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Access fees
Money paid to ISP for usage of Internet
Adjusted balance method
The difference between payments and credits during a month from the balance at the end of the previous month
Adjusted gross income
A tax term meaning gross income less adjustments
Airtime
The minutes you spend calling on a cellphone
Annual percentage rate (APR)
A percent that shows the ratio of finance charges to the amount financed
Area
The amount of surface an item has
Assessed value
A value put on property as a base for figuring amount of tax
Assets
Things of vale own by a person or business
Automatic teller machine (ATM)
A computer system that lets you withdraw or deposit money in your bank account without a teller's help
Average
A single number used to represent a group of numers
Average daily balance method
The periodic rate applied to the average daily balance in the account during a billing period
Balance
The amount of money in an account; the difference between two sides of an account
Balance sheet
A statement showing the assets, liabilities, and capital of a person or business for a certain date.
Bank discount
Interest collected in advance
Bank statement
A monthly report to a depositor showing deposits, payments, and balance in a checking account
Bankrupt
Legally insolvent and unable to pay debts
Base period
A period in time with which comparisons are made
Benefits
An addition to wages provided by the employer that are of value
Bodily injury insurance
Auto insurance covering liability for injury to other persons
Bond discount
When the amount of market value is less than the par value
Bond premium
When the market value of a bond is more than par value
Bonds
Written promise to repay in money loaded on the due date
Banus
Pay given to reward employees who make a significant contribution to the success of the company or whose work record is exceptional
Book value
Original cost less total depreciation date
Break-even point
The point at which income from sales equals total costs of producing and selling goods
Budget
Future spending goals
Byte
A character stored in a computer sstem
Capital Investment
The amount of cash you originally invested plus anything you spent for improvements
Carrying costs
The cost of holding inventory until it is issued
Cash advance
The cash received when money is borrowed on a credit card
Cash discount
Discount given for early payment of a bill
Cash payments record
A written record of money paid out.
Cash receipts record
A written record of money paid out
Cash value
The value of an insurance policy if it is cancelled; cash surrender value
Certificate of deposit (CD)
A time deposit or savings certificate
Check register
A reord of deposits and checks
Circle graph
A circle showing how parts relate to the whole and to each otehr
Closing costs
Fees and expenses paid to complete the transfer of ownership of a home.
Coinsurance
When the insured and the insurer share losses or costs.
Collision
Auto insurance that covers damage to the insured's car
Commission
A payment amount to a salesperson that may be an amount for each item sold or it may be a percent of the dollar value of sales.
Compound amount
The total in a savings account at the end of an interest period after compound interest is added.
Compound interest
The difference between the original principal and the compound amount; interest figured on interest after it has been added to principal
Comprehensive damage
insurance that covers damage or loss to your behicle from fire, theft, vandalism, and other causes,
Computer hardware
May include different sized devices such as handheld computers, notebook computers, desktop computers, and large computer systems.
Consumer price index (CPI)
A single number used to measure a change in consumer prices compared to a base year.
Contract employees
Temporary employees who receive their paychecks and benefits from the employment agency.
Cost of goods sold
The amount paid by the seller for the goods sold.
Cost of Living Adjustment (COLA)
A wage increase based on changes in the consumer price index (CPI)
Credit memo
A form that tells the buyer that the buyer's account has been reduced
Current ratio
Compares current assets to current liabilities
Current yield on bonds
Found by dividing the bond's annual interest income by the bond's price
Declining balance mthod
A way of figuring depreciation at a fixed rate on a decreasing balance; fixed-rate method
Debit card
A card that lets you pay for purchases using a terminal in a store
Debt to equity ratio
Found by dividing the long term liabilities of a firm by the firm's capital. Helps measure the amount of financial risk of a business
Deduction
Subtractions from gross pay
Deposit slip
A form used to list all money deposited in a bank
Depreciation
The decrease in value caused by wear and aging
Direct deposit
Transferring funds by a company directly into their employees due to a health condition or injury
Discount series
A trade discount that has two or more discounts
Domestic business
The manufacturing, purchasing and selling of goods and services within a country.
Double-time pay
Pay that is twice the regular pay
Down payment
The part of a price that is paid at the time of buying on the installment plan
Download
Receive files over the internet
E-business
Electronic business; doing business online
Eared income
Money received from working such as wages, salaries, and tips
Electronic funds transfer (EFT)
When funds are withdrawn from one account and deposited into another using computers
Employee
A person that works for others
Employer
A person or company that an employee works for
Exact interest method
interest based on exact time and a 365 day year
Executive recuiters
People hired to fine full time employees for management or specialized technical positions; headhunters
Exempt employees
Paid a salary and do not qualify for overtime pay
Exemption
An amount of income that is free from tax
Exporting
Selling of goods or services produced within your country and sold to other countries
Extension
The total price of each quantity on a sales slip, found by multiplying the quantity by the unit price
Factory overhead
The total cost of items such as rent, depreciation, head, light, power, insurance, supplies, and indirect labor used in a factory
Finance charge
The sum of the interest and any other charges on an installment load or purchase
First in, first out (FIFO)
A method used to find the value of ending inventory when the exact cost is not known, Merchandise purchased first is used first and the value of the ending inventory is based on the cost of the most recently purchased items
Fixed costs
Overhead items such as rent, salaries, heat, and insurance that remain the same no matter how much is produced and sold
Flat tax
A tax rate that stays the same for every person regardless of the amount of income they earn in a year
FOB
Free on board; a term used in price quotations to tell who will pay transportation costs
Forecasts
Estimate of future sales
Foreign exchange rate
The amount paid for another country's currency
Freight
A service for delivery of heavy, bulky goods
Frequency distrubution
A table of numbers arranged in order and with the frequency, or how often they occur, tallied
Fringe benefits
Paid vacations, sick leave, retirement plane, insurance, and other benefits beyond the wage or salary
Graduated commission
A pay system in which the rate of commision increases as the base increases
Gram
The basic unit of weight in the metric system
rand total
The corner total on a columnar table. Used to check accuracy of vertical and horizontal addition
Gross domestic product (GDP)
A system of a country that measure the total market value of goods and services produced within its borders
Gross income
Total income in a year
Gross pay
The total amount that an employee is paid
Gross profit
The difference between the net sales and the cost of goods sold
Gross profit margin
Comparison of gross profit to net sales
Health insurance
Protest policyholder from financial loss due to illness
Hit
The number of times a web page is visited
Home coverage area
One region of the country where you have wireless phone service
Homeowners insurance
An insurance policy that covers your home and protects you against risk
Horizontal bar graph
A graph with bars running to the left and right
Hourly rate
An amount of pay for each hour worked.
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