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)...
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...
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...
Demand Deposit ... Money Supply Demand deposits are usually considered part of the narrowly defined money supply, as they can be used, via checks and drafts, as a means of payment for goods and services and to settle debts... During times of financial crisis, bank customers will withdraw their funds in cash, leading to a drop in demand deposits and a shrinking of the money supply...
Commodity Money ... Aspects Commodity money is to be distinguished from representative money which is a certificate or token which can be exchanged for the underlying commodity, but only as the trade is good for that source and the product... A key feature of commodity money is that the value is directly perceived by the users of this money, who recognize the utility or beauty of the tokens as they would recognize the goods themselves... Since payment by commodity generally provides a useful good, commodity money is similar to barter, but is distinguishable from it in having a single recognized unit of exchange...
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...
Investment ... A thoroughly analyzed loan of money backed by collateral with greater immediate value than the loan amount may be considered an investment...
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...
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...
Unit Of Account ... In modern economies, money in the form of currency usually serves the role of the standard unit of account...
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 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...
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...
Payment Protection Insurance ... Credit insurance can be purchased to insure all kinds of consumer loans including car loans, loans from finance companies, and home mortgage borrowing. Credit card agreements may include a form of PPI cover as standard...
History Of Money ... Many items have been used as commodity money such as natural scarce precious metals, cowry shells, barley, beads etc., as well as many other things that are thought of as having value...
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...
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...
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...