Saving & Borrowing Money

The type of account you use to save money

• Deposit

• Credit

• Debit

• Current

The reward for saving and the cost of borrowing

• Investment

• Interest

• Capital

• Profit

A bank overdraft is an example of a _________________ loan

• long-term

• short-term

• medium-term

• eternal

The best source of finance for buying a car is

• Short Term Source

• Medium Term Source

• Long Term Source

The true rate of interest earned on savings is called

• APR

• AER

• ABC

True or false - with hire purchase you do not own the item you buy until the final instalment is paid

• True

• False

When you lease(rent) something you will

• eventually own the item

• never own the item

------ means putting some of your money aside, usually on a regular basis

--------- means using your money/savings and putting it into shares/property etc. that will hopefully earn more money than an ordinary savings account

Tick the financial institutions

• Bank

• Post office

• Credit union

• Building society