The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: G

GREENFIELD SITE

Held aside for commercial development or industrial projects, this is an other undeveloped site area of agricultural or forest land. Also refer to brownfield site.

GROSS BOOK VALUE

Asset’s original, historical purchase price, depreciation deductions excluded.

GROSS NATIONAL PRODUCT (GNP)

National GDP plus overseas income from in-country companies’ foreign subsidiaries as well as nationals living out of the country.

GROSS SALARY

Un-adjusted by deductions, total aggregate employee wage amount. Pay can occur weekly, biweekly, or monthly. Value before federal and state taxes are deducted. This value is one factor creditors use to base

GROUP INCENTIVE PROGRAM

Reductions in costs, increases in productivity, progress in attaining firm’s objectives and the like are measures of performance linking pay to the compensation system.

GROWTH COMPANY

A company that is a leader in their industry because of a high growth level. The cash flow and earnings are used to decided this. The companies have something that draws more

GUARANTEED COST PREMIUM

A premium that is based on anything other than loss potential. It is not adjusted based on the loss during the term.

GUARANTEEING BANK

A bank that settles principal obligations due to default. The bank pays the seller if the buyer has the goods but hasn’t paid the price.

GUIDE WORD

Words printed on the top of a page in a reference work to help the reader find a word they are looking for. It is on the left or right hand page.

GAIN ON SALE OF AUTOMOBILE

Value increase recorded when the value of the vehicle sold was less than the vehicle worth at current valued. As an example, a gain of $500 posts to the balance sheet when

GAP

Unfilled difference. In project planning and scheduling, resources needed unmet by resources available cause a gap.

GASOHOL

Mixture of nine parts of unleaded gasoline by volume with one part of ethanol, ethyl alcohol. Ethanol source is fermented agricultural produce, typically corn. ‘Gasohol’ is a registered trademark of the Nebraska

GENDER

Defined difference between men and women based on culturally and socially constructed mores, politics, and affairs. Time and location give rise to a variety of local definitions. Contrasts to what is defined

GENERAL CARGO

Household goods or office furniture are not classified as generable transportable goods.

GENERAL JOURNAL

A chronological record of an entity’s financial transactions that are a part of other, special journals, or where no special journal exists. A common type of journal used in record keeping.

GENERAL PROPERTY FORM

Common commercial insurance covering property specified in the contract from specific risks.

GENERALLY IMPLIED

Typical understanding or definition in an industry, organization, or trade of a common, customary practice, or meaning of a term.

GENERIC NAME

Once exclusive, unique brand names that now identify a category for all brands under this respective category of products. Fridge (refrigerator), PC (desktop computer), Thermos (vacuum flask) are some examples. Generic names

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