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Year 12 Financial
| Term | Definition |
|---|---|
| future value | the sum of money contributed plus the compound interest earned |
| appreciation | an increase in value of an item over time. It is often expressed as the rate of appreciation |
| annually | once a year |
| biannually | every six months or twice a year |
| compound interest | interest calculated from the initial amount borrowed or principal plus any interest that has been earned. It calculates interest on interest |
| compounding period | the length of time between payments in a compound interest investment |
| declining balance depreciationan annual percentage | a method of depreciation when the value of an item decreases by a fixed percentage each time period |
| credit card | a small plastic card used to buy goods and services and pay for them later |
| credit card statement | information sent to the credit card user each month. It includes an account number, opening balance, new charges, payments, refunds, reward points, payments due data minimum payment and closing balance |
| dividend | a payment given as an amount per share or a percentage of the issued price |
| dividend yield | the annual divided by the share's market value and expressed as a percentage |
| flat rate loan | a loan that uses simple interest |
| inflation | a rise in the price of goods and services or consumer price index. It is often expressed as |
| inflation rate | the annual percentage change in the consumer price index |
| interest | the amount paid for borrowing money or the amount earned for lending money |
| interest rate | the rate at which interest is charged or paid. It is usually expressed as a percentage |
| loan application fee | initial cost in processing a loan application |
| loan repayment | the amount of money to be paid at regular intervals over the time period |
| monthly | every month or twelve time a year |
| mortgage | a loan given to buy a house or unit |
| per annum | per year |
| principal | the initial amount of money borrowed |
| quarterly | every three months or four times a year |
| reducing balance loan | a loan calculated on the balance owing not on the initial amount of money borrowed |
| simple interest | a fixed percentage of the amount invested or borrowed and is calculated on the original amount |
Created by:
wdobson
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