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

Category: G

GARBAGE-IN, GARBAGE-OUT (GIGO)

Computer industry phrase. Denotes that a program working on inaccurate data yields only misleading results. Promotes the attitude of assuring high quality of source information for a computerized system to better assure

GATHERING IN THE STOPS

Forcing stock prices lower to encourage investor buying at that lower price. Occurs by investment brokers initiating stop orders.

GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT)

An agency of the United Nations established in 1948 to promote international free trade. GATT was actively involved in coordinating issues related to multilateral quotas and tariffs, export restraints, and intellectual property

GENERAL CRIME EXCLUSION

Protects the insurer from liability for damage to insured persons or property caused by criminal activity. Excludes a business or its employees from coverage if doing a criminal activity. An addendum to

GENERAL SERVICES

Insurance, medical, payroll, personnel, and security services not confined to any department or function, applicable to the entire firm.

GENERIC MARKET

Sellers satisfying buyers of similar need in various scenarios generate this type of market.

GIGABIT (GB)

One billion bits. Exponential: 2^30; As a number:1,073,741,824.

GLASS

transparent material, Solid but easily breakable. Man-made; does not break down organically. material that is usually and breaks easily. For example, used for windows, eye glasses, and bottles. Made by fusing sand,

GLOBALIZATION

Economic, financial, trade, and communications integration moving worldwide.

GOING CONCERN VALUE

An operating, normally functioning business’ worth to a buyer. This worth is usually more than the sum of the market’s liquidation value of this entity’s assets. It is viewed as excess value

GOLDEN HANDCUFFS

Contractual reasons that keeps a key employee or a former owner working with a firm. A penalty for premature termination could require relinquishing all unvested stock. In exchange, the person might get

GOODNESS OF FIT

Warm fuzzy; level of confidence. Degree of comfort that a sample survey’s or test result are reliable for making dependable projections. Described formally as the degree of linear correlation of variables, it

GRADED PREMIUM

The beginning premium of a contract is low and increases over time based on a schedule.

GRANDFATHER CLAUSE

Exemption-allowance statement. Insulates specific entities, object, or situation from the fallout of changes or imposition of a decision. It could be a rule, law, or statute with pre-existing conditions. An example is

GREATER FOOL THEORY

Puts forth the view that any price, as unrealistic as it might be, is warranted if one buyer believes that another buyer will pay an even higher price for the same item.

GROSS BLOCK

A count of valued entity instruments. Long-term asset depreciable costs are excluded.

GROSS NATIONAL INCOME

Total international income added to the gross domestic product (GDP) makes up this value. Government expenditures plus international assets generated income plus gross exports generated income minus gross import taxes minus indirect

GROSS SALES

Un-adjusted, total sales invoice value. Un-adjusted means prior to deducting discounts or returns, or miscellaneous adjustments.

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