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

Category: Finance

PROFESSIONAL

1. A person, who is a member of a professional body due to the education qualification and follows the prescribed moeal and prefessional code of conduct. 2. A person who has mastered

PROGRESSIVE TAX

Income tax, which is proportion to the income of the individual and the burden of tax falls on high income individuals.

PROJECTS IN CONTROL ENVIRONMENT (PRINCE)

A UK government initiative, which focuses on remitting the project purpose, not just the planning and observation part of the project, normally used for management of large projects.

PROOF READING

The subsequent checking and rechecking of a written document before it is sent to the printers. It includes checking of spelling, grammar, layouts, photos, headings and indexes in books, magazines, leaflets, pamphlets.

PROPRIETARY FORMAT

This is the format that a software program will accept or output data that is enetered into the program. This is what stops various computer platforms from being used by other programs.

PROTECTED CELL COMPANY (PCC)

Also known as a Segregated Portfolio Company or SPC. A company will isolate its business dealings into seperate cells to insure they are kept safe from other issues that may adversely effect

PROVENANCE

The official record of origin of a document or work of art where the document was created or received initially or it is the place where the document is now stored. A

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.

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