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A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z Accountant: A person who records, summarizes, analyzes, and reports business and financial
transactions. Institute of Chartered Accountants
of Alberta Accounting: The process of classifying and recording transactions of an individual or organization, in terms of money or some other unit of measurement. Amortization Table: A table showing a systematic repayment of a loan and the breakdown of each
payment into the interest and principal.
Annuity: A series of equal payments made at equal time intervals. Appreciation: An increase in value over cost or book value often resulting from external influences. Assessed Value:(To Mini Lesson) This the value for taxation purposes placed on the property to be taxed. It is usually a percent of the fair market value of the property. Assets: Anything that a person or firm owns that is likely to produce future economic benefits. Average: A number found by adding two or more quantities together, then dividing the sum by the number of quantities. Balance: The excess of debits or credits in an account. Bank Statement: A periodic statement from a bank showing deposits, withdrawals, debit
transactions, and other information concerning a customers account.
Bar Graph: A graph that uses bars to compare similar data. Best Buy: A financial comparison of two or more items to determine which will provide the greatest financial benefit. Blended Payments: Equal periodic payments that include payment of interest and repayment of principal, usually paid by individuals to financial institutions. Bond: Type of investment in which a person loans money to a company or a government agency that will repay the amount of the loan with interest. Budget:(To Mini Lesson) A financial tool to help keep your income and expenses in balance. Budgets provide control over future operations and activities of either a person or a company. Interactive Student Budget Canada Pension Plan:(To Mini Lesson) A tax that
every working person between the ages of 18 and 70 is required to pay, that can be
collected when retirement is reached, or a
disability occurs. http://www.hrdc-drch.gc.ca/isp/common/home.shtml
Cash: Legal tender often in the form of coins, bank notes, money orders, or cheques. Chart: A sheet that shows information in the form of a list, diagram, table or a graph. Cheque: A bill of exchange drawn on a bank, payable on demand. Circle Graph: See PIE GRAPH Collateral: Property charged or pledged as security for someone borrowing money, or the repayment of a debt. Commission:(To Mini Lesson) A percentage of the money taken in on sales given as pay to a sales clerk or agent. This is usually in addition to the person's salary or wage. Compound Interest:(To Mini Lesson) Interest computed on the principal and the interest accumulated from the previous periods. Consumer:
Any person who buys or rents goods and services offered to the public.
Contract: An agreement pertaining to a given objective entered into by two or more persons that embodies their respective legal rights and obligations. Cost: An amount of money paid or charged for something. Cost Analysis: The evaluation of the profits, income, output or other benefits from a project or service against the cost of obtaining them. Coupon: A ticket that can be exchanged for a discount on the price of something. Credit: The ability to buy or borrow because of a promise made to pay at a later date. Currency: Something that is used as a medium for exchange. It is also known as money. Dated Value: The value of a sum of money at a specific time relative to its due date, including interest. Debt: A sum of money owed o one person (the
debtor) to another (the creditor).
Deductions:(To Mini Lesson) Money withheld from a person's pay for taxes, insurance, pension funds and so on; also, the amount a person may subtract from their gross income when computing income tax. Deficit: The amount by which the expenses exceed income. Deposit: Money given to a bank to open or to add to an account; also, an amount paid when a person places an order to buy an item. Depreciation: Decrease in value of a piece of property because of the age and wear on the item that can not be prevented by maintenance. Discount: Amount deducted from the list price to obtain a sale price; a percent of the list price. Down Payment: An amount paid at the time of a purchase to reduce the amount of a loan needed
to buy an item. also called a deposit.
Economical: The most cost effective way of doing something Employment Insurance:(To Mini Lesson) Money deducted from a persons wage by the employer and paid to the government. Funds may be claimed when a person is out of work if he/she has been employed for a minimum number of weeks and is available for, and looking for, work. http://www.hrdc-drhc.gc.ca/ei/common/home.shtm Entire Cost: See TOTAL COST Equation of Value: The equation obtained when matching the dated values of the original payments at an agreed focal date to the dated values of the replacement payments at the same focal date. Estimate: A rough calculation on the size or cost of something. Exact Time: The period in days between two calendar dates.
Exchange Rate:(To Mini Lesson) The amount of the difference in value between two or more currencies, or between the values of the same currency at two or more places. http://www.rubicon.com/passport.html Expense: Money spent to buy or do something--a reason for spending money. Fair Market Value: This is how much property is worth, taking into consideration age and the value of when it was first built that is agreed upon between fully-informed and knowledgeable parties. Finance: To raise or provide funds or capital in order to achieve a desired end. Finance Charge: Amount charged for buying an item on credit or on an installment plan. It us used to cover the cost of interest, and the service charges on an account. Financial Statement: A formal accounting statement for such things as a balance sheet, statements of financial earnings, income statement, statement of operations, statement of retained earnings, or any other related notes. Financing:
Purchasing goods or services through installment buying.
Focal Date: A specific time chosen to compare the time value of one or more dated sums of money. Future Value of a Sum of Money:(To Mini Lesson) The value at a specific future date of a payment or series of payments compounded at an appropriate interest rate. Graduated Commission:(To Mini Lesson) When the rate of commission increases as the sales increase. Gratuities: An addition to a persons hourly wage left directly by a customer usually in the form of a tip. Gross Pay: Income before any deductions are made. GST: Goods and services tax. The 7% tax applied to every good or service received in Canada. Guaranteed Investment Certificate (GIC): A certificate
showing that a stated amount has been deposited at a financial institution for a specific
period of time, usually one to five years at a specific interest rate. These deposits
cannot normally be removed before maturity. Current GIC
Rates
Honorarium: Voluntary payment for services rendered without normal pay. Hourly Rate: Dollar amount paid for each hour worked, or fraction thereof. Human Resources: The part of a company that oversees all the employees working, and financial considerations. http://www.hrdc-drhc.gc.ca Income: The excess of revenue over expenses for a period of time usually referred to as the net income. Income Tax:(To Mini Lesson) Federal and Provincial taxes on the person or company based on their income as provided by the income tax law. http://www.rc.gc.ca Installment: Any of several equal payments that are used to pay for an item Interest: Payment for the use
of money; usually a percent of the amount invested, loaned, or borrowed. Current
rates.
Interest Period: The time period for which interest is charged. Investment: Expenditure of money for something that is expected to produce a future profit. Investing Sites Invoice: A document prepared by the seller setting out the details of goods sold or services rendered to the purchaser including quantity, price, terms if payment etc. Labour: The cost of services of employees performing physical or mechanical tasks, usually paid as wages rather than salaries. Leap Year: A year with an extra day in February. Leasing: A written agreement for renting something of value such as an building, or vehicle for a specific period of time. Legal Tender: Another word for money. It must be in the
currency used by the country that you are visiting in order for the money to be used to by
things.
Line Graph: A graph in which all the points are connected by a line. Usually used to show trends as they rise and fall List Price: See RETAIL PRICE Loan: Amount of money that is borrowed for a certain period of time and upon which interest is usually paid. Loan Information Mathematical Tools: Various resources used to enhance a student's learning of mathematics through such things as technology, and manipulatives. Maturity Value:(To Mini Lesson) Future value of a sum of money. Mill Rate:(To Mini Lesson) This is a
tax rate that the government will set. This is
determined locally.
Minimum Payment: Least amount that can be paid on a bill for a credit-card or other expenses. Minimum Wage: The lowest legal amount or hourly pay set by the provincial and federal governments. Mortgages: A long term loan made to a creditor as security for the payment of the debt that most people receive when purchasing a piece of property. Bank of Montreal mortgages, Royal Bank Mortgages, Current rates. Mutual Fund: Investment company that sells shares and combines the investors' money in order to buy a large variety of stocks and bonds which can be redeemed at their net asset value on short notice. Related information Net Pay (take home pay): Amount of
money an employee receives after all deductions
have been subtracted from gross pay; sometimes called take-home pay.
Overdraw (overdraft): Written cheques, or credit cards expenditures in excess of the balance on funds deposited in an account. Overtime:(To Mini Lesson) The time worked beyond regular hours which usually results in an employee receiving extra pay or a bonus. Pay:(To Mini Lesson) To give what is due (a person) or to remunerate for goods received, or services rendered. Payroll: The record of manes of employees and amounts payable to them as salaries or wages at a given time, with particulars as to rate of pay and deductions. Payroll Deductions:(To Mini Lesson) Anything taken
out of an employee's pay cheque to pay income tax withholding, social security,
unemployment or disability insurance, union
dues, charitable contributions, and so on.
Pie Graph (circle graph): A circular graph showing data as percents of a whole (the circle). Piecework:(To Mini Lesson) An employee who is paid according to the amount of work produced is paid on a piecework basis. An employee who produces more is paid more per piece as an incentive to increase output. Present Value: The value today of a future payment of series of payments discounted at an appropriate interest rate. Principal: A sum of money on which interest is earned or paid, measured in dollars and cents. Profit: The gain after all the expenses are subtracted from the total amount received. Profit Analysis: The study of the effect on profits of changes in fixed costs, variable costs, sales quantities, sales prices, and/or sales mix. Promissory Note: An unconditional promise in writing that
is signed by a borrower and tells to whom, how much, and when payment will be made.
Property Tax:(To Mini Lesson) A tax the government charges a owner for being on land that is part of the province or country. http://www.cpta.org/state.html Rate of Exchange:(To Mini Lesson) The price at which the currency of one country may be bought or sold, stated in the currency of another country. Current Rates Registered Retirement Savings Plan (RRSP): Registered retirement savings plan. A type of savings plan that has tax deferral features, provided for under income tax legislation. Bank of Montreal RRSP Royal Bank RRSP Current rates Regular Time:(To Mini Lesson) The normal working time by the employer and accepted by the union representing the employees. It is usually expressed as time per day or per week. Rent: Payment for the use of something. Retail Price: The price
which the consumer is expected to pay for merchandise published by the seller as the standard selling price, subject to trade,
volume or quantity discounts.
Return: The profit resulting from an investment or from a transaction. Revenue: The total financial profit made by a company or a club from the proceeds or gains from the sale or exchange of assets or dividends on investments. Salary:(To Mini Lesson) Fixed amount paid to an employee at regular intervals for regular hours of work; usually paid every week, every two weeks, or every month. Salary and Commission:(To Mini Lesson) When a sales person receives a regular salary as well as a percentage of the total value of their sales. Sales Quota: The amount of business expected of a sales person during a given period of time. Sales Tax: Tax imposed by provincial or local government on the retail price of certain goods and services paid by the consumer. Savings Account: Account at a bank or other institution
into which money is deposited to earn interest.
Service Charge: Amount charged by a bank for handling an account. Simple Interest:(To Mini Lesson) Interest earned on a sum that is not added to the principal amount. Here the amount of the principal remains constant. Simple Interest Formula:(To Mini Lesson) The basic method of computing interest; the interest (I) equals the principal (P) times the rate (r) times the time (t) expressed in years. I = Prt. Sinking Fund: A pool of cash investments, usually built systematically, to be used for the redemption of debt of capital stock. Spreadsheets: A rectangular grid arranged in columns and rows on which into which formulas for calculations can be programed. Statement of remuneration Paid: Form T-4; a form, issued by an employer to an employee, that states the income earned and taxes withheld for the employee during the calendar year. Straight commission:(To Mini Lesson) When a
sales person receives a percentage of the total
value of their sales, but no salary.
Surplus: The excess of net assets over the stated value of the issue shares of a limited company. Taxable Income: Income on which tax is payable according to the income tax legislations; total income minus all allowances equals taxable income. Tax Credit: Amount that can be subtracted from the income tax that is based on taxable income. Term Deposit: A deposit in a financial institution that may not be withdrawn until a stipulated period of time has elapsed. Time Value of Money: A concept of money value that allows for a increase in the value of a sum of money over time if the sum of money is subject to a rate of interest. Tip: Small amount of money in excess to the regular charges paid by a customer for a service. Total Cost (entire cost): the amount of money
paid or charged for something once all the external factors have been considered.
True Interest Rate: The actual rate of interest on a loan or a bond, computed by dividing the interest (expressed in dollars) by the principal. Current rates Trust: A relationship between two persons by virtue of which one (the trustee) holds the title to property for benefit of the other (the beneficiary). Unit Price:(To Mini Lesson) The price paid for one unit of something. Value Added Tax: A tax levied against the purchaser of goods or services at each exchange point in the production and distribution chain with the vendor recovering the tax paid to any pervious vendors. Variable Monthly Expenses: Costs that change from month to month; most of a person's expenses
are variable to some extent.
Warranty: A promise of remedial action on the part of the vendor or manufacturer if defects are found during a stated period in goods sold, or services rendered. For Warranty repairs, the costs are paid by the vendor or manufacturer, not the purchaser of an item. Wage:(To Mini Lesson) Payment, usually of a monetary remuneration ,to a skilled or unskilled person by an employer especially for labor or service usually according to a contract and on an hourly, daily, or piecework basis. http://town.hanover.on.ca/wages.htm Can't find a definition? Click Here for another financial glossary. Various Financial Institutions
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