Banks
What is a commercial bank?
This type of bank helps individuals and businesses with everyday banking.
What is a deposit?
Money placed into a bank account.
What is a interest?
The price paid for borrowing money. It is expressed as a percentage rate over a period of time.
What is communication?
The sharing of information between people.
What is barter?
Trading goods or services without using money.
What is a bank?
This financial institution helps people manage and protect their money.
What is a withdrawal?
Taking money out of a bank account.
What are loans?
Banks provide this to help businesses grow.
What is verbal communication?
A phone call is an example of this type of communication.
TRUE/FALSE: Before money existed, people used this system to trade.
True
What is a savings bank?
This type of bank focuses mainly on helping people save money.
What are notes?
Paper money used to buy goods and services.
Differentiate between a Debit and a Credit Card.
Facial expressions and body language are forms of this communication.
Non-Verbal Communication
What is double coincidence of wants?
One problem with barter is finding someone who wants what you have.
What is a credit union?
This type of financial institution is owned by its members.
What is a cheque?
A written order telling a bank to pay money.
What is online banking?
This service lets customers use their accounts on the internet.
Who is the sender?
The person sending the message is called the this.
What is money?
Money is anything that is generally accepted as a means of exchange.
What is an investment bank?
This bank helps companies with large investments and financial planning.
What is cash?
Physical money including notes and coins.
John borrowed $100,000 from NCB for 4 months. NCB Charges 10% interest per month. What is the total amount John has to repay?
$40,000
Who is the receiver?
The person receiving the message is called the this.
List three features/characteristics money should have.
Durability
Portability
Acceptable
Scarce