By Karl Gabija Amie Alex and Emma Money and banking By Karl Gabija Amie Alex and Emma

What is money? Money should be.. Money is the name given to the value we place on things Money should be.. Divisible- money should be able to be divided so you can give change. Scarce- so it has value Durable- it has to last more than one use in order for people to save up. Portable- so people can carry it around with ease.

Cheques Cheques are when someone writes a note to tell a shop to take money from your bank account. The person who writes the cheque is a drawer. The person the check is for is the payee The bank that the drawer is with is known as the drawee

Debit card Given to people with bank accounts You get a PIN when you receive it You can use this card to to withdraw money from an ATM Credit Card When you buy something with a credit card it does not come out of your account instantly instead it is payed in a few days With a credit card you are able to buy stuff over the amount of money in your account. The down side to this is that when you pay it back to the bank you have to pay a certain amount of interest.

Banking Banks take in your money and give out loans to other people. When you take out a loan you have to pay interest. When you have money in the bank you earn interest but not that much. Banks make money by giving out loans with high interest and low interest for storing money in the bank.

Current account When you open a current account you receive a check book You can take money out day to day so you can buy items. There is a charge every time you make a transaction.

Deposit account This is a savings account. You cannot take out money day to day and you pay Dirt (Tax) on your savings.

Our video https://m.youtube.com/watch?v=CqD3hnjZBTM

Thanks for listening