Owner-Operator Terms Glossary

Truck driver who owns or leases the truck they operate.

Operating under another carrier’s authority.

Operating under your own motor carrier authority.

Pay statement showing revenue and deductions.

Total settlement before deductions.

Amount left after settlement deductions.

Money held back for possible future obligations.

Money saved for repairs and preventive maintenance.

Loan or lease payment for the tractor.

Card used to buy fuel and track fuel purchases.

Advance used for fuel before settlement.

Coverage related to tractor operation without a trailer.

Coverage for damage to the truck itself.

Coverage for certain work-related injury situations.

Amount paid before insurance responds to a claim.

Carrier-arranged plate or registration program.

Apportioned registration for interstate operation.

Interstate fuel tax reporting system.

Independent contractor paid through 1099 reporting.

Daily travel allowance or tax-related expense amount.

Minimum rate needed to cover costs.

Operating cost for each mile driven.

Driving empty without revenue freight.

Time when the truck cannot earn revenue.

Fee charged for using a trailer.

Deduction or reversal from a prior payment.

Money saved for future business expenses.