bankrupt
When a business, or person, is unable to pay her or his debts.
commission
The percentage of a sales price received 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 owed 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.
equities
Stocks and shares held by an individual.
fee
Money paid to others for their services.
garnisheed
A certain amount of money can be taken out of the borrower's wages.
guarantor
Someone who guarantees to pay back the money is the borrower does not.
impulse buying
Buying something without giving much thought as to whether you really need it or not.
income
Money received on a regular basis from work, property, business, investment 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. Individuals, government and business all carry out investment.
net income
The amount a person has left after income tax is deducted.
overtime
Time during which work is done outside regular working hours. Such time is usually paid at higher rates.
portfolio
A range of low-risk and high-risk investments.
premium
The amount of money to be paid to receive insurance cover.
profit
What remains after all business expenses are deducted from 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 if repayments have not been made.
royalty
A sum paid to authors, musicians, and so on, as a percentage of the proceeds from their work.
salary
A fixed amount of money paid on a regular basis (usually fortnightly or monthly) to a permanent employee of an organisation.
savings plan
A commitment to regularly put aside some money for future use.
secured loan
Something deposited as a guarantee to fulfil the payment of a loan.
social welfare payment
A payment made by a government to help people who are deemed in need of financial assistance.
superannuation
A way of saving so an employee has some money in retirement.
unsecured loan
Nothing is deposited as a guarantee to fulfil the payment of the loan.
variable expense
Expenses that change over time.
wage
Money received by workers, usually on a weekly basis, for services they provide to an employer.