| Sales |
Revenue generated from the sale of products and services.
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| Sales mix |
The portion of sales forecasted between the various products and services being offered.
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| Seal |
An impression made to attest the execution of an instrument.
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| Security |
Something given, deposited, or pledged to make certain the fulfillment of an obligation.
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| Service Business |
A firm dealing in non-merchandising activities.
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| Severalty |
The quality of state of being separate and distinct from any other.
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| Simple Interest |
The interest on principal only as compared to compound interest, which is interest on both principal and accumulated interest.
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| Soft Assets |
(Also referred to as intangible assets). The salable assets of the business or proprietor which do not have a material or physical being; i.e. customer goodwill, business trade name, covenant not to compete.
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| Sole Proprietorship |
A business entity that involves just one individual who owns and operates the enterprise. The owner is personally liable for the debts of the business. The business is not incorporated.
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| Statement Of Income |
See "Profit and Loss Statement".
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| Statute Of Frauds |
State law which provides that certain contracts must be in writing in order to be enforceable by law, i.e. the sale of real property, a lease of real property for more than one year, brokers authorization to sell real estate, etc.
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| Stockholders |
Those persons holding some share of the businesses equity through stock ownership. Also known as shareholders or equity holders.
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| Strategic alliance |
An agreement between tow or more companies for the purpose of doing business.
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| Subordination |
The act of making an encumbrance secondary or junior to another lien.
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| Supplies |
Items that a business needs to provide products or services, but are not sold to customers.
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| Tangible Assets |
That property which has material existence and is susceptible to the senses: in general; land, buildings, equipment, fixtures, inventory etc.
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| Tenancy In Common |
Two or more persons holding an undivided interest in the same property.
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| Time is of the Essence |
One of the essential requirements to the forming of a legally binding contract; it contemplates a punctual performance.
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| Title |
Evidence that the person or entity claiming to be the owner of the property is in fact the lawful owner thereof; an instrument evidencing such ownership.
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| Treasury Stock |
Stock of a Corporation which as been issued by a Corporation then reacquired by the Corporation from a shareholder(s).
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| Unit cost |
The cost of a single product or service.
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| Unit price |
The selling price of a single product or service.
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| Usury |
On a loan, claiming a rate of interest greater than that permitted On a loan, claiming a rate of interest greater than that permitted by law.
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| Valid |
Legally binding - enforceable.
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| Valuation |
Estimated worth or price. The act of valuing by appraisal.
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| Variable cost or expense |
A cost or expense that increases or decreases with the level of sales.
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| Variable inventory |
A system where the inventory level fluctuates with sales.
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| Vendor financing |
Buying from vendors on credit terms.
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| Vision statement |
A series of brief sentences of paragraphs that describes the “big goals” that your business hopes to achieve over time. It can also present the ultimate heights you believe your business can reach and what you want your business to be after a certain per |
| Void |
To have no force or effect; that which is unenforceable.
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| Waive |
To relinquish or abandon; to forego a right to enforce or require anything.
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| Warranty |
An assurance or undertaking that certain defects do not exist or will not exist in the future.
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| Working Capital |
The amount by which current assets exceeds current liabilities.
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| Zoning |
The setting off of certain areas by the proper authorities for specific use, subject to certain restrictions or restraints.
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