KEYTERMS TOPIC 6

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I N C N J C O S T O F B O R R O W I N G Y
E K F E X E E B N J M B Y P Y I C I F K Y
N T N T H R N A T G H K C I E N Y D L A S
W N T I I J C L E P S F R D B E I R T J V
N U C M A R G A N A P X S O H T B Y Q S Y
G O U U U E Y N A Y M C H W P R P R V G J
J C R K V D C C F M X R T F O E D O H W O
O C R K Q R O E X E I E Q V V S J T T C F
R A E M V O N T J N J D I F Y T M S P W X
M K N K O G S R P T M I K A M R I I B O U
T N T N C N U A O A V T R L L A U H K R E
U A A W L I M N X L I A A C Y T H T O H L
C B C M I D E S R L N G V L E E D I E K O
O C C Y X N R F I O N R V A L P K D W S U
C I O G I A C E D C Q E X D Q A M E Q R W
P S U W K T R R S A R E F D T M U R H C J
B A N B V S E B O T F M C E Q C C C K Q V
O B T J O I D L P I O E V N X E L Q L H Y
J Y Y V I F I W T O U N F F L F W B S V H
V B I C J T T Q U N R T Q W M V F T L J K
K A Q T Y B C A U P I V S P H X E Y I S G

Clues

  • A bank or building society account where people can store their money in the form of an electronic balance and withdraw it to make payments. (7, 7)
  • A current account that allows people to store their money as an electronic balance and make payments by direct debit, standing order, prepaid cash card or by withdrawing cash. (5, 4, 7)
  • A record of money borrowed and repaid by an individual. These records are held by credit reference agencies and providers will check the individual’s credit history when a prospective customer applies. (6, 7)
  • Also called ‘cost of credit’. This is the total amount that the borrower will be charged including interest and any fees. For personal loans and credit card borrowing the cost over a 12- month period must be quoted – the annual percentage rate. (4, 2, 9)
  • An electronic payment out of an account. Standing orders are used to make regular payments of the same amount. (8, 5)
  • Moving the balance (total amount owed) on a card from one card provider to another. (7, 8)
  • The amount, expressed as a percentage, that a financial services provider or pays to a saver, or charges a borrower when it lends money. (8, 4)
  • The formal agreement between a provider and a borrower setting out the amount borrowed, the interest charged, the arrangements for repayment and any other terms and conditions. (6, 9)
  • The order in which a card provider uses money paid into an account to pay off the amount outstanding. (7, 10)
  • This is another term used for borrowing. It is important to understand that ‘taking credit’ or ‘buying on credit’ refers to borrowing. However, a credit into a bank account means paying money in. (8, 6)

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