Copy of `SBA - Small Business Terms`

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SBA - Small Business Terms Category: Business and Law > Small Business Admin Terms Date & country: 26/11/2008, USA Words: 125

obligations
Technically defined as 'amount of orders placed, contracts awarded, services received, and similar transactions during a given period which will require payments during the same or a future period.'

ordinary interest
Simple interest based on a year of 360 days, contrasting with exact interest having a base year of 365 days.

outlays
Net disbursements (cash payments in excess of cash receipts) for administrative expenses and for loans and related costs and expenses (e.g., gross disbursements for loans and expenses minus loan repayments, interest and fee income collected, and reimbursements received for services performed for other agencies).

partnership
A legal relationship existing between two or more persons contractually associated as joint principals in a business.

patent
A patent for an invention is the grant of a property right to the inventor, issued by the Patent and Trademark Office. The term of a new patent is 20 years from the date on which the application for the patent was filed in the United States or, in special cases, from the date an earlier related application was filed, subject to the payment of maintenance fees. US patent grants are effective only w...

prime rate
Interest rate which is charged to business borrowers having the highest credit ratings for short term borrowing.

pro-net
An Internet-based database of information of small, disadvantaged, 8(a), and women-owned businesses seeking procurement contracts.

product liability
Type of tort or civil liability that applies to product manufacturers and sellers.

professional and trade associations
Non-profit, cooperative, and voluntary organizations that are designed to help their members in dealing with problems of mutual interest. In many instances, professional and trade associations enter into an agreement with the SBA to provide volunteer counseling to the small business community.

proprietorship
The most common legal form of business ownership; about 85 percent of all small businesses are proprietorships. The liability of the owner is unlimited in this form of ownership.

protest
A statement in writing by any bidder or offeror on a particular procurement alleging that another bidder or offeror on such procurement is not a small business concern.

ratio
Denotes relationships of items within and between financial statements, e.g., current ratio, quick ratio, inventory turnover ratio, and debt/net worth ratios.

request for proposals
Solicitations for offerings for competitive negotiated procurements when it is impossible to draft an invitation for bids containing adequate detailed description of the required property and services. There are 15 circumstances in the Federal Acquisition Regulations (FAR) which permit negotiated procurements.

return on investment
The amount of profit (return) based on the amount of resources (funds) used to produce it. Also the ability of a given investment to earn a return for its use.

secondary market
Those who purchase an interest in a loan from an original lender, such as banks, institutional investors, insurance companies, credit unions, and pension funds.

service corps of retired executives
Retired and working successful business persons who volunteer to render assistance in counseling, training, and guiding small business clients.

small business development centers
The SBDC is a university-based center for the delivery of joint government, academic, and private sector services for the benefit of small business and the national welfare. It is committed to the development and productivity of business and the economy in specific geographical regions.

turnover
Turnover is the number of times that an average inventory of goods is sold during a fiscal year or some designated period. Care must be taken to ensure that the average inventory and net sales are both reduced to the same denominator; that is, divide inventory at cost into sales at cost or divide inventory at selling price into sales at selling price. Do not mix cost price with selling price. The ...

undelivered orders
The amount of orders for goods and services outstanding for which the liability has not yet accrued. For practical purposes, represents obligations incurred for which goods have not been delivered or services not performed.

unfair labor practice
Action by either the employer or union which violates the provisions of EO 11491 as amended.

uniform commercial code
Codification of uniform laws concerning commercial transactions. In SBA parlance, generally refers to a uniform method of recording and enforcing a security interest or charge upon existing or to be acquired personal property.

usury
Interest which exceeds the legal rate charged to a borrower for the use of money.

venture capital
Money used to support new or unusual commercial undertakings; equity, risk, or speculative capital. This funding is provided to new or existing firms that exhibit above-average growth rates, a significant potential for market expansion, and the need for additional financing for business maintenance or expansion.

word processing
The efficient and effective production of written communications at the lowest possible cost through the combined use of systems management procedures, automated technology, and accomplished personnel. The equipment used in word processing applications includes but is not limited to the following: dictation and transcription equipment, automatic repetitive typewriters, visual display text editing ...

workers' compensation
A state-mandated form of insurance covering workers injured in job-related accidents. In some states the state is the insurer; in other states insurance must be acquired from commercial insurance firms. Insurance rates are based on a number of factors, including salaries, firm history, and risk of occupation.