Government Finances Vocabulary

Expenditures: Money the government pays out for the programs and services it provides.

Revenue: Money the government collects from taxes and other sources.

Deficit: The amount by which expenditures exceed revenue in a budget.

Surplus: The amount by which revenue is greater than expenditures in a budget.

Debt: An amount that is owed.

Personal Finance Vocabulary

Beneficiary: The person who will receive the insurance money.

Insurer: The company providing the insurance.

Policy: A written contract or certificate of insurance.

Premium: How much you pay for an insurance policy (monthly, semi-annually, or annually).

Amortization Period: The length of time in years that you will need to pay off a mortgage.

Equity: The portion of the value of your property that you own.

Interest: The cost of borrowing money.

Principal: The amount you initially borrow or invest.

Unpaid Balance: The portion of the value of your property owed to the financial institution.

Closed Mortgage: A mortgage which does not allow payments on the principal.

Fixed-rate Mortgage: A mortgage with the interest rate locken in for a specified period of time.

Open Mortgage: A mortgage that allows open additional payments on the principal.

Variable-rate Mortgage: A mortgage where the interest rate may change from month to month.

Gross Debt Service Ratio: A formula used by most financial institutions to determine whether or not you can afford the property you have selected.

Market Value: The age and deterioration of the items are reflected in the appraisal.

Replacement Value: With reference to insurance policies, it means stolen or damaged items are replaced with new items.

Tenant's Package Policy: Insurance policy that protects renters from loss of contents of their rental units or personal belongings.

Metro: With reference to homeowner's insurance, this means a location within city limits.

Protected: With reference to homeowner's insurance, this means a location within 300 meters of a fire hydrant.

Semi-Protected: With reference to homeowner's insurance, this means a location within 8 km of a firehall.

Unprotected: With reference to homeowner's insurance, this means a location more than 8 km from a firehall.

Oct 21 Daily Recap.

Today we did not do mental math and got a handout that is called the portfolio booklet. Mr Maks ashured us that it is not a mathimatical portfolio though! He assigned us for to do question 2 A) which was pretty complex and included replacing ceiling tiles. There was no real way to evaluate the question with a calculator or computer resource. The way i did it was with a pencil and paper and arithmatic. The calculator was used for the simple add, subtract, divide and multiply scenarios to speed up the question. And a simple, ugly diagram helped VERY much in the completion of this question!

Oct 08 Daily Recap

Today we futhered our new knowledge of finance. We went through the same question and did all the same math, but this time on microsoft Excel instead of the Calculator like yesterday. I like the Excel way of completing these type of questions.

Oct 07 Daily Recap.

Yesterday we began a new unit. We started the finance unit, and Mr Maks showed us how we could calculate the payments of buying a corvette for about $34 000 over 5 years.

Oct 06 Daily Recap

Yesterday in the short block class, everyone was back after post secondary day and Mr. Maks assigned a quiz like assignment due for Oct 07. The quiz consists of 2 questions from the handout that was assigned before. Just make sure the questions are answered correctly and clean them up.

Oct 05 Daily Recap.

On Monday we had basically a free class. it was post secondary day and there was only about 4 of us in class. This gave me a chance to do most of the questions required in the sequencies handout.