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

Category: S

SUPPLY SYSTEM

The methods, equipment, facilities and people employed in the timely and accurate provision of all items needed for a process, project or program.

SURPLUS LINES

The risk that can’t be insured by agents in its jurisdiction.

SWEAT EQUITY

1. Increased business worth created b y unpaid mental or physical work of the owner or founder. 2. Increased property value created by work of the owner to enhance looks or amenities.

SYSTEMATIC

A methodical and repeatable procedure. Do not confuse with systemic meaning system wide.

SPECIFIED CAUSES OF LOSS

Commercial coverage for physical damage that is a narrowly defined policy where specific perils are covered.

SPLIT DEPRECIATION

Method used in accounting where asset depreciation is split into 2 parts (1) profit and loss account and (2)part attributed to value increase charged to a revaluation reserve.

STAG

A term from the stock market for an investor who buys shares that have been just issued and then sells them as soon as they hit the market.

STANDARD JOB

A work order containing all of the relevant information that is required for completion.

STAPLE FOOD

A food that is consumed on a regular basis and provides most of a community’s calorie needs.

STATUTORY CONSTRUCTION

1. The interpretation of a statute by the court.2. Principles developed for legislation interpretation by courts.

STEP FUNCTION

A function of Mathematics where a variable will remain constant within an interval but not outside or between intervals.

STICKINESS

The ability to retain, visitors, employs, participants and customers.

STOCKOUT RISK

The exposure to loss that arises from running out of one or more items of inventory.

STORE AND FORWARD

Mode of communication where the transmission is asynchronous. Data is held at the sender’s end until the recipient is ready to receive it.

STRAIGHT SALARY PLAN

Method of compensating a sales person where only a salary is paid with no commissions on sales.

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