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Business entity in which two or more individuals carry on a continuing business for profit as co-owners; legally, it is regarded as a group of individuals rather than a single entity, although each of the partners file their share of the profits on their individual tax returns; ALSO can be an agreement between businesses to jointly pursue some objective
Legal protection for an invention
Person or business to whom a check is issued
Party delivering funds
Pension fund
Fund set up and invested by an employer or a labor union to provide retirement income for workers; funds accumulate income and capital gains tax-free which are used to pay benefits
Periodic rate
Interest rate described in relation to a specific amount of time (i.e. monthly periodic rate is the cost of credit per month; the daily periodic rate is the cost of credit per day)
Personal identification number (PIN)
Issued with a debit or credit card so that one can withdraw money from ATMs; helps prevent fraud
Personal liability
Liability insurance that provides protection for the personal actions of an individual, which cause bodily injury or property damage to another
Personal property
Personal belongings of the insured, in contrast to real estate
Personality inventory
Assessment tool used to determine which personality type a person falls into: extroverted, introverted, thinking, feeling, sensing, intuitive, judging and perceptive. It is used as part of a self assessment done for career planning purposes
Scam that uses spoofed e-mails from well-known companies to direct consumers to fraudulent Web sites, where victims unknowingly submit sensitive information directly to scammers
Fee that mortgage lenders charge borrowers; considered a type of prepaid interest
Written contract or certificate of insurance
Policy date
Date provisions of the insurance policy take effect
Policy period
Period of time during which an insurance contract or policy is in effect; also referred to as policy term and term of policy
Policy term
Period of time during which an insurance policy is in effect; also referred to as policy period and term of policy
Policy type
Describes the specific coverage provided by the policy based on the type of item being insured
First person named as the insured in the insurance policy
Collection of work samples usually used by those in creative fields (i.e. photography, graphic art, etc.); can also be used by anyone who would like to show samples of work to a prospective employer; ALSO a collection of investments all owned by the same individual or organization
Power of attorney
Agreement authorizing someone (generally an attorney) to act as one's agent in making legal decisions and taking other actions, such as signing legal documents; may be general (complete authority) or special (limited authority)
Preferred lenders
Banks that have a special written agreement with the SBA which allows them to make a guaranteed SBA loan without prior SBA approval
Amount of money an insurance company charges in return for providing coverage
Prepaid interest
Interest that a debtor pays before the first scheduled debt repayment
Price fixing
Actions, generally by a several large corporations that dominate in a single market, to escape market discipline by setting prices for goods or services at an agreed-on level
Primary insurance
Coverage which applies first to the loss if more than one policy covers the same property
Primary insured
Person named in the base policy who is covered by the insurance
Primary residence
Place a person will live for the majority of the term of his/her policy
Prime rate
Interest rate that commercial banks charge their most credit-worthy customers; rate tends to become standard for the banking industry when a major bank raises or lowers its rate
Total amount of money being borrowed or lent; original amount invested, separate from earnings; ALSO face value of a bond
Principal driver
Person who drives the vehicle most often; also referred to as the primary driver
Act of turning previously government-provided services over to private sector enterprises
Procurement Automated Source System (PASS)
Central referral system of small businesses that are interested in selling to the government; managed by the Small Business Administration
Ratio of output (goods and services) produced per unit of input (productive resources) over some period of time
Profit & loss (P&L) statement
Listing of income, expenses, and the resulting net profit or loss; also called an income statement
Profit margin
Indicator of profitability; ratio of earnings available to stockholders to net sales; determined by dividing net income by revenue for the same 12-month period; result is shown as a percentage; useful when comparing companies in similar industries
Prompt Payment Act
Federal law that requires federal agencies to pay interest to companies on bills not paid within 30 days of invoice or completion of work