N L R B National Labor Relations Board. The NLRB is an independent Federal agency created in 1935 by Congress to administer the National Labor Relations Act.
Nanosecond One billionth of a second.
National Debt The net accumulation of federal budget deficits.
National Income The amount of aggregate income earned by suppliers of resources employed to produce GNP; net national products plus government subsidies minus indirect business taxes.
National Labor Relations Act of 1935 (Wagner Act)


Prohibits management from interfering with, attempting to influence, or punishing employees’ union organizing activities; requires management to bargain in good faith; established the five-member National Labor Relations Board to supervise employee election for union representation, and to prevent and remedy unfair labor practices by either employers or union.
National Security Argument The argument that a nation must strengthen and protect its domestic industries that produce strategic defense materials to be able to maintain its defenses.
National Summary of Domestic Trade Receivables An index, complied by the Credit Research Foundation published quarterly since 1960, showing collection effectiveness index, days sales outstanding, best possible days sales outstanding, average days delinquent, percent current, and percent over 91 days past due for manufacturers and wholesalers by industry group (SIC).
Nationalization The change from private ownership of an industry to government ownership.
Natural Business Year A year that ends when a business’s activities have reached the lowest in its annual operating cycle. Not necessarily the fiscal year end.
Natural Rate of Unemployment The unemployment that occurs when the economy is producing its potential level of output.
Needs Deficiencies a person is feeling at a particular time.
Negative Reinforcement Occurs when an individual works to avoid an undesirable condition or outcome.
Negative-Sum Game A game in which total losses exceed total winnings.
Negligence Failure to do that which an ordinary, reasonable, prudent person would do, or the doing of some act that an ordinary, prudent person would not do.
Negotiable Refers to a document that is transferable (and could give title) from one party to another.
Negotiable Instruments Written promises or requests that certain sums of money be paid to bearer or to order.
Negotiation 1. Under Article 3 Commercial Paper, this is the transfer of an instrument in such form that the transferee becomes a holder. If the instrument is payable to order, it is negotiated by delivery with any necessary endorsement; if payable to bearer, it is negotiated by delivery;

2. A process in which two or more parties exchange goods or services and attempt to agree upon the exchange rate for them.

Net 1. The full amount the customer is expected to pay;

2. The amount left after necessary deductions have been made from the gross amount.

Net Assets Property or effects of a firm, corporation, institution, or estate, remaining after all its obligations have been paid.
Net Exports The value of a country’s products purchased by foreigners minus the value of foreign products purchased by a country’s residence.
Net Income 1. The final figure in the income statement when revenues exceed expenses;

2. The amount of profit that a company earned during an accounting period.

Net Income Before Taxes The amount a firm earned from operations before income taxes are deducted.
Net Loss The final figure in the income statement when the expenses exceed revenues.
Net National Product GNP minus depreciation; a measure of the value of the aggregate of the measurable output available for use.
Net Pay Gross pay less payroll deductions; the amount the employer is obligated to pay the employee.
Net Present Value A method of analysis of proposed capital investments that focuses on the present value of the cash flows expected from the investments.
Net Price The actual price paid after all discounts, allowances and other authorized deductions have been take.
Net Profit The actual profit realized by a business over a specific period of time. Profit from a transaction or sale, after deducting all costs, expenses and miscellaneous reserves and adjustments from gross receipts.
Net Realizable Value The amount at which merchandise that can be sold only at prices below cost should be valued; it is determined as the estimated selling price less any direct costs of disposal.
Net Sales Sales less returns for credit, allowances and discounts.
Net Working Capital The excess of current assets over current debt.
Net Worth The difference between values of an institution’s assets and liabilities.
Network Computing Computing in which individuals do their own work on personal computers and use a telecommunications network to link to other devices.
Network Management Monitoring a network’s internal operations and reallocating its work load to use its capacity efficiently.
Network Operating System The operating system that controls the operation of a network.
Networking 1. Linking computers so that they can communicate with each other;

2. Interaction among people in a group, exchanging ideas, experience, and knowledge.

No Asset Case An insolvent or bankrupt estate with no dividend available or possible for payment of creditors’ claims.
No-Fault Laws Laws barring tort actions by injured persons against third-party tortfeasors and requiring injured persons to obtain recovery from their own insurers.
No-Par Having no face value.
Node Any sending, receiving, or processing device in a telecommunication network.
Nolo Contendere A plea by an accused in a criminal action. It does not admit guilt of the offense charged but does equal a plea of guilty for purpose of sentencing.
Nominal Accounts Revenue and expense accounts that are periodically closed to the income summary account; temporary owner’s equity accounts.
Nominal Damages A small sum assessed as sufficient to award the case and cover the cost when no actual damages have been proven.
Nominal Income Income measured in current year dollars.
Nominal Partner An individual who is neither a part owner of the partnership nor an active participant in the firm’s affairs. Often this is a well known person who lends a famous name to the company.
Nominal Rate of Interest The interest rate expressed in current dollars; the interest rate reported in the media.
Nominal Value Value measured in current-year dollars.
Non-Contingency Fee Occurs when an attorney or collection agency takes a case on a fee basis only. There is no up-front retainer. Therefore if the attorney or agency does not collect from the debtor, there are no fees paid.
Non-Negotiable A type of document that cannot be used to claim title to cargo; such as an air waybill.
Non-Sufficient Funds (NSF) A situation that arises when a depository bank advises that a customer’s check has failed to clear because of insufficient funds.
Noncontributory Plan One in which the employer provides all the funds.
Nonprofit Corporations Organizations formed to further the interest and objectives of educational, religious, social, charitable, and cultural groups.
Nonsuit A judgment given against the plaintiff when he is unable to prove his case or fails to proceed with the trial after the case at issue.
Normal Good A good for which demand increases as consumer income rises.
Normative Economic Statement A statement that represents an opinion, which cannot be proved or disproved.
Notary A public officer authorized to administer oaths by way of affidavits and depositions.
Note A written, dated and signed unconditional promise to pay a definite sum of money on demand or at a specified time to a named person or bearer. Legal evidence of a debt.
Note Receivable A written promise to pay, representing an amount to be received by a business.
Notes Payable Money owed to lenders. Can be short or long-term.
Notice A person has notice of a fact when he has actual knowledge of it; or he has received notice or notification of it; or from all the facts and circumstances known to him at the time of the question, he has reason to know that it exists.
Novation The substitution of one obligation for another.
Nudum Pactum A naked promise, one for which no consideration has been given.
Nuisance Generally any continuance or continued conduct that causes annoyance, inconvenience, and damage to person or property.
Nulla Bona A report made by a sheriff when attempting to seize a debtor’s assets to satisfy a judgment and no assets are found on which the sheriff could levy.

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