finance

balance due

The amount of debt still due under an account or the principal balance remaining on a promissory note.

balance sheet

A financial statement that consists of a three-part summary of a company's assets, liabilities, and ownership equity at a particular instance in time. It is intended to show the financial condition of a company at that time.

The balance sheet...

Balloon Mortgage

A balloon mortgage is a mortgage whose payments are not large enough to pay off the entire mortage during its amortization period. Thus, the borrower must make an extra-large payment at the end of the amortization period to fully pay off the loan. For...

balloon payment

The final, oversized payment due at the maturity date of a loan. Typically used in car or home loans, the balloon payment consists of the remaining balance due under a loan, including any unpaid principal and interest.

bank

Definition from Nolo’s Plain-English Law DictionaryAn officially chartered institution empowered to receive deposits, make loans, and provide checking and savings account services. In the United States, banks are organized under federal or state...

Banking

banking: an overview

Banks and bank accounts are regulated by both state and federal statutes. Bank accounts may be established by national and state chartered banks and savings associations. All are regulated by the law under which they were...

Basis

Under U.S. tax law, basis is the cost or value of an asset – used to determine equity or ownership for the purpose of tax assessment, exchange, or sale. It generally includes purchase price, taxes, transportation costs,...

bookkeeper

A person who records the daily financial transactions of a business or organization, such as sales, purchases, receipts and payments. The bookkeeper also prepares financial statements, such as the trial balance, which are then used by accountants to...

Building and loan association

Building and loan associations were organizations that provided loans to members for buying homes. The organizations were formed by a community of low income members that made regular payments into the fund. Members owned shares in the...

Business expense

Definition

Operating costs of a business, which are tax deductible. To qualify as a business expense, the cost must be ordinary, accepted and common in that business' trade and necessary, appropriate and useful in operating the business.

See...

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