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Finance > Learning Aim A > Flashcards

Learning Aim A Flashcards

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1
Q

Unit of Account

A

This refers to anything that allows the value of something to be expressed in an understandable way, and in a way that allows the value of items to be compared

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2
Q

Means of exchange

A

Money allows goods and services to be traded without the need for a barter system. You can easily buy any item using money.

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3
Q

Store of value

A

This refers to any asset whose value can be used now or in the future.

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4
Q

Legal tender

A

A legally recognised form of payment that is backed by the government.

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5
Q

Personal attitudes towards money

A

A set of effective responses to areas of personal finance and finance planning that range from positive to negative.

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6
Q

Life stages

A

Childhood -> Adolescence -> Young adult -> Middle age -> Old age

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7
Q

Culture

A

The ideas, customs and social behaviour of particular people or society.

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8
Q

Life events

A

A very important event in someone’s life, such as marriage, child birth, etc.

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9
Q

External influences

A

This comes from people, places, things or ideas from the outside of a business.

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10
Q

Interest rates

A

The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

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11
Q

Avoid debt

A

Making sure you don’t borrow more than you can repay with your future income.

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12
Q

Control costs

A

The practice of identifying and reducing business expenses to increase profits.

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13
Q

Legal action/reposession

A

A legal process where a mortgage lender or secured loan provider takes ownership of a property.

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14
Q

Solvent

A

Having access in excess of liabilities; able to pay one’s debts.

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15
Q

Credit rating

A

An estimate of the ability of a person or organisation to fulfil their financial commitments.

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16
Q

Bankruptcy

A

The inability to pay your debts, leading to the legal process of declaring a business or one’s self bankrupt.

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17
Q

Manage money

A

This refers to the process of budgeting, saving, investing, spending, or otherwise overseeing their capital usage.

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18
Q

Income and savings generation

A

Income generation refers to the processes and activities aimed at creating or increasing financial resources for individuals or communities, often through investment opportunities and employment.

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19
Q

Financial targets and goals

A

Financial goals are targets you define to achieve your financial dreams.

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20
Q

Insurance

A

An arrangement by which a company or the state undertakes to provide a guarantee of compensation for specific loss, damage, illness, or death in return for a specific premium.

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21
Q

Inflation

A

Inflation is the general increase in the prices of goods and services in an economy.

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22
Q

Cash

A

Cash is money in the physical form of currency, such as bank notes and coins.

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23
Q

Debit card

A

A card allowing the holder to transfer money electronically from their bank account when making a purchase.

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24
Q

Credit card

A

A plastic card issued by a bank, building society, etc., allowing the holder to purchase goods and services on credit.

25
Q

Cheque

A

An order to a bank to pay a stated sum from the drawer’s account.

26
Q

Electronic transfer

A

The electronic transfer of money from one bank account to another.

27
Q

Direct debit

A

An arrangement made with a bank that allows a third party to transfer money from a person’s account on agreed dates.

28
Q

Standing order.

A

An instruction to a bank by an account holder to make regular fixed payments to a particular person or organisation.

29
Q

Pre-paid cards

A

They function as a middle ground between cash and bank cards - you can top them up when you need to.

30
Q

Contactless cards

A

Allows you to pay for items without entering your pin.

31
Q

Charge cards

A

A credit card for use with an account which must be paid in full when a statement is issued.

32
Q

Store cards

A

A credit card that can only be used in one store or chain of stores.

33
Q

Mobile banking

A

The act of making financial transactions on a mobile device.

34
Q

Banker’s Automated Clearing Service (BACS)

A

This is a payment scheme that enables money to be moved electronically between bank accounts.

35
Q

Clearing House Automated Payment System (CHAPS)

A

A computer-based electronic network for processing transactions using domestic, low value payments, between participating financial institutions.

36
Q

Current account

A

An account at a bank or building society from which money may be withdrawn without notice.

37
Q

Standard account

A

These will not charge you for everyday banking if you stay in credit.

38
Q

Premium account

A

A bank account into which premiums collected by Agency are deposited and held in trust for the benefit of the company.

39
Q

Basic account

A

Offers the same as a standard account just without a check book or overdraft feature.

40
Q

Student account

A

A bank account designed for individuals in higher education.

41
Q

Overdraft

A

A deficit in a bank account caused by drawing more money than the account holds.

42
Q

Personal loan

A

A type of loan where you borrow a sum of money and must pay it back in fixed amounts called instalments.

43
Q

Hire purchase

A

A system by which one pays for a thing in regular instalments for the use of it.

44
Q

Mortgage

A

A legal agreement by which a bank lends money at interest in exchange for taking partial ownership of the property.

45
Q

Payday loans

A

A relatively small amount of money lent at a high rate of interest on the agreement that it will be repaid when the borrower next receives their wage.

46
Q

ISA

A

A savings account where as your money grows so you don’t pay tax on the interest you earn.

47
Q

Deposit and Savings account

A

A savings account is a type of bank account designed specifically to encourage saving, generally paying interest on the balance of the account.

48
Q

Premium bonds

A

Premium bonds are a savings product from National Savings and Investments (NS&I) which offer a chance of winning rather than interest.

49
Q

Bonds and gilts

A

Bonds represent the debt of a government, company, or other organisation. Bonds issued by the UK government are known as gilts.

50
Q

Shares

A

These represent ownership within a company.

51
Q

Pensions

A

A pension is a fund into which amounts are paid regularly during an individual’s working career, and from which periodic payments are made to support the person’s retirement from work.

52
Q

Risk

A

A situation involving exposure to danger.

53
Q

Reward

A

A thing given in recognition of service, effort, or achievement.

54
Q

Car insurance

A

A contract between you and an insurance company that provides protection in case of accidents, theft, or damage to our vehicle.

55
Q

Home & contents insurance

A

This insurance covers both the building itself and fixtures as well as personal belongings.

56
Q

Life insurance

A

A type of policy that protects your loved ones with financial support if you die.

57
Q

Health insurance

A

Insurance taken out to cover the cost of medical care.

58
Q

Pet insurance

A

A policy which many pet owners acquire to help them meet expensive veterinary clinic bills.

59
Q

Travel insurance

A

Insurance that cover financial losses associated with travelling.

Finance (4 decks)

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