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Glossary Of Small Business Terms
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

B

BAD DEBTS – Funds owing to a business which are determined to be uncollectible.

BALANCE SHEET – Financial statement listing a company’s assets, liabilities, and equity on a specific date.

BANKING STUDIES LENDING STUDIES – The Office of Advocacy annually analyzes call report data collected by the Federal Reserve on the lending activity of about 8,500 individual reporting commercial banks. Banks are ranked based on their small business lending on a state-by-state basis.

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 bankruptcy for the benefit of the creditors. This action is conducted as prescribed by the National Bankruptcy Act, and may be voluntary or involuntary.

BEST AND FINAL OFFER – For negotiated procurements, a contractor’s final offer following the conclusion of discussions.

BIC (Business Information Center) – One of more than 80 specialized U.S. Small Business Administration units which offer the latest in high-technology hardware, software and telecommunications to assist small business PLUS one-on-one counseling through SCORE and/or Small Business Development Center (SBDC) staff. Each BIC offers electronic bulleting boards, computer data bases, on-line information exchange, periodicals and brochures, counseling, video tapes, reference materials, texts, start-up guides, application software, computer tutorials and interactive media.

BID BOND – A type of surety bond wherein the surety company guarantees the bidder will enter into a contract and furnish the required payment and performance bonds.

BOOK VALUE – The value of an item or property at a specific time after deducting depreciation from original cost.

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 what level of output or activity is required before the firm can make a profit; reflects the relationship between costs, volume and profits.

BUNDLING REPORT – The purpose of this page is to provide a system to alert SBA’s Office of Government Contracting of contract bundling practices on the part of federal agencies that preclude a small business from successfully competing for a contract.

BUSINESS BIRTH – Formation of a new establishment or enterprise.

BUSINESS CONCERN – A business concern eligible for assistance as a small business is a business entity organized for profit, with a place of business located in the United States, and which operates primarily within the United States or makes a significant contribution to the US economy through payment of taxes or use of American products, materials, or labor.

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 of more than 80 specialized U.S. Small Business Administration units which offer the latest in high-technology hardware, software and telecommunications to assist small business PLUS one-on-one counseling with seasoned business veterans from SCORE and/or staff from a Small Business Development Center (SBDC). Each BIC offers electronic bulletin boards, computer data bases, on-line information exchange, periodicals and brochures, counseling, video tapes, reference materials, texts, start-up guides, application software, computer tutorials and interactive media.

BUSINESS PLAN – A comprehensive planning document which clearly describes the business developmental objective of an existing or proposed business. The plan outlines what and how and from where the resources needed to accomplish the objective will be obtained and utilized.

BUSINESS START – For enumeration purposes, a business with a name or similar designation that did not exist in a prior time period.

BusinessLINC – Beginning June 5, 1998, the BusinessLINC initiative began encouraging more private sector business-to-business linkages that enhance the economic vitality and competitive capacity of small businesses, particularly those located in economically distressed urban and rural areas. The name conveys the full range of business-to-business assistance programs. The LINC acronym stands for "Learning, Information, Networking, Collaboration." This is a joint effort between the Department of the Treasury and the SBA.

 


 

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