Bankrupt
when a business, or person, is unable to pay her or his debts
Commisson
the percentage of a sales price recieved by a salesperson for her or his services
Credit Bureau
an organisation that keeps on file the credit records of consumers
Creditor
a person who is owned money
Debtor
a person who owes money
Default Notice
a document from a lender stating that a person has failed to carry out the terms of the contract
Dividend
sum payable as profit for shares
Equalities
represent a small slice of the ownership (a share) of a company
Fee
money paid to others for their services
Fixed Expenses
expenses that are the same amount every time
Garnisheed
a certain amount of money can be taken out of the borrower's wages
Guarantor
someone who guarantees to pay back the money if the borrower does not
Impulse Buying
buying something without giving much thought as to whether you really need it
Income
money recieved on a regular basis from work, property, business or welfare payments
Interest
a payment made for the use of money that has been borrowed
Investment
putting money into something in order to make a profit
Net Income
the amount a person has left after income tax in deducted
Overtime
time during which work is done outside regular working hours. Such time is usually paid at higher rates
Premium
the cost of an insurance policy
Profit
what remains after all the business expenses are deducted from the sales revenue
Rent
regular payment made by a tenant to an owner for the use of the owner's building or land
Repossession
to take back goods bought on credit of replayments have not been made
Royalty
a sum paid to authors, musicians. ect. as a percentage of the proceeds from their work
Salary
a fixed amount of money paid on a regular basis (usually fornightly or monthly) to a permanent employee of an organisation
Secured Loan
something deposited as a guarantee to fulfil the payment of a loan
Superannuation
a way of saving money so an employee has some money left in retirement. The employer makes set payments into a superannuation fund, which the employee cannot touch until she or he reaches a certain age.
Unsecured Loan
nothing is deposited as a guarantee to fulfil the payment of the loan
Variable Expenses
expenses that change over time
Wage
money received by the workers, usually on a weekly basis, for services they provide to an emplorer