4020385
Description
Flashcards by Alan Stone, updated more than 1 year ago
|
Created by Alan Stone
about 9 years ago
|
|
| Question | Answer |
| Currency | This is a unit of money used by all the people within a country |
| Legal tender | Means of payment accepted by law- usually coins and paper |
| Euro | legal tender currency in 19 of 28 EU countries plus: Montenegro Kosovo Andorra Monaco San Marino Vatican City |
| Which countries, apart from the US, use dollars? | Australia Canada Jamaica Singapore |
| Where is the pound sterling used, apart from the UK (England, Scotland, Northern Ireland and Wales)? | Jersey Guernsey Isle of Man |
| Exchanging Currencies Where can you buy currencies? | From a bank a post office a Bureau de Change (small shop that only buys and sells currencies) Large shops e.g M & S Some hotel receptions Online |
| Commission | This is a charge that you usually have to pay when you exchange currency, (both when buying and selling back), and which therefore reduces the amount of money you get |
| Exchange Rate | The price of a nation's currency in terms of another's. |
| Exchange rate depends on: | 1.The number of people buying the currency 2. The number of people selling the currency |
| Popular currencies | Have a HIGH exchange rate, and so cost more |
| Less popular currencies | Have a low exchange rate, and so cost less |
| Travellers' cheques | You need to sign them and note the numbers of the cheques Exchange them in a bank at your destination, where your signature is checked If you lose them or they are stolen, report the numbers and they will be cancelled Back in the UK they can be paid into a bank or exchanged for cash |
| Using cards abroad | Debit and credit cards can be used at ATMs (Automated Teller Machines or Cash Machines), in shops and in hotels. You need to check they accept Cirrus, Mastercard or Visa according to your card. |
| Prepaid cash card | This is pre-loaded with cash up to a certain amount so is safer than carrying money around or debit or credit cards. It might help you budget too! |
Want to create your own Flashcards for free with GoConqr? Learn more.