Terminology

1. The amount of income that is used to calculate how much tax to pay.
7. This is an entry in an account showing a payment made to the account
10. Interest charged on the original amount due only, resulting in the same fee every time.
13. The value of one currency in terms of the value of another currency.
16. The total amount of all an individual’s income before deductions.
19. The sum of money paid to an agent (usually a salesperson)
20. The amount of 3-D space occupied by an object. It is measured in cubic units.
21. Increase in the price of a basket of goods or services that is representative of the economy as a whole.
24. The money that has been used on something.
25. a one followed by twelve zeros
26. The amount that you owe the bank for transactions made with borrowing money.
27. A straight line passing through the centre of a circle and touching the circle at both ends thus dividing the circle into two equal halves.

2. To make an educated guess about what the answer of a calculation will be without actually calculating accurately
3. An overdraft is an arrangement with the bank allowing you to draw more money than there is in your account.
4. across the page in a left-right orientation.
5. A number calculated from an adult’s weight and height, expressed in units of kg/m2.
6. A comprehensive document that details all the work done or items sold, and what costs are due.
8. These are amounts that are the same every month like rent, school fees and transport costs.
9. The money that has been used on something.
11. The maximum you can spend on your credit card
12. The total amount of all an individual’s income before deductions.
14. A compulsory levy imposed on citizen’s earnings or purchases to fund the activities of government.
15. A charge rate for a service rendered, e.g. import duties, water consumption cost, etc.
17. The distance from the centre of the circle to any point on the circumference of the circle.
18. The total distance around the boundary or edge that outlines a specific shape.
22. The amount an employee “takes home’ after income tax has been deducted.
23. It is an arrangement giving permission to a third party to withdraw money from a bank account on a regular basis.