The following initials are used in Financial Services - Junior Cycle Business Studies - Question 1 - 2018
Question 1
The following initials are used in Financial Services. What do they stand for?
DIRT
CAR
APR
Worked Solution & Example Answer:The following initials are used in Financial Services - Junior Cycle Business Studies - Question 1 - 2018
Step 1
DIRT
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Answer
DIRT stands for Deposit Interest Retention Tax. It is a tax that applies to the interest earned on deposits made in financial institutions. This tax helps ensure that the government collects revenue from the interest income.
Step 2
CAR
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Answer
CAR stands for Compound Annual Rate. This term refers to the interest rate that is calculated on an investment or loan that is compounded annually. It is crucial for understanding the growth of investments over time.
Step 3
APR
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Answer
APR stands for Annual Percentage Rate. It represents the annual rate charged for borrowing or earned through an investment, expressed as a single percentage number. This figure is essential for comparing the cost of loans or the returns on investments.
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