The information provided here is part of Import Export online Training
Terms used in business such as Income Baskets,Income redistribution,Income Tax,Incubator,Indict ,Indirect cost etc.
This post explains about terms used in business such as Income Baskets,Income redistribution,Income Tax,Incubator,Indict ,Indirect cost,Indirect Tax,Industrial Action, Industrial Tribunal,Industrialist etc.These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.
Terms used in business
Income Baskets - In the U.S. tax code, income is allocated to one of a number of separate income categories. Losses in one basket may not be used to offset gains in another basket.
Income Fund - An investment fund with high returns which pays the owners a regular income.
Income redistribution: a government policy that seeks to restrain increases in wages or prices by regulating the permitted level of increase.
Income Statement - This is one of the main financial statements (along with the Balance Sheet), and is also referred to as the profit & loss statement or P&L. It shows the sales or income at the top and the corresponding expenses for those sales for whatever period of time that is stated at the top.
Income statement: A financial document that shows how much money (revenue) came in and how much money (expense) was paid out.
Income Tax - A tax paid by individuals to the government, the amount of which is dependent on how much a person earns from their salary and/or other sources of income.
Income Approach: The value of a business based on its ability to generate desired economic benefit for the owners (The key objective of the income based methods is to determine the business value as a function of the economic benefit.
The economic benefit such as the seller's discretionary cash flow or net cash flow is capitalized, discounted or multiplied to perform the valuation. The well-known methods under the income approach are: Discounted cash flow method; Capitalization of earnings method; Multiple of discretionary earnings method.)
Incoterms / Incoterms :Abbreviation of INternational COmmercial TERMS. These are international definitions for a common understanding of the clauses in international Trade. They have been fixed by the International Chamber of Commerce, which first published them in 1936. They were last updated on 1st January 2010. Consult our Tips Incoterms 2010 for more information.
Incubator - An organisation or company which provides support to new businesses to help them develop and grow.
Indemnifiable loss / Perte indemnisable :Debit balance of the loss account, which is used to calculate the indemnity.
Indemnify - To insure and offer financial protection against loss, damage or liability.
Indemnity / Indemnité :All indemnities are calculated by applying the guaranteed share to the debt balance in the loss account.
INDEMNITY:Obligation of one party to reimburse another party for losses which have occurred or which may occur.
Indent:An indent is an order for goods from an agent or a correspondent abroad with full particulars and conditions as to quantity, price, and possible delivery date etc.
Independent Financial Advisor - (IFA) Someone who works independently, i.e., not for a particular company, and offers people advice about financial matters and recommends where to invest their money.
Index Number:An index number is a number, which indicates the relative value of money from the prices of limited number of goods at some standard date.
Index-Linked - Concerning salaries, pensions, investments, etc. If they are Index-Linked it means that the payments or income from these may vary according to the rate of inflation.
Indict - To formally charge someone with a crime.
Indirect channel: the selling and distribution of products to customers through intermediaries such as wholesalers, distributors, agents, dealers, or retailers.
Indirect cost: a fixed or overhead cost that cannot be attributed directly to the production of a particular item and is incurred even when there is no output.
Indirect Diversification Benefits - Diversification benefits provided by the multinational corporation that are not available to investors through their portfolio investment.
Indirect Exporting - Export products to foreign markets by using an intermediary, usually export trading company based in the exporter’s country.
Indirect Materials - In accounting, products or services, such as electricity, cleaning materials, chemicals, etc., which are used in the production of goods but are not part of the end product.
Indirect Tax:A tax is called indirect when its impact and incidence are on different persons. Here the persons, who first pay the tax, ultimately shift the burden to the shoulders of others. A commodity tax is an example of indirect tax.
Indirect Terms - The price of a unit of domestic currency in foreign currency terms such as DM1.5272/$ for a U.S. resident (contrast with direct terms).
Individual Case Basis - Individual Case Basis (ICB) determinations involve situations where nonstandard service arrangements are required to satisfy specialized Customer needs. The nature of such service requirements makes it difficult or impossible to establish general schedule provisions for such circumstances. When it becomes possible to determine specific terms and conditions for such offerings, they will be offered pursuant to such terms and conditions when set forth in writing and subscribed to by authorized representatives of the Customer and Authorized Headquarters Representative(s) of the Company.
Individualism - The belief that an individual and their goals and achievements are more important than a groups.
Induction - The introduction and training of a member of staff in a new job or position in a company.
Industrial Action - Also called a strike in the UK. Known in the US as Job Action. A protest by employees during which they refuse to work, usually because they want better wages and/or better working conditions.
Industrial Relations - Relations between the management and the workers, especially those in unions, in industry.
Industrial Tribunal - An independent judicial body which deals with disputes between employers and employees.
Industrialist - A person who owns or runs a large industrial enterprise. They are often referred to as a Business Magnate.
Industry briefing (also known as supplier information sessions):A briefing held by a government agency to given potential suppliers a clearer understanding of an approach to market. Depending on the approach to market, it may be mandatory that you attend the briefing so you are eligible to be considered.
Inertia Selling/Inertia Marketing - A sales/marketing method which assumes a prospective customer's agreement or 'opt-in' to a sales proposition or contract unless the prospective customer actively refuses or 'opts-out'. Usually this sort of marketing is illegal, especially where a commercial supply of this nature is explained in 'small print', or not at all, although many organizations flout the law, which places the onus on the customer to seek redress/recovery/escape. The technique applies to privacy and personal rights, as well as purchasing and contract extensions, and especially conversion of free or low-cost trials into chargeable contracts. See nudge theory, which explains the power of inertia in decision-making, and potentially acceptable use of such techniques, for example organ donation automatic opt-in.
Infant Industry Argument - The infant industry argument is a rationale for the “temporary protection” of a new industry or firm in order to help it become established domestically and later become competitive worldwide. These protections consist of tariff and non-tariff barriers to imports, preventing global competition from entering the market.
Inflation - Normally referring to the economy of a country, inflation is the gradual increase in the price of goods and/or services, and the consequential devaluing of the national currency. Inflation is typically up to 10%, or more unusually approaching 20% per year. Minimising inflation is normally a high priority within national fiscal policy since higher levels of inflation cause a variety of economic and business problems. See also deflation and hyperinflation.
The above details describes about terms called in business such as Income Baskets,Income redistribution,Income Tax,Incubator,Indict ,Indirect cost,Indirect Tax,Industrial Action, Industrial Tribunal,Industrialist etc. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in business trade below this post.
The above information is a part of Export Import Training course online
Related posts about free online training on export and import trade:
How to export your product?
Click here to know HS code of your product
What is the ITC code (Indian Tariff Code) of your product?
12 Major risks and solutions in Imports and Exports
Dimension of export containers
Export Promotion Councils and Commodity Boards, product wise
SEIS scheme for exporters in India
Mode of payments in international trade
How to get Certificate of Origin non preferential in Manipur?
Office to contact in Maharashtra for Certificates of origin non preferential
How to get Certificate of Origin non preferential in Madhya Pradesh/Chatisgarh
Office to contact in Kerala for Certificates of origin non preferential
How to get Certificate of Origin non preferential in Karnataka?
Procedures under Re-exports
Re warehousing procedures under STP and EOU units.
Register with Export Promotion Council
Risks and solutions in export business
RISKS NOT COVERED BY MARINE INSURANCE
Transferability of Bill of Lading