Business term
A word or phrase the business uses, with one agreed definition. It describes meaning, not data.
A business term lives in the business glossary and answers what does this word mean? It has a definition, synonyms and an owner, but no data type and no physical location. One term is usually realized by several business elements.
Example: Outstanding Balance: the unpaid principal owed as of a date.
Not to be confused with a business element, which is a governed piece of data that carries the term's meaning in one context.