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GLOSSARY OF TERMS
Below you'll find a list of useful business related terms and their definitions.
An estimate of income and expenditure for a set period of time.
A document setting out a business’s future objectives and strategies for achieving them.
A structure for the successful operation of a business, identifying revenue sources, customer base, products, and distribution.
The total amount of money being transferred into and out of a business, especially as affecting liquidity.
A farm, business, or other organization which is owned and run jointly by its members, who share the profits or benefits.
A company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
The practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the internet.
Business costs, such as rent, that are constant whatever the quantity of goods or services produced.
Non-repayable funds given by one party, often a government department, to a recipient.
General Sales Tax.
Harmonized Sales Tax.
Annual taxes levied by a government directly on income.
A practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.
A permit from an authority to own or use something, do a particular thing, or carry on a trade.
LINE OF CREDIT
An amount of credit extended to a borrower that can be drawn upon when needed.
A sum of money that is borrowed and expected to be paid back with interest.
A form of business where two or more people share ownership, as well as the responsibility for managing the company and the income or losses the business generates.
A list of a company’s employees and the amount of money they are to be paid.
An official document giving someone authorization to do something.
POINT OF SALE
The place at which goods are retailed.
A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
A type of enterprise owned and run by one person and in which there is no legal distinction between the owner and the business entity.
A brand new business.
A benefit given to an individual, business, or institution, usually by the government.
A breakdown of a business’s strengths, weaknesses, opportunities and threats.
Costs that change as the quantity of the goods or services that a business produces changes.
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