Money management

1. Certificates of deposit (Deposit certificate, CDs): certificates issued by banks guaranteeing repayment of principal at a fixed rate of interest after a specified period of time.

2. Charge account: an arrangement between a supplier and a customer, by which the customer is allowed to pay at the end of an agreed period for all goods he has bought during that period.

3. Checking account: a current account on which checks can be drawn.

4. Compound interest: interest calculated on both the principal and its accumulated interest.

5. Consumer credit: money lent by financial institutions to enable individuals to buy consumer goods or services with regular installment payments.

6. Consumer loan: the lending of money to the public by banks and other financial institutions for the purpose of buying consumer goods.

7. Credit: An arrangement with a shop, bank etc that allows you to buy something and to pay for it later.

8. Demand deposit: money placed with a bank in current account, on which checks can be drawn.

9. Interest rate: the percentage of the principal paid by the borrower to the lender for the use of the lender's money.

10. Rate of return: the amount of interest or dividends stated as a percentage of the principal of an investment.

11. Savings account: an account maintained by a customer with a depository institution for the purpose of accumulating funds over a period of time.

12. Time deposit: money placed with a bank in a deposit account earning interest and needing at least 30 days’ notice of withdrawal.

UNIT SEVEN

TAXATION

1. Ability-to-pay principle of taxation: a form of taxation in which taxes are levied on the basis of the taxpayer’s ability to pay

2. Benefits-received principle of taxation: a form of taxation in which taxpayers pay according to the amount of benefits that they receive from government programs.

3. Consumption tax: a tax on certain goods, especially goods that people buy for pleasure or enjoyment rather than those people buy regularly in order to live

4. Excise tax (duty): a tax charged on certain goods and services produced and sold within the country, such as alcoholic drinks and tobacco products.

5. Income tax: a tax on the income earned by individuals and corporations.

6. Progressive tax: a tax that takes more money from people with higher incomes than from people with lower incomes.

7. Property tax: a tax based on the value of property owned by the taxpayer.

8. Proportional tax: a tax in which the amount of tax paid is proportional to the size of the taxable income.

9. Regressive tax: a tax that has less effect on the rich than on the poor.

10. Sales tax: a regressive tax added to the price of goods and services at the time they are sold.

11. Tariff: a tax imposed on goods on which country’s government requires special payment on being imported into that country.

12. Tax: money compulsory levied by government on individuals, property, businesses.

13. Taxation: compulsory impositions on individuals and organizations made by government to raise revenue to finance its expenses.

14. Tax incidence (incidence of the tax): an impact of a tax on those who bear the burden, rather than those who pay it.

15. Value-added tax:is a tax levied on the value added to goods at every stage of production.

UNIT EIGHT

Дата добавления: 2015-11-16