Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

BUSINESS ETIQUETTE

A code of behavior that delineates expectations for social behavior according to contemporary conventional norms within a society, social class, or group.

BUSINESS EXPENSES

Charges for business phone calls, faxes, and telegrams; emergency clothing, equipment, or supply purchases that are job related.

BUSINESS FAILURE

A company ceasing its operations following its inability to make a profit or to bring in enough revenue to cover its expenses. The final step is always that the business runs out

BUSINESS FORMAT FRANCHISING

The franchisee is licensed to use the franchisor’s products and trademark. The franchisee is also trained by the franchisor in the business model and format including selling, marketing, personnel procedures, inventory, and

BUSINESS FRANCHISE TAX

A franchise tax is charged by a state to corporations and other business entities (LLCs in some states).

BUSINESS FUNCTION

Something an enterprise does, or needs to do, in order to achieve its objectives.

BUSINESS GAME

Also called business simulation game) refers to simulation games that are used at an educational tool for teaching business.

BUSINESS GIFT

The cost of qualified business gifts is deductible to a maximum of $25 per year per client or customer. The $25 limit does not apply to promotional items costing $4 or less

BUSINESS IMPACT ANALYSIS (BIA)

A formal analysis of the effect on the business if a specific set of IT services are not available. It will also identify the minimum set of services that an organisation will

BUSINESS INCOME

The sum of all income and expenses which are the result of a business operated by the trust or estate.

BUSINESS INCUBATOR

Programs designed to accelerate the successful development of entrepreneurial companies through an array of business support resources and services, developed and orchestrated by incubator management and offered both in the incubator and

BUSINESS INFORMATION REPORT

The most widely used D&B Report for credit assessment, the BIR can provide information about a company’s history, payments, finances, operations, and more.

BUSINESS INTELLIGENCE (BI)

(BI) refers to computer-based techniques used in spotting, digging-out, and analyzing business data, such as sales revenue by products and/or departments or associated costs and incomes.

BUSINESS INTERRUPTION

Any event, whether anticipated (i.e., public service strike) or unanticipated (i.e., blackout) which disrupts the normal course of business operations at a corporate location.

BUSINESS INTERRUPTION INSURANCE

Insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in commercial activities due to the occurrence of a peril.

BUSINESS INVENTORIES

Inventory goods and materials, or those goods and materials themselves, held available in stock by a business.

BUSINESS JUDGMENT RULE

Standard for imposing liability on directors of corporation; they must give time and thought to decisions.

BUSINESS LIABILITY

The term used to describe the liability coverages provided by the Businessowners Liability Coverage Form. It includes liability for bodily injury, property damage, personal injury, advertising injury, and fire damage.

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