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

Category: Finance Dictionary

KERMIT

Software named after the Muppet frog character in the children’s educational program, Sesame Street. Controls data exchanges between PCs and mainframe computers. It is an asynchronous file-transfer protocol, largely replaced by internet

KEY TELEPHONE SYSTEM (KTS)

Alternative to a private branch exchange (PBX) phone system, smaller, cheaper, but less flexible. Allows a caller to directly select outgoing lines, incoming calls, or use intercom and conference facilities via several

LABOR DAY

First Monday in September; an observed US Federal holiday. Authorized in 1882, it gives a guaranteed day off to working individuals. Parades, cookouts, and shopping are a typical event on this holiday.

LAND IMPROVEMENT

Adding driveways, fencing, parking spaces, pavements, walls, and the like as limited-life enhancements to a parcel of developed land. Also refer to land development.

LATENCY

1. ending at manifestation of effects and beginning at first exposure to a hazardous substance. 2. ending at a computer/device-command’s execution and begun when the command was given. 3. Measured elapsed time

LAW OF DIMINISHING RETURNS

Economic concept: Increase one production factor, such as the number of workers, for example, leaving other factors, such as machines and workspace, for example, as is, output will lessen as a ratio

LAYOFF

Employment suspension or termination with or without notice due to no fault of the employee. Lack of work, cash, or material can be the reason. Redundancy is a term for a permanent

LEADER LOCATION

A site that attracts customers to the insured’s business. One of the four kinds of dependent properties covered under business income insurance.

LEARNING OBJECTIVE

Lessons expectations statement for a student. Allegedly provides the student a detailed description of what ability is gained when the instruction ends. To assist students on how to make practical use of

LEGAL CUSTODY

Documentary material or records under lawful control, ownership, with access to possess, or responsibility for.

LEGEND

Conspicuously displayed table containing symbols with concise explanation that are used in a chart, diagram, drawing, map, table, and the like.

LESSOR’S INTEREST

Present value of future lease income plus the leased asset’s present value of its projected end of lease term value.

LETTER OF HYPOTHECATION

Enables an accepting bank to sell the shipment if the buyer does not accept or pay the bill of exchange. A bank or lender is authorized to seize and sell the documented

LEVELED TIME

Effort, skill, and work conditions reflect differentiating factors in operator performance leading to adjusted average time.

LIBOR RATES

Short-term international interbank loans are charge this interest rate. This interest rate is applied to large loans ranging from one day up to five years between banks. Immediate liquidity borrowing from another

LIFE CYCLE PROCESSING

Cost accounting method of pricing manufactured goods based on the product’s total cost over its life cycle. A comparatively lower upfront cost occurs from this practice. Many contend that future product revenue

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