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This new edition has been expanded to a total of more than 7,500 terms. It's an indispensable reference for business proprietors and managers, as well as for consumers who need to understand the terminology of investment, banking, taxes, law, real estate, management, computers, and other aspects of business.
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Dictionary of Business Terms Third Edition Jack P. Friedman, Ph.D., CPA CONTRIBUTING AUTHORS Suzanne S. Barnhill Stephen Hartman Jeffrey Clark Lowell B. Howard Michael Covington Jane Imber John Downes Theodore C. Jones Douglas Downing Bruce Lindeman Stephen H. Gifis Harvey W. Rubin Jordan Elliot Goodman Jae K. Shim Jack C. Harris Joel Siegel J. Manville Harris, Jr. Betsy-Ann Toffler
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Jack P. Friedman, formerly Laguarta Professor of Real Estate at Texas A&M University, is an author and consultant in Dallas, Texas. Copyright 2000 by Barron's Educational Series, Inc. Prior editions 1987, 1994 by Barron's Educational Series, Inc. All rights reserved. No part of this book may be reproduced in any form, by photostat, microfilm, xerography, or any other means, or incorporated into any information retrieval system, electronic or mechanical, without the written permission of the copyright owner. All inquiries should be addressed to: Barron's Educational Series, Inc. 250 Wireless Boulevard Hauppauge, New York 11788 http://www.barronseduc.com Library of Congress Catalog Card No. 99-37266 International Standard Book No. 0-7641-1200-7 Library of Congress Cataloging-in-Publication Data Friedman, Jack P. Dictionary of business terms / Jack P. Friedman ; contributing authors, Suzanne S. Barnhill . . . [et al.].3rd ed. p. cm.(Barron's business guides) ISBN 0-7641-1200-7 1. BusinessDictionaries. 2. FinanceDictionaries. I. Title. II. Title: Business terms. III. Series. HF1001.F78 2000 650'.03dc21 99-37266 CIP PRINTED IN THE UNITED STATES OF AMERICA 987654321
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CONTENTS
Preface and Acknowledgments
vi
How to Use This Book Effectively
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Terms
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APPENDIX: Abbreviations and Acronyms
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PREFACE AND ACKNOWLEDGMENTS Whether you are majoring in business at a college or graduate school, starting a fresh career in business, venturing into a new enterprise, or just reading a newspaper or writing a business letter, you will find this book to be a valuable reference. In class, at a meeting, or at home you may read or hear a business term that is unfamiliar to you. Sometimes considerable discussion will revolve around that term, and not understanding it will pose an obstacle to participating in the entire conversation. Indeed, you may feel uneasy or ignorant if there is just one term you don't recognize. At that point this book will be indispensable. Keeping a copy of this handy paperback by your side will provide a useful reference and prevent embarrassing moments in a classroom, conference, meeting with a supervisor, or discussion with an investment advisor or financial planner. Whether the term relates to accounting or economics, management or marketing, business law or business statistics, advertising, transportation, finance, insurance, or real estate, you will pro