Vocab 3 Flashcards
Lien
the right to take possession of collateral until a debt is repaid
Limited Liability Corporation
A special type of where individual owners are taxed on the profits of the company but the corporation is liable for debts or judgments against the company.
Line of Credit
A loan that provides the borrower a maximum amount of money he/she can borrow
Liquid Assets
Cash or security that can be immediately turned into cash
Louisiana Department of Revenue
The state agency that collects taxes.
Marketing
How a business communicates to large number of customers, motivating them to learn more about the business and its offerings
Maturity
the date a loan is repaid in full
Mentor
a person who coaches and supports an entrepreneur
Mortgage
the money a person borrows to buy real estate
Mutual Fund
An investment security that includes many different stocks purchased and held together
Obligation
A payment that is owed every month
Online Credit
Debt obtained from a number of online companies
Overdraft
When a Company issues a check or makes a financial commitment for an amount greater than the amount the company has deposited in the bank
Overhead
Costs that a business incurs that are not part of producing the goods or services it sells but which are required to operate legally and efficiently
Own
Owning an asset without any associated debt
