Permission given to the bank (without a mandate) to make regular payments to a third party upon request is a definition of?

A cash balance is held on a card which then reduces each time a transaction takes place e.g. school lunch card

A Direct Debit and a Standing Order both involve permission being given to make regular payments to a third party. But, what is the difference between the two?

Can only be set up by the organisation to which you're making the payment. This is a feature of a.........?

Signing a mandate that gives a company permission to take funds from your account in an agreed way – like a monthly gym membership or your mobile phone bill is a feature of........?

It is basically a credit card you can only use with one high street chain or group.

Direct transfer of money from one bank account to another, may take a few days

Direct transfer of money from one bank account to another, guaranteed within 2 hours but may be quicker

isn't linked to your current account and is a credit facility that enables you to buy things immediately, up to a pre-arranged limit, and pay for them at a later date.

Risk of loss or theft, physical transactions only, inappropriate for large items of expenditure are disadvantages of which method of payment?

When you are able to meet your financial obligations you are .....

Legal Tender is a legally recognised form of payment

It allows us to place a monetary value on goods and services

This refers to any asset whose "value" can be used now or retrieved at a later date to fund spending.

It allows us to trade