U
 

UCC filing
The purpose of a UCC filing is to notify the public that you have a security interest in collateral given for a loan. It is a means available to a lender to protect his or her rights in a secured loan. You should consult with your attorney if you need more information about these filings.


underwriter
In insurance, an underwriter is the company that issues the insurance policy and assumes the risk of loss. In capital stock sales, an underwriter is one who agrees to promote a new issue of stock and agrees to buy any shares not purchased by the public.


unearned income
In tax, income from sources other than personal services, such as income from investments (interest, dividends, royalties, etc.)


unified tax credit
This is an estate and gift tax term. It is the level of assets that can be transferred either during lifetime or at death without creating a gift or estate tax.


uniform CPA exam
Even though each of the fifty states issue the license to practice as a certified public accountant (CPA), the exam given to prospective CPAs by each state is a nationally uniform examination.


unqualified opinion (audit)
An audit term.
See also opinion.


unrelated business income
In tax law, the income of a charity that is not related to the exempt purposes of the charity and therefore subject to income tax.


unsecured creditor
A creditor who has a claim which is not backed by collateral or a security agreement, sometimes referred to as a general creditor.

V

variable expenses
Operating expenses that vary with the volume of business. For example, shipping supplies increase as the volume of items sold increases.
See also direct cost.


venture capital
Venture capital is funding for new companies. By their very nature, new companies are high risk. The venture capitalist is looking for a high return and usually requires an ownership interest in the new company in return for his investment in the company.

W

W-2
See Form W-2.


W-4
See Form W-4.


wasting asset
An asset with a limited useful life; an asset that declines in value and is subject to depreciation or depletion charges.


working capital
The excess of all current assets over the total of all current liabilities. The greater the working capital, the easier it is for a company to meet its current (usually one year or less) obligations.


working papers
The schedules and documentation that an auditor prepares to support his or her report on financial statements of a business or other entity.


work opportunity credit
A tax credit provided to employers for hiring individuals in certain targeted groups, such as welfare recipients and disadvantaged youths. The employer gets a credit equal to a certain percentage of the first year's wages paid to a person that qualifies.

X

Y

yield
The actual return on an investment. A bond with a stated interest rate of 6%, for example, may be purchased at a discount so that the yield may be more like 7%.

Z

zero coupon bond
A bond that is traded at a deep discount because it pays no interest. The profit is realized when the bond is redeemed at maturity for full face value.
 

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z