Lenders such as banks are obliged to tell you what your rights and obligations are in any transaction. Credit transactions made predominately for business or investment purposes are not governed by the Consumer Credit Code.
Cooling off periods vary between states in Australia. This monitors the relative cost of living over time and can also be used to measure inflation.
A person taking either secured or unsecured credit usually has to pay interest on the borrowed money plus fees and charges in addition to the principal payment. See credit and credit limit. If you have failed to meet your repayment obligations in the past and defaulted on a loan or credit card, your credit file may show a 'default'.
Defaults may make it difficult for you to borrow money from some lenders. Rather than a rating, an individual's credit file shows their credit history including any defaults. Depending on a lender's finance approval criteria, one or more defaults may result in refusal to lend money. A lender needs permission from you to obtain a credit report. Also known as a Credit Reference. Employees' benefits are dependant on factors such as average salary, length of service and years of membership in the fund.
Members are given all contributions, including interest - but less taxes and other expenses. The buyer is required to pay the full purchase price at settlement. Enterprise does not include the hobbies or interests.
ETPs can include payments from a superannuation fund, approved deposit fund, deferred annuity and 'golden handshakes. Does not apply to all bank accounts. The original is signed by the seller and a copy is forward to the buyer for their signature. Once both copies are signed, contracts are exchanged and the buyer and seller each receive a copy signed by the other.
Each party is then legally bound to proceed with the purchase of the property, subject to the terms of the Contract of Sale or Offer of Acceptance. These can only be removed if agreed in the Contract of Sale, and any damage must be repaired by the seller. This can be in cash, cheques or as part of a payment. Traditionally, the further you fly and the more money you spend, the more points you earn. For example, to open a bank account, the FTRA requires Australian banks to perform a point check on the customer and to keep that information.
A 'highly geared' property has a high ratio of borrowed funds to owner's funds. It is repayable later according to how much money you earn. It allows you to make further repayments during this period to reduce the amount you owe. Also known as an Introductory Rate. For a business or a company, income is revenue less expenses.
The supplier is not entitled to input tax credits on these acquisitions. You will need to register with your bank to use internet banking. At the end of the period the interest rate converts to a standard variable rate. Also known as a Honeymoon Rate and Introductory interest rate. Unless the contract limits the amount each party must pay, the lender can recover payment of the whole amount from either party.
At the end of the term the money must be repaid, usually with added interest. Also known as a Facility Agreement. It is generally not an absolute guarantee of loan approval. LVR Loan to Valuation Ratio - the amount of the loan compared to the value of the property or asset purchased, expressed as a percentage. Also known as Debt to Equity Ratio. Similar to a bank draft. Mortgage brokers may charge a fee for their services or be paid a commission from the lender.
The employee then sacrifices part of their salary to cover the cost of the finance. The interest charged on the loan is offset against the interest earned on the savings, thereby reducing it.
Also known as Common Law Title. Fees are usually charged for overdrawn accounts and any dishonoured cheques or direct debits. If you have employees, you're required to withhold tax from payments you make to them.
Money is lent to you for a fixed period, at a variable or fixed rate of interest and repayments are calculated at the start of the loan. They usually receive a fixed rate of return. When taken as security for a loan this value is determined by the lender. A business should submit a Business Activity Statement every quarter, for example. The Relationship Balance is calculated on the second last business day of the month. They usually have a reference number and detail the amount of tax that is included in the payment.
You pay less interest as the principal amount decreases. Principal and interest repayments include both the interest due and a component of the principal amount borrowed. Lower risks are normally associated with lower returns. The higher the risk grade, the higher the annual percentage rate that is likely to be charged by the bank. Also used to describe the transfer of Eligible Termination Payments. The original customer remains liable for any transactions on their own card or the secondary card.
Secondary card holders cannot be held liable for the account. Monies are handed over in exchange for relevant documents. This is because it bears an image of the common loon , a bird. The two-dollar coin is known as the toonie , a portmanteau combining the number two with loonie. It is occasionally spelled twonie ; Canadian newspapers and the Royal Canadian Mint use the toonie spelling. A five-dollar note is known colloquially as a fin , a fiver , or half a sawbuck.
A ten-dollar note is known colloquially as a ten-spot , a dixie , or a sawbuck. Since Canadians and Americans both refer to their respective currencies as "the dollar," and because the two countries tend to mingle both socially and in the media, there is a lot of overlap in slang terms for money. However, this usually only extends to terms that are not specific to one country or the other. Since its introduction in , a number of slang terms for the euro have emerged, though differences between languages mean that they are not common across the whole of the eurozone.
Some terms are inherited from the legacy currencies, such as quid from the Irish pound and various translations of fiver or tenner being used for notes.
The German Teuro is a play on the word teuer , meaning 'expensive'. The Deutsche Mark by comparison was approximately worth half as much as the euro at a ratio of 1. Ege in Finland and Pavo which is the usual Spanish translation of buck on movies or TV shows when it refers to dollars in Spain are also terms applied to the euro. In India slang names for coins are more common than the currency notes. For 5 paisa paisa is equal to 1 Indian rupee it is 'panji'.
A 10 paisa coin is called 'dassi' and for 20 paisa it is 'bissi'. A 25 paisa coin is called 'chavanni' equal to 4 annas and 50 paisa is 'athanni' 8 annas. However, in recent years, due to inflation, the use of these small value coins has declined, and so has the use of these slang terms. The more prevalent terms now particularly in Mumbai and in Bollywood movies are 'peti' for a Lakh Rs. Peti also means suitcase, which is the volume needed to carry a Lakh of currency notes.
Tijori means a large safe or a cupboard, which would be the approximate space required to store that money in cash form. Due to the real estate boom in recent times, businessmen also use the terms '2CR' or '3CR' referring to two crores and three crores respectively.
In Kenya there are about 42 different languages, which have different dialects and indigenous names for money, in addition to the official National languages of Swahili and English. In addition, youth have a sub-culture street language for the different denominations. Using the street slang sheng , urbanites often amalgamate Swahili, English, and their mother-tongue to concoct meanings and names for the different denominations. Among the commonly used terms are:. Corruption is rampant in the Kenyan government,   and corrupt officials in government agencies often refer to illicit kickbacks as "chickens" to avoid anti-corruption and money laundering enforcement.
In Malaysia there is a difference between states in their names for money. Normally "cents" are called "sen", but in the northern region Penang , Kedah , Perlis "sen" are called "kupang" and the "det" pronounce date means money.
But only for the value of 50 cents, they replace it with the word se-amah where "se" refer to one in Malay , if it's RM 1 cents , it will be called dua-amah "Dua" is two in Malay , and so on. And, exclusively in Kelantan, they don't refer the value of money in "ringgit", for example, in other states, RM 10 is called 10 ringgit, RM 25 is called 25 ringgit and so on. But, in Kelantan, they replaced the word "ringgit" with "riyal", for example, RM 10 is usually called 10 ringgit, but in Kelantan, it's called 10 riyal.
This might be because Kelantan is an "Islamic state" on which the administration of the state is mostly by ulama. The Russian language has slang terms for various amounts of money. Slang names of copeck coins derive from old Russian pre-decimal coins and are rarely in use today: Most of these coins are of Soviet mint and no longer used; only the ten copeck coin remains in circulation.
The word " chervonets " means ten rubles and refers to an early 20th-century gold coin of the same name. It is also called "chirik" a diminutive for chervonets.
The words for bank notes from 50 to rubles are the newest and most modern, since currently ss bank notes of this value are most common in circulation. Slang words for greater amounts of money originate from the s and the Russian Civil War eras, when the ruble was suffering hyperinflation.
The most common are "limon" lemon for a million rubles and "arbuz" watermelon for a billion rubles. South African slang for various amounts of money borrows many terms from the rest of the English speaking world, such as the word "grand" when referring to R 1, Other words are unique to South Africa, such as the term "choc" when referring to a R20 note. The slang word for money is 'kroon'. Less commonly used is the Afrikaans slang for Rands which is "Bokke", the plural of Bok; The Afrikaans word for antelope "Bucks" being the English equivalent , derived from the Springbok image on the R 1 coin.
Riksdaler referring riksdaler , the former Swedish currency is still used as a colloquial term for the krona in Sweden. The related term "cash on the nail" is said to refer to 17th century trading stands in Bristol and elsewhere, over which deals were done and cash changed hands. It is thought to derive from the Latin phrase " quid pro quo ". Some other pre- decimalisation United Kingdom coins or denominations became commonly known by colloquial and slang terms, perhaps the most well known being "bob" for a shilling.
Slang terms are not generally used for the decimal coins that replaced them but in some parts of the country, "bob" continues to represent one-twentieth of a pound, that is five new pence, and two bob is 10p. For all denominations "p" is used for pence. In the United Kingdom the term "shrapnel" may be used for an inconvenient pocketful of loose change because of the association with a shrapnel shell and "wad" or "wedge" for a bundle of banknotes, with "tightwad" a derogatory term for someone who is reluctant to spend money.
Similar to " shrapnel" the use of "washers" in Scotland denotes a quantity of low value coinage. The one pound note still in circulation in Scotland [ citation needed ] is occasionally referred to as a "Sheet" and thus the ten shilling note as a "Half Sheet".
Paper Money – This is a generalized term that represents all money produced in the form of a paper note. It also is applied, however, to certain items produced from bark, plastic, cardboard and other materials.
The objective of the scheme is to offer clients with superior, risk adjusted returns over the long term by investing in medium to long term fixed .
80 Slang Words for Money: List of Slang Terms for Money Home» 80 Slang Words for Money: List of Slang Terms for Money Few things get more attention it . Aug 15, · So we compiled a handy glossary of must-know money terms that affect all aspects of your financial life. Whether you’re confused about amortization or not sure what escrow, exactly, is good for, this primer will help you get up to financial speed. Handy Banking and Credit Terms. 1.
50 Slang Terms for Money By Mark Nichol - 2 minute read I find very little about money to be interesting, other than counting my own, but I’ve noted that there’s a rich fund of slang terms for money that can help enliven both casual and more serious content about currency and finance. What does "M" mean in terms of money? Update Cancel. Answer Wiki. 2 Answers. Sean Johnson, Engineer and photographer. Answered Apr 14, · Author has answers and k answer views. In a context such as 5M, M would represent million. therefore 5M is 5 million (of whatever currency or object is being discussed) and one M .