REVOLVING CREDIT Definition

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REVOLVING CREDIT is a line of credit extended to customers who may use it as often as desired up to a certain dollar limit. Items purchased using this line of credit may be paid in full upon receipt of a monthly statement, or they may be paid for in several installments, for which an interest charge is added. Also known as REVOLVING LINE OF CREDIT.

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ASSOCIATE, in business, is a person brought together with a company or another person into a relationship in any of various intangible ways.

PROPRIETORS FUNDS is owners capital plus net profit minus owners' drawings.

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