Unit 11 Topic 1 and 2

Key words from topics 1 and 2 in unit 11.

Total money recieved from a person's wages/salary, interest and dividends.
1 of 50
Getting money from a lender that must be repaid in the future.
2 of 50
Putting money aside for later use.
3 of 50
Things essential to our lives.
4 of 50
A new higher-paid job role involving greater responsibility and skill.
5 of 50
The amount still owing from funds borrowed.
6 of 50
When an individual without a job is seeking paid employment.
7 of 50
When we cease to do paid employment.
8 of 50
Regular payments from a governement to support people in need.
9 of 50
A state benefit paid to employees through the tax system which acts like a negative tax.
Tax credit
10 of 50
A benefit paid as of right to those of retirement age who have paid the minimum National Insurance contributions.
11 of 50
A fee levied by a government on a product, income or activity.
12 of 50
Sums deducted from total income before income tax is calculated.
Tax allowance
13 of 50
Resources are limited compared with our 'needs' and 'wants'.
14 of 50
Resources are limited but 'needs' and 'wants' are infinite.
Basic economic problem
15 of 50
The land, labour, capital and enterprise used to produce goods and services.
16 of 50
Something given up when we make a choice.
Oppurtunity cost
17 of 50
The expenses and drawbacks of a particular choice.
18 of 50
The quantity of a good or service that consumers are willing and able to purchase at a particular price.
19 of 50
The quantity of a good or service that businesses will offer for sale at a particular price.
20 of 50
When buyers and sellers come together.
21 of 50
The price that buyers and sellers agree on for a particular good or service.
Market price
22 of 50
The process of trying to beat others.
23 of 50
An account which interest is tax free
24 of 50
An annual rate which is charged to borrowers or paid to savers.
Interest rate
25 of 50
A figure quoted in savings advertisements to help people compare one savings product with another
Annual Equivalent Rate
26 of 50
The return recieved for taking risks.
27 of 50
The chance that something may not succeed and its consequence.
28 of 50
The place where stocks, shares and bonds are traded.
Stock market
29 of 50
Certificate representing a unit of ownership in a company.
30 of 50
A pooled investment fund usually in shares-based investments.
Unit trust
31 of 50
Amount of money borrowed.
32 of 50
The length of time over which the loan can be repaid.
Term of a loan
33 of 50
The interest rate published on loans to help compare their true costs.
Annual Percentage Rate
34 of 50
A process for ensuring that financial goals are met.
Financial planning
35 of 50
A financial plan of future income and spending.
36 of 50
A professional offering financial advice.
Financial adviser
37 of 50
A worker who works the maximum number of hours required in the normal working week for a particular job.
38 of 50
This refers to a worker who only works a fraction of the working week of a full-time employee.
39 of 50
Where each worker concentrates on only small aspects of the entire production process.
40 of 50
Pay stated as a yearly total.
41 of 50
Pay calculated on an hourly rate, multiplied by the hours worked.
42 of 50
Payment made to workers for achieving a certain target.
43 of 50
Higher rate of pay for work in excess of normal working hours.
Overtime payment
44 of 50
Payments given to workers to compensate any expenditure necessary to complete their work
45 of 50
A worker's pay before any deduction are made.
Gross pay
46 of 50
Pay after all deductions have been made.
Net pay
47 of 50
A tax paid by workers which entitles the payee to qualify for benefits when and if necessary.
48 of 50
Lowest legal hourly rate that can be paid.
Minimum wage
49 of 50
Workers have different of these which relate to the different amount of tax free allowance each worker has.
Tax code
50 of 50

Other cards in this set

Card 2


Getting money from a lender that must be repaid in the future.



Card 3


Putting money aside for later use.


Preview of the front of card 3

Card 4


Things essential to our lives.


Preview of the front of card 4

Card 5


A new higher-paid job role involving greater responsibility and skill.


Preview of the front of card 5
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