Money, Debt and Banking Flashcards
What does PIN stand for?
Personal Identification Number
What is Phishing?
Phishing is the fraudulent attempt to obtain sensitive information such as usernames, passwords and credit card details.
What does a Financial Advisor do?
Financial advisors assess the financial needs of individuals and help them with investments (such as stocks and bonds), tax laws, and insurance decisions.
What does a Financial Counsellor do?
Financial counsellors provide a free, confidential and independent service. Financial counsellors can help you organise your finances and do a budget.
What are Transaction Accounts?
A transaction account is a deposit account held at a bank or other financial institution.
What is the Bankruptcy Act?
Bankruptcy Act is a stock short title used for legislation. The Bill for an Act with this short title will usually have been known as a Bankruptcy Bill during its passage through Parliament.
What is a Transaction Fee?
A transaction fee charges the account holder for a transaction they conduct. (withdrawals, deposits or transfers.
What is a Dishonour Fee?
A dishonour fee applies if there are insufficient available funds to make the scheduled payment.
What is Simple Interest?
Simple interest is interest calculated on the original contribution to a savings account.
What is Compound interest?
Compound interest is interest earned on the current balance of money (e.g. savings account)
What is an example of compound interest?
Savings accounts
What are savings accounts?
Savings accounts allow you to deposit money, and receive (compound) interest.
What are some examples of income?
Wage, salary, interest received, dividends, inheritance and superannuation
What are some examples of expenses?
Mobile phone bills, electricity bills, internet and water bills
What is a savings plan?
Investment in which individual contributes money on a regular basis in order to reach a financial goal on a short or long term basis.
