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WORDS AND PHRASES USED IN BUSINESS

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Note: Some of these terms are outdated or rarely used today but they’re sure fun to read…

ACCOUNT CURRENT – A running account between two persons or firms.

ACCOUNT SALES – A detailed statement of the sale of goods by a
commission merchant, showing also the charges and net proceeds.

ADMINISTRATOR – A man appointed by the Court to settle the estate
of a deceased person.

ADMINISTRATRIX – A woman appointed by the Court to settle the
estate of a deceased person.

AD VALOREM – According to value. A term used in the Custom House in
estimating the duties on imported goods.

AFFIDAVIT -A written declaration under oath.

ANNUITY – An annual allowance; a sum to be paid yearly, to continue
for life or a fixed period.

ANNUL – To cancel; to make void.

ANTEDATE – To date before time of writing.

APPRAISED – The act of placing a value on goods.

APPRAISER – A person appointed to value real or personal property.

ARBITRATION – The settlement of a disputed question by a person
chosen by the parties to the dispute.

ASSETS – The total resources of a person in business.

ASSIGNEE – A person to whom the property of a bankrupt, or an
insolvent debtor, is transferred for adjustment for the benefit
of Auditors.

ASSIGNMENT – The act of transferring property to the Assignee.

ATTACHMENT – A warrant for the purpose of seizing a man’s property.

BALANCE SHEET – A statement in condensed form, showing the
condition of a business.

BANKABLE – Receivable at a bank at par or face value.
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