Exam: BEC Higher

Definition: A person who signs a loan or agreement along with another person, agreeing to take responsibility for the debt if the other person fails to pay.

Example: My parents acted as cosigners on my student loan to help me secure better terms.

Definition: A command that goes against or cancels a previous order.

Example: The manager issued a counterorder to stop the shipment that had already been arranged.

Definition: The other person or group involved in a financial deal or agreement.

Example: In a loan agreement, the bank is the lender and the borrower is the counterparty.

Definition: A plan created to oppose or provide an alternative to another plan.

Example: The team presented a counterplan to address the issues raised in the original proposal.

Definition: A project that is suggested as an alternative or in opposition to another project.

Example: The team presented a counterproject to address the concerns raised by the initial proposal.

Definition: A suggestion made in response to another proposal, often to change or improve it.

Example: After reviewing the initial offer, she submitted a counterproposal to negotiate better terms.

Definition: To sign a document that has already been signed by someone else, usually to confirm or authenticate it.

Example: The manager will countersign the contract to make it official.

Definition: A place where a business keeps its financial records and manages its accounts.

Example: The company moved its countinghouse to a larger office to accommodate more staff.

Definition: A person or organization that lends money or extends credit to another party, expecting repayment in the future.

Example: The creditor agreed to give the borrower more time to pay back the loan.

Definition: Having a good credit rating that shows a person or organization is likely to pay back borrowed money.

Example: The bank approved her loan application because she was considered creditworthy.