ECONOMIC LIFE Definition

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ECONOMIC LIFE is the time period over which an asset(s) may generate economic benefits.

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NET WORTH is the difference between Total Liabilities and Total Assets. Minority interest is included here.

DRAFT, DEMAND OR SIGHT, in import / export, is a draft payable upon presentation to the drawee. It may be used when the exporter wishes to retain control of the shipment for credit or title retention reasons. The buyer must pay the bank before receiving the documents to take custody of the goods. A COD shipment is similar.

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