1. Using tools to manage money
Unit 2 Topic 7
Kahoot

2. 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]

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

4. 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

5. 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

6. 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

7. GCSE IFS Finance – Unit 2 Topic 7
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GCSE IFS Finance – Unit 2 Topic 7