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QUASI JUDICIAL

The acts of an officer that take on a judicial quality. The officer is authorised to act in such a way.

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QUEUE TIME

The time that is taken while being in a queue an dwaiting for work to be done or completed. The time taken for before a result is acheived. The time aproduct will take before it is ready.

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QUOTA SHARE INSURANCE

Insurance for a property that is shared with another policy. It will share the same risks wiyth a percentage that has been pre-determined.

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QUAD

1. A room that can accomodate four persons. 2. This applies to a unit of electricity that has a quadrillion or 1015 BTUs. It will last around 293 terra watt hours for powering electrical items.

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QUALIFIED DIVIDEND

The distribution of dividends from an investment that will qualify for special tax considerations. It is a dividend that is paid by a US corporation or a foreign coporation.

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QUALIFIED SAVINGS BOND

Any interest paid on this bond is not subject to tax if it is used for the purpose of a college education. It is a US EE bond purchased after 1989 by a person who has reached at least the age of 24 years.

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QUALITATIVE REQUIREMENTS

A list of requirements that do not include strict measurements as yet. This data will be used before any actual measureme ts or dimensions are set down.

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QUALITY LOOP

A quality spiral. It is representaion in visual terms of the steps that interact in the process of creating a quality product. The steps include the identification of a customers needs and the eventual fulfillment of that need with the finished product.

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QUALITY SURVEILLANCE

The continuing monitoring of all aspects of production from start to finished products. Each step of the process is constantly checked to maintain the efficiency and quality of the processes.

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QUANTITY DISCOUNT

The discount that is applied by the retailer or wholesaler when a certain quantity of a product is brought by the one person. The discount will be applied to a one time purchase or event.

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QUASI NON-GOVERNMENTAL ORGANIZATION (QUANGO)

A corporation that has been funded by the government but does not act within the confines of governmental control. These corporations perfom the operations of a watch dog or regulatory function.

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QUEUING THEORY

A model that looks at queing times or waiting times that people and objects spend in the line waiting. It is a mathematical model.

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QUOTA SHARE RE-INSURANCE

A re-insurance premium where the ceding insurer is indemnified for each risk that is listed on the contract. Ther is a percentage loss for each risk that is listed.

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QUAD RATE

The rate of a hotel room that is suitable for four people. It applies to any room or unit that will accomodate four persons.

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QUALIFIED DOMESTIC INTEREST TRUST (Q-DOT TRUST)

Known as a QTIP or a qualified terminal interest policy. This is trust that allows a citizen who is not a native US citizen to inherit money from a spouse who is a citizen of the US. There is no tax obligations that are immediately payable.

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QUALIFIED TERMINABLE INTEREST PROPERTY TRUST (Q-TIP TRUST)

A trust in which the assets are able to be transferred to a spouse for the length of their life. The assets can also not be transferred to another person after the death of the living spouse. It is designed to limit the amount of death taxes and gift taxes and in case the recently widowed spouse marries again to an unsuitable partner so gthey don’t benefit from the previous spouse.

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QUALITATIVE RISK ANALYSIS

The measure of the relative risk that is involved with a product or service. It numbers from 1 to 10 and uses terms like very important, important, not important, not very important.

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QUALITY LOSS FUNCTION

A mathematical formula that was developed by Dr. Genichi Taguchi in Japan in which the result is listed in money terms. It is a formula that estimates the loss of quality that occurs as the result of a product having a variation from the desired quality.

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QUALITY SYSTEM

The complete list of activities including incentives, policies, plans, resources, organisation, that is reuired in order to implement a quality control system that will ensure an efficient and effective method of producing a desired product.

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QUANTITY SUPPLIED

The quantity of a product that is supplied to a person who is purchasing the products. The supplier will order a set quanitity of a product and the wholesaler will supply that amount.

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