Banking and ICT Flashcards
What are the five items need to be filled in to make a payment?
- Date
- Name of person
- Amount in Words
- Amount in figures
- A Signature
What does MICR stand for?
Magnetic Ink Character Recognition
What is MICR?
Is the process which reads particular data from cheques and inputs it to a computer
Three things that are encoded on a cheque
- Cheque Number
- Customer’s account number
- Branch sort code
What are the advantages of cheques?
- A large number of cheques can be read very quickly
- The characters are difficult to forge
What are the disadvantages of cheques?
- The equipment is expensive
- Only a very limited number of characters can be used
What does ATM stand for?
Automatic Teller Machine
What do ATM do?
- Withdraw cash from account
- Print a balance
- Order a new cheque book
- Change their Personal Identity Number (PIN)
What is home banking?
People manage their financial affairs from home using a website.
Home banking allow you to…
- View a statement
- Set up standing orders
- Pay bills
- Apply for loans
Banks need dependable security measures ad some of these measures include…
- Encrypting Data
- Computer programmes monitoring customers spending habits
- Not accepting direct emails form customers
What is E-commerce?
Buying and selling using the internet
What are the advantages of E-commerce?
- The range of goods are very large
- No need to travel home will large or heavy goods
- Businesses can easily expand their markets
What are the disadvantages of E-commerce?
- There can be a long wait before an item arrives
- You cannot touch or smell the goods you are buying
What is Payroll?
The wages paid to the employees is known as the payroll
