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

Category: Finance

QUALITATIVE MARKET RESEARCH

This market research interviews consumers that have purchased a new or recently improved product on the market. Only a small number of people are interviewed in order to gauge the consumer reaction

QUALITY LOSS FUNCTION

A mathematical formula that was developed by Dr. Genichi Taguchi in Japan in which the result is listed in money terms. It is a formula that estimates the loss of quality that

QUALITY TOOL

Also called the 7 tools of quality. Any type of device or tool that is used to support the quality of all products. It can take the shape of a chart, technique

QUANTITY SURVEY

The amount that a company will provide so it will meet the demands of the customers. The amount is made available after the customers have been monitored to indicate the demand for

QUIET POSSESSION

Again the term does not mean with no noise. It means with no interference from another party. Each sale carries the implication that it can be owned without any interference.

RACKET

An activity that is criminal and people subjected to a racket are usually deceived of their money. Methods used to get money or goods includes bribery, extortion and intimidation. See, What Is

RAMEN PROFITABLE

A term that is used to describe a person or company that is just breaking even by covering all living expenses. It indicates that a company is making more money that it

PREPAID TICKET

A ticket bought by the buyer at his/her current location, which allows him/her to make a travel from a different location. The issuance of a prepaid ticket advice (PTA) aids buyers to

PRICE BREAKDOWN

The total cost incurred for a good or services that is broken down into its separate elements such as labor, shipping, etc. The situation in which an estimate is required to determine

PRINCIPAL-AGENT RELATIONSHIP

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

PRIOR AUTHORIZATION

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

PRIVATE ENTERPRISE

A business operation or firm that is owned and operated by private individuals rather than government agencies.

PRO BONO

A latin term meaning for the public good. It is the provision of services that are free to safeguard public interest. See, e.g., Free Legal Advice Resources

PROBATE ASSETS

Assets such as real estate that are in the name of the decendant. Usually, a jointly held asset or one whose beneficiary is known is not included.

PROCURING AUTHORITY

The entity that is responsible for the purchase of order and the coordination of the related purchasing activities.

PRODUCTIVE RESOURCES

Resources such as labor, capital and land , which contribute to production reders to as productive resources.

PROGRESSIVE

Ability to take up criticism and follow up along with mindset that of an activist, and not that of a liberal or a radical.

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