A personal credit rating is basically the same as the credit score of an individual. The term “personal” is simply tacked on as an adjective in order to make the distinction from business credit. A personal credit rating is calculated by credit bureaus, which collect all the available financial...
The credit score is a numerical measure of how creditworthy an individual is. The more creditworthy one is, the lower the risk of the lender. The credit score is the result of a credit check, which takes into consideration practically all the financial transactions of an individual over a given...
CVV stands for card verification value. It is a security code associated with credit cards and debit cards. It is also called by other names, depending on the details associated with the security code. The most common code is the CVV, which is actually also CVV2 and CSC (credit security code)....
Credit cards are not always easy to acquire, especially if you are looking for a relatively low interest rate and good borrowing terms. In fact, whenever you apply for a credit card, you will have to undergo a credit check, the result of which the credit card company will use to determine whether...
Checking accounts allow individual and business depositors within financial institutions to deposit money and withdraw funds via a Federal Insurance Deposit Corporation (FDIC) insured account. The terms and services offered by banks and various financial institutions vary tremendously though...
Savings accounts are offered by banks and other financial institutions for customers to deposit excess funds to accrue interest. Savings accounts allow account holders to set aside portions of liquid assets while earning a monetary return. Funds within savings accounts may not be used directly...
A self-employed person is an individual who works for himself/herself, as opposed to working for a separate entity such as another company. One can be considered self-employed if he or she is a freelancer, an independent contractor, or a business owner who has sole ownership of the business....
An honorarium is a form of payment that is given even when there is no formal or legal need to provide compensation. It is a payment given ex gratia. In general, a payment is considered an honorarium if the service provided could have been given for free, or was voluntarily given. In some...
Consumables refer to items or goods that are bought on a recurring basis because of the fact that they are used up regularly. More often than not, consumables are considered to be essential in the daily operations of businesses. While consumption may go down during times of economic crisis,...
An asset is basically an economic resource. It can be cash or a tangible item that can be converted to cash. A business asset is thus anything tangible or intangible that a business owns that can be used in long term operations. Items that are consumed within a short period of time are usually...
