Unit 3 - Sustainability of an Individuals Finances Flashcards.

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  • Created by: Ky_D
  • Created on: 24-11-15 10:27
Bank Rate
Interest that the BoE charges other banks when they lend money.
1 of 7
Credit Card
Card where money is taken from the holders account, transactions paid by provider. Must make repayments with interest.
2 of 7
Fixed Interest
Paying same amount of interest until the end term of savings, investment or loan.
3 of 7
Insolvency
When an individual cannot pay the debt they owe and the debt is far greater than the assets they own.
4 of 7
Non-Financial Investements
ANY investment other than a financial product.
5 of 7
Repossession
LEGAL process whereby a financial lender takes ownership of an asset (maybe house) because repayments have not been met. LAST RESORT.
6 of 7
Sustainable Personal Finance
Achieving and maintaining a balance between personal income & expenditure to satisfy N,W and A within a budget.
7 of 7

Other cards in this set

Card 2

Front

Card where money is taken from the holders account, transactions paid by provider. Must make repayments with interest.

Back

Credit Card

Card 3

Front

Paying same amount of interest until the end term of savings, investment or loan.

Back

Preview of the back of card 3

Card 4

Front

When an individual cannot pay the debt they owe and the debt is far greater than the assets they own.

Back

Preview of the back of card 4

Card 5

Front

ANY investment other than a financial product.

Back

Preview of the back of card 5
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