Category: P

A trust situation that involves three parties. The parties are the creator of the trust, the trustee, and the beneficiary. This is a contractual trust and is different to a statutory trust

Used in finance to pay off one loan by taking out another loan. This continues until the whole scheme collapses and the borrower declares bankruptcy in order to relieve himself of the

A guaranty made by a financial institution that assures the secureness of the prepayments made to a contractor.

The force experienced by a surface that is expressed in terms of force per unit area. Its SI unit is Pascal (a force of one newton on an area of one square

The agreement between a customer and the contractor that is used to determine the price or cost of reimbursement.

Assuming that all other factors remain constant, this principle states that for every additional quantity of a good consumed, the marginal satisfaction derived for the user decreases.

An adjustment of the errors in the financial statements of a previous period, that is reflected in the financial statement of the current year.

The application of specific laws in the case a foreign entity is involved, usually in local legal systems. The validity of the prosecutor’s judgements are also monitored under the private international law.

A corporate action that takes the necessary steps before the actual occurrence of a problem. One of the four steps undertaken by companies in response to the social and environmental problems posed

A strict following of the code of ethics that is based on honesty, especially in matter related to money and beyond the legal requirements.

The relative measure of the average change in the price of a basket of goods that are sold by the producers in the wholesale market. It consists of three different indices and

1. A person, who is a member of a professional body due to the education qualification and follows the prescribed moeal and prefessional code of conduct. 2. A person who has mastered

Income tax, which is proportion to the income of the individual and the burden of tax falls on high income individuals.

A UK government initiative, which focuses on remitting the project purpose, not just the planning and observation part of the project, normally used for management of large projects.

The subsequent checking and rechecking of a written document before it is sent to the printers. It includes checking of spelling, grammar, layouts, photos, headings and indexes in books, magazines, leaflets, pamphlets.

This is the format that a software program will accept or output data that is enetered into the program. This is what stops various computer platforms from being used by other programs.

Also known as a Segregated Portfolio Company or SPC. A company will isolate its business dealings into seperate cells to insure they are kept safe from other issues that may adversely effect

The official record of origin of a document or work of art where the document was created or received initially or it is the place where the document is now stored. A

The obligations of agencies and public enterprises who have been trusted with the public resources, to be answerable to the fiscal and the social responsibilities that have been assigned to them. These

An item that taxation is used to finance, the consumption of which has been decided by the whole of society. It is not an item for consumption that an individual has decided