In order to be "financially literate," parents and students need to have a working knowledge and understanding of the many terms that help us make sense of the financial world. In this section of the web site, you will find financial terms related to Investment and Business, Buying and Leasing, General Business, Insurance and Home Buying, Taxation, and Wills and Estates.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A

Accountant - One who is skilled at keeping business records.

Account - A record of a business transaction or "deal."

Accounts receivable - A record of what is owed to you.

Adolescence - The period from puberty to maturity.

Advances - Payments made before they are due, as in giving an allowance before it's supposed to be paid.

Alimony - An income provided from one spouse to a former spouse.

Allowance - An amount of money given to a child (usually weekly).

Amortization - The gradual reduction of a debt by periodic payments large enough to meet the current interest payments and to repay the principal at maturity.

Analysis - Breaking a problem into its parts to examine it.

Angels - Investors with capital to invest in business ventures.

Annual report - A report that a public company compiles once a year to describe its financial picture.

Annuity - A contract that guarantees you a series of payments in exchange for your lump sum investment. Some are fixed-term and some are for life (as in insurance).

Application - An initial statement of personal and financial information that is required to approve a loan

Appraisal - An opinion of the market value of an asset as of a specific date.

Arrears - Interest or dividends that were not paid when due but are still owed

Articles of Incorporation - A legal document filed with the province and/or federally that sets forth the purposes and regulations for a corporation.

Ask price - The price a seller is willing to accept for the security; also called the offer price.

Assessment - The value of a property, set by the local municipality, for the purposes of calculating property tax.

Assets - Anything of worth that you own.

Asset allocation - An investment strategy that spreads your money around into different kinds of investments so that you reduce your risk of loss.

Automated teller machines (ATMs) - Machines that enable you to do virtually everything you once needed a bank teller for: withdraw cash, pay bills, deposit money.

B

Back-end load - A sales commission charged when you sell mutual fund units.

Bad debts - Money owed to you that you can't collect.

Balance sheet - A financial record that shows the worth of a business as of the date shown. It reveals what is owed and owing.

Balancing a chequebook - A way to make sure that the bank and you agree on what's in your account.

Bank card - A card issued by a financial institution that identifies the holder as a customer of the institution and allows access to accounts through an ATM/ABM.

Bank of Canada - The Canadian authority that establishes and implements monetary policy.

Bank rate - The rate at which the Bank of Canada makes short-term loans to chartered banks and other financial institutions, and the benchmark for prime rates set by financial institutions.

Base price - The cost (of, say, a car) without options, but including standard equipment, warranty, and shipping.

Basis point - One basis point equals one-hundredth of one per cent.

Bear market - A falling stock market.

Beneficiary - The person entitled to the proceeds of a life insurance policy or registered account when you die.

Bid price - The price a buyer is willing to pay for a security.

Blank cheque - A cheque that does not have an amount entered on it.

Blue chip - A term used to describe high quality/grade stocks.

Board lot - A regular trading unit that has uniformly been decided upon by stock exchanges.

Book value - The original amount paid for an investment plus reinvested income.

Boomerang kids - Kids who go off to postsecondary studies and return home after graduation to live with parents.

Bond - A long term investment that can be bought or sold in the bond market. Investments in which you become a creditor and are owed money (interest) on what you've lent (invested).

Bouncing a cheque - Writing a cheque but not having the money in your account to pay it.

Break-even point - The point at which income is equal to costs.

Broker - A person who charges a commission to handle your orders to buy and sell investments or other property.

Brokerage firm - A company through which brokers operate.

Budget - A plan you make to spend or use your money during a certain period (for example, a week).

Bull market - A rising stock market.

Business cycle - The state of the economy over a period of time, for example, recession, inflation, recovery, depression.

C

Canada Pension Plan (CPP) - A federal social security program that pays monthly pensions to contributors, their surviving spouses, or orphaned children.

Canada Savings Bond - A bond issued each year by the federal government; can be cashed at any time for full face value.

Canadian Bankers Association (CBA) - Professional industry association that provides information, research, advocacy, education, and operational support services primarily to the banking industry.

Capital - The money or property used in a business. The available money to invest or the total of accumulated assets available for production.

Capital gain - If you purchase an investment and later sell it for more than you paid, you have a capital gain (you have a capital loss if you sell it for less than you paid).

Capital requirement - A list of expenses that must be met to establish a business.

Cash - Money on hand or readily available.

Cash disbursements - The money spent on running a business.

Cash receipts - The money received by a business from customers.

Cash flow - The money you have coming in compared to how much you are spending, usually on a month-by-month basis.

Cash surrender value - The amount you get by agreeing to surrender a life insurance policy.

Certificate - The document evidencing ownership of a bond, stock, or other security.

Certified cheque - A cheque drawn on your own bank account that is guaranteed by your bank to have the funds to back it up and that will be honoured no matter what.

Chartered banks - Financial institutions that are regulated under Canada's Bank Act.

Chequing account - A type of bank account in which you access your money by writing cheques (written orders for payment of a certain amount of money).

Claw-back - commonly applied to Old Age Security and Employment Insurance, an amount you have to repay based on your income level.

Client - The person being represented by the agent (for example, a real estate agent). The agent treats the client with the utmost care, integrity, confidentiality, and loyalty.

Closed mortgage - A mortgage that puts limits on your right to pay it off before the term is up.

Closing - The day the legal title to a property changes hands.

Codicil - An update or change to a will prepared by a lawyer and properly witnessed.

Collateral - Property (house, car etc.) pledged as a guarantee for repayment of money.

Collectibles - like antiques, items worth saving, without regard to their age.

Commercial banking - These centres serve small and medium-sized businesses such as franchising, leasing, and cash-management services.

Commission - A portion or percentage of a sale payable to the agent, author etc.

Common stock - An investment representing part-ownership of a company.

Compounding - Earning interest not only on the money you put into something but also on the interest you are earning.

Conglomerate - A company directly or indirectly operating in a variety of industries, usually unrelated to each other.

Consumer Price Index (CPI) - A reading on the inflation rate because it shows the rise and fall in the cost of living for consumers.

Contract - An agreement regarding mutual responsibilities between two or more parties.

Contract of sale - The agreement between buyer and seller on the purchase price, terms, and conditions necessary to both parties to convey the title to the buyer.

Contribution - The amount of money put in a savings or investment plan.

Corporate banking - Financial services for large organizations.

Corporation - A form of business organization created under provincial or federal statutes that has a legal identity separate from its owners.

Co-signers - Joint signers of a loan agreement who pledge to meet the obligations in case of default.

Coupon rate - A bond's annual interest rate.

Corporate banking - Financial services for large organizations.

Credit - An addition of money or an amount that's given on the promise to repay.

Credit cards - Allow you to pay for things at any location in which the cards are accepted, up to a set spending limit (for example, VISA, MasterCard)

Credit history - Your experience in paying your bills on time.

Credit risk - The risk one assumes under a financial contract that a borrower may fail to repay.

Creditor - Another term for a lender.

Currency - A country's money in circulation (coins and bills).

Current yield - Annual income (interest or dividends) divided by the current price of the security.

Custodian - A bank, trust, or other financial institution that holds a mutual fund's securities and cash in safekeeping.

Cybervestor - A person who invests using the Internet.

D

Day trading - The highly risky practice of jumping in and out of a stock before the close of trading.

Deadline - For your income tax return, it is always the last day of April (covering the previous calendar year; for example, Year 2000 return due by April 30, 2001).

Death benefit - The amount stated in a policy contract as payable upon death of the person whose life is being insured.

Debenture - A bond unsecured by any pledge of property.

Debt - Money/assets owing.

Debt/equity ratio - A comparison of debt and equity (worth) to measure the health of a business.

Debit - A subtraction or minus an amount of money.

Debit cards - A way to withdraw from or use money in your bank account. You can spend up to the amount in your bank account at any location that will accept the cards.

Deduction - An amount you are allowed to deduct from your income to arrive at your taxable income. It is different for each individual.

Default - Failure to pay a debt or meet an obligation.

Deflation - A measure of the lowering of prices in the economy.

Deposit - Entering money into an account using cash, cheque, or other means.

Depreciation - A decrease in value through age, wear, or deterioration.

Depression - A prolonged downturn in the economy and level of business activity.

Direct deposit - When an employer is authorized to automatically make a deposit or payment of, for example, a salary.

Director - The person elected by voting common shareholders at the annual meeting to direct company policies.

Discount broker - Brokers who charge greatly reduced commissions for buying and selling stocks, bonds, and mutual fund shares and who do not provide any investment advice to customers.

Diversification - Putting your money into different types of investments so that you spread your risk of loss.

Dividends - Payments made by companies to people who own stock in them. Usually dividends are paid in cash, but they can also be made in stock or other property.

Dividend income - The form of investment income from a corporation in which you own stock.

Dividend reinvestment plans (DRIPS) - Arrangements to allow for dividends to be used automatically to buy additional shares of the same stock.

Dow - The Dow Jones Industrial Average, a composite of the prices of 30 stocks on the New York Stock Exchange.

Down payment - A partial payment on the purchase price of an item made prior to or when you receive the item.

Dunning - The practice of bill collectors trying to get their money by persistence.

E

E-FILE - An electronic program that allows you to complete and send your income tax return to Revenue Canada by computer.

Earned income - Income from working, such as wages and salaries.

Electronic data interchange (EDI) - When business information is exchanged via electronic means.

Electronic funds transfer (EFT) - A method of transferring money via electronic means.

Employee stock purchase plan - An employer-sponsored plan that lets you buy the company's stock at a discount to its market value.

Employment Insurance (EI) - A federal program that provides an income benefit for individuals who are unemployed.

Endorse - To sign the back of a cheque in order to cash it.

Entrepreneur - Someone who pursues opportunity beyond the resources they currently control.

Equity - The worth or value of a business or person after all debts are settled.

Equity fund - A mutual fund that invests mainly in common stock.

Estate - Everything you own at your death. It includes property, personal effects, and money.

Executor - The person who has the power to distribute the assets in your estate according to the instructions in your will.

Expiry date - The date on which certain rights or contracts cease to exist.

Exports - Canadian products and services sold globally.

F

Face value - The amount that will be paid to the holder when a debt security, such as a bond, matures (comes to term).

Fair market value - Used to determine the value of investments transferred into an RRSP, this is the price a willing buyer would pay a willing seller if neither was under any compulsion to buy or sell.

Fiduciary - An individual or institution holding a position of trust (for example, executor).

Financing - Obtaining money resources.

Financial planner - An investment professional who helps individuals understand and set up a financial plan with specific objectives and helps co-ordinate various financial concerns.

Fiscal year - A company's accounting year, which may NOT be the calendar year, for example, April 1st to March 31st.

Fixed expense - Costs that don't vary from one period to the next.

Fixed-income investments - Investments such as bonds that produce a fixed amount of income that usually does not vary over the life of the investment.

Foreclosure - A legal process by which the lender takes possession and ownership of a property when the borrower does not meet the financial obligations.

Foreign currency - The paper money and coins that represent other nations.

Foreign exchange rate - The value of one nation's currency against another nation's.

Four pillars - A term to describe the predominant types of financial institutions, namely, banks, trust companies, insurance firms, and the securities industry.

Franchisee - A right or privilege to deal in a certain line or brand of goods and services.

Franchisor - The owner of the franchise, including the corporate name, who sells licences to others who wish to operate under the corporate name.

Fringe benefits - Items that your employer pays or reimburses you for, such as dental insurance.

Front-end load - A sales commission, usually 4%-5% of your investment but negotiable, charged when you buy mutual fund units.

Full-service brokers - Those who charge commissions for buying and selling stocks, bonds, and mutual fund shares and who provide investment advice to customers.

Futures - Agreements to buy a commodity (for example, wheat) at a previously established price.

G

Grace period - A period of time that a loan payment may be paid after its due date without incurring a late-payment penalty.

Gross - Overall total of income before expenses.

Gross domestic product (GDP) - The annual total value of Canadian goods and services produced.

Gross income - The income of the borrower before taxes or expenses are deducted.

Gross margin - The difference between total revenue and cost of goods sold.

Growth stocks - Shares of companies with earnings that are expected to increase at a greater rate than the overall market.

GST - Federal Goods & Services Tax.

Guaranteed investment certificates (GICs) - A deposit-type investment offered by banks, trust companies, and other financial institutions that pays a predetermined interest rate for a specified period.

Guardianship - Used in a will to decide who will care for a child if the parents die.

Guarantor - A person who promises to make good on your obligation to make a payment if you fail to do so.

H

Hedge - A protective manoeuvre; a transaction intended to reduce the risk of loss with price fluctuations.

Holding company - A company that owns the securities of another company, in most cases with voting control.

Home banking - Using the telephone and computer to access bank accounts to pay bills, transfer funds, and so forth.

I

Imports - Foreign products sold in Canada.

Income - Money coming in.

Income statement - A financial document that shows how much money (revenues) has come in, how much has been paid out (expenses), and what remains (profit).

Index - A statistical measure of the changes in a portfolio representing a market.

Inflation - When prices are generally rising; commonly measured by the Consumer Price Index.

Insider trading - Trading by management or others who have special access to unpublished information. If indicted, offenders face large fines or possibly jail sentences.

Insurance - A way of shifting the risk of loss you might have to your property or yourself.

Insurance deductible - The portion of a loss that you must pay before the insurance company pays you.

Interac - A network of automated teller machines that allow cardholders to access accounts regardless of the financial institution.

Interest - What it costs to borrow or "rent" other people's money. The fee paid or earned for the use of money.

Interest rate - The rate or percentage set to calculate the amount of interest paid.

International fund - A mutual fund that holds investments from the world's major economies excluding North America.

Intestate - When you die without leaving a will and the government decides what will become of our assets and who would look after any orphaned children.

Inventory - A list of assets being held for sale.

Investing - Putting your money into areas that will earn more money for you.

Investment - The use of money to make more money, to gain income or increase capital or both.

Investment advisor - An individual licensed to provide advice on a wide range of investments, including stocks, bonds, and mutual funds.

Investment dealer - A brokerage firm or person within the firm.

IPO - Initial Public Offering, a new issue of securities offered to the public for the very first time.

L

Lagging indicators - A selection of statistical data that, on average, indicate highs and lows in the business cycle behind the economy as a whole.

Leading indicators - A selection of statistical data that, on average, indicate highs and lows in the business cycle ahead of the economy as a whole.

Lease - A contract that gives you the use of a car, real estate, or equipment for a specified period.

Leverage - Using borrowed money to invest; the cost of the borrowed money needs to be less than returns on the investment in order to be successful.

Leveraged buy-out - A takeover financed to a large degree by debt that is secured, serviced,and repaid through the cash flow and assets of the acquired company.

Lien - A claim against a vehicle or property by another party that utilizes the vehicle or property as security for repayment of a loan.

Line of credit - The amount of money a borrower may withdraw from a financial institution with specific timelines on repayment.

Liquidate - To settle a debt, convert to cash, or wind down a company.

Liquidity - The degree of ease and certainty of value that a security or other asset can be converted to cash at a reasonable price.

Living will - Living wills express a person's wishes about the kind of medical treatment he/she wishes, or does not wish, to receive when no longer able to make decisions.

Loads - Sales commissions levied on buyers of mutual fund units.

Loan - Money lent at interest.

Long - Signifies ownership of securities.

M

Macroeconomics versus microeconomics - Looking at the economy as a whole versus its individual parts.

Management - The art and science of operating a business.

Management fee - The money paid to the mutual fund to manage the investment portfolio.

Market index - A vehicle used to denote trends in securities markets. The best -known in Canada is the Toronto Stock Exchange 300 Composite Index (TSE 300).

Market price - The most recent price at which a security transaction took place.

Market timers - Investors who try to only buy stock at the low and sell at the high.

Marketing - All the activities involved in buying and selling a product or service.

Marketable - Easily bought or sold.

Manufacturer's rebate - A program offered directly to the buyer by the manufacturer to increase the sales of slow-selling products or to reduce excess inventories.

Maturity - The date when a loan or the principal amount of a bond comes due and must be redeemed or paid off.

Member firm - A stock brokerage firm or investment dealer that is a member of a stock exchange or the Investment Dealers Association of Canada.

Merchandise - The goods bought and sold in a business.

Minimum payment - The least you can pay on a credit card's monthly bill without going into default and falling subject to collection activities.

Money - Any medium of exchange that can be used to pay for goods and services and to measure the value of things.

Money laundering - A term describing the process of concealing money acquired through illicit means and converting it into seemingly legitimate income.

Money market - Where short-term securities such as treasury bills are bought and sold.

Money market funds - Funds offered by banks and mutual funds that invest your money in interest-bearing instruments, such as certificates of deposit and treasury bills, and that pay you a variable rate of return.

Monetary policy - The ability of the Bank of Canada to influence the economy through changes in short-term interest rates and the money supply.

Mortgage - A contract providing security for the repayment of a loan, registered against property, for example, for a house.

Mutual funds - Investments that allow you to own a small piece of many different things by buying shares in the funds; for example, stock mutual funds own shares in a number of different companies, and you get an ownership interest by owning shares in stock mutual funds.

Money order - A cheque issued by the post office or a commercial business that you get by paying cash, plus a small fee. You can use a money order just like a personal cheque drawn on your own bank account.

MSRP - Manufacturer's Suggested Retail Price.

N

New issue - An offering of stocks or bonds sold by a company for the first time.

Net - What is left after deducting all charges/costs, for example, "net income."

North American Free Trade Agreement (NAFTA) - An agreement among the United States, Canada, and Mexico that will allow for freer trade among the three countries.

NSF cheque - When there is not enough money in your account to cover the payment of a cheque you have written (Not Sufficient Funds).

O

OAS - Old Age Security, a pension that Canadians who meet certain residency requirements will receive at age 65.

Odd lot - A transaction involving fewer shares than a "round" lot, which for most stocks is 100 shares.

Offer - The lowest price at which a person is willing to sell.

Offering price - The price that an investor pays to purchase shares in a mutual fund.

Operating costs - Expenditures arising out of current business activities.

Operating loan - A loan from a financial institution to a business intended to cover daily operating expenses.

Option - A right to buy or sell specific securities or properties at a specified price within a specified time.

Owner manager - One who owns and operates a business.

P

Par value - The face value of a bond, generally $1,000 for corporate issues, with higher denominations for many government issues.

Partnership - A legal business relationship of two or more people who share responsibilities, resources, profits, and liabilities.

Passbook - A book to record the transactions of a bank account.

Payable - Ready to be paid.

Payee - The name of the person to whom the money in a cheque or money order is to go.

Penny stocks - Highly speculative, low-priced stock (generally selling for under $5.00 a share).

P/E ratio - The price of the stock divided by its annual earnings.

Pension - An income payable to an individual for life. Generally provided by a former employer or the government.

Personal disposable income - The amount of pay or income remaining after tax ("take-home pay").

Personal Identification Number (PIN) - A three- to five-digit number code you select as your personal identifier and use to access money through an ATM.

Personnel - Persons collectively in the employ of a business.

Philanthropy - The act of giving to charity.

Poison pill - A corporate provision to combat hostile takeovers.

Portfolio - The collection of investments you own.

Posting - Entering figures in an account.

Pricing - Setting the selling price.

Prime rate - The rate used by chartered banks to determine the interest to be charged on customer loans.

Principal - The amount owed, the face value of a debt; the amount invested, or the one who is directly concerned in a business enterprise.

Profit - The financial gain; returns over expenditures.

Profit margin - The difference between your selling price and your costs.

Profit and loss statement - A list of the total amount of sales (revenues) and total costs (expenses) with the amount remaining shown as either a loss or a gain.

Promissory note - A written pledge to pay a set sum at a set time or on demand.

Prospectus - A written statement that discloses the terms of a securities offering or a mutual fund. Strict rules govern the information that must be disclosed to investors in the prospectus.

Proprietorship - Subject to exclusive ownership.

Proxy - Written authorization given by a shareholder to someone else, who need not be a shareholder, to represent him or her and vote his or her shares at a shareholders' meeting.

Q

Quotation or Quote - The highest bid to buy and the lowest offer to sell a security at a given time.

R

Ratio - The relationship of one financial figure to another.

Real property - A measure of real estate holdings and investments including land and buildings.

Receivable - Ready for payment.

Recession - When the GDP declines for at least two consecutive three-month periods.

Reconciliation - Checking all personal financial information to make sure records agree.

Red herring - A preliminary prospectus so called because certain information is printed in red ink around the border of the front page. It does not contain all the information in the final prospectus.

Reference - A person who can vouch for you, usually a teacher, former boss, or even a friend or neighbour.

Refund - The money you're entitled to if, after completing your income tax return, you have paid more income tax than you were required to.

Reserve - Money or assets stored or held back for future use.

RESP (Registered Education Savings Plan) - Education savings plans that grow tax-free until a child is ready to pursue a post-secondary education, at which time the money is withdrawn to help finance the costs.

Resume - A summary of your personal information, including your name, address, telephone number, jobs you've already held, and your education.

Retail - Selling directly to the public.

Retail banking - When a bank provides services such as cashing cheques and offering RRSPs for customers.

Retained earnings - All the profits or losses that you've accumulated from prior years and this year's income statement, less dividends paid to you.

Return - Consists of income plus capital gains relative to investment.

Revoke - To cancel something or take back.

Risk - The possibility that an investor's actual return will be different than expected; includes the possibility of losing some or all of the original investment.

RRSP (Registered Retirement Savings Plan) - A vehicle available to individuals to defer tax on a specified amount of money to be used for retirement. The holder invests money in one or more of a variety of investment vehicles that are held in trust under the plan.

RRIF (Registered Retirement Income Fund) - An investment option available to RRSP holders, who must convert their plans by age 69. A certain amount, which increases each year, must be withdrawn from the plan yearly.

S

Saving - Holding on to your money instead of spending it so that you'll have it for the future.

Savings bonds - Bonds offered/issued by the federal government that pay interest on your investment.

Scholarships - Money awarded to cover the cost of education that doesn't have to be repaid.

Secured - Protected or guaranteed.

Securities - Investments with fluctuating values, such as stocks and bonds, that can be bought or sold.

Seed money - The cash (capital) needed to start a business.

Service charge - A fee paid for using a financial service.

Shareholder - Someone who owns stock in a corporation.

SIN - Social Insurance Number, which every Canadian is assigned usually when he or she begins work.

Small and Medium-sized enterprises (SMEs) - Banks define small businesses as those having authorized credit limits of $500,000 or less, whearas medium-sized businesses have authorization levels of up to $1 million.

Smart card - A financial card using a computer chip to store information and perform a number of functions.

Spending money - Cash provided, usually to children, for a specific purpose (for example, an afternoon at the movies).

Spouse - For income purposes, your significant other (e.g., husband, wife etc.).

Stagflation - When the economy displays both a high rate of inflation and unemployment.

Statement - A financial record of the transactions in an account over a period of time.

Stipend - A payment for your services made at the conclusion of a job.

Stocks - Ownership interests in corporations, traded on a stock exchange.

Stock split - The division of a company's common shares into a larger number of shares. In a 2-for-1 split, for example, each stockholder would receive an additional share for each share held.

Subsidiary - A company that is controlled by another company.

T

Take-over bid - An offer made to security holders of a company to purchase the company.

Tax deductions - Expenses you are allowed to subtract from your income when calculating your income taxes.

Tax return - A government form (federal and provincial) that you use annually to declare and reconcile your income, expenses, and taxes.

Tax shelter - A savings plan that offers tax advantages.

Taxes - Payments made to the government.

Term - The period of time during which a loan is repaid, or the length of time an investment such as a GIC is held.

Term deposit - An investment product in which you deposit a fixed sum of money for a set period of time and are paid interest.

Testator - The person who makes a will.

Title - The written evidence that proves ownership.

Trader - Employee of a securities firm who executes buy and sell orders for the firm and its clients in a money market or stock exchange.

Trading range - The spread of prices that a stock normally sells within.

Transaction - When a deposit or withdrawal occurs in an account.

Traveller's cheques - The same as cash but safer since, in case of loss during travel, they can be replaced.

Treasury bills (T-bills) - Short-term debt security issued by the federal government for periods of one year or less.

Trust - A relationship where the legal ownership and beneficial ownership of property are split. The owner of the property conveys legal title to a trustee for the benefit of a third person.

T-slip - Any employer, company, and/or government that pays you income must also send you a T-slip reflecting these amounts. (T-3 is for trust income, T-4 is employment income, T-4(A) is pension income, and T-5 is investment income.)

U

Underwriting - The purchase for resale of a security issue by one or more investment dealer or underwriter.

V

Variable expenses - Costs that vary depending on the amount of business conducted such as manufacturing.

Velocity - The rate at which money circulates through the economy.

Venture capital - Money invested in a business by someone interested in financially supporting the venture.

Volume - The amount or quantity of business; as in the volume on the TSE.

Voting right - The stockholder's right to vote in the affairs of the company.

W

Withdrawal - Money taken out of an account.

Will - A legal document stating how an individual wishes his/her assets be disposed of after death.

Workers' compensation payments - Payments provided for individuals who have been injured on the job and are unable to return to work.

Y

Yield - The amount of interest paid. The return on an investment calculated.

Z