MSE’s Academy of Money
MSE’s Academy of Money

Start this free course now. Just create an account and sign in. Enrol and complete the course for a free statement of participation or digital badge if available.

Free course

MSE’s Academy of Money

Glossary

Budget
A financial plan for a forward period – typically a month or a year – that sets out expected income and expenditure.
Consumer Price Index (CPI)
A measure of consumer prices in the UK and the main basis for measuring price inflation.
Council Tax
A tax raised by local authorities in England, Scotland and Wales. The tax is based on the valuations of properties.
Gross income
Income before any deductions, including income tax, National Insurance Contributions (NICs) and pension contributions.
HMRC
(Full term: Her Majesty’s Revenue and Customs.) The UK body responsible for collecting tax revenues.
Income tax
A tax on earnings in the UK.
ISA
An Individual Savings Account. A savings account where the interest or other earnings are tax free.
Marks and Spencer
A UK-based department store chain.
National Insurance Contributions (NICs)
Deductions from earnings in the UK, with the record of contributions helping to determine entitlement to certain state benefits like State Pension.
Net income
Income after all deductions from gross income.
Premium Bond
A lottery bond issued by the UK government through its agency National Savings and Investment (NS&I).
Progressive tax
A tax where the amount paid as a proportion of gross income increases as income rises (commonly by step ups in the marginal rate of taxation, e.g. from 20% of gross pay to 40% of gross pay).
AOM_1

Take your learning further

Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has 50 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses.

If you are new to university level study, find out more about the types of qualifications we offer, including our entry level Access courses and Certificates.

Not ready for University study then browse over 900 free courses on OpenLearn and sign up to our newsletter to hear about new free courses as they are released.

Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.

Request an Open University prospectus