Term of the Day fraud Act or course of deception, an intentional concealment, omission, or perversion of truth, to (1) gain unlawful or unfair advantage, (2) induce another to part with some valuable item or surrender a legal right, or (3) inflictinjury in some manner. Willful fraud is a criminal offense which calls forsevere penalties, and its prosecution and punishment (like that of a murder) is not bound by the statute of limitations. However incompetence ornegligence in managing a business or even a reckless waste of firm's assets(by speculating on the stockmarket, for example) does not normally constitute a fraud. In such cases, the aggrieved party (creditors or stockholders/shareholders) must prove that at some point they were intentionally deceived on ... Learn more about this term Usage Example I immediately called my bank to report fraud after I noticed purchases on my credit card statement that I did not make.

Friday Quiz Challenge Test your knowledge of this week's terms Question: The total income before subtracting out any costs or expenses. Choose the Right Answer: (A) leverage (B) revenue (C) debit (D) bid