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An income statement is one of the three major financial statements that businesses issue. Learn how it is used to track revenue, expenses, gains, and losses.| Investopedia
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A default happens when a borrower fails to make required payments on a debt. Learn more about the consequences of default on your finances and credit rating.| Investopedia
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A debtor is a company or individual who owes money to a lender. Debtors are also often referred to as borrowers. Read about the laws that protect them.| Investopedia
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A collection agency is a company used by lenders to recover funds that are past due or from accounts that are in default.| Investopedia
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A liability is something a person or company owes, usually a sum of money. Payment can be either near- or long-term. Liability can also mean a legal risk or obligation.| Investopedia
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A corporation is a legal business entity that is separate and distinct from its owners and has many of the same rights and responsibilities as an individual.| Investopedia