Naked optionWhen you write, or sell, a call option but don't own the underlying instrument, such as a stock in the case of an equity option, the option is described…
Named perils policyA named perils policy is a standard homeowners insurance policy that offers limited protection for damage from fire and theft and other hazards specified…
NASDNASD is the largest self-regulatory organization (SRO) in the United States. Formerly known as the National Association of Securities Dealers, NASD…
NASDAQNASDAQ is the world's oldest electronic stock market and the largest stock exchange in the United States.
NASDAQ Composite IndexThe NASDAQ Composite index tracks the prices of all of the securities traded on the NASDAQ Stock Market.
NASDAQ Stock MarketThe NASDAQ Stock Market is the world's oldest and largest electronic stock market and is now a national securities exchange and an independent…
National BankA bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S.
National debtThe total value of all outstanding Treasury bills, notes, and bonds that the federal government owes investors is referred to as the national debt.
National Flood Insurance Program (NFIP)The program of flood insurance coverage and floodplain management administered under the Flood Disaster Protection Act (FDPA or Act) and applicable…
National Market System (NMS)The National Market System (NMS) links all the major stock markets in the United States and was developed to foster competition among them.
Negative amortizationWhen your loan principal increases rather than decreases because your monthly payment isn't enough to cover the loan interest, that's called negative…
Negative Equitythe condition of owing more on the property than the property is worth.
Negative yield curveA negative, or inverted, yield curve results when the interest rate on short-term US Treasury issues is higher than the rate on on long-term Treasury…
NegotiableA negotiable contract is one whose terms can be altered by agreement between the parties to the contract.
Negotiable-order-of-withdrawal accountA negotiable-order-of-withdrawal (NOW) account is an interest-bearing checking account that pays interest on the balance, usually at a rate comparable to…
Net asset value (NAV)The NAV is the dollar value of one share of a fund. It's calculated by totaling the value of all the fund's holdings plus money waiting investment…
Net changeThe difference between the closing price of a stock, bond, or mutual fund, or the last price of a commodity contract, and the closing price on the…
Net marginA company's net margin, typically expressed as a percentage, is its net profit divided by its net sales.
Net WorthA corporation's net worth is the retained earnings, or the amount left after dividends are paid, plus the money in its capital accounts, minus all of its…
NettingNetting is a process the National Securities Clearing Corporation (NSCC) uses to streamline securities transactions.
New Entrant OGE Form 450You are a new entrant if you did not file an OGE Form 450 or an OGE Form 450-A last year.
New Entrant SF 278A new entrant filer is a Federal government employee who is required to file an SF 278 when he or she first assumes a position that requires the employee…
New IssueWhen a stock or bond is offered for sale for the first time, it's considered a new issue.
New York Stock Exchange (NYSE)The New York Stock Exchange (NYSE) is one of the two securities exchanges operated by the NYSE Group, Inc.
New York Stock Exchange Composite IndexThis New York Stock Exchange Composite Index measures the performance of the common stocks listed on the NYSE, including those of companies headquartered…
Nikkei Stock AverageThe Nikkei Stock Average, sometimes call the Nikkei Index or simply the Nikkei, is a price-weighted index of 225 blue chip stocks traded on the Tokyo…
No-load mutual fundYou buy a no-load mutual fund directly from the investment company that sponsors the fund.
Nominal yieldNominal yield is the annual income that you receive from a bond or other fixed-income security divided by the par value of the security.
Nominee nameNominee name is the name that a brokerage firm uses to register ownership of stocks or bonds it holds for investors.
Non-MemberA non-member is an employee of a public or governmental entity that participates in one of the South Carolina Retirement Systems’ plans, but either…
Nonbank banksNonbank banks, also called limited-service banks, offer some but not all of the services of a traditional commercial bank.
NoncallableWhen a bond is noncallable, the issuer cannot redeem it before the stated maturity date.
Noncompetitive bidInvestors who can't or don't wish to meet the minimum purchase requirements for competitive bidding on Treasury bills or notes may enter a noncompetitive…
Nondepository InstitutionFor-profit mortgage lending institutions (other than banks, savings associations, and credit unions). These institutions do not take deposits.
Nondiscrimination ruleAll qualified retirement plans, including 401(k) plans, must follow nondiscrimination rules.
Nonforfeiture clauseIf there is a nonforfeiture clause in your insurance policy contract, and you have let the policy lapse because you haven't paid a premium that's due, you…
NonprofitCharitable, cultural, and educational organizations that exist for reasons other than providing a profit for its owners, directors, or members are…
Nonqualified annuityAn annuity you buy on your own, rather than through a qualified employer sponsored retirement plan or individual retirement arrangement, is a nonqualified…
nonrefundable creditWhen the amount of a credit is greater than the tax owed, taxpayers can only reduce their tax to zero; they cannot receive a "refund" for any excess…
Nonsystematic riskNonsystematic risk results from unpredictable factors, such as poor management decisions, successful competitive products, or suddenly obsolete…
Not-for-profitA not-for-profit organization pays taxes and may make a profit, but those profits are not distributed to its owners or members.
NoteA note is a debt security that promises to pay interest during the term that the issuer has use of the money, and to repay the principal on or before the…
nullificationA state's refusal to recognize or obey a federal law.
NYSE ArcaNYSE Arca, one of the two securities exchanges operated by the NYSE Group, Inc., is the first open, all-electronic stock exchange in the United States.