A Dictionary of Finance and Banking

By Brian Butler; David Butler et al. | Go to book overview

V

valium holiday (valium picnic) A colloquial name for a non-trading day on a stock exchange or other commercial market; i.e. a market holiday.

valorization The raising or stabilization of the value of a commodity or currency by artificial means, usually by a government. For example, if a government wishes to increase the price of a commodity that it exports it may attempt to decrease the supply of that commodity by encouraging producers to produce less, by stockpiling the commodity itself, or, in extreme cases, by destroying part of the production.

value added The value added to goods or services by a step in the chain of original purchase, manufacture or other enhancement, and retail. For example, if a manufacturer acquires a partly made component, the value added will be the combination of labour and profit that increase the value of the part before it is sold. SeeVALUE ADDED TAX.

value-added statement (added-value statement) A *financial statement showing how much wealth (value added) has been created by the collective effort of capital, employees, and others and how it has been allocated for a financial period. Value added is normally calculated by deducting materials and bought-in services from *turnover. The value added is then allocated to employees in the form of wages, to shareholders and lenders in the form of dividends and interest, and to the government in the form of taxes, with a proportion being retained in the company for reinvestment. Although popular as a *simplified financial statement in employee reports in the 1970s, it has never become a major feature of the *annual accounts and report given to *shareholders.

value added tax (VAT) A charge on taxable supplies of goods and services made in the UK by a *taxable person in the course or furtherance of a business. Where appropriate, each trader adds VAT to sales and must account to the *Board of Customs and Excise for the *output tax. The *input tax paid on purchases can be deducted from the output tax due. VAT, *indirect taxation that falls on the final customer, was introduced in 1973 when the UK joined the European Economic Community. Unless they are *zero-rated goods and services or *exempt supplies, all goods and services in the UK bear VAT at a rate of 175% except for domestic fuel, which bears a rate of 8%.

value date1. The date on which specified funds become available for use. 2. The date on which a transaction actually takes place. 3. The date on which foreign exchange is due to be delivered.

valued policy An insurance policy in which the value of the subject matter is agreed when the cover starts. As a result, the amount to be paid in the event of a total-loss claim is already decided and does not need to be negotiated. Compare UNVALUED POLICY.

value for money audit An audit of a government department, charity, or other non-profitmaking organization to assess whether or not it is functioning efficiently and giving value for the money it spends.

value received Words that appear on a *bill of exchange to indicate that the bill is a means of paying for goods or services to the value of the bill. However,

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A Dictionary of Finance and Banking
Table of contents

Table of contents

  • Title Page iii
  • Preface v
  • A 1
  • B 23
  • C 48
  • D 91
  • E 112
  • F 131
  • G 152
  • H 164
  • I 168
  • J 190
  • K 192
  • L 194
  • M 211
  • N 233
  • O 247
  • P 258
  • Q 288
  • R 291
  • S 313
  • T 345
  • U 361
  • V 368
  • W 372
  • X, Y, Z 377
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