Category: Finance

A relationship wherin an individual acts in place of another individual. The agent will work in place of the individual known as the principal.

Authorization that helps in minimalizing costs as benefits will only be approved if the medical care has been approved beforehand.

The individuals responsibilites for mortgages and other similar liabilities.

As opposed to nationalization, privatization is the sale of enterprises owned by public companies to private companies.

Greater than the normal probability of an event occuring.

A contract that states the goods or services that need to received. The basis for a procurement action is based on this. The procurement request package also includes the statement of work

Manufacturing process, including different stages of design, produce, distribute and service are known as production system.

Gradual movement towards the objective of a task.

A calculated analysis of the present value of an employee’s post work pension assuming the employee would still work. In the company’s accounts, it is the pension liability of the company.

This is the receipt that has been signed by the person that an item has been delivered to. The item was in a good and undamaged condition and the receiver has accepted

Items that are sold, made or offered under copyright, patent or trade secrets laws by the rightful owner. Proprietary items are usually unique and will contain different components to a competitors product.

This is a proportion that is usually time based and is used to calculate an amount. For example, you may start to rent a property in the middle of the billing cycle

This is a plan for retirement that is made available for no charge to the individual. This free because it has been sponsored by an organisation.

Ratios that are used by banks and bank regulatory authorities that are used to monitor and to determine the stability of the banks finances. The ratios are free capital, capital adequacy and

A collection of taxes that is from those who have benefited from the government’s providing of goods to the public. This tax is then used to further provide public goods for the

An offer of stocks and shares to the public from a company entering the stock market. The sale of shares is guaranteed by an under writer. The offer is only produced after

An account that stores the funds for use by public facilities such as schools, government agencies, fire, police and EMT departments, and public hospitals. These funds can only be accessed by an

The production of an item is created due to the demand that is created on a daily basis. The information for this system flows for the market direct to the manufacturer. It

An element that does not change its weight or mass when it is turned into the finished product. It contains no impurities that are burnt off or removed so the weight will

The act of organisms that can make a food stuff or organic product or item become putrid. Any food stuff that can be attacked by the micro-organisms can be made putrid. The