Flashcards
Personal Finance commerce
Cards in this deck (20)
- 1WageMoney received by workers, usually on a weekly basis, for services they provide to an employer
- 2CommissionPercentage of sales received by a salesperson for his or her sales. e.g. real estate agent
- 3DividendSum payable as profit for shares
- 4Social welfare paymentPayment made by a government to help people in need, e.g. centerlink
- 5OvertimeWork done outside of regular hours, e.g. public holidays
- 6Salaryfixed amount of money paid on regular basis, e.g. full time job
- 7Superannuationway of saving so an employee has some money for retirement
- 8RentPayment made by a tenant to an owner for the use of the owners building or land
- 9RoyalitesSum paid to authors, musicians as a percentage of the proceeds from their work
- 10ProfitWhat remains after all business expenses are deducted from sales revenue
- 11FeeMoney paid to others for their services, e.g. solicitors
- 12Fixed expensesExpenses that are the same amount every time, e.g. rent, bills, taxes
- 13Variable expensesexpenses that change overtime
- 14Reasons for saving- purchase an expensive item
- superannuation
- Holiday
- unexpected illnesses, accidents or emergencies
- saving money in bank account 'goal saver'
- sense of pride and achievement
- secure future - 15Reasons for borrowing money1. immediate satisfaction
2. convenience
3. improve quality of life
4. forced saving - 16reasons against borrowing money1. interest charges
2. impulse buying
3. additional costs
4. loss of control
5. inability to repay
6. false sense of security - 17Saving involves...being committed to a long term plan and allowing for the occasional hiccup or spending indulgence
- 18income?money received on a regular basis from work, property, business, investment or welfare payments
- 19net income?the amount left after income tax is deducted
- 20Savings plancommitment to regularly put aside money for future use