(as of Jun 01,2022 11:17:58 UTC – Details)
From the Publisher
Characteristics of Money
Money is not money unless it has all of the following defining characteristics: Money must have value, be durable, portable, uniform, divisible, in limited supply, and be usable as a means of exchange.
Attracting New Customers
It is cheaper and easier for banks to sell products to existing customers—a practice known as cross-selling—since they know more about those customers’ individual financial circumstances.
Wealth is the value of assets already owned by a household or an individual. It can be savings alone if these are sufficient, or it can be amassed from savings, investments, and inheritance.
Earning Passive Income
Money is received in exchange for little ongoing effort. It is earned from investments, which require some work to set up but then need less attention. The term can also be used to refer to money-making activities undertaken on the side.
Earning Income from Savings
Putting money into savings accounts and fixed-term deposits is low-risk, making them safer options for wary investors. But investors also need to consider if their money is likely to ‘earn’ enough income to live on.
Fund managers and financial advisers often provide risk-profile questionnaires to individual investors to help them determine which investments best suit them. The questionnaires examine an investor’s tolerance to risk, time frame, objectives, and investment knowledge.
A credit card account allows an individual to make purchases on credit up to an agreed maximum limit. Users can spend as much as they want up to that limit without being charged—as long as they pay off the balance (accrued debt) in full by an agreed date each month.