ACRONYMS
BIK
Benefit in Kind
What income does a retired person get
Pension
What is a cooling off period and how many days is it?
14 days
What is sustainability
using resources in a way that meets current needs but also preserves them for future generations
2 Things I need to open a savings account
1) ID
2) Proof of address
3) PPSN
ATM
Automated Teller Machine
What income does an unemployed person get
Job Seekers
What is a consumer
Buy goods or use a service
One example of an unethical practice consumer does
Buy real fur, products tested on animals, over use resources, do not recycle
2 Reasons for saving
1) Emergency
2) Event
3) Show a good credit rating
4) Retirement (future planning)
DIRT
Deposit Interest Retention Tax
Define Gross Pay
Money before deductions (voluntary/statutary)
3 Forms of Redress
Refund Repair Replacement
Why is fairtrade good
Farmers get a fair wage
Fair price for their product
2 thing to consider when choosing where to save my money
1) Risk
2) Reward
3) Liquidity
4) Taxation
5) Terms and conditions
DD
Direct Debit
Example of fixed expenditure
Mortgage, rent
Which Act protects you from false/misleading adverts
The Consumer Protection Act 2007
Why is it good to shop local
money goes back into local community
use local services - accountants, suppliers
Reduces food miles - climate change
What does standing order mean and give an example
Allow a fixed amount of money out of your bank. Same amount each time e.g. mortgage
CSR
Corporate Social Responsibilty
What is the difference between a budget surplus and budget deficit
Surplus - money left over
Deficit - spent to much and in debt
Under the Sales of Goods and Supply of Services Act 1980 goods must be..................
1) of merchantable quality
2) Fit for purpose
3) Be as described
4) Correspond to the sample
What are the three pillars of sustainability
1) Social
2) Environmental
3) Economic
What does direct debit mean and give an example
Allowing a variable amount to be removed from your bank account example: pay for light and heating