Business Glossary - S
SOHO - acronym for Small Office, Home Office.
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.
Self-employment tax - the social security and Medicare tax for individuals who work for themselves (use Schedule SE
Service Corps Of Retired Executives (Score) - The Service Corps of Retired Executives (SCORE) is a 12,400-member volunteer association sponsored by the SBA. SCORE matches volunteer business-management counselors with present prospective small business owners in need of expert advice.
Small Business - A business smaller than a given size as measured by its employment, business receipts, or business assets.
Small Business Development Centers (Sbdc) - SBDCs offer a broad spectrum of business information and guidance as well as assistance in preparing loan applications.
Small Business Innovative Research (Sbir) Contract - A type of contract designed to foster technological innovation by small businesses with 500 or fewer employees. The SBIR contract program provides for a three-phased approach to research and development projects: technological feasibility and concept deve
Small Disadvantaged Business Concern - A small business concern that is at least 51 percent owned by one or more individuals who are both socially and economically disadvantaged. This can include a publicly owned business that has at least 51 percent of its stock unconditionally owned by one o
Standard Industrial Classification (Sic) Code) - A code representing a category within the Standard Industrial Classification System administered by the Statistical Policy Division of the U.S. Office of Management and Budget. The system was established to classify all industries in the U.S. economy. A t
Standard Mileage Rate - multiplying business miles by the standard mileage rate for the year, to figure car and truck deduction. The standard mileage rate is announced annually by the IRS.
Start-up Costs - expenses incurred before the business opens.
Subcontract - A contract between a prime contractor and a subcontractor to furnish supplies or services for the performance of a prime contract or subcontract.
Supporting Documents - information needed to record in one#s books, generated from business transactions. These include sales slips, paid bills, invoices, receipts, deposit slips, and cancelled checks.