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Rules vs Norms   Human beings like to remain bounded by rules so as to have guidelines as to what not to do in specific situations. Rules are written guidelines that need to be adhered to by the people in a particular environment as otherwise there are provisions to deal with violations of these rules. If... 
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Rules vs Standards   We are subject to rules and regulations in all environments and circumstances. Rules serve to guide our behavior at all times. There is another term that is referred to as standards and confuses many because of the connotations and a meaning that is similar to rules. Despite similarities,... 
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Utility vs Design Patent   Patent is the exclusive right granted to an inventor by the government to enjoy monetary benefits with the sale or use of the product or service. There are two types of patents granted by the US patent office namely design patent and utility patent. Deciding whether to get a design... 
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Executive Summary vs Conclusion   While most of us are aware of the term conclusion and know its use and importance in an essay or a report, there is another term executive summary that confuses many people in the corporate world. This is because of the similarities between conclusion and executive summary,... 
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Founder vs Co-Founder   Founder is a word that we are familiar with and understand it as the person or individual who establishes a venture. It is a term that connotes pride and prestige as well as creativity on the part of the person who starts the venture. However, there is a term co-founder that clearly... 
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Agenda vs Minutes   Agenda and minutes are two of the most important ingredients of a meeting. There are many things on the mind of the person who arranges the meeting such as the schedule, timing, venue, the guests, the meeting plan, and so on. It, therefore, becomes necessary to be aware of the differences... 
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Accreditation vs Certification   Accreditation and certification are complimentary processes that are similar in nature. These two terms are heard quite often in educational and corporate world where people seek if the organization or the institution is accredited and certified or not. However, the two terms... 
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Distributor vs Wholesaler   If you are a manufacturer making products for people, you need to have a supply chain that takes your products or services to the end consumer. You, as a producer, are not expected to sell your products directly to consumers as it is a waste of time and effort. In a supply chain that... 
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Shipping vs Delivery   Shipping and delivery is a phrase that can be seen in the terms and conditions mentioned in websites that sell products to their customers. Most people tend to think that shipping and delivery are synonymous terms. However, despite many similarities, there are differences between shipping... 
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Mortgage vs Deed of Trust   Both deeds and mortgages use documents that are very similar to one another in that they perform the same function which is securing loan repayments. Loan repayments are secured through placing liens on properties, whereby the lender has the right to sell the property and recover... 
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Named Insured vs Additional Insured   Additional insured and named insured are terms that usually appear on an insurance policy and are easily confused terms as they are used interchangeably by many. There are, however, many important differences between the two and understanding these differences can help... 
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Nominal vs Real Exchange Rate   Nominal exchange rate and real exchange rate show the rate at which one currency can be purchased for another. Nominal exchange rates are the rates that are displayed at banks and money changers. Real exchange rates are a bit more complicated and show how many times an item of goods... 
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Current Account vs Saving Account   Savings accounts and current accounts are the two most common types of accounts that are maintained by businesses and individuals. While both savings accounts and current accounts help the individual or business to manage their funds in some way, they are quite different... 
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Contribution Margin vs Gross Margin   Gross margin and contribution margin are quite similar to one another and are important indicators of a company’s profitability. They both offer information that is important to make decisions regarding production levels. Contribution allows a company to calculate the... 
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Turnover vs Profit   Turnover and profit are both terms that appear on a firm’s balance sheet. Turnover and profit are related to one another since profits are calculated by reducing expenses from the total revenue, of which a major portion is made of the company’s sales turnover. There are however a... 
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Refurbished vs New   Refurbished products are returned to the manufacturer or the vendor for one or the other reason and reconditioned to be sold again though not as brand new. Refurbished is a term that people find confusing when they are buying a gadget or electronics item online. There are the usual products... 
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