Time period of an estate based on how long a third party lives.
Per se
Latin for by itself. A per se matter is one that is alone and not connected to another matter.
Per stirpes
A legal method of distributing an estate to include the descendants of a deceased legatee, whose share is apportioned among linear descendants.
Per-diem interest
Amount of interest due each day.
Per-unit allocation
Allocating common or central costs to each unit of property.
Percent elongation
The maximum amount that a material can be lengthened or stretched before breaking; expressed as a percentage of the original length of material tested.
Percent grade
To evaluate the proposed slope of a driveway, road, etc. a calculation is done by dividing the rise and fall of the grade by the distance over which the rise and fall is measured. This decimal figure is then multiplied by 100 to obtain the percent grade.
Percentage lease
A lease of property in which the rental is based on a percentage of the volume of sales made upon the leased premises. It usually stipulates a minimum rental and is regularly used for retailers who are tenants.
Percentage of completion method
Recognizes profit on a long-term construction contract as it is earned gradually during the construction period. This approach is referred over the completed contract method because it does a better job of matching revenue and expense in the period of benefit. It should be used when reliable estimates of the degree of completion are possible. It is more realistic and levels out the earnings.
Percentage of monthly gross income rule
Rule stating that the monthly mortgage payment, property taxes and insurance should not exceed 25% of a family's monthly gross income, or about 35% for a Federal Housing Administration (FHA) or Veterans Administration (VA) mortgage.
