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Business Term Glossary
source by: powerhomebiz.com
P partnership: A legal business relationship of two or more people who
share responsibilities, resources, profits and liabilities. passive investment management: the managing of a mutual fund or other investment portfolio by relying on automatic adjustments such as indexation instead of making personal judgments.
patent: a type of copyright granted as a fixed-term monopoly to an inventor by the state to prevent others copying an invention, or improvement of a product or process.
payable: Ready to be paid. One of the standard accounts kept by a bookkeeper is "accounts payable." This is a list of those bills that are current and due to be paid.
payment gateway: a company or organization that provides an interface between merchant's point-of-sale system, acquirer payment systems, and issuer payment systems.
payment-in-kind: an alternative form of pay given to employees in place of monetary reward but considered to be of equivalent value. A payment in kind take the form of a car, purchase of goods at cost price, or other nonfinancial exchange that benefits an employee.
Pay Pal: a Web based service that enables Internet users to send and receive payments electronically. To open a Pay Pal account, users register and provide their credit card details. When they decide to make a transaction via Pay Pal, their card is charged for the transfer.
perception: The process of selecting, organizing and interpreting information received through the senses. perfomance appraisal: a face-to-face discussion in which one employee's work is discussed, reviewed, and appraised by another, using an agreed and understood framework.
petty cash: a small store of cash used for minor business expenses.
phantom income: income that is subject to tax even though the recipient never actually gets control of it, for example, income from a limited partnership.
pink slip: get your pink slip to be dismissed from employment
piracy: illegal copying of a product such as software or music.
placement fee: a fee that a stockbroker receives for a sale of shares.
planning: the process of setting objectives, or goals, and formulating policies, strategies, and procedures to meet them.
poaching: the practice of recruiting people from other companies by offering inducements.
point of purchase: the place at which a product is purchased by the customer. The point of sale can be a retail outlet, a display case, or even a legal business relationship of two or more people who share responsibilities, resources, profits and liabilities.
postdate: to put a later date on a document or check than the date when it is signed, with the effect that it is not valid until the later date.
prebilling: the practice of submitting a bill for a product or service before it has actually been delivered.
prepaid expenses: Expenditures that are paid in advance for items not yet received.
prepaid interest: interest paid in advance of its due date.
prepayment penalty: a charge that may be levied against somebody who makes a payment before its due date. The penalty compensates the lender or seller for potential lost interest.
price: The exchange value of a product or service from the perspective of both the buyer and the seller.
price ceiling: The highest amount a customer will pay for a product or a service based upon perceived value.
price control: government regulations that set maximum prices for commodities or control price levels by credit controls.
price discrimination: the practice of selling of the same product to different buyers at different prices.
price floor: The lowest amount a business owner can charge for a product or service and still meet all expenses.
price planning: The systematic process for establishing pricing objectives and policies.
price war: a situation in which two or more companies each try to increase their own share of the market by lowering prices.
principal: The amount of money borrowed in a debt agreement and the amount upon which interest is calculated.
probability: the quantitative measure of the likelihood that a given event will occur.
probation: a trial period in the first months of employment when the employer checks the suitability and capability of a person in a certain role, and takes any corrective action.
producers: The components of the organizational market that acquire products, services that enter into the production of products and services that are sold or supplied to others.
product: Anything capable of satisfying needs, including tangible items, services and ideas.
Product life cycle (PLC): The stages of development and decline through which a successful product typically moves.
product line: A group of products related to each other by marketing, technical or end-use considerations.
product mix: All of the products in a seller's total product line.
Profit and Loss Statement: A list of the total amount of sales (revenues) and total costs (expenses). The difference between revenues and expenses is your profit or loss.
profit: Financial gain, returns over expenditures.
profit margin: The difference between your selling price and all of your costs.
pro-forma: A projection or estimate of what may result in the future from actions in the present. A pro forma financial statement is one that shows how the actual operations of the business will turn out if certain assumptions are achieved.; a document issued before all relevant details are known, usually followed by a final version.
pro-forma invoice: an invoice that does not include all the details of a transaction, often sent before goods are supplied and followed by a final detailed invoice.
promotion: The communication of information by a seller to influence the attitudes and behavior of potential buyers.
promotional pricing: Temporarily pricing a product or service below list price or below cost in order to attract customers.
psychographics: The system of explaining market behavior in terms of attitudes and life styles.
publicity: Any non-paid, news-oriented presentation of a product, service or business entity in a mass media format.
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