What is Earned Income? Earned Income is perceived as payment through an employer or one’s own business. It can include the following: Wages Salaries Bonuses Tips Union strike benefits Long-term disability benefits Any other stream of legalized personal income Understanding Earned Income There are instances where income is not perceived as earned would be classified…
What is a Marketing Campaign? A marketing campaign, or a marketing strategy, is a long-term approach to promote a product or service through multiple mediums. It typically has one goal, which tends to be to an increase sales of a specific product. However, marketing campaigns don’t only have to revolve around one product; it can…
What is the Markets in Financial Instruments Directive (MiFID)? The Markets in Financial Instruments Directive (MiFID) is a European Union regulatory framework that exerts a higher degree of transparency in the operation of financial markets and standardizes disclosure requirements for investment firms and banks operating in the European Union. MiFID aims to increase investor protection…
What is Marxism? Marxism is an analytical concept concerning the social, economic, and political philosophy that examines the problematic nature of capitalism on the economy. The philosophy was named after Karl Marx, who, alongside Friedrich Engels, aimed to understand the systematically hidden dimensions in the economic realm. Marxism suggests that class conflicts, especially between the…
What is Mass Customization? Mass customization refers to a business process of providing customized goods and services that best meet individual customer’s needs. It reaps the benefits of flexibility, integration, and personalization to produce custom-made products with low unit costs at near mass production efficiency. Mass customization is a business strategy that focuses on customers…
What is Mass Production? Mass production is the manufacturing of the same standardized product lines for a prolonged period of time. It uses automation or assembly lines to facilitate the high volume production of similar products. Mass production is synonymous with continuous flow production or series reduction. The concept is identified with the rise in…
Who is Bernie Madoff? Bernie Madoff, a well-known Wall Street investment advisor, became world-famous for operating possibly the largest Ponzi scheme in history. When investigators for the FBI and the SEC finally uncovered the massive fraud in 2008, losses by Madoff’s investors were estimated at more than $50 billion over the course of nearly 20…
What is Distributable Net Income (DNI)? Distributable Net Income (DNI) is a term that describes the portion of a trust’s income allotted to the beneficiaries. The calculation of DNI is performed to distribute the income of the trust between itself and its beneficiaries. It provides beneficiaries with a dependable income source. The distributable…
What is a White-Collar Crime? White-collar crime is a non-violent crime where the primary motive is typically financial in nature. White-collar criminals usually occupy a professional position of power and/or prestige, and one that commands well above average compensation. The term “white-collar crime” was coined in the 1930s by sociologist and criminologist Edwin Sutherland. He…
What is Wire Fraud? Wire fraud is a criminal act of fraud or an attempt to commit fraud with the aid of some form of electronic communication – such as a telephone or computer – and/or communication facility. It is the means of communication used in a fraud scheme that distinguishes wire fraud from mail…
