An abbreviation for Uniform Business Rate, a nationwide, standardized rate set by the government to determine the amount of business rates (a type of property tax) paid by businesses.
Uniform Business Rate (UBR) is a standardized rate set by the government used to calculate non-domestic property taxes in the United Kingdom.
Uniform Capitalization Rules (UNICAP) are a set of tax accounting principles governing the capitalization of direct and indirect costs to property produced by taxpayers or acquired for resale. Established under the Tax Reform Act of 1986, these rules aim to ensure consistent decision-making regarding inventory cost allocation, leading to more accurate financial reporting and tax compliance.
Uniform Capitalization Rules (UNICAP) are a method of valuing inventory for tax purposes, requiring the capitalization of direct costs and an allocable portion of indirect costs related to production or resale activities. These costs must be included in the basis of property produced or in inventory costs and are then recoverable through depreciation, amortization, or as cost of goods sold.
The Uniform Commercial Code (UCC) is a collection of standardized laws designed to regulate commercial transactions across the United States. It aims to harmonize and streamline business laws to create consistency and facilitate easier trade and commerce between states.
A comprehensive set of laws governing various commercial transactions, including the sale of goods, banking transactions, secured transactions in personal property, and other matters. The UCC is designed to bring uniformity to the laws governing these areas across the states.
The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States. It is designed to provide consistency and predictability in the regulation of business activities across all states.
Uniform costing entails the use of a standard costing system by multiple organizations within the same industry, ensuring consistency and comparability in cost accounting.
The Uniform Gifts to Minors Act (UGMA) allows minors to receive gifts, such as money or securities, in a simple, irrevocable manner without the need for a guardian or trustee.
The Uniform Gifts to Minors Act (UGMA) is a legislative framework adopted by most U.S. states to govern the distribution and administration of assets gifted to minors. It allows minors to own assets without requiring the services of an attorney to establish a special trust.
A Uniform Resource Locator (URL) is a reference or address used to access resources on the Internet. It is the global address of documents and other resources on the World Wide Web.
A Uniform Resource Locator (URL) is an addressing scheme used by web browsers to locate resources on the Internet, effectively serving as the web address for web pages, images, videos, and other resources.
The Uniform Settlement Statement, commonly known as the HUD-1 form, is a document prescribed by the Real Estate Settlement Procedures Act (RESPA). It is used for federally related mortgage loans to provide a detailed account of all charges and credits to the buyer and seller in a real estate transaction.
A comprehensive set of professional standards promulgated by the Appraisal Foundation, designed for state-certified appraisers and those in certain appraisal organizations to follow in preparing appraisal reports.
The Uniform Standards of Professional Appraisal Practice (USPAP) outlines the ethical standards and requirements for professional appraisers to ensure competency and transparency in the appraisal process.
A unilateral contract is an agreement whereby one party makes a promise to do, or refrain from doing, something in return for an actual performance by the other party, rather than a mere promise of performance.
Unilateral relief is a measure taken by the UK authorities to provide relief against double taxation for taxes paid in a country with which the UK does not have a double-taxation agreement.
Unimproved property refers to land that has not received any development, construction, or site preparation. It qualifies for capital gain or loss treatment, unlike improved property which is subject to ordinary income tax treatment.
An unincorporated association is a group of individuals who come together for a common purpose but do not form a corporation or any other legal entity. Their structure lacks a separate legal personality, meaning any legal actions must be taken against the individual members rather than the association itself.
An uninsurable risk is a risk that is considered too extreme or too difficult to quantify, thereby making it undesirable for insurance companies to provide coverage.
Uninsured Motorist Insurance is a form of automobile insurance that covers the policyholder and family members for injuries caused by a hit-and-run driver or an uninsured motorist, provided the at-fault driver carries no liability insurance.
A union is an employee association designed to promote employee rights and work-related welfare. Union organizations are formally recognized under the Railway Labor Act and the Wagner Act, as well as by related legislation.
A Union Contract, also known as a Labor Agreement, outlines the terms of employment between a company and its unionized workforce. These contracts typically include provisions related to wages, working hours, benefits, and other conditions of employment.
An identifying mark placed on goods to signify that they were produced by a labor union or in a shop that deals with organized labor. It encourages patronage by other union members and supporters.
Union rate is the standard hourly wage rate for a specific occupation or trade, established through collective bargaining. It is commonly the minimum rate that qualified individuals in the job can earn.
Union Recognition, also known as union certification, is the acknowledgment by an employer or authority that a trade union has the right to represent and negotiate on behalf of a group of workers. This is typically achieved after a secret-ballot election, supervised by the National Labor Relations Board (NLRB), in which the union secures at least 50 percent of the vote.
Union salting is a union organizing method where one or more union members join a non-unionized organization as employees with the intention of organizing its membership.
A union shop is a type of workplace in which all employees must be members of a union. However, nonunion members may work provided they agree to join the union after a specified period.
A labor agreement providing that existing employees may continue as union or nonunion members, but new employees must join the union.
In the context of underwriting risks, 'unique impairment' refers to specific factors that differentiate an applicant from a standard applicant, and may include conditions or characteristics that adversely impact life expectancy or risk profile.
Unissued share capital refers to the portion of a company's authorized share capital that has not yet been issued to shareholders. It is the difference between the authorized share capital and the issued share capital.
Unissued stock refers to shares of a corporation's stock authorized in its charter but not yet issued. These shares are displayed on the balance sheet along with shares that are issued and outstanding. Unissued shares do not pay dividends and cannot be voted. They differ from treasury stock, which is issued but not outstanding as it has been reacquired by the corporation.
In various contexts, a unit can represent either a standard measure used in transactions or a division within a larger entity, such as a business or organization.
Expenditure incurred by an organization expressed as a rate per unit of production or sales. While the unit cost is fundamental for understanding profitability, it can be challenging to make valid comparisons between organizations due to arbitrary allocation of fixed overhead costs.
A Unit Investment Trust (UIT) is an investment vehicle registered with the SEC under the Investment Company Act of 1940. It purchases a fixed portfolio of securities, which may include corporate, municipal, or government bonds, mortgage-backed securities, common stock, or preferred stock.
The unit of account is a fundamental concept in economics and accounting that enables the quantification and comparison of the value of goods, services, and transactions, as well as the standardization of a country's currency.
The term 'Unit of Trading' refers to the normal number of shares, bonds, or commodities that constitute the minimum unit of trading on an exchange.
The price paid per unit of item purchased or charged per unit of product sold, representing the cost associated with a single unit of a product or service.
Unit Standard Operating Profit represents the standard operating profit expressed as a rate per unit of production or sales, crucial for assessing profitability on a per-item basis.
The unit standard production cost is the cost per unit of production, incorporating all standard overheads, direct labor, and direct materials, used to measure efficiency and control costs in manufacturing.
The Unit Standard Selling Price is a predefined rate at which a product or service is intended to be sold, expressed on a per-unit basis.
An investment fund that pools resources from multiple investors to purchase a diversified portfolio of securities, managed either as an actively traded or static investment portfolio.
An essential measure in economics and business that calculates the cost of labor required to produce one unit of a good or service.
In cost accounting, unit-level activities are those that are performed each time a unit is produced. These include tasks directly correlated with the production volume, such as machine operation and direct labor.
Unitary elasticity refers to a situation in economics where a change in the market price of a good results in no change in the total amount spent for the good within the market.
An independent body established in 1946 to provide external audit services to the UN General Assembly. This involves certifying the accounts of the UN and its funds and programs, and providing a wide range of financial, managerial, and value-for-money audits.
United Parcel Service (UPS) is a freight company that specializes in the transportation of letters, packages, and freight. It is one of the leading providers in the logistics and transportation industry globally.
An index that compares variances in the U.S. dollar's value on a scale of 100 with a basket of currencies that include the euro, the yen, the British pound sterling, the Canadian dollar, the Swedish krona, and the Swiss franc.
Direct government obligations, comprising debt issues of the U.S. government, including Treasury bills, notes, bonds, and Series EE, Series HH, and Series I savings bonds, as distinct from government-sponsored agency issues.
For income tax purposes, a United States Person (USP) refers to any individual or entity that falls under the umbrella of being liable to U.S. taxation, including citizens, residents, domestic partnerships, corporations, and certain estates and trusts.
The Units of Production Method is a depreciation approach in which expense is based on the real usage of an asset, typically used for machinery and production equipment. This method relates an asset’s depreciation expense to the total production output or usage during its useful life.
The principle of Unity of Command in management states that each subordinate should report to only one superior to avoid confusion and conflict.
UDDI is a standard that serves as an electronic directory for businesses to register and discover each other over the Internet, facilitating the integration of e-commerce systems.
Universal Life Insurance is a type of adjustable life insurance that allows flexibility in premiums, adjustable protection, and transparency in charges. It provides more flexibility compared to traditional whole life insurance products.
The Universal Product Code (UPC) is a unique number used to identify a product and is translated into barcodes, consisting of a series of vertical parallel bars. This code is primarily used for scan entry by electronic cash registers to streamline product sales and inventory tracking.
A Universal Resource Locator, commonly referred to as URL, is a reference to a web resource that specifies its location on a computer network and a mechanism for retrieving it.
Universal Serial Bus (USB) is a standard interface used for connecting peripherals to computers and other devices, offering improved data transfer rates and ease of connectivity as compared to earlier technologies like parallel ports.
A life insurance policy that combines the features of universal life insurance and variable life insurance, allowing policyholders to direct excess interest credited to the cash value account based on investment results in various separate accounts such as equities, bonds, and real estate.
In statistics, the term 'universe' represents all possible elements within a particular set. For example, the universe of shoppers in a country would encompass every individual who engages in shopping activities within that country.
UNIX is a powerful operating system developed by AT&T Bell Laboratories in 1969. Known for its robustness and flexibility, UNIX can be used on multiple platforms and supports a wide variety of hardware types. It is particularly popular for workstation computers on networks and is primarily utilized by universities and mid-sized businesses.
Unjust enrichment refers to a scenario where an individual or entity gains or benefits from another's efforts or acts without providing compensation, leading to an obligation to make restitution.
An unlimited company is a type of company where its members have unlimited liability. This means that in case of liquidation, members are required to cover all the company's debts using their personal assets, if necessary.
Unlimited liability refers to the legal obligation of a business owner or partners to pay all debts and liabilities incurred by the business, potentially using personal assets.
Unlisted securities, also known as unquoted securities, are typically issued by companies not listed on an official stock exchange. These securities often present higher risks due to less stringent compliance requirements compared to listed securities.
An unlisted security is a financial instrument such as a stock or bond that is not listed on any major stock exchange and is typically traded over-the-counter (OTC).
Unloading refers to the act of offloading or selling large quantities of an asset, typically at lower than market prices, generally to raise cash quickly or influence market conditions.
Unmailable matter refers to materials that the U.S. Postal Service (USPS) cannot accept or transport due to restrictions on size, weight, or content.
An unmarried taxpayer is a taxpayer who is single, has obtained a final decree of divorce or separate maintenance, or a decree of annulment by the last day of the tax year. They are considered unmarried for the entire year.
Unoccupancy refers to the absence of people from a given property for at least 60 consecutive days. Many property insurance policies suspend coverage after a structure has been unoccupied for this period due to increased risks of vandalism, malicious mischief, or other hazards.
An unpaid cheque is a cheque that has been submitted for clearing but is returned to the payee due to the inability to process the transfer of value. This typically occurs due to insufficient funds in the payer's account or other issues.
An unpaid dividend is a dividend declared by a corporation's board of directors that has not yet been distributed to shareholders. Once declared, it becomes a corporate liability until paid.
An unqualified opinion is an independent auditor's opinion that a company's financial statements are fairly presented, in all material respects, in conformity with generally accepted accounting principles (GAAP). It is also referred to as a clean opinion.
Unrealized appreciation refers to the increase in the value of an asset that has not yet been sold, calculated as the excess of the asset's fair market value over its adjusted basis. This appreciation is recognized for financial reporting purposes but does not incur income tax until the asset is sold.
Unrealized depreciation refers to the excess of the adjusted basis of an asset over its fair market value, for determining losses on the sale or other disposition of the asset.
Unrealized profits or losses represent the gains or losses that have occurred but have not yet been actualized through the sale of an asset. These figures remain 'on paper' until the asset is sold, transforming them into realized profits or losses.
Unrealized profit/loss refers to the profit or loss that exists on paper due to holding assets, rather than actually selling or otherwise disposing them to capture the gain or loss in cash.
An unrecorded deed is an instrument that transfers title from one party (grantor) to another party (grantee) without providing public notice of change in ownership. Recording a deed is essential to protect one’s interest in real estate.
The unrecovered cost represents the unexpired book value of an asset, typically calculated as the original cost less accumulated depreciation.
Unregistered stock, also known as letter stock, refers to shares of a company that have not been registered with the Securities and Exchange Commission (SEC) and cannot be traded freely on public stock exchanges.
Unrelated Business Income (UBI) pertains to income generated by a tax-exempt organization from activities unrelated to its primary exempt purpose.
Understanding the concept of Unrelated Business Income (UBI) which refers to the income generated from activities unrelated to a not-for-profit organization's tax-exempt purpose. A corporate tax is applied to such income to ensure fair competition with taxable organizations.
Unreported income refers to the improper failure to include certain income on a tax return. This can have significant legal repercussions, including penalties, interest, and criminal charges.
An unsecured creditor is an entity to whom money is owed by an organization but does not have any specific collateral or asset to lay claim on in the event of bankruptcy or non-payment.
An unsecured debenture is a type of debt instrument that is not backed by any specific collateral, relying instead on the creditworthiness and reputation of the issuer.
Unsecured debt is an obligation or loan that is not backed by the pledge of specific collateral as security for the repayment of the debt.
Unsecured Loan Stock (ULS) is a type of loan stock that is not backed by any assets or collateral, making it riskier for lenders compared to secured loan stocks.
Unsecured Loan Stock (ULS) refers to a type of loan stock or debenture that is not backed by specific assets, making it a type of unsecured debt.
Describing an individual having no formal skills, training, or education. Unskilled workers are the least employable and most easily replaced through automation.
When no interest or low interest is provided in an installment sale agreement, part of each payment will be treated as interest. The amount treated as interest is referred to as unstated or imputed interest.
Unwinding a trade involves reversing a securities transaction through an offsetting transaction, typically to close out a position by selling or buying back the corresponding amounts of the security originally traded.
Understanding the concept of 'Up Front' in financial, legal, and conversational contexts is essential for clear communication and transparency in agreements and interactions.
An update refers to the process of applying necessary transactions in computerized file maintenance to produce an updated file reflecting all changes, as well as providing or revising current information.
Upfront charges are fees that are charged to homeowners at the time of closing a real estate purchase. These include various costs such as points, recording fees, mortgage title policy, appraisal, and credit report.
Upgraders are individuals or families who currently own a home and are in the process of seeking to buy a new one that they consider an improvement over their current residence, often referred to as 'move-up' buyers.
Improving the quality or performance of something by making changes. Common examples include upgrading computer hardware, software, and even services.
Upkeep refers to the necessary care and management of equipment and operations. This involves maintaining mechanical equipment and organizational systems to prevent deterioration and ensure smooth functioning.
The process of providing data from a smaller computer system, such as a microcomputer, to a larger system, such as a mainframe or minicomputer, or to another microcomputer.
In auctions, an upset price, also known as a reserve price, represents the minimum price at which a seller is willing to entertain bids for a property.
Upside potential refers to the amount of upward price movement an investor or an analyst expects of a particular stock, bond, or commodity.
An upside-down mortgage, also known as an underwater mortgage, is a situation where a homeowner owes more on their mortgage loan than the current market value of the property. This results in negative equity, making it challenging for the homeowner to sell or refinance the property without incurring a financial loss.
