a state or federally chartered for-profit financial institution that offers commercial and consumer loans and other financial services.


a state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets. A court's determination of personal bankruptcy remains in a consumer's credit record for 10 years.

billing cycle

interval between periodic billings for goods sold or services rendered, normally one month, or a system whereby bills or statements are mailed at periodic intervals in the course of a month in order to distribute the clerical workload evenly.


a certificate representing the purchaser's agreement to lend a business or government money on the promise that the debt will be paid — with interest — at a specific time.


1. a spending plan. 2. a record of projected and actual income and expenses over a period.

business expenses

expenses incurred relating to operating your own business such as office supplies and equipment.