Glossary
Personal Budget - glossary for children
A plan for managing personal money that shows all income and expenses and helps save for set goals.
Personal Guarantee
An obligation undertaken by an individual or legal entity to be responsible for fulfilling a debtor’s obligations if the debtor fails to do so. The guarantor assumes liability with their own assets, usually through a suretyship or guarantee agreement. A personal guarantee provides the creditor with additional assurance that the amounts due under the contract will be paid.
Personal Identification Code (PIC)
A special code issued by various state institutions such as the National Social Security Institute, the National Revenue Agency, and the National Health Insurance Fund, which allows access to some of their electronic services. Access to e-services and inquiries is carried out by entering the PIC along with the Personal Identification Number (PIN)/ Foreigner’s Personal Number (FPN)/Personal Number (PN)). Each PIC is valid only for the institution that issued it. Some services may also require an electronic signature or access through e-identification.
Personal Income Tax
A state direct tax imposed on the taxable income earned by individuals (natural persons) during the calendar year. It is regulated by the Personal Income Tax Act. The tax is paid by Bulgarian citizens regardless of whether they receive income domestically or abroad, as well as by foreign citizens who receive income from sources within Bulgaria. Taxable income includes remuneration from employment, income from non-employment relationships, rent, lease, sale of property, dividends, interest, royalties, and other sources. Individuals may reduce their tax liability through various allowances and deductions provided by the Personal Income Tax Act.
Person Practising a Liberal Profession (freelancer)
An individual who practices a liberal profession and carries out professional activity on their own account, is not registered as a sole trader, and is self-insured.
Phishing
A method of online fraud that involves sending electronic messages in which the perpetrator impersonates government agencies, banks, or other institutions. The message usually contains instructions to open an attachment or a link leading to websites that mimic legitimate ones. The goal is to trick users into revealing personal or financial information such as usernames, passwords, or bank and/or credit card details.
PIN
A personal identification number used as an access code for payment cards, bank accounts, online accounts, and similar services.
PIN (Personal Identification Number) - glossary for children
A secret number used when paying with a card to protect the money on a bank card.
Point-of-Sale Loan (Retail Loan)
A type of consumer credit granted for the purchase of a specific item on instalment, provided at a specific retail outlet.
Ponzi Scheme
A type of investment fraud presented as a legitimate service promising high returns. The organiser personally recruits investors, unlike a pyramid scheme where participants must attract new members. In both cases, the collected funds are not truly invested but are used to pay "profits" to earlier investors. The scheme is named after the Italian Charles Ponzi, who, in the early 20th century in the United States, defrauded hundreds of victims over the course of about a year.
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