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The seller gives discount, which is a price reduction, when the goods may be defective, out-of-date, unpopular and etc. This helps the sellers to attract buyers and to clear his old goods.

	Profit and Loss: Profit is obtained when a person sells an object at a higher price than the cost price of the object. Loss is obtained when a person sells an object at a lower price than the cost price of the object. Cost Price of an object is the manufacturing cost of it.
	Discount:

The interest paid on both the principal and the interest added to it.

An amount of money paid to one for selling goods which increases with the quantity of goods sold.

Hire purchase is a system of buying an object by making regular payments for it over several months or years. Sometimes, a downpayment or deposit is needed as the first payment. Hire purchase is normally more expensive than the normal payment (pay all at once) due to the interest charged. The object is considered hired by one until one had made all payments.

Money exchange is the rate of one currency to another. We need money exchange to convert one currency to another. The money exchange appears in banks, television news and newspaper. Money exchange is very important to businessman. The demand and supply of the currencies determine the money exchange.

	Simple Interest: Simple Interest: It is an interest that is always calculated on the original amount of money (principal) deposited into or borrowed from the bank. Interest: money charged for borrowing money, or paid to those who invested money. Principal: It is the amount of money that is borrowed or deposited at first.
	Compound Interest:
	Commission:
	Hire Purchase:
	Money Exchange:
	Taxes: Tax is an amount of money that has to be paid to the government. What is tax? Examples of taxes: Value-added tax is a tax imposed on the selling price of an object. GST is a 3% tax imposed on goods and services in Singapore. GST is a value-added tax. Income tax is a tax that is imposed on the amount of money we earn (income) and it increases as we earn more.

Here are just some of the common personal & household finances and simple financial transactions. If you want to add more, feel free to e-mail me your suggestions!