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BTEC Business Unit 3 (year 13 only) > Current Account > Flashcards

Current Account Flashcards

1
Q

What is a Current Account?

A

A current account is a bank account designed to manage your income and day-to-day spending.

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2
Q

What does ATM stand for?

A

Automated Teller Machine

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3
Q

What is Direct Credit?

A

An electronic payment into an Account

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4
Q

What is Direct Debit?

A

An electronic payment out of an Account

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5
Q

What does HMRC stand for?

A

Her Majesty’s Revenue and Customs

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6
Q

What is an Overdraft?

A

A current account is a bank account designed to manage your income and day-to-day spending.

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7
Q

What is a Packaged Account?

A

A current account is a bank account designed to manage your income and day-to-day spending.

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8
Q

What is a Premier Account?

A

A current account is a bank account designed to manage your income and day-to-day spending.

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9
Q

What is a Student Account?

A

A current account designed for students in higher education that charges low or no interest on overdrafts and offers other benefits such as low cost contents or travel insurance.

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10
Q

What is a Transaction?

A

Buying or Selling something

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11
Q

What is a youth account?

A

A Current Account designed for people under the age of 18.

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12
Q

What is a Budget Surplus?

A

A sum of money available once all essential expenditure in a given period eg. a month, has been made.

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13
Q

What is a Cash Card?

A

A card used to withdraw cash from ATMs or branch counters.

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14
Q

What does AER stand for?

A

Annual Equivalent Rate

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15
Q

What is interest?

A

Money either paid to an account holder by the provider or charged to the account holder by the provider.

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16
Q

What is the office of fair Trading?

A

The government department that monitored how business compete with each other.

17
Q

What is Money Laundering?

A

The Process of making dirty money (gained from criminal activities).

18
Q

What is a Cheque?

A

A written instruction to the provider to pay a specified amount to a specified person or organisation.

19
Q

what is a Basic Bank Account?

A

A current account that allows people to store money as an electronic balance and make payments by direct debit, standing order, prepaid cash card or by withdrawing cash.

20
Q

What is a Standing order?

A

An electronic payment out of an account. Standing orders are used
to make regular payments of the same amount.

21
Q

What are Prepaid cards?

A

A card that has to have money credited to it before the card holder
can use it to pay for goods.

22
Q

what is an Statement?

A

A record of the transactions on an account, issued at regular
intervals such as monthly or quarterly. The statement indicates
whether a debit or credit to the account was made by cheque,
withdrawal from an ATM, direct debit.

BTEC Business Unit 3 (year 13 only) (10 decks)

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