Mnemonics: Money and Credit
Terms of Credit
What needs to be memorized: Interest Rate, Collateral, Documentation, Mode of Repayment
The Desi Mnemonic: "I Can't Do Maths" 😰
🔗 The Breakdown:
- I → Interest Rate
- Can't → Collateral
- Do → Documentation
- Maths → Mode of Repayment
💡 Remember: Every student has said "I can't do maths" at least once during board exam prep! Now this phrase will remind you of all four terms of credit that lenders consider before giving a loan.
Informal Sources of Credit
What needs to be memorized: Moneylenders, Traders, Employers, Relatives and Friends
The Desi Mnemonic: "My Tuition Exams Ruined" 😢
🔗 The Breakdown:
- My → Moneylenders
- Tuition → Traders
- Exams → Employers
- Ruined → Relatives and Friends
💡 Remember: Just like tuition exams can stress you out, informal credit sources can be risky! This emotional phrase helps you remember all four informal sources that people turn to when banks aren't available.
Functions of Money
What needs to be memorized: Medium of Exchange, Measure of Value, Store of Value, Standard of Deferred Payment
The Desi Mnemonic: "Mummy Makes Samosa Sunday" 🥟
🔗 The Breakdown:
- Mummy → Medium of Exchange
- Makes → Measure of Value
- Samosa → Store of Value
- Sunday → Standard of Deferred Payment
💡 Remember: Think of those special Sunday evenings when mummy makes samosas at home! This warm, tasty memory will help you recall all four functions of money in economics.
Benefits of Self Help Groups (SHGs)
What needs to be memorized: Savings & Credit facility, No Collateral required, Low Interest rates, Women Empowerment
The Desi Mnemonic: "Sachin Ne Laga Wicket" 🏏
🔗 The Breakdown:
- Sachin → Savings & Credit
- Ne → No Collateral
- Laga → Low Interest
- Wicket → Women Empowerment
💡 Remember: Just like Sachin Tendulkar hit boundaries to empower Team India, SHGs empower women financially! This cricket phrase captures all the key benefits of Self Help Groups.
