This is the 186th most frequent Icelandic word.
búið
"Finished" or "done."
Here 'búin' is used as part of a verbal phrase indicating the completion of an action, commonly constructed with a form of the verb 'vera' (to be) and an adjective or past participle.
Við erum búin að klára verkefnið.
We have finished the task.
'Búið' here functions as a past participle used in an impersonal way to indicate that an action was completed.
Búið var að taka til áður en gestirnir komu.
The cleaning had been done before the guests arrived.
In this example, 'búinn' is used similarly to the first example but agrees with the subject in gender and number.