Learning Aim A - Deck 2

Question 1

Insurance

Answer 1

provides protection against financial loss

Question 2

Inflation

Answer 2

Increase in prices over time

Question 3

Cash

Answer 3

notes and coins

Question 4

Debit Card

Answer 4

money directly deducted from account

Question 5

Credit Card

Answer 5

Allows customer to delay payments

Question 6

Cheque

Answer 6

A written order to the bank

Question 7

Electronic Transfer

Answer 7

Payment electronically from bank to bank - no cash

Question 8

Direct Debit

Answer 8

An instruction from your bank that authorises payment on due date

Question 9

Standing Order

Answer 9

A regular payment of the same amount on the same day each month

Question 10

Pre-Paid Cards

Answer 10

A card that you load money onto and then are abe to make payments on.

Question 11

Contactless card

Answer 11

A way of paying that avoids the use of cash

Question 12

Charge Cards

Answer 12

No spending limit but amount must be paid back.

Question 13

Store Cards

Answer 13

A card used to buy products in a specific store

Question 14

Mobile Banking

Answer 14

Carrying out financial transactions using a mobile device

Question 15

BACS - Bankers automated clearing Service

Answer 15

Bank transfer from bank to bank (3 business days)

Question 16

CHAPS - Clearing House Automated Payment System

Answer 16

Same day money transfer for a larger sum