Glossary
Central Government - glossary for children
The government that manages the whole country and makes important decisions for all people.
Change - glossary for children
Money given back to a buyer when they pay more than the price of a purchase.
Children’s Savings Account / Savings Deposit
A special account opened in the name of a child for the purpose of saving funds. The child cannot withdraw money from the account; only a parent or guardian can do so with permission from the district court. Upon reaching adulthood, the account is transformed according to the bank’s current terms and conditions.
Civil Contract
A contract concluded between two or more natural or legal persons regulating their rights and obligations regarding a specific transaction or service. It is regulated by the Obligations and Contracts Act and the Civil Procedure Code.
Claim (Complaint)
The consumer’s legal right to require the seller, within a 2-year period, to repair or replace a defective product, refund its purchase price, or reduce the price, as well as to claim compensation for any damage caused by the defect.
Coin - glossary for children
Metal money that is used for paying.
Coins
Metal money that is used for paying.
Collateral
A security provided by the borrower or a third party in the form of a tangible asset that has value and can be used by the lender to recover the debt in case of default. Collateral may include real estate (such as a home or land plot), movable property (such as a car, equipment, valuables), or cash deposited in an account. It serves as an additional guarantee for the repayment of the loan.
Collateral (Security)
An asset or legal guarantee provided to secure the repayment of a debt or the performance of an obligation. This may include a specific pledged asset (collateral) or any type of legal guarantee for an obligation (security).
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