Professional Practice

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● Trade:

-Trade is a basic economic concept involving the buying and


selling of goods and services, with compensation paid by a
buyer to a seller, or the exchange of goods or services
between parties.
-Trade can take place within an economy between producers
and consumers.
● Business:
- an organization or enterprising entity engaged in
commercial, industrial, or professional activities.
-Businesses can be for-profit entities or non-profit
organizations. Business types range from limited liability
companies, sole proprietorships, corporations, and
partnerships.

● Profession:
-Profession' refers to a paid occupation, especially one that
involves prolonged training and a formal qualification.
-a disciplined group of individuals who adhere to ethical
standards and who hold themselves out as, and are accepted
by the public as possessing special knowledge and skills in a
widely recognised body of learning derived from research,
education and training at a high level, and who are prepared
to apply this knowledge and exercise these skills in the
interest of others
● Doctrine:
-is a codification of beliefs or a body of teachings or
instructions, taught principles or positions, as the essence of
teachings in a given branch of knowledge or in a belief
system.
-The etymological Greek analogue is "catechism"
-Often the word doctrine specifically suggests a body of
religious principles as promulgated by a church.
-Doctrine may also refer to a principle of law, in the
common-law traditions, established through a history of past
decisions.
● Liabilities:
-A liability (generally speaking) is something that is owed to
somebody else.
-Liability can also mean a legal or regulatory risk or
obligation.
-In accounting, companies book liabilities in opposition to
assets.
-Liabilities are categorized as current or non-current depending
on their temporality.

● Duties :
-A duty is a commitment or expectation to perform some
action in general or if certain circumstances arise.
-A duty may arise from a system of ethics or morality,
especially in an honor culture.
-Many duties are created by law, sometimes including a
codified punishment or liability for non-performance.

● Responsibilities:
-the state or fact of being responsible, answerable, or
accountable for something within one's power, control, or
management.
-an instance of being responsible
- reliability or dependability, especially in meeting debts or
payments.

● Code:
-a system of words, letters, figures, or symbols used to represent others, especially for the
purposes of secrecy.

● Etiquette:
-the customary code of polite behavior in society or among
members of a particular profession or group.

● Ethics:
-moral principles that govern a person's behavior or the
conduct of an activity.
-the branch of knowledge that deals with moral principles.

● Negligence:
-failure to take proper care over something.
-breach of a duty of care which results in damage.

● Tender:
-Tender usually refers to the process whereby governments
and financial institutions invite bids for large projects that
must be submitted within a finite deadline.
-A tender offer is a public solicitation to all shareholders
requesting that they tender their stock for sale at a specific
price during a certain time.

● Contract:
-a written or spoken agreement, especially one concerning
employment, sales, or tenancy, that is intended to be
enforceable by law.
-enter into a formal and legally binding agreement.

● Negotiation:
-discussion aimed at reaching an agreement.
-the action or process of transferring legal ownership of a
document.

● Incompetence:
-lack of ability to do something successfully or as it should be
done

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