A check box is a small square in a dialog box that can be clicked with the mouse to turn an option on (checked) or off (unchecked). Check boxes are used for options that are not mutually exclusive.
A check digit is a form of redundancy check used for error detection, designed to help ensure the accuracy of a number by appending a digit that can be recomputed and then compared to verify the correctness of the original number.
Check kiting is an illegal scheme that occurs when individuals establish a false line of credit by exploiting the delay in the check clearing process between different banks.
A check protector is a machine that prints checks in a manner that makes it difficult to alter. It elevates the written amount to create many small bumps on otherwise smooth paper, thereby enhancing check security and reducing the risk of fraud.
A check register is a log, book, or journal where each check issued is posted sequentially.
A check signer is a machine that mechanically signs checks, typically creating a facsimile signature. This automated process ensures efficiency in handling large volumes of check transactions.
A check stub is a portion of a check that is retained for record-keeping purposes and includes details related to the payment.
Check truncation refers to the process of converting a physical check into a digital image for electronic processing and clearing. This method enhances the speed and efficiency of check handling, reduces costs, and mitigates the risks associated with physical check transportation.
Bank deposit accounts that offer the privilege of writing checks against the balance of funds in the account. These accounts are the primary type of demand deposits that are part of the M1 money supply.
A cheque is a preprinted form on which instructions are given to an account provider such as a bank or building society to pay a stated sum to a named recipient. It's a common method for paying debts of various kinds.
A cheque account is a bank or building society account on which cheques can be drawn. In the United States, this type of account is known as a checking account. It is designed to provide easy access to funds for everyday transactions.
A plastic card issued by a retail bank to its customers to guarantee cheques drawn on the customer's current account up to a specified limit. Cheque cards have largely been replaced by multifunctional cards which also function as cash and debit cards.
Cheque truncation is the process of converting a paper cheque into a digital image for electronic transmission to the drawee bank rather than physically presenting it. This often includes creating a substitute cheque or image replacement document that serves as a legal equivalent.
A cheque-in facility refers to a machine that can print the amount of a cheque in machine-readable form. These types of machines are primarily used by banks to streamline the cheque processing operations although there is an increasing push for companies to also adopt these machines to reduce banking fees.
An accounting practice or business policy designed to highlight the most profitable aspects of financial transactions or customer relationships while minimizing or excluding less profitable or loss-making elements.
A statistical method to test whether two (or more) categorical variables are independent or if they share a common proportion of observations. Frequently used in hypothesis testing and categorical data analysis.
The world's oldest futures and options exchange, the Chicago Board of Trade (CBOT) was formed in 1848 as a centralized marketplace for the grain trade. Over the years, its product line has expanded to include numerous contracts on agricultural commodities and financial instruments.
The Chicago Board Options Exchange (CBOE) is the largest U.S. options exchange and a pioneer in options trading, providing a platform for trading standardized options contracts based on various securities and financial products.
The Chicago Mercantile Exchange (CME) is one of the largest and most diverse financial exchanges in the world, allowing for the trading of futures and options across a wide array of asset classes, including agriculture, energy, metals, and financial instruments.
The CME Group represents the largest futures and options market in the U.S., facilitating trade in both financial and commodity contracts with a rich history dating back to 1919.
The Chicago Mercantile Exchange (CME), often nicknamed 'MERC,' is a prominent financial exchange that facilitates trading in various types of futures, futures options, and foreign currency futures contracts.
The Chicago School of Economics is a school of thought that emphasizes the benefits and efficiency of free markets over centrally planned economies.
A Chief Executive Officer (CEO) is the highest-ranking executive in a company or organization, responsible for making major corporate decisions, managing overall operations and resources, and acting as the main point of communication between the board of directors and corporate operations.
The Chief Executive Officer (CEO) is the highest-ranking executive in an organization and has ultimate responsibility for the management of the company. They report directly to the Board of Directors and are accountable to the company's owners.
The Chief Financial Officer (CFO) is a senior executive responsible for managing the financial actions, planning, and reporting of an organization. This role includes overseeing financial planning, financial risk management, record-keeping, and financial reporting.
A Chief Financial Officer (CFO) is a corporate officer responsible for managing the financial actions of a company, including financial planning, management of financial risks, record-keeping, and financial reporting.
A Chief Operating Officer (COO) is an executive role responsible for overseeing the day-to-day operational functions of an organization. This role is crucial for ensuring efficient operations and achieving strategic goals.
A Chief Operating Officer (COO) is a senior executive tasked with overseeing the day-to-day administrative and operational functions of a company. The COO directly reports to the Chief Executive Officer (CEO) and is often considered the second in command within the organization.
A nonrefundable tax credit allowed for a percentage of the expenses incurred for household services or care of a child or other dependent, where a taxpayer maintains a household that includes one or more dependents who are under 13 years of age or mentally or physically incapacitated. The percentage of credit varies inversely with the taxpayer's adjusted gross income (AGI) between $15,000 and $43,000.
The Child and Dependent Care Credit is a non-refundable tax credit in the United States designed to help families offset the cost of care for children and dependents while they work or look for work.
Child support is a payment specifically designated for the purpose of child support under a divorce or separation agreement. Such payments are neither deductible by the payer nor taxable to the payee.
A Child Trust Fund (CTF), also known as a 'baby bond,' was a UK government-backed savings scheme introduced to provide a financial start for children born on or after 1 September 2002. The funds are designed to mature when the child turns 18.
A notional information barrier established within an organization to prevent the exchange of sensitive or proprietary information between departments, especially to avoid conflicts of interest and ensure compliance with regulations.
A chip, also commonly referred to as an integrated circuit (IC), is a set of electronic circuits on one small flat piece of semiconductor material, typically silicon. These chips form the core of modern electronic devices and systems, from simple gadgets to complex computing systems.
The Clearing House Interbank Payments System (CHIPS) is a U.S. private-sector, real-time interbank payments system for the transfer of large value transactions.
A legal term referring to a personal right to possess property or claim debts, which can only be realized by taking legal action.
Churning refers to the practice of excessive trading in a stock investment account primarily to generate excessive brokerage commissions, regardless of the client’s investment objectives.
Unmitigated gall or brazen behavior, which, in some contexts, is regarded as a positive quality of heroic audacity or guts.
The Canadian Institute of Chartered Accountants (CICA) is a professional body representing chartered accountants in Canada, providing guidance, setting regulatory standards, and promoting the integrity and competence of the profession.
A CIF contract of sale includes the cost of the goods, insurance, and freight to the destination in the contract price. The seller’s obligation is fulfilled once the merchandise is delivered to the shipper, and relevant documents including the bill of lading, invoice, insurance policy, and payment receipt for freight are forwarded to the buyer.
The Chartered Institute of Management Accountants (CIMA) is a leading professional body in the field of management accountancy. It provides support, education, and certification for accounting professionals globally, emphasizing the integration of accounting skills with strategic business management.
CIO stands for Charitable Incorporated Organization. It is a type of incorporated organization designed for non-profit and charitable enterprises in the United Kingdom, allowing them to take legal actions and own property while providing liability protection for trustees and members.
CIPFA is the professional body for people in public finance, offering qualifications, training, and a range of support for those involved in public sector accounting and financial management.
A cipher is a method of transforming text to keep its content secret. It is crucial for protecting information in business, especially when sensitive or confidential data is involved.
A circuit is a geographical area within which a court has jurisdiction to hear and decide cases. Circuit courts often travel between locations within the territory to administer justice.
Circuit Breakers are measures instituted by major stock and commodities exchanges to temporarily halt trading when the market experiences a significant decline. These measures aim to prevent a market free-fall, allowing for a rebalance of buy and sell orders and giving the public time to assimilate current news.
An IRS publication that provides instructions for employers concerning employment tax withholding amounts and procedures.
A technique used by auditors to confirm the amounts outstanding from debtors to ensure that the debts exist and are correctly valued in a company's financial statements.
Circulating assets, also known as current assets, are the assets that a company expects to convert into cash, sell, or consume within one year or its operating cycle, whichever is longer.
Costs associated with establishing, maintaining, or increasing the readership of a periodical such as a magazine or newspaper.
Cisco Systems, Inc., headquartered in San Jose, California, is a leading provider of high-speed networking hardware and telecommunications technology.
A citizen is a legally recognized subject or national of a state or commonwealth, either native or naturalized. In the context of the United States, a U.S. citizen is an individual who has met specific requirements laid out by the Immigration and Nationality Act (INA).
The City Code on Takeovers and Mergers, initiated in 1968, provides guidelines and regulations to ensure fair practices in company takeovers and mergers, safeguarding shareholder interests and maintaining market integrity.
An acronym representing Colombia, Indonesia, Vietnam, Egypt, Turkey, and South Africa, identified in the late 2000s as emerging markets with significant growth and investment potential due to their dynamic economies, young populations, and political stability.
Civil law is a legal system originating in Europe, codified in comprehensive written statutes, embodying Roman law principles, and applied to noncriminal matters to regulate private relationships among individuals and organizations.
Civil liability refers to negligent acts and/or omissions, other than breach of contract, independent of moral obligations for which a remedy can be provided in a court of law.
Civil liability refers to the legal responsibility one individual has to another as a result of non-criminal actions, such as torts or breaches of contract. It encompasses the obligations and potential legal consequences that may arise in civil court.
A civil penalty is a fine or money damages imposed by a government authority as punishment for certain activities, serving as a criminal sanction. It differs from civil remedies, which aim to redress wrongs between private parties.
Rights protected by the U.S. Constitution, enforceable by court action, encompassing rights such as property ownership, court utilization, marriage, contract, and other legal benefits, including those outlined in federal statutes.
A civil wrong, also known as a tort, is an act or omission that violates a legal duty, giving the victim the right to bring a civil action for remedy.
The civilian labor force encompasses all individuals aged 16 or over in the United States who are not in military service or institutionalized and are either employed or unemployed but actively seeking and available for work.
A claim is a request by an insured party for compensation or indemnification from an insurance company for loss incurred due to an insured peril.
A Claim for Refund is a request made by taxpayers to the IRS seeking a refund for taxes paid in prior years, often due to errors or the availability of carryback losses or credits.
A Claim Report is a document furnished by the adjuster to the insurance company (insurer) that details the amount of payment the insurer is legally obligated to provide to or on behalf of the insured under the terms of the policy.
The term 'class' has versatile meanings across different fields such as education, finance, and law. It commonly refers to a group sharing common characteristics, whether in a school, investment category, or legal context.
Class A and Class B shares refer to different types of stock issued by the same company, typically differentiated by voting rights, dividend preference, or participation in the company's profits.
A class action is a legal proceeding in which a person sues on behalf of a group of people who collectively share a common claim.
Class Life Asset Depreciation refers to the tax guidelines that determine the period over which different types of assets can be depreciated. The IRS uses these guidelines to assign a specific 'class life' to asset categories, dictating how many years over which the depreciation can be calculated.
Class struggle refers to the antagonism between social classes resulting from different economic and social interests. First identified by Karl Marx, it highlights the conflict between the owners of capital (bourgeoisie) and the nonowning employees (proletariat).
Classical Economics is a major thread in historical economic thought originating from the work of Adam Smith in the eighteenth century. It emphasizes the role of unregulated markets in achieving desirable social outcomes, despite participants pursuing their self-interests.
Classification in a business context refers to the organization of jobs, activities, and products into categories or grades based on predefined criteria. This helps in standardizing evaluation, simplifying management, and enhancing operational efficiency.
Classified stock refers to a company's common stock that is divided into two or more classes, typically with varying voting rights and privileges. This approach is often used to maintain control within a specific group, such as management or the founders, while raising equity capital from the broader market.
In an insurance policy, sentences and paragraphs describing various coverages, exclusions, duties of the insured, locations covered, and conditions that suspend or terminate coverage.
A clawback is a provision in a law or contract that limits or reverses a payment or distribution for specified reasons.
The Clayton Antitrust Act is a landmark piece of legislation aimed at promoting fair competition and eliminating unethical business practices in the public marketplace.
In various fields such as Accounting, Finance, International Trade, and Securities, the term 'Clean' refers to different contexts of unstained or debt-free conditions, reflecting a desirable state or favorable judgment.
The principle of Clean Hands in both business conduct and legal contexts refers to maintaining integrity and ethical behavior, ensuring one has not engaged in improper conduct.
A clean opinion, also known as an unqualified opinion, is an auditor's verdict that a company's financial statements are accurate and comply with Generally Accepted Accounting Principles (GAAP).
The informal phrase 'Cleanup Fund' describes the 'needs approach' used to determine the amount of life insurance necessary for a family. The Cleanup Fund is intended to cover last-minute expenses as well as those expenses that surface after the death of an insured, such as burial costs, probate charges, and medical bills.
In various financial contexts, the term 'clear' refers to the process of validating and finalizing transactions, whether in banking, finance, or securities markets. This ensures accurate and timely settlements.
A clear title signifies that a property is free from any encumbrance, obstruction, burden, or limitation that questions its legal validity or ownership.
Clearance is an indication from a taxing authority that a certain provision does not apply to a particular transaction. This procedure is only available when specified by statute and can significantly impact tax liabilities and treatment of specific transactions.
A clearance sale is a special retail sale often conducted to completely eliminate a particular type or brand of product from inventory, frequently offered at significantly reduced prices.
Cleared balance refers to the funds in a bank account that have been processed and are available for withdrawal or use. It excludes any deposits that have not yet been confirmed or cleared by the bank.
Refers to the date when the payer's bank confirms that the funds for a transfer are available and the instructions in a cheque have been processed.
Cleared for Value refers to the exact time when a credit to a customer's bank account is recognized for calculating interest and determining the undrawn balance of an agreed overdraft facility.
The clearing cycle is the process by which a payment made by cheque or other methods through the banking system is transferred from the payer's to the payee's account. Different stages of clearance determine when the funds are available for use.
A clearing house is a centralized and computerized system for settling indebtedness between members, enabling efficient offsetting of claims for direct debits and credits.
CHIPS is a U.S. bank clearinghouse for large-value dollar transactions, owned by financial institutions and operated by the Clearing House Payments Company. It facilitates the efficient settlement of large financial transactions between banks.
A Clearing Market is a situation in which supply and demand reach equilibrium quickly, resulting in no excess supply or demand at the market price. Typically, this involves short-lived goods where suppliers are motivated to sell their inventories promptly without price constraints.
A clearinghouse is an essential financial institution that functions to facilitate the exchange, balancing, and settlement of payments or securities transactions, reducing the complexity and risk associated with such transactions.
Clearstream is a pan-European clearing and settlement facility for eurobonds and other financial securities, based in Luxembourg. It plays a crucial role in the European financial market infrastructure.
A clerical error is a mistake made during the process of copying, typing, or transmitting a document, as opposed to judgment errors or technical errors.
A clerk is an administrative employee responsible for performing various routine tasks, such as maintaining records, managing inventory, and general office duties. Clerical tasks vary widely depending on the specific role of the clerk.
Click refers to the action of pressing one of the buttons on a computer mouse. Different functionalities are triggered depending on whether the left (primary), right (secondary), or center button is clicked, and even whether single or double-clicking is used.
A business model that integrates both online (e-commerce) and offline (physical premises) modes of operation to enhance customer experience and expand market reach.
A client is a person, company, or organization that uses the professional services of another. In the advertising context, a client is the manufacturer, owner, or provider of a product or service who desires to advertise that product or service utilizing the help of a qualified specialist; also called an 'account.' The client is the customer for whom the advertising agency works.
Client focus is a company policy, philosophy, or mission aimed at being responsive to client needs, fostering client relationships, and committing to client service and innovation.
A configuration in which one computer, designated as a server, sends information to a number of other 'client' computers.
A UK tax charged on the supply of electricity, gas, coal, and coke, as they are supplies that are regarded as leading to global warming. The levy is imposed by the Finance Act 2000 on any supply made on or after 1 April 2001.
