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GLOSSARY
FICO score
FICO score is a numeric value calculated by Fair Isaac Credit Organization that represents creditworthiness. When lenders talk about credit score, they're usually referring to the FICO. FICO is calculated by a secret algorithm that considers an individual's payment history, debt level, and other related factors.
Fiduciary
A relationship where a person places confidence and trust in another with regards to a particular transaction or one's general business affairs. The relationship is not necessarily legally established, as in a declaration, of trust but may be one of moral or personal responsibility.
Fiduciary duty
Fiduciary duty is the legal responsibility to act wisely, honestly, and in good faith when representing another person in a financial transaction.
Fiduciary risk
Fiduciary risk is the danger of financial losses resulting from deceptive or uninformed actions of an agent. Fiduciary risk can range from intentional fraud, to poor execution of an investment strategy that results in less-than-optimal growth of the client's portfolio.
Field changes
Any onsite modifications made to a building.
Filing extension
A filing extension is a postponement of the due date for submitting tax returns. When a filing extension is requested, the taxpayer must submit any estimated taxes due, with the understanding that the supporting tax return documents will be forwarded at a later date.
Filing Fee
An amount charged by public officials in your area for recording and filing your mortgage and related documents.
Filing status
Filing status is a category designation that's important in determining tax liability. There are five filing statuses: single individual, married person filing jointly, married person filing separately, head of household, and qualifying widow or widower.
Filled land
An area where ground level has been raised by adding soil or other fill material.
Finance charge
Finance charge is the fee assessed each billing period for the use of a credit card or credit account. The finance charge includes interest, account fees, late fees, and other transaction costs.
Finance company
A finance company provides credit to individual and corporate customers. Finance companies, unlike traditional banks, do not offer deposit accounts.
Financial aid administrator - FAA
A financial aid administrator, or FAA, is one who counsels and supports students regarding financial aid. The FAA might help the student apply, inform the student of programs available, and help manage the student's funding once a financial aid package is approved. FAAs work for educational institutions.
Financial asset
A financial asset is either cash or another instrument, whose value arises from a contractual claim. A stock certificate's value, for example, is not derived from the paper itself; the stock has value because it represents an ownership claim in a company. Examples of financial assets include stocks, stock options, bonds, cash deposits, etc.
Financial institution
A financial institution is a business that provides deposit services, investment services, loan services, and/or other related services. Financial institutions include banks, leasing companies, lenders, brokerages, etc. These entities may serve consumers, other businesses, or both.
Financial leverage
Financial leverage is the use of debt to increase returns, such as when a business borrows money to expand its operations. Leverage can allow a company to grow without draining its cash resources, but the practice is not without risk. Debt increases interest expense and potentially places cash flow demands on the company when principal payments come due. Financial leverage can also refer to the level of debt a company has, relative to equity.