What Is the Pick-Up Tax? The pick-up tax was an estate tax levied by individual states, allowing them to share in the proceeds and revenue from federal estate taxes. Although states were able to claim a portion of an individual’s federal estate transfer tax, the pick-up tax did not increase the estate’s tax liability. The
What Is a Piecemeal Opinion? A piecemeal opinion is a report issued by an outside auditor expressing a view limited to only specific line items within a company’s financial statements. Auditors provide a piecemeal opinion in a situation where complete information is not available. Accounting standards such as generally accepted accounting principles (GAAP) generally no longer permit the
What Is Personal Finance? Personal finance is a term that covers managing your money as well as saving and investing. It encompasses budgeting, banking, insurance, mortgages, investments, and retirement, tax, and estate planning. The term often refers to the entire industry that provides financial services to individuals and households and advises them about financial and
What Is a Personal Financial Advisor? A personal financial advisor is a professional who provides financial advice and services to clients according to their specific needs. Personal financial advisors have the expertise and experience to deliver solutions tailored to their customers’ needs, avoid costly errors, and mitigate risk, as well as offer a suite of
What Is a Personal Guarantee? The term personal guarantee refers to an individual’s legal promise to repay credit issued to a business for which they serve as an executive or partner. Providing a personal guarantee means that if the business becomes unable to repay the debt, the individual assumes personal responsibility for the balance. Personal
What Is a Personal Identification Number (PIN)? A personal identification number (PIN) is a numerical code used in many electronic financial transactions. Personal identification numbers are usually issued in association with payment cards and may be required to complete a transaction. The purpose of a personal identification number (PIN) is to add additional security to
Personal injury protection (PIP), which is also called “no-fault insurance,” covers medical bills and related costs resulting from an accident, no matter who caused it. What Is Personal Injury Protection (PIP)? Personal injury protection (PIP), also known as “no-fault insurance,” is a component of an automobile insurance plan that covers the healthcare expenses associated with
What Are Interest Rates on Personal Loans? Personal loans are a type of closed-end credit, with set monthly payments over a predetermined period (e.g., three, four, or five years). Interest rates on personal loans are expressed as a percentage of the amount you borrow (principal). The rate quoted is the nominal annual percentage rate (APR)
What Is Personally Identifiable Information (PII)? Personally identifiable information (PII) is information that, when used alone or with other relevant data, can identify an individual. PII may contain direct identifiers (e.g., passport information) that can identify a person uniquely, or quasi-identifiers (e.g., race) that can be combined with other quasi-identifiers (e.g., date of birth) to successfully
What Is the Personal Property Securities Register (PPSR)? Personal Property Securities Register (PPSR) is an online, widely published record of any legal claims to personal property used as loan collateral in Australia. The Registrar of Personal Property Securities, which is part of the Australian Financial Security Authority, oversees the PPSR. As of a law effective
