Minimum wage

A minimum wage is the lowest hourly, daily, or monthly wage that employers may legally pay to employees.

Power of attorney

A power of attorney is a legal document that gives a person the right to act on behalf of another.

Market conditions

Market conditions are factors that affect the sale of a home in an area. Some market conditions are interest rates and unemployment.

Median price

The median price is the amount that falls in the middle of the total price of homes for sale in an area.

Late payment fee

A late payment fee is a fee that is charged to a borrower for not making a payment on time.

Debt instrument

A debt instrument is a document that states a borrower's obligation to repay the balance due.

Due date

The due date is the date a payment must be made by. If a payment is made after the due date, it's considered past due.

Credit report

A credit report is a document that shows an individuals credit history and current credit standing.

Ceiling

The ceiling is the maximum interest rate that can be charged on an adjustable rate mortgage.

Soft currency

Soft currency is currency whose value may depreciate quickly. It is also difficult to exchange into other currencies. It is the opposite of hard currency.

Chargeback

A chargeback is the return of funds to a consumer, usually in a disputed credit-card transaction.

Cashier's check

A cashier's check is a check that is issued by a financial institution. The payment is guaranteed because it is drawn on the bank's account rather than the customer's.

Credit check

A credit check is when a loan provider views your credit history to see if you are suitable for the loan.

Collection agency

A collection agency pursues payments on debts that individuals or businesses have defaulted on.

Collateral

Collateral is a when a borrower pledges property to a lender in order to secure repayment of a loan.

Venture capital

Venture capital is capital that is provided to new companies. They have high profit potential along with high risk.

Private equity

Private equity is capital that is available to private companies. Companies that are not on a stock exchange.

Currency market

The currency market is where all of the currency trading takes place.

Exchange rate

The exchange rate is the worth of one currency compared to another country's currency.

Credit limit

The credit limit is the maximum amount a borrower can borrow under a credit card.