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Chapter 10

Savings and Investing

QuestionAnswer
Savings That part of our income that we do not spend.
Simple interest The interest is calcutated as a percentage of the total ammount in the accountat the end of each year.
Investing Using our money to earn a greater return than is possible from an ordinary saving account.
Compound interest The interest is calculated as a percentage of the total ammount in the account at the end of each yesr
Building society Financial institution that provides a wide range of banking services to their cumtomers.
Compound annual rate(CAR) The actual rate of interest you are receving on your saving or investment from a financial institution.
Credit union A co-operative organisation where people save regulary and lend to each other at low rate of interest.
Deposit Interest Retention Tax(DIRT) A taxt on the interest earned on your savings.
Postal money order An order from post office to another to pay a certain sum of money to the person named on the order.
Becoming a credit union member Anyone can become a member of the credit union provided they share a common bond
The credit union savings account Is where lodge money any time you wish for.These lodgement are recorded in the credit union books and in the members own record book.
Deposit Interest Retention Tax[DIRT] Is a tax on the interest earned on your savings
Created by: jdunnestmarks
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