Game Theory A model that analyzes economic behavior as a series of strategic moves and counter moves by rival firms.
Gantt Chart A graphic bar chart that shows the relationship between work planned and completed on one axis and time elapsed on the other. Mechanism devised by Henry Gantt who also devised an incentive system that gave workers a bonus for completing their jobs in less time than the allowed standard.
Garnishee A person upon who a garnishment is served.
Garnishment 1. A court action in which a portion of an employee’s wages is set aside to pay a debt owed a creditor;
2. A preceding by which a plaintiff seeks to reach the credits of the defendant that are in the hands of a third party.
Gateway In telecommunications, a device linking two incompatible networks.
General Agent An agent authorized to do all the acts connected with carrying on a particular trade, business, or profession.
General Agreement on Tariffs and Trade (GATT) An international accord setting trade rules.
General Creditor 1. An unsecured creditor;
2. One who is owed money but has no collateral for the debts.
General Intangibles Any personal property other than goods, accounts, contract rights, chattel paper, documents, and instruments.
General Ledger The primary ledger, when used in conjunction with subsidiary ledgers, that contains all the balance sheet and income statement accounts.
General Partner A partner having specific authority, specific operational responsibilities, and unlimited liability.
General Partnership An association of two or more people, each with unlimited liability, who are actively involved in the business.
General Release A full and complete release, surrendering or canceling a claim or right that one may have against another.
Generally Accepted Accounting Principles (GAAP) Generally accepted guidelines for the preparation of financial statements.
Geographic Departmentalization Grouping activities on the basis of territory.
Gift A gift is made when a donor delivers the subject matter of the gift into the donee’s hands or places in the donee the means of obtaining possession of the subject matter, accompanied by such acts that show clearly the donors intentions to divest himself with all dominion in control over the property.
Gigabyte One billion bytes.
GIGO Garbage In, Garbage Out.
Goal-Setting Theory Specific goals increase performance and difficult goals, when accepted, result in higher performance than easy goals.
Goals Specific objectives which relate to specific time periods, stated in terms of facts.
Going Concern Concept Assumes that a business entity has a reasonable expectation of continuing in business at a profit for an indefinite period of time.
Going Out of Business (GOB) The process of liquidating a business.
Gold Standard An arrangement whereby the currencies of most countries are convertible into gold at a fixed rate.
Good Faith Honesty in fact in the conduct or transaction concerned.
Goods All things that are movable at the time of identification to the contract for sale, but not money and investment securities.
Goodwill An intangible asset of a business due to such favorable factors as location, product superiority, reputation, and managerial skills. Also the result of paying in excess of the book value for the assets of the business.
Government Bonds U.S. Government obligations regarded as the highest grade issues in existence.
Government or Public Corporation A corporation organized by a city, county, state, or federal government to serve a specific segment of the population.
Government Subsidy Government transfers to businesses.
Grace Period A specified extension of time beyond the due date for payment of a debt.
Grant A term used in deeds for the transfer of the title to real property.
Grantee A person to whom a grant is made; one named in a deed to receive title.
Grantor A person who makes a grant. The grantor executes the deed by which he divest himself of title.
Graphical User Interface (GUI) A user interface using icons to represent objects (such as programs and files), a mouse or other pointing device to select operations (such as printing or changing type font), and graphical imagery to represent and clarify relationships.
Green-Circled or Green-Lined An incumbent paid below the range set for the job.
Gray Market When a supplier gives a discounted price for its product to be sold in a specific geographical area or into a specific market and the seller deliberately sells the product outside of that area.
Grievance A specific, formal notice of employee dissatisfaction expressed through an identified procedure.
Grievance Procedure A series of steps to be followed by an employee whose complaint to a supervisor has not been resolved satisfactorily.
Grievances Disputes caused by contract violations or different interpretations of contract language.
Gross Amount The total amount before making any deductions.
Gross Domestic Product (GDP) The market value of all final goods and services produced by resources located in the U.S. regardless of who owns those resources.
Gross Income The total amount of revenues before any expenses have been deducted.
Gross Margin Gross profit as a percentage of sales.
Gross National Product (GNP) The market value of all final goods and services produced by resources supplied by U.S. residents and firms regardless of location.
Gross Negligence The lack of even slight or ordinary care.
Gross Profit The excess of net over the cost of merchandise sold.
Gross Profit Method A means of estimating inventory based on the relationship of gross profit to sales.
Gross Profit on Sales The profit that a company made after deducting costs of goods sold from net sales but before subtracting operating expenses.
Group Interchange A trade membership group within a specific industry which meets regularly to exchange credit experiences and other confidential information.
Group Life Insurance Life insurance available to employees through their employer on a master policy, usually without medical examination required.
Groupware A loosely defined group of commercial products designed to improve work group performance by extending electronic mail and adding some degree of structure.
Guarantee To assume the liability for such debts of another in the event of his default.
Guarantor One who by contract undertakes to answer for the debt, the thought, and miscarriage of another.
Guaranty A contract by which one undertakes to be liable for the debt of another person in the event of his default.
Guardian A person appointed by the court to look after the property rights and person of minors, the insane, and other incompetence or legally incapacitated persons.

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