BeneficiaryA person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract.
Beneficiary or Beneficiary PayeeA person who is designated to receive, or is receiving, a retirement annuity or other benefit provided by the South Carolina Retirement Systems.
benefits receivedA concept of tax fairness that states that people should pay taxes in proportion to the benefits they receive from government goods and services.
BetaBeta is a measure of an investment's relative volatility. The higher the beta, the more sharply the value of the investment can be expected to fluctuate…
BettermentA condition relating to original equipment, or older parts, on your automobile, when having been damaged in an accident may only be replaced with new…
BIDThe bid is the price a market maker or broker is willing to pay for a security, such as a stock or bond, at a particular time.
Bid and askThe bid price is the highest price anyone is willing to pay to buy a stock; while the ask is the lowest anyone will accept to sell a stock.
Big BoardThe Big Board is the nickname of the New York Stock Exchange (NYSE), the oldest stock exchange in the United States and the one with the largest trading…
BillYour bill is the statement of your account. Your bill will tell you the total amount that you owe us as of the end of the last billing period.
Billing CycleThe time interval between the dates on which regular periodic statements are issued.
Billing DateThe month, date, and year when a periodic or monthly statement is generated. Calculations have been performed for appropriate finance charges, minimum…
Billing ErrorA charge that appears on a periodic statement associated with an extension of credit (e.g.
Billing periodThe billing period is the fixed period of time covered by the bill we send you.
BinderA temporary or preliminary agreement, in effect for less than 60 days, that provides coverage until a policy can be written or delivered.
biweekly mortgageA loan requiring payments of principal and interest at two-week intervals. This type of loan amortizes much faster than monthly payment loans.
Blanket mortgageA single mortgage covering more than one parcel of real estate, such as a mortgage covering all the lots of a builder in a subdivision.
Blind poolIf the general partner of a limited partnership does not say which investments the partnership will make, the investment is known as a blind pool.
Blind trustA blind trust is created when a third party, such as an investment adviser or other trustee, assumes complete control of the assets held in a trust.
Block PlanA drawing of a building’s foot print within an entire block in simplified, non-detailed form
Block tradeWhen at least 10,000 shares of stock or bonds valued at $200,000 or more are bought or sold in a single transaction, it is called a block trade.
Blue chip stockBlue chip stock is the common stock of a large, well-regarded US company. The companies in that informal category are collectively known as blue chips…
Blue sky lawsBlue sky laws require companies that sell stock, mutual funds, and other financial products to register new issues with the appropriate public agency.
Bodily Injury LiabilityIf you injure someone in a car accident, this coverage pays his/her medical and rehabilitation expenses and any damages for which you are found liable.
Bodily Injury Liability CoveragePays for another person's bodily injury or death in an accident that you may be found legally liable to pay.
Boiler roomA boiler room is a location used by con artists to contact potential victims out-of-the-blue - an approach known as cold calling - in an attempt to sell…
BondA long-term debt instrument with the promise to pay a specified amount of interest and to return the principal amount on a specified maturity date.
Bond fundA mutual fund whose portfolio consists primarily of bonds.
Bond ratingIndependent agencies, such as Standard & Poor's (S&P) and Moody's Investors Service, assess the likelihood that bond issuers are likely to default on…
Bond swapIn a bond swap, you buy one bond and sell another at the same time. For example, you might sell one bond at a loss at year's end to get a tax write-off…
Bond, U.S. SavingsSavings bonds are issued in face value denominations by the U.S. Government in denominations ranging from $50 to $10,000.
Bonds (Corporate)Corporate debt owed by an issuer to a bondholder usually a promise to pay a specified rate of interest over a fixed rate of time.
bonusCompensation received by an employee for services performed. A bonus is given in addition to an employee's usual compensation.
Book valueThe value of net assets that belong to a company's shareholders, as stated on the balance sheet.
Book Value (BV)(BV)The value of individual assets, calculated as actual cost less allowance for any depreciation. Book value may be more or less than current market value.
Book-entry securityBook-entry securities are stocks, bonds, and similar investments whose ownership is recorded electronically rather than in certificate form.
BorrowerA person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.
Bottom fishingInvestors using a bottom-fishing strategy look for stocks that they consider undervalued because the prices are low.
Bottom-up investingWhen you use a bottom-up investing strategy, you focus on the potential of individual stocks, bonds, and other investments.
BourseBourse is the French term for a stock exchange, meaning, literally, purse. The national stock market of France, a totally electronic market, is known as…
bp (Basis Point)The smallest measure used in quoting yields or returns. One basis point is 0.01% of yield, 100 basis points equals 1%. A yield that changed from 8.
BPTSee Business, professional, and technical services transactions (BPT)
BracketA projecting angled or curved form used as a support, found in conjunction with balconies, lintels, pediments, cornices, etc.
Bracket SignA rigid outdoor sign, with two display faces, installed perpendicular to a building facade and hanging from an armature, used as an announcement for an…
Brady bondThese bonds of Latin American countries, named for former US Secretary of the Treasury Nicholas Brady, are issued in US dollars and backed by US Treasury…
Branch OfficeFor banks and thrifts, a branch office is an office approved as a branch by a supervisory agency.
branch office, securitiesA location other than the main office at which a broker-dealer or investment adviser conducts a securities or investment advisory business.
branch, bankBranch means any office at a fixed location of a bank, other than the main office, at which deposits are received, checks paid, and money lent, and that…
branch, credit unionBranch means any office established by a credit union at a fixed location, at which shares or deposits are received, share drafts or checks are paid, or…
branch, foreign banksee also Foreign Bank Branches and agencies are the most common structures of foreign banking organizations in the United States.
Breakaway wallA wall that is not part of the structural support of the building and is intended through its design and construction to collapse under specific lateral…
BreakoutStock prices fluctuate constantly, but each stock typically moves within a fairly narrow range.
BreakpointA breakpoint is the level at which your account balance in a mutual fund company or the size of a new investment in the company's funds qualifies you to…
Brick MoldingA milled wood trim piece covering the gap between the window frame and masonry, which can be rectilinear, curved, or composite-curved.
Bridge LoanA short-term loan secured by the borrower's current home (which is usually for sale) that allows the proceeds to be used for building or closing on a new…
BrokerAn agent who handles the public's orders to buy and sell securities, commodities or other property. A commission is generally charged for this service.
Broker-dealerA person that buys and sells securities for others or for h the broker-dealer's own account (e.g. proprietary trading).
Brokerage accountTo buy and sell securities through a broker-dealer or other financial services firm, you establish an account, generally known as a brokerage account…
Brokerage firmBrokerage firms, also known as broker-dealers, are licensed by the Securities and Exchange Commission (SEC) to buy and sell securities for clients and for…
Brokerage windowA 401(k) account that permits its plan participants to buy and sell investments through a designated brokerage account is said to offer a brokerage window.
Bucket shopA bucket shop is an illegal brokerage firm, whose salespeople pose as legitimate brokers and attempt to sell you securities.
BudgetA budget is a plan on how much to save each week or month to make a purchase or to reach a savings goal.
Builders RiskCoverage for a home under construction. Claim payments are based on the percentage completed at time of loss.
Building CodeLocal regulations that set forth the standards and requirements for the construction, maintenance and occupancy of buildings.
Building StreetwallThe predominant plane of the building facade at the level of the storefront.
BulkheadThe part of a storefront that forms a base for one or more display windows
Bull marketA market in which prices are generally rising.
Bull spreadA bull spread is an options strategy that you use when you anticipate an increase in the price of the underlying instrument, such as a stock or an index.
businessA continuous and regular activity that has income or profit as its primary purpose.
business and industrial development corporationA business and industrial development corporation is one form of organization for lenders participating in the loan guarantee programs of the federal…
Business current transfer payments (net)Net payments by businesses to persons, government, and the rest of the world for which no current services are performed.
Business DayAny day on which offices of a bank are open to the public for carrying on substantially all of the bank's business.
business opportunityThe sale or lease of products, equipment, supplies or services to enable a person to start his or her own business.
Business sectorAll corporate and noncorporate private entities organized for profit and certain other entities that are treated as businesses in the national income and…
Buy DownWhen you make an up-front cash payment to reduce your monthly payments on a mortgage loan, it's called a buy down.
Buy Here, Pay Here Financingis usually associated with used car dealers. Installment payments, often made weekly, are paid directly to the dealership, which provides private…
Buy sideInstitutional money managers, such as mutual funds, pension funds, and endowments, are the buy side of Wall Street.
Buy-and-holdBuy-and-hold investors take a long-term view of investing, generally keeping a bond from date of issue to date of maturity and holding onto shares of a…
BuybackWhen a company purchases shares of its own publicly traded stock or its own bonds in the open market, it's called a buyback.
BuydownAn arrangement whereby the property developer or another third party provides an interest subsidy to reduce the borrower's monthly payments typically in…
Buydown AccountAn account in which funds are held so that they can be applied as part of the monthly mortgage payment as each payment comes due during the period that an…
Buyer's AgentA buyer's agent represents a buyer in a real estate transaction, negotiating with the seller's agent for a lower price or a contract with more favorable…
BV (Book Value)The value of individual assets, calculated as actual cost less allowance for any depreciation. Book value may be more or less than current market value.
BylawsBylaws are the self-imposed rules governing an incorporated company. The bylaws cover details such as the structure of the company, what the company's…
CAC Digital SignatureVerify that the identity on the CAC Card matches the identity of the expected signer.
Cafeteria planSome employers offer cafeteria plans, more formally known as flexible spending plans, which give you the option of participating in a range of tax-saving…
CallIn the bond markets, a call is an issuer's right to redeem bonds it has sold before the date they mature.
Call optionBuying a call option gives you, as owner, the right to buy a fixed quantity of the underlying product at a specified price, called the strike price…
Callable bondA callable bond can be redeemed by the issuer before it matures if that provision is included in the terms of the bond agreement, or deed of trust.
Callable DebtA debt security whose issuer has the right to redeem the security at a specified price on or after a specified date, but prior to its stated final…
CameA slender rod of cast lead, with or without grooves, used in casements and stained-glass windows to hold the panes or pieces of glass together
Canceled CheckA check that a bank has paid, charged to the account holder's account, and then endorsed. Once canceled, a check is no longer negotiable.