October Test Flashcards
(36 cards)
What is a public Sector
A government owned business. The gov give the business money to function ( NHS)
What is a Private Sector
A company owned by individuals and shareholders ( Apple)
What is a sole trader
A business owner
What is a PLC ( Public Limited Company )
A company owned by shareholders. The people who have invested in the company.
What is a Franchises
A business or company that is like a contractual agreement between the who own the brand name
7 Ways to pay
- Apple Pay
- Credit Card
- Debit Card
- Pre paid card
- Cash
- Cheque
- BACS
Advantages of paying Cash
Used world wide
Disadvantages of paying Cash
Can’t be used online
Can’t buy high value items
What is a debit Card
A card that you can only spend the money you have on it
Advantages of a Debit Card
You can’t spend money you don’t have
Disadvantages of a Debit Card
money comes directly out of the account as soon as it’s spent
What is a Credit Card
A card that allows you to spend money you might not have
Advantages of a Credit Card
You can spread the cost of your purchases over serval months as you pay it
Disadvantages of a Credit Card
High interest and easy to over spend and get into debt
What is a pre paid card
A card that has a set amount of money on the card
Advantages of a pre paid card
You can’t over spend
Disadvantages of a pre paid card
You won’t receive interest and you will usually have a monthly fee for owning the card
What is a Cheque
A document that orders the bank
Advantages of a Cheque
Safe way of storing your money
Disadvantages of a Cheque
Slow the money usually take 2-3 working days to get to you
What is a Direct Debit
A secure automated payment and you give the bank permission to take money from your account.
What is BACs payment
A secure electronics systems to make and collect non- urgent high value and low value Uk payments
Advantages of BACs
Can be accessed in bank , phone and online which makes it easy and convenient
Disadvantages of BACs
Takes 3 days to go through
