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Bus Owner Chapter 10

Chapter 10 Vocab

TermDefinition
Bank Financing A method of financing a business by borrowing some of the necessary funds from a lending institution.
Co-signer One who signs a document of debt (such as a promissory note) agreeing to satisfy the debt of another (the debtor) only if and when the debtor fails to repay the debt.
Creditor The person or party to whom money is owed
Credit History A report evaluating an individual’s past repayment history as to loans, mortgages, credit cards, student loans and any other forms of installment debt.
Debtor The person responsible for a debt and its repayment
Equity The value of an asset calculated by subtracting the remaining balance of the loan from the current value of the asset
Guaranty An undertaking to pay another’s debt.
License Legal permission to own or operate something of a business nature
Net Worth The material value of a person measured by subtracting all this person owes from the value of all this person owns.
Personal Finance Statement A statement of an individual’s assets, liabilities and net worth, supported by accompanying schedules to explain each element.
Self-Employment Tax A tax born by sole proprietors similar to social security tax but at a higher rate than wage earners.
SBA guarantee A form of federal loan guarantee that operates in a way similar to that of a co-signer. SBA guaranteed loans have enabled many entrepreneurs access to needed capital when banks are not fully confident of the lender’s ability to repay the loan.
Self-financing A method of financing a business by using one’s own personal capital.
Unemployment Tax An employer-paid tax to both federal and state governments that functions like insurance if and when an employee separates from a company under certain conditions.
Working Capital Money set aside to be used for operating expenses
Created by: EBlackman16