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Know how many questions to expect in a section. There are about 500,000 buffalo in North America...and I expect to see each one of them at the next family reunion. (Uncle Abe, I'm looking at you.)

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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