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Business Voc Unit 35-45 Definitions
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35 Personal FinanceAccount an arrangement with a bank to
keep your money there and to
allow you to take it out when
you need to
Branch a individual bank or ofce that
is part of a large organizaton
Banks an organizaton where you can
invest or borrow money,
change it to foreign money,
etc.
Current account a bank account that you can
take money from at any tme
and which usually earns litle
or no interest
Joint account an account you have together
with someone else
In the black if a business is in the black, it is
making a proft
Go into the red to owe more money than you
have, or to make a loss in a
partcular period of tme
Overdraf an amount of money that a
customer with a bank account
is temporarily allowed to owe
to the bank, or the agreement
which allows this
Overdraf facility an agreement with the bank to
be in this situaton as long as
the overdraf stays within a
certain amount
Bank charges sums of money paid by a
customer for a bank's services
Go overdrawn to be in or to get into a
situaton where you owe the
bank money on an overdraf
Interest money which is charged by a
bank or other fnancial
organizaton for borrowing
money
Interest rate the percentage that a bank or
other fnancial company
charges you when you borrow
money, or the percentage it
pays you when you keep
money in an account
Deposit account a bank account in which you
usually leave money for a long
tme and which pays you
interest
Savings account a bank account in which you
usually leave money for a long
,35 Personal Finance
tme and which pays you
interest
Interest an amount paid by a borrower
to a lender, for example to a
bank by someone borrowing
money for a loan or by a bank
to a depositor
Credit card a small plastc card which can
be used as a method of
payment, the money being
taken from you at a later tme
Credit card companies
Plastc a credit card, or credit cards in
general
Pay of If something you have done
pays of, it is successful
Mortgage a loan to buy a house
Building society a type of bank where you can
get a mortgage
Credit crunch when banks were much more
hesitant to lend than before
Negatve equity when house prices fell and lef
some buyers owing more on
their mortgage than their
house was worth
Internet banking you can check your account
balances and transactons from
a computer at home
Account balances the amount you have in a
account
Transactons money going in and coming
out
personal loan a loan to a person for their
own use rather than to a
business
Call centre a large ofce in which a
company's employees provide
informaton to its customers,
or sell or advertse its goods or
services by telephone
Unit trusts shares in investment
companies that put money
from small investors into a
range of companies
Investment companies a company that earns money
by investng in other
companies:
Small investors small companies that invest
money
ISA a Britsh investment account in
which the tax on income is
, 35 Personal Finance
lower than usual, and there is
no tax on profts made from an
increase in the value of shares
Individual savings account a Britsh investment account in
which the tax on income is
lower than usual, and there is
no tax on profts made from an
increase in the value of shares
Financial products a product that is connected
with the way in which you
manage and use your money,
such as a bank account, a
credit card, insurance, etc
Savers someone who has a saving
account
Life insurance a system in which you make
regular payments to an
insurance company in
exchange for a fxed amount of
money which will be paid to
someone you have named,
usually a member of your
family, when you die
Pay out to spend a lot of money on
something, or to pay a lot of
money to someone
Insurance policies a writen agreement between
an insurance company and a
person who wants insurance
which states the rules of the
agreement
Contributons something that you do or give
to help produce or achieve
something together with other
people, or to help make
something successful
Private pension a pension that you organize for
yourself with an insurance
company, rather than one that
is organized by your employer:
Retrement when you leave your job and
stop working, usually because
you are old
Company pension scheme a fnancial plan that allows you
to receive money afer you or
your employer have paid
money into it for a number of
years
State pension a regular income paid by the
government to someone who
does not work anymore:
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