2/17/2018

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Business Definitions

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

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Business Terms and Definitions (J and K)

Joint Account: An account that is owned by two or more individuals, either as joint tenants or as tenants in common.Joint tenants share equal liabilities and rights to the account and either can make withdrawals or deposits at any time. When one joint tenant dies, the account passes to the surviving owner. As tenants in common, the approval of all parties is needed to make withdrawals and if one of the owners die, the deceased's shares in the account becomes a part of the deceased's estate.

Joint Tenants: Ownership held by two or more individuals with rights to survivorship. Joint Tenanancy gives all owners the full right of usage of bank accounts, real estate, or personal property.

Joint Venture: When two or more companies or organizations agree to work together to meet a common goal, thereby helping each other overcome the initial high amounts of startup capital.

Judgement: The final decision that is rendered by a court after it has reviewed all presented evidence.

Judgement Lien: A court ordered lien that places an encumbrance on real property as security for an outstanding debt owed to a creditor.

Jumbo Loans: A mortgage amount that exceeds the conforming loan amount that can be purchased by Fannie Mae or Freddie Mac. Jumbo loans are usually purchased by private investors or maintained by the lender itself.

Junior Mortgage: A mortgage that takes a subordinate position to another loan. It is also called a second loan or second trust deed. Junior liens usually have higher interest rates because they assume more risk if there is a foreclosure because they are satisfied after the first is paid in full.

Junk Fees: Junk fees are lender charges made to the borrower at the close of escrow that may not be necessary and may be questionable.

Junk Bond: A bond that is issued by a company that has a below investment grade credit rating. Junk bonds pay a higher rate of yield than investment grade bonds because the risk is greater.

Jurisdiction: The extent of a court's authority to hear cases and render decisions, determined by the type of case, the geological location, or the type of law it involves.

Keogh Plan: A tax deferred savings vehicle that allows self employed persons to save money for retirement. The money put into a Keogh plan is deducted form the gross income in the year that the contribution is made. The interest made on the account is not taxable until it is withdrawn.

Kiddie Tax: A tax on investment income from dividends or interest that is earned by children who are under the age of 14.

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