Pro Rata

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In proportion to. Refers to the division of costs, profits, income, etc., depending on the size of each persons share in the whole amount.

Probation

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A trial period during which an individual’s suitability for a job or membership to a club, etc., is tested.

Proctor

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Someone who supervises students, etc., taking exams to prevent cheating. Also a person or agent employed to manage the affairs of another person.

Product

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The result of a manufacturing or natural process (such as food) which is offered for sale to the general public, usually by a retailer.

Product Liability

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Area of the law in which a manufacturer or retailer is legally responsible for any damage or injury caused by a defective product.

Product Placement

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Also called Embedded Marketing. A type of advertising where a company pays a fee to have one or more of its products used as props in a film or television show.