Business glossary

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Takeover - The acquisition of one company by another.

Talent - People with exceptional abilities, especially a company's most valued employees.

Tangibility - Tangible assets are real assets that can be used as collateral to secure debt.

Target market - The specific individuals, distinguished by socio-economic, demographic and interest characteristics, who are the most like­ly potential customers for the goods and services of a business.

Target marketing - Selecting and developing a number of offerings to meet the needs of a number of specific market segments.

Tariff - A government duty imposed on imports or exports to stimulate or dampen economic activity. Business glossary.

Tax - A governmental charge that is not a price for a good or service.

Taxable - Subject to tax.

Tax bracket - A range of income levels subject to marginal tax at the same rate.

Tax incentive - A tax reduction afforded to people for particular purposes.

Tax refund - An amount that a government gives back to a taxpayer who has paid more taxes than were due.

Tax return - An official form on which a company or individual enters details of income and expenses, used to assess tax liability.

Tax shelter - A financial arrangement designed to reduce tax liability.

Tax subsidy - A tax reduction that a government gives a business for a particular purpose, usually to create jobs.

T-Bill (Treasury Bill) - A debt instrument of the U.S. government.

Team player - Somebody who works well within a team.

Teamwork - Collaboration by a group of people to achieve a common purpose.

Telebanking - Electronic banking carried out by using a telephone line to communicate with a bank.  Business glossary.

Telecommute - To work without leaving your home by using telephone lines to carry data between your home and your employer's place of business.

Telemarketing - Marketing goods or services directly to the consumer via the telephone.

Tender - To make or submit a bid to undertake work or supply goods at a stated price. A tender is usually submitted in response to an invitation to bid for a work contract in competition with other suppliers.

Terms of sale - The conditions concerning payment for a purchase.

Test marketing - The use of a small-scale version of a marketing plan, usually in a restricted area or with a small group, to test marketing strategy for a new product.

Think tank - An organization or group of experts researching and advising on issues of society, science, technology, industry, or business.

Trade barrier - A condition imposed by a government to limit free exchange of goods internationally.

Trade credit - Permission to buy from suppliers on open account.

Trade fair - A commercial exhibition designed to bring together buyers and sellers from a particular market sector.  Business glossary.

Trademark - An identifiable mark on a product that may be a symbol, words, or both, that connects the product to the trader or producer of that product.

Turnover (Business) - 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. Do not mix cost price with selling price. The turnover when accurately computed, is one measure of the efficiency of a business.