?
This is where you can just tap your card on to a contactless card reader and will read your number and take money out of the account and it will be easier than putting your card in to the card reader.
