Term of the Day net income

Term of the Day

net income

  1. In business, what remains after subtracting all the costs (namely, business,depreciationinterest, and taxes) from a company’s revenues. Net income is sometimes called the bottom linealso called earnings or net profit.
  2. For an individual, gross income minus taxesallowances, and deductions. An individual’s net income is used to determine how much income tax is owed.

    For more information, see Gross vs Net.

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Usage Example
After the accounting department subtracted all necessary taxes and deductions from my paycheck, I received my net income for that pay cycle.
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Term of the Day protocol

Term of the Day

protocol

1. General: Unwritten rules or guidelines that are peculiar to every culture ororganization, and are supposed to be observed by all parties in the conductof business, entertaining, negotiating, politics, etc.
2. Product developmentStatement of attributes (features and benefits) that a new product must be designed to have. A product protocol is prepared byconsulting all parties (customers, marketing, productiondistribution) to theproject.
3. Technology: Set of agreed upon, and openly published and distributed, standards that enables different firms to manufacture compatible devices to the same specifications. All devices made under the same protocol work with one another without any adjustment or modification.
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Usage Example
During the negotiation process the potential client requested benefits that we were unable to deliver, but we followed protocol and presented only what the company allowed us to offer.