League Table
DefinitionStandings or rankings are listings which compare sports teams or individuals, institutions, nations, companies, or other entities by ranking them in order of ability or achievement. A table or chart may be employed to display such listings. A league table may list several related statistics, but they are generally sorted by the primary one that determines the rankings. Many...
Land Trust
DefinitionThere are two distinct definitions of a land trust... Land Trust What is 'Land Trust' A legal agreement where a trustee is appointed to maintain ownership of a piece of real property for the benefit of another party: namely, the beneficiary of the trust. Land trusts are used by several different types of organizations for several reasons;...
Land Contract
What is a land contract and how does it works? A land contract is a contract between the buyer and seller of a piece of property in which the buyer agrees to make payments to the seller over a period of time, with the goal of eventually owning the property outright. The terms of the contract can vary widely, but...
Landlocked
DefinitionA landlocked state or landlocked country is a sovereign state entirely enclosed by land, or whose only coastlines lie on closed seas. There are currently 49 such countries, including five partially recognised states. Only two, Bolivia and Paraguay in South America, lie outside Afro-Eurasia. Landlocked What is 'Landlocked' In a business sense, a piece of property that...
Lapping Scheme
What is a 'Lapping Scheme' A lapping scheme is an accounting method that involves altering the accounts receivable section of the balance sheet when cash that is intended for the payment of a receivable is stolen. The method involves taking the first receivable collected and using that to cover the theft, while the second receivable collected is...
Lead Time
What is lead time and why is it important In the business world, lead time is the amount of time that elapses between the start of a production process and the moment when the finished product is ready for shipping. Lead time is important because it can have a major impact on a company's bottom line. For example, if a...
Law Of Diminishing Marginal Utility
What is the law of diminishing marginal utility The law of diminishing marginal utility is the principle that as a person consumes more of a good or service, the utility they derive from each additional unit will decline. The law is often used to explain why people seek variety in their consumption and why they are willing to pay more...
Last Fiscal Year (LFY)
What is 'Last Fiscal Year - LFY' The most recent 12-month accounting period that a business uses when determining its annual financial performance. The SEC requires businesses to list their last fiscal year's revenue (in addition to other financial figures) in their 10-Q filings. Analysts and management will often use figures and metrics from a company's...
Layoff
DefinitionA layoff is the temporary suspension or permanent termination of employment of an employee or, more commonly, a group of employees for business reasons, such as personnel management or downsizing an organization. Originally, layoff referred exclusively to a temporary interruption in work, or employment but this has evolved to a permanent elimination of a position in both British and...
Law Of Large Numbers
DefinitionIn probability theory, the law of large numbers is a theorem that describes the result of performing the same experiment a large number of times. According to the law, the average of the results obtained from a large number of trials should be close to the expected value, and will tend to become closer as more trials are performed....