ALLOWANCE Definition

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ALLOWANCE, within Sales, is a concession granted to customers for unsatisfactory goods or services. Reduces sales because a portion of the sale has not been earned.

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INTERNAL REVENUE, if governmental, is money collected by a government through taxes and levies on facilities, income, sales of goods and services, transfers of property, and other specified domestic transactions.

LABOR INTENSIVE is used to describe industries or sectors of the economy that relies relatively heavily on inputs of labor, usually relative to capital but sometimes to human capital or skilled labor, compared to other industries or sectors.

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