Business
Business Tips & Info
Glossary of Business and Financial Terms
GLOSSARY C
A fiscal year from January 1 to December 31.
A formal demand from a creditor for repayment of a loan.
The owner's claim against assets through the owner's investment. The net worth of a business after the deduction of taxes and other liabilities.
Money in hand or readily available (cheques, money orders, money currency received, the amounts deposited in the firm's bank account, and so on).
A statement that shows cash flows (cash received and cash paid out) over a specified period of time.
A deduction that is given for prompt payment of a bill.
The movement of cash into and out of a business.
The budget that shows cash flows (cash received and cash paid out) for a specific period of time.
The money received by a business from customers.
The number plan listing all account titles in order and the numbers assigned to each account.
The source document giving evidence of a cash payments transaction.
A common form of cheque record.
A demand for something due.
The value assigned by the bank to an asset that serves as security for a loan.
An agreement regarding mutual responsibilities between two or more parties.
Expenses that can be controlled or restrained by the business person.
A business venture comprising an individual or a group of individuals treated by the law as an individual.
Joint singers of a loan or mortgage agreement, pledging to meet the obligations in case of default (they guarantee the loan or mortgage will be paid back and the lender can take legal action to take their property if they refuse to pay).
In a manufacturing business, this figure includes the cost of materials, labor and a portion of overhead. In a non manufacturing business it includes the cost of materials, duty and transport.
A promise or legal agreement you make when getting a loan. You must adhere to these covenants for your loan to remain in good standing.
In the language of bookkeeping - the right side of an account or an entry of money paid on account.
Persons or business firms that grant credit or goods.
The financial standing and a business owner's (or individual) reputation for payment.
Did You Know?
"Never spend your money before you have earned it." ~ Thomas Jefferson
Pay Yourself First
Make monthly contributions toward your retirement saving before paying any other expense. Regardless of what your financial goals are and whether they have changed, breaking them down into smaller steps may make it easier to get to where you want to go. For example, instead of setting a year-end contribution goal $2,400 to invest in your retirement saving, aim to save an additional $600 over the next three months, $1,200 over six months and so on. If you fall short in one period, try to make it up in the next.Online Promotion
Online advertising to increase traffic to your site is a necessity, but don't forget the fact that repeat customers can also bring in more business and new customers for less cost than any other advertising will.Your website should be also promoted online via search engines, social media sites, blogs, forums, award sites, directories, article marketing, online classified advertising, online auction sites, banner advertising, electronic magazines and newsletters (e-zines) and links from other web sites. If you are not familiar with online terms, then it is best that you hire an online marketing professional. Find out more...