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

Category: P

PASS THROUGH SECURITY

Obligations towards debt, which has been sold as shares. In such an agreement, the principal amount as well as the interest taken from borrowers first goes through the middleman, who deducts his

PASSWORD

Any number of characters, words or alphanumeric data, which can be used as an access key to gain entry in to a computer, any file or program.

PATH GOAL THEORY

A belief when it comes to leadership which states that the subordinates will only accept the behavior of the leader as long as they see an immediate, or near future benefit in

PAY TO ORDER

Known commonly as a pay order, it is an instrument of negotiation which gives instruction to the payer’s bank to give a specified sum of money to the third party.

PAYING BANK

The bank which will cash a check or draft. Known as an accepting bank too.

PAYROLL VARIANCE

The different between the gross payment and the wages, that are estimated for the employees.

PEGY RATIO (PEG)

The ratio of measurement which determines how well a stock is performing on the trading market. The formula is to take the total earnings per every share and the ndividing it by

PERFECT BINDING

The binding of a book, done with adhesives, which allows it to open completely flat, i.e. at 180 degrees.

PERIOD OF TOLERANCE

The time period during which a single incident, or accident might turn in to a real disaster.

PERISHABLE COMMODITY

Any commodity which might get spoiled after a week of proper handling and shipping conditions.

PERMANENT RESIDENCE

The primary residence (home) of an entity, party, individual at a situated address.

PERSONAL COMMUNICATION SERVICES (PCS)

The array of mobile phone services that make use of smaller phones. Primarily used for incoming and outgoing calls, sending and receiving text messages, etc.

PERSONALIZATION

Adding personal references in any direct offer. Making use of customization techniques in order to exhibit a unique name/ quality on something.

PETER PRINCIPLE

A principle which states that as a person gets promoted to a better job, their effectiveness and productivity levels decrease. The Peter principle is named after Dr. Laurence J. Peter.

PHILADELPHIA FED SURVEY

A survey conducted in the district of the Philadelphia Federal Reserve. This survey is related to the improvement of the outlook of any business, and how the manufacturing industry is performing.

PHOTOVOLTIC CELL

A photovoltaic cell is a cell that has the ability to convert natural, or synthetic light in to electricity. It is commonly referred to as a solar cell.

PIE CHART

A circular representation of data in the form of a ‘pie’, depicting proportional area of relative sizes in comparison to a set of data. The area of each ‘slice’ is dependent upon

PILOT PRODUCTION

A line of production established in industries, or manufacturing fields in order to check whether new processes used for manufacturing will be more efficient or not.

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