Absolute Assignment for Consideration A technical phrase referring to the transfer of an unlimited interest in property, such as an insurance policy, in exchange for something of value; typically cash or debt instruments. Abstract A floating lien. An abstract is a filing that allows an individual or company to place lenders or appropriate concerns on notice that a debt is due but has not been satisfied. Account A compilation of all claims, invoices, and payments incurred by a particular debtor for merchandise sold or for services rendered in the ordinary course of business. Accounts Payable Amounts owed on an open account to creditors for goods and services. Accounts Receivable Claims against debtors for merchandise sold or for services rendered in the ordinary course of business. The debts appear on the books of the seller as receivables and on the books of the purchaser as payables. Accounts Receivable Aging Report A business report showing how long accounts receivable from each customer have been outstanding. It indicates the receivables that are current and the amounts outstanding for 30 days, 60 days, and so forth Accounts Receivable Financing Obtaining a loan by pledging accounts receivable to a bank or other lending/financing institution as collateral security for the loan. Accrual Accounting An accounting method whereby income and expense items are recognized as they are earned or incurred even though they may not have been received or actually paid in cash. The opposite of cash basis accounting. Advance Factoring The factor will pay for the accounts receivable in advance of receiving payment from the customer Advance Format In international factoring wherein the factor makes cash available to the client immediately after the client has shipped the goods and assigned the sale. Absolute advantage Occurs when a country uses the same level of resources to produce more goods than another country Accounting The recording, analysis and reporting of financial transactions of a business Accounts payable Money owed by a company for goods and services purchased on credit from vendors Accounts receivable Money owed by customers for goods or services purchased on an open account Accrued interest Interest that has accumulated and is added to a loan Adjustable rate mortgage (ARM) A mortgage in which the interest rate is adjusted periodically based on a preselected index Advertising Placement of announcements and persuasive messages (in time or space) communicated through media or nonmedia forms; used to inform or persuade members of a target market or audience about a good, service, organization or idea Advertising campaign Series of coordinated advertising vehicles in various media, scheduled for a certain time period, and related byh verbal and/or visual themes or common objectives Advertising strategy An overview of the competitive frame target market and message to be used in an advertising campaign Affiliate marketing An on-line marketing strategy that shares revenue between on-line advertisers/merchants and on-line publishers/salespeople; compensation is usually based on performance (sales, clicks, registrations) Agents Intermediaries who negotiate the purchase or sale of goods for their clients, but who do not take title to the goods Amortization Payment of a debt that allows the borrower to reduce debt through regular payments over a certain period of time Annual Percentage Rate (APR) An interest rate that reflects the cost of a loan as a yearly rate Appreciate To increase in value or price Asset Everything owned that has value, including tangible items Audit An examination and verification of a business's accounting records and procedures by a trained accountant or CPA (certified public accountant) Awareness First stage in the process of learning about a new good or service that the consumer has gotten information about but not yet formed an opinion on Back Order An item not currently in stock but to be sold or delivered when it becomes available Balance of trade The difference between a country’s total imports and exports Balance sheet A summary of a company’s financial condition at a specific period of time; indicates the company’s assets, liabilities and net worth Bankruptcy A legal process in which a company (or person) owes more than its assets and is relieved from payment of debts by transferring those assets to a trustee Banner ad A graphical Internet advertising tool; users click on the graphic to be directed to another Web site Behavioral analysis An evaluation and control method used to monitor sales force performance; involves evaluating the behavior of salespeople and sales performance Benchmark Something that serves as the standard to which all other items can be measured or compared Beneficiary A person who is designated to receive benefits, profits or advantages Beta A measure of an asset’s risk in relation to the market Bill of lading A contract between shipper and carrier, detailing what is being shipped, how it is being shipped, and terms of delivery Bill of materials Document used by a company to authorize a set of purchases to be made or to be taken from inventory to fufill an order Blended payment A loan payment consisting of principle interest, that is the same amount every month Blog An Internet communication that combines a diary,column, and dircectory; short articles and on various subjects with links to other resources: updaded often Blue-Chip Stocks Common stock of well-know companies with a history of growth and dividend payments Board of directors Individuals elected by shareholders; responsible for managing the president and high-level managers Body copy The section of a print ad that contains text and more detailed information than the headlines and subheads Bond A government- or corporation-issued certificate of debt guaranteeing payment of the original investment plus interest by a certain future date Bond mutual fund Investment company that invests its shareholders' monies in bonds Book value Total assests minus intangible assests and liabilities; can be more or less than market value Bottom line An accounting term for net profit or loss Brand A mark, symbol, word or combinaton that separates one company's product from another's Brand awareness Having knowledge that a brand exists; considered first step in the sale proccess Brand category Generic clssification of goods or services; like goods or services are in the same brand category Brand extension Addition of a new product to an already established line of products under the same brand name; new product benefits from the older products' established reputation Brand loyalty Loyalty a consumer has to a specific brand over a period of time Branding A method of identifying products and differentiating them from competing products Break-Even point The level of sales where revenue equals total costs; can also be expressed in terms of units of product Budget deficit Point at which spending exceeds revenues Business cycle Period of time composed of a buisness upswing or expansion, peak, downturn, trough and reovery Business plan A document fully describing and anaylizing a particular business; provides complete, detailed information about short-and long-term plans Bylaws A set of regulations used by an organization to conduct its business Call feature A feature that gives the right to the issuer to repurchase a bond before maturity Call to action Statement normally found at the end of a commercial message that encourages the consumer to act Cannibalization Reduction in the sales volume, sales revenue or market share of one product as a result of the introduction of a new product by the same producer Capital budget Allocated amount of funds to be used on purchasing assets such as machinery, building, equiptment, computers, etc., that are needed for longer than one year Capital gain Profit from the sale of an investment; the price received from the sale of an investment minus the price paid Capitalism Economic system based on private ownership of businesses Carrying cost Expense of keeping inventory on hand Cash cow Good or service that generates a steady and predictable income Cash flow statement Financial statement that shows when cash flows are received and disbursed by a business Category killer A destination store, normally large, that concentrates on one catergory, enabling it to carry a broad assortment and deep selection at a low price Certificate of deposit (CD) A document written by a financial institution that shows a deposit with the issuer's promise to return the deposit plus earnings at a certain interest rate within a period of time Channel of distribution Route a product follows to link producer to end consumer Chapter 7 Part of U.S Bankruptcy Code that deals with liquidations of a company's assests Chapter 11 Chapter in the U.S Bankruptcy Code that allows a business, an individual or a partnership to declare bankruptcy and postpone debt payments while the reorganization takes place Charter Document issued to incorporate a business; details important aspects of the corporation Circulation Number of copies distributed of a print advertisement Click-through rate (CTR) Number of clicks-through per ad impression (refers to on-line ads) Co-branding Pairing of two or more brands on a single good or service Cold call Unscheduled contact by phone or in person between seller and prospective customer Commercial bank Financial institiution that raises funds by collecting deposits from businesses and consumers; makes loans to businesses and consumers; purchases corporate and government bonds Commercial paper Short-term unsecured note (2 to 270 days) issued by companies with good credit standings Commissions Compensation for meeting specific sales objectives Commodity Bulk goods, such as wheat or metal, that investors buy or sell usually via futures contracts Common stock Type of security that gives partial ownership in a company; has a vote in electing board of directors; entitles the holders to share a company's success through dividends and/or capital appreciation Communism Economic system in which government owns and operates all business Comparative advertising Persuading an audience to purchase a specific product by showing a brand's superiority in comparison with competing brands
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