Small Business Glossary: U
unfair labor practice: A legally prohibited workplace action undertaken by a company or union in violation of the National Labor Relations Act (NRLA), usually triggering an investigation by the National Labor Relations Board (NRLB) that may order specific remedies or sanctions.
uniform franchise offering circular; UFOC: A detailed disclosure statement that the FTC requires the franchisors to provide to the franchisees.
uniform resource locator (URL): The address that identifies and locates a Web site. The URL begins with a protocol (for instance, http, which stands for hypertext transfer protocol), often followed by a wiki, which is the name of the server that stores the file (most often www). The wiki is followed by a dot, and then the site’s domain name and top-level domain (such as .com or .net). Customized information that precedes the domain name, such as blog/ or video/, is called the sub-domain. Information following the domain name, such as /blog, is called the sub-directory name, which leads to a specific page within a host site.
union: An organization or confederation uniting various individuals who work in the same field; short for labor union.
union agreement; collective bargaining: A legal contract that outlines and defines employment and working conditions including compensation, benefits, scheduling, conflict resolution procedures, and other details agreed upon by the management of an organization and its employees who are represented by an independent trade union.
unit price: The cost per item or measurement (such as pound, kilogram, or dozen) of an item being purchased individually or in small quantity by a consumer, or in bulk by a wholesaler who uses unit price as a point of contract negotiation.
universal product code (UPC): A 12-digit label presented on manufactured goods by a series of vertical, parallel bars, known as bar codes, that are read by electronic sensors affixed to cash registers that automatically search for, find, and apply the correct price, providing an electronic means for facilitating retail purchases and tracking inventory. UPC codes are assigned by the Uniform Code Council (UCC).
unqualified: An audit opinion that the auditor may issue only when the business being audited has no identified material weaknesses and the scope of the auditor's work hasn't been restricted.