| INCOME
- Money coming
in.
INCOME
STATEMENT -
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.
INCORPORATION
- The
process of legally incorporating a business, in effect giving it a life
of its own.
INDUSTRY
RATIO - 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.
INTEREST
- The cost
of borrowing money.
INTERAC
- 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.
INVENTORY
- A detailed
list of articles with their estimated value (like; stock, goods
received
or stored and any expendable items on hand).
INVEST
- Lay out money
for any purpose from which a profit is expected.
INVOICE
or SALES INVOICE
- Bill of sale for every sales transaction.
INTANGIBLE
ASSET or SOFT
ASSET - An asset such as leasehold improvements or goodwill that
can't
easily be sold.
ITINERANT
SELLER -
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.
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