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Junior Accountant A junior accountant is an entry-level accounting professional who supports the finance function by maintaining records, preparing basic reports, and assisting with routine accounting tasks under supervision. This role is a stepping stone to senior accounting positions and specialized certifications. Key takeaways Entry-level role focused on bookkeeping, account reconciliations, and financial reporting. Typical…

Jumpstart Our Business Startups (JOBS) Act: A Concise Guide What the JOBS Act is The Jumpstart Our Business Startups (JOBS) Act is a U.S. law signed on April 5, 2012, that eased securities regulations to help startups and small businesses raise capital more easily. It reduced certain disclosure and reporting requirements for smaller companies, allowed…

Jumbo Pool A jumbo pool is a type of pass-through mortgage-backed security (MBS) issued under Ginnie Mae II that is collateralized by mortgage pools from multiple issuers. Unlike single-issuer pools, jumbo pools combine loans from different lenders and geographic areas, producing larger, more diversified securities. How jumbo pools work Issued as pass-through securities: mortgage principal…

Jumbo Loans A jumbo loan (jumbo mortgage) is a home loan that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Because it cannot be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac, lenders treat jumbo loans as higher-risk and apply stricter underwriting standards. Key takeaways Jumbo loans finance…

Jumbo Certificate of Deposit (CD) A jumbo CD is a certificate of deposit that requires a substantially larger minimum deposit than a standard CD—commonly $100,000 or more—and typically pays higher interest in exchange for locking funds until a maturity date. Key takeaways * Typical minimum: $100,000 (varies by issuer). * Insured up to $250,000 per…

Julian Robertson Overview Julian Robertson (June 25, 1932 – August 23, 2022) was an American investor and hedge fund pioneer who founded Tiger Management in 1980. Widely called the “Father of Hedge Funds” and the “Wizard of Wall Street,” Robertson built one of the era’s most influential hedge funds, later mentoring a generation of successful…

Judo Business Strategy: What It Means and How It Works What is a judo business strategy? A judo business strategy uses a company’s smaller size, speed, and agility as a competitive advantage against larger rivals. Instead of matching a dominant competitor head-on, a smaller firm maneuvers—changing points of attack, exploiting openings, and redirecting the competitor’s…

Judicial Foreclosure Judicial foreclosure is the court-supervised process lenders use to repossess and sell a property when the mortgage does not include a power-of-sale clause. In jurisdictions that require judicial foreclosure, the lender must file a lawsuit and obtain a court order before selling the home to satisfy the debt. Key takeaways Judicial foreclosure proceeds…

Judgmental Credit Analysis Judgmental credit analysis is a method lenders use to approve or deny credit based on human judgment rather than a standardized statistical model. Instead of relying solely on algorithms or third‑party credit scores, credit officers evaluate an applicant’s overall profile and use prior experience with similar borrowers to reach a lending decision….

Judgment Proof: What It Means and How It Works Judgment proof describes a person who lacks sufficient income or nonexempt assets for creditors to collect on a court judgment. It doesn’t prevent a creditor from suing or obtaining a judgment; it prevents effective collection while the debtor remains without collectible resources. How Someone Becomes Judgment…

Judgment lien: definition, how it works, and what debtors can do Key takeaways * A judgment lien is a court-ordered claim that lets a creditor use a debtor’s property to satisfy a court judgment. * Judgment liens are nonconsensual—they attach without the property owner’s prior agreement—and can attach to real property, personal property, or future…

Judgment: Definition, Types, Enforcement, and Examples What is a judgment? A judgment is a court’s formal decision that resolves a dispute by defining the rights and obligations of the parties. It may: Require payment of money (monetary judgment). Order someone to do or stop doing something (non‑monetary judgment). Affect ownership or rights in property. Judgments…

What is a Journal? A journal is a running, chronological record of financial transactions. In accounting, it documents each transaction’s date, the accounts affected, debit and credit amounts, and a brief description. Journals are the first step in the accounting cycle; entries are later posted to the general ledger and used for reconciliation, financial reporting,…

Joseph Stiglitz Overview Joseph E. Stiglitz is an influential American economist known for founding much of modern information economics. He received the 2001 Nobel Prize in Economic Sciences for his analyses of markets with asymmetric information and has held prominent academic and policy positions, including professor at Columbia University and chief economist of The Roosevelt…

Joseph Schumpeter Joseph Alois Schumpeter (1883–1950) was an Austrian-born economist whose ideas on innovation, entrepreneurship, and capitalist development reshaped how economists understand economic change. His most influential concept—creative destruction—frames innovation as the driving force that dismantles old structures and creates new ones, producing long-term growth alongside short-term dislocation. Key takeaways Coined and popularized the concept…

Joseph Effect: Definition, Causes, and How Investors Use It What is the Joseph Effect? The Joseph Effect describes persistence in time series — the tendency for trends or cycles to continue rather than behave like a purely random sequence. The term, popularized by Benoit Mandelbrot, draws on the biblical story of Joseph, whose interpretation of…

Josef Ackermann Key takeaways * Swiss banker who led Deutsche Bank as CEO and chairman (2002–2012). * Chaired the Bank of Cyprus (2014–2019) during its post-crisis restructuring. * Active in global finance policy as a member of the Group of Thirty and as chairman of the Institute of International Finance. * Served on multiple corporate…

Jordanian Dinar (JOD) Overview The Jordanian dinar (JOD) is the official currency of the Hashemite Kingdom of Jordan and is also circulated in the West Bank. One dinar subdivides into 10 dirhams, 100 qirshes (piastres), or 1,000 fils. Banknotes currently issued by the Central Bank of Jordan are 1, 5, 10, 20, and 50 dinars….

Understanding the Jones Act The Jones Act (Section 27 of the Merchant Marine Act of 1920) is a cornerstone of U.S. maritime law that requires goods transported between U.S. ports to move on ships that are U.S.-built, U.S.-owned, U.S.-flagged, and crewed predominantly by U.S. citizens. Enacted after World War I to rebuild the domestic merchant…

Jointly and Severally — Meaning and Implications Key takeaways “Jointly and severally” (also called joint and several liability) means each party named in an obligation can be held responsible for the entire obligation, not just a portion. A creditor may pursue any one (or more) of the parties for full payment; the paying party can…

Joint Venture (JV) A joint venture (JV) is a business arrangement where two or more parties pool resources and expertise to pursue a specific project or business objective while sharing profits, losses, and responsibilities. A JV can be temporary or ongoing and may be structured as a corporation, partnership, limited liability company (LLC), or simply…

Joint Tenants With Right of Survivorship (JTWROS) What it is Joint Tenants With Right of Survivorship (JTWROS) is a form of co-ownership that gives each joint owner an equal, undivided interest in an asset and a legal right that, when one owner dies, the deceased owner’s share automatically passes to the surviving owner(s). This transfer…

Joint Tenants in Common (JTIC): Definition, How It Works, and Practical Considerations What is JTIC? Joint tenants in common (JTIC) is a form of co-ownership in which two or more people own an asset together—commonly real estate, bank or brokerage accounts, or investment portfolios—without any right of survivorship. Each owner (a “tenant in common”) holds…

What Is Joint Tenancy? Joint tenancy is a form of co-ownership in which two or more people hold equal, undivided interests in an asset—most commonly real estate. Its defining feature is the right of survivorship: when one joint tenant dies, their share automatically passes to the surviving tenant(s), bypassing probate. Explore More Resources › Read…

Joint supply: definition and explanation Joint supply occurs when a single production process or resource yields two or more distinct outputs. Because the outputs share the same source, changes in the supply of that source affect the quantities—and often the prices—of all associated products. Classic agricultural and livestock examples include cattle (milk, beef, hide), sheep…

Joint-Stock Company Definition A joint-stock company is a business organization in which ownership is divided into transferable shares. Each investor (shareholder) owns a portion of the company proportional to their shareholding and shares in profits and losses. Key characteristics Shares represent ownership and are generally transferable. Public-company shares trade on stock exchanges; private-company transfers can…

Joint Return Test The joint return test is an Internal Revenue Service (IRS) rule used to determine whether a married person can be claimed as a dependent on another taxpayer’s return. In most cases, a person who files a joint return with a spouse cannot be claimed as someone else’s dependent — with a narrow…

Joint Return: Meaning, Eligibility, and Benefits A joint return is a single federal income tax return filed by two married taxpayers (Married Filing Jointly, MFJ) or by a recently widowed taxpayer using the Qualifying Widow(er) (QW) status. Filing jointly lets spouses combine income, deductions, and credits on Form 1040 and typically provides more favorable tax…

Joint Probability: Definition and Key Ideas Joint probability measures the likelihood that two (or more) events occur at the same time. It is also called the intersection of events and is denoted P(X ∩ Y), P(X and Y), or P(X, Y). Values range between 0 (impossible) and 1 (certain). Common uses: statistical modeling, risk assessment,…

Joint-Owned Property Joint-owned property is any asset titled in the names of two or more people — for example, spouses, partners, family members, or business associates. People choose joint ownership for convenience and estate planning (notably to avoid probate), but different ownership forms carry different rights, obligations, and risks. Common forms of joint ownership Joint…

Joint Life With Last Survivor Annuity What it is A joint life with last survivor annuity (also called a joint-and-survivor annuity) is a lifetime income product designed for two people—typically spouses or partners. It guarantees regular payments as long as at least one of the covered individuals is alive. The contract can also specify payments…

Joint-Life Payout (Joint Life With Last Survivor Annuity) A joint-life with last survivor annuity (often called a joint-and-survivor annuity) is an insurance contract that pays a lifetime income to two people—usually spouses—and continues payments until both have died. It can also be structured to provide payments to a designated beneficiary or third party after one…

Joint Liability: Overview, How It Works, and Alternatives Definition Joint liability means two or more parties share responsibility for a debt or legal obligation so that any one of them can be held liable for the entire obligation. It commonly arises when parties apply jointly for credit or enter into a general partnership. How Joint…

Joint Endorsement on Checks: Definition and How It Works What is a joint endorsement? A joint endorsement is the requirement that all named payees on a check must sign (endorse) the check before it can be cashed or deposited. It prevents one payee from unilaterally negotiating a check made out to two or more people….

Joint Credit: What It Is, How It Works, and Types Definition Joint credit is any credit account issued to two or more people based on their combined incomes, assets, and credit histories. All parties named on the account share equal access to the credit and equal legal responsibility for repaying the debt. How joint credit…