QUALITY Definition

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QUALITY is a degree or grade of excellence or worth; can be highly subjective.

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RESIDUAL INCOME is income from efforts which continue to generate revenue over time without requiring any additional effort (e.g., a stream of future royalty payments from a book).

AMORTIZATION EXPENSE is the allocation to expenses of the cost of an intangible asset such as goodwill, a patent, bond issue costs, etc.

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