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Chapter 10 Vocab
| Term | Definition |
|---|---|
| Bank Financing | Bank financing refers to the process of providing funds for business activities, purchases, or investments. |
| Co-signer | A co-signer is someone who agrees to take legal responsibility for a loan if the primary borrower fails to make payments. |
| Creditor | a person or company to whom money is owed |
| Credit History | A record of how you have managed your credit accounts, which helps establish your creditworthiness to lenders. |
| Debtor | A debtor or debitor is a legal entity that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. |
| Equity | the quality of being fair and just, especially in a way that takes account of and seeks to address existing inequalities |
| Guaranty | a formal promise or assurance (typically in writing) that certain conditions will be fulfilled, especially that a product will be repaired or replaced if not of a specified quality and durability |
| License | a permit from an authority to own or use something, do a particular thing, or carry on a trade |
| Net Worth | Net worth is defined as the value of all assets owned by an individual or corporation minus the total liabilities owed. |
| Personal Finance Statement | A personal financial statement is a document that provides an overview of an individual's financial situation at a specific point in time |
| Self-Employment Tax | Self-employment tax (SE tax) is the Social Security and Medicare tax paid by self-employed individuals |
| SBA guarantee | The SBA guarantee is a Federal Government program that incentivizes banks to make loans to businesses that would otherwise not qualify |
| Self-financing | Self-financing refers to the practice of funding operations, projects, or ventures using one's own resources rather than relying on external financial support |
| Unemployment Tax | Unemployment taxes refer to the taxation of unemployment benefits and the taxes employers pay to fund unemployment insurance |
| Working Capital | Working capital is a financial metric that indicates the difference between a company's current assets and current liabilities |
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lsnow27
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