SERVICE BUSINESS Definition

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SERVICE BUSINESS is a form of business providing different types of labor services in a wide variety of business sectors, e.g., lawn mowing, housecleaning and clothes cleaners are three types of consumer services offered to the general public.

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GOODWILL VALUE is the value attributable to goodwill.

MANDATORY SPENDING is spending that is automatically obligated due to previously-enacted laws. In the United States, this would include things such as Social Security, Medicare, and the interest on the national debt. See DISCRETIONARY SPENDING.

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