A | | |
| | | |
| accelerated
depreciation | | A
depreciation method that allows faster write-offs than the straight-line method.
Accelerated depreciation methods are often used to write off equipment that may
become obsolete before the end of its useful life (e.g., computers).
Source:
IWC |
| | | |
| | | |
| acceptance | |
The agreement by one or all parties to the terms of an offer.
Source:
LLL |
| | | |
| | | |
| accountant | | A
person skilled in the practice of accounting or who is in charge of public or
private accounts. An accountant is responsible for reporting financial results
in accordance with government and regulatory authority rules. Both state and national
organizations carry responsibility for the certification of accountants.
Source:
IWC |
| | | |
| | | |
| accrual
accounting | | The
accounting method in which income is reported (added into spreadsheets, etc.)
when earned and expenses reported when incurred. Accrual accounting methods are
required for certain kinds of corporations.
Source:
IWC |
| | | |
| | | |
| action
plan, action program | | A detailed plan showing how major marketing tasks will be managed
and implemented, who will do them, and when.
Source:
MU |
| | | |
| | | |
| advertising | |
The activities associated with attracting public attention to a business, through
the use of paid announcements in print or broadcast media, with the ultimate goal
of sales or increased sales.
Source:
Answers.com |
| | | |
| | | |
| advertising
copy | | The
content and context of a message contained in an advertisement. |
| | | |
| | | |
| advertising
objectives | |
Specific aims or intentions of an advertisement (for example, to inform, to persuade,
to remind).
Source:
MU |
| | | |
| | | |
| agent | | An
individual or firm authorized to act on behalf of another. Unlike a dealer, the
agent does not assume any financial risk in the transaction.
Source:
IWC |
| | | |
| | | |
| arbitration | | A
form of dispute resolution where an unbiased person or panel renders an opinion
as to responsibility for or extent of a loss. The decision of the judge(s) is
considered final and binding. Arbitration is an alternative to a lawsuit or mediation.
Source:
EINS |
| | | |
| | | |
| assets | | Ttangible
or intangible resources that are owned or controlled by a business, and which
have a monetary value.
Source: CMP |
| | | |
| | | |
| audience
quality | |
Measure of the kind and quality of the target consumers likely to be exposed to
the advertisement.
Source:
MU |
| | | |
| | | |
B | | |
| | | |
| bailee | |
Someone who accepts sole possession or control over personal property with an
agreement to return it to the owner or legal guardian.
Source:
CON |
| | | |
| | | |
| bailees
customers coverage | |
An insurance policy that covers loss or negligence for a bailee, whether or not
negligence is involved.
Source: CON |
| | | |
| | | |
| bailment | |
The legal relationship created in the act of exchanging control between bailor
and bailee. |
| | | |
| | | |
| bid | |
The submission of an offer to supply or purchase goods or services, usually in
the form of a contract. |
| | | |
| | | |
| binding | |
The term used to indicate that something (e.g., a contract) is subject to an obligation.
Source: LLL |
| | | |
| | | |
| bookkeeper | | The
person who keeps systematic (daily or short-term) records of income and expense
for an individual or firm. There are professional organizations for bookkeepers,
but practice, as a rule, does not require certification. |
| | | |
| | | |
| bond | |
A promise or guarantee to pay a set sum on the occurrence of a certain event.
This definition of the term can be applied to many situations, including the use
of a bond as a short-term insurance policy--a guarantee against non-performance.
When someone or aninstitution (usually an insurance agency) issues a bond on your
behalf, you are said to be bonded.
Source:
ULF,
LLT |
| | | |
| | | |
| brainstorming | |
An idea-generating process that emphasizes open communication techniques. Evaluation
takes place after all ideas have been expressed.
Source:
MU |
| | | |
| | | |
| brand | |
A name, sign, symbol, or design, or some combination of these, used to identify
a product and to differentiate it from competitors' products.
Source:
MU |
| | | |
| | | |
| breach
| |
The violation of an obligation or duty.
Source:
LLL |
| | | |
| | | |
| broker | | An
individual or firm that acts as an intermediary between two parties (e.g., buyer
and seller). Brokers usually charge a commission for their services.
Source:
IWC |
| | | |
| | | |
| business
| | Any
continuous and regular activity that has income or profit as its primary purpose.
Source: IRS |
| | | |
| | | |
| business
objectives | | Specific,
realistic, and measurable goals that an organization plans to achieve within a
given period of time.
Source:
MU |
| | | |
| | | |
| business
manager | | The
individual or firm (or, occasionally, computer software program) that oversees
certain standard activities of a business. These activities
may include bookkeeping, time management, secretarial, and other duties. |
| | | |
| | | |
| business
failure | | A
business is said to fail when its closure causes a loss
to at least one creditor. |
| | | |
| | | |
C | | |
| | | |
| call | |
A visit to a client or prospective buyer by a sales representative to gather information,
make a sales presentation, secure an order, etc.
Source:
MU |
| | | |
| | | |
| capitalization | | Capitalization
is the market price of an entire company. It is calculated as the sum of debt,
stock, and earnings.
Source: IWC |
| | | |
| | | |
| cash
accounting | | The
accounting system in which revenue and expenses are recognized (added into spreadsheets,
etc.) when they are received and paid, respectively.
Source:
CMP |
| | | |
| | | |
| cash
flow statement | | An
accounting presentation that indicates the amount of cash retained by a business
after expenses are paid. It is common to calculate cash flow on a monthly basis,
but these statements can be calculated for any period. |
| | | |
| | | |
| client | |
The party (a person or institution) for which professional services are rendered.
Source:
Answers.com |
| | | |
| | | |
| client
base | |
The pool of potenital clients for a business, service or practice. For a specific
business, "client base" can also refer to those clients who consistently
provide repeat business. |
| | |
|
| | | |
| cold
calling | |
Making a sales call on a client without an appointment.
Source:
MU |
| | | |
| | | |
| common
law | |
Laws that derive their force or authority from universal consent or a long-standing
practice of the people. |
| | | |
| | | |
| competitive
analysis | |
The assessment of the strengths and weaknesses of competing firms.
Source:
MU |
| | | |
| | | |
| competitive
strategy | |
The combination of activities undertaken to attract clients, withstand competitive
pressures, or strengthen a firm's market position.
Source:
CSU |
| | | |
| | | |
| confidentiality | |
Prevention of disclosure, to other than authorized individuals, of proprietary
information or a subject's identity. |
| | | |
| | | |
| consideration | |
The inducement, price, or motivation that causes a party to enter into a contract.
Source: LLL |
| | | |
| | | |
| consultant | | Someone
brought into a firm or job for a limited time to solve one or more specific problems.
This can be accomplished under a contract for a specific problem or on a longer-term
contract for ongoing needs.
Source:
SBNC |
| | | |
| | | |
| contract
| | An
agreement made between two or more parties in which an offer is made and accepted
and each party benefits. A contract produces a mutually binding legal relationship
in which one party or parties must furnish goods or services and another party
or parties must pay for them.
Sources:
SBA,
LLL |
| | | |
| | | |
| contract
employee | | A
contract employee works for an agency that contracts out their work to various
employers. The agency usually handles the administrative paperwork of employment
such as Worker's Compensation insurance and taxes.
Source:
SBNC |
| | | |
| | | |
| contractor
| |
A person or entity who, as part of an independent business, becomes obligated
to provide goods and/or services for a price.
Source:
LLL |
| | | |
| | | |
| corporation | | Aan
association (or individual) granted a state charter legally recognizing it as
a separate entity with rights, privileges, and liabilities distinct from those
of its members. It can sue and be sued by others, enter into contracts, commit
crimes, and be punished. A corporation survives even after the death of any or
all its stockholders.
Source: SBA |
| | | |
| | | |
| cost-benefit
analysis | | A
technique to determine the feasibility of a project or plan by quantifying its
costs and benefits.
Source: IWC |
| | | |
| | | |
D | | |
| | | |
| damages | |
Loss caused by one person to another, or to the property of another, either deliberately
or by accident. |
| | | |
| | | |
Data
Universal Numbering System
(D-U-N-S) | | Aa
standard system to identify and record information about businesses used internationally.
Owned and administered by Dun and Bradstreet (D&B), a D-U-N-S
Number is a nine-digit identification sequence.
Source:
SBA |
| | | |
| | | |
| demand | |
A measure of those in a market who wish to buy a product and can afford to do
so.
Source:
MU |
| | | |
| | | |
| depreciation | | Depreciation
is an accounting method that accommodates the changing value of a fixed asset
over time. Depreciation systems assume that capital equipment has a limited useful
life and that this can be expressed as usage over time. Depreciation may be accelerated
or straight-line. Annual depreciation is figured by subtracting the salvage value
of the item from its purchase price, and then dividing this number by the asset's
estimated years or months of useful life. |
| | | |
| | | |
| disability
insurance | |
A type of insurance that provides payments if illness, disease, or bodily injury
prevents the insured from working.
Source:
CON |
| | | |
| | | |
| disaster | | A
natural or human-caused occurrence causing vast destruction and distress.
Source:
SBA |
| | | |
| | | |
| disclaimer | |
A statement of abandonment--for example a statement of the conditions under which
a contract is not valid.
Source: LLL |
| | | |
| | | |
| due
diligence | |
The process of gathering information on condition, legal status, etc., about an
asset, object, or person; research. |
| | | |
E | | |
| | | |
| economic
forecast | | A
prediction of the likely impact on the business environment of factors such as
inflation, interest rates, unemployment, government and consumer spending, etc.
Source:
MU |
| | | |
| | | |
| entrepreneur | | Someone
who starts and controls her or his own business, and who assumes some financial
risk in its initiation, operation, and management.
Source:
SBA |
| | | |
| | | |
| equity | | An
accounting term that describes the net investment of owners or stockholders in
a business. Equity is also the sum of assets and liabilities of a firm.
Source:
SBA |
| | | |
| | | |
| equity
partnership | | A
limited partnership arrangement for providing start-up and seed capital to businesses.
Source: SBA |
| | | |
| | | |
| excess
liability | |
Insurance coverage that is written in excess of the primary insurance.
Source:
RUPP |
| | | |
| | | |
| exchange
of value | |
A transaction where something of value (e.g., goods or services) is exchanged
for something of equal value (e.g., cash, or other goods or services). |
| | | |
| | | |
| expenses | | The
outflows of resources of a firm that result from efforts made by the firm to earn
revenues.
Source: CMP |
| | | |
| | | |
F | | |
| | | |
| fair
market value | | Fair
market value is the price for goods, services, or property agreed upon by a willing
buyer and a willing seller, both of whom have the same information about the article
for sale.
Source: SBA |
| | | |
| | | |
| firm
offer rule | |
The acknowledgment, enforced by the UCC, that a contract is
revokable until it is signed. |
| | | |
| | | |
| fixed
cost | | A
cost that does not vary depending on production or sales levels, such as rent,
property tax, insurance, or interest expense. See also overhead. |
| | | |
| | | |
| floater
| |
An attachment to a homeowner's policy that insures such movable property as jewelry
or musical instruments.
Source:
III |
| | | |
| | | |
| force
majeure | |
Literally, "greater force." Unforseen events beyond the control of all
parties in a contract. These may include acts of God, war, or failure of third
parties to perform their obligations.
Source:
YALE |
| | | |
| | | |
| freelancer | | Someone
who pursues a profession under no long-term contractual commitments to any one
employer or company. They are on their own to find work, negotiate the terms and
compensation for that work, and deliver the work to the satisfaction of the paying
client.
Source: SBNC |
| | | |
| | | |
G | | |
| | | |
| goods | |
Any type of commodity or item involved in trade, excluding services.
Source:
LLL |
| | | |
| | | |
| goodwill | | An
intangible asset of a business. It relates to a favorable relationship with customers
and excess earning power.
Source: SBA |
| | | |
| | | |
| gross
profit | | The
amount left when selling costs and operating expenses are deducted from total
revenue; also called gross margin.
Source:
MU |
| | | |
| | | |
| gross
revenue | | The
sum of total revenue minus any deductions generated by a firm. |
| | | |
| | | |
| growth
strategies | |
The means by which an organization plans to achieve its objective to grow in volume
and turnover. Four broad growth strategies are available--market penetration,
product development, market development, and diversification.
Source:
MU |
| | | |
| | | |
| guarantee | |
To give a surety or assume responsibility. |
| | | |
H | | |
| | | |
| health
plan | |
Any one of several types of insurance that cover physician visits, hospital services,
medical tests, and other costs incurred in medical care.
Source:
CON |
| | | |
| | | |
| home
business | | A
company for which the primary office is in the owner's home.
Source:
SBNC |
| | | |
| | | |
I | | |
| | | |
| inception
payment | | A
payment made by a contractor (client) to a contractee (conservator), usually at
the contract signing. An inception payment may be a percentage of the total estimate
or fee, or it may be a set amount. |
| | | |
| | | |
| indemnify | |
To provide financial compensation for losses.
Source:
III |
| | | |
| | | |
| informational
label | |
A label that carries information, including use instructions, precautions, and
warnings.
Source:
MU |
| | | |
| | | |
| informative
advertising | |
Advertising intended to inform rather than to persuade or remind.
Source:
MU |
| | | |
| | | |
| income
statement | | The
accounting report that shows all the revenues and expenses of the firm for a stated
period of time. The result indicates the net income or net loss within that period.
Source:
SBA |
| | | |
| | | |
| independent
contractor | | An
an individual who works for herself or himself and who controls or directs both
the means and the result of his or her work.
Source:
SBNC |
| | | |
| | | |
| independent
professional | | Someone
with an advanced academic degree or specialized training or experience who works
as an independent contractor.
Source:
SBNC |
| | | |
| | | |
| insurance
agent | |
A representative of one or, if independent, several insurance companies.
Source:
III |
| | | |
| | | |
| insurance
broker | |
A person who sources insurance contracts on behalf of their customers. |
| | | |
| | | |
| insurance
company | |
A firm that provides insurance. |
| | | |
| | | |
| insurance
lines | |
The different types of insurance offered by an insurance company, its agent, or
a broker. |
| | | |
| | | |
| inventory | | Merchandise
that is purchased and/or produced and stored for eventual sale.
Source:
SBA |
| | | |
| | | |
J | | |
K | | |
L | | |
| | | |
| legal
competence | |
A requirement for participation in signing a contract usually based on consideration,
awareness, and the ability to express oneself. |
| | | |
| | | |
| Letter
of Agreement (LOA) | |
A contract, or preliminary contract, sent out as a letter, with a place for a
countersignature by the recipient. |
| | | |
| | | |
| liability | | 1.
Any legal responsibility, duty or obligation. 2. The amount or amounts that the
firm owes to others due to past transactions or events. Liabilities have a first
claim on any assets. |
| | | |
| | | |
| liability
coverage | |
Insurance designed to compensate for bodily injury or property damage caused to
another person. |
| | | |
| | | |
| life
insurance | |
A policy whereby the insurance company pays a stated amount of money upon the
death of the insured to the person(s) identified as beneficiaries.
Source:
CON |
| | | |
| | | |
| limit | |
The maximum amount that can be claimed against an insurance policy.
Source:
III |
| | | |
| | | |
| Limited
Liability Company (LLC) | | A
type of company in which owners and managers receive the limited liability of
a corporation and the tax benefits and operational flexibilities of a partnership.
|
| | | |
| | | |
| Limited
Liability Partnership (LLP) | | Another
name for a limited liability company, often used by professional associations.
The partner or investor's liability is limited to the amount he/she has invested
in the company. |
| | | |
| | | |
| Limited
Partnership (LP) | | A
business arrangement whereby the operation is administered by one or more general
partners and funded by limited or silent partners who are legally responsible
for losses based only on the amount of their investment. A business formation
that includes at least one general partner and one or more limited partners. Limited
partners also enjoy rights to the partnership's cash flow, but are not liable
for company obligations. |
| | | |
| | | |
| logo | |
A distinctive mark, sign, or symbol, or a graphic version of a company's name,
used to identify and promote its product.
Source:
MU |
| | | |
| | | |
| long-term | | A
period of one year or more.
Source: SBA |
| | | |
| | | |
M | | |
| | | |
| major
equipment | |
Long-lived business assets that must be depreciated over time; capital items.
Source:
MU |
| | | |
| | | |
| market | | All
the buyers and potential buyers of a product who profess some level of interest
in it and who can afford it.
Source:
MU |
| | | |
| | | |
| market
forecast | |
The anticipated sales for a market as a whole during a given period, taking into
account prevailing environmental circumstances. |
| | | |
| | | |
| market
growth rate | |
The rate, commonly expressed as a percentage per annum, at which a market is increasing
in size.
Source:
MU |
| | | |
| | | |
| market
position | |
The strategic area occupied by a business or practice among all other businesses
or practices offering the same services. |
| | | |
| | | |
| market
value | | The
price a willing buyer will pay for goods, services, a property, or a business.
Source: SBA |
| | | |
| | | |
| marketing | | The
systematic planning, implementation and control of a mix of business activities
intended to bring together buyers and sellers for the mutually advantageous exchange
or transfer of products.
Source:
MU |
| | | |
| | | |
| marketing
effectiveness | | The
degree to which the objectives of a marketing strategy have been achieved; the
effectiveness is commonly gauged by measuring the effect on sales, brand awareness,
brand preference, etc.
Source:
MU |
| | | |
| | | |
| marketing
objectives | |
Specific, measurable aims or expected outcomes of marketing activity to be achieved
in a given period.
Source:
MU |
| | | |
| | | |
| marketing
plan | |
A detailed, written account and timetable of a firm's objectives and ethods to
be used to achieve its marketing goals.
Source:
MU |
| | | |
| | | |
| marketing
program | |
The combination of all the marketing plans of an organization.
Source:
MU |
| | | |
| | | |
| marketing
research | |
A formal, planned approach to the collection, analysis, interpretation and reporting
of information required for marketing decision-making.
Source:
MU |
| | | |
| | | |
| marketing
strategy | |
An integrated plan for the use of marketing techniques to attract or retain business.
A marketing strategy includes goals, activities and projected outcomes. |
| | | |
| | | |
| materials
(or supplies) | | The
portion of a business inventory that are consumed as the work of the business
is performed. |
| | | |
| | | |
| Materials
Safety Data Sheet (MSDS) | | A
description, issued by a manufacturer or supplier, of the occupational hazards
of chemicals or materials. It contains information such as physical data, toxicity,
health effects, first aid, reactivity, storage, disposal, protective equipment,
and spill/leak procedures.
Source:
ILPI |
| | | |
| | | |
| mediation | | A
dispute-resolution process in which a neutral person works with all parties to
a contract to resolve contract differences. Mediation is an alternative to a lawsuit
or arbitration.
Source:
BOI |
| | | |
| | | |
| Memorandum
of Understanding (MOA) | |
An agreement that defines a plan and the roles of parties within it. |
| | | |
| | | |
| merchant | |
One whose business it is to buy and sell merchandise.
Source:
LLL |
| | | |
| | | |
| mission
statement | |
An answer to the question "What business are we in?" or "What do
we do?" The mission statement, with a broad focus and a customer orientation,
gives a sense of purpose.
Source:
MU |
| | | |
| | | |
N | | |
| | | |
| need-directed
consumers | |
One of three broad groups of consumers (with outer-directed consumers and inner-directed
consumers) identified in the Stanford Research Institute's survey of American
lifestyles. Need-directed consumers, representing about 10 per cent of consumers
in the United States, are motivated by need rather than by choice.
Source:
MU |
| | | |
| | | |
| net
income | | The
amount of income or loss that results when all expenses are subtracted from revenues.
If the result is positive, net income is profit. |
| | | |
| | | |
| net
worth | | The
number that results when total liabilities are subtracted from total assets. A
business may have a negative net worth if it has more liabilities than assets.
Source: SBA |
| | | |
| | | |
| networking | |
Establishing an informal set of contacts among people with common social and business
interests as a source of prospects, for the exchange of information, and for support.
Source:
MU |
| | | |
| | | |
| not-for-profit
(non-profit, nfp) | | A
business corporation with stated charitable, humanitarian, or educational purposes
that is exempt from some taxes and in which no one benefits from financial profits
or losses. |
| | | |
| | | |
O | | |
| | | |
| Occupational
Safety & Health Administration (OSHA) | | The
government agency charged with ensuring safe and healthful working conditions
for all workers. OSHA authorizes enforcement of standards developed under the
Occupational Safety and Health Act and supports research, information, education,
and training in occupational safety and health.
Source:
SBA |
| | | |
| | | |
| offer | |
A proposition or proposal to enter into certain arrangements.
Source:
LLL |
| | | |
| | | |
| office
manager | | The
person who oversees resources and expenditures and insures that business functions
of a private practice run smoothly. Duties will depend on the practice; they may
include overseeing workflow, client contact, ordering, bookkeeping, or secretarial
work. |
| | | |
| | | |
| oral
agreement | |
A contract for which there is no written documentation. |
| | | |
| | | |
| overhead | | Expenses
such as rent, utilities, and insurance that must be paid whether or not the firm
has produced revenues. See also fixed cost. |
| | | |
| | | |
P | | |
| | | |
| Pareto's
Principle | | The
idea or notion in business, commonly known as "the 80:20 rule" that
says that 80 percent of the revenue comes from 20 percent of the products, that
80 percent of the sales volume is derived from 20 percent of the customer accounts,
etc. named after Vilfredo Pareto, the nineteenth-century economist and sociologist.
Source:
MU |
| | | |
| | | |
| partnership | | A
legal relationship between two or more persons contractually associated as joint
principals in a business.
Source: SBA |
| | | |
| | | |
| party
(or parties) | |
The person(s) entering into a contract or making a claim.
Source:
LLL |
| | | |
| | | |
| per
capita income | |
Average income per person in a population.
Source:
MU |
| | | |
| | | |
| performance | |
The fulfillment or accomplishment of a promise, contract, or obligation.
Source:
LLL |
| | | |
| | | |
| persuasive
advertising | |
Advertising intended to persuade (rather than to inform or remind).
Source:
MU |
| | | |
| | | |
| petty
cash | | A
small fund maintained by a business to cover incidental expenses.
Source:
SBA |
| | | |
| | | |
| positioning | |
The outcome of efforts to control public perception of a product or service. Marketing
efforts, for example are always directed to improve the positioning, or increase
the visibility and perception of quality, of the good or service being marketed.
Source:
BB |
| | | |
| | | |
| potential
market | |
All the individuals and organizations in a particular market that have some level
of interest in the product.
Source:
MU |
| | | |
| | | |
| precautionary
balances | | Cash
held for emergencies or unexpected outflows of funds. Also known as "contingency
fund."
Source: SBA |
| | | |
| | | |
| prestige
pricing | |
A pricing strategy in which prices are set at a high level, recognizing that lower
prices will inhibit sales rather than encourage them and that buyers will associate
a high price for the product with superior quality.
Source:
MU |
| | | |
| | | |
| primary
research | | The
gathering and evaluation of data relating to questions as they apply to a specific
business, service, or profession. |
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| profit
| | The
revenue that remains at the end of a given period when total liabilities are subtracted
from total assets. |
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| profit-loss
statement | | An
accounting statement showing income, expenditure, and profit over a given period.
Source:
MU |
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| projected
income statement | | A
quantitative estimate of future economic or financial performance. |
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| promotion
| | One
of the four controllable variables (with product, price, and place) of the marketing
mix.
Source:
MU |
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| property
coverage | |
Insurance for damage to or loss of policyholders' property and legal liability
for damages caused to other people or their property.
Source:
III |
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| public
relations | |
Promotional activities designed to increase public awareness and improve public
perceptions of an individual, a business, or a service. |
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| publicity | |
Information about an individual, business, event or activity intended to attract
public notice through the use of broadcast and narrowcast media. |
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Q | | |
| | | |
| qualitative
marketing research | |
Marketing research that is not generally quantifiable; research that seeks insights
into a marketing situation but does not require statistical accuracy. Qualitative
research techniques include focus groups, depth interviews, and projection techniques
such as free associations, psychodrawing, and psychodrama. See Quantitative
Marketing Research.
Source:
MU |
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| quantitative
marketing research | |
Marketing research that can be quantified; the collection of data that can be
expressed in numerical terms.
Source:
MU |
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R | | |
| | | |
| Request
for Proposal (RFP) | | A
solicitation issued by the government or another agency to prospective offerers.
An RFP usually describes what the task or tasks will require and how the offerers
will be evaluated.
Source: SBA |
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| reinsurance | |
Insurance bought by insurers to limit their own risk.
Source:
III |
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| Return
on Investment (ROI) | |
A measure of a firm's profitability in which profits are expressed as a percentage
of investment.
Source:
MU |
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| revenue | | The
amount of inflows from the sale of goods or rendering of services during an accounting
period. |
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| rider | |
An attachment to an insurance policy that alters the policy's coverage or terms.
Source: III |
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| risk
mitigation (risk management) | | All
the efforts to reduce business liability of any kind (financial, legal, occupational,
etc.) to an acceptable level.
Source:
OPF |
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S | | |
| | | |
| S
Corporation | | A
special form of incorporation that can draw on many of the benefits of a corporation
but pays taxes as a partnership. See also Limited Liability Company. |
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| | | |
| schedule | |
A list of individual items or groups of items that are covered under one policy
or a listing of specific benefits, charges, credits, assets, or other defined
items.
Source:
III |
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| | | |
| secondary
research | |
Research based on reviews of literature, articles, websites, and the research
published by other people (or entities). In general, secondary research is used
to answer general questions about the business environment in a region or community. |
| | | |
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| self-employed
| | A
person is self-employed if she or he owns or runs a trade or business rather than
working as an employee for someone else. |
| | | |
| | | |
| self-employment
tax | | A
federal tax on individual income that is similar to Social Security and Medicare
taxes. Currently 15.3 percent of self-employment profit, the self-employment tax
is calculated on Schedule SE and on IRS Form 1040.
Source:
IRS |
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| services | |
The non-material equivalent of a good, this is the performance of duties or provision
of space. |
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| | | |
| short-term
| | A
period of one year or less.
Source:
SBA |
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| sole
proprietorship | | The
simplest form of business ownership, in which the company and the company owner
are one and the same.
Source: SBA |
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| | | |
| special
crime/ disaster insurance | |
A type of insurance that covers specific, and special, types of liabilities such
as flood, hurricanes, etc. |
| | | |
| | | |
| spreadsheet | | A
visual display, often in a computer program, that presents data in a grid of rows
and columns. This grid is referred to as a worksheet. When a computer spreadsheet
is used, calculations may be automated. |
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| | | |
| start-up
costs | | The
total amount of money needed to open a business and maintain it through a certain
initial period, or up to a pre-set point of profitability. |
| | | |
| | | |
| straight-line
depreciation | | The
depreciation method that assumes a fixed asset will lose an equal amount of value
every year over its lifetime.
Source:
IWC |
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| | | |
| subcontract | | A
contract between a prime contractor and an individual or company (the subcontractor)
to furnish supplies or services for the completion of a prime contract or subcontract.
Source: SBA |
| | | |
| | | |
| subcontractor | | The
individual or company engaged to perform specialized work in the completion of
a prime contract or subcontract. |
| | | |
| | | |
| SWOT | | An
acronym for Strengths, Weaknesses, Opportunities, Threats. A SWOT analysis is
a technique to identify the strengths and weaknesses of a business, the opportunities
for it, and the threats to success. Analysis considers the balancing or offsetting
effect of each on the other. |
| | | |
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T | | |
| | | |
| termination | |
Cancellation or ending of a contract. |
| | | |
| | | |
| testimonials
| | Written
recommendations from satisfied purchasers of a product to be used in selling it
to new prospects.
Source:
MU |
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| | | |
| trademark | |
A name, design or symbol registered for the exclusive use by a manufacturer to
distinguish its product.
Source:
MU |
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U | | |
| Uniform
Commercial Code (UCC) | |
A model statute, adopted by all U.S. states except Louisiana, that covers such
transactions as the sale of goods, credit, and bank transactions. |
| | | |
V | | |
| | | |
| variable
costs | | The
costs of doing business that are directly related to the sales of goods or services.
Examples include the cost of goods, shipping, handling and storage, and sales
commissions. In contrast to fixed costs, the actual monetary amount of variable
costs may not be the same from accounting period to accounting period.
Source:
SBA |
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| | | |
| vendor | |
A seller or supplier.
Source:
MU |
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W | | |
| | | |
| waiver | |
The relinquishing or refusal to accept a right.
Source:
LLL |
| | | |
| | | |
| waiver
of subrogation | |
The relinquishing of the right to seek recovery for damages from another, legally
liable, party.
Sources:III,LLL |
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| | | |
| wants | |
The form, shaped by culture and individual personality, in which basic human needs
are given expression. For example, the need to satisfy hunger might be expressed
as a want of meat by one person, and as a want of fruit by another.
Source:
MU |
| | | |
| | | |
| warranty | | A
promise about a product made by either a manufacturer or a seller.
Source:
LLL |
| | | |
| | | |
| word
of mouth | |
An unpaid form of promotion in which satisfied customers tell other people how
much they like product or a service.
Source:
GMEG |
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| | | |
| Worker's
Compensation | |
A type of insurance, purchased by employers, that covers job-related injury to
employees.
Source: CON |
| | | |
| | | |
| working
capital | | The
cash and short-term assets that can be used for current needs such as bills and
salaries.
Source: SBA |
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X | | |
Y | | |
Z | | |
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