the process of obtaining funds, capital, or a line of credit from a financial institution to support business operations, investments, or personal purchases.

a person who agrees to share the legal and financial responsibility of a debt alongside the primary borrower.

an individual, business, or financial institution that lends money or extends credit to another party (the debtor).

a detailed record of how you manage debt, borrow money, and repay bills over time.

an individual, business, or country that owes money to another party.

fairness or justice in the treatment of people.

a legal promise or pledge to answer for the debt, default, or performance of another party.

a legal authorization or official permission granted by an authority that allows a person or entity to do, use, or own something that would otherwise be illegal, restricted, or prohibited.

the total value of everything you own (your assets) minus everything you owe (your liabilities).

Personal Finance Statement

a document that outlines an individual's financial position at a specific point in time by detailing their total assets and total liabilities.

a Social Security and Medicare tax for individuals who work for themselves.

a promise by the U.S. Small Business Administration (SBA) to repay a portion of a small business loan to the lender if the borrower defaults.

the practice of funding a business, project, or personal expense using entirely one's own resources

an employer-paid payroll tax that funds temporary financial assistance for workers who lose their jobs through no fault of their own.

cost incurred for routine, day-to-day business operations that is not a capital expenditure.

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Chapter 10-Business

Chapter 10

Term	Definition
Bank Financing	the process of obtaining funds, capital, or a line of credit from a financial institution to support business operations, investments, or personal purchases.
Co-signer	a person who agrees to share the legal and financial responsibility of a debt alongside the primary borrower.
Creditor	an individual, business, or financial institution that lends money or extends credit to another party (the debtor).
Credit History	a detailed record of how you manage debt, borrow money, and repay bills over time.
Debtor	an individual, business, or country that owes money to another party.
Equity	fairness or justice in the treatment of people.
Guaranty	a legal promise or pledge to answer for the debt, default, or performance of another party.
License	a legal authorization or official permission granted by an authority that allows a person or entity to do, use, or own something that would otherwise be illegal, restricted, or prohibited.
Net Worth	the total value of everything you own (your assets) minus everything you owe (your liabilities).
Personal Finance Statement	a document that outlines an individual's financial position at a specific point in time by detailing their total assets and total liabilities.
Self-Employment Tax	a Social Security and Medicare tax for individuals who work for themselves.
SBA guarantee	a promise by the U.S. Small Business Administration (SBA) to repay a portion of a small business loan to the lender if the borrower defaults.
Self-financing	the practice of funding a business, project, or personal expense using entirely one's own resources
Unemployment Tax	an employer-paid payroll tax that funds temporary financial assistance for workers who lose their jobs through no fault of their own.
Working Capital	cost incurred for routine, day-to-day business operations that is not a capital expenditure.

Created by: Sbowers26

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