7271151
Description
Flashcards by Dawn S_akura, updated more than 1 year ago
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Created by Dawn S_akura
almost 8 years ago
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| Question | Answer |
| AER / EAR | Annual Equivalent Rate: the interest that will be earned on the money in one year and takes into account how often the provider holder pays interest e.g. monthly, annually, the effect of compounding the interest and any fees and charges |
| Basic Bank account | a current account that allows people to store their money as electronic balances and make payments by direct debit, standing order, prepaid cash card or by withdrawing cash. There is no debit card, cheque book or overdraft facility on this type of account. |
| Budget Surplus | a sum of money available once all the mandatory and essential expenditures in a given period e.g. a month, has been made |
| HMRC | Her Majesty's Revenue and Customs: the organisation that collects taxes on behalf of the government |
| Interest | money either paid or charged to an account holder by the provider |
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