ExpertGlossary

When you go long, you buy a security or other financial product that you intend to hold for a period of time or one that you expect to increase in value so that you can sell it at a profit.

Going long is the opposite of going short, which means you sell an investment, usually because you expect it to decline in value in the near future.

If you're buying and selling options or futures contracts, you go long when you enter a contract to buy and you go short when you enter a contract to sell.

If you want to buy or sell a security at a specific price, you can ask your broker to issue a good 'til canceled (GTC) order. When the security reaches the price you've indicated, the trade will be executed.

This order stays in effect until it is filled, you cancel it, or the brokerage firm's time limit on GTC orders expires.

A GTC, also called an open order, is the opposite of a day order, which is automatically canceled at the end of the trading day if it isn't filled.

In addition, some firms offer good through month (GTM) or good through week (GTW) orders.

A good faith deposit is a sum of money provided by a buyer to a seller, which demonstrates the buyer's intention to purchase.

For instance, if you've decided on a home you want to buy, you generally make a good faith deposit to support your bid.

A good faith deposit, also called a binder or earnest money, is usually a fixed amount that's standard in the community where you're buying. It's different from a down payment. That's a larger cash payment, figured as a percentage of the purchase price, which you make when you sign the contract to purchase the property.

If you and the seller can't agree on the terms of the sale, you generally get your good faith deposit back.

A good faith estimate is a written summary provided by your mortgage lender. It shows the amount you can expect to pay at your real estate closing to cover all the fees and expenses that are part of arranging your mortgage loan.

It includes, among other things, the title search and title insurance, lawyers' fees, transfer taxes, and filing fees. The total amount of a good faith estimate is in addition to the down payment you will make.

goods are products.

In the context of service marks, a service (1) must be a real activity; (2) must be performed to the order of, or for the benefit of, someone other than the applicant; and (3) the activity performed must be qualitatively different from anything necessarily done in connection with the sale of the applicant's goods or the performance of another service.

-- see TMEP 1301.01 "What is a service?" for more information on services

-- see classification of goods and services for more

When the term good will is used in connection with evaluating a company, it covers the intangible value of its reputation, its satisfied clients, and its productive work force. Those factors are all considered evidence of the corporation's potential to produce strong earnings.

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