Goods that are perceived to be exclusive as long as prices remain high or increase. Veblen goods get their name from economist Thorstein Veblen, who was one of the first to look into and write about conspicuous consumption and the concept of seeking status through consumption. Veblen goods are often referred to as "status symbols". High-status items such as luxury cars, expensive shoes or pricey watches remain appealing to certain consumers as long as prices remain high or increase. A decrease in the price of a Veblen good could cause it to become less exclusive, which may reduce consumers' fondness for it.
The management and coordination of a product's supply chain for the purpose of increasing efficiency and profitability. |||Typically, SCM will attempt to centrally control or link the production, shipment and distribution of a product. By managing the supply chain, companies are able to cut excess fat and provide products faster. This is done by keeping tighter control of internal inventories, internal production, distribution, sales and the inventories of the company's product purchasers.
A record keeping technique that traces the dates of purchase and sale, cost basis, and transaction size for each security in your portfolio, even if you make more than one trade in the same security. The goal is to minimize the net present value of your current taxes by deferring the realization of capital gains and recognizing losses sooner.
An agreement between two parties in which one party (annuitant) transfers an asset to another party (obligor) in return for unsecured payments for the remainder of the annuitant's life. For the agreement to be classified as a private annuity, neither party can be in the business of selling annuities - that is, neither party can be an insurance company. The tax benefits of the asset transfer are the major benefit of this type of agreement. In most cases, a private annuity is used to transfer assets to a family member where a normal transfer would be subject to gift or estate taxes. The private annuity effectively makes the transfer a sale, thus removing high gift and estate taxes that would come with a simple asset transfer. The interest rate that is used for calculating the payments on the annuity is determined by IRS 7520 rates. once this rate is set, it cannot be changed. This annuity will often be held in a trust to defer tax.
A tax loss carryforward takes place where a business or individual reports losses on a tax return up to seven years after the loss occurred. Frequently the logic behind this is to reduce tax liability during a year where the income or profits are high if losses were experienced previously. The tax loss carryforward reduces the overall tax liability during the high-earning year by incorporating the earlier loss as a reduction to taxable income. A tax loss carryforward is a legal means of rearranging earnings to the benefit of the taxpayer. A risk in a tax loss carryforward is that the high-earning year never comes in time to take advantage of the earlier loss.
An element that undermines the entire system. Weak sister can either refer to a single individual or a specialized group considered to be the weak link in an integrated process. Usually referring to an undependable member of a group environment, the weak sister can also be a malfunctioning part of a team oriented task. For example, the slowest member in an assembly line or a slow marketing team which hinders the overall performance of operations is referred to as the weak sister.
A federal program that provides additional income for older and disabled people with little to no income stream. This program helps the participants meet their basic needs by providing them with monthly cash distributions. The program is funded by tax revenues received by the government. |||This type of program is a type of safety net for citizens of the U.S. who cannot meet their basic financial needs because of their age or a disability. Payments for the program are made on the first day of the month and can also include food stamps and Medicaid benefits.
A will established by an individual who has already taken the necessary steps to set up a trust, so that upon the death of the individual, all of his or her assets are to be transferred - or "poured over" - to the trust. By doing so, the individual ensures that his or her estate has an explicit direction to shift assets into the trust. A pour-over will adds a degree of safety and peace of mind to an individual's estate planning, because any assets that were not included in the trust, for one reason or another, will be poured-over to it by virtue of the will. The will can also stipulate that the assets intended for the trust be distributed to the beneficiaries if, for some reason, the trust itself is not able to be created or is invalid at the time of the individual's death.
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