A person to whom money or goods are due; one to whom a debt is owed

A stock of accumulated goods especially at a specified time and in contrast to income received during a specified time period

Property pledged by a borrower to protect interests of the lender

The original amount of a loan or investment

The overall cost of credit to the consumer

A business used to pursue payment debts owed by consumers to others

A corporation that has information based on the creditworthiness of someone

Activities that involve commercial use of established figures

Summary of a company's financial history and creditworthiness

Max amount of goods or services a company can produce, sell, or achieve within a specific time period

Detailed record of a company's past performance in managing and repaying debts.

Assessment of an agency to see likelihood to repay debt, providing a forward-looking opinion of creditworthiness.

Suggests that total debt shouldn’t exceed 20% of annual income, or 10% of your monthly income.

Company that owes money to another party.

Legal process that occurs when a company can no longer pay its outstanding debts.

A loan for a company that is backed by collateral

A type of financing that doesn’t require you to pledge business assets as collateral to guarantee payment.

Agreement between a debtor and a creditor to continue paying a debt despite the debtor filing for bankruptcy.

Involuntary Bankruptcy

Legal process initiated by a creditor to force a debtor company into bankruptcy.

Initiated by a business (the debtor) that is unable to pay its debts.

Cancellation of a company's obligation to repay what it owes.

Selling all of a business’ assets to convert them into cash.

Making significant changes to a company's structure, finances, or operations to improve performance.

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Credit

what it says

Term	Definition
Creditor	A person to whom money or goods are due; one to whom a debt is owed
Capital	A stock of accumulated goods especially at a specified time and in contrast to income received during a specified time period
Collateral	Property pledged by a borrower to protect interests of the lender
Principal	The original amount of a loan or investment
Finance Charge	The overall cost of credit to the consumer
Debt Collector	A business used to pursue payment debts owed by consumers to others
Credit Bureau	A corporation that has information based on the creditworthiness of someone
Character	Activities that involve commercial use of established figures
Credit Report	Summary of a company's financial history and creditworthiness
Capacity	Max amount of goods or services a company can produce, sell, or achieve within a specific time period
Credit History	Detailed record of a company's past performance in managing and repaying debts.
Credit Rating	Assessment of an agency to see likelihood to repay debt, providing a forward-looking opinion of creditworthiness.
20/10 Rule	Suggests that total debt shouldn’t exceed 20% of annual income, or 10% of your monthly income.
Debtor	Company that owes money to another party.
Bankruptcy	Legal process that occurs when a company can no longer pay its outstanding debts.
Secured Loans	A loan for a company that is backed by collateral
Unsecured Loans	A type of financing that doesn’t require you to pledge business assets as collateral to guarantee payment.
Reaffirmation	Agreement between a debtor and a creditor to continue paying a debt despite the debtor filing for bankruptcy.
Involuntary Bankruptcy	Legal process initiated by a creditor to force a debtor company into bankruptcy.
Voluntary Bankruptcy	Initiated by a business (the debtor) that is unable to pay its debts.
Discharged Debts	Cancellation of a company's obligation to repay what it owes.
Liquidation	Selling all of a business’ assets to convert them into cash.
Reorganization	Making significant changes to a company's structure, finances, or operations to improve performance.

Created by: user-1986140

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