DOWN PAYMENT Definition

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DOWN PAYMENT is a partial payment made at the time of purchase; the balance to be paid later as stipulated by contract; written or oral.

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BILLS RECEIVABLE, in merchant accounts, are all promissory notes, bills of exchange, bonds, and other evidences or securities which a merchant or trader holds, and which are payable to him.

STANDARD DEDUCTIONS is used to reduce income by taxpayers who do not itemize allowable deductions on their tax returns. The amount of the deduction depends on your filing status: if you are 65 or older, if you are blind and whether you can be claimed as a dependent on another taxpayers income tax return. See ITEMIZED DEDUCTIONS.

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