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Business Vocab
...
| Term | Definition |
|---|---|
| Creditor | 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 period. also; the value of these accumulated goods |
| Collateral | property (such as securities) pledged by borrower to protect the interests of the lender |
| Principal | a capital sum earning interest, due as a debt, or used as a fund |
| Finance Charge | a business finance charge is the total cost - including interest, processing fees, and late penalties - paid for borrowing money on extending credit. |
| Debt Collector | a person or company that regularly collects past-due debts owed to another party |
| Credit Bureau | a company that collects financial data about consumers and compiles it into credit reports |
| Character | the specific scope of commercial activities, operations, or the initial conduct of business stated in a company's legal documents like articles of incorporation |
| Credit Report | detailed record of a company's financial behavior, borrowing history, and repayment track record compiled by commercial credit bureaus |
| Capacity | the potential or suitability for holding, storing, or accommodating |
| Credit History | a record of having borrowed and repaid money in the past |
| Credit Rating | a score or grade that a company or organization gives to a possible borrower and that indicates how likely the borrower is to repay a loan |
| 20/10 Rule | a personal consumer debt guideline |
| Debtor | one who owes a debt |
| Bankruptcy | the quality or state of being bankrupt |
| Secured Loans | a loan that has "security" connected to it (ex. A loan for 10k could be an engagement ring and $500 if it doesn't get paid) |
| Unsecured Loans | a loan that does not have "security" (they take your for it 9/10) times) |
| Reaffirmation | a second or subsequent affirmation; the act of reaffirming something or the condition of being reaffirmed |
| Involuntary Bankruptey | bankruptcy declared upon petition of creditor |
| Voluntary Bankruptey | bankruptcy declared upon petition of the debtor |
| Discharged Debts | a legal release from personal liability for specific debts |
| Liquidation | the process of closing a business by selling its assets and using the proceeds to pay off outstanding debts |
| Reorganization | the process of making significant changes to a company's legal, operational, financial, or ownership structure |
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