The founder and Chief Executive Officer of Amazon.com, Jeff Bezos has once again proved to us that he isn’t called the World’s richest man for nothing. This time around, he has gone ahead to spe...
Recently, in a YouTube interview with Marques Brownlee, Billionaire and Microsoft founder, Bill Gates revealed that he acquired a new Porsche Taycan Turbo S. This electric vehicle is worth about $18...
There used to be a time when pension and social security benefits were enough for sustainability after retirement, but today, the story is a different one. Without a solid retirement plan, most person...
DefinitionBankruptcy is a term used to describe an individual’s or organization’s inability to make payment to its creditors or fulfill its outstanding financial obligations. Though the term is mo...
DefinitionThe banker’s acceptance, also known as bill of exchange, is a bank draft that requires a bank to pay a holder of an instrument a stated amount on a specified date. This usually occurs with...
DefinitionA bank run is a term used to describe a situation where bank customers withdraw all the money in their deposit accounts for fear that the bank insolvency. The more customers withdraw their m...
DefinitionA bank reconciliation is a document that matches a company’s cash balance on its balance sheet to the equivalent amount on its bank statement. Bank reconciliation is done at intervals to e...
What is Bank-Owned Life Insurance (BOLI)?DefinitionBank-owned life insurance is a type of life insurance that covers a bank both as the owner and beneficiary. Through the use of some cash-value p...
What is Bank Guarantee (BG)?DefinitionA bank guarantee is a financial term used to refer to the agreement made between three parties—the bank, the beneficiary, and the applicant. The applicant ...
What is Bank Draft?DefinitionA bank draft, also known as teller’s check, is a check provided by a bank to the customer of the bank to remit funds to a specified account. It is drawn on a bank�...