Inheritance Tax ... In some jurisdictions the term used is death duty. For historical reasons that term is used colloquially (though not legally) in the United Kingdom and some Commonwealth nations...
Standard Of Deferred Payment ... Functions of money Money is held to serve multiple distinguished but related functions, of which a "standard of deferred payment" is one... The most commonly distinguished functions of money are as a medium of exchange, a unit of account, a store of value, and, sometimes, a standard of deferred payment, summarized in a mnemonic rhyme of older economics texts: "Money is a matter of functions four, a medium, a measure, a standard, a store." However, many newer texts do not distinguish the function of a standard of deferred payment, subsuming it in other functions... Since the value of money – be it dollars, gold, or others – may fluctuate over time via inflation and deflation, the value of deferred payments (the real level of debt) likewise fluctuates...
Insurance ... Insurance is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses...
Representative Money ... According to economist William Stanley Jevons (1875), representative money arose because metal coins often were "variously clipped or depreciated" during use, but using representations for the value stored in banks ensured its worth...
Value Added Tax ... The "value added" to a product by a business is the sale price charged to its customer, minus the cost of materials and other taxable inputs. A VAT is like a sales tax in that ultimately only the end consumer is taxed...
Local Currency ... A few such currencies, however, developed into monetary systems in their own right. The idea of using free banking to produce an alternative, community-level currency dates back at least as far as the German Credit Unions in the 1800s...
Marketing ... It can also be defined as "the process by which companies create value for customers and build strong customer relationships, in order to capture value from customers in return". This replaces the previous definition, which still appears in the AMA's dictionary: "an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders." It generates the strategy that underlies sales techniques, business communication, and business developments...
Store Of Value ... With money being a storage of value was the start of monetary inflation cycles where the under and over abundance of market goods can lead to price instability...
Business ... The etymology of "business" relates to the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work. The term "business" has at least three usages, depending on the scope — the singular usage to mean a particular organization; the generalized usage to refer to a particular market sector, "the music business" and compound forms such as agribusiness; and the broadest meaning, which encompasses all activity by the community of suppliers of goods and services...
Money ... Money originated as commodity money, but nearly all contemporary money systems are based on fiat money... Fiat money is without intrinsic use value as a physical commodity, and derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private"... The money supply of a country consists of currency (banknotes and coins) and bank money (the balance held in checking accounts and savings accounts)...
Consumption Tax ... In Australia, Canada, New Zealand, and Singapore this form of national tax is called a Goods and Services Tax (GST). In Canada it is also called Harmonized Sales Tax (HST) when combined with a provincial sales tax...
Banknote ... Banknotes offer an alternative bearer form of money, but the advantages and disadvantages between the two forms of bearer money are complex and so in different circumstances the overall advantage can lie with either form... Numerous banks and nations have incorporated many types of countermeasures in order to keep the money secure... Paper money originated in two forms: drafts, which are receipts for value held on account, and "bills", which were issued with a promise to convert at a later date...
Monetary Policy ... Overview Monetary policy rests on the relationship between the rates of interest in an economy, that is, the price at which money can be borrowed, and the total supply of money... Where currency is under a monopoly of issuance, or where there is a regulated system of issuing currency through banks which are tied to a central bank, the monetary authority has the ability to alter the money supply and thus influence the interest rate (to achieve policy goals)... A policy is referred to as contractionary if it reduces the size of the money supply or increases it only slowly, or if it raises the interest rate...
Interest Rate ... Interest rates targets are also a vital tool of monetary policy and are taken into account when dealing with variables like investment, inflation, and unemployment. Historical interest rates In the past two centuries, interest rates have been variously set either by national governments or central banks...
Tax Noncompliance ... Groups that do not comply with taxes include tax protesters and tax resisters. Tax protesters attempt not to pay tax believing that they have discovered interpretations of the law that show that they are not subject to being taxed, whilst tax resisters refuse to pay a tax for conscientious reasons (because the resister does not want to support the government or some of its activities)...
Vehicle Insurance ... Several jurisdictions have experimented with a "pay-as-you-drive" insurance plan which is paid through a gasoline tax (petrol tax). This would address issues of uninsured motorists and also charge based on the miles (kilometres) driven, which could theoretically increase the efficiency of the insurance, through streamlined collection...
Life Insurance ... The advantage for the policy owner is "peace of mind", in knowing that the death of the insured person will not result in financial hardship for loved ones. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events...
Fiat Money ... Fiat money originated in 11th century China, and its use became widespread during the Yuan and Ming dynasties... Characteristics The term fiat money has been defined variously as: any money declared by a government to be legal tender... state-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard...
Marketing Plan ... To be most effective, the plan has to be formalized, usually in written form, as a formal "marketing plan." The essence of the process is that it moves from the general to the specific, from the vision to the mission to the goals to the corporate objectives of the organization, then down to the individual action plans for each part of the marketing program. It is also an interactive process, so that the draft output of each stage is checked to see what impact it has on the earlier stages, and is amended...
Health Insurance ... 1) a contract between an insurance provider (e.g. an insurance company or a government) and an individual or his sponsor (e.g...
Currency ... However, nearly all contemporary money systems are based on fiat money – modern currency has value only by government order (fiat)... Originally money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia, then Ancient Egypt...
Money Supply ... Money supply data are recorded and published, usually by the government or the central bank of the country... Public and private sector analysts have long monitored changes in money supply because of its possible effects on the price level, inflation and the business cycle... There is strong empirical evidence of a direct relation between long-term price inflation and money-supply growth, at least for rapid increases in the amount of money in the economy...