Personal Consumption Spending

Definition

  • The amount that is spent collectively by households on goods and services.

Synonyms
necessities, personal spending, household bills

Related Terms and Acronyms

  • Cheque Clearing Definition,
    • When you write a cheque to a person or a company, the cheque is typically cashed when deposited into a bank account. Your chequing account is then debited for the amount of the cheque and the cheque is said to have "cleared."
  • Credit Card (CC) Acronym, Very Important,
    • A plastic card with a coded magnetic stripe that, when signed, entitles its bearer to a revolving line of credit, with a credit limit and interest rate determined by the borrower's income and credit report.
    A payment card that gives customers access to a revolving line of credit.
  • Debit Card (DC) Acronym, Important,
    • A payment card that is linked directly to a customer's bank account. Some cards require a personal identification number. Others require a customer's signature. A PIN-based or direct debit card removes a purchase price from a customer's chequing account almost immediately. A signature-based or deferred debit card has a Visa or MasterCard logo and removes the purchase price from a customer's bank account in two or three days.
  • Interac Definition,
    • Canada's largest shared network of ATMs. It allows cardholders to access their accounts from any ATM on the network regardless of which financial institution owns the machine.
  • Interac Direct Payment (IDP) Acronym,
    • A method of paying for goods and services electronically with the funds taken immediately and directly from your bank account and transferred directly into the merchant's account. You use your banking card to do this.
  • Online Bill Payment Definition,
    • A service offered by online banks, usually for a small monthly fee, that relieves consumers from having to write cheques and lick stamps to pay their monthly bills. Online bill payment systems allow people to enter the names of their creditors and the numbers of their utility accounts and pay virtually all routine bills.
  • Personal Disposable Income Definition,
    • Personal income minus personal income tax payments. Also called "take-home pay."
  • Personal Savings Definition,
    • The difference between personal disposable income and personal consumption spending.
    • Put own money away.
  • Point of Sale (POS) Acronym,
    • An electronic payment system for retail goods and services, through the use of credit cards or debit cards that directly access and deduct funds from a customer's chequing account. Also known as POS.
    • A location where a sales transaction takes place.
  • Sales Tax Definition,
    • Federal and / or provincial taxes that are applied to purchases.
  • Smart Card Definition,
    • A card with an embedded computer chip which stores more information, performs more functions and is more secure than a credit card or debit card.
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