The philosophy that a firm will succeed if all of the employees share finance and operations information. Four basic practises are necessary for this: 1. Employees must be appropriately trained. 2. Employees

This is when a firm has pending transactions that will occur near the end of the accounting period, and the budget will not change until these are accounted for.

An online business practice that allows a seller and purchaser to execute a transaction through the use of electronic communication.

A bidding contest that concludes with the opening of sealed bids in a public forum, enabling all interested parties to witness the bids.

Relating to public access and community development. Often involves an open source culture.

This is a contract the terms of which do not describe the entire agreement between the two parties involved, with clauses or provisions that can be modified without mutual consent (usually by

Firms with shares that are publicly traded, not owned by a small number of investors. This is the opposite of a closed corporation.

This is a court session that anyone can attend, if they wish.

This is a software protocol that enables different proprietary databases to exchange information.

A debit that does not have an agent at the moment.

When the same products can be distributed and sold in a particular region by multiple vendors. This is the opposite of exclusive distribution.

A style of management that enables employees to speak with senior managers directly, rather than through intermediaries.

A market economy with few barriers to trade, where imports and exports make up a large portion of the GDP. This is a theoretical state, as all governments have some control over

An agreement that does not restrict the quantity of products or services a consumer can purchase during the agreement period.

A lease agreement that may require the lessee to pay the difference between the leased item?s original value and its value upon return.

A question that does not suggest any particular answers to the respondent. Open questions usually ask how, what, when, where or why, and require the respondent to answer in their own words.

A period of time in which individuals can openly choose an alternate insurance plan, without being re-assessed for insurability

The conspicuous entry of a non-occupant into a premises or property, usually with witnesses present.

Technical specification that provides security and privacy when financial information is exchanged via the Internet. However, lacks authentication and authorization functions, which are instead provided by third party vendors.

Open framework software enables programmers to easily remove and replace modules to create new apps.