Banking

Question 1

account

Answer 1

A statement of monetary transactions with the resulting balance.

Question 2

bank statement

Answer 2

A statement of transactions in a bank account, esp one of a series sent at regular intervals to the depositor.

Question 3

cash dispenser

Answer 3

A computerised device outside a bank that supplies cash or account information when the user inserts a cash card and keys in an identification number.

Question 4

current account

Answer 4

Non interest-bearing bank account.

Question 5

direct debit

Answer 5

A way of making payments; a customer arranges for his bank to pay money to certain organisations, usually suppliers with a good reputation, when they present their bills to the bank and to debit the amounts to his account.

Question 6

hire purchase

Answer 6

Buying a product by paying off money over months or years. You only own the product when the payments are complete.

Question 7

insolvent

Answer 7

Having insufficient assets to meet debts and liabilities; bankrupt.

Question 8

instalment

Answer 8

One of a series of payments used to pay for an expensive product.

Question 9

loan

Answer 9

The act of lending.

Question 10

mortgage

Answer 10

A long-term loan which is used to buy a house.

Question 11

savings

Answer 11

Sums of money not spent but put aside for future use and in the meanwhile invested or held as cash.

Question 12

savings account

Answer 12

A bank account into which personal savings are paid and on which the bank pays a rate of interest.

Question 13

solvency

Answer 13

Ability to pay one’s debts in full when due.

Question 14

standing order

Answer 14

An order in writing by a customer to his bank to pay a stated sum of money to a named party at certain stated dates.

Question 15

to borrow

Answer 15

To obtain or receive (something, such as money) on loan for temporary use, intending to give it, or something equivalent or identical, back to the lender.

Question 16

to lend

Answer 16

• To permit the use of (something) with the expectation of return of the same or an equivalent;
• To provide (money) temporarily, often at interest.

Question 17

to overdraw

Answer 17

To draw on (a bank account) in excess of the credit balance.

Question 18

to owe

Answer 18

To be under an obligation to pay (someone) to the amount of.

Question 19

to settle a bill

Answer 19

To pay what is due.

Question 20

to withdraw cash

Answer 20

To remove from deposit or investment in a bank, building society, etc.