Topic 3 and 4 Key Terms CeFE

What is an informal economy?

• Those jobs and payments received that are not formally registered as ‘working’, and so are difficult to quantify.

• Where everyone wears jeans.

• The impact of one financial decision on another, which in turn has an impact on someone or something else, and so on.

• Payments that the government makes to someone who is entitled to receive it (eg Jobseeker’s Allowance or State Pension).

What is bartering?

• Producing an imitation (fake) of a ‘real’ product, with the intention of gaining (usually financially) from people not knowing the difference.

• An arrangement made with the bank to allow a company to take money directly from your bank account, in payment for goods or services; often used to pay bills.

• The ability to buy goods and services before you are able to pay for them, by using money borrowed from the bank; using more money than you currently have.

• The exchange of goods and services for payment of other goods and services without using money

What is a direct debit?

• Producing an imitation (fake) of a ‘real’ product, with the intention of gaining (usually financially) from people not knowing the difference.

• An arrangement made with the bank to allow a company to take money directly from your bank account, in payment for goods or services; often used to pay bills.

• The ability to buy goods and services before you are able to pay for them, by using money borrowed from the bank; using more money than you currently have.

• The exchange of goods and services for payment of other goods and services without using money

What is credit?

• Producing an imitation (fake) of a ‘real’ product, with the intention of gaining (usually financially) from people not knowing the difference.

• An arrangement made with the bank to allow a company to take money directly from your bank account, in payment for goods or services; often used to pay bills.

• The ability to buy goods and services before you are able to pay for them, by using money borrowed from the bank; using more money than you currently have.

• The exchange of goods and services for payment of other goods and services without using money.

What is counterfeiting?

• Producing an imitation (fake) of a ‘real’ product, with the intention of gaining (usually financially) from people not knowing the difference.

• An arrangement made with the bank to allow a company to take money directly from your bank account, in payment for goods or services; often used to pay bills.

• The ability to buy goods and services before you are able to pay for them, by using money borrowed from the bank; using more money than you currently have.

• The exchange of goods and services for payment of other goods and services without using money.

What is meant by the word denomination?

• A social system in which no cash is used to pay for goods and services.

• A small plastic card that allows the owner to use credit.

• The value of money, eg a coin or a banknote

• All of the money that you receive, including through work, investments and state benefits.

What is a cashless society?

• A social system in which no cash is used to pay for goods and services.

• A small plastic card that allows the owner to use credit.

• The value of money, eg a coin or a banknote

• All of the money that you receive, including through work, investments and state benefits.

What is income?

• A social system in which no cash is used to pay for goods and services.

• A small plastic card that allows the owner to use credit.

• The value of money, eg a coin or a banknote

• All of the money that you receive, including through work, investments and state benefits.

What is a credit card?

• A social system in which no cash is used to pay for goods and services.

• A small plastic card that allows the owner to use credit.

• The value of money, eg a coin or a banknote

• All of the money that you receive, including through work, investments and state benefits.

What are wages?

• Where coins are made.

• Where notes are made.

• A medium of exchange in a commonly recognised form, which will be accepted for payment of goods and services.

• A regular fixed payment for work carried out, usually paid monthly and expressed in terms of an annual amount.

• A sum of money paid for work carried out, usually paid weekly or monthly at an hourly or daily rate, or paid as a fixed, agreed amount per task complete.