- A legal
business relationship of two or more people who share responsibilities,
resources, profits and liabilities.
- A right given
by government to a person or business, giving a patentee right to
others from making, using or selling his or her invention.
ready to be paid.
TERMS - The
conditions you give for payment of your invoice.
- A guarantee to the bank that you will be personally responsible for
the loan to your business. This is most often supported by a fixed
on a personal asset.
NUMBER (PIN) - The number a person uses for identification when
out a banking machine transaction.
collectively in the employ of a business.
- A plan is a
formal decision to do something, then figuring out how you are
going to do it
in an account; transferring debits and credits from the journal
to the ledger.
- To set the
- Revenue obtained from the main source of business operations.
RATE - The rate
set by each bank, charged to its most creditworthy customers.
or capital assets as opposed to income; also , one who is directly
concerned in a
PAYMENT - A loan payment with a fixed amount of principal and
portion that varies monthly.
- What is left
when expenses are subtracted from the amount of revenue taken in.
- A projection
or estimate. Pro-forma financial statements project future
are met. When preparing these, it's good idea to look at best and worst
MARGIN - The
difference between your selling price and your cost. The ratio of
(generally pre-tax) to sales. To calculate, divide pre-tax profit by
AND LOSS STATEMENT
- A list of the total amount of sales (revenues) and total costs
The difference between revenues and expenses is your profit or loss. It
is also called an "income statement".
to exclusive ownership. A proprietor is one who owns a business and a
owned by one person is called a proprietorship.
A copy of the invoice, received by the buyer, to show evidence of the