Chapter 1: Money
5.0 / 5 based on 2 ratings
- Created by: Alana
- Created on: 29-11-12 09:27
Income
Total money received from a persons wages/salary, interest and dividends.
1 of 52
Borrowing
Getting money from a lender that must be repaid in the future (e.g. a mortgage).
2 of 52
Savings
Putting money aside for later use.
3 of 52
Needs and wants
Needs are essential to our lives but wants are things we could survive without.
4 of 52
Leaving school, college/ university
When a person ceases to be in full-time education and looks for employment.
5 of 52
Gaining employment
Being offered and accepting a paid job.
6 of 52
Promotion
A new higher-paid job role involving greater responsibility and skill.
7 of 52
Debt
The amount still owing from funds borrowed.
8 of 52
Unemployment
When an individual without a job is seeking paid employment or is able to work.
9 of 52
Retirement
When we cease to do paid employment.
10 of 52
Benefits
Regular payments from a government to support people in need.
11 of 52
Tax Credit
A state benefit paid to employees through the tax system, which acts like a negative tax.
12 of 52
Pensions
A benefit paid as of right to those of retirement age who have paid the minimum National Insurance contributions.
13 of 52
Taxes
A fee levied by a government on a product, income activity.
14 of 52
Tax Allowances
Sums deducted from total income before income tax is calculated
15 of 52
Scarcity
Resources are limited compared with our 'needs' and 'wants'.
16 of 52
Choice
Deciding between different options because our resources are limited.
17 of 52
Basic Economic problem
Resources are limited but 'needs' and 'wants' are infinite.
18 of 52
Resources
The land, labour, capital and enterprise used to produce goods and services.
19 of 52
Opportunity Cost
Something given up when we make a choice.
20 of 52
Benefits
The advantages of a particular choice.
21 of 52
Costs
The expenses and drawbacks of a particular choice.
22 of 52
Demand
The quantity of a good or service that consumers are willing and able to purchase at a particular price.
23 of 52
Factors affecting supply
Things that cause suppliers to offer more or less of a good or service at a particular price.
24 of 52
Markets
A market exists whenever buyers and sellers come together.
25 of 52
Competition
The process of trying to beat others (e.g. trying to gain more customers).
26 of 52
Bank/buildings society savings account
An account for which the main objective is to gain interest and keep money safe.
27 of 52
Post Office card account
Savings account offered by the Post Office.
28 of 52
ISA
Individual savings account on which interest is tax free.
29 of 52
Interest Rates
An annual rate which is charged to borrowers or paid to savers.
30 of 52
Annual Equivalent Rate (AER)
A figure quoted in savings advertisements to help people compare one savings product with another.
31 of 52
Reward
The return received for taking risks.
32 of 52
Risk
The chance that something may not succeed and its consequence.
33 of 52
Stock Market
The place where stocks, shares and bonds are traded.
34 of 52
Shares
Certificate representing a unit of ownership in a company.
35 of 52
Unit trusts
A pooled investment fund usually in shares-based investments.
36 of 52
Government Securities
Stocks, bonds and bills of exchange issued by a government to raise the funds.
37 of 52
Borrowing/debt/credit
Getting money from a lender that must be repaid in the futre (e.g. mortgage)
38 of 52
Loan
Amount of money borrowed.
39 of 52
Term of a loan
The length of time over which the loan can be repaid.
40 of 52
Annual Percentage Rate (APR)
The interest rate published on loans to help compare their true costs.
41 of 52
Financial Planning
A process for ensuring that financial goals are met.
42 of 52
Budget
A financial plan of future income and spending.
43 of 52
Financial adviser
A professional offering financial advice.
44 of 52
Debt Management
Taking the help of an expert to solve a debt problem.
45 of 52
Debt Management Plan
A structured repayment plan.
46 of 52
Social, moral or ethical dilemma
A problem with no absolute right or wrong solution.
47 of 52
Ethical Lending Policy
A statement that loans will only be made to businesses that act in a socially responsible manner.
48 of 52
Ethics
The 'rights' and 'wrongs' of an issue.
49 of 52
Supply
The quantity of a good or service that businesses will offer for sale at a particular price.
50 of 52
Factors affecting demand
Things that cause consumers to buy more or less of a product at a given price.
51 of 52
Market Price
The price that buyers and sellers agree on for a particular good or service.
52 of 52
Other cards in this set
Card 2
Front
Getting money from a lender that must be repaid in the future (e.g. a mortgage).
Back
Borrowing
Card 3
Front
Putting money aside for later use.
Back
Card 4
Front
Needs are essential to our lives but wants are things we could survive without.
Back
Card 5
Front
When a person ceases to be in full-time education and looks for employment.
Back
Similar Accounting resources:
0.0 / 5
0.0 / 5
0.0 / 5
0.0 / 5
0.0 / 5
2.0 / 5 based on 3 ratings
0.0 / 5
0.0 / 5
0.0 / 5
0.0 / 5
Comments
No comments have yet been made