Glossary


A analyse: look at something carefully, break it up into logical parts and explain these parts in a systematic and critical way, giving strengths and weaknesses


assets: items of value B


bank charges: the money a financial institution makes you pay for


bankrupt: unable to pay debts managing your money


budget: a plan that tells you how much money you have and how you should spend it


C


calculate: work out following a method


capital: money or ownership of goods


cash card: a card that you can use to withdraw money from an ATM or pay for something as cash


categorise: sort out, putting things that are similar together


choose: pick the best or most correct option between many options given


classify: group together things that are the same


compare: describe what is similar and what is different between two or more things


compile: research, collect and put together information


consider: look at the facts carefully


consumers: people and businesses that buy and use goods and services


credit: the ability to get goods before you have paid for them


credit card: a card that allows you to pay for something on credit


currency: money in any form issued by a government


current bank account: an account that allows regular daily transactions. Payments can be made by cheque


D


debate: research and then listen to and discuss all sides of an issue: give and defend your own view


deficit: an amount less than what is needed


define: give the full meaning of something accurately, as in a dictionary


describe: give the details and facts of something in full sentences without giving reasons


differentiate: show how something is different to another thing


discuss: talk or write in detail about something, giving different ideas and arguments about the topic


draw: show in a visual way dynasty: a series of rulers who belong to the same family


E


economic growth: an increase in the amount of goods and services produced by a country


economist: a person who analyses and researches the economy


endorsement: to formally give something your support or stamp of approval


epidemic: a sudden, widespread occurrence of a disease or illness in a community at a particular time


examine: look at something carefully


explain: give the details of something in full sentences and give reasons


exploited: taken advantage of in a negative way


F


face value: the value printed on the face of a banknote


financial institution: a place whose main function is to keep other peoples’ money safe


financial position: what the value of the business assets are less the liabilities


financial result: the net profit the business made for the year


find: identify from amongst other options, or get relevant information


fixed costs: costs necessary for running a business, for example rent and insurance


fixed deposit: a savings account that pays a higher rate of interest because the money stays in the account for a longer period of time than an ordinary account


flat money: paper money that cannot be exchanged for precious metals


formal business: a business that keeps normal hours and pays regular wages


Glossary 155


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