UCC-1 Financing Statement Form (Financing Statement) A form stipulated by Article 9 of the Uniform Commercial Code executed between a debtor and a secured party that, if filed and perfected properly with the appropriate state and local entities, creates a collateralized security interest in the assets stipulated on the UCC-1 form for the secured party.
Ultra Vires The acts of a corporation are ultra vires when they are beyond the power or capacity of the corporation as granted by the state in its charter.
Unaudited Statement A financial statement or report based on figures that have not been verified by a qualified accountant.
Unauthorized Refers to a signature or endorsement made without actual or implied or apparent authority. Includes a forgery.
Uncertainty A situation in which a decision maker has neither certainty nor reasonable probability estimates available.
Uncertainty Avoidance A cultural measure of the degree to which people tolerate risk and unconventional behavior.
Uncollected Funds Checks deposited in a bank account that have not yet cleared or have been paid by the bank or banks on which the checks have been drawn.
Unconscionable In the law of contracts, provisions that are oppressive, overreaching or shocking to the conscience.
Underemployment A situation in which workers are overqualified for their jobs or work fewer hours than they prefer.
Underground Economy An expression used to describe all market exchange that goes unreported either because it is illegal or because those involved want to evade taxes.
Underwriter A person who insurers another.
Unearned Discount A term used to reflect a reduced price (from the face value of an invoice) taken by a buyer without the consent of the seller.
Unemployment Insurance Temporary income provided to unemployed workers who actively seek employment and who meet other qualifications.
Unemployment Rate The number of unemployed individuals expressed as a percentage of the labor force.
Unencumbered Property Ownership of property having no legal defects in its title. Property free and clear of any liens or debts.
Unfair Competition The imitation, by design, of the goods of another, for the purpose of palming them off on the public, misleading it, and inducing it to buy goods made by the imitator.
Unfunded Plan Pays pension benefits out of current income to the organization.
Uniform Bill of Lading A form used by a shipper and acceptable to all freight carriers.
Uniform Commercial Code (UCC) A comprehensive set of statutes created to provide uniformity in business laws among the states (except Louisiana). Laws governing all commercial transactions updated, standardized and approved by the National Conference of Commissioners of Uniform State Laws. Statutes vary on occasion from state to state. The basic premise on which the UCC is based is that the personal property commercial transaction is a single subject of the law, not withstanding its many facets, involving the sale of and payment for goods. There may be a contract for sale, a giving of a check for part of the purchase price, and the expectancy of some form of security for the balance.
Uniform Customs and Practice for Documentary Credits (UCP) The International Chamber of Commerce (ICC) publishes rules governing letter of credit preparation and usage. The Uniform Customs and Practice for Documentary Credits (UCP) are published in its brochure #500. The rules govern the documents, not merchandise; they stress the importance of keeping the letter of credit terms clear and concise.
Unilateral Contract A promise for an act or an act for a promise, a single enforceable promise. E.g., X promises Y $15 if Y will wash his car. Y washes the car. X's promise, now binding, is a unilateral contract.
Union A formal association of workers that promotes the welfare of its members.
Union Shop Agreements stipulating that a company's new employees must join a union within a certain number of days from being hired in order to keep their jobs.
Union Steward A worker who is both an employee and a union representative.
Unit Contribution Margin The dollars available from each unit of sale to cover fixed costs and provide operating profits.
Unit of Command The principle that a subordinate should have one and only one superior to whom they are directly responsible.
Unit Production The production of items in units or small batches.
Units-of-Production Depreciation A method of depreciation that provides for the depreciation expense based on the expected productive capacity of an asset.
Unity of Command Each person in an organization should take orders from and report to only one person.
Universal Life Insurance A highly modified form of whole life insurance. Part of the premium buys insurance coverage that will be paid if the insured dies. The rest of the premium is invested in high yield securities that are intended to increase the policy's cash value more rapidly than that of a traditional whole life policy.
Unlimited Liability The owner's personal responsibility for any debts or damages incurred by the operation of a business.
Unqualified Audit Opinion An auditor's report used when the auditor has no reservations concerning the financial statements presented. No deficiencies in the financial statements or the auditing of accounting standards employed were found.
Unsecured Transactions Lending arrangement in which there is no collateral backing up the loan in the event of a default.
Unsecured Creditor One who extends credit on the general ability of the debtor to pay and holds no collateral or security.
Unsolicited Order A sales order received by a supplier that was not prompted by a sales call, literature or other contact from that supplier.
Unstructured Task A task so poorly understood that one could not specify what information to use, how to use the information, or how to decide whether the task is being done well.
User Interface The system's appearance to the user.
Usurious A contract is usurious if made for a loan of money at a rate of interest in excess of that permitted by statute.
Usury The act of charging an illegal rate of interest.
Utilitarian View of Ethics Decisions are made solely on the basis of their outcomes or their consequences.
Utility The satisfaction received from consuming a good or service.
Utter To utter a check is to offer it to another in payment of a debt.