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JOINT ACCOUNT: This is defined as a brokerage account that is owned by two or more people. 

JOINT TENANTS (JT): There are two types of joint tenant accounts:

1) Joint Tenants with Rights of Survivorship - all tenants have an equal right to the account's assets and are afforded survivorship rights in the event of the death of another account holder. 

2) Joint Tenants in Common - in the event of the death of one party, a surviving tenant of the account does not necessarily acquire the rights (and account assets) of the deceased person. Rather, each tenant in the account can stipulate in a written will how his/her assets will be distributed upon his/her death.  

JUNK BOND (HIGH-YIELD BOND): A high-risk, non-investment-grade bond with a low credit rating, usually BB or lower; as a consequence, it usually has a high yield. 

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