financial studies topic 9
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- Created by: emmafitzy6266
- Created on: 10-04-19 10:45
Define endowment policy
An endowment policy is a life insurance contract designed to pay a lump sum after a specific term or on death.
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Define current account
an account at a bank or building society from which money may be withdrawn without notice, typically an active account catering for frequent deposits and withdrawals by cheque.
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Define instant access account
a bank account from which you can take out money when you need it, without having to pay to do so: Instant access accounts often offer lower interest rates.
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Define interest rates
the proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
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Define fixed rate mortgage
A fixed-rate mortgage is a mortgage loan that has a fixed interest rate for the entire term of the loan.
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Define unit trust
a collective investment fund that is priced, bought, and sold in units that represent a mixture of the securities underlying the fund.
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Define equity
the value of the shares issued by a company
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Define buildings insurance
Buildings insurance is an insurance policy that covers the financial cost of repairing damage to the physical structure of a property in the event of damage or theft. This includes the roof, floors and walls, as well as a fitted or permanent fixture
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Define financial personality
Financial Personality:The Big Spender. Main traits: A hard-working person who earns good money and knows its value.
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Define mis-selling
sell (something) to a customer on the basis of misleading advice.
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Outline the role of the financial ombudsman
The Financial Ombudsman Service's role is to resolve impartially disputes between consumers and financial businesses. ... We also take into account any obligations imposed on financial businesses by the Financial Services Authority (FSA)
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Explain the difference between a credit union and a building society
Building Societies offer chequing accounts and savings accounts the same as a bank does, but they are not a commercial business like a bank. The society is owned by its members and profits are put back into the society itself.
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Define price comparison websites
a website that compares the price of a particular product or service in different stores or from different companies: Our price comparison site helps you find the best price, latest products, and online shopping deals.
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Define a broker
a person who buys and sells goods or assets for others.
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Define money advice service
The Money Advice Service is an organisation established with cross Government party support, that provides free and impartial advice on money and financial decisions to people in the United Kingdom
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Define universal credit
Universal Credit is a United Kingdom social security payment that is intended to simplify working-age benefits and to incentivise paid work.
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Outline the role of the citizen’s advice charity
Citizens Advice. Citizens Advice is a network of 316 independent charities throughout the United Kingdom that give free, confidential information and advice to assist people with money, legal, consumer and other problems.
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Define the competition and markets authority
The Competition and Markets Authority (CMA) is a non-ministerial government department in the United Kingdom, responsible for strengthening business competition and preventing and reducing anti-competitive activities
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What is the role of the national debtline
National Debtline is a debt advice charity run by the Money Advice Trust. We are a free and confidential debt advice service for people in England, Wales and Scotland. We have helped millions of people deal with their debts.
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What is the difference between an independent financial adviser and a restricted adviser?
An adviser that provides independent advice is able to recommend all types of retail investment products that could meet your needs and objectives.
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Other cards in this set
Card 2
Front
Define current account
Back
an account at a bank or building society from which money may be withdrawn without notice, typically an active account catering for frequent deposits and withdrawals by cheque.
Card 3
Front
Define instant access account
Back
Card 4
Front
Define interest rates
Back
Card 5
Front
Define fixed rate mortgage
Back
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