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GLOSSARY OF BUSINESS AND FINANCIAL TERMS

O

 
OCCUPANCY PERMIT - A permit issued by a municipality allowing the premises to be occupied for the uses intended.

OPERATING COST - Expenditures arising out of current business activities (what it cost you to do business such as; salaries, electricity, rental etc.).

OPERATING LOAN (or REVOLVING LOAN) - A short term loan to finance working capital needs-that is, accounts receivable and inventory.

OPERATING LOAN PAYDOWN - The amount of surplus cash to be applied against  your operating loan. For example, if you collect $ 1,000 of your accounts receivable, you  pay this amount.

OPERATING RATIOS - The relationship of costs from business activities.

OWNER MANAGER - Person who owns and operates a business.

OWNER'S DRAWING ACCOUNT - Is a separate account under Owner's Equity to record
the decrease to OE as a result of withdrawals of assets for the personal use of the owner.

OWNER'S EQUITY - The claims of the owner against total economic resources is called Owner's Equity.
 


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