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

Category: Finance Dictionary

LOGNORMAL DISTRIBUTION

A report where asset prices distribution is calculated using a random variable to show how the market can change. Refer to normal distribution.

LONG FORM BILL OF LADING (B/L)

B/L with the terms and conditions of carriage printed on its back. Either the older Hague rules or the more recent HagueVisby rules govern these terms. Conditions of carriage are defined as

LONG TERM PLAN

Five years or longer planning horizon for this type of plan. Also known as long range plan.

LOSS ADJUSTOR

The insurer / insurance company hires one for an insured’s insurance claim investigation and settlement an insured. This person is typically and independent entity. Also refer to loss assessor.

LOW

In a trading session, lowest share price of the day’s trade transactions.

M3

An M2 option plus large time deposits and repurchase agreements.

MACRO MARKETING

National, societal-based perspective-study of broad marketing activities, institutions, and processes. Starting at an economy’s aggregate goods and services flow, it determines social benefits as resource consumption and environmental effects.

MAIL ORDER COMPANY

Companies that do mail-order. Refer to mail order. Characteristics are a catalog or product list or website of available items. Consumers order by telephone, internet, or mail order and check together.

MAJOR FACILITY

25,000 square feet or more of usable floor area earns a building this designation.

MALIGNANT

An immediate cause for concern, such a Condition, disorder, or growth will likely worsen in time, potentially deadly. Typically referenced in cancer determinations. Contrast to benign.

MANAGEMENT BY WALKING AROUND (MBWA)

Unstructured approach of keeping a finger on the pulse of the organization by collecting qualitative information and listening to suggestions and complaints. Hands-on, direct manager participation in subordinates’ work-related affairs. Managers make

MANIPULANDUM

Characteristic or property of being modifiable, manipulable . Also refer to manipulative (Definition 2).

MANUFACTURING

Processing raw materials, components, and parts while building finished goods based on a customer’s specifications and expectations. Manufacturing commonly employs a man/machine setup with division of labor in a large scale production.

MARGINAL BENEFIT

All other factors remaining constant, an activity’s overall benefit increase caused by a unit increase in the level of that activity. Also known as marginal utility.

MARGINAL PRODUCT OF LABOR

With all other factors remaining constant, this is the resulting output from hiring one more worker. Output of a firm or economy as a measured physical increase.

MARGINAL TAX RATE

Additional income unit’s paid tax rate. Marginal tax rates increment as income increases in a graduated or progressive tax regimen. The highest marginal tax rate applies to the highest income bracket or

MARKET CONDITION

Market’s characteristic(s) such as number of the competitors, level or intensity of competitiveness, and the market’s growth rate that a firm walks into when introducing a new product.

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