Subjects

Accounting

Personal Finance

Cool Things Money Does and How You Can Use It

Name: Knowunity
Brand: Knowunity

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Cool Things Money Does and How You Can Use It

Elise Banjo

@elisebanjo_ddoz

0 Follower

Money serves as a crucial medium of exchange in modern economies, facilitating transactions and storing value. The content covers Functions and features of money in economic exchange, Personal life cycle and financial milestones, and Different methods of making payments and their benefits.

• Money evolved from barter systems to solve the double coincidence of wants problem
• Key features include portability, durability, and universal acceptance
• Life cycles impact financial decisions from early education through retirement
• Modern payment methods range from traditional cash to digital solutions
• Banking services have evolved to accommodate various transaction needs

3/22/2023

topic 1 Purpose of money
Bastening is someone exchanging the goods or
Services they prodies with someone else who has
goods and Services to

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Life Cycle and Financial Planning

Understanding personal life cycles is crucial for financial planning, with different stages presenting unique financial challenges and opportunities. The timeline spans from early childhood through retirement, with various milestones affecting financial decisions.

Vocabulary: Life expectancy - the average number of years a person is expected to live (currently 83 for females, 79 for males).

Highlight: External factors such as pandemics, recessions, and demographic changes can significantly impact financial planning.

Example: Career development typically occurs between ages 20-60, affecting income patterns and investment choices.

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Payment Methods and Banking

Modern banking offers diverse payment methods to suit different needs and preferences. Each payment method has distinct advantages and considerations for users.

Definition: Standing Orders are regular, fixed payments set up by the account holder, while Direct Debits are variable payments authorized by the account holder but controlled by the receiving organization.

Highlight: Digital payment methods like online banking and contactless cards have revolutionized transaction convenience.

Example: A contactless card payment limit of £30 provides convenience while maintaining security.

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Banking Services and Account Types

Banking services have evolved to offer various account types catering to different customer needs. Current accounts serve as the foundation for day-to-day banking activities.

Vocabulary: APR (Annual Percentage Rate) - the yearly interest rate charged on overdrafts and credit products.

Highlight: Modern banking includes branch, internet, and telephone banking options for customer convenience.

Example: Student accounts often come with special features like interest-free overdrafts to support educational expenses.

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Purpose of Money

The fundamental purpose of money emerged from the limitations of bartering, providing a standardized medium of exchange. Money serves multiple functions in modern economies through various forms including coins, notes, and electronic balances.

Definition: Bartering is the direct exchange of goods and services without using money as an intermediary.

Highlight: Money must possess specific features to function effectively: acceptability, portability, homogeneity, durability, and scarcity.

Example: A $20 bill serves as a store of value, medium of exchange, and measure of value all at once.

Can't find what you're looking for? Explore other subjects.

Knowunity is the # 1 ranked education app in five European countries

Knowunity was a featured story by Apple and has consistently topped the app store charts within the education category in Germany, Italy, Poland, Switzerland and United Kingdom. Join Knowunity today and help millions of students around the world.

Download in

Google Play

Download in

App Store

Knowunity is the # 1 ranked education app in five European countries

4.9+

Average App Rating

15 M

Students use Knowunity

#1

In Education App Charts in 12 Countries

950 K+

Students uploaded study notes

Still not sure? Look at what your fellow peers are saying...

iOS User

I love this app so much [...] I recommend Knowunity to everyone!!! I went from a C to an A with it :D

Stefan S, iOS User

The application is very simple and well designed. So far I have found what I was looking for :D

SuSSan, iOS User

Love this App ❤️, I use it basically all the time whenever I'm studying

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Subjects

Accounting

Personal Finance

Cool Things Money Does and How You Can Use It

Elise Banjo

@elisebanjo_ddoz

0 Follower

3/22/2023

12/13

Accounting

Life Cycle and Financial Planning

Vocabulary: Life expectancy - the average number of years a person is expected to live (currently 83 for females, 79 for males).

Highlight: External factors such as pandemics, recessions, and demographic changes can significantly impact financial planning.

Example: Career development typically occurs between ages 20-60, affecting income patterns and investment choices.

Payment Methods and Banking

Modern banking offers diverse payment methods to suit different needs and preferences. Each payment method has distinct advantages and considerations for users.

Definition: Standing Orders are regular, fixed payments set up by the account holder, while Direct Debits are variable payments authorized by the account holder but controlled by the receiving organization.

Highlight: Digital payment methods like online banking and contactless cards have revolutionized transaction convenience.

Example: A contactless card payment limit of £30 provides convenience while maintaining security.

Banking Services and Account Types

Banking services have evolved to offer various account types catering to different customer needs. Current accounts serve as the foundation for day-to-day banking activities.

Vocabulary: APR (Annual Percentage Rate) - the yearly interest rate charged on overdrafts and credit products.

Highlight: Modern banking includes branch, internet, and telephone banking options for customer convenience.

Example: Student accounts often come with special features like interest-free overdrafts to support educational expenses.

Purpose of Money

Definition: Bartering is the direct exchange of goods and services without using money as an intermediary.

Highlight: Money must possess specific features to function effectively: acceptability, portability, homogeneity, durability, and scarcity.

Example: A $20 bill serves as a store of value, medium of exchange, and measure of value all at once.

Can't find what you're looking for? Explore other subjects.

Knowunity is the # 1 ranked education app in five European countries

Knowunity was a featured story by Apple and has consistently topped the app store charts within the education category in Germany, Italy, Poland, Switzerland and United Kingdom. Join Knowunity today and help millions of students around the world.

Download in

Google Play

Download in

App Store

4.9+

Average App Rating

15 M

Students use Knowunity

#1

In Education App Charts in 12 Countries

950 K+

Students uploaded study notes

Still not sure? Look at what your fellow peers are saying...

iOS User

I love this app so much [...] I recommend Knowunity to everyone!!! I went from a C to an A with it :D

Stefan S, iOS User

The application is very simple and well designed. So far I have found what I was looking for :D

SuSSan, iOS User

Cool Things Money Does and How You Can Use It

Life Cycle and Financial Planning

Payment Methods and Banking

Banking Services and Account Types

Purpose of Money

Similar Content

Can't find what you're looking for? Explore other subjects.

Knowunity is the # 1 ranked education app in five European countries

Knowunity was a featured story by Apple and has consistently topped the app store charts within the education category in Germany, Italy, Poland, Switzerland and United Kingdom. Join Knowunity today and help millions of students around the world.

4.9+

15 M

#1

950 K+

Still not sure? Look at what your fellow peers are saying...

I love this app so much [...] I recommend Knowunity to everyone!!! I went from a C to an A with it :D

The application is very simple and well designed. So far I have found what I was looking for :D

Love this App ❤️, I use it basically all the time whenever I'm studying

Cool Things Money Does and How You Can Use It

Life Cycle and Financial Planning

Payment Methods and Banking

Banking Services and Account Types

Purpose of Money

Similar Content

Can't find what you're looking for? Explore other subjects.

Knowunity is the # 1 ranked education app in five European countries

Knowunity was a featured story by Apple and has consistently topped the app store charts within the education category in Germany, Italy, Poland, Switzerland and United Kingdom. Join Knowunity today and help millions of students around the world.

4.9+

15 M

#1

950 K+

Still not sure? Look at what your fellow peers are saying...

I love this app so much [...] I recommend Knowunity to everyone!!! I went from a C to an A with it :D

The application is very simple and well designed. So far I have found what I was looking for :D

Love this App ❤️, I use it basically all the time whenever I'm studying