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Unit 1: Topic 3: What is money?

Teacher: Mrs Rennie Student: ...................

LIBF Unit 1: Topic 3: What is money?

1Barter  _____ 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.
2Cashless society  _____ the exchange of goods and services for payment of other goods and services without using money.
3Counterfeiting  _____ a regular sum of money that you instruct the bank to make out of your bank account to a company or person.
4Credit  _____ a small plastic card that allows someone to withdraw money that they already have available in an account.
5Credit card  _____ move money from one account to another.
6Debit  _____ money received from the government or a pension provider after retirement.
7Debit card  _____ a social system in which no cash is used to pay for goods and services.
8Denomination  _____ the value of money, eg a coin or a banknote.
9Direct debit  _____ producing an imitation (fake) of a ‘real’ product, with the intention of gaining (usually financially) from people not knowing the difference.
10Income  _____ 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.
11Investment  _____ 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 completed.
12Mint  _____ a small plastic card that allows the owner to use credit.
13Money  _____ where coins are made (the Royal Mint produces coins for the UK and more than 60 other countries).
14Pension  _____ a regular fixed payment for work carried out, usually paid monthly and expressed in terms of an annual amount.
15Salary  _____ a medium of exchange in a commonly recognised form, which will be accepted for payment of goods and services.
16Standing order  _____ something that you buy because it is likely to make you money in the future (eg if a property increases in value, you can sell it for more than the amount for which you bought it and so make a profit).
17Transfer  _____ withdrawing money from your own account, from money that you already have; not using more money than you have.
18Wage  _____ all of the money that you receive, including through work, investments and state benefits.

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