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

Category: P

PATTERN

A recurring characteristic that helps in the identification of any problem. It might also act as an indicator of how that problem might behave in the future.

PAYABLES

A sum of money that is owed by a lender, creditor, government, or employee. Shown as a liability in the balance sheet of the firm.

PAYMENT FLOAT

The time it takes after writing the check for the balance to be actually deducted from the bank. Results in a decrease.

PEAK SEASON ENDORSEMENT

Such an endorsement provides larger coverage on the inventory that has been insured during the peaking seasons.

PENDING ACTION

Action that has not been taken as yet while the case lies in court, to be heard at a future date. It is also known as a pending lawsuit.

PERCENT CHART

A chart used to measure the quality control and calculate the stability of any process involved in the quality control .

PERFECT RATIONALITY

A decision making method which is taken with full information and perfectly logical steps, and usually aimed at maximizing the profits.

PERIODIC LIFO

Using the base as LIFO, this is an assessment that is set on current costs which are associated with the stock which was last produced, and then allocating the costs to inventory

PERMANENT DISABILITY

Any disability, or impairment, or loss of a person’s physical or mental senses, on a permanent level. Prevents a person from functioning normally.

PERMEANCE

The opposite of permeability, or a trait which prevents liquids from passing through the material.

PERSONAL INFORMATION

Any part of information that is recorded about an individual person. Includes the name, email, address, ethnicity, race, identifying number, employment history, etc.

PERSONNELIST

A colloquial name given to any person who administrates the field of personnel management.

PETTY CASH

A little cash that a person keeps with himself, for making cash payments miscellaneously.

PHILATELY

A method of collection and analysis of various different postage stamps, which are used by post offices. It is a hobby for most people, as they can be used to trace the

PHYSICAL HAZARD

Any physica danger that might be caused to a third party material. For instance, fire is a physical hazard.

PIG IRON

Metal that has not been properly processed, is in a half- finished state, and has been brought out from the blast furnace. Pig iron contains 92 perecent iron, has significantly high amounts

PIPELINE ALIGNMENT

To meet the requireents of any project, by providing the required number of resources.

PLAIN OLD TELEPHONE SERVICE (POTS)

The standard landline used to provide telephone services. Makes use of a twisted pair copper wire. Common otions include outgoing calls, incoming calls, call waiting, call forwarding, IDSN, caller ID and the

PLATFORM PRODUCT

Any piece of equipment or appliance, whose primary design features are used in various other products of a certain family or products.

POINT AND CLICK

A feature common in graphical user interfaces, allowing people to view an ainmation after clicking a certain point on the screen.

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