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

Category: Finance

PUBLIC ACCOUNTABILITY

The obligations of agencies and public enterprises who have been trusted with the public resources, to be answerable to the fiscal and the social responsibilities that have been assigned to them. These

PUBLIC GOOD

An item that taxation is used to finance, the consumption of which has been decided by the whole of society. It is not an item for consumption that an individual has decided

PUBLIC PRIVATE PARTNERSHIP

Any projects that will be of a benefit to the public that are partly owned by the government and partly by a private company or individual. Neither the government or a private

PUBLIC WORKS

The development and subsequent construction of works that are for use of the population as a whole. It includes important infrastructure such as roads, bridges and public buildings.

PURCHASE METHOD

The way a product is purchased by an individual or company. It may include cash or credit or payment by a cheque.

PURGING

The removal and subsequent destruction of files from an active file. These files are no longer used for some reason and have become inactive and need to be removed. These files will

PYROLYSIS

Using heat to transfrom a product into smaller base elements. It used very high temperatures in the range of 400 to 800 degrees Celsius. It is not the same as combustion which

QUALIFYING

A process that is used to ascertain if a buyer shows the right characteristics that will enables to act as a prospective buyer. These qualities include having the ability to purchase and

QUALITY BOND

This is a bond that is issued by a company that has a good credit rating. A high or good credit rating wil result in a quality bond being released.

QUALITY OBJECTIVE

The level of quality that has been deemed suitable for each product. It is the quality that a product is wanted to reach before it is made available for sale to the

QUANTITATIVE

A measurable quantity of an object. It can be size, dimensions, thickness, lightness or hardness. If something can be measured and identified.

QUARANTINE STOCK

An inventory of specific items that are kept for an emergency situation or items that are set aside for a specific use.

QUERY

The request fro information from a data base. It is in the form of a question and it can be asked about any subject that is contained in the specific database.

QUIRE

A quantity of paper. A measurement that is used to represent 24 sheets of paper traditionally. Now it is used to represent 25 sheets of paper.

RADIO FREQUENCY IDENTIFICATION (RFID)

The identifying act of parcels, packages and other items with the use of transponders that emit a radio signal. It can be detected from a large distance without actually seeing the object.

RANDOM VARIATION

The variability that is contained within a process that cannot be determined. These fluctuations and variations are caused by erratic and irregular actions that are the result of random chance. These random

PREPAYMENT BOND

A guaranty made by a financial institution that assures the secureness of the prepayments made to a contractor.

PRESSURE

The force experienced by a surface that is expressed in terms of force per unit area. Its SI unit is Pascal (a force of one newton on an area of one square

PRICING ARRANGEMENT

The agreement between a customer and the contractor that is used to determine the price or cost of reimbursement.

PRINCIPLE OF DIMINISHING MARGINAL UTILITY

Assuming that all other factors remain constant, this principle states that for every additional quantity of a good consumed, the marginal satisfaction derived for the user decreases.

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