provides access to funds through loans, credit lines, and other lending products, allowing individuals and businesses to meet financial needs while managing repayment over time.

someone who agrees to take legal responsibility for another person’s loan if the primary borrower fails to repay it.

a person or company to whom money is owed

record of your borrowing and repayment behavior

a person or institution that owes a sum of money

he value of the shares issued by a company

formal promise or assurance (typically in writing) that certain conditions will be fulfilled

permit from an authority to own or use something, do a particular thing, or carry on a trade

total value of a person or entity's assets minus their liabilities, representing overall financial health

Personal Finance Statement

document that summarizes an individual’s financial position, listing assets, liabilities, and net worth at a specific point in time

federal tax that self-employed individuals pay to fund Social Security and Medicare, with potential additional Medicare taxes for higher earners

government-backed assurance that a lender will be reimbursed if a borrower defaults on an SBA loan

practice of funding projects, businesses, or personal goals using one’s own resources rather than relying on external loans or investors

payroll tax paid by employers to fund unemployment benefits for workers who lose their jobs

the difference between a company’s current assets and current liabilities, reflecting its short-term liquidity and operational efficiency

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Chapter 10

Term	Definition
Bank Financing	provides access to funds through loans, credit lines, and other lending products, allowing individuals and businesses to meet financial needs while managing repayment over time.
Co-signer	someone who agrees to take legal responsibility for another person’s loan if the primary borrower fails to repay it.
Creditor	a person or company to whom money is owed
Credit History	record of your borrowing and repayment behavior
Debtor	a person or institution that owes a sum of money
Equity	he value of the shares issued by a company
Guarantee	formal promise or assurance (typically in writing) that certain conditions will be fulfilled
License	permit from an authority to own or use something, do a particular thing, or carry on a trade
Net Worth	total value of a person or entity's assets minus their liabilities, representing overall financial health
Personal Finance Statement	document that summarizes an individual’s financial position, listing assets, liabilities, and net worth at a specific point in time
Self-Employment Tax	federal tax that self-employed individuals pay to fund Social Security and Medicare, with potential additional Medicare taxes for higher earners
SBA guarantee	government-backed assurance that a lender will be reimbursed if a borrower defaults on an SBA loan
Self-financing	practice of funding projects, businesses, or personal goals using one’s own resources rather than relying on external loans or investors
Unemployment Tax	payroll tax paid by employers to fund unemployment benefits for workers who lose their jobs
Working Capital	the difference between a company’s current assets and current liabilities, reflecting its short-term liquidity and operational efficiency

Created by: Kmyers27

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