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Credit Vocabulary
Financial Literacy - Myers 1st Block
| Term | Definition |
|---|---|
| Creditor | an entity that extends credit, giving another entity permission to borrow money to be repaid in the future |
| Capital | the money it has available to pay for its day-to-day operations and to funds its future growth |
| Collateral | an asset that a lender accepts as security for a loan |
| Principle | another name for a company owner or member |
| Finance Charge | the cost of consumer credit as a dollar amount |
| Debt Collector (collection) | a person or a company that regularly collects debts owed to others, usually when those debts are past-due |
| Credit Bureau | an organization that collects and researches individual credit information and sells it to creditors for a fee, so they can make decisions about extending credit or granting loans |
| Character | reflects the character of its leader |
| Credit Report | when credit grantors report information related to a business credit account |
| Capacity | the maximum output level a company can sustain to provide its products or services |
| Credit History | a record of your ability to repay debts and demonstrated responsibility in repaying them |
| Credit Rating | an evaluation of the credit risk of a prospective debtor, predicting their ability to pay back the debt, and an implicit forecast of the likelihood of the debtor defaulting |
| 20/10 Rule | the basic idea behind the rule is that 70% of stakeholder time and organizational resources for innovation projects should be spent on core business, 20% on related projects to the core business and 10% of the time to projects unrelated to the core busine |
| Debtor | individuals, people, or entities that owe money to another entity because they were supplied with goods/services or borrowed money from an institution |
| Bankruptcy | a legal proceeding involving a person or business that is unable to repay their outstanding debts |
| Secured Loans | loans that are backed up with some form of collateral |
| Unsecured Loans | a loan that doesn't require any type of collateral |
| Reaffirmation | an agreement by a debtor, to a lender, to repay some or all of their debt |
| Involuntary Bankruptcy | a legal proceeding through which creditors request that a person or business go into bankruptcy |
| Voluntary Bankruptcy | a type of bankruptcy where an insolvent debtor brings the petition to a court to declare bankruptcy because they are unable to pay off their debts |
| Discharged Debts | the cancellation of a debt due to bankruptcy |
| Liquidation | the process whereby a business closes and its free or unpledged assets are sold off |
| Reorganization | the implementation of a business plan to alter a corporation's structure or finances because of financial duress, a desire to change strategy, or a government order |
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