Wednesday, December 28, 2011

10. (J) Basic Banking Guide A to Z


J

Job
The tasks allocated and performed by an employee in an exchange for pay, a job consists of duties, responsibilities, and tasks that are defined and specific, can be, quantified, measured, and rated. 

Job analysis
The examination of the tasks and employee role, conditions under which they are performed, what the job requires in terms of achievement, behavior, knowledge, skills, and the physical condition of the employee. Job analysis begins with the study of the organization e.g. its purpose, design and structure, and resource constraints.

Job card
This is a card in which details of the task to be undertaken and of the  details of the time spent in performing the job are recorded. 

Joint account
Account in the name of two or more individuals who jointly share its rights and liabilities and regarded as joint owner. Any action against them pertaining to that account is made against jointly and not individually /severally. Two types of joint accounts are 1) account jointly operated  whose operation is stopped on the death of any joint owner and 2) Either or survivor,  in which either owner may individually exercise full rights to make deposits or withdrawals on his or her signatures. In case of either owner's death, the survivor automatically takes the sole control of account assets without probate

Joint and several liability
This term is used in loan agreements involving two or more borrowers. In joint and several agreements, the liability in case of default is enforceable against all of the signatories as a group or against any one of them as an individual at the choice of the enforcing party. The claimant may recover all the damages from any of the defendants regardless of their individual share of the liability

Joint liability
Joint liability is that Where two or more persons are liable in respect of the same liability. Partnership agreement is the best example of joint liability. In a partnership agreement, all partners are jointly liable. One partner can bind other partner and any action pertaining to the partnership is taken jointly against all partners, and not against one or two. 

Joint stock company
It is a type of association of individuals in a business enterprise. Certificates of ownership are called share certificates, which are issued by the company in return for each financial contribution routed through an account. The shareholders are free to transfer their shares at any time by selling their stockholding to others. A shareholder is not liable for any of the company's debt beyond the face value of their shareholding

Joint venture
It is a business enterprise in which two or more companies enter a temporary partnership Businesses of any size can use joint ventures to strengthen long-term relationships or to collaborate on short-term projects.  It is a good way to access to new markets and distribution networks, increased capacity, sharing of risks and costs with a partner, including specialised staff, technology and finance.

Judgment by default
This is a binding judgment in favor of the plaintiff when the defendant does not respond to summons or has failed to appear before a court of law, and if opponent admits the entire claim. A defendant can have a default judgment, vacated, or set aside by filing a motion, after the judgment is entered, by showing of a proper excuse.

Judgment creditor
The winning plaintiff in a lawsuit to whom the court decides that the defendant have to pay money is known as a judgment creditor until the award is paid. A judgment creditor is legally entitled to enforce the debt with the assistance of the court.

Judgment debtor
The term describes a party against which a court has made a monetary award (the losing part). This is just reverse of judgment creditor.  The losing party must satisfy the amount of the award, which is called the judgment debt.

Jurisdiction
The power or authority to interpret and apply the law, the right to exercise authority, the limits or territory within which authority may be exercised.

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