Administration: In school, the administration is the support staff. That includes the principal, the vice-principal, and the secretary. Their role is to carry out policies and rules. They make sure everything runs smoothly.
Annual budget: Every year, the school board gives a fixed amount to the school to buy supplies and other materials.
Corporation: A body of municipal authorities that act as one. We have a group at school called student council. They get together and make decisions for the rest of the students.
Democracy: The students in school vote for a few students to represent them in various affairs. As a student, you will vote for someone who has the same thinking, wants and needs as you do to best represent you.
Fringe benefits: Extras you get as a form of compensation. For example, if you're on the yearbook committee, you might get your yearbook for free. Or, if you're on the graduation committee and are booking the hall for your graduation supper, you might get a reduced price for a dinner for two.
Goal: At the beginning of the school year, you'll set out goals for yourself, such as the marks you'd like to aim for.
Leadership: A teacher demonstrates leadership when directing the class. Many students also make excellent leaders in many student-run councils or activities.
Policy: The school handbook with the rules and regulations is the contract between the students and the administration of the school.
Tax: The only tax you'll find at school is probably the tax on your school supplies.
Year-end: In June, before the school year finishes, you'll tally up all your expenses (debits) and budget and fees (credits). You want to find out if your committee made money (a profit) or if it has lost money (a deficit) over the school year.