Business glossary

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Nationalization - A process whereby privately owned companies are brought under state ownership and control (contrast with privatization).

Negative-NPV Tie-in Project - A negative net present value infrastructure development project that a local government requires of a company pursuing a positive-NPV investment project elsewhere in the economy.

Negotiated Grievance Procedure - The sole and exclusive procedure available to all employees in a bargaining unit and the employer for processing grievances and disputes.

Negotiation Dispute - That point in negotiations where labor and management cannot come to an agreement on some or all of the issues on the bargaining table and the services of the FMCS have not been utilized.

Net Asset Value (NAV) - The sum of the individual asset values in a closed-end mutual fund. Closed-end funds can sell at substantial premiums or discounts to their net asset values.

Net Profit - Result obtained when expenses are subtracted from revenues.

Net Worth - Property owned (assets), minus debts and obligations owed (liabilities), is the owner's equity (net worth).

New Protectionism - Recent efforts to pressure national governments to exercise greater control over foreign trade and foreign direct investment.

Nominal Interest Rate - Interest rate unadjusted for inflation.

Noncash Item - Expense against revenue that does not directly affect cash flow, such as depreciation and deferred taxes.

Notes And Accounts Receivable - A secured or unsecured receivable evidenced by a note or open account arising from activities involving liquidation and disposal of loan collateral.

Notional Principal - In a swap agreement, a principal amount that is only “notional” and is not exchanged.