Archives: <span>Vocabulary</span>
Entity

Unit (housing)

A unit is a measure of housing equivalent to the living quarters of one household. In common speech in Australia and New Zealand, the word “unit”, when referring to housing, usually means either: an apartment, (where a group of apartments is contained in one or more multi-storied buildings);or a villa unit or home unit, where...

Entity

Strategies

Strategy (Greek “στρατηγία” – stratēgia, “art of troop leader; office of general, command, generalship”) is a high level plan to achieve one or more goals under conditions of uncertainty. Strategy becomes ever necessary when it is known or suspected there are insufficient resources to achieve these goals.

Entity

Chapter 11, Title 11, United States Code

Chapter 11 is a chapter of the United StatesBankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to every business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities.

Entity

Legal case

A legal case is a dispute between opposing parties resolved by a court, or by some equivalent legal process. A legal case may be either civil or criminal. There is a defendant and an accuser.

Entity

Shareholder

A shareholder or stockholder is an individual or institution that legally owns a share of stock in a public or private corporation. Stockholders are granted special privileges depending on the class of stock.

Court
Entity

Court

A court is a tribunal, often a governmental institution, with the authority to adjudicate legal disputes between parties and carry out the administration of justice in civil, criminal, and administrative matters in accordance with the rule of law. In both common law and civil law legal systems, courts are the central means for dispute resolution,...

Goal
Entity

Goal

A goal is a desired result a person or a system envisions, plans and commits to achieve a personal or organizational desired end-point in some sort of assumed development. Many people endeavor to reach goals within a finite time by setting deadlines. It is roughly similar to purpose or aim, the anticipated result which guides...

Entity

Debtor in possession

A debtor in possession in United States bankruptcy law is a person or corporation who has filed a bankruptcy petition, but remains in possession of property upon which a creditor has a lien or similar security interest. A corporation which continues to operate its business under Chapter 11 bankruptcy proceedings is a debtor in possession.

Entity

Inflation

In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a loss of...

Entity

Purchasing power

Purchasing power (sometimes retroactively called adjusted for inflation) is the amount of goods or services that can be purchased with a unit of currency. For example, if you had taken one dollar to a store in the 1950s, you would have been able to buy a greater number of items than you would today, indicating...

Economic growth
Entity

Economic growth

Economic growth is the increase in the amount of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP. Growth is usually calculated in real terms, i.e. inflation-adjusted terms, in order to obviate the distorting effect of...

Entity

Unsecured debt

In finance, unsecured debt refers to any type of debt or general obligation that is not collateralized by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation or failure to meet the terms for repayment.

Entity

Credit history

This article deals with the general concept of the term credit history. For detailed information about the same topic in the United States, see Credit score (United States). Credit history or credit report is, in many countries, a negative record of an individual’s or company’s past borrowing and repaying, including information about late payments and...

Entity

Fixed interest rate loan

A fixed interest rate loan is a loan where the interest rate doesn’t fluctuate during the fixed rate period of the loan. This allows the borrower to accurately predict their future payments. Variable rate loans, by contrast, are anchored to the prevailing discount rate. A fixed interest rate is based on the lender’s assumptions about...

Entity

Types of business entity

A business entity is a commercial, corporate and/or other institution that is formed and administered as per commercial law in order to engage in business activities, usually the sale of a product or a service. There are many types of business entities defined in the legal systems of various countries. These include corporations, cooperatives, partnerships,...

Entity

Conforming loan

In the United States, a conforming loan is a mortgage loan that conforms to GSE guidelines. In general, any loan which does not meet guidelines is a non-conforming loan. A loan which does not meet guidelines specifically because the loan amount exceeds the guideline limits is known as a jumbo loan.

Entity

Lump sum

A lump sum is a single payment of money, as opposed to a series of payments made over time (such as an annuity). The United States Department of Housing and Urban Development distinguishes between “price analysis” and “cost analysis” by whether the decision maker compares lump sum amounts, or subjects contract prices to an itemized...

Entity

Arrears

Arrears (also sometimes known as an arrearage) is a legal term for the part of a debt that is overdue after missing one or more required payments. The amount of the arrears is the amount accrued from the date on which the first missed payment was due. The term is usually used in relation with...

Industry
Entity

Industry

Industry is the production of an economic good or service within an economy. Industry is often classified into three sectors: primary or extractive, secondary or manufacturing, and tertiary or services. Some authors add quaternary (knowledge) or even quinary (culture and research) sectors. Industries can be classified on the basis of raw materials, size and ownership...

Service (economics)
Entity

Service (economics)

In economics, a service is an intangible commodity. More specifically, services are an intangible equivalent of economic goods. Service provision is often an economic activity where the buyer does not generally, except by exclusive contract, obtain exclusive ownership of the thing purchased. The benefits of such a service, if priced, are held to be self-evident...

Entity

Real estate investing

Real estate investing involves the purchase, ownership, management, rental and/or sale of real estate for profit. Improvement of realty property as part of a real estate investment strategy is generally considered to be a sub-specialty of real estate investing called real estate development. Real estate is an asset form with limited liquidity relative to other...

Portfolio (finance)
Entity

Portfolio (finance)

Portfolio is a financial term denoting a collection of investments held by an investment company, hedge fund, financial institution or individual.

Sales
Entity

Sales

A sale is the act of selling a product or service in return for money or other compensation. It is an act of completion of a commercial activity. The seller or salesperson – the provider of the goods or services – completes a sale in response to an acquisition or to an appropriation or to...

Entity

LTV

The loan-to-value (LTV) ratio is a financial term used by commercial lenders to express the ratio of a loan to the value of an asset purchased. The term is commonly used by banks and building societies to represent the ratio of the first mortgage lien as a percentage of the total appraised value of real...

Entity

Company

A company is an association or collection of individuals people or “warm-bodies” or else contrived “legal persons” (or a mixture of both). Company members share a common purpose and unite in order to focus their various talents and organize their collectively available skills or resources to achieve specific, declared goals.

House
Entity

House

A house is a home, building, or structure that functions as a habitat for humans or other creatures. The term house includes many kinds of dwellings ranging from rudimentary huts of nomadic tribes to complex structures composed of many systems. English-speaking people generally call any building they routinely occupy “home”. The social unit that lives...

Entity

Cost

In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this...

Entity

Project

A project in business and science is typically defined as a collaborative enterprise, frequently involving research or design, that is carefully planned to achieve a particular aim. Projects can be further defined as temporary rather than permanent social systems that are constituted by teams within or across organizations to accomplish particular tasks under time constraints.

Invoice
Entity

Invoice

An invoice or bill is a commercial document issued by a seller to a buyer, indicating the products, quantities, and agreed prices for products or services the seller has provided the buyer. An invoice indicates the sale transaction only. Payment terms are independent of the invoice and are negotiated by the buyer and the seller....

Home
Entity

Home

A home is a place of residence or refuge. When it refers to a building, it is usually a place in which an individual or a family can live and store personal property. It is generally a place to provide safety and is used as a center from which people or animals base their daily...

Entity

Fee

A fee is the price one pays as remuneration for services. Fees usually allow for overhead, wages, costs, and markup. Traditionally, professionals in Great Britain received a fee in contradistinction to a payment, salary, or wage, and would often use guineas rather than pounds as units of account. Under the feudal system, a Knight’s fee...

Entity

Financial institution

In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries. Most financial institutions are regulated by the government.

Entity

Financial independence

Financial independence is a term generally used to describe the state of having sufficient personal wealth to live indefinitely without having to work actively for basic necessities. In the case of many individuals whose financial circumstances fit this description, their assets generate income that is greater than their expenses. To illustrate, a person’s quarterly expenses...

Knowledge
Entity

Knowledge

Knowledge is a familiarity with someone or something, which can include facts, information, descriptions, or skills acquired through experience or education. It can refer to the theoretical or practical understanding of a subject. It can be implicit (as with practical skill or expertise) or explicit (as with the theoretical understanding of a subject); it can...

Entity

Plan

A plan is typically any diagram or list of steps with timing and resources, used to achieve an objective. See also strategy. It is commonly understood as a temporal set of intended actions through which one expects to achieve a goal. For spatial or planar topologic or topographic sets see map.

Calculator
Entity

Calculator

An electronic calculator is a small, portable, often inexpensive electronic device used to perform both basic and complex operations of arithmetic. Modern calculators are more portable than most computers, though most PDAs or mobile phones are comparable in size to handheld calculators and may soon replace them.

Productivity
Entity

Productivity

Productivity is an average measure of the efficiency of production. Productivity is a ratio of production output to what is required to produce it (inputs of capital, labor, land, energy, materials, etc.). The measure of productivity is defined as a total output per one unit of a total input. We see that as a measure...

Entrepreneurship
Entity

Entrepreneurship

‘Entrepreneurship’ is the act and art of being an entrepreneur or one who undertakes innovations or introducing new things, finance and business acumen in an effort to transform innovations into economic goods. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity.

Entity

Commerce

Commerce is the whole system of an economy that constitutes an environment for business. The system includes legal, economic, political, social, cultural and technological systems that are in operation in any country. Thus, commerce is a system or an environment that affects the business prospects of an economy or a nation-state. It can also be...

Entity

Loan agreement

A loan agreement or ‘facilities agreement’ is a contract which regulates the terms of a loan. Loan agreements usually relate to loans of cash, but market specific contracts are also used to regulate securities lending. Loan agreements are usually in written form, but there is no legal reason why a loan agreement cannot be a...

Entity

Lien

In law, a lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the lienor and the person who has the benefit of the lien is...

Renting
Entity

Renting

Renting, also known as hiring, is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership.

Entity

Secured loan

A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral — in the event that the borrower defaults, the creditor...

Bankruptcy
Entity

Bankruptcy

Bankruptcy is a legal status of a person or organization that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankruptcy is not the only legal status that an insolvent person or organization may have, and the term bankruptcy is therefore...

Lawyer
Entity

Lawyer

A lawyer, according to Black’s Law Dictionary, is “a person learned in the law; as an attorney, counsel or solicitor; a person who is practicing law. ” Law is the system of rules of conduct established by the sovereign government of a society to correct wrongs, maintain the stability of political and social authority, and...

Entity

Document

The term document has multiple meanings in ordinary language and in scholarship. WordNet 3.1. lists four meanings (October 2011): document, written document, papers (writing that provides information) document (anything serving as a representation of a person’s thinking by means of symbolic marks) document (a written account of ownership or obligation) text file, document (a computer...

Small business
Entity

Small business

What constitutes a small business varies widely around the world. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships. What constitutes “small” in terms of government support and tax policy varies by country and by industry, ranging from fewer than 15 employees under the Australian Fair Work Act 2009, 50 employees according to...

Entity

Payment

A payment is the transfer of money from one party (such as a person or company) to another. A payment is usually made in exchange for the provision of goods, services or both, or to fulfill a legal obligation. The simplest and oldest form of payment is barter, the exchange of one good or service...

Entity

Business

A business (also known as enterprise or firm) is an organization involved in the trade of goods, services, or both to consumers. Business plan and Business model determine the outcome of an active business operation. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase...

Cash
Entity

Cash

In English vernacular cash refers to money in the physical form of currency, such as banknotes and coins. In bookkeeping and finance, cash refers to current assets comprising currency or currency equivalents that can be accessed immediately or near-immediately (as in the case of money market accounts). Cash is seen either as a reserve for...

Entity

Loan servicing

Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type of loan and the terms negotiated between the firm and the investor seeking their services. Mortgage servicing became “far more profitable during the...

Entity

Equity (finance)

In accounting and finance, equity is the residual claim or interest of the most junior class of investors in assets, after all liabilities are paid. If liability exceeds assets, negative equity exists. In an accounting context, Shareholders’ equity (or stockholders’ equity, shareholders’ funds, shareholders’ capital or similar terms) represents the remaining interest in assets of...

Entity

Inherent risk (accounting)

Inherent risk, in a financial audit, is the risk that the account, disclosure or financial statement note being attested to by an independent CPA firm is materially misstated without considering internal controls due to error or fraud Detection Risk

Entity

Default (finance)

In finance, default occurs when a debtor has not met his or her legal obligations according to the debt contract, e.g. has not made a scheduled payment, or has violated a loan covenant (condition) of the debt contract. A default is the failure to pay back a loan. Default may occur if the debtor is...

Entity

Security (finance)

A security or financial instrument is a tradable asset of any kind. Securities are broadly categorized into: debt securities, equity securities, e.g. , common stocks; and, derivative contracts, such as forwards, futures, options and swaps. The company or other entity issuing the security is called the issuer. A country’s regulatory structure determines what qualifies as...

Entity

Recourse debt

Recourse debt is a debt that is not backed by collateral from the borrower. Also known as a recourse loan, this type of debt allows the lender to collect from the debtor and the debtor’s assets in the case of default as opposed to foreclosing on a particular property or asset as with a home...

Entity

Deficiency judgment

A deficiency judgment is an unsecured money judgment against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full. The availability of a deficiency judgment depends on whether the lender has a recourse or nonrecourse loan, which is largely a matter of state law.

Entity

Contractual term

A contractual term is “Any provision forming part of a contract” Each term gives rise to a contractual obligation, breach of which can give rise to litigation. Not all terms are stated expressly and some terms carry less legal gravity as they are peripheral to the objectives of the contract.

Entity

Debt service coverage ratio

The debt service coverage ratio (DSCR), also known as “debt coverage ratio,” (DCR) is the ratio of cash available for debt servicing to interest, principal and lease payments. It is a popular benchmark used in the measurement of an entity’s (person or corporation) ability to produce enough cash to cover its debt (including lease) payments....

Entity

Revenue

In business, revenue or turnover is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. In many countries, such as the United Kingdom, revenue is referred to as turnover. Some companies receive revenue from interest, royalties, or other fees.

Entity

Lawsuit

A lawsuit or (very rarely) “suit in law” is a civil action brought in a court of law in which a plaintiff, a party who claims to have incurred loss as a result of a defendant’s actions, demands a legal or equitable remedy. The defendant is required to respond to the plaintiff’s complaint.

Residential area
Entity

Residential area

A residential area is a land use in which housing predominates, as opposed to industrial and commercial areas. Housing may vary significantly between, and through, residential areas. These include single-family housing, multi-family residential, or mobile homes. Zoning for residential use may permit some services or work opportunities or may totally exclude business and industry. It...

Entity

Legal advice

In the common law, legal advice is the giving of a formal opinion regarding the substance or procedure of the law, usually received from a solicitor, barrister or lawyer, ordinarily in exchange for financial or other tangible compensation. Advice given without remuneration is normally referred to as being pro bono publico (in the public good),...

Entity

Credit score

A credit score is a numerical expression based on a statistical analysis of a person’s credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information typically sourced from credit bureaus. Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk...

Foreclosure
Entity

Foreclosure

Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender (mortgagee), or other lien holder, obtains a termination...

Entity

Legal liability

Legal liability is the legal bound obligation to pay debts. In law, a person is legally liable when they are financially and legally responsible for something. Legal liability concerns both civil law and criminal law. Legal liability can arise from various areas of law, such as contracts, tort judgments or settlements, taxes, or fines assed...

Entity

Closing costs

Real property in most jurisdictions is conveyed from the seller to the buyer through a real estate contract. The point in time at which the contract is actually executed and the title to the property is conveyed to the buyer is known as the “closing”. It is common for a variety of costs associated with...

Letter of intent
Entity

Letter of intent

A letter of intent (LOI or LoI, and sometimes capitalized as Letter of Intent in legal writing, but only when referring to a specific document under discussion) is a document outlining an agreement between two or more parties before the agreement is finalized. The concept is similar to a heads of agreement. Such agreements may...

Entity

Loan

In finance, a loan is a debt evidenced by a note which specifies, among other things, the principal amount, interest rate, and date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower. In a loan, the borrower initially receives or borrows an...

Entity

Dilemma

A dilemma is a problem offering two possibilities, neither of which is practically acceptable. One in this position has been traditionally described as “being on the horns of a dilemma”, neither horn being comfortable. This is sometimes more colorfully described as “Finding oneself impaled upon the horns of a dilemma”, referring to the sharp points...

Entity

Investor

An investor is someone who allocates capital with the expectation of a financial return. The types of investments include, — gambling and speculation, equity, debt securities, real estate, currency, commodity, derivatives such as put and call options, etc. This definition makes no distinction between those in the primary and secondary markets. That is, someone who...

Entity

Value (economics)

Economic value is a measure of the benefit that an economic actor can gain from either a good or service. It is generally measured relative to units of currency, and the interpretation is therefore “what is the maximum amount of money a specific actor is willing and able to pay for the good or service”?...

Entity

Loan-to-value ratio

The loan-to-value (LTV) ratio is a financial term used by commercial lenders to express the ratio of a loan to the value of an asset purchased. The term is commonly used by banks and building societies to represent the ratio of the first mortgage lien as a percentage of the total appraised value of real...

Mixed-use development
Entity

Mixed-use development

Mixed-use development is — in a broad sense — any urban, suburban or village development, or even a single building, that blends a combination of residential, commercial, cultural, institutional, or industrial uses, where those functions are physically and functionally integrated, and that provides pedestrian connections.

Entity

Balloon payment mortgage

A balloon payment mortgage is a mortgage which does not fully amortize over the term of the note, thus leaving a balance due at maturity. The final payment is called a balloon payment because of its large size. Balloon payment mortgages are more common in commercial real estate than in residential real estate. A balloon...

Entity

Broker

A broker is an individual or party that arranges transactions between a buyer and a seller, and gets a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Distinguish agent: one who acts on behalf of a principal. In...

Entity

Structure

Structure is a fundamental, tangible or intangible notion referring to the recognition, observation, nature, and permanence of patterns and relationships of entities. This notion may itself be an object, such as a built structure, or an attribute, such as the structure of society.

Entity

Construction loan

A construction loan (also called a home construction loan in the United States and self-build mortgage in the United Kingdom) is any value added loan where the proceeds are used to finance construction of some kind.

Entity

Cash out refinancing

Cash out refinancing (in the case of real property) occurs when a loan is taken out on property already owned, and the loan amount is above and beyond the cost of transaction, payoff of existing liens, and related expenses.

Entity

Commercial mortgage-backed security

Commercial mortgage-backed securities (CMBS) are a type of mortgage-backed security backed by mortgages on commercial rather than residential real estate. CMBS issues are usually structured as multiple tranches, similar to collateralized mortgage obligations, rather than typical residential “passthroughs.

Entity

Maturity (finance)

In finance, maturity or maturity date refers to the final payment date of a loan or other financial instrument, at which point the principal (and all remaining interest) is due to be paid. The term fixed maturity is applicable to any form of financial instrument under which the loan is due to be repaid on...

Entity

Nonrecourse debt

Non-recourse debt or a non-recourse loan is a secured loan (debt) that is secured by a pledge of collateral, typically real property, but for which the borrower is not personally liable. If the borrower defaults, the lender/issuer can seize the collateral, but the lender’s recovery is limited to the collateral. Thus, non-recourse debt is typically...

Entity

Pre-qualification (lending)

Pre-qualification is a process whereby a loan officer takes information from a borrower and makes a tentative assessment of how much the lending institution is willing to lend them.

Entity

Financial transaction

A financial transaction is an agreement, communication, or movement carried out between a buyer and a seller to exchange an asset for payment. It involves a change in the status of the finances of two or more businesses or individuals. The buyer and seller are separate entities or objects, often involving the exchange of items...

Credit (finance)
Entity

Credit (finance)

Credit (from Latin credo transl. “I believe”) is the trust which allows one party to provide resources to another party where that second party does not reimburse the first party immediately (thereby generating a debt), but instead arranges either to repay or return those resources (or other materials of equal value) at a later date....

Entity

Small Business Administration

The Small Business Administration (SBA) is a United States government agency that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is “to maintain and strengthen the nation’s economy by enabling the establishment and viability of small businesses and by assisting in the economic recovery of communities after disasters”. The...

Small business
Entity

Small business

What constitutes a small business varies widely around the world. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships. What constitutes “small” in terms of government support and tax policy varies by country and by industry, ranging from fewer than 15 employees under the Australian Fair Work Act 2009, 50 employees according to...

Entity

Net income

In business, net income – also referred to as the bottom line, net profit, or net earnings – is an entity’s income minus expenses for an accounting period. It is computed as the residual of all revenues and gains over all expenses and losses for the period, and has also been defined as the net...

Entity

Estate (law)

An estate is the net worth of a person at any point in time. It is the sum of a person’s assets – legal rights, interests and entitlements to property of any kind – less all liabilities at that time. The issue is of special legal significance on a question of bankruptcy and death of...

Entity

Appraiser

An appraiser (from Latin appretiare, to value), is one who sets a value upon property, real or personal. In England the business of an appraiser is usually combined with that of an auctioneer, while the word itself has a similar meaning to that of “valuer. ” In the United States, the most common usage relates...

Entity

Lease

A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset. The narrower term rental agreement can be used to describe a lease in which the asset is tangible property. Language used is that the user rents the land or goods let or rented out...

Entity

Product (business)

In marketing, a product is anything that can be offered to a market that might satisfy a want or need. In retailing, products are called merchandise. In manufacturing, products are bought as raw materials and sold as finished goods. Commodities are usually raw materials such as metals and agricultural products, but a commodity can also...

Entity

New York City

city in state of New York, largest city in the United States by population

Entity

Cash flow

Cash flow is the movement of money into or out of a business, project, or financial product. It is usually measured during a specified, finite period of time. Measurement of cash flow can be used for calculating other parameters that give information on a company’s value and situation. Cash flow can be used, for example,...

Entity

Creditor

A creditor is a party (e.g. person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract)...

Entity

Leasehold estate

A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property. Leasehold...

Entity

Term (time)

A term is a period of duration, time or occurrence, in relation to an event. To differentiate an interval or duration, common phrases are used to distinguish the observance of length are near-term or short-term, medium-term or mid-term and long-term. It is also used as part of a calendar year, especially one of the three...

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