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EOPA DMcNeil1
Entrepreneurship
Term | Definition |
---|---|
Contingency Planning | the process of preparing alternative courses of action that may be used if the primary plans don't achieve the organizations objectives. |
External Customers | dealers, who buy products to sell to others, and ultimate customers [or end users], who buy products for their own personal use |
Ledgers | books in which financial records are written |
Trial Balance | a summary of all the financial data in the account ledgers that ensures the figures are correct and balanced |
Costs of Goods Sold [COGS] | manufacturing costs, wages of blue-collar workers, transport costs etc. |
Operating Expenses | salaries of sales and office staff, marketing costs, rent etc. =overheads |
Non- Operating Income | profits from investments in other companies |
EBITDA | Earnings Before Interest, Taxes, Depreciation and Amortization |
Depreciation | the loss in value of a tangible asset [e.g. a vehicle] |
Amortization | the loss in value of an intangible asset [e.g. the purchase of a license or trademark] |