Glossary
Family Budget - glossary for children
A plan for managing the household money, which includes all incomes and expenses and helps to save for set goals.
Fee
A monetary payment required for the provision of a specific service by a government body, municipality, institution, or private organization. Unlike a tax, a fee is paid in return for a specific benefit or the use of a service by the liable person.
Fee
A monetary payment made to a person for a one-time or specific service, often under a civil contract, an authorship agreement, or a service contract.
Fee - glossary for children
Money that is paid for a specific service, for example, to issue a document at the municipality, to maintain a bank account, or to use a sports hall.
Fiat money
Banknotes and coins issued by a state or central bank that have no intrinsic value and are not backed by gold or any other tangible asset. Their value derives solely from legal regulation and public trust, as they are declared legal tender.
Final Tax
A type of tax obligation that is withheld and paid once, thereby fully discharging the taxpayer’s liability for the specific income. After its payment, no annual tax returns are filed for that income, and no additional taxation is due. Examples of income subject to final tax include dividends and liquidation shares, rental income, interest income on bank accounts received by local individuals, taxable monetary and non-monetary prizes from games, competitions, and contests not provided by an employer or principal, and certain types of non-employment income under specific conditions. The tax amount is determined by law, with rates varying depending on the specific source of income.
Financial Goal
A value-based measure of a planned personal objective, specifying the funds required to achieve it and the time needed to secure them.
Financial Instruments
Contractual rights or obligations with monetary value that can be traded or invested. They include various forms of securities and contracts, such as stocks, bonds, derivatives (futures, options, swaps), mutual fund shares, deposits, receivables, and others. Financial instruments are used to acquire ownership, secure financing, manage risk, or generate returns. Their value and risk profile may vary depending on market conditions, legal regulations, and the characteristics of the specific instrument. They are used for financial management, investing, and ensuring liquidity, for example through savings accounts, deposits, insurance, investments, shares in enterprises, bonds, and other instruments.
Financial Instruments Broker
A natural or legal person acting as an intermediary between investors and financial markets by executing orders for the purchase or sale of securities on behalf and for the account of clients, receiving remuneration (commission) for brokerage services. Brokers may provide additional services such as advisory, research, and portfolio management. They operate under a license issued by the Financial Supervision Commission. Activities are regulated by the Markets in Financial Instruments Act and Ordinance No. 38 of 25.07.2018 on the requirements to the activities of investment intermediaries.
Financial Lease
A contract in which the lessor grants the lessee the right to use a long-term asset (e.g. car, machine, equipment) in exchange for periodic payments with an option or obligation to acquire ownership of the asset at the end of the contract.
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