Legal Articles

GONE CONCERN

Entity defunct or soon to be defunct. Goodwill value is gone. Worth of any tangible assets is now tied to auction or liquidation. Debt is now due, full and immediate. Also refer to going concern.

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GOODHART’S LAW

Professor Charles Goodhart introduced this theory. Originally applied to the stability of economic spending, it now points out the problem of assigning value to a specific variable to be used as an indicator. It states that when a measure’s value becomes a target, the measure value can no longer be used as a measure.

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GOVERNMENT BILL

A MONEY MARKET instrument issued by a governmental authority as a funding mechanism and a tool for conducting MONETARY POLICY. Bills are often issued on a discount, rather than COUPONBEARING, basis, and typically have maturities extending from one week to one year. Those issued by governments of industrialized nations are considered to be highly LIQUID and extremely creditworthy, with virtually no risk of DEFAULT. See also GOVERNMENT BOND.

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GRAD

Measure of angle in units of 1/100th of a right angle or 0.9 degree. Known also as grade.

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GRAMM-LEACH-BLILEY ACT

Repeal of anti-affiliation statutes of the Glass-Steagall Act. Renewed the legal right banks to consolidate with financial-security companies. Repeal legislation passed in 1999.

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GRASS-ROOTS COST ESTIMATE

Job or work costing estimated by those who will do the work is used to develop the budget.

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GREEN DESIGN

Using environmental attributes as design objectives and not as constraints as a product design philosophy. Quality, performance, functionality, and useful life are not compromised when incorporating green attributes.

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GRID COMPUTING

Interconnected computer systems using consolidated capability from consolidated resources. The consolidation consists of one main computer distributing information to all and tasking the group successfully achieve a common goal. Complicated, tedious mathematical and scientific calculations are prime targets for consolidated computing power.

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GROSS INVESTMENT

Un-depreciated, total invested value of business assets. This more accurately presents actual financial commitment to an asset with potential return by the firm.

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GROSS PRODUCTION TAX

Tax placed on each generated unit’s value as a company mines or drills them. Typically deductible from the companies’ federal taxes. Certain states levy these taxes on companies operating in mining or drilling fields.

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GROSS WEIGHT

1. In Air transport, this the total weigh of aircraft, fuel, crew, passengers, and cargo, everything flying. 2. In Rail and road transport, this is the total weight vehicle, goods, and fuel, everything moving. 3. In Sea transport, this is the total weight computed as net weight plus tare. The net weight is of the containerized or packaged shipment and the container and packaging material, which is the tare.

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GROUP CONTRACT

Insurance agreement of employees of the same employer, or any group of people.

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GROUP OF EIGHT (G-8)

The eight industrialized nations governmental leaders. They are the United States of America, Japan, Russia, France, Germany, Italy, Canada, and Britian. It was called G6 until Canada joined in 1976 and Russia joined in 1997. A meeting is once a year in o

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GROUP RENEWABLE TERM INSURANCE

Group life insurance covering only during a certain period of time that is normally a year. It is renewable at its end.

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GROWTH OBJECTIVES

A goal that guides decision making for a firm. It is indended to between present and projected earnings.

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GUARANTEED LOAN

A loan that is backed by government agencies that pays the loan in case of default. A student of business loan is an example.

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GUARDIANSHIP EXPENSES

Any cost the guardian of a minor or adult has. They are tax deductable.

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GUN JUMPING

(1) The public solicitation of orders for a PRIMARY OFFERING before REGISTRATION is complete. (2) TRADING of securities on the basis of nonpublic information (as a form of INSIDER TRADING). Gun jumping in either form is illegal in most national jurisdictions.

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GAINS SHARING

Pay-incentive plan. Motivational tool for employees as a group. Seeks improved productivity in their workgroup. Improvement comes from a more efficient use of resources (energy, labor, and materials). The group shares the resulting savings, or gains. A formula measures gain against past results or a benchmark. Participative management is typically the trigger and difference between successful improvement and gain, versus stagnant hanging on.

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GARAGE COVERAGE FORM

Auto repair shops, dealerships, or garages, any business’s commercial coverage for multiple automobiles on their premises.

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