Chap 5 Flashcards
What is analysed cashbook used for?
It is used to record all money received and spent
What is bank overdraft?
Bank overdraft allows an account holder to withdraw more money than they actually have in their current account
What is credit rating?
Credit rating shows how likely they are to repay a loan
What does AER stand for?
Annual equivelent rate
What does DIRT stand for?
Deposit Interest Retention Tax
What is Demand deposits
Demand deposits allow you to withdraw your money when you choose to
What is Term deposits
Term deposits requires you to leave your money in the account for a certain period of time
What is Notice deposits
Notice deposits require you to give the bank a notice of your intention to withdraw money
What is a dividend
A dividend is a payment to shareholders based on the number of shares owned
