The financial statement that shows how much money (revenues) come in and how much money (expenses) was paid out. Subtracting the expenses from the revenues gives you net income for a certain period of time.

The process of legally incorporating a business, in effect giving it a life of its own.

The standard or "average" percentage of expenses spent by firms in a similar type of business (firms in the same industry). It is a very important guideline for a business.

The cost of borrowing money.

A group of Canadian banks and financial institutions that share a common network. Anyone with a bank card issued by an Interac member can access their account at any automated banking machine (ABM) belonging to all other Interac members.

A detailed list of articles with their estimated value (like; stock, goods received or stored and any expendable items on hand).

Lay out money for any purpose from which a profit is expected.

Bill of sale for every sales transaction.

An asset such as leasehold improvements or goodwill that can't easily be sold.

One who sells, services or negotiates a contract for the sale of goods or services at a place other than the seller's permanent place of business.