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Man, those test proctors really come down hard on talking. I got kicked out for bellowing quietly in the corner and chewing on a test booklet.

Funded Debt

Just like ice cream and skittles (our personal fave), bonds come in colorful flavors. Bondholders aren't owners, they are lenders, which rhymes with vendors. If the bonds don't come due for 5 years or more, then they are referred to as funded debt, because the presumption, right or wrong, is that debt will live on the balance sheet a long time, and that funding it is part of the normal operations of the company.

Uncle Sam's Debt

Federal bonds are known as "Treasuries." They are backed by the...

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