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LINK / CITE ADD TO WORD LIST. noun. The definition of a notion is an idea, belief or vague knowledge of something. 1  An example of a notion is when you have an idea of what acceptable behavior is. 2  An example of a notion is when you sort of remember hearing about a particular fact.INK / CITE ADD TO WORD LIST. noun. The definition of a notion is an idea, belief or vague knowledge of something. 1  An example of a notion is when you have an idea of what acceptable behavior is. 2  An example of a notion is when you sort of remember hearing about a particular fact.
Also known as a notional value or a notional principal amount, a notional amount is the face value of a financial instrument. The amount is important, as it is necessary to accurately calculate any payments that must be made on that instrument. It is referred to as being notional because this amount does not actually change hands.