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

Category: P

PURE RAW MATERIAL

An element that does not change its weight or mass when it is turned into the finished product. It contains no impurities that are burnt off or removed so the weight will

PUTRESICBLE

The act of organisms that can make a food stuff or organic product or item become putrid. Any food stuff that can be attacked by the micro-organisms can be made putrid. The

PREPAID RENT

The fee paid by a company for occupying and utilizing a property for its business operations.

PRERETIREMENT

In the event that an employee dies before officially retiring, the preretirement death benefit pension plan is designated to the deceased.

PREVAILING WAGE

The wages, both trade and public work, that workers in a particular area are paid. It is expressed in hourly wages and is inclusive of overtime wages and benefits.

PRIVATE DEBT

The individuals responsibilites for mortgages and other similar liabilities.

PRIVATIZATION

As opposed to nationalization, privatization is the sale of enterprises owned by public companies to private companies.

PROBATE ASSETS

Assets such as real estate that are in the name of the decendant. Usually, a jointly held asset or one whose beneficiary is known is not included.

PROCURING AUTHORITY

The entity that is responsible for the purchase of order and the coordination of the related purchasing activities.

PRODUCTIVE RESOURCES

Resources such as labor, capital and land , which contribute to production reders to as productive resources.

PROGRESSIVE

Ability to take up criticism and follow up along with mindset that of an activist, and not that of a liberal or a radical.

PROJECTED TOTAL LIFE COST

Accumulative sum of spending (cost) on a fixed asset over the span of its lifetime, including expenditure over the repair, maintenance, and caretaking of the fixed asset.

PROOF OF POSTING

This ensures the correct transactions have been recorded according to directions given by the company into the journals or ledgers belonging to the company.

PROPRIETARY ACCOUNTS

These are the set of accounts that shows the actual position of the company in relation to finances, assets, reserves and other items. It is not the budget account but an account

PRORATION OF BENEFITS

This is made when more than one policy covers one incident that requires payment of medical bills. These adjustments are made to a medical bill that is covered by more than one

PROVED DEVELOPED RESERVES (PDR)

This is the quantity of a natural resource such as coal, oil and gas that is able to be extracted from the wells and mines that are currently operating with the same

PSEPHOLOGY

The science of sampling opinions that are held are by the general population. We call them opinion polls and they are everywhere you look when an election is iminent. It is from

PUBLIC FLOAT

The number of shares that are for sale to the public when a company enters the stock market. These shares do not include the number of shares that are held by the

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