An income statement, also known as a profit and loss statement, is a financial report that summarizes an organization’s revenues, expenses, and profits or losses over a specific period, typically on a monthly, quarterly, or annual basis. It provides insights into the company’s ability to generate profits from its operations, identify trends, and make informed financial decisions.

Income tax is a tax imposed by governments on individuals or entities based on their earnings or income. It is typically calculated as a percentage of taxable income, with rates varying based on income levels and tax laws. Income tax revenues fund government programs, services, and infrastructure, and are collected at various levels of government, including federal, state, and local.

Inflation is the rate at which the general level of prices for goods and services rises over time, leading to a decrease in purchasing power. Inflation is influenced by factors such as demand, production costs, monetary policies, and supply shocks. Moderate inflation is considered healthy for economic growth, while high or hyperinflation can erode savings, disrupt markets, and undermine economic stability.

An Initial Public Offering (IPO) is the process by which a privately held company offers shares of its stock to the public for the first time, allowing it to raise capital from external investors and become a publicly traded company. IPOs are typically facilitated by investment banks and involve regulatory filings, pricing, marketing, and the listing of shares on a stock exchange.

Intellectual Property (IP) refers to intangible assets that are the result of creativity and innovation, including inventions, designs, trademarks, copyrights, and trade secrets. IP rights grant creators and owners exclusive rights to their intellectual creations, enabling them to control and monetize their use. Intellectual property protection encourages innovation, fosters economic growth, and rewards intellectual effort and investment.

Internal Rate of Return (IRR) is a financial metric used to evaluate the profitability of an investment or project by calculating the discount rate that results in a net present value (NPV) of zero. In other words, IRR represents the rate of return at which the present value of cash inflows equals the present value of cash outflows. It is a key measure for assessing investment opportunities and comparing alternative projects.

The Internal Revenue Service (IRS) is the United States federal agency responsible for administering and enforcing the nation’s tax laws, collecting taxes, and processing tax returns. The IRS oversees various tax-related activities, including income tax, payroll tax, estate tax, excise tax, and enforcement of tax regulations. It provides taxpayer assistance, issues rulings, and conducts audits to ensure compliance with tax laws.

International Financial Reporting Standards (IFRS) are a set of globally accepted accounting standards and principles developed by the International Accounting Standards Board (IASB) for the preparation and presentation of financial statements by companies and organizations worldwide. IFRS aims to provide a common framework for financial reporting, enhance transparency, comparability, and reliability of financial information, and facilitate international investment, capital allocation, and financial analysis. IFRS is used by publicly traded companies, multinational corporations, and organizations operating in countries that have adopted or converged with IFRS.

Interpersonal Skills, also known as people skills or soft skills, are the abilities and behaviors that individuals use to interact, communicate, and collaborate effectively with others in various personal and professional settings. Interpersonal skills encompass verbal and non-verbal communication, active listening, empathy, emotional intelligence, conflict resolution, teamwork, and relationship-building skills. Strong interpersonal skills are essential for building rapport, fostering positive relationships, and navigating social interactions and work environments successfully.

Inventory Turnover Ratio is a financial metric that measures the efficiency of a company’s inventory management by calculating the number of times inventory is sold or replaced within a specific period. It is calculated by dividing the cost of goods sold (COGS) by the average inventory during the same period. A high inventory turnover ratio indicates efficient inventory management and strong sales performance.