| A | B |
|---|
| Net Worth | assets minus liabilities |
| Assets | what you own of value |
| Liabilities | anything that is owed to someone else |
| Current Assets | asset on the balance sheet which is expected to be sold or otherwise used up in the current year, one year or less |
| Intemediate Assets | - Assets with useful lives of two to seven years. Their sale will affect the future income potential of the business. |
| Long-term Assets | Permanent assets with useful lives in excess of seven years |
| Current Liabilities | Short-term debts owed by a company within the same year |
| Intermediate Liabilities | obligations typically having an original maturity of 2 to 7 years |
| Long-term liabilities | obligations having an original maturity exceeding 7 years |
| Compromise | finding agreement through communication |
| Resume | summary of education and employment experience |
| Tact | consideration in dealing with others and avoiding giving offense |
| Interest | fee paid on borrowed assets |
| Principle | capital sum borrowed, upon which interest is payable |
| Human Relations | human problems arising from organizational and interpersonal relations |
| Insurance | promise of reimbursement in the case of loss |
| Beneficiary | A person designated to receive money, property, or benefits in a will |
| Lapsed Policy | A policy terminated for non-payment of premiums |
| Grace Period | length of time during which rules or penalties do not take effect or are withheld usually one month |
| Mortage | put up as security or collateral |
| Maturity | is the life of the loan |
| Appraisal | someone or something with respect to its worth |
| Face Amount | amount stated in the life insurance policy as the death benefit |
| Collateral | is a borrower's pledge of specific property to a lender, to secure repayment of a loan |
