Glossary

Glossary definitions provided in part by the Jump$tart Coalition for Personal Financial Literacy.

Bankruptcy: A state of being legally released from the obligation to repay some or all debt in exchange for the forced loss of certain assets. A court's determination of personal bankruptcy remains in a consumer's credit record for 10 years.

Bankruptcy Abuse Prevention and Consumer Protection Act: A revision of bankruptcy law intended to make the system fairer for creditors and debtors and make affordable credit available to more people.

Banks : Corporations chartered by state and federal government to offer numerous financial services such as checking and savings accounts, loans, and safe deposit boxes. The Federal Deposit Insurance Corporation (FDIC)

Beneficiary: A person or organization named to receive assets at a pre-determined time or for a pre-determined use as established by the account owner and the financial product used, such as after an account owners death, at a certain age, or for college expenses. (see 529 Beneficiary for specific information about 529 College Savings Account Beneficiaries)

Beneficiary or Student: The person you identify on the Account Application as the beneficiary of the Account whose Qualified Higher Education Expenses will be paid from the Account.

Better Business Bureau (BBB) �: An organization that uses established criteria to rate the ethical and community standing of a business and investigates complaints from consumers.

Big-Box Store: A large retail store whose physical layout resembles a large square or box when seen from above. A big-box store is characterized by a large amount of floor space (generally more than 50,000 square feet) and a wide array of items available for sale. These are usually chain stores located in many locations.

Bond: A certificate representing the purchaser's agreement to lend a business or government money on the promise that the debt will be paid - with interest - at a specific time.

Borrower Benefit: These incentives are offered by lenders to help lower the total cost that a borrower pays for their loan. Common borrower benefits include interest rate reductions and principal balance reductions.

Budget : 1. A spending plan. 2. A record of projected and actual income and expenses over a period.

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