| A | B |
|---|
| Financial Institutions are | banks, building societies and credit unions. |
| When we put money into an account, | the bank is borrowing our money. |
| The bank borrows our money and | pays us interest in return. |
| The bank lends our money to other people | and charges them a higher rate of interest. |
| Financial Institutions aim | to make a profit. |
| Commodity | is another word for a good. |
| The bank is a business that buys | and sells money. |
| ATM stands for | automatic teller machine. |
| PIN stands for | personal identification number. |
| A Passbook account is much the same | as a Debit Card account. |
| With passbook and debit card accounts | the money can be withdrawn whenever you like. |
| To deposit means | to put money into a financial institution. |
| To withdraw means | to take money out of a financial institution. |
| A debit card can be used | in an ATM or for EFTPOS. |
| EFTPOS stands for | electronic fund transfer at point of sale. |
| Term Deposit Account | means the money is deposited for a term, a fixed period of time. |
| The term of a term deposit account | might be 3 months up to 5 years. |
| You can not withdraw money from a term deposit account | until the end of the term. |
| Term Deposit Accounts pay a higher | rate of interest than ordinary accounts. |
| Income is money you receive | in exchange for a good or service. |
| You can only do two things with income. | Save it or spend it. |
| Australian consumers spend most | on food and non alcoholic drink. 19% |
| The second largest household expenditure | is transport. 15% |
| The Australian Bureau of Statistics | conducted a Household Expenditure Survey in 1989. |
| The third largest household expenditure | is housing and rent. 14% |
| Alcohol makes up | 3% of household expenditure. |
| Tobacco makes up | 1% of household expenditure. |
| A budget is a plan | of what you will do with your money, how much to save, how much to spend. |
| People save money for a car | because you usually have to put down a deposit and arrange a loan. |
| To save for a rainy day | means keeping some money in case of emergencies. |
| People put money into a superannuation plan | so they will have money when they retire. |
| Some people get a sense of satisfaction | from saving and having money in the bank. |
| The saying "money will burn a hole in your pocket" means | that if you have money in your pocket then you won't be able to stop spending it. |
