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GLOSSARY OF BUSINESS AND FINANCIAL TERMS

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PARTNERSHIP - A legal business relationship of two or more people who share responsibilities, resources, profits and liabilities.

PATENT - A right given by government to a person or business, giving a patentee right to exclude others from making, using or selling his or her invention.

PAYABLE - Something ready to be paid.

PAYMENT TERMS - The conditions you give for payment of your invoice.

PERSONAL GUARANTEE - A guarantee to the bank that you will be personally responsible for repaying the loan to your business. This is most often supported by a fixed charge on a personal asset.

PERSONAL IDENTIFICATION NUMBER (PIN) - The number a person uses for identification when carrying out a banking machine transaction.

PERSONNEL - Persons collectively in the employ of a business.

PLAN - A plan is a formal decision to do something, then figuring out how you are
going to do it before you start.

POSTING- To enter in an account; transferring debits and credits from the journal
to the ledger.

PRICING - To set the selling price.

PRIMARY-TYPE REVENUES - Revenue obtained from the main source of business operations.

PRIME RATE - The rate set by each bank, charged to its most creditworthy customers. 

PRINCIPAL - Property or capital assets as opposed to income; also , one who is directly
concerned in a business enterprise.

PRINCIPAL AND INTEREST PAYMENT - A loan payment with a fixed amount of principal and interest portion that varies monthly.

PROFIT - What is left when expenses are subtracted from the amount of revenue taken in. 

PRO-FORMA - A projection or estimate. Pro-forma financial statements project future
performance if certain conditions are met. When preparing these, it's good idea to look at best and worst case scenarios.

PROFIT MARGIN - The difference between your selling price and your cost. The ratio of profits (generally pre-tax) to sales. To calculate, divide pre-tax profit by sales.

PROFIT AND LOSS STATEMENT - A list of the total amount of sales (revenues) and total costs (expenses). The difference between revenues and expenses is your profit or loss. It is also called an "income statement".

PROPRIETORSHIP - Subject to exclusive ownership. A proprietor is one who owns a business and a business owned by one person is called a proprietorship.

PURCHASE INVOICE - A copy of the invoice, received by the buyer, to show evidence of the purchase transaction.


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