G-8 Finance Ministers
A meeting of the finance ministers from the eight largest industrial nations: Canada, France, Germany, Great Britain, Italy, Japan, Russia and the United States. These meetings take place once a year or more, and are used to coordinate important economic policies across the major industrial countries.
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Gift Tax
A Federal tax that is owed for gifts that exceed both the annual limit of $10,000 per recipient and the $600,000 lifetime unified credit. Special consideration should be given to Gift Taxes, when setting up a college trust fund.
Gold standard
A monetary system that is based on gold. The basic unit of currency of a nation with a gold standard is given a value to a specified amount of gold.
Goodwill
In accounting, goodwill are benefits such as highly-regarded brand names or logos that give a business an advantage over their competitors to earn profits. During acquisitions, a goodwill value greater than that of the acquired company's liquidation value is considered an intangible asset. Because an intangible asset has no market value or liquidation value, accepted accounting principles require that goodwill need be written off by an acquiring company over a period of time. (Up to 40 years) This is known as amortization.
Grace Period
A period of time included in most loan contracts or insurance policies in which default or cancellations will not occur although a payment is due. When a payment is due such as a credit card bill, a grace period is when an interest charge is not inflicted if the payment arrives during that time. For most banks that service credit cards the grace period is 25 days.
Gross Domestic Product (GDP)
The aggregate value of goods and services produced by a nation. A GDP is comprised of consumer and government purchases, as well as private domestic investments and net exports of goods and services, and is usually considered the main measure of economic output.
Gross Income
The total personal income of an individual before exclusions and deductions.
Gross National Product (GNP)
The value of all goods and services produced in a nation's economy. In contrast to the gross domestic product, a GNP also includes goods and services produced abroad.
Growth
An investment method that looks for companies with above-average current and projected-earnings growth. The idea is to buy stocks with superior earnings growth no matter what their price is. Therefore, growth stocks tend to have very high earnings-growth rates but also very low dividend yields. Growth stocks tend to have less downside protection and more volatility than cheaper companies. They are particularly affected by rising interest rates, that can dampen their rapid earnings growth
Guardian
An individual who has the legal right to care for another person. A parent is usually the guardian for his or her children.