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Financial Lit
| Term | Definition |
|---|---|
| Sticker Price | The advertised retail price of an item, especially the price listed on a sticker attached to the window of a new automobile. |
| Base Price | The most fundamental cost of a good or service to a consumer that does not include common extra fees. |
| Options | a thing that is or may be chosen. |
| Destination Charge | A "destination charge" is a fee that the manufacturer charges to deliver a vehicle from the factory to the dealership, and that is passed on by the dealer to the consumer |
| Dealers Cost | The cost that a dealer of a product passes onto the buyer in the overall price. This cost may cover taxes and fees absorbed by the dealer to deliver the product to the individual. |
| Used Vehicle Guide | A used car, a pre-owned vehicle, or a secondhand car, is a vehicle that has previously had one or more retail owners. |
| Liability Insurance | Liability insurance is a part of the general insurance system of risk financing to protect the purchaser |
| Collision Insurance | If your car is damaged or destroyed in an accident, collision insurance coverage will typically pay to fix or replace it. |
| Comprehensive Insurance | Your insurance company pays for damage to your auto caused by an event other than a collision, such as fire, theft or vandalism. |
| Deductible Clause | A clause in an insurance policy stipulating that the insured will be liable for a specified initial amount of each loss, injury, etc. |
| Annual Premium | the amount that someone is required to pay each year in order to keep his or her insurance policy active. |
| Variable Costs | a cost that varies with the level of output. |
| Fixed Costs | business costs, such as rent, that are constant whatever the quantity of goods or services produced. |
| Depreciation | a reduction in the value of an asset with the passage of time, due in particular to wear and tear. |
| Lease | a contract by which one party conveys land, property, services, etc., to another for a specified time, usually in return for a periodic payment. |
| Close-End Lease | A rental agreement that puts no obligation on the lessee (the person making periodic lease payments) to purchase the leased asset at the end of the agreement. |
| Open-End Lease | A rental agreement that obliges the lessee (the person making periodic lease payments) to make a balloon payment at the end of the lease agreement amounting to the difference between the the residual and fair market value of the asset. |
| Rent | a tenant's regular payment to a landlord for the use of property or land. |
Created by:
AnthonyMcDowell
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