Glossary+of+Commerce,+Finance+and+Shipping

__ Bills __ : requests for the payment of money owed for services such as electricity, gas and telephone connections. __Bonus__: extra money given for meeting a target or for good financial results. __Commission__: money paid to salespeople and agents – a certain percentage of the income the employee generates. __Fees__: money paid to professional people such as lawyers and architects. __Health Insurance__: financial protection against medical expenses for sickness or accidental injuries. __Living Expenses__: money spent on everyday needs such as electricity, gas and telephone connections. __Mortgage__: repayments of money borrowed to buy a house or flat. __Overtime__: money received for working extra hours. __Pension__: money paid by a company or the government to a retired person. __Rent__: the money paid for the use of a house or flat. __Salary__: money paid monthly by an employer. __Social Security__: money paid by a company or the government to unemployed and sick people. __Tax__: money paid to finance government spending. __Wages__: money paid by the day or the hour, usually received weekly.  __Balance sheet __: financial statement which shows the company’s assets, the things it owns, its liabilities, the money it owes and its capital. __Bonds __: loans that pay interest and are repaid at a fixed future date. __Capital __: money that people need to set up or start a company. __Debt __: money that is owed, that will have to be paid, to other people or businesses. __Loan __: money borrowed by companies from banks. __Interest __: the amount paid to borrow the money. __Profit and loss account __: a financial statement which shows the company’s revenues and expenses during a particular period, such as three months or a year. __Revenue __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: all the money coming into a company during a given period. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Shares or equities __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: certificates representing units of ownership of a company. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Shareholders __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: the people who invest money in shares, they own part of the company. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Share capital __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: the money provided by shareholders. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Working capital or funds __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: the money that a business uses for everyday expenses or has available for spending. __Assets:__ things that a company owns __Liabilities:__ money that a company owns __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Assets __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: things owed by the company, such as factories and machines that will bring future economic benefits. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Liabilities __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: obligations to pay other organizations or people, money that the company owes, or will owe at a future date. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Retained earnings __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: profits from previous years that have not been distributed, paid out to shareholders, as dividends. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Suppliers __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: companies which provide raw material or parts. __Brand names__: legally protected names for a company’s products __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Current assets __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: things that will probably be used by the business in the near future. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Debtors __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: companies or people who owe money they will have to pay in the near future, and stock. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Fixed assets __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: buildings or equipment that will continue to be used by the business for a long time. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Patents __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: exclusive rights to produce a particular new product for a fixed period. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Tangible assets __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: assets with a physical existence, things you can touch, such as property, plant and equipment. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Trademarks __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: names or symbols that are put on products and cannot be used by other companies. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Accrued expenses __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: these are expenses that have accumulated or built up during the accounting year but will not be paid until the following year, after the date of the balance sheet. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Creditors __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: largely suppliers of goods or services to the business who are not paid at the time of purchase. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Deferred taxes __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: money that will have to be paid as tax in the future, although the payment does not have to be made now. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Reserves __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: funds set aside from share capital and earnings, retained for emergencies or other future needs. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Share premium __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: money made if the company sells shares at above their face value-the value written on them. Cash flow statement __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: shows how effectively a company generates and manages cash, money coming into and leaving the business. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Cost of goods sold __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: the costs associated with making the products that have been sold, such as raw materials, labour and factory expenses. __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">Gross profit __<span style="color: black; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">: the difference between the sales revenue and the cost of sales.
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Upward movement: rise, growth, climb, increase Downward movement: fall, decrease, drop, decline Large changes: considerable, dramatic, significant, sharp Fast changes: abrupt, rapid, sudden, quick Small changes: slight, moderate Slow changes: slow Regular changes: gradual, steady to peak, to top out, to hit bottom, to reach a low point, to remain stable, to level off, to remain constant, to fluctuate
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**<span style="color: #0070c0; font-family: 'Comic Sans MS'; mso-bidi-font-family: Arial; mso-ansi-language: EN-GB;">UNIT 43 ** __ Free trade: __ people and companies should be able to buy goods from all countries, without any barriers when they cross frontiers. __ Comparative cost principle: __ says that countries should produce whatever they can make the most cheaply. __ Absolute advantage: __ if countries have this it means they are the cheapest in the world. __ Comparative advantage: __ if countries have this it means they are only more efficient than some other countries in producing certain goods or services. __ Economies of scale: __ reduced production costs because of large-scale production. __ Imports: __ goods or services bought from a foreign country. __ Exports: __ goods or services sold to a foreign country. __ Balance of trade or trade surplus: __ It is the result when a country exports more goods than it imports. __ Trade deficit: __ It is the opposite of trade surplus. __ Visible trade: __ Trade in goods can be called like this. __ Invisible imports and exports: __ Services such as banking, insurance and tourism can be called like this. __ Strategic industries: __ They are necessary if there was a war and international trade became impossible. __ Tariffs: __ They are imposed by governments on goods from abroad, so as to make them more expensive and to encourage people to buy local products instead. __ World Trade Organization: __ It tries to encourage free trade and reduce protectionism __ Protectionism: __ Restricting imports in order to help local products. __ Exporter: __ A company which sells goods or services to other countries. __ Importer: __ A company which buys goods products from other countries. __ Documentary credit or letter of credit: __ Payment for imported products, which is written promise by a bank to pay a certain amount to the seller, within a fixed period, when the bank receives instructions from the buyer. __ Irrevocable credits: __ They cannot be changed unless all the parties involved agree. __ Bills of exchange: __ It is another method of payment. __ Commercial invoice: __ It contains details of the goods __ Bill of lading: __ Is a document signed by the carrier or transporter confirming that the goods have been received for shipment __ Insurance certificate: __ Describes the goods and contains details of how to claim if they are lost or damaged in transit. __ Certificate of origin: __ States where the goods come from. __ Quantity and weight certificate: __ Issued by private inspection and testing companies, may be necessary, confirming that these are the correct goods in the right quantity. __ Export license: __ Gives the right to sell particular goods abroad
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__ Incoterms: __ Standard arrangements which are called by companies exporting or importing goods. __ Additional costs: __ The costs on top of the cost of the goods. __ FCA-Free Carrier: __ the goods are delivered to a named place where the carrier can load them onto a truck, train or airplane. __ FAS-Free Alongside Ship: __ the seller delivers the goods to the quay next to the ship in the port. __ FOB-Free On Board: __ the seller pays for loading the goods onto the ship. __ CFR -Cost and Freight and CPT-Carriage Paid… : __ the buyer is responsible for insurance. __ CIF- Insurance and Freight and CIP-Carriage and Insurance Paid…: __ Cost, the seller arranges and pays for insurance. __ DAF-Delivered At Frontier: __ the importer is responsible for preparing the documentation and getting the goods through customs. __ DES-Delivered Ex Ship: __ the buyer pays for unloading the goods from the ship __ DEQ-Delivered Ex Quay: __ the seller pays for unloading the goods from the ship to the quay, and for the payment of customs duties and taxes. __ DDU-Delivered Duty Unpaid: __ the buyer pays any import taxes. __ DDP-Delivered Duty Paid: __ the seller pays any import taxes.
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MacKenzie,Ian. (2006). __Professional English in Use__. Cambridge: Cambridge Univercity Press.