Category: N

Wage in current dollars, as an indicated of its purchasing power of goods and services. It differs from its true value.

The sum of winnings and losses of all player does not add up to zero and represents a possibility where everyone can win. In game theory, this refers to the situation when

Days such as public holidays or the weekend when business transactions do not take place. If a contract is due on a non-business day, it is usually processed on the first business

An illness that gives the insured, freedom to go outdoors.

1. General: An obligation that cannot be outsourced to a third party according to the terms of the contract. In the event that it is delegated, the second party reserves the right

A license that grants several licensees within the same industry, the same rights to an intellectual party at the same time or consecutively.

Obligations such as wages that have to be fulfilled, without worrying about interest accrual.

An asset or investment such as interest income from a fixed deposit, that generates additional income for a business, but is not a part of the operation of the business.

Costs such as the administration costs that are a non-contributing factor to the manufacturing cost of a product.

Natural resources such as gas, coal, etc that can be consumed only once and hence are irreplaceable. Currently, most of the energy resources that we use are non-renewable. The renewable resources are

A balance sheet based on the concept that equal value should be placed on a firm’s intellectual and physical assets. As such, it assigns an arbitary value to intellectual assets, intellectual capital

The classification of group industries into 20 sectors, which are further classified into 1,170 industries based on the establishment type. The identification is through the assignment of a 6 digit code. For

Refers to an individual belonging to the notary exercising his official authority. For example, the authentication of a document is guaranteed by the placement of the notarial seal on it.

1. Finance: A statement notifying the financial institution of the account holder’s intent to withdraw funds. 2. Legal: A statement or notice that is addressed to a partnership or the other parties

A proposal that has to be verified before its acceptane or rejection to favor a relative proposal. A common null hypothesis states the absence the absence of a relationship between the two

The income that is derived from a security.It is stated as a percentage of its purchase price.

Rejection by a drawee due to a failure to honor the instrument of negotiation (a bill of exchange)

Income that is received from passive sources such as the appreciation of a real estate property and as such they fall under the tax related category of income.

Also referred to as defect, it occurs when specific requirements are not fulfilled

The failure to deliver goods or legal instruments in compliance with the law or custom