balance sheet
A financial statement that shows assets, liabilities, and net worth as
of a specific date.
balloon mortgage
A mortgage that has level monthly payments that will amortize it over
a stated term but that provides for a lump sum payment to be due at
the end of an earlier specified term.
balloon payment
The final lump sum payment that is made at the maturity date of a
balloon mortgage.
bankrupt
A person, firm, or corporation that, through a court proceeding, is
relieved from the payment of all debts after the surrender of all
assets to a court-appointed trustee.
bankruptcy
A proceeding in a federal court in which a debtor who owes more than
his or her assets can relieve the debts by transferring his or her
assets to a trustee.
before-tax income
Income before taxes are deducted.
beneficiary
The person designated to receive the income from a trust, estate, or a
deed of trust.
bequeath
To transfer personal property through a will.
betterment
An improvement that increases property value as distinguished from
repairs or replacements that simply maintain value
