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

Category: Finance

PERMANENT VIRTUAL CIRCUIT (PVC)

A logical, dedicated route which is situated within the physical network of a circuit on a permanent basis. Once it has been created, the PVC need not be disconnected at all.

PERSONAL EXEMPTIONS

Amounts that are preset and can be deducted by a taxpayer for use on his own. Personal exemptions can also be made for each individual who is dependent upon the taxpayer.

PERSONIFICATION

To personify; to take over certain traits, and exhibit them. To give an imaginary concept to any immovable object.

PETROLEUM GASES

Gases produced with the help of petroleum, examples including normalbutane, isobutane, propylene, ethane, etc.

PHILANTHROPIST

A person who likes giving away money to charities, and making donations which are responsible for the good in this world. Some of the most popular philanthropists include names such as Henry

PHYSICAL CHARACTERISTICS

The physical features of a person or something. Personal characteristics might include weight, volume, shape, color, etc.

PIECE RATE

Payment made only when results are shown. For instance, an employee will only be paid depending upon the total number of units that they have produced.

PLAIN MEANING

The obvious meaning, intent, or implication of any clause/ statement or any legal paper, which can be understood by just reading it.

PODCAST

Any digital recording, such as news, music or media that can be run on your computer or on a media player such as the iPod. Podcasts are usually downloaded through the internet.

POINT SIZE

The distance between the highest and the lowest point of a certain type of print. Commonly used in commercial printing in the UK and the USA.

POLLUTER-PAYS PRINCIPLE

A principle that states that the costs incurred due to pollution control, prevention and treatment should be paid by the entity which is responsible for causing the pollution in the first place.

PONZI SCHEME

A scam which is usually carried out on the general public, by making returns of high promises in a shorter time period. It is primarily based upon paying off the early investors

PORTFOLIO CRITERIA

A criterion used to measure the developmental efforts of a firm for its products.

POSITIVE CASH FLOW

A normal position where the cash that flows into the company is higher than the cash amount that flows out, during the same period of time. A positive cash flow will not

POSTING

The transfer of debits and credits from the journals to a company’s ledgers is called posting.

PRACTICABLE

Any idea or project which can be brought to fruition or reality without any unreasonable demands.

PRECATORY WORDS

Words that are used to depict a certain desire or recommendation without actually binding the listener with them. For instance, ‘it is my desire and/or wish to?’

PREEMPTIVE PRICING

A method of selling something at lower rates, in order to ward off the competition within any market.

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