MilbaDjunga Smart money- How Can I Start My Business?

Glossary

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Accounts

An arrangement or facility at a bank or building society etc. for commercial or personal financial transactions especially for depositing and withdrawing money.

   

ATMs (Automatic Teller Machines)

Provide access to services at all hours e.g. to withdraw and deposit money. Most types of cards can be activated for use in ATMs.

   

Balances

An agreement between or the difference between credits and debits in an account.

Bank balance

The amount of money held in a bank account at a given moment.

   

Banking folio

A range of accounts/investments held by a person.

   

Budgets

Similar estimate of revenue or income and expenditure made by a company, family, private individual.

   

Credit cards e.g. Bankcard, Visa, MasterCard

Allows you to borrow from a credit card company to make purchases, pay bills or get cash advance. If you can't repay the amount you borrow within the set period you will be charged a high rate of interest and it becomes easy to lose control.

   

Debit cards

Allow you to make payments straight from your account. Some debit cards allow you to go into debit if you don't have enough in your account – but then you have to pay interest.

   

Debits

An entry in an account recording a sum of money owed.

EFTOPS (Electronic Funds Transfer at Point Of Sale)

Funds are moved directly from your account to a retailer to pay for your shopping or withdraw cash.

   

Elders

Custodians of knowledge. They are chosen and accepted by their communities and are highly respected.

   

Expenses

Costs incurred, payment of money.

   

Financial records

A record of transactions made or money held.

   

Hamper sandwiches

Hamper refers to tinned meat such as Spam, used to make the sandwiches. Tinned food was included in a food parcel or ‘hamper’ provided to families.

 

Income

The money or other assets received from work or other investments.

 

Incoming and outgoing

Money coming in and out of accounts.

   

Interest rates

Money paid for the use of money borrowed.

   

Loans

Something especially a sum of money to be returned normally with interest.

 

Savings (account)

Money saved/a deposited amount of money.

   

Smart Cards

Contains a microchip which “knows” how much money you have put into it. Each time you use it the amount you spend is taken from the card. Useful for low value transactions like making a phone call.

   

Statements

A record of a transaction in a bank account.

 

Transactions

The management of moneys between accounts e.g. withdrawal or deposits.

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