Glossary
Aggressive Commercial Practice
An unfair commercial practice that uses harassment, coercion, including physical force or undue influence, which alters or is likely to alter significantly the freedom of choice or conduct of the average consumer regarding a particular good or service and causes them to take a commercial decision that they would not have taken otherwise.
Agricultural Insurance
An insurance product that provides protection to an agricultural producer or farmer against losses caused by adverse natural events or other risks related to crop and livestock farming. It can cover risks such as hail, frost, storm, flood, drought, plant and animal diseases, accidents involving animals, and others.
Agricultural Lease
A long-term arrangement under which agricultural land is granted for use in return for payment, regulated by a specific agricultural lease contract. The lease sets out the rights and obligations of both parties and usually covers several years.
Annual Percentage Rate (APR)
An indicator expressing the total cost of a loan as an annual percentage. The APR shows how much the loan will cost you per year, including not only interest but all additional expenses (fees, commissions, contract preparation costs, account maintenance, compulsory insurance).
Annuity
Regular payments for a fixed term or for life, usually as part of pension or life insurance products, intended to provide a steady income.
Annuity Instalment
A fixed monthly instalment that includes both interest and principal. In this case, at the beginning of the loan term, the larger portion of each instalment covers interest, and over time, the share of the principal increases.
Asset
Any resource that has value and can be owned, controlled, or used by an individual or legal entity with the aim of generating future economic benefits. Assets can be tangible (such as cash, machinery, buildings, goods, land) and intangible (such as rights, trademarks, patents, goodwill). In the investment context, assets include financial instruments such as shares, bonds, fund units, real estate, and other investments that are expected to generate returns or increase in value over time.
Automated Teller Machine (ATM)
An automated electronic device that allows bank customers to perform basic banking transactions without the assistance of a bank employee. Most commonly, an ATM is used to withdraw cash with a debit or credit card, but it can also offer services such as balance inquiries, account statements, cash deposits, bill payments, and more. ATMs provide a convenient way to access banking services at any time.
Bank
A financial institution that offers services such as storing money, providing loans, making payments, exchanging currency, and managing savings and investments. Banks play a key role in the economy by collecting funds from depositors and lending them to individuals, businesses, and the government in the form of loans.
Bank Account - glossary for children
An account is a way to record the money someone has in a bank and how much there is. The account can be used to pay, receive, or save money.
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