well you know and understand each Key Term. q I know and understand this Key Term.
q I am still a bit uncertain about what this Key Term means. q I don’t understand this Key Term yet.
When you revise each chapter, tick the boxes again to indicate how much you have learned.
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Credit Unions are not-for-profit financial institutions owned by the people who open savings accounts with them.
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The Central Bank’s Deposit Guarantee Scheme guarantees that if a financial institution fails, each saver will get back their money up to a certain limit.
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Interest on savings is a small amount of money added each year to the amount that you save. The longer you save, the more interest you earn.
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Investing means putting your money into shares, property, insurance policies and other potentially risky activities in the hope that you will earn more money than a regular savings account.
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A dividend is a payment to a shareholder based on the amount of profit earned by the business.
Simple interest is paid each year only on the amount saved in that year.
Compound interest is paid each year on the total sum of money accumulated in the account. Every year you earn interest on your interest.
The Annual Equivalent Rate (AER) represents the true rate of interest on savings.
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Deposit Interest Retention Tax (DIRT) is the tax deducted by financial institutions from interest earned on money in savings accounts.
Philanthropy refers to the generous donation of money to good causes.
