Flashcards on Key Terms in Personal Finance
Key Terms in Personal Finance: A Student's Guide to Money
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Banking and Personal Accounts
16 cards
Card 1
Question: What is 'balance' in a bank account?
Answer: The money you have in your bank account.
Card 2
Question: What does 'bank charges' mean?
Answer: Money the bank charges (poplatky).
Card 3
Question: What is a 'branch' of a bank?
Answer: A place in a bank.
Card 4
Question: What is a 'cheque'?
Answer: A place in a bank.
Card 5
Question: What does 'credit' refer to in banking?
Answer: A place in a bank.
Card 6
Question: What is a 'credit card'?
Answer: A card to pay with borrowed money (plastic card from a bank that allows customers to borrow funds within a pre-approved credit limit).
Card 7
Question: What is a 'current account'?
Answer: An account for everyday money use; a bank account from which money may be drawn at any time.
Card 8
Question: What is a 'savings account'?
Answer: A bank account on which interest is paid.
Card 9
Question: What is 'interest' in relation to a bank account?
Answer: Extra money the bank gives or takes; money paid for the use of money lent (interest rate).
Card 10
Question: What is a 'loan'?
Answer: Money you borrow and pay back later; money lent by a bank that must be repaid with interest.