Enterprise: Strand 1


Business Studies Dictionary


AER (Annual Equivalent Rate)


The rate of interest a saver earns in a year. It lets you compare interest rates across accounts and reflects not just the amount of interest but also how often it is paid. The higher the AER, the greater the return. Used to compare options.


APR (Annual Percentage Rate)


Asset


Automated Teller Machine (ATM)


Bank charges Borrowing


CAR (Compound Annual Rate)


Collateral Credit card Creditworthy Debit card


DIRT (Deposit Interest Retention Tax)


Direct debit


ECB (European Central Bank)


EU


Financial institutions Fixed rate


The true rate of interest charged on borrowings.


Something of value which a person owns, e.g. a building or cash.


Machine which gives out cash from the current account to the account holder by using their debit card and personal identification number (PIN). It is a 24-hour service.


Fees charged by the bank on certain types of accounts.


Receiving money (loan/overdraft) from a financial institution that you must pay back with interest.


This means that the interest on your savings is added each year to the principal (the amount of money you save).


Property or other assets that a lender can take if you fail to repay the loan.


A card you use to buy goods/services. You are billed at the end of the credit period (usually one month). If you do not pay the bill on time, you will be charged interest.


Having a good track record of paying back loans and of being a regular saver.


A card you use to buy goods/services. The money is debited from your current account.


Tax on interest earned on savings.


The current account holder gives permission to another person or organisation to request the withdrawal of variable amounts from the account.


Sets the interest rates for Europe. European Union. Banks, building societies, credit unions, An Post.


The rate of interest will remain the same over the period of repayment of the loan.


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