Financial Glossary

We’re on a mission to help as many people as possible with their finances, and the first step is giving you an understanding of the financial terms you need to know and how they can apply to you.

Amortization

Amortization is an accounting term used for two separate processes: Amortization of Loan and Amortization of Asset. Amortization of Loan

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Bankruptcy

Bankruptcy is a legal process, governed by the Bankruptcy & Insolvency Act, applicable to businesses and individuals who have overwhelming

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Business Model

Business models are a holistic framework for understanding, designing and testing business assumptions in the market place. Organizations use the

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Cash Back

Is a reward incentive program operated by credit card and debit card companies in which a percentage of the amount spent by the card holder is paid back to the card holder.

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Co-Working

While remote work is becoming more and more popular, not everyone wants to work from their home, and a café

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Credit Report

A credit report is a record statement that has information about an individual’s credit history derived from numerous sources, including

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Credit Score

A credit score is a three-digit number evaluation that represents the creditworthiness of an individual. This score is typically calculated

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Dividend

The dividend is the token reward paid to the shareholders for their investment in the company’s equity. Depending on the

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Escrow

Escrow is a written agreement held with a third party to hold something of value and then delivered once all

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Interest Rate

Money deposited and borrowed from banks with specific interest rates determines economies of countries. Borrowing and depositing cash at a

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Joint Account

Is a bank account exactly the same as a regular account. The only difference is that the joint account is shared by two or more individuals with the same account privileges.

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Line of Credit

A line of credit is a borrowing option of arrangement offered by banks, financial institutions and other licensed consumer lenders

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Merger

Mergers are corporate strategies of combining companies to one for enhancing their operational and financial strength. The mergers are agreements

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Net Worth

Net Worth is the value of all your assets minus all liabilities.  Assets include bank account balances, the market value

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Open Mortgage

Is a mortgage with no limitations on prepayments. The interest rate on open mortgages is usually higher; however, it gives the greatest amount of flexibility to pay off the mortgage faster.

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Overdraft

An overdraft on a bank account is when more money is withdrawn than the account currently holds.  Overdrafts are a

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Payment Frequency

Payment Frequency is a determination of how often employees are paid. Most often employees are paid weekly, bi-weekly, semi-monthly or

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