Quiz: do you know your money jargon?

I’ve had a blind go at this:b,b,b,b,c,c,c,b,c,b.
However, if you don’t understand something then look it up or ask. No point in guessing if it is important.

I think 10 is “C”, as she might have paid cash for the items!

Mine was as below and done without research before I posted.
a,a,c,b,c,c,b*,c*,c,c

As for 10. there is nothing to say that she did not use cash, a cheque, or a credit card, which she clears monthly by DD from her current account. Paying by credit card makes the most sense for the computer. Cash for the food due to speed of transaction.

Those with the asterisk are really big guesses.

Here’s my stab at the quiz : a., b., c., b., c., c., a., b., c., c.. Some are guesses. I am expecting to invoke the Eric Morecambe defence.

If there are any bits of jargon that none of us get right, I suggest the relevant regulator bans that term from all marketing and customer correspondence.

I can understand why it is mandatory for the advertising of certain financial products to carry explanations, or warnings, or illustrations of potential outcomes. However, the financial services sector seems to be allowed to meet these obligations in a very unsatisfactory manner, almost to the point of denial in some cases. While advertisements in print media may include the necessary text, it is usually printed in a deliberately hard-to-read form with minimsed, compressed or feint lettering and with unfamiliar abbreviations. At least one can study the printed document, with a magnifying glass if necessary, and take time to decipher it. With adverts appearing on television, the companies seem irked that they have to include essential customer information on the screen at all [I suppose it spoils the aspirational images they have created at great expense]; with a 20 second commercial the text is usually on-screen for too short a time to read, is in white on a pale background, and is in a compressed typeface containing strange words and abbreviations. I find it surprising that the regulators consider these techniques to be acceptable, and I question whether we should trust the companies that do it. Even the banks that claim to give us “Xtra”, or want to showcase their “helpful banking”, or are “there for the journey”, have had a communication by-pass when it comes to clear presentation.

I still don’t know what “7% representative” means when I hear it in radio adverts.

I finally got round to answering this quiz…. Here’s my answers: B, B, B, B, A, C, C, C, A, C (some guessed, of course…).

I am unable to take part in the quiz as I have already done so in the Which? Magazine so you will have to take my word for it that there were just a couple of jargons I was not familiar with. Question 10 took quite a while to fathom and I eventually came up with the following explanation. However, I stand corrected if wrong.

As Catherine already had a £500 formal interest free and fee free overdraft arrangement she could quite happily go ahead with her laptop purchase without incurring penalty. However, her daily overdraft usage fee of £5 per day paid in on Monday Tuesday and Wednesday amounted to £15 but as she already had a fee free overdraft arrangement this amount would be held in her account and tide her over until Thursday. Her £10 Account Buffer to prevent unauthorised overdraft would however be held back by the bank leaving her £5 in credit to spend on lunch. The £3000 credited to her account on Thursday would amply cover the agreed £500 overdraft so her bank would not charge her anything.

Quite a savvy lady I would say and probably a bank employee, but not something I could embark upon being of a more cautious nature. It is hoped her bank does not deduct two monthly DD payments, one at the beginning and another at the end of the same month as my bank has been known to do on occasion as the £10 Account Buffer would be far from adequate for someone of Catherine’s buy now pay later spending habits I would think.