Terms

Question 1

Creditor

Answer 1

Someone to whom you owe money

Question 2

Credit Card

Answer 2

When you use the banks money to purchase a good/service. You pay it back at a later date

Question 3

PIN

Answer 3

Personal Identification Number

Question 4

EFTPOS

Answer 4

Electronic Funds Transfer Point of Sale

Question 5

Savings Account

Answer 5

A deposit account held at a bank that offers higher interest rates than most basic transaction accounts

Question 6

Account Balance

Answer 6

A dollar amount summarising the effect of all the transactions on your account and any fees charged or interest paid over a given period

Question 7

ASIC

Answer 7

Australian Securities and Investments Commission

Question 8

ATM

Answer 8

Automatic Teller Machine

Question 9

Bank

Answer 9

Financial Institutions that are authorised under the Banking Act 1959

Question 10

Bank Account

Answer 10

A product offered by banks that provide secure facilities to deposit and withdraw money

Question 11

BPAY

Answer 11

A service via which Australians can pay their bills

Question 12

Branch

Answer 12

An outlet which banks operate to assist customers with banking and financial services

Question 13

Deposit

Answer 13

To put money into your account

Question 14

Direct Debit

Answer 14

A regular payment that you authorise to be debited directly from your bank account

Question 15

Electronic Banking

Answer 15

Accessing your bank accounts electronically

Question 16

Interest

Answer 16

Can be paid by you or paid to you

It is earned on funds in a savings account

Question 17

BSB (Bank State Branch)

Answer 17

Used when transferring money to other people or companies through online or mobile banking