business key words

intrest rate
the cost of borrowing money or the reward of saving money
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debt
money owed
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credit rating
the score given to individuals on how likely they are to pay belts based upon their previous actions
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bankrupt
when an individual or organisation legally states it inability to repay debts
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solvent
the ability to meet day to day expenditure and repay debts
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counterfeit
made in exat imitation of something valuable with the intention to deceive or defraud
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BACs ( bankers automated clearing service )
a system that follows the transfer of payments directly from one bank account to another
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CHAPs ( clearing house automated payment services )
a system that follows the transfer of payments directly from one bank account to another
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overdraft
allows you to withdraw money that you don't have from a current account
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personal loan
gives you the ability to borrow a set amount of money, to be repaid with regular instalments and interest
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hire purchase
allows you to have/use an item immediately but pay for it in regular instalments. as it remains the property of the seller until instalments have been made. i.e. a fridge, sofa, tv etc.
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Other cards in this set

Card 2

Front

money owed

Back

debt

Card 3

Front

the score given to individuals on how likely they are to pay belts based upon their previous actions

Back

Preview of the back of card 3

Card 4

Front

when an individual or organisation legally states it inability to repay debts

Back

Preview of the back of card 4

Card 5

Front

the ability to meet day to day expenditure and repay debts

Back

Preview of the back of card 5
View more cards

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