Business Mathematics 13e by Clendenen, Salzman

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Business Mathematics 13e by Clendenen, Salzman is the 13th edition of the Business Mathematics textbook authored by , 13th Global Edition by Gary Clendenen, Siena College, and Stanley A. Salzman, American River College, and published by Pearson Education Limited in 2015.

  • 401 (k). A retirement plan for individuals working for privatesector companies.
  • 403 (b). A retirement plan for employees of public schools and certain tax-exempt organizations.
  • Absolute, or gross, loss. The loss resulting when the selling price is less than the cost.
  • Accelerated depreciation. A technique to increase the depreciation taken during the early years of an asset's useful life.
  • Accelerated mortgages. Mortgages with payoffs of less than 30 years, such as 15, 20, or 25 years.
  • Accountant. A person who maintains financial data for a firm or individual and then prepares the income tax return.
  • Accounts payable. A business debt that must be paid.
  • Accumulated depreciation. A running balance or total of the depreciation to date on an asset.
  • Acid-test ratio. The sum of cash, notes receivable, and accounts receivable, divided by current liabilities.
  • ACRS (Accelerated cost recovery system). A depreciation method introduced as part of the Economic Recovery Tax Act of 1981.
  • Actual rate of interest. The true annual percentage rate that can be used to compare loans.
  • Actuary. A person who determines insurance premiums.
  • Addends. The numbers added in an addition problem.
  • Addition rule. The same number may be added or subtracted on both sides of an equation.
  • Adjustable rate mortgage. A home loan where the interest rate is adjusted up or down depending on a benchmark interest rate.
  • Adjusted bank balance. The actual current balance of a checking account after reconciliation.
  • Adjusted gross income. An individual's or family's income for a year, including all sources of income, and after subtracting certain expenses, such as moving expenses.
  • Algebraic logic. Rules used by most calculators for entering and evaluating arithmetic expressions.
  • Allowances. The number of allowances chosen by the taxpayer determines the amount withheld from gross income during the year.
  • American Express. A widely accepted credit card that requires an annual fee.
  • Amortization table. A table showing breaking a regular payment into interest and that which reduces debt. It also shows remaining debt.
  • Amortize. The process of paying off a loan with a sequence of periodic payments over a period of time.
  • Amount of an annuity. The future value of the annuity.
  • Amount of depreciation. The dollar amount of depreciation taken. This is usually an annual figure.
  • Annual meeting. Corporations have annual meetings for stockholders.
  • Annual percentage rate (APR). The true annual percentage rate which can be used to compare loans. The federal Truth-inLending Act requires lenders to state the APR.
  • Annual percentage rate table. A table used to find the annual percentage rate (APR) on a loan or installment purchase.
  • Annual rate of depreciation. The percent or fraction of the depreciable amount or declining balance to be depreciated each individual year of an asset's useful life.
  • Annuity. Periodic payments of a given, fixed amount of money.
  • Annuity due. An annuity whose payments are made at the beginning of a time period.
  • APR (Annual percentage rate). The true annual percentage rate that can be used to compare loans. It is required by the federal Truth-in-Lending Act.
  • AS OF. A later date that appears on an invoice. The given sales terms may start at this time.
  • Assessed value. The value of a piece of property. Set by the county assessor, assessed value is used in figuring property taxes.
  • Assessment rate. The assessed valuation of a property is found by multiplying the fair market value by the assessment rate.
  • Asset. An item of value owned by a firm.
  • ATM (Automated teller machine). A machine that allows bank customers to make deposits, withdrawals, and fund transfers.
  • Automatic savings transfer account. A bank account that automatically transfers funds from one account to another.
  • Average. See mean.
  • Average cost method. An inventory valuation method whereby the cost of all purchases during a time period is divided by the number of units purchased.
  • Average daily balance method. A method used to calculate interest on open-end credit accounts.
  • Average inventory. The sum of all inventories taken divided by the number of times inventory was taken.
  • Average owner's equity. Sum of owner's equity at the beginning and end of the year divided by 2.
  • Bad check. A check that is not honored because there are insufficient funds in the checking account.
  • Balance brought forward (Current balance). The amount left in a checking account after previous checks written have been subtracted.
  • Balanced. In agreement. When the bank statement amount and the depositor's checkbook balance agree, they are balanced.
  • Balance sheet. A summary of the financial condition of a firm at one point in time.
  • Bank discount. A bank fee charged on a note. It is subtracted from the face value to find the proceeds loaned.
  • Banker's interest. A method used to calculate interest by dividing exact number of days by 360.
  • Banker's ratio. See current ratio.
  • Bank statement. A monthly statement prepared by a bank that lists all charges and deposits to a checking account. Historically banks mailed the statements, but many people now look at their monthly statements on the web.
  • Bankrupt. A company or individual whose liabilities exceed assets can declare bankruptcy, which is a legal process of working with debtors to pay off debts.
  • Bar code. A code placed on the side of a product that allows it to be scanned and then recognized and priced by a computer system.
  • Bar graph. A graph using bars to compare various numbers.
  • Base. The starting point or reference point or that to which something is being compared.
  • bbl.. Abbreviation for barrel.
  • Bimodal. A set of data with two modes.
  • Blank endorsement. A signature on the back of a check by the person to whom the check is made.
  • Board of directors. A group of people who represent the stockholders of a corporation.
  • Bodily injury insurance. A type of automobile insurance that protects a driver in case he or she injures someone with a car.
  • Bond. A contractual promise by a corporation, government entity, or church to repay borrowed money at a specified rate and time.
  • Book value. The cost of an asset minus depreciation to date.
  • Break-even point. The cost of an item plus the operating expenses associated with the item. Above this amount, a profit is made; below it, a loss is incurred.
  • Broker. A person who sells stocks, bonds, and other investments owned by others.
  • Business account. The type of checking account used by businesses.
  • bx.. Abbreviation for box.
  • C. Roman numeral for 100.
  • Canceled check. A check is canceled after the amount of the check has been transferred from the payer's bank account into the account of the receiver of the check.
  • Cancellation. A process used to simplify multiplication and division of fractions.
  • Capital. The amount of money originally invested in a firm. The difference between the total of all the assets and the total of all the liabilities is called the capital or net worth.
  • Capital gains. Profits made on investments such as stocks or real estate.
  • cart.. Abbreviation for carton.
  • Cash discount. A discount offered by the seller allowing the buyer to take a discount if payment is made within a specified period of time.
  • Cashier's check. A check written by a financial institution, such as a bank, that is guaranteed by the institution.
  • Cash value. Money that has built up in an ordinary life insurance policy.
  • Casualty or theft loss. Loss due to a casualty (e.g. fire or theft) that is deductible on a personal income tax return.
  • Catastrophic event. A major (harmful) event that occurs rarely.
  • [[ For example, a financial crisis is a catastrophic event that can devastate the finances of families.
  • Centi-. A prefix used in the metric system meaning hundredth. (For example, a centiliter is one one-hundredth of a liter.)
  • Centimeter. One one-hundredth of a meter. There are 2.54 centimeters to an inch.
  • Central tendency. The middle of a set of data.
  • Certificate of deposit (CD). A savings account in which a minimum amount of money must be deposited and left for a minimum period of time.
  • Chain calculations. Long calculations done on a calculator.
  • Chain discount. Two or more discounts that are combined into a single discount.
  • Check 21 Act. A federal law that took effect in October 2004 and allows banks to take electronic photos of all cancelled checks and exchange checks electronically, so the banks no longer have to mail cancelled checks.
  • Check register. A table usually found in a checkbook that is used by the check writer to list all checks written, deposits and withdrawals made, and ATM transactions.
  • Checks outstanding. Checks written that have not reached and cleared the bank as of the statement date.
  • Check stub. A stub attached to a check and retained as a record when a check is written.
  • Circle graph. A circle divided into parts that are labeled and often colored or shaded to show data.
  • COD. A method of shipping goods that requires cash on delivery of goods.
  • Coinsurance. The portion of a loss that must be paid by the insured.
  • Coin counting fee. A fee charged by banks to count the coins deposited by firms handling a lot of coins such as a vending company.
  • Collateral. Assets foreclosed on by a lender should the borrower default on payments.
  • Collision insurance. A form of automobile insurance that pays for car repairs in case of an accident.
  • Commission. A fee charged by a broker for buying and selling either stocks or bonds.
  • Commissions. Payments to an employee that represent a certain percent of the total sales produced by the employee's efforts.
  • Common denominator. Two or more fractions with the same denominator are said to have common denominators.
  • Common stock. Ownership of a corporation, held in portions called shares.
  • Comparative balance sheet. An analysis for two or more periods that compares asset categories such as cash.
  • Comparative income statement. A vertical analysis for two or more years that compares incomes or balance sheet items for each year analyzed.
  • Comparison graph (Comparative line graph). A graph showing how two or more things change with respect to one another.
  • Compensatory time (Comp time). Time off given to an employee to compensate for previously worked overtime.
  • Compound amount. The future value of an investment.
  • Compounding period. The interval of time at which interest is added to the account. For example, interest compounded quarterly results in interest being added to the account every quarter.
  • Compound interest. Interest charged or received on both principal and interest.
  • Comprehensive insurance. A form of automobile insurance that pays for damage to a car caused by fire, theft, vandalism, and weather.
  • Consolidated statement. A financial statement showing the combined results of all subsidiaries of a firm.
  • Consumer price index (CPI). A measure of the cost of living calculated by the government and used to estimate inflation.
  • Continuous inventory systems. Inventory systems that continuously monitor inventory levels.
  • Conventional loan. A loan made by a bank, savings and loan, or other lending agency that is not guaranteed or insured by the federal government.
  • Corporation. A form of business that gives the owners limited liability.
  • Cosign. Signing a loan with someone else. Parents sometimes cosign at the bank on a car loan applied for by their son or daughter. The cosigner must pay back the loan if the primary borrower does not.
  • Cost. The total cost of an item, including shipping, insurance, and other charges. Most often, the cost is the basis for calculating depreciation of an asset.
  • Cost (Cost price). The price paid to the manufacturer or supplier after trade and cash discounts have been taken. This price includes transportation and insurance charges.
  • Cost of goods sold. The amount paid by a firm for the goods it sold during the time period covered by an income statement.
  • Cost of living index. A measure of the cost of living calculated by the government and used to estimate inflation. It is the same as the consumer price index or CPI.
  • Country club billing method. A billing method that provides copies of original charge receipts to the customer.
  • cpm.. Abbreviation for cost per thousand.
  • Credit card (transactions). The purchase or sale of goods or services using a credit card in place of cash or a check.
  • Credit history. The history built up by an individual when purchasing things and making payments. A lender checks a person's credit history before making a loan.
  • Credit score. Three national credit-reporting agencies (Equifax, TransUnion, and Experian) keep financial records on U.S. citizens and calculate a credit score on each indicating the creditworthiness of that individual. Also called a FICO score.
  • Credit union. A financial institution similar to a bank, except that it is owned by its member customers.
  • Credit union share draft account. A credit union account that may be used as a checking account.
  • Cross-products. The equal products obtained when each numerator of a proportion is multiplied by the opposite denominator.
  • cs.. Abbreviation for case.
  • ct.. Abbreviation for crate.
  • ctn.. Abbreviation for carton.
  • Current assets. Cash or items that can be converted into cash within a given period of time, such as a year.
  • Current liability. Debts that must be paid by a firm within a given period of time, such as a year.
  • Current ratio. The quotient of current assets and current liabilities.
  • Current yield. The annual dividend per share of stock divided by the current price per share.
  • cwt.. Abbreviation for per hundredweight or per one hundred pounds.
  • Daily interest charge. The amount of interest charged per day on a loan.
  • Daily overtime. The amount of overtime worked in a day.
  • Debit card. A card that results in a debit to a bank account when the card is used for a purchase.
  • Decimal. A number written with a decimal point, such as 4.3 or 7.22.
  • Decimal equivalent. A decimal that has the same value as a fraction.
  • Decimal point. The starting point in the decimal system (.).
  • Decimal system. The numbering system based on powers of 10 and using the 10 one-place numbers 0, 1, 2, 3, 4, 5, 6, 7, 8, and 9, which are called digits.
  • Declining-balance depreciation. An accelerated depreciation method.
  • Declining-balance method. An accelerated method of depreciation using twice, or 200, of, the straight-line rate.
  • Decrease problem (Difference problem). A percentage problem in which something is taken away from the base. It may require you to find the base.
  • Decreasing term insurance. A form of life insurance in which the insured pays a fixed premium until age 60 or 65, with the amount of life insurance decreasing periodically.
  • Deductible. An amount paid by the insured, with the balance of the loss paid by the insurance company.
  • Deductions. Amounts that are subtracted from the gross earnings of an employee to arrive at the amount of money the employee actually receives.
  • Defaulting on debt. Failure to pay back a debt.
  • Deficit. Refers to a shortfall in revenue. The U.S. government currently has large deficits.
  • Deflation. Occurs when prices of goods and services fall over time.
  • Denominator. The number below the line in a fraction. For example, in the fraction 7/9, 9 is the denominator.
  • Dependents. An extra deduction is allowed on income taxes for each dependent.
  • Deposits in transit. Deposits that have been made but have not yet been recorded by a bank.
  • Deposit slip. A slip for listing all currency and checks that are part of a deposit into a bank account.
  • Depreciable amount. The amount of an asset's value that can be depreciated.
  • Depreciation. The decrease in value of an asset caused by normal use, aging, or obsolescence.
  • Depreciation schedule. A schedule or table showing the depreciation rate, amount of depreciation, book value, and accumulated depreciation for each year of an asset's life.
  • Difference (Remainder). The answer in a subtraction problem.
  • Differential piece rate. A rate paid per item that depends on the number of items produced.
  • Digits. One-place numbers in the decimal system. They are 0, 1, 2, 3, 4, 5, 6, 7, 8, and 9.
  • Direct competitor. A firm that produces products or offers services very similar to another company.
  • Direct deposit. Allows deposits (such as payroll) to be made directly into your account.
  • Direct payment. Allows you to authorize electronic payments from your account.
  • Disability coverage. Insurance coverage in the event of a disability.
  • Discount. (1) To reduce the price of an item. (2) The amount subtracted from the face value of a note to find the proceeds loaned.
  • Discount broker. A stockbroker who charges a reduced fee to customers (and, generally, reduced services).
  • Discount date. The last date on which a cash discount may be taken.
  • Discounting a note. Cashing or selling a note before the note is due from the maker.
  • Discount method of interest. A method of calculating interest
  • [[on a loan by subtracting the interest from the amount of the loan.
  • [[The borrower receives the amount borrowed less the discounted interest.
  • Discount period. The discount period is the period from the time of sale of a note to the note's due date.
  • Discount rate. The discount rate is a percent that is multiplied by the face value and time to find bank discount.
  • Discover. A credit card that sometimes pays the cardholder back a percentage of the amount charged.
  • Distributive property. The property that states the product of the sum of two numbers equals the sum of the individual products; that is a1b + c2 = ab + ac.
  • Dividend. (1) The number being divided by another number in a division problem. (2) A return on an investment; money paid by a company to the holders of stock.
  • Divisor. The number being divided into the dividend.
  • Dormant account fee. A fee charged by a bank for an account that is no longer in use.
  • Double-declining balance. A method of accelerated depreciation that doubles depreciation in the early years compared to straightline depreciation.
  • Double time. Twice the regular hourly rate. A premium often paid for working holidays and Sunday.
  • Dow Jones Industrial Average. A frequently quoted average price of the stocks of 30 large industrial companies.
  • doz.. Abbreviation for dozen.
  • Draw. A draw is an advance on future earnings.
  • Drawing account. An account from which a salesperson can receive payment against future commissions.
  • drm.. Abbreviation for drum.
  • ea.. Abbreviation for each.
  • Effective rate. The true rate of interest.
  • Effective rate of interest. The true annual percentage rate that can be used to compare loans. It is required by the federal Truthin-Lending Act.
  • Electronic banking. Banking activities that take place over a network, such as the World Wide Web.
  • Electronic bill pay. Allows bills to be paid using the Internet.
  • Electronic commerce. Purchases that take place over a network, such as the World Wide Web.
  • Electronic funds transfer. Moving money electronically over a network, such as the World Wide Web.
  • Electronic payment. Bills that are paid using the Internet.
  • Electronic product code. A tag on a product that includes information about that product. It may succeed the bar code.
  • End-of-month dating (EOM). A system of cash discounts in which the time period begins at the end of the month the invoice is dated. Proximo and prox. have the same meaning.
  • Endowment policy. A life insurance policy guaranteeing the payment of a fixed amount of money to a given individual whether or not the insured person lives.
  • Equation. Two algebraic expressions that are equal to one another.
  • Escrow account into which monies are paid. See impound account.
  • Exact interest. A method of calculating interest based on 365 days per year.
  • Exchange traded funds (ETFs). These funds are similar to mutual funds except they are not as actively managed. A particular
  • [[ETF tries to match the performance of an index such as the Dow Jones Averages or perhaps a market sector such as energy.
  • Executive officers. The top few officers in a corporation.
  • Expenses. The costs a firm must pay to operate and sell its goods or services.
  • Extension total. The number of items purchased times the price per unit.
  • Extra dating (ex., x). Extra time allowed in determining the net payment date of a cash discount.
  • Face value. The amount shown on the face of a note.
  • Face value of a bond (Par value of a bond). The amount the company has promised to repay.
  • Face value of a policy. The amount of insurance provided by the insurance company.
  • Factoring. The process of selling accounts receivable for cash.
  • Factors. Companies that buy accounts receivable.
  • Fair Labor Standards Act. A federal law that sets the minimum wage and also a 40-hour workweek.
  • Fair market value. The price for which a piece of property could reasonably be expected to be sold in the market.
  • FAS (Free alongside ship). A method of shipping goods in which the seller pays for transportation of the goods to the port from which they will be shipped. The buyer of the goods must pay for all costs in moving the goods from the shipping port to his facility.
  • Federal Insurance Contributions Act (FICA). An emergency measure passed by Congress in the 1930s that established the socalled social security tax. See FICA tax.
  • Federal Reserve Bank. Today, all banks are part of the Federal Reserve system. The Federal Reserve is our national bank.
  • Federal Truth-in-Lending Act. An act passed in 1969 that requires all interest rates to be given as comparable percents.
  • Federal Unemployment Tax Act (FUTA). An Act that requires employers to pay an unemployment insurance tax. The tax is paid to the federal government.
  • FHA loan. A real estate loan that is insured by the Federal Housing Administration, an agency of the federal government.
  • FICA tax (Social Security tax). The amount of money deducted from the paychecks of almost all employees, used by the federal government to pay pensions to retired people, survivors' benefits, and disability.
  • FICO. Three national credit-reporting agencies (Equifax, Trans Union, and Experian) keep financial records on U.S. citizens and calculate a credit score on each indicating the credit-worthiness of that individual. Also called a credit score.
  • FIFO. A method of inventory accounting in which the first items received are considered to be the first ones shipped.
  • Finance charge. The difference between the cost of something paid for in installments and the cash price.
  • Financial ratio. A number found using financial data that is used to compare different companies within the same industry.
  • Fixed assets. Assets owned by a firm that will not be converted to cash within a year.
  • Fixed liabilities. Items that will not be paid off within a year.
  • Fixed-rate loan. A loan made at a fixed, stated rate of interest.
  • Flat-fee checking account. A checking account in which the bank supplies check printing, a bank charge card, and other services for a fixed charge per month.
  • Float. The time between an actual deposit to an account and the moment those funds are available for use.
  • Floating decimal. A feature on most calculators that positions the decimal point where it should be in the final answer.
  • FOB (Free on board). A notation sometimes used on an invoice. "Free on board shipping point" means the buyer pays for shipping. "Free on board destination" means the seller pays for shipping.
  • Foreclose. The process by which a lender takes back the property when payments are not made.
  • Form 941. The Employer's Quarterly Federal Tax Return form that must be filed by the employer with the Internal Revenue Service.
  • Form 1040A. The form used by most federal income taxpayers.
  • Form 1040EZ. A simplified version of the 1040A federal income tax form.
  • Fraction. An indication of a part of a whole. (For example, 3/4 means that the whole is divided into 4 parts, of which 3 are being considered.)
  • Frequency distribution table. A table showing the number of times one or more events occur.
  • Fringe benefits. Benefits offered by an employer, not including salary, that can include medical, dental, life insurance, and day care for employee's children.
  • Front-end rounding. Rounding so that all digits are changed to zero except the first digit.
  • Future amount. The value of an investment at a future date. It is the same as future value.
  • Future value. The value, at some future date, of an investment.
  • GI (VA) loan. A loan guaranteed by the Veterans Administration and available only to qualified veterans.
  • Grace period. The period between the due date of a payment and the time the lending institution assesses a penalty for the payment being late, usually a few days after the payment is due.
  • Gram. The unit of weight in the metric system. (A nickel weighs about 5 grams.)
  • Graph. A visual presentation of numerical data.
  • Great Depression. A period of time in the 1930s when global economic activity was greatly reduced and unemployment levels soared to beyond 25, in many countries.
  • Gr gro. (Great gross). Abbreviation for 12 gross 1144 * 12 = 17282.
  • Gro.. Abbreviation for gross.
  • gross. A dozen dozen, or 144 items.
  • Gross earnings. The total amount of money earned by an employee before any deductions are taken.
  • Gross loss. See absolute loss.
  • Gross profit. The difference between the amount received from customers for goods and what the firm paid for the goods.
  • Gross profit on sales. See gross profit.
  • Gross sales. The total amount of money received from customers for the goods or services sold by the firm.
  • Half-year convention. Method of depreciation used for the first year the property is placed in service.
  • Head of household. An unmarried person who has dependents can use the head of household category when filing income taxes.
  • High. The highest price reached by a stock during the day.
  • Homeowner's policy. An insurance policy that covers a home against fire, theft, and liability.
  • Horizontal analysis. An analysis that shows the amount of any change from last year to the current year, both in dollars and as a percent.
  • Identity theft. When someone gathers enough information about you to fraudulently establish credit cards or borrow money using your name and personal information.
  • Impound account (Escrow account). An account at a lending institution into which taxes and insurance are paid on a monthly basis by a borrower on real estate. The lender then pays the tax and insurance bills from this account when they become due.
  • Improper fraction. A fraction with a numerator larger than the denominator. (For example, 7/5 is an improper fraction; 1/9 is not.)
  • Incentive rate. A payment system based on the amount of work completed.
  • Income statement. A summary of all the income and expenses involved in running a business for a given period of time.
  • Income tax. The tax based on income that both individuals and corporations are required to pay to the federal government and sometimes to a state.
  • Income tax withholding. Federal income tax that the employer withholds from gross earnings.
  • Income-to-monthly-payment ratio. A ratio used to determine from an income standpoint whether a prospective borrower meets the lender's qualifications.
  • Increase problem (Amount problem). A percentage problem in which something has been added to the base. Usually the base must be found.
  • Index fund. A mutual fund that holds the stocks that are in a particular market index such as the Dow Jones Industrial Average.
  • Indicator words. Key words that help indicate whether to add, subtract, multiply, or divide.
  • Individual retirement account (IRA). An account designed to help people prepare for future retirement.
  • Inflation. Inflation results in a continuing rise in the cost of goods and services. See consumer price index (CPI).
  • Installment loan. A loan that is paid off with a sequence of periodic payments.
  • Insurance. Individuals and firms purchase insurance from insurance companies to protect them in the event of an unexpected loss.
  • Insured. A person or business that has purchased insurance.
  • Insurer. The insurance company.
  • Intangible assets. Assets such as patents, copyrights, or customer lists that have a value that cannot be immediately converted to cash, unlike jewelry or stocks.
  • Interest. A charge paid for borrowing money or a fee received for lending money.
  • Interest-bearing checking account. A checking account that earns interest.
  • Interest-in-advance notes. See simple discount note.
  • Interest rate per compounding period. Interest rates are usually given on an annual basis; however the interest rate per compounding period is needed when making many financial calculations.
  • Interest rate spread. The difference between the interest rate charged to borrowers and the interest rate paid to depositors.
  • Internal Revenue Service. The branch of the U.S. federal government responsible for collecting taxes.
  • Internet banking. Banking done over the Internet.
  • Inventory. The value of the merchandise that a firm has for sale on the date of balance sheet.
  • Inventory-to-net-working-capital ratio. Inventory divided by working capital, where working capital is current assets minus current liabilities.
  • Inventory turnover. The number of times during a certain time period that the average inventory is sold.
  • Inventory turns. The number of times a year that a firm turns over its average inventory.
  • Invoice. A printed record of a purchase and sales transaction.
  • Invoice amount. List price minus trade discounts.
  • Invoice date. The date an invoice is printed.
  • Itemized billing method. A billing method that provides an itemization of the customer's charge purchases but not copies of the original charge receipts.
  • Itemized deductions. Tax deductions, such as interest, taxes, and medical expenses, that are listed individually on a tax return in order to affect the total amount of taxes payable at the end of the year.
  • Joint return. An income tax return filed by both husband and wife.
  • Kilo-. A prefix used in the metric system to represent 1000.
  • Kilogram. A unit of weight in the metric system meaning 1000 grams. One kilogram is about 2.2 pounds.
  • Kilometer. One thousand meters. A kilometer is about .6 mile.
  • Late fees. Fees required because payments were made after a specific due date.
  • Least common denominator. The smallest whole number that all the denominators of two or more fractions evenly divide into. (For example, the least common denominator of 3/4 and 5/6 is 12.)
  • Left side. The left-hand side of an equation.
  • Level premium. A level premium insurance policy requires the same payment throughout its life.
  • Liability. An expense that must be paid by a firm.
  • LIFO. A method of inventory accounting in which the most recent items received are considered to be the first ones shipped.
  • Like fractions. Fractions with the same denominator.
  • Like terms. Two terms in an algebraic expression with the same variable can be added together (combined). For example, 2x + 5x = 7x.
  • Limited liability. A form of protection that shields a company and its shareholders from having to pay large sums of money in the event that the company loses a lawsuit.
  • Limited-pay life insurance. Life insurance for which premiums are paid for only a fixed number of years.
  • Line graph. A graph that uses lines to compare numbers.
  • Liquid assets. Cash or items that can be converted to cash quickly.
  • Liquidity. The ability of a firm or individual to raise cash quickly without being forced to sell assets at a loss.
  • List price. The suggested retail price or final consumer price given by the manufacturer or supplier.
  • Liter. A measure of volume in the metric system. One liter is a little more than one quart.
  • Loan amount. The amount of a loan.
  • Loan reduction schedule. See repayment schedule.
  • Long-term care coverage. Insurance that pays for long-term care such as nursing home expenses.
  • Long-term liabilities. Money owed by a firm that is not expected to be paid off within a year.
  • Long-term notes payable. The total of all debts of a firm, other than mortgages, that will not be paid within a year.
  • Low. The lowest price reached by a stock during the day.
  • Lowest terms. The form of a fraction if no number except the number 1 divides evenly into both the numerator and denominator.
  • MACRS (Modified accelerated cost recovery system). A depreciation method introduced as part of the Tax Reform Act of 1986.
  • Maintenance charge per month. The charge to maintain a checking account (usually determined by the minimum balance in the account).
  • Maker of a note. A person borrowing money from another person.
  • Manufacturers. Businesses that buy raw materials and component parts and assemble them into products that can be sold.
  • Margin. The difference between cost and selling price.
  • Marital status. An individual can claim married, single, or head of household when filing income taxes.
  • Markdown. A reduction from the original selling price. It may be expressed as a dollar amount or as a percent of the original selling price.
  • Marketing channels. The path of products and services beginning with the manufacturer and ending with the consumer.
  • Markup (Margin, Gross profit). The difference between the cost and the selling price.
  • Markup on cost. Markup that is calculated as a percent of cost.
  • Markup on selling price. Markup that is calculated as a percent of selling price.
  • Markup with spoilage. The calculation of markup including deduction for spoiled or unsaleable merchandise.
  • MasterCard. A credit-card plan (formerly known as Master Charge).
  • Maturity value. The amount that a borrower must repay on the maturity date of a note.
  • Mean. The sum of all the numbers divided by the number of numbers.
  • Median. A number that represents the middle of a group of numbers.
  • Medical insurance. Insurance providing medical protection in the event of illness, accident, or injury.
  • Medicare tax. The amount of money deducted from the paychecks of almost all employees, used by the federal government to pay for Medicare.
  • Memory function. A feature on some calculators that stores results internally in the machine for retrieval and future use.
  • Merchant batch header ticket. The bank form used by businesses to deposit credit-card transactions.
  • Meter. A unit of length in the metric system that is slightly longer than one yard.
  • Metric system. A system of weights and measures based on decimals, used throughout most of the world.
  • Milli-. A prefix used in the metric system meaning thousandth. (For example, a milligram is one one-thousandth of a gram.)
  • Millimeter. One one-thousandth of a meter. There are 25.4 millimeters to an inch.
  • Mills. A way of expressing a real estate tax rate that is based on thousandths of a dollar.
  • Minuend. The number from which another number (the subtrahend) is subtracted.
  • Mixed number. A number written as a whole number and a fraction. (For example, 1 3/4 and 2 5/9 are mixed numbers.)
  • Mode. The number that occurs most often in a group of numbers.
  • Modified accelerated cost recovery system. See MACRS.
  • Money market account. An interest-bearing account offered by many banks, savings and loans, and brokerage firms. These accounts pay interest but allow the user to withdraw funds without penalty.
  • Money order. A document that looks similar to a check and is issued by a bank, other financial institution, or a retail store. It is often used in place of cash.
  • Mortgage. A loan on a home.
  • Mortgages payable. The balance due on all mortgages owed by a firm.
  • Multiple carrier insurance. The sharing of risk by several insurance companies.
  • Multiplicand. A number being multiplied.
  • Multiplication rule. The same nonzero number may be multiplied or divided on both sides of an equation.
  • Multiplier. A number doing the multiplying.
  • Mutual fund. A mutual fund accepts money from many different investors and uses it to purchase stocks or bonds of numerous companies.
  • NASDAQ composite index. A commonly quoted stock index composed of the stock prices of several technology companies.
  • Negative numbers. Numbers that are the opposite of positive numbers.
  • Net cost. The cost or price after allowable discounts have been taken. See net price.
  • Net cost equivalent. The decimal number derived from the complement of the single trade discount. This number multiplied by the list price gives the net cost.
  • Net earnings. The difference between gross margin and expenses. After the cost of goods and operating expenses are subtracted from total sales, the remainder is net profit.
  • Net income. The difference between gross margin and expenses.
  • Net pay. The amount of money actually received by an employee after deductions are taken from gross pay.
  • Net payment date. The date by which an invoice must be paid.
  • Net price. The list price less any discounts. See net cost.
  • Net proceeds. The amount received from the bank for a discounted note.
  • Net profit. See net earnings.
  • Net sales. The value of goods purchased by customers after the value of goods returned is subtracted.
  • Net worth (Capital, Stockholder's equity, Owner's equity). The difference between assets and liabilities.
  • No-fault insurance. A guarantee of reimbursement (provided by the insured's own insurance company) for medical expenses and costs associated with an accident no matter who is at fault.
  • Nominal rate. The interest rate stated in connection with a loan. It may differ from the annual percentage rate.
  • Nonsufficient funds (NSF). When a check is written on an account for which there is an insufficient balance, the check is returned to the depositor for nonsufficient funds.
  • No scrap value. The value of an item is assumed to be zero at the end of its useful life.
  • Notes payable. The value of all notes owed by a firm.
  • Notes receivable. The value of all notes owed to a firm.
  • NOW account (Negotiable order or withdrawal). Technically a savings account with special withdrawal privileges. It looks the same and is used the same as a checking account.
  • Numerator. The number above the line in a fraction. (For example, in the fraction 5/8, 5 is the numerator.)
  • Odd lot. Fewer than 100 shares of stock.
  • Open-end credit. Credit with no fixed number of payments. The consumer continues making payments until no outstanding balance is owed. Most credit cards offer open-end credit
  • Operating expenses (Overhead). Expenses of operating a business. Wages, salaries, rent, utilities, and advertising are examples.
  • Operating loss. The loss resulting when the selling price is less than the break-even point.
  • Ordered array. A list of numbers arranged from smallest to largest.
  • Order of operations. The rules that are used when evaluating long arithmetic expressions.
  • Ordinary annuity. An annuity whose payments are made at the end of a given period of time.
  • Ordinary dating. A method for calculating the discount date and the net payment date. Days are counted from the date of the invoice.
  • Ordinary interest. A method of calculating interest, assuming 360 days per year. See banker's interest.
  • Ordinary life insurance (Whole life insurance, Straight life insurance). A form of life insurance whereby the insured pays a constant premium until death or retirement, whichever occurs first. Upon retirement, monthly payments are made by the company to the insured until the death of the insured.
  • Other expenses. Certain expenses that are deductible on a personal income tax return.
  • Overdraft. An event that results when there is not enough money in a bank account to cover a check that is written from that account.
  • Overdraft fee. A fee charged when a bank account is in overdraft.
  • Overhead. Expenses involved in running a firm. See operating expenses.
  • Over-the-limit fees. Fees charged when the balance on a creditcard account exceeds the account's credit limit.
  • Overtime. The number of hours worked by an employee in excess of 40 hours per week or 8 hours per day.
  • Owner's equity. See net worth.
  • Part. The result of multiplying the base times the rate.
  • Partial payment. A payment made on an invoice that is less than the full amount of the invoice.
  • Partial product. Part of the process of getting the answer in a multiplication problem.
  • Par value of a bond. See face value of a bond.
  • Passbook account. A type of savings account for day-in and day-out savings.
  • Pay by phone. Bill payments authorized by phone.
  • Payee. The person who lends money and will receive repayment on a note.
  • Payer of a note. A person borrowing money from another person. See maker of a note.
  • Payroll. A record of the hours each employee of a firm worked and the amount of money due each employee for a given pay period.
  • Payroll card. A card maintained by employers showing the name of employee, dates of pay period, days, times, and hours worked.
  • Payroll ledger. A chart showing all payroll information.
  • Percent (Rate). Some parts of a whole]]. hundredths, or parts of a hundred. (For example, a percent is one one-hundredth. Two percent means two parts of a hundred, or 2/100.)
  • Percentage method. A method of calculating income tax withholding that is based on percentages.
  • Per debit charge. A charge per debit made on an account.
  • Periodic inventory. A physical inventory taken at regular intervals.
  • Permanent life insurance. Life insurance that can be continued until death, regardless of the age of the insured.
  • Perpetual inventory. A continuous inventory system normally involving a computer.
  • Personal account. The type of checking account used by individuals.
  • Personal computer banking. Banking using a personal computer and the Internet.
  • Personal exemption (Exemption). A deduction allowed each taxpayer for each dependent and the taxpayer himself or herself.
  • Personal identification number (PIN). A lettered or numbered code that allows a person with a credit or debit card to gain access to credit or cash.
  • Personal property. Property such as a boat, a car, or a stereo.
  • Photocopying fee. A fee charged by a bank to photocopy records.
  • Piecework. A method of pay by which an employee receives so much money per item produced or completed.
  • Plant assets. See fixed assets.
  • Point-of-sale terminal. A machine that allows a customer to make purchases using a credit or debit card.
  • Policy. A contract outlining the insurance agreement between an insured and an insurance company.
  • Policy limits. The maximum amount that an insurance company will pay as defined in the policy.
  • Postdating. Dating in the future; on an invoice, "AS OF" dating.
  • pr.. Abbreviation for pair.
  • Preferred stock. A type of stock that offers investors certain rights over holders of common stock.
  • Premium. The amount of money charged for insurance policy coverage.
  • Premium factor. A factor used to adjust an annual insurance premium to semiannually, quarterly, or monthly.
  • Premium payment plan. An additional payment for extra service such as overtime.
  • Prepaid card. A card on which a user has stored monetary value which allows her to make purchases.
  • Present value. The amount that must be deposited today to generate a specific amount at a specific date in the future.
  • Price-earnings (PE) ratio. The price per share divided by the annual net income per share of stock.
  • Prime interest rate. The interest rate banks charge their largest and most financially secure borrowers.
  • Prime number. A number that can be divided without remainder by exactly two distinct numbers]]. itself and 1.
  • Principal. The amount of money either borrowed or deposited.
  • Privately held corporation. A corporation that has relatively few owners, or perhaps a single owner. Its stock is not traded on a large exchange such as the New York Stock Exchange.
  • Proceeds. The amount of money a borrower receives after subtracting the discount from the face value of a note.
  • Product. The answer in a multiplication problem.
  • Promissory note. A business document in which one person agrees to repay money to another person within a specified amount of time and at a specified rate of interest.
  • Proper fraction. A fraction in which the numerator is smaller than the denominator. (For example, 2/3 is a proper fraction; 9/5 is not.)
  • Property damage insurance. A type of automobile insurance that pays for damages that the insured causes to the property of others.
  • Proportion. A mathematical statement that two ratios are equal.
  • Proximo (Prox.). See end-of-month dating.
  • Publicly held corporations. Corporations that are owned by the public and have stock that trades freely.
  • Purchase invoice. A list of items purchased, prices charged for the items, and payment terms.
  • Qualifying for a loan. A person applying for a loan is said to qualify if his or her credit history, income, and financial statement satisfy the requirements of the lending institution.
  • Quick ratio. The quotient of liquid assets and current liabilities.
  • Quota. An expected level of production. A premium may be paid for surpassing quota.
  • Quotient. The answer in a division problem.
  • Radio frequency identification (RFID). A chip that responds to an electronic scan with information about the product.
  • Rate. Parts of a hundred. See percent.
  • Rate of interest. The percent of interest charged on a loan for a certain time period.
  • Ratio. A comparison of two numbers often shown as a fraction.
  • Real estate. Real property such as a home or a parcel of land.
  • Receipt-of-goods dating (ROG). A method of determining cash discounts in which time is counted from the date that goods are received.
  • Reciprocal. A fraction formed from a given fraction by interchanging the numerator and denominator.
  • Reconciliation. The process of checking a bank statement against the depositor's own personal records.
  • Recourse. Should the maker of a note not pay, the bank may have recourse to collect from the seller of the note.
  • Recovery classes. Classes used to determine depreciation under the modified accelerated cost recovery system.
  • Recovery period. The life of property depreciated under the accelerated cost recovery system.
  • Recovery year. The year of life of an asset when using the MACRS method of depreciation.
  • Reduced net profit. The situation that occurs when a markdown decreases the selling price to a point that is still above the breakeven point.
  • Refinance. Borrowers can go to a lender and refinance their existing loan with a different interest rate, period, and payment.
  • Regulation DD. A Federal Reserve System document that specifies how interest paid to savers is to be calculated.
  • Regulation Z. A Federal Reserve System document that implements the Truth-in-Lending Act.
  • Renter's coverage. Insurance that covers only the possessions of a renter and not the house or apartment in which the possessions are kept.
  • Repayment schedule. A schedule showing the amount of payment going toward interest and principal and the remaining debt after each payment has been made.
  • Repeating decimals. Decimal numbers that do not terminate but that contain a series of digits or numbers that repeat.
  • Replacement cost. The cost of replacing property that is completely destroyed.
  • Repossess. The taking back of property by a lender when payments have not been made to the lender.
  • Residual value. See scrap value.
  • Restricted endorsement. A signature or imprint on the back of a check that limits the ability to cash the check.
  • Retailer. A business that buys from wholesalers and sells to consumers.
  • Retail method. A method used to estimate inventory value at cost that utilizes both cost and retail amounts.
  • Returned check. A check that was deposited and then returned due to lack of funds in the payer's account.
  • Return on average total assets. Net income divided by average total assets.
  • Returns. The total value of all goods returned by customers.
  • Revolving charge account. A charge account that never has to be paid off.
  • Right side. The right-hand side of an equation.
  • Risk. The potential of losing part or all of an investment.
  • Roth IRA. Contributions to a Roth Individual Retirement Account (Roth IRA) are not deductible when made. However, funds in the account grow tax free and withdrawals are not taxed once the account holder reaches a certain age.
  • Rounding. Writing a number with fewer digits of accuracy.
  • Rounding whole numbers. Reduction of the number of nonzero digits in a whole number.
  • Round lot. A multiple of 100 shares of stock.
  • Rule of 78. A method of calculating a partial refund of interest that has already been added to the amount of a loan. This calculation is done when the loan is paid off early.
  • Salary. A fixed amount of money per pay period.
  • Salary plus commission. Earnings based on a fixed salary plus a percent of all sales.
  • Sale price. The price of an item after markdown.
  • Sales invoice. See purchase invoice.
  • Sales tax. A tax placed on sales to the final consumer. The tax is collected by the state, county, or local government.
  • Salvage value. See scrap value.
  • Savings account. An interest-paying account that allows day-today savings and withdrawals.
  • Schedule 1. The part of the 1040A federal tax form that is used to list all interest and dividends.
  • Scrap value (Salvage value). The value of an asset at the end of its useful life. For depreciation purposes, this is often an estimate.
  • SDI deduction. State disability insurance pays the employee in the event of disability and is paid for by the employee.
  • Self-employed people. People who work for themselves instead of for the government or for a private company.
  • Series discount. See chain discount.
  • Shift differential. A premium paid for working a less desirable shift, such as the swing shift or the graveyard shift.
  • Simple discount note. A note in which the interest is deducted from the face value in advance.
  • Simple interest. Interest received on only the principal.
  • Simple interest note. A note in which interest = principal * interest rate * time in years.
  • Single discount equivalent. A series, or chain, discount expressed as a single discount.
  • Single return. An income tax return filed by a single person.
  • Sinking fund. A fund set up to receive periodic payments in order to pay off a debt at some time in the future.
  • sk.. Abbreviation for sack.
  • Sliding scale. Commissions that are paid at increasing levels as sales increase.
  • Smart card. A card with a microchip that receives electronic signals, makes calculations, and sends signals. It is sometimes used for identification.
  • Social Security tax. See FICA tax.
  • Solution. The number that makes an equation true when it is substituted in place of the variable.
  • Special endorsement. A signature on the back of a check that passes the ownership of the check to someone else.
  • Specific identification method. An inventory valuation method that identifies the cost of each item.
  • Split-shift premium. A premium paid for working a split shift, for example, for an employee who is on 4 hours, off 4 hours, and then on 4 hours.
  • Square root. The square root of 49 is 7, since 7 * 7 = 49.
  • Stafford loan. A loan taken out by college students to help pay tuition.
  • Standard deduction. A tax preparer may use the higher of the itemized deductions or the standard deduction established by the government.
  • Stated rate. The interest rate stated in connection with a loan. It may differ from the annual percentage rate.
  • State income tax. An income tax that is paid to a state government on income earned in that state.
  • Statement. Usually sent out monthly by the bank, a list of all charges and deposits made against and to a checking account.
  • Statement fee. A fee charged by some banks for a paper copy of a monthly statement.
  • Statistics. Refers both to data and to the techniques used in analyzing data.
  • Stock. A form of ownership in a corporation that is measured in units called shares.
  • Stockbroker. A person who buys and sells stock at the stock exchange.
  • Stock exchange. An institution where stock shares are bought and sold.
  • Stockholders. Individuals who own stock in a particular company.
  • Stockholder's equity. See net worth.
  • Stock ratios. Ratios calculated from the financial statements of a company—used to determine the financial health of the firm.
  • Stock turnover. See inventory turnover.
  • Stop payment. A request from a depositor that the bank not honor a check that the depositor has written.
  • Straight commission. A salary that is a fixed percent of sales.
  • Straight life insurance. See ordinary life insurance.
  • Straight-line depreciation. A depreciation method in which depreciation is spread evenly over the life of the asset.
  • Substitution. Method for checking the solution to an equation.
  • Subtrahend. The number being subtracted or taken away in a subtraction problem.
  • Sum. The total amount; the answer in addition.
  • Sum-of-the-years'-digits method. An accelerated depreciation method that results in larger amounts of depreciation taken in earlier years of an asset's life.
  • Supply chain. The chain of businesses and processes involved with moving raw materials, components, and final goods to the end user.
  • Tangible assets. Assets such as a car, machinery, or computers.
  • Taxable income. Adjusted income subject to taxation.
  • Tax deduction. Any expense that the Internal Revenue Service allows taxpayers to subtract from adjusted gross income.
  • Taxes. Individuals and corporations must pay taxes to government entities such as schools, cities, counties, states, and the federal government. Here are a few of the many types of taxes]]. sales taxes, property taxes, gasoline taxes, income taxes, and estate taxes.
  • Tax preparation. The preparation of an income tax return that is then sent to the Internal Revenue Service.
  • T-bill. A short-term note issued by the federal government that pays interest to the holder of the note. Issuing T-bills allows the federal government to raise cash without having to borrow money from a bank and pay interest.
  • Telephone transfer account. An interest-bearing checking account into which funds may be transferred by the customer over the telephone.
  • Term. A number, variable, or product or division of a number and a variable, such as 5x or 7 + b.
  • Term insurance. A form of life insurance providing protection for a fixed length of time.
  • Term of an annuity. The length of time that an annuity is in effect.
  • Term of a note. The length of time between the date a note is written and the date the note is due.
  • Terms. The area of an invoice where cash discounts are indicated if any are offered. The words "terms discount" are often used in place of "cash discount."
  • Territorial ratings. Ratings used by insurance companies that describe the quality of fire protection in a specific area.
  • Texting. A method of communicating to a cell phone(s). Some banks communicate with account holders by texting.
  • Time-and-a-half rate. One and one-half times the normal rate of pay for any hours worked in excess of 40 hours per week or 8 hours per day.
  • Time card. A card filled out by an employee that shows the number of hours worked by that employee.
  • Time deposit account. A savings account in which the depositor agrees to leave money on deposit for a certain period of time.
  • Time rate. Earnings based on hours worked, not for work accomplished.
  • Total installment cost. Includes the down payment plus the sum of all payments.
  • Total revenue. The total of all revenue from all sources.
  • Trade discount. A discount offered to businesses. This discount is expressed either as a single discount (like 25,) or a series discount (like 20>10) and is subtracted from the list price.
  • Traditional banking. A method of banking involving the use of paper checks and check registers to record deposits and checks.
  • Transaction. An event that is recorded such as withdrawing cash, etc.
  • Transaction register. Shows the checks written and deposits made on a checking account.
  • True rate of interest. See effective rate of interest.
  • Turnover at cost. The cost of goods sold, divided by the average inventory at cost.
  • Turnover at retail. Sales, divided by the average inventory at retail.
  • Underinsured motorist. A motorist who does not carry enough insurance to cover the costs of an accident.
  • Underwater. The situation where homeowners owe more on their home than it is worth.
  • Underwriters. Term applied to any insurer. Usually associated with an insurance company.
  • Unearned interest. Interest that a company has received but has not yet earned so that it is not shown in revenues.
  • Uniform product code (UPC). The series of black vertical stripes seen on products in stores that cashiers scan. Also called the bar code.
  • Uninsured motorist insurance. Insurance coverage that covers the insured when involved in an accident with a driver who is not insured.
  • United States Rule. The rule by which a loan payment is first applied to the interest owed, with the balance used to reduce the principal amount of the loan.
  • Unit price. The cost of one item.
  • Units-of-production. A depreciation method by which the number of units produced determines the depreciation allowance.
  • Universal life policy. A policy whose premiums flow into a general account from which the insurance company makes investments.
  • Unlike fractions. Fractions with different denominators.
  • Unlike terms. Two terms in an algebraic expression that do not have the same variables, so they cannot be added together. For example, 2x + 5y are unlike terms and cannot be combined into one term.
  • Unpaid-balance method. A method used to calculate interest on open-end credit accounts.
  • Unreimbursed job expenses. Certain expenses that are deductible on a personal income tax return.
  • Useful life. The estimated life of an asset. The Internal Revenue Service gives guidelines of useful life for depreciation purposes.
  • Valuation of inventory. Determining the value of merchandise in stock. Four common methods are specific-identification, average cost, FIFO, and LIFO.
  • Variable. A letter that stands for a number.
  • Variable commission. A commission whose rate depends on the total amount of the sales.
  • Variable interest rate loan. A loan on which the interest rate can go up or down.
  • Variable life policy. A life insurance policy that allows the owner to invest the funds within the policy in different types of investments.
  • Vertical analysis. The listing of each important item on an income statement as a percent of total net sales or each item on a balance sheet as a percent of total assets.
  • Visa. A credit-card plan (formerly known as Bank Americard).
  • Wage. A rate of pay expressed as a certain amount of dollars per hour.
  • Wage bracket method. A method of calculating income tax withholding that is based on tables that list income ranges.
  • Weighted average method. A method for calculating the arithmetic mean for data where each value is weighted (or multiplied) according to its importance.
  • Whole life insurance. See ordinary life insurance.
  • Whole number. A number with no fraction or decimal part.
  • Wholesaler. A business that buys directly from the manufacturer or other wholesalers and sells to the retailer.
  • Withholding allowance. An allowance for the employee, spouse, and dependents that determines the amount of withholding tax taken from gross earnings.
  • Withholding tax. The funds withheld from an employee's paycheck and sent to the federal or state government on behalf of that individual.
  • With recourse. An understanding that the seller of a note is responsible for payment of the note if the original maker of the note does not make payment. The note is sold with recourse.
  • Worker's compensation. Insurance purchased by companies to cover employees against work-related injuries.
  • W-2 form. The wage and tax statement given to the employee each year by the employer.
  • W-4 form. A form usually completed at the time of employment, on which an employee states the number of withholding allowances being claimed.
  • Yield to maturity. The interest rate yield to the maturity of a bond or other financial instrument. It includes any interest payments, time to maturity, and payoff at maturity.
  • Youthful operator. A driver of a motor vehicle who is under a certain age, usually 25.
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