Glossary
Employer - glossary for children
An organisation or person who hires people to work and pays them for the work they do.
Employment Contract
A written agreement between an employee and an employer, specifying the employee’s duties, working hours, remuneration, and other rights and obligations under the Labour Code. It must include the parties’ names, job location and type, start date, working hours, pay, rest and leave, and, if applicable, contract duration.
Employment Contract - glossary for children
A written agreement between an employer and a person they hire to work. The contract describes what work needs to be done, how long it will last, and how much money will be paid.
Employment Remuneration (Salary)
Payment from the employer to the employee for work performed. It is regulated by the Labour Code and includes two main components: the basic salary and additional payments. The total is also referred to as the gross wage.
Endowment Life Insurance
An insurance product that combines life and health risk protection with a savings component. Under this type of policy, the insurer commits to pay the agreed sum either upon the occurrence of an insured event (e.g. death or permanent disability) or upon survival to the end of the contract term, regardless of whether a covered risk has occurred.
Entrepreneur - glossary for children
A person who has their own business, taking risks and using time, money, and effort to create products or services that are useful for people.
Entrepreneurial Activity
A business activity carried out by natural or legal persons at their own expense and risk, aimed at generating economic benefit in the form of profit through the creation of a new enterprise or the development of an existing one. Its main characteristics include initiative, risk-taking, independence, and responsibility.
European Standardised Information Sheet (ESIS)
A document provided by the lender that contains key information about the loan, including the loan amount and term, interest rate and type, total amount to be repaid, total cost expressed as an annual percentage rate (APR), number, frequency, and amount of instalments, conditions for early repayment, and other essential information.
Exchange Rate
The value of one currency in relation to another. The rate can be fixed (when a currency’s value is pegged to another currency) or floating (when its value is determined by the market and can change daily depending on supply and demand).
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