I Flashcards
What is Income?
Any money you receive, for example wages, pensions or benefits.
What is Income tax?
Income tax is an amount you have to pay on everything you earn and any pensions or investments you’ve got.
What is Inflation?
The rate at which prices for goods and services rise over time.
What is Inheritance tax?
The amount your beneficiaries have to pay when you die. The amount they have to pay depends on the amount of assets you leave at the time of your death.
What is Insolvent?
A person or a company is insolvent when they can’t afford to repay their debts in a reasonable amount of time, and any assets they own are worth less than the amount of money they owe.
What is Insolvency?
A legal process to get your debts written off. Insolvency solutions include bankruptcy, protected trust deeds and debt relief orders.
What is Interest?
Apercentage charge for borrowing money, or reward for saving money.
What is an Interest Rate?
An interest rate is an amount of moneyadded to credit, such as a loan, or paid on a credit balance, such as savings. It is normally shown as a percentage over a year, for example 17.5%.
What is an Introductory Rate?
The initial low interest rate charged on credit. The rate increases after the specified introductory period is over. The introductory rate is often a way to attract new customers.
