glossary+of+commerce+of+finance+and+shipping

__ GLOSSARY __ Currency = the money used in a country Personal finance = all the money a person receive or earns as payment is his or her income Salary = money paid monthly by an employer Wages = money paid by the day or the hour, usually received weekly Overtime = money received for working extra hour Bonus = extra money given for meeting a target or for good financial results Fees = money paid to professional people such as lawyers and architects Social security = money paid by the government to unemployed and sick people Pension = money paid by a company or the government to a retired person Living expenses = money spent on everyday needs such as food, clothes and public transport Bills = requests for the payment of money owed for services such as electricity, gas and telephone Rent = the money paid for the use of a house or flat Mortgage = repayments of money borrowed to buy a house or a flat Health insurance = financial protection against medical expenses for sickness or accidental injuries Tax = money paid to finance government spending Capital = the money that people need to set up or start a company Revenue = all the money coming into a company during a given period Financial statement = companies give information about their financial situation in financial statements Accounting = involves recording and summarizing an organization’s transactions or business deals such as purchases and sales and reporting them in the form of financial statements Bookkeeping = is the day to day recording of transactions Financial accounting = includes bookkeeping and preparing financial statements for shareholders and creditors Management accounting = involves the use of accounting data by managers for making plans and decisions Auditing = examining a company’s system of control and the accuracy or exactness of its records, looking for errors or possible fraud