Need to Know
1. Identify why money is so important in the business world.
2. Identify the different types of money.
3. Explain the meaning of the term “legal tender”.
4. Identify the differenent types of financial institutions and outline some services provided by each of these types of institution.
5. What is saving?
6. What factors should a person consider before opening a savings account?
7. What do the following letters stand for:
8. Distinguish between a current account and a deposit account.
9. Outline the steps involved in opening a current account.
10. Explain some good practices that a person should adopt when managing their current account.
11. Illustrate the difference between compound and simple interest.
12. What are bank charges?
13. What is an overdraft? Explain why they are useful?
14. What is a cheque?
15. Who are the different parties involved when a cheque is written and cashed?
16. Explain what crossing a cheque means.
17. Explain what each of the terms associated with a cheque mean
• Stale cheque
• Post-dated cheque
• Ante-dated cheque
• Blank cheque
• Stopped cheque
• Receipt cheque
• Open cheque
• Dishonoured cheque
18. Group the services provided by banks under four different headings.
19. Explain what a loan from a bank is? How does each party involved benefit?
20. Explain six different money transmission methods? State an appropriate use for each?
21. Distinguish between a credit card and a laser card?
22. Outline some of the benefits of online banking for the consumer and the bank.
23. Give two reasons why a foreign exchange service is needed?
24. What is meant by the term rate of exchange?
25. What is rule when converting to and from euro?
26. Explain three ways a tourist can pay for items in a foreign country? Which in your opinion is the best method?
27.How to calculate simple interest and compound interest