TAX Definition

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TAX is a charge against a legal entitys person or property or activity for the support of government, e.g. income taxes, sales taxes, duties and levies.

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JUST-IN-TIME (JIT) is a management philosophy that strives to eliminate sources of manufacturing waste and cost by producing the right part in the right place at the right time.

STOCK OPTION is a contractual right granted by a company to the named holder of the option the right to purchase the companys stock at a fixed price stated on the stock option within a specified period of time. If the stock option is not exercised within the specified period of time, then the contractual right lapses.

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