October 1, 2018



All | # A B C D E F G H I J K L M N O P Q R S T U V W Y Z
There are currently 32 names in this directory beginning with the letter F.
Shipping term meaning "free on board" to inform the purchasers of the location at which they become responsible for the shipping charges. For example, F.O.B. Toronto means the vendor pays the charges to Toronto's freight yard and the purchaser is responsible from there.

Fair Market Value
The highest price available in an open and unrestricted market between informed, prudent parties, acting at arm's length and under no compulsion to transact. Fair market value is expressed in terms of money, or money's worth.

Family Limited Partnership (FLP)
A partnership of family members that helps arrange for generational transfers of wealth or a business, maintain control within the general partners and reduce potential liability to the transferor and transferee.

Federal Reserve System (The Fed)
The board of governors that oversee the Federal Reserve Banks, establishes monetary policy, such as interest rates or credit, and monitors the economic health of the country. Its members are appointed by the President, subject to Senate confirmation and serve 14-year terms.

Federal Tax Identification Number
A number given to a corporation or other business entity by the federal government for tax purposes. Banks generally require a tax identification number to open bank accounts.

FICA (Federal Insurance Contributions Act)
The Federal Insurance Contributions Act (FICA) consists of both a Social Security payroll tax and a Medicare tax. The tax is levied on employers, employees and certain self-employed individuals.

An individual who provides investment advice for a fee, who exercises discretionary authority in managing assets or who is responsible for holding assets in trust and investing them for the benefit of another party.

File A Return
To file a return is to send in your completed tax forms. All your tax information appears on the return, including income and tax liability.

Filing Status
Your filing status determines your tax bracket and amount of taxes you must pay. Factors such as marital status affect your filing status.

Financial Aid
Financial support that a student receives to attend school, including loans, grants, scholarships and work-study programs.

Financial Statements
Formal financial reports prepared from accounting records. For example, Profit & Loss Statement, Balance Sheet or Statement of Retained Earnings are all types of financial statements.

First-to-Die Life Insurance
A life insurance policy covering two or more people that pays a death benefit when the first person dies.

Fiscal Year
A period of one year for which financial statements are prepared that may, or may not, coincide with the calendar year. Any twelve-month period used by a business as its accounting period.

Fixed Annuity
An investment contract sold by a life insurance company that guarantees regular payments to the purchaser for life or a specified period of time, in exchange for a premium paid either in a lump sum or in installments.

Fixed Assets
See Capital Assets

Fixed Rate
A mortgage with an interest rate which does not increase or decrease during the term of the loan.

Fixed-Rate Mortgage
A mortgage with a set interest rate that remains the same over the life of the loan.

Floating Debt
The constant renewal of government Treasury bills, or short-term corporate bonds, to pay off current liabilities, or finance cash flow.

Flood Insurance
Insurance against flood damage, usually required by mortgage lenders if a property is located in a flood zone.

For Sale By Owner (FSBO)
When a homeowner sells his or her home directly to another party, without the assistance of an agent, or broker.

The legal procedure by which a mortgage holder can seize the property of a borrower who has not made required payments.

Foreign Corporation
A corporation is referred to as a foreign corporation in all states except for the state where it is incorporated. If a corporation conducts business in a state other than where it was incorporated, it must register for a certificate of authority to transact business in the other state or possibly lose access to that state's courts and face fines.

Non-vested employer contributions from the accounts of employees who leave an employer's pension plan. These may be applied as credits to remaining employee accounts or used to offset future employer contributions.

A simplified form to be used in place of the 1040 form for some individuals.

By January 31 of each year, your employer, even if you do not work there anymore, will provide you with a statement of how much you earned in wages, tips and other compensation from the previous year. This form will reflect state and federal taxes, social security, Medicare wages and tips withheld. It also includes a lot of other really important information you will need to file your return.

FORM W-4 (Employee's withholding allowance certificate)
Form W-4 is used to determine how much of an employee's paycheck is withheld for federal income taxes.

Formal Tax Legislation Process
There are strict steps, that involve the President and Congress, that a proposed tax must pass through before it becomes a law.

A license that allows a designee to sell and market a company's products or services in a fixed geographic area.

Franchise Tax
A tax imposed by the state for the privilege of carrying on business as a corporation or LLC. The value of the franchise tax may be measured by amount of earnings, total value of capital or stock or by amount of business done.

Fringe Benefits
Opportunities and services offered beyond wages, or salary, in compensation for employment. Common fringe benefits include paid holidays, sick days, paid vacation days, insurance coverage or retirement plans.

Front-End Load
A sales fee, or load, that is paid up front by investors when they purchase an investment and deducted from the investment amount. A front-end load generally lowers the size of the investment.

Agreements to buy or sell a specific amount of a commodity or financial instrument at a set price on a specific future date.