The Law Dictionary

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

Category: G

GAIN ON SALE OF LAND

Value increase posted on the balance sheet in the land category when property is sold profitably.

GAP OPENING

Area between the price of the first trade of the day if over the previous day’s high or if under the previous day’s low. Refer to Gap; Breakaway Gap; Exhaustion Gap; Runaway

GATE

1. Aircraft entry and exit point in a designated area in an airport terminal. 2. Refer to logic gate.

GENERAL ACCOUNT

Typically, an investment portfolio composed of safe, guaranteed investments. Used to invest the premium generated income.

GENERAL COLLATERAL (GC)

COLLATERAL in the REPURCHASE AGREEMENT market that is in abundant supply and which does not therefore allow a repurchase agreement borrower to obtain a lower than normal borrowing rate. See also SPECIAL.

GENERAL LIABILITY INSURANCE

Liability coverage for damage or injury caused by an insured’s negligence or acts of omission while doing normal duties or business. An insurance policy that covers claims arising from an insured’s day-to-day

GENERAL RETIREMENT SYSTEM

Government employee pension, annuity or retirement benefits established in a system provided by the government.

GENERATION GAP

Differences between older and younger age groups. Technological advances often widened these gaps. Opinions, tastes, beliefs, and other social and cultural norms are the basis of these differences.

GENETIC PROFILING

The unique characteristics of a person’s DNA are identified for forensic or diagnostic purposes by using this biotechnology. Known also as genetic fingerprinting.

GEOTHERMAL ENERGY

Typically, generating electricity from running turbines of a conventional power plant using superheated water or steam from earth’s interior. Often the needs of a local community are covered because these plants are

GIFTING PHASE

Part of estate planning strategy. An investor uses wealth to provide for the current and future needs of loved ones and charities. Typically a rewarding time for the investor. Meaningful giving and

GIVE BACK

Believing that they will receive some sort of benefit in the long run, like a promotion, raise, or bonus, employees willing relinquish certain benefits or compensation packages to increase an employer’s capital.

GLOBAL CUSTODY

For securities traded and settled in any country by banks recognized as ‘global custodians’, these are custodial services these banks provide.

GLOBAL RESEARCH ANALYST SETTLEMENT

In response to the 2003 mutual fund scandal, a fund was formed in the settlement to educate consumers and retail investors about investing and finance. A large number of major US investment

GO SHOP PERIOD

While a company has a purchase contract with another party, the time other investment offers are available to the company.

GOING-CONCERN PRINCIPLE

That in the foreseeable future, a company will continue to operate as it is doing so now, is a significance principle in accounting. When the worth of a running business is compared

GOLDMAN SACHS

US-based investment bank. Deals in a wide ranges of financial services. Investment banking, prime brokerage, commercial banking, and asset management are its main focus areas . Goldman Sachs was first bank to

GOOD STANDING

Entity status in terms of being up-to-date for anything due, like dues, reports, other criteria, as a member of an organization.

GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB)

A private sector entity. Accountable for setting, improving, monitoring US local and state government financial reporting and standardized accounting practices. This activity improves the understanding and use of state and local governments’

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