define explian b

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

B

Balance (Final/Closing) – The funds in a bank account at the conclusion of a certain time period.

Balance Sheet – A statement of a business' assets, liabilities and net equity.

Balloon payment – A repayment of the residual value of a loan, made at the end of the loan period. Often used as a means to lower the borrower's monthly repayments throughout the duration of the agreement.

Bankruptcy – A legal process that involves those who are unable to pay their creditors. Once declared bankrupt, they cede control of the majority of their debts and assets to a trustee, who then has the responsibility of deciding which (if any) assets may be sold in order to repay debt.

BAS (Business Activity Statement) – A report made by businesses of their entitlements and obligations related to tax, including details on receipt and payment of GST throughout the period.

Borrower – An entity that has loaned money from a bank or some other lender. Also debtor.

BPAY ® - A service in Australia that operates to facilitate the payment of bills, using credit card or internet or phone banking direct from the person's bank account.

Break costs – Fees incurred when paying off a loan before the agreed conclusion of its term.