CeFs - Unit 1 Topic 9

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  • Created on: 16-03-14 17:49
Things or experiences that people would like to have in the future, for example owning a home instead of renting, having a luxury holiday or buying a sports car.
Aspirations
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Automated Teller Machine, also known as a cash machine.
ATM
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Income minus expenses.
Balance
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A plan of expected incomings and outgoings over a set time period such as a month. The term is also given to the government's annual spending plan which the Chancellor sets out in the house of commons in March each year.
Budget
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Total income minus total expenditure: a person's financial situation.
Budget Balance
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A situation in which outgoings exceed income.
Budget Deficit
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A sum of money available once all essential expenditure in a given period such as a month has been made.
Budget Surplus
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A plan of expected incomings and outgoings over several time periods such as three months.
Cash Flow Forecast
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The British Cabinet minister responsible for financial and economic matters and in charge of the treasury
Chancellor of the Exchequer
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One of the means the government used to measure inflation. It is calculated by checking the price of a representative sample of goods on a monthly basis - this enables statisticians to measure how much prices are rising and falling.
Consumer Prices Index (CPI)
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A record of money borrowed and repaid by an individual. These records are held by credit reference agencies and providers will check this when a prospective customer applies for a borrowing product
Credit History
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Bank or building society accounts where people can store their money in the form of electronic balances and withdraw it to make payments.
Current Account
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Voluntary spending on products and services that people want now, and savings towards items the aspire to buy in the future.
Discretionary Expenditure
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A payment of profits made to shareholders often at twice yearly intervals, either in cash or (depending on the plan) as further shares or reacquisition of shares.
Dividend
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the tax paid on certain items such as fuel, cigarettes and alcohol.
Duty
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Spending on items required to live e.g. rent or mortgage repayments, food and drink, water supplier, gas and electricity.
Essential Expenditure
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Earnings, savings and interest payments received within a certain time frame.
Income
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Tax paid on earnings from employment, self-employment and interest on savings.
Income Tax
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A rise in prices which means that the purchasing power of money falls.
Inflation
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Products that give financial protection against certain events. For example, someone who has travel insurance might be able to claim back the cost of their holiday of they have to cancel through illness.
Insurance
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Money paid into financial products; the aim is that the value of the product will grow over time so the person will eventually receive back more money than paid in. This is a way of saving money over the medium or long term.
Investments
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Compulsory outgoings; they do not necessarily apply to everyone but if they do they must be paid.
Mandatory Expenditure
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A loan taken out to pay for a property, usually over a long term such as 25 years.
Mortgage
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Money deducted from the pay of people who are employed or self-employed and used by the government to fund state pensions or benefits.
National Insurance Contributions
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The things that people require to survive, such as food, basic clothing and a place to live.
Needs
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the independent organisation that produces statistics on many aspects of life in the UK such as employment, health, how long people live in different ares of the country, housing etc.
Office for National Statistics
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An income that people receive after retiring from work. In the UK people receive this from the state; some people also receive these payments from schemes ran by their former employers or arrangements that they have made for themselves.
Pension
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A lottery bond, issued by the NS&I, entered into a monthly prized draw with tax-free 'premiums'. They must be held for a full calendar month after the month of which the bond was purchased and retain an equal chance of winning until cashed in.
Premium Bond
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A value adjusted to account for changes in prices. For example, although someone may receive a nominal pay increase of 5%, if inflation is 3% the pay increase is approximately 2%.
Real Terms
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One of the ways the government measures inflation. It is calculated by checking the price of representative sample of goods on a monthly basis but unlike CPI, it also takes into account mortgage repayments and other costs associated with ownership.
Retail Prices Index (RPI)
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Earning an income by selling your goods or services directly to a consumer, rather than being employed by someone else and being paid a salary.
Self-employment
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Buying or selling something.
Transaction
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An essential public service such as electricity, gas, water and sewerage.
Utilities
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Things that people would like to have but can survive without, such as entertainment, fashionable clothes, etc.
Wants
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Other cards in this set

Card 2

Front

Automated Teller Machine, also known as a cash machine.

Back

ATM

Card 3

Front

Income minus expenses.

Back

Preview of the front of card 3

Card 4

Front

A plan of expected incomings and outgoings over a set time period such as a month. The term is also given to the government's annual spending plan which the Chancellor sets out in the house of commons in March each year.

Back

Preview of the front of card 4

Card 5

Front

Total income minus total expenditure: a person's financial situation.

Back

Preview of the front of card 5
View more cards

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