373_12930_Business terms hand out - K L UNIVERSITY...

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K L UNIVERSITY K L UNIVERSITY K L UNIVERSITY Department of Communication & Soft Skills BUSINESS TERMS 1. Annual report : the yearly report made by a company at the close of the fiscal year, stating the company's receipts and disbursements, assets and liabilities. 2. Appraisal : evaluation of a specific piece of personal or real property. The value placed on the property evaluated. 3. Appreciation : the increase in the value of an asset in excess of its depreciable cost due to economic and other conditions, as distinguished from increases in value due to improvements or additions made to it. 4. Arrears : amounts past due and unpaid. 5. Articles of Incorporation : a legal document filed with the state that sets forth the purposes and regulations for a corporation. Each state has different regulations. 6. Assets : anything of worth that is owned. Accounts receivable are an asset. 7. Audit: an examination of accounting documents and of supporting evidence for the purpose of reaching an informed opinion concerning their propriety. 8. Bad debts : money owed to you that cannot be collected. 9. Balance sheet : an itemized statement that lists the total assets and total liabilities of a given business to portray its net worth at a given moment in time. 10. Ballpark: an informal term for a rough, estimated figure. The term was derived from the approximate assessment of the number of spectators that might be made on the basis of a glance around at a sporting event. 11. Banker's draft: a bill of exchange payable on demand and drawn by one bank on another. Regarded as being equivalent to cash, the draft cannot be returned unpaid. 12. Bankruptcy: the condition of being unable to pay debts, with liabilities greater than assets. 13. Barren money: money that is unproductive because it is not invested. 14. Benchmarking: rating your company's products, services and practices against those of the front-runners in the industry. 15. Board of directors: those individuals selected to sit on an authoritative standing committee or governing body, taking responsibility for the management of an organization. Members of the board of directors are officially chosen by the shareholders, but in practice they are usually selected on the basis of the current board's recommendations. The board usually includes major shareholders as well as directors of the company. 16. Book Keeping: the process of recording business transactions into the accounting records. The "books" are the documents in which the records of transactions are kept. 17. Bottom Line: the figure that reflects company profitability on the income statement. The bottom line is the profit after all expenses and taxes have been paid. 18. Brand Name: a term, symbol, design or combination thereof that identifies and differentiates a seller's products or service.
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Christopher Reinemann
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