Saving and Investing (Junior Cert Business Studies): Flashcards
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13 cards from this deck
Definition of saving
Definition of saving
Setting aside income in accounts with easy access
Definition of investing
Definition of investing
Long-term commitment, higher risk, less accessible
3 Irish institutions offering savings
3 Irish institutions offering savings
Commercial banks, credit unions, An Post
Demand deposit account feature
Demand deposit account feature
Immediate access, lower interest rates
Fixed-term deposit account feature
Fixed-term deposit account feature
Money locked for period, higher interest
Notice deposit account feature
Notice deposit account feature
Advance warning needed, better interest than demand
Credit union share account benefit
Credit union share account benefit
Share of annual profits via dividends
Definition of dividend
Definition of dividend
Share of profits paid to credit union members
An Post savings tax advantage
An Post savings tax advantage
Tax-free interest
What AER stands for
What AER stands for
Annual Equivalent Rate
What DIRT stands for
What DIRT stands for
Deposit Interest Retention Tax
Simple interest calculation basis
Simple interest calculation basis
Original deposit amount
Compound interest calculation basis
Compound interest calculation basis
Total balance including previous interest