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| Per-unit allocation
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Allocating common or central costs to each unit of property. |
| Percent elongation
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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
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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
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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
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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
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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. |
| Percentage rent
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Rent payable under a percentage lease. Typically the percentage applies to sales in excess of a pre-established base amount of the dollar sales volume. |
| Perch
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(1) Land surveying measurement that is 16.5 feet in length, or 51Ú2 yards. A perch is also called a rod or a pole. Today the term perch is seldom used: however, it is found in old deeds, surveys, and contracts. (2) Stone measurement equal to 16 1Ú2 x 1 1Ú2 x 1 ft, which is 24 3Ú4 cubic feet, used for stone stair steps. |
| Percolate
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To pass a liquid gradually through small spaces or a porous substance. |
| Percolation test
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Test which is used to determine how well soil will accommodate a septic system, by judging how well liquid passes through the soil. Commonly referred to as a "perc test". |
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