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

Category: Finance

SMALL CLAIMS COURT

The court where claims less than $1000 are being judged. It is a relatively cheap forum for minor disagreements and controversies.

SNAKE OIL

A mixture of exotic ingredients that promise to cure all ills that usually has no medicinal properties at all.

SOCIAL FORCE

An element in society that is capable of causing a change in cultural ideas and influence people.

SOCIAL SAFETY NET

Community provided welfare services at local and state level geared towards reducing poverty in the community. It can provide housing, jobs and money for utility bills and food coupons.

SOCKET

A software program that acts as a “virtual Port” by providing a link between 2 different computer prgrams on the same computer. See port.

SOFTWARE

The information, in the form of computer programs that make a computer carry out certain functions.

SOLENOID

Used to relay energy from one device to another that is an electro mechanical piece.It is a coil that can produce an electr-magnetic field.

SOUND BITE

A block of audio that is 10 to 30 seconds long that is the basic element of TV or radio broadcast.

SOVEREIGN DEBT RATING

An assessment of the likelihood that a country will default its loans made by the International ratings agency.

SPECIAL CAUSE

A term used in quality control for a cause in variation which is not part of a process but will arise from an intermittent, instabel and unoredictable factor.

SPECIAL RESOLUTION

A resolution that requires an important decision to alter terms of articles of association or memorandam of association. It requires no less than 21 days notice, no less than 3/4 of the

REGRESSIVE TAX

The taxation that takes place on a larger percentage of a lower income and smaller percentage of an income that is higher.

RATCHET CLAUSE

1. Contracts: A stipulation where the contract rights of those involved is adjusted according to the formula agreed to as each stage is completed. 2. Utility Bills: A stipulation where the monthly

RATE OF TURNOVER

This number, found by dividing the total sales revenue in a given period by the average inventory, is the number of times that a firm sells out of its merchandise.

RATIONING

This process is necessary if the items in demand outweigh availability. A governing body will control the issuance of the goods to the public. Rationing takes place during wars and severe economic

READINESS

Readiness is the state of being prepared though people, systems and organizations to meet a situation and carry out the proper sequence of actions. It is based on thorough planning and training.

REAL WAGE RATE

A payrate that is adjusted to account for the effects of inflation.

REBUILDING

This term refers to the returning of something back to its original factory specifications, by carrying out replacement of parts or repair as necessary. See also reconditioning, refurbishing, and remanufacturing.

RECEPTIONIST

The first point of contact in an office; receptionists are seated at the entrance and do a variety of tasks including answering phones, distributing mail, signing for packages, office upkeep.

RECONDITIONING

Re-calibrating and servicing equipment to bring it back to near new or original operational level. Reconditioned goods are often of later models and usually in better condition than refurbished goods.

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