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Identity theft

Regulated by federal and state statutes, identity theft occurs when a person fraudulently obtains and uses another persons personal information such as name, Social Security number, credit card number, etc. without that persons authorization, consent or knowledge.

   

Import

A good or service that is brought into a country from outside of its boundaries.

   

Income statement

A financial document showing a companys income and expenses over a given period of time.

Incremental budgeting

A budgeting system that accepts and applies the basic concept that trends in past sales and expenditures are assumed to continue.

   

Incubator corporate culture

A corporate culture high on personal and egalitarian dimensions.

   

Indemnity

An agreement whereby one party agrees to secure another against an anticipated loss or damage.

   

Index fund

A mutual fund whose portfolio of stocks is weighted equivalently to the stock exchange index.

   

Index of Leading Economic Indicators (ILEI)

The Department of Commerces primary economic forecasting measure intended to predict future economic activity.

   

Indirect costs

Expenses such as fringe benefits, overhead, utilities, rent or equipment that has been incurred for the purpose of common general activities and cannot be identified or charged directly to the production of a specific project.

   

Indirect labor

Labor that is necessary to support the manufacturing of a product but is not directly involved with the actual process of manufacturing the product.

   

Individualism

The cultural value dimension that emphasizes self-interest over group goals, harmony and other collective values.

   

Inductive reasoning

Reasoning from the specific to the general.

   

Industrial espionage

The often illegal act of spying on a competitor in order to secure a competitive advantage.

   

Industrial psychology

Applied psychology concerned with the study of human behavior in the workplace and how to efficiently manage an industrial labor force and problems encountered by employees.

   

Industrialization

The overall change in circumstances resulting from a societys shifting of resources from farm production to manufacturing production and related services.

   

Inflation

Continual increase in the level of consumer prices and wages or continual decline of the purchasing power of money, caused by an increase in available currency beyond the quantity of goods and services that are available.

   

Inflationary gap

A situation that occurs when the demand in an economy exceeds productive potential, leading to inflation and an adverse balance in trade.

   

Informed consent

An individuals agreement to allow something to transpire subsequent to the individual having been informed of associated risks and alternatives.

   

Infrastructure

The fundamental physical structures of a countrys or countys population, including roads, utilities, water, sewage, etc.

   

Initial public offering

A company's first offer to sell its stock to the investing public.

   

Injunction

A court-issued order requiring a party to either do or refrain from doing a certain act.

   

Insider information

Essential information about a companys plans that has not been released to the general public.

   

Insolvency

The condition that a company is in when it has more debts (liabilities) than total assets that might be available to pay for them.

   

Insourcing

Refers to the process of internally administering employee benefits plans or other programs as opposed to using the services of a third-party provider.

   

Intangible assets

Assets or items of value that are not physical in nature, such as patents, trademarks, brand recognition of products, etc. Also referred to as intangible capital.

   

Intermediary

A third party who serves as a facilitator for negotiating a deal or other transaction between parties.

   

Interim statement

A report containing financial information covering a period of less than one year (i.e., quarterly reports).

   

Internal audit

The process of conducting an in-house examination of one or more of an organizations processes, functions, programs, etc.

   

In-market merger

A term used to describe integration of similar companies situated in the same market.

   

Intellectual capital

A term with various definitions in different theories of economics. In the broadest sense of the word, it is the use of collective knowledge for some money-making or other useful purpose. The term combines the idea of the intellect with the economic concept of capital.

   

Intellectual property

Property that is protected under federal law, including trade secrets, confidential or proprietary information, copyrightable or creative works, ideas, patents or inventions.

   

Interest rate

The amount expressed as a percentage charged by a lender to a borrower on the total amount financed.

   

Internal Revenue Service (IRS)

U.S. government agency responsible for collecting taxes and enforcing tax laws.

   

International accounting standards (IAS)

A series of standards specifying how certain types of transactions should be reflected within financial statements. Effective in 2001, the new set of standards are called the International Financial Reporting Standards (IFRS).

   

International Accounting Standards Board (IASB)

An independent, private-sector organization that develops and approves International Financial Reporting Standards.

   

International company

An early state in a companys global development in which there is an international division but most decisions are still made with domestic orientation.

   

Interstate commerce

Commerce between any place in a state and any place outside of that state or within any possession of the United States (not including the Canal Zone) or the District of Columbia, and commerce between places within the same state but through any place outside of that state.

   

Intrastate commerce

Buying and selling of products and services within a single state.

   

Intrinsic value

The actual value of a security, as opposed to its market price or value.

   

Inventory

The total of all raw materials, materials in process and finished products available for use or sale.

   

Inventory turnover

A measure of a companys basic efficiency, it is a metric used to gauge a companys annual sales to its inventory or, equivalently, how quickly a company sells the products it produces.

   

ISO 9000

Developed by the International Organization for Standardization (ISO), it is a set of standards accepted around the world for quality management systems. Organizations that conform to these standards can receive ISO 9000 certification. The standard intended for quality management system assessment and registration is ISO 9001. The standards apply uniformly to organizations of any size or description.

   

Issue price

The price at which company shares are initially offered to investors.

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