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GLOSSARY
Spec home
A house built before a buyer has been found, but with the assumption that one will be found.
Special assessment
A special assessment is a tax charged to a property and paid by the property owner. Proceeds from the tax are used to pay for specific public improvements that benefit the assessed property. An example of such a benefit might be the replacement of a curb or sidewalk in front of the assessed property.
Special finance
Special finance is the segment of the auto loan industry that serves poor-credit or no-credit borrowers. A special finance loan will be more expensive than a loan to a better qualified borrower, because the risk of default is higher.
Special forbearance
A situation where the lender arranges a revised repayment plan for the borrower that may include a temporary reduction or suspension of monthly loan payments in order to prevent a loss or foreclosure.
Special purchase
Special purchase describes retail goods that were purchased in bulk by the retailer from the manufacturer. The retailer receives a discount from the manufacturer for the size of the order, and passes part of that discount to consumers via lower prices.
Specific-shares method
Specific-shares method is a technique for calculating taxable capital gains on securities trades, for the purposes of minimizing taxable capital gains. Using this method, an investor would designate which shares he'd like to sell among the various identical shares held. For example, say an investor bought 50 shares of Acme Company for $55 each, and later bought 25 shares for $60 each. When the investor is ready to sell 10 shares, he can ask his broker to sell the $60 shares, because they have a higher cost basis. The resulting sale would minimize the investor's capital gain and tax effect.
Speculation home or spec home or built on spec
Speculation home, spec home, and built on spec all refer to a home that is built before a buyer is secured. The developer makes the investment to build the home on the belief that a buyer will be found.
Spending phase
Spending phase refers to the time in one's life after retirement when household cash flow comes from retirement savings, government subsidies, or investment income, rather than wages and salary. Spending may exceed income, because the individual might be traveling, following new interests, or otherwise enjoying his free time.
Spim
Spim is the term for unwanted text messages; spim is the text equivalent of spam.
Spit
Spit is the term for unwanted messages sent via VoIP, or Internet telephony. Spit is the Internet phone equivalent of spam.
Spoofing
Spoofing is a stock market scam that temporarily and erroneously inflates a stock's price. A trader will place a large and anonymous order for a certain stock through an electronic communication network, and then cancel the order just a moment later. The initial trade order causes the stock price to spike, which attracts buyers to that position. As buyers move to purchase the stock, the share price rises. The original trader can then sell his position at an inflated price.
Spousal contributions
Spousal contributions are monies deposited to a spousal IRA. If a single income married couple files a joint tax return, the non-working spouse may be qualified to make tax-deductible contributions to a Spousal IRA. Generally, an individual with no taxable income doesn't qualify for tax-deductible IRA contributions.
Square footage
Square footage is the floor area of a building or room, calculated by multiplying the length in feet by the width in feet.
Standard card
Standard card is a basic credit card that has no perks or added features. The standard card is differentiated from a gold or platinum card.
Standard deduction
Standard deduction is a fixed tax deduction amount, usually based on filing status, that can be taken by individuals who do not itemize. The standard deduction represents a base level of income that doesn't get taxed.