Using tools to manage money Unit 2 Topic 7 #valleyifs @ Kahoot

Using tools to manage money No. Question A B C Ans 1 It is now easy to select a bank and to switch from one bank to another. True False 2 Standing orders provide a flexible way to pay regular bills or make regular payments. 3 Customers with what type of bank account will usually receive a online statement each month? An internet account A branch based account A telephone account 4 A debit card that has the contactless payment symbol on it can be used to make contactless payments of up to: £10 £20 £30 5 How many days does it take to clear a cheque? 1 day 3 days 5 days 7 What seven things must a cheque have to be valid? [7] 8 What is CHAPS? [3]

Answers No. Question A B C 1 It is now easy to select a bank and to switch from one bank to another. True False 2 Standing orders provide a flexible way to pay regular bills or make regular payments. 3 Customers with what type of bank account will usually receive a online statement each month? An internet account A branch based account A telephone account 4 A debit card that has the contactless payment symbol on it can be used to make contactless payments of up to: £10 £20 £30 5 How many days does it take to clear a cheque? 1 day 3 days 5 days 7 What seven things must a cheque have to be valid? [7] Marks awarded for the points stated below the date of the cheque [1] the account number [1] sort code [1] the account holder’s name [1] the amount of money to be paid [1] the name of the payee [1] the drawer’s signature [1] 8 What is CHAPS? [3] the electronic Clearing House Automated Payment System [1] which is used for very high-value payments [1] and payments between large companies [1] Answers

Task Go to the IFS website and take a look at the topic test for topic 7 to further revision the main points. Make revision materials. 10 minutes

Key Terms for Topic 7 CLICK FOR TIMER Bacs Channel Chip and PIN Clearing Current Account Drawer Faster Payments Payee On your whiteboards or books, write down a definitions for these key terms. EXT: Can you give examples of each? 5 minutes CLICK FOR TIMER

Answers Faster Payments – a way to make electronic payments to another bank account. Clearing – the process by which a cheque or card payment goes through the banking system. Bacs – a payment clearing scheme that allows electronic payments to be made between bank accounts. Channel – in relation to banking, a channel is just a way of accessing the bank’s services. Current account – a bank account used for convenient access to funds, with payments often (and easily) coming in and going out. Payee – the person who will receive the money. Chip and PIN – the UK smart-card payment system for debit and credit cards, which uses a computer chip within the card itself, and a personal identification number (PIN) chosen by the customer. Drawer – the person writing a cheque – the technical term for taking money from one’s own account is ‘drawing’ money out

GCSE IFS Finance – Unit 2 Topic 7 Search for #valleyifs GCSE IFS Finance – Unit 2 Topic 7