Vocabulary

Base PayBase pay is an employee's initial rate of compensation, excluding extra lump sum compensation or increases in the rate of pay.

Available CreditAvailable credit is the unused portion of credit available for a customer on a revolving credit account.

What Is a Closing Statement?A closing statement is a document used to provide the closing details on a transaction. Discover more about closing statement's here.

Commissions: The Price of AdviceA commission, in financial services, is the money charged by an investment advisor for giving advice and making transactions for a client.

Compound Interest DefinitionCompound interest is the numerical value that is calculated on the initial principal and the accumulated interest of previous periods of a deposit or loan. Compound interest is common on loans but is less often used with deposit accounts.

How Credit Card Balances WorkA credit card balance is the total amount of money you owe to your credit card company. The balance changes based on when and how the card is used.

Family Tax Benefit

Australian Government Link

FLAT RATE | meaning in the Cambridge English Dictionaryflat rate definition: 1. a charge that is the same for everyone: 2. a rate that is fixed at a particular level that does…. Learn more.

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Definition from LawAccess NSW

Medicare Levy

Australian Government website

Minimum payment Definition | Bankrate.comMinimum payment is a common term. Learn more about it at Bankrate.com.

OPENING BALANCE | meaning in the Cambridge English Dictionaryopening balance definition: 1. the amount of money in a bank account when it is first opened: 2. the amount of money in an…. Learn more.

PAY-AS-YOU-GO | meaning in the Cambridge English Dictionarypay-as-you-go definition: 1. A pay-as-you-go system is one in which you pay for a service before you use it and you cannot…. Learn more.

Piecework

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Salary

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Simple Interest

Taxable IncomeTaxable income is the amount on which the tax an individual or a company owes to the government is based.

Tax Liability DefinitionA tax liability is the amount an individual, corporation or other entity is required to pay to a taxing authority.

Tax RefundA tax refund is a refund on taxes paid to an individual or household when the actual tax liability is less than the amount paid. Taxpayers tend to look at tax refunds as a "bonus", but that's not the reality.

Wage

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