Business Glossary - B


Balance Sheet - A report of a corporation’s financial condition at a specific time.

Bank Reconciliation - making sure the bank statement, checkbook, and books (ledger, journal, etc.) all agree.

Bankruptcy - A condition in which a business cannot meet its debt obligations and petitions a federal district court for either reorganization of its debts or liquidation of its assets. In the action the property of a debtor is taken over by a receiver or trustee in b

Best And Final Offer - For negotiated procurements, a contractor’s final offer following the conclusion of discussions.

Board Of Directors - (1) Individuals elected by stockholders to establish corporate management policies. A board of directors decides, among other issues, if and when dividends will be paid to stockholders. (2) The body that governs the NYSE; it is composed of 20 members who

Break-Even Point - The break-even point in any business is that point at which the volume of sales or revenues exactly equals total expenses – the point at which there is neither a profit nor loss – under varying levels of activity. The break-even point tells the manager

Business Birth - Formation of a new establishment or enterprise.

Business Death - Voluntary or involuntary closure of a firm or establishment.

Business Dissolution - For enumeration purposes, the absence from any current record of a business that was present in a prior time period.

Business Failure - The closure of a business causing a loss to at least one creditor.

Business Information Center (Bic) - One-stop locations for information, education, and training designed to help entrepreneurs start, operate, and grow their businesses. The centers provide free on-site counseling, training courses, and workshops and have resources for addressing a broad va

Business Plan - A comprehensive planning document which clearly describes the business developmental objective of an existing or proposed business applying for assistance in SBA’s 8(a) or lending Programs. The plan outlines what and how and from where the resources neede

Business Start - For enumeration purposes, a business with a name or similar designation that did not exist in a prior time period.

Business Taxes - four general kinds of business taxes are income, self-employment, employment, and excise.