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Path-Dependent Options - An option ("up and in," "down and out," etc.) that only becomes effective if the value of the underlying interest moves above or below specified "trigger" points.

Pay Date - The date that a declared stock dividend or a bond interest payment is scheduled to be paid.

Payee - The individual, organization, or merchant that is the receiver of payments.

Payee Account Number - The account number with the merchant that is usually presented somewhere on the traditional paper bills one receives from the payee.

PDF File - PDF (Portable Document Format) files allow users to view and print a file exactly as it was created in its original authoring application, regardless of what platform, software application version or fonts are installed on the user's system.

P/E - The price-to-earnings ratio; the share price divided by earnings per share for the company's most recent four quarters. A projected P/E divides the share price by estimated earnings per share for the coming four quarters.

Percent Change - The percentage change in the price of a security from the previous trading day's closing price.

Performance Measurement - The comparison of actual returns against a forecasted benchmark.

Period Certain Payout - An annuity income option that pays a fixed payment for the period of time specified, i.e., 10 years.

Physical Settlement - In regards to futures contracts, the actual receipt or delivery of the underlying product or commodity.

Personal Identification Number (PIN)- A confidential number that a customers uses to access his/her accounts via ATMs or the telephone.

Points - Loan fees, in addition to the contract interest rate and typically paid in advance or financed into the loan amount, assessed by the lender to increase the yield on the loan to a competitive position with other types of instruments. A point is typically one percent of the loan amount.

Portfolio - The total securities of an investor.

Portfolio Manager - The person responsible for making mutual fund investments in order to achieve the objective(s) of the fund.

Power of Attorney - A legal document that authorizes one person to act on behalf of another.

Preferred Shares - Shares which give an investor a fixed dividend from the company's earnings. Preferred shareholders get paid before common shareholders.

Prequalification - The process of determining how much money a prospective home buyer will be eligible to borrow prior to applying for a loan.

Pre-Tax Contributions - Pre-tax earned income contributed directly to a 401(k) plan.

Previous - The previous day's closing price of a security.

Price Risk - The risk of adverse movements in price.

Prime Rate - The most favorable interest rate charged by a lender on a short-term loan to qualified customers. The interest rate that banks charge their largest commercial investors. The prime rate average listed in the Wall Street Journal is an average of the largest commercial banks' prime rates.

Principal Balance - The remaining balance due on a debt, exclusive of accrued interest.

Probate - The legal process designed to establish the legitimacy of a will and settle debts. During probate, the court oversees the administration of the estate and approves its distribution.

Profit - The profit or loss expressed as a percentage of an original investment and including the cost of any brokerage commission. If one bought 1,000 shares of a stock at $10, paid a $100 commission, and the share price rose to $14, the percentage would be 39.6 percent.

Promissory Note - A legal document signed by the borrower listing conditions under which the money is borrowed, and the terms under which the borrower agrees to repay the loan with interest.

Prudent Investor Rule - A rule, enacted in many states, which requires fiduciaries (trustees) to invest and manage assets as "prudent" investors with discretion and intelligence. Prudence is determined by modern portfolio theory, which recognizes that an investor's focus should be on maximizing total return, weighed against risk.

Purchase Contract (Agreement/Offer) - An agreement between a buyer and seller of real property, establishing the price and terms of the sale. Also known as a sales contract.

Put Bond - A bond providing the holder with an option to tender a bond to the issuer for redemption at par on a specific future date or dates prior to stated maturity.

Put-Call Parity Theorem - An equation representing the proper relationship between put and call prices.

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Glossary

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