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TAX NUMBER
A number assigned to a business that enables the business to buy wholesale without paying sales tax on goods and products. Contact your local courthouse for additional information.
TIME VALUE OF MONEY
The concept that today's dollar is worth more than a future dollar [even after inflation] because today's dollar can earn interest or other appreciation until the future dollar is received. This concept will become clearer if you also understand the relationship between PRESENT VALUE and FUTURE VALUE.
TURNOVER
Turnover is the number of times that an average inventory of goods is sold during a fiscal year or some designated period. Care must be taken to ensure that the average inventory and net sales are both reduced to the same denominator; that is, divide inventory at cost into sales at cost or divide inventory at selling price into sales at selling price. The turnover when accurately computed is one measure of the efficiency of a business.
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