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Financial Glossary

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Balance sheetFinancial statement showing assets, liabilities and net worth of a business.
Balloon paymentLarge payment of the remaining balance, required at the end of certain loans.
Base priceCost of a vehicle without options.
Basis pointOne hundredth of a percent (i.e., 7% is 50 basis points higher than 6.5%).
BeneficiaryRecipient of money or property from a will, trust or insurance policy.
Bill of saleLegal document transferring property ownership.
BinderPreliminary agreement until a formal contract or insurance policy is issued.
BondGovernment or business promise to pay a sum of money, plus interest, by a certain date.
BorrowObtaining a loan, with a commitment to repay.
Breach of contractBreaking the terms of a legal agreement.
BrokerageFirm that receives a fee for bringing together two parties in a transaction.
Building codeLocal requirements that must be met for building or remodeling a structure.
Building permitLocal government document outlining the terms of a structure's creation or renovation.
Built-insItems (e.g., appliances, cabinets, fans) that remain with a structure when sold.
BuydownReducing interest rate or monthly payment by paying money or points on a loan upfront.
Equal Housing Lender Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S.Government Agency. ©2014 Desert Schools Federal Credit Union