_Gross_--The entire amount in contradistinction to the net amount--as gross weight or gross profit. _Guarantee or Guaranty_--Surety for the maintenance of quality or the performance of contracts. _Honor_--To pay a promissory note when due; to accept or pay a draft. _Hypothecate_--To deposit as collateral security for a loan. _Import_--To bring goods into the country. _Income_--The receipts of a business. _Income Bonds_--Bonds on which the payment of interest is contingent on profits earned. If the interest is passed on account of lack of funds, the holder of the bond has no claim. _Indemnity_--Security against a form of loss which has occurred or may occur--as fire insurance, against loss by fire. _Indorse_--To guarantee the payment of commercial paper by writing one's name on the back. _Indorsee_--The person to whom a paper is indorsed. [Illustration: Lease] _Indorser_--The person who guarantees payment; the one who indorses. _Infringe; Infringement_--To trespass upon another's rights--as infringement of a patent or copyright. _Installment_--An account or note the payment of which is to be made in several parts, at stated intervals. _Insolvent_--Unable to pay one's obligations. _Instant_--Principally used in correspondence to indicate the present month. _Insurance Policy_--A contract between an insurance company and the insured. _Interest_--The sum or premium paid for the use of money; one's share in a business or a particular property. _Inventory_--An itemized schedule of the property or goods belonging to a business. _Investment_--Money paid for goods or property to be held; not for speculation. _Invoice_--A list of goods bought or sold. See Bill. _Jobber_--One who buys from manufacturers and sells to retailers; a middleman. _Job Lot_--An incomplete assortment of goods to be disposed of in a lump. Usually indicates small portions or remnants of a stock, the bulk of which has been sold. _Joint Stock_--Property owned in common by several individuals known as stockholders. _Leakage_--An allowance for waste of liquids in transit; refers particularly to liquids shipped in casks. _Lease_--A written agreement covering the use of property during a specified period, at a stated rental. _Legal Tender_--The lawful amount to be offered in payment of an obligation. Bank notes or other currency which passes for money. _Lessee_--One who receives a lease. The _lessor_ makes it. _Letter of Advice_--A letter giving notice of some act in which the one receiving the advice has an interest--as making a shipment, notice of draft, etc. _Letter of Credit_--A letter which authorizes the receiving, by the holder, of credit to a stated amount. Principally used by travelers to secure credit from foreign bankers. _Liabilities_--The obligations or debts of a firm, corporation, or individual. _License_--Permission, usually granted by a municipality, to conduct a specified business.