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GLOSSARY
Borough
A borough is a town that's incorporated, or an administrative unit designating a community or area. New York City has five boroughs: The Bronx, Brooklyn, Manhattan, Queens, and Staten Island.
Borrow
To borrow is to obtain money or property with the intention of returning it at some later date. In terms of finance, to borrow is to draw against a loan, which usually must be repaid with interest.
Borrow pit
A borrow pit is a ditch or hole where soil has been dug out for use in another location. The term is used in the context of construction projects.
Borrower
A borrower is an individual or entity that receives loaned funds or property and is required to return those funds or property at some future date. In the financial sense, a borrower is one who draws money from a credit facility, and is contractually obligated to pay back the principal plus interest.
Bot
Bot is a shortened form of robot. The term refers to a computer program that can execute commands autonomously. Bots can be used to record and collect private information from another's computer.
Botnet
A botnet, short for robot network, is a group of computers that are being exploited to distribute spam and/or viruses. These computers have been infected with a trojan that receives commands from the third-party which controls the botnet.
Bounce protection
Bounce protection is an expensive form of overdraft protection offered to a bank's checking accountholders. The service is similar to an overdraft line of credit, except that the bank reserves the right to refuse overdraft coverage at any time without prior notice.
Bounced check
A bounced check is a check that the bank has returned unpaid because there aren't sufficient funds in the associated account to cover the amount of the check.
Boundary
A boundary is a border or a limit. In real estate, a boundary is the meeting point of two properties, where one property ends, and the next begins.
Breach of contract
A breach of contract is a failure of one party to perform as required by a legal agreement. A breach of contract generally gives the non-violating party the right to pursue legal recourse. Breach of contract is also called default.
Breach of covenant
Breach of covenant is the failure to perform a promise made, usually within a contract.
Breach of warranty
A breach of warranty is a violation of a sales agreement that pertains to the condition or title of the item or property being sold. In real estate, a breach of warranty occurs when the seller is unable to transfer clear title of property to the buyer.
Break the buck
Break the buck, pertaining to money market mutual funds, is when the fund's share price drops below $1. If a fund breaks the buck, the investors stand to lose principal.
Break-even point
Break-even point is the moment in time when the outlay of expenses has been recovered through sales. In business, the term is used in evaluating capital projects; decision-makers want to know long it will take to recoup expenses if a project is implemented. In options or securities transactions, the break-even point is the price at which the cost is equal to the net proceeds.
Breakup value
Breakup value is an estimate of what a company's total market capitalization would be if its divisions were separately operated, separately traded companies.