A journal is a detailed account that records all the financial transactions of a business, to be used for future reconciling of and transfer to other official accounting records, such as the general ledger. A journal states the date of a transaction, which accounts were affected, and the amounts, usually in a double-entry bookkeeping method.
The employment-to-population ratio, also known as the “employment-population ratio,” is a macroeconomic statistic that measures the civilian labor force currently employed against the total working-age population of a region, municipality, or country. It is calculated by dividing the number of people employed by the total number of people of working age, and it is used as a metric of labor and unemployment.
A backdoor Roth IRA is not an official type of retirement account. Instead, it is an informal name for a complicated, IRS-sanctioned method for high-income taxpayers to fund a Roth, even if their income is higher than the maximum the IRS allows for regular Roth contributions. Brokerages that offer both traditional IRAs and Roth IRAs provide assistance with the strategy, which basically involves converting a traditional IRA into the Roth variety.
A war exclusion clause in an insurance policy specifically excludes coverage for acts of war such as invasion, insurrection, revolution, military coup and terrorism. A war exclusion clause in an insurance contract refers to protection for an insurer who will not be obligated to pay for losses caused by war-related events. Insurance companies commonly exclude coverage perils on which they cannot afford to pay claims.
A Social Security Number (SSN) is a numerical identifier assigned to U.S. citizens and some residents to track their income and determine benefits. The Social Security Number was created in 1935 as part of The New Deal as a program to provide for retirement and disability benefits for the old and infirm. While the original intention of the program and the individually-assigned identification number was simply to track earnings and provide benefits, it is now also used for a wide range of purposes, such as to identify individuals for tax purposes, to track their credit record, and approve for credit. In the United States, an individual is asked to provide an SSN to obtain credit, open a bank account, obtain government benefits or private insurance, and to buy a home or a car, among many other pursuits.1
The Fortune 100 is a list of the top 100 companies in the United States. It is a subset of the Fortune 500, a list of the 500 largest U.S. public and privately held companies published by Fortune magazine. Fortune creates the list by ranking public and private companies that report annual revenue figures to a government agency. The ranking is based on total revenues for the company’s corresponding fiscal year.
A Social Security Number (SSN) is a numerical identifier assigned to U.S. citizens and some residents to track their income and determine benefits. The Social Security Number was created in 1935 as part of The New Deal as a program to provide for retirement and disability benefits for the old and infirm. While the original intention of the program and the individually-assigned identification number was simply to track earnings and provide benefits, it is now also used for a wide range of purposes, such as to identify individuals for tax purposes, to track their credit record, and approve for credit. In the United States, an individual is asked to provide an SSN to obtain credit, open a bank account, obtain government benefits or private insurance, and to buy a home or a car, among many other pursuits.1
The Fortune 100 is a list of the top 100 companies in the United States. It is a subset of the Fortune 500, a list of the 500 largest U.S. public and privately held companies published by Fortune magazine. Fortune creates the list by ranking public and private companies that report annual revenue figures to a government agency. The ranking is based on total revenues for the company’s corresponding fiscal year.
The generally accepted principles and practices (GAPP), which are also known as the Santiago principles, are standardized business procedures related to the operation of sovereign wealth funds (SWFs), which have agreed to pursue financial rather than political agendas and maintain a stable global financial system.
The marginal rate of transformation (MRT) is the number of units or amount of a good that must be forgone in order to create or attain one unit of another good. In particular, it’s defined as the number of units of good X that will be foregone in order to produce an extra unit of good Y, while keeping constant the use of production factors and the technology being used.