Chapter 10 Vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Bank Financing | A method of financing a business by borrowing some of the necessary funds from a lending institution.
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| Co-signer | One who signs a document of debt (such as a promissory note) agreeing to satisfy the debt of another (the debtor) only if and when the debtor fails to repay the debt.
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| Creditor | The person or party to whom money is owed
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| Credit History | A report evaluating an individual’s past repayment history as to loans, mortgages, credit cards, student loans and any other forms of installment debt.
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| Debtor | The person responsible for a debt and its repayment
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| Equity | The value of an asset calculated by subtracting the remaining balance of the loan from the current value of the asset
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| Guaranty | An undertaking to pay another’s debt.
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| License | Legal permission to own or operate something of a business nature
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| Net Worth | The material value of a person measured by subtracting all this person owes from the value of all this person owns.
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| Personal Finance Statement | A statement of an individual’s assets, liabilities and net worth, supported by accompanying schedules to explain each element.
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| Self-Employment Tax | A tax born by sole proprietors similar to social security tax but at a higher rate than wage earners.
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| SBA guarantee | A form of federal loan guarantee that operates in a way similar to that of a co-signer. SBA guaranteed loans have enabled many entrepreneurs access to needed capital when banks are not fully confident of the lender’s ability to repay the loan.
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| Self-financing | A method of financing a business by using one’s own personal capital.
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| Unemployment Tax | An employer-paid tax to both federal and state governments that functions like insurance if and when an employee separates from a company under certain conditions.
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| Working Capital | Money set aside to be used for operating expenses
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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