The Law Dictionary

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

Category: N

NATIONAL EXPENDITURE

Its total output level and total income level equivalent to the total national economy’s expenditure level.

NATIONAL TAX POLICY

Tax burdens are mandated by this specific policy. Fully aware how their policies and laws will affect the individual and businesses, politicians dictate the tax structure they wish to implement. Also known

NATURAL MONOPOLY

Because one firm owns, manages, or controls a singularly unique raw material, technology, or other factors, it alone supplies a market’s total demand for a good or service at a price lower

NECESSITIES

Required universally for subsistence or survival. Minimum standard-of-living essentials.

NEGATIVE EQUITY

A mortgaged asset’s market value is below the loan amount taken against it. Some loan agreements force the borrower to cover the loss. The lender may ‘call’ the loan, demanding immediate loan

NEGLIGENT

Failure by action, behavior, or response, willful or not, to maintain the expected care required from a reasonable, prudent person under the circumstances .

NEGOTIATION OF A BILL

A bill of exchange transfers to an entity that becomes the new holder from its current holder.

NET ASSET VALUE PER SHARE

a mutual fund’s single share or unit value. Calculated as: (the fund’s total assets minus the fund’s total liabilities) divided by the number of outstanding shares. Also known as Average Price.

NET FIXED ASSETS

For a point in time on a balance sheet, this is the fixed assets’ value. Calculate as: (all fixed assets’ purchase price plus leasehold improvements) minus (Accumulated depreciation plus Total liabilities).

NET LEASE

Lease arrangement by a tenant, the lessee, to pay rent plus associated general expenses. A capital lease is a net lease but an operating lease is not. The lessee may pay for

NET RENTABLE AREA

Building’s actual square-unit ready for lease or rent to tenants. This is the area used to compute expected lease or rental payments. Common areas, elevator shafts, stairways, and space devoted to cooling,

NET YIELD

After deducting all costs, what remains is this specific gross yield portion.

NETWORKED DESIGN

Business units that are closely interconnected, but independent and widely dispersed, driven to achieve the organization’s objectives and goals, are united as this type of organizational structure that operates within a consistent

NEW OLD STOCK

Items in stock, still in their original packaging, never sold. Also known as new unused stock or surplus stock.

NEWS CORPORATION

Founded by Rupert Murdoch, this media company is global, vertically-integrated. Day-to-day corporate operations primarily occur in the US, Continental Europe, Australia, Asia, Latin America, and the UK. Every media, film, cable, magazines,

NIGERIAN SCAM

Mail and email fraud based on false pretenses tempting people to send money or disclosed banking account information. The scam is someone inherited a large sum of money and needs assistance to

NO COST CHANGE

Overhead costs may occur but not affect a contract’s prices when a contract changes.

NOA

Notify On Arrival. A definitive, mandated instruction to the carrier by the consignor to notify the consignee at shipment arrival.

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