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

VAPOR LOCK

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

VAPOR PRESSURE

Exerted force of a Fas or vapor that is released by liquids and solids in an enclosed space.

VARIABLE

A number, feature or quantity that can increase or decrease with time.

VARIABLE PAY

Compensation that needs to be earned every month to be paid, commission and not monthly wages.

VARIABLE RATE DEMAND OBLIGATION (VRDO)

Debt security with floating interest rate adjusted regularly and redeemed when a rate changes. Also known as low floater, variable rate demand note, variable rate demand bond.

VARIABLE UNIVERSAL LIFE INSURANCE

Policy for life insurance featuring variable and universal life insurance. Allows policy owners to have benefits of life insurance for beneficiaries while using life insurance as a tool of savings and investment.

VARIATION

Change of output or result that becomes inevitable over time as systems will always vary.

VAULT

A safe and secure area in financial institutions for storing money and valuables.

VEBLEN EFFECT

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

VECTOR

Set of numbers or elements arranged in a table as rows and columns.

VECTOR GRAPHICS

Computer graphics that are not pictures and unlike raster graphics are represented by mathematical equations as geometric shapes.

VELOCITY

Economic strength measurement estimating the times a single dollar will change hands over a period of time.

VELOCITY OF MONEY

Rate that money circulate at, turns over and changes hands. High velocity equals high number of transactions. Also known as velocity of circulation.

VELOX

Graphic image on light sensitive paper that is able to be copied photographically, manipulated and then transferred to a plate for printing. Also called Photomechanical Transfer, PMT, and replacing it is Lion

VENDING MACHINE

Electronic machine that dispenses products when money is put it into it.

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