Financial Terms Glossary
Terms in this set (111)
A record of spending and income, provided by a bank, post office or building society.
The last date of the period covered by an organisation's annual accounts.
The date when income is reinvested in a unit trust, instead of being paid out to investors
A type of unit of income that a company reinvests in a unit trust instead of paying it out immediately to investors.
An exact reading from a meter to a record how much gas or electricity a person has used
An expert on pension scheme assets and debts, life expectancy and the risk for insurance purposes.
AVC (Additional Voluntary Contribution)
Extra money that people in occupational pension schemes can pay to increase their pension benefits.
A credit card that allows a person to support an organisation such as a charity; every time a person uses the card to buy something, the credit card company makes a small donation to the organisation.
An amount of money that a person is left with after they have paid tax
A person who deals with a range fo suppliers from which it can issue a recommendation to a client
A home insurance policy that covers a person's possessions even if they take them outside their home.
A percentage of a person's money that has been invested in a fund; the remainder is spent on charges
An insurance policy that a person must renew every year, such as health or car insurance.
A regular amount paid out to somebody from an investment that is linked to a managed fund
APR (Annual Percentage Rate)
A percentage to show the amount of interest and other fees a person pays each year to receive a loan.
ARF (Approved Retirement Fund)
An investment plan that self-employed people, directors of family firms and certain other people can buy with the proceeds of their pension plan when they retire, which they can allow to grow or can cash in from time to time to provide an income.
A fee that a bank or building society charges a customer for arranging a loan.
Money a person owes after it is due
Articles of association
A company's document that sets out the shareholders' rights and the directors' powers.
an independent check of the accuracy of financial records and accounting procedures
Authorised Share Capital
Maximum number of shares that a company can issue, as specified in the firm's memorandum of association
An amount available or owed on an account.
Balance Brought Forward
The amount of cash available at the beginning of the month which was left over at the end of the previous month.
A transfer of your existing credit card balance to another credit card.
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
a final loan payment that is much larger than the regular monthly payments
Exchange goods without involving money.
Basic Bank Account
A current account that allows people to store their money as an electronic balance and make payments by direct debit, standing order, prepaid cash card or by withdrawing cash. There is no debit card, cheque book or overdraft facility on this type of account.
Someone who believes the market will decline
A person who gives a gift, for example in a will
one who receives benefits
A statement, usually issued annually, of the value of a person's occupational pension.
An initial investment charge that refers to the difference between the buying and selling price of a unit on the stock market on any given day.
The price that an investor in a unit trust can get for each unit if they cash them in
A financial security that represents a promise to repay a fixed amount of funds
When a company issues extra shares free of charge to existing shareholders on a pro rata basis. Compare with rights issue.
the difference between the cost of a depreciable asset and its related accumulated depreciation
A cheque that the bank refuses to pay out because the person who wrote the cheque does not have enough money in their account to pay for it.
Breach of Contract
an act of breaking the terms set out in a contract.
Small loan that is given to you while waiting for a larger source of finance
a person who is paid to buy and sell for someone else
Commission earned by a broken or a broker's business.
A financial institution that provides a wide range of banking services to their customers
Someone who believes the market will rise.
An amount of money a person saves, invests or borrows, before interest or loss.
money spent by a business or organization on acquiring or maintaining fixed assets, such as land, buildings, and equipment.
the difference between a higher selling price and a lower purchase price, resulting in a financial gain for the seller
The most that a pension provider can charge a person for managing their pension, usually a percentage of the value of a person's fund.
the total amount of money being transferred into and out of a business, especially as affecting liquidity.
Latin term for "buyer beware"
An asset on which a person may need to pay capital gains tax if they sell or dispose of it.
An action to get compensation based on an existing insurance policy
An asset offered to or needed by a lender as security for a loan, such as a house for a mortgage.
A legal term to describe selling or giving property to another person or group.
a specified period of time within which a consumer can back out of an agreement to buy something
A person or company who is owed money
a bond not backed by specific collateral
A payment from an account or the cost of buying goods or services.
A person who owes money
A failure to pay a debt on time
A threat or pressure put on somebody to do something.
A tax charged by the government.
A transfer or money or property to a charity for a specific purpose.
The difference between the value of a person's property and the amount of mortgage they still have to pay.
A person who carries out the instructions in a will.
Free from a duty or condition
Term to describe finances controlled by the Government
An asset that a business intends to use for several years, such as buildings and equipment.
a security interest over a fund of changing assets of a company or a limited liability partnership (LLP), which is not attached to specific assets
Floating Exchange Rate
an exchange rate policy under which a government permits its currency to be traded on the open market without direct government control or intervention
An intangible business asset based on a company's reputation from the confidence of repeat customers and connections
The total amount, before fees or taxes are taken off
someone who guarantees to pay back the money if the borrower does not
In financial terms, an estimate of the value of a person's savings and investments at some point in the future, based on certain conditions.
A promise to compensate someone else for loss or damage or protection from legal responsibility from a person's actions.
Protect or insure somebody against being sued for their actions.
A way of changing the value of savings and the cost of goods and services to allow for the effects of inflation.
Linking the value fo a financial product, such as a pension, to the CPI so that the value of the fund keeps up with inflation.
A person's or organization's position when they cannot pay debts when they are due for repayment.
A regular repayment for goods bought on credit or to pay back a loan.
A dividend that is paid to shareholders during the financial year, depending on the company's profits.
Someone who links potential clients to financial services providers to advise them about their insurance needs and help them to choose the most appropriate policy.
the use of courts of law as a means by which individuals protect their rights and settle their conflicts
Debts that person or organization owers
A right to keep something owned by someone who owes a debt, until the person has repaid the debt.
A company that limits how much its shareholders will have to pay if the company is wound up
A statement of the limit on how much a company's shareholders would have to pay if the company was wound up.
A charge that is added to the cost of insurance because of a specific factor, such as the age of a driver or whether a person is a smoker.
a document recording the terms of a contract or other legal details.
A situation where the amount that a person owes on their mortgage is higher than the value of their property.
An amount that is left after other amounts have been deducted
Net Book Value
The value of an asset, as recorded in the books of account, after depreciation for wear and tear.
someone who supports or promotes the needs and interests of another person
the regular and necessary costs, such as rent and heating, that are involved in operating a business
a document provided by an employer when a worker leaves the organisation
A document provided by an employer on a yearly basis showing total pay and deductions for the year
A person to whom money is paid
An income a person receives from the State or a private company, or both, after they retire.
Personal Public Service Number
A legal process that involves managing awnd distributing the estateof a deceased person, as left in a will
A payment for something
Stocks, shares, debentures and so on that involve a right to receive interest or dividends from the investment
A 6-figure code that identifies a person's bank branch.
The exchange rate for foreign exchange transactions that are carried out straightaway.
A regular contribution to a pension scheme by an employee.
The total value of a business' sales over a particular period
A fund that a person invests in by buying units; their money is used by a trust manager to buy investments and the value of the units changes from time to time in line with the value of the fund.
The date and time when a fund manager revalues the investments in a fund, such as a unit trust/
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