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Financial Lit

TermDefinition
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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