Savings & Investments Flashcards
(10 cards)
What are savings?
Part of someone’s income that is not spent and is deposited into a bank account.
What are investments?
Money put into a bank account to make a profit.
What is interest?
Money earned from savings.
What are POS purchases?
POS means point of sale, and it is when an item is bought with either a debit card or credit card.
What are bank charges?
They are charges of money that are entered as 1 amount on a bank statement.
What is a bank statement?
A document that shows all transactions made from a bank account.
What is overdraft?
When a business spends more than what they deposited into a bank.
What is interest on overdraft?
When banks charge interest per annum on a negative bank balance.
What is a debit order?
An instruction for a bank to automatically pay someone with your money. For instance, you might tell your bank to pay one of your bills each month so you do not have to actively do it.
