Definitions

Question 0

Brand?

Answer 0

A brand is the identity of a particular product

Question 1

Consumer?

Answer 1

A consumer is anyone who buys goods or services for their own use

Question 2

False economy?

Answer 2

A false economy is a situation where we buy goods or services costing less than other brands or seems to be of better value but turns out to be more expensive in the long run

Question 3

Caveat emptor?

Answer 3

Caveat emptor means let the buyer beware

Question 4

Guarantee?

Answer 4

A guarantee is a promise from a manufacturer to offer a refund or replacement to consumers who have purchased faulty goods

Question 5

Warranty?

Answer 5

A warranty is an additional promise by a manufacturer or seller to repair damaged goods within a stated period of time

Question 6

Credit note?

Answer 6

A credit note is a document(voucher) given by the retailer to the consumer for the value of the goods returned. It allows the consumer to purchase other goods from that shop equal in value to the goods returned

Question 7

Income?

Answer 7

Income is the money received by a household

Question 8

Irregular income?

Answer 8

Irregular income is income received only now and again

Question 9

Benefit-in-kind?

Answer 9

Benefit-in-kind is a non-cash form of income

Question 10

Overtime?

Answer 10

The extra hours a person works in a day after they have completed their normal working time

Question 11

Child Benefit?

Answer 11

Child benefit is a payment made every month to the parents or guardians of children while they are still in education. It is paid by the department of social protection

Question 12

Grant?

Answer 12

A payment made to students while they are still in college. It is paid by the department of Education and Skills

Question 13

Jobseekers benefit?

Answer 13

A weekly payment made to unemployed people. It is paid by the Department of Social Protection

Question 14

Expenditure?

Answer 14

The amount of money we spend during a Particular period

Question 15

Impulse buying?

Answer 15

Buying something on the spur of the moment without thinking of what the consequences may be

Question 16

Opportunity cost?

Answer 16

When we have to pick between two items due to limited resources the item we had to forego is the opportunity cost

Question 17

Mortgage?

Answer 17

A loan from a bank or building society to help someone buy a house

Question 18

Money?

Answer 18

Money is anything of value that is widely excepted as payment for goods and services

Question 19

European Central Bank?

Answer 19

The European Central Bank (ECB) is the governing body of all European Union central banks and it is responsible fro making financial decisions for the European Union

Question 20

Bartering?

Answer 20

Swapping goods or services one person has for goods or services another person has

Question 21

Commercial Bank?

Answer 21

A commercial bank is a business that provides financial services to personal and business customers

Question 22

Bank overdraft?

Answer 22

A bank overdraft is permission from your bank to spend more money than you have in your current account

Question 23

Cheque?

Answer 23

A cheque is a written instruction from your bank to pay a sum of money to another person from your current account

Question 24

Dishonoured cheque?

Answer 24

A dishonoured cheque is a cheque that the bank refuses to cash because there is not enough money in the account

Question 25

Stale cheque?

Answer 25

A stale cheque is a cheque that is more than 6 months old

Question 26

Endorsed?

Answer 26

A cheque is endorsed when the person named on the cheque (the payee) signs his or her name on the back of it

Question 27

Electronic funds transfer at point of sale?

Answer 27

The use of laser and smart cards to pay for goods and services is called Electronic funds transfer at point of sale(EFTPOS)

Question 28

Direct debit?

Answer 28

A direct debit is where you allow a person or business to request different amounts of money to be paid out of your bank account into there bank account on a regular basis

Question 29

Standing order?

Answer 29

A standing order is where you tell your bank to pay a fixed amount of money from your bank account to another bank account on a regular basis

Question 30

Credit transfer?

Answer 30

A credit transfer is a way of paying bills and transferring money from your bank account directly into another bank account

Question 31

Savings?

Answer 31

Savings are that par of our income that we do not spend

Question 32

Investing?

Answer 32

Investing means using our money to earn a greater return that possible from an ordinary savings account

Question 33

Building society?

Answer 33

A building society is a financial institution that provides a wide range of banking services to their costumers

Question 34

Credit union?

Answer 34

A credit union is a co-operative organisation where people save regularly and lend to each other at low rates of interest

Question 35

Postal money order?

Answer 35

A postal money order is an order from one post office to another to pay a certain sum of money to the person named under the order

Question 36

Deposit Interest Retention Tax?

Answer 36

Deposit Interest Retention Tax(DIRT) is a tax on the interest earned on your savings

Question 38

Regular income?

Answer 38

Income received every week or every month