Personal Finance Flashcards
Define the term Bankrupt
When a business, or person, is unable to pay his or her debts.
Define the term Commission
The percentage of a sales price received by a salesperson for his or her services.
What is a Credit Bereau
An organisation that keeps on file the credit record of consumers.
What is a creditors?
A person who is owed money to.
What is a debtors?
A person who owes money.
What is a Default Notice?
A document from a lender stating that a person has failed to carry out terms of a contract.
What is a Divident?
A sum payable as profit for shares.
What are equities?
They are stocks and shares held by an indivdual.
What is a fee?
Money paid to others for their services.
What are Fixed Expenses?
Expenses that are the same amount every time.
What does Garnisheed?
A certain amount of money that can be taken of the borrowers wage.
What is a Guarantor?
Someone who guarantees to pay back the money if the borrower does not.
What does Impulse Buying?
Buying something without giving much thought as to whether you really need it.
What is Income?
Money received on a regular basis from work, property, business, investment or welfare payment.
What is an Investment?
Putting money into money in order to make a profit. Individuals, government and businesses all carry out investments.
What is Net Income?
The amount a person has left after income tax is deducted.
What does Overtime mean?
Time during which work is done outside regular working hours. Such time is usually paid at a higher rate.
What is a Portfolio?
A range of low risk and high-risk financial investment.
What is a Premium?
The amount of money to be paid to receive insurance cover.
What is a Profit?
What remains after all business expenses are deducted from sales revenue.
What is Rent?
Regular payments made by a tenant to an owner fit the use of the owner’s building or land.
What is Repossession?
To take back goods bought on credit if repayments have not been paid back.
What is a Royalty?
A sum paid to authors, musicians, and so on as, as a percentage of the proceeds from their work.
What is a Salary?
A fixed amount of money paid on a regular basis (fortnightly or monthly) to a permanent employee of ab organisation.
What is a Savings Plan?
A commitment to regularly put aside some money for future use.
What is a Secured Loan?
Something deposited as a guarantee to fulfill the payment of a loan.
What is a Social Welfare Plan?
A payment made by a government to help people who are deemed in need of financial assistance.
What is Superannuation?
A way of saving so an employee has some money in retirement.
What is an Unsecured Loan?
Nothing is deposited as a guarantee to fulfill the payment of the loan.
What are Variable Expenses?
Expenses that change over time.
What is a wage?
It is money received by workers, usually on a weekly basis, for services they provide to an employer.
