Business Finance Vocab (finals, 1-4) short

Straight-time pay

The total amount of money earned for a pay period at the regular hourly rate

piecework

A worker receives a specified amount of money for each item of work completed

commission

An amount of money paid for selling a product or service

commission rate

A specified amount of money paid for each sale or a percent of the total value of sales

straight commission

Pay that consists only of money earned from sales

graduated commission

Pay based on a different rate of commission for each of several levels of sales

monthly

12

semimonthly

24

biweekly

26

weekly

52

Deposit

checks, currency, or coins put into a banking account, savings and loans, credit union

Direct Deposit

a deposit electronically transferred from your employer's checking account to your checking account

ATM

performs basic banking functions, such as handling check deposits or issuing cash withdrawals

PIN

a personal number of your ATM card that gives you access to your money account electronically

Checking account

a deposit account held at a bank that gives you convenient access to your money

Check

a paper document directing a bank to deduct money from your checking account and make a payment to the person named on the check

Check register

a record of checking account deposits, withdrawal, and electronic transfers

Bank statement

from your bank, lists all activity in your account

Service charge

charges by a bank, for services rendered to your account

Reconcile

to compare your check register with your bank statement to make sure they agree

Online banking

internet banking allows you to view your account, pay bills, and transfer money anytime

Sales tax

a state or local tax on the selling price of an item or service you purchase

sales receipt

a proof of purchase that shows the selling price of each item or service purchased, the total selling price of all items purchased, any sales tax, and the total purchasing amount

total purchase price

the total selling price plus the sales tax

unit pricing

a technique that allows shoppers to compare the prices of various items

comparison shopping

comparing prices to find the best value

coupons

discounts in the form of tickets that are redeemed at the time of purchase

rebates

discounts in the form of a refund

markdown

the difference between the regular selling price of an item and its sale price, also known as a discount

markdown rate

the markdown expressed as a percent of the regular selling price of the item

sale price

the regular selling price of an item minus the discount or markdown on the price

credit card

a card authorizing purchases on credit

charge account

an existing line of credit at the business that issued it

Account statement

A bank statement that shows the status of your account, including all deposits to, withdrawals from, and interest earned and credited to your account

Finance charge

interest charged by a credit card or charge account company for not paying the total amount owed by the due date

Unpaid-balance method

computing the finance charge on a credit account based on the portion of the previous monthly balance you have not paid

Average-daily-balance method

computing the finance charge on a credit account based on the average cost of good, recieved by business