The Law Dictionary

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

Category: V

VIDEO-CONFERENCING

Real-time two way transmission of video and audio signals over a LAN or the internet. Also known as video teleconferencing.

VIRTUAL OFFICE

Mobil environment for work with telecommunication access. See hoteling.

VOICE OF THE CUSTOMER

Insight into a customer’s wants, needs and preferences through indirect and direct questioning.

VOLT (V)

Metric unit of electrical potential. Equal to the steady flow of one amp current against one ohm of resistance

VOLUNTARY SECTOR

Part of a not-for profit- segment of the economy where quasipublic institutions are exclude. Such as hospitals.

VULTURE CAPITAL

Derogatory term used for investment and funding taking in fair advantage of a situation.

VALIDATION

1. Assessing an action to determine it is complete, correct, implemented and delivering the correct outcome.2. Assessment of the degree that an instrument will measure accurately; technique opt test used to predict

VALUE ADDED STATEMENT

Financial statement showing wealth that has been created by the enterprise in an accounting period.

VALUE FOR MONEY AUDIT

Independent audit of a non-profit organization to determine it is using its money efficiently and effectively. Also known as value for money analysis.

VALUE SYSTEM

Coherent set of values used by a person, society or organization as standard guiding behavior in situations.

VAPOR LOCK

Situation where liquid is trapped in pipes and cannot flow as vapor has formed and is blocking the pipe.

VEBLEN EFFECT

Abnormal behavior of a market where higher priced goods are bought even though lower priced substitutes are available.

VENTURE PLAN

Plan written by an entrepreneur showing how they manage and direct a new business to get to certain goals.

VETOING STOCK

Holder can veto corporate decisions but not board of director elections.

VIENNA CONVENTION

Treaty that governs international trade defang rights of importers and exporters. Aloes known as UN Convention on Contracts for the International Sale of Goods.

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