Are you ready for business?
This type of business structure has one owner who is personally responsible for the company's debts.
What is sole proprietorship?
What is $500?
This is the type of insurance you would need if an elevator with a defectively manufactured pulley system that causes the car to collapse or fall injuring passengers.
What is a product liability insurance?
This type of bankruptcy is most commonly used by individuals to clear unsecured debts like credit card bills.
What is Chapter 7 bankruptcy?
This term refers to the total amount of money you make in a given period before any deductions like taxes.
What is gross income?
Before opening certain types of businesses, this document must be obtained from the local or state government to legally operate.
What is a business license?
If a Joey does not repay the payday loan, this may happen to hiscredit report.
What is called damage to credit or negative mark?
This type of insurance covers your business for any bodily injuries and property damage.
What is general liability insurance?
What chapter of the US Bankruptcy Code is for individuals reorganize their debt over a period of time. Debtors propose a repayment plan.
What is Chapter 13 bankruptcy?
This is the money you set aside for future needs, such as emergencies, big purchases, or retirement.
What is savings?
This type of agreement between two parties outlines the terms and conditions of a business transaction or arrangement.
What is contract?
This major financial watchdog in the U.S. is responsible for regulating payday loan practices to prevent predatory lending.
What is the Consumer Financial Protection Bureau?
While the janitor was mopping the floor, Nancy falls and twist her ankle. This was due to no fault of her own and she needs medical attention. What is being described.
What is disability insurance?
If a person’s income is not enough to cover their basic living expenses and debts, they may file for bankruptcy due to this.
What is insufficient income?
This term refers to the money you have left over after all your expenses have been paid.
What is disposable income?
A legal business entity that is separate from its owners. It's a group of people who work together to run a business, such as making and selling products, offering services, or other activities.
What is a corporation?
Many payday lenders operate with extremely high annual percentage rates, often reaching this high percentage range.
Who is 500%?
If you are operating a business, as a business owner, you are responsible for these three insurances.
What is unemployment, disability, and workers compensation?
This type of debt, often from credit cards or loans, can lead people to file for bankruptcy if it becomes unmanageable.
Who is unsecured debt?
This is the cost you pay for borrowing money, expressed as a percentage of the total loan amount.
What is a interest?
This type of intellectual property protects the unique design or appearance of an object, such as the shape of a bottle or a pattern on fabric.
What is patent?
This is a good financial habit that can help borrowers avoid payday loans in the future by ensuring they have savings set aside.
What is an emergency fund?
This insurance provides financial protection for your family in case you pass away, with a payout to beneficiaries.
What is life insurance?
This is the period when creditors are not allowed to contact the debtor to collect debts after the bankruptcy petition has already been filed.
What is an automatic stay?
This is the practice of using credit cards or loans in an unmanageable way, often leading to high-interest debt.
What is living beyond your means?