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

Category: F

FACTORY COST

The cost of making something at a location that includes raw materials, labor, and overhead.

FAIR NOTICE

Notice that is adequate for a party to react to. Refer to due notice.

FAMILY MAINTENANCE POLICY

Insurance for a beneficiary from the date of death in a time frame. When its over the face value is paid out.

FAULT TOLERANT

Equipment that can recover from failure without disrupting operation. Disk mirroring or redundant controllers are used. The back up is kept to keep things going.

FEDERAL DEFICIT

A situation when the expenses of a government are more than taxes. AKA federal debt.

FELLOW SERVANT RULE

A rule used as a defense before workers compensatoin. The worker is blamed for the injury not the employer.

FIDUCIARY DUTY

When one party must act for another. They are entrusted with the care of property or funds.

FIGURE

1. a form having 3 lines or more. 2. digits that represent a number.

FILTHY FIVE

The term for 5 Massachusetts power plants made before new pollution laws. Their emittions exceed limit of the Clean Air Act of 1990.

FINANCIAL ACCOUNTING

Accounting that treats money to measure economic performance instead of a factor of production. The system monitors flow of money in an organization as assets, liabilities, revenues, and expenses.

FINANCIAL INTERMEDIARY

An institution that is the middleman for lenders and borrowers.It can be a bank, credit union, insurance company, financial company, or brokerage firm.

FINANCIAL REPORTING CENTER (FRC)

A department or area that has seperate cost data that is collected for reports. It could be a revenue center, support center, or another source with incurring fixed expenses.

FINANCIAL SYSTEM

The processes used by a company to control finances. It takes many forms like recording, verification, and reporting on transactions. These transactions affect the companies revenues, assets, expenses, and liabilities.

FIRST TO FILE

A rule that says a patent is given to the first to file it. The order they invented it doesn’t matter. Only the US doesn’t follow this first to file rule.

FISCAL POLICY

The government’s tax and spending that counters unemployment, low inflation, no inflaction and achieves stable economic growth. Depending on recession or expansion the policy changes. A surplus occurs when more taxes are

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