means of exchange

Question 1

Banks

Answer 1

An organisation that stores money on behalf of its customers

Question 2

Building society

Answer 2

Organisation that stores money on behalf of customers- customers are members

Question 3

Credit union

Answer 3

Credit unions are not-for-profit savings and lending financial institutions, owned by its members

Question 4

NS&Is

Answer 4

National savings and investments

Question 5

Pawnbrokers

Answer 5

legal business where loans are made based on the value of merchandise used as collateral

Question 6

Branch banking

Answer 6

Going into the branch to make a financial transaction

Question 7

Online banking

Answer 7

Making financial transactions online

Question 8

Telephone banking

Answer 8

Making financial transactions over the phone

Question 9

Citizens advice

Answer 9

Organisation offering advice on a range of issues

Question 10

Independent financial advisor

Answer 10

Professional offering independent advice on financial issues

Question 11

Price comparison site

Answer 11

Website offering comparisons of financial benefits

Question 12

Debt counselor

Answer 12

Professional offering advice on dealing with debt

Question 13

Capital income

Answer 13

any form of payment that derives from owning physical or financial capital

Question 14

Revenue income

Answer 14

Income from the goods in which the business trades

Question 15

Expenditure

Answer 15

An amount of money spent.

Question 16

Non current asset

Answer 16

Assets owned by a business that it expects to retain for one year or more

Question 17

Current asset

Answer 17

Cash and other assets expected to be exchanged for cash or consumed within a year

Question 18

Retained profit

Answer 18

Profit which is kept back in the business and used to pay for investment in the business.

Question 19

Sale of asset

Answer 19

when a business sells off its unwanted or unused assets to raise funds

Question 20

Crowdfunding

Answer 20

Using social networking to appeal to potential investors

Question 21

Loans

Answer 21

amounts of money borrowed which will accumulate interest

Question 22

Venture capital

Answer 22

Invested money used for new business opportunities

Question 23

Debt factoring

Answer 23

The sale of a business’ invoices to a third party.

Question 24

Trade credit

Answer 24

The practice of buying goods and services now and paying for them later

Question 25

Grant

Answer 25

A sum of money or other payment given for a particular purpose

Question 26

Donation

Answer 26

Money given to charity

Question 27

Break even point

Answer 27

point at which total revenue and total cost are equal

Question 28

Fixed costs

Answer 28

Costs that do not vary with the quantity of output produced

Question 29

Variable costs

Answer 29

Costs that vary directly with the level of production

Question 30

Selling price

Answer 30

the price paid by the customer for the product.

Question 31

Straight line depreciation

Answer 31

A constant amount of depreciation is subtracted from the value of the asset each year