English Vocabulary for Business

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Supply Chain

A supply chain is the entire network of businesses involved in providing goods or services to a customer. Includes all the processes related to the creation, storage, and movement of a product.

Example: ‘The supply chain for gasoline begins with extracting oil from the ground and ends with the gas sold at the pump.’

Logistics

Logistics is the process of managing the flow and storage of materials, goods, information and capital. Good planning and communication is essential to good logistics.

Example: ‘Our logistics department has a sophisticated system for tracking materials through the supply chain.’

Shipping

Shipping is the movement of goods and cargo, either by land, air, or sea.

Example: ‘We offer customers different shipping options, with different delivery speeds and costs.’

Supplier

A supplier is a business that provides goods or services to other businesses in a supply chain. a manufacturer usually relies on several, or even hundreds, of different suppliers.

Example: ‘Gorman Motors is looking for a new supplier for the electrical components of its trucks.’

Materials

Materials are the physical items that a supplier provides to other businesses. These materials could be raw resources, such as oil, or manufactured parts, such as computer chips.

Example: ‘The high cost of materials has slowed down the construction sector in the past few years.’

Manufacturer

A manufacturer uses machines, tools, and labor to transform materials into goods. The goods might be for use by consumers or as parts of а more complex product.

Example: ‘Boeing is one of the largest manufacturers of airplanes in the world.’

Distributor

A distributor buys products from manufacturers and then resells them to retailers. a distributor is like a middle man between the producers and the consumers.

Example: ‘The Canadian paper company found a European distributor for their specialty products’

Retailer

A retailer is a business that sells products directly to customers or end-users.

Example: ‘Traditional retailers are complaining about online retailers stealing their customers.’

Consumer

The consumer is the one who uses a good or service that has been produced. Consumers are the final link in the supply chain.

Example: ‘After the economic crisis, consumers showed a lack of confidence by saving rather than spending.’

Purchasing

Purchasing is the process of buying the goods and services that a business needs to operate. In the supply chain, a purchaser creates agreements with a company’s suppliers.

Example: ‘Our purchasing department has made the decision to start buying wore environmentally friendly materials.’

Warehousing

Warehousing involves all of the functions related to the large-scale storage of goods and materials. This includes receiving, identifying, inspecting, storing, and retrieving the goods.

Example: ‘To reduce its warehousing costs. Rondo Industries is moving its storage facilities to Oklahoma.’

Inventory

A company’s inventory is all the goods and materials that are held in stock. This includes not only materials needed to build products, but also finished products yet to be sold.

Example: ‘Every month we do an inventory count to find out how much stock of each part we have.’

Materials management

Materials management deals with the movement and storage of physical items or products. a materials manager is responsible for spare parts, quality control, and inventory management.

Example: ‘The materials management team can reduce work stoppages by making sure the machines have spare parts.’

Order fulfillment

Order fulfillment is the process of receiving, processing, and filling a customer’s order.

Example: ‘Dell Computers has аn order fulfillment system that immediately transfers a customer’s online order to the production area.’

Quality assurance

Making sure that materials, parts, and products are in good condition is quality assurance. Supply chains must have good QA built in to reduce waste and improve processes.

Example: ‘Our quality assurance team is responsible for a 15% drop in defective products.’

Just-in-time

Just-in-Timeisabusinessstrategyaimedatreducinginventoryandassociated costs. With Just-in-Time manufacturing, just enough materials are ordered and delivered when they are needed.

Example: ‘Just-in-Time manufacturing requires very good communication with suppliers.’

ERP

ERP is a system that integrates information from all the different parts of a business. ERP can make a company wore efficient by giving everyone access to the same data at all times.

Example: ‘Our new enterprise resource planning software has reduced confusion between our accounting and sales departments.’

Practice

Now, it’s your turn to practice. For example, if you hear…

We offer free <beep> on orders to customers in North America.

You can say…

We offer free shipping on orders to customers in North America.

Question 1

Samsung is very successful because they understand <beep> preferences.

Answer 1

Samsung is very successful because they understand consumer preferences.

Question 2

General Electric is one of the largest <beep> companies in the world.

Answer 2

General Electric is one of the largest manufacturing companies in the world.

Question 3

WalMart is so successful that smaller <beep> find it hard to compete.

Answer 3

WalMart is so successful that smaller retailers find it hard to compete.

Question 4

Large shipping companies, such as TNT and FedEx, provide a complete<beep> solution.

Answer 4

Large shipping companies, such as TNT and FedEx, provide a complete logistics solution.

Question 5

Every month we count all the <beep> in our storeroom.

Answer 5

Every month we count all the inventory in our storeroom.

Question 6

Our quality <beep> team does regular inspections of incoming materials.

Answer 6

Our quality assurance team does regular inspections of incoming materials.

Question 7

The new production line is based on the principles of just-in-<beep> manufacturing.

Answer 7

The new production line is based on the principles of just-in-time manufacturing.

Question 8

The <beep> department has expanded as we now purchase more materials locally.

Answer 8

The purchasing dept. has expanded as we now purchase more materials locally.

Project Management

Working in the field of project management requires a number of distinct skills. a project manager needs to be able to define the scope of a project clearly, estimate the cost and time required to complete it. set deliverables and specifications for every stage from start to finish, and allocate the needed resources as efficiently as possible.

The ability to manage people is also a critical skill. a good project manager can deal productively with a broad range of stakeholders, including employees, clients, subcontractors and others affected by the project. He or she will need to sign off on major decisions, such as change orders, while choosing the best possible team to make day-today decisions.

Project manager (PM)

The person with overall responsibility for planning and managing a project. This title is used in the construction industry, information technology and many other industries that are based on the production of a product or service.

Example: ‘A project manager needs to begin by setting clear objectives.’

Sponsor

The person who has authority over a project, provides funding, approves scope changes and champions the project within an organization. The project sponsor is usually a representative of the client, since the client has commissioned and funded the project.

Example: ‘The sponsor should provide high-level guidance while letting the project manager handle day-to-day issues.’

Stakeholder

Anyone who has an interest in a project or will be affected by it. Stakeholders can be people inside or outside the organization carrying out the project.

Example: ‘We need to remember that the homeowners near our new factory are also stakeholders in the expansion project.’

Subcontractor

A business or person who is paid to do part of the work assigned to another person or company. This noun has a related verb: to subcontract.

Example: ‘We can’t permit our provider to subcontract any work on our database, since this would put the security of our customer records at risk.’

Scope

The overall definition of what the project is supposed to accomplish… including the project’s goal, the resources to be used to carry it out, and a specific description of the expected end result.

Example: ‘The scope of this project is a complete redesign of our customer database.’

Deliverables

A deliverable may be either a physical object, such as a newly designed product, or an outcome, such as the completion of a business plan.

Example: ‘For a project to succeed, its deliverables need to be both achievable and clearly defined.’

Specifications

Specifications is often abbreviated to: specs. Specifications are detailed descriptions of the deliverables for a project and include all the technical, time and cost requirements of a project.

Example: ‘This customer software doesn’t meet our original specifications.’

Baseline

The baseline will include the project’s expected costs, schedule and any technical requirements.

Example: ‘Our baseline expectation is to complete the project by December at a cost of no more than $4 million.’

Resources

All items needed to complete a project, such as a tool, supply item, facility or person. People (human resources) and money (financial resources) are often the most important elements of a project.

Example: ‘The scope of a project needs to watch the resources available to carry it out.’

To estimate

To calculate or guess the value, size or amount of something.

An estimate

The noun form can be either: an estimate or an estimation

Example: ‘The value of the deal is estimated at $12 million.’

Top-down estimate

An estimate for the cost, time, and risks of a project made by looking at the entire project… from the top-down, or in great detail, and comparing it to similar projects in the past.

Example: ‘Richard has worked on several similar projects before, so he can give us a top-down estimate of how much this owe should cost.’

To allocate

To decide that аn amount of money, time or other resources should be used for a certain purpose. This verb often appears in two strong collocations: to allocate funds & to allocate resources.

Example: ‘Du Pout has allocated funds to build two new factories in Asia.’

Margin

A spare amount of money, time or other resources that is set aside in case of unforeseen problems, costs or delays.

Example: ‘This construction project has a two-week margin to allow for delays due to bad weather.’

The meaning of margin is similar to our next word…

Contingency

A planned allocation of resources that are to be used in the event that something unforeseen,… such as a bad weather, affects the completion of a project according to the schedule.

Example: ‘We need to develop plans to deal with any contingencies before starting the project.’

Change order

A request for а change in a project’s scope, deliverables or cost. Most large projects will require change orders, either because the project manager sees the need for changes or because the client’s needs have changed.

Example: ‘It’s important to get the client to approve any change orders before allocating more resources.’

To sign off

To give approval for someone else’s decision.

Example: ‘The finance director needs to sign off on any change in our approved vendors.’

Practice

Now, it’s your turn to practice. For example, if you hear…

The value of the deal is <beep> at £12 million.

You can say…

The value of the deal is estimated at £12 million.

Question 1

We need to <beep> more resources to meet the new deadline.

Answer 1

We need to allocate more resources to meet the new deadline.

Question 2

It’s important to consult with all the <beep> who may be affected by the relocation of our plant.

Answer 2

It’s important to consult with all the stakeholders who may be affected by the relocation of our plant.

Question 3

Since the <beep> of this project is quite broad, we’ll need to make our plans as detailed as possible.

Answer 3

Since the scope of this project is quite broad, we’ll need to make our plans as detailed as possible.

Question 4

The finance director needs to <beep> on any changes to our accounts.

Answer 4

The finance director needs to sign off on any changes to our accounts.

Question 5

Any project that doesn’t allow for <beep> is likely to run into problems.

Answer 5

Any project that doesn’t allow for contingencies is likely to run into problems.

Question 6

Unfortunately, the new software doesn’t meet the original <beep>.

Answer 6

Unfortunately, the new software doesn’t meet the original specifications.

Marketing: Branding

In part one, we’ll focus on the essential elements of establishing a successful brand.

What is a brand? Brands are what make companies and products stand out from the crowd. They have an essence, or spirit, and values that make them worthwhile to the customer.

To develop a successful brand, you need to know about your demographics and the tangible and intangible benefits your products bring to your customers. Need to know how well your brand is being received? Focus groups of consumers can give information on brand awareness and brand recognition.

It’s also important to think about how your company and brand will be presented visually. So you need to think about your brand’s trademark or logo, the symbols that represent the brand. Similarly, think about corporate identity and brand identity, two factors that help your customers “see” you and your products.

Now let’s look at the vocabulary in more detail with some definitions and examples.

Brand

A brand is what sets a company—or its products and services—apart from its competition. This includes the way it’s presented to the public, customers’ expectations and experiences with the brand, and the way it’s perceived by others.

Example: ‘McDonald’s brand incorporates the concepts of fast food, fun, convenience, and variety.’

Brand Essence

Often called a brand’s “heart and soul,” brand essence refers to the fundamental spirit of the brand—what connects a brand to customers—expressed in a simple, concise, phrase.

Example: ‘Hallmark produces greeting cards and gifts. its brand essence is “Caring Shared.”

Brand Values

Brand values are the aspects of a brand that bring value to the customer. This value is why the customer chooses the brand.

Example: ‘Driving a BMW can make someone feel successful and luxurious. These feelings are part of the brand’s value.’

Demographics

Demographics refers to information about customers, such as their age, education level, and where they live. Demographic is the adjective form.

Example: ‘In October 2009, InsideFacebook.com reported demographic information about Facebook users. 29% of the users were between the ages of 18 and 25.’

Tangible

Something is tangible if it has a physical form, something that can be perceived through one of the five senses. In marketing, tangible often refers to direct benefits customers can receive from a brand.

Example: ‘Starbucks customers who participate in its rewards program can receive tangible benefits like free coffee drinks and Wi-Fi access.’

Intangible

Something that is intangible does not have a physical form that can be perceived through the senses. Intangible benefits are more conceptual, like a certain feeling you get when buying a product or using a service.

Example: ‘The peace of mind that comes from driving a Volvo is one of the intangible benefits of the brand.’

Focus Group

A focus group is a small group of people that represents a target demographic. The group discusses products and services so that companies can learn more about what their customers’ think about the brand or product.

Example: ‘The company used data from focus groups to decide the name of their new product.’

Brand Awareness

When customers recognize a brand and connect it with a company’s products, they’re showing brand awareness.

Example: ‘Because it is new to the United States, the Chinese sportswear company Li-Ning is still developing brand awareness among Americans.’

Brand Recognition

When customers show that they know about a brand when asked specifically about it, they’re showing brand recognition. Brand recognition is one way to measure brand awareness.

Example: ‘Toblerone’s unique packaging and strong promotion in duty-free shops add to its brand recognition.’

Trademark / Logo

A trademark or logo is a graphic symbol that represents the brand. Words, phrases and sounds can also be trademarks.

Example: ‘The “swoosh” is a trademark of Nike. Apple’s logo is an apple with a bite taken out of it.’

Corporate Identity

A company’s corporate identity is the way it presents itself visually to the public. These visual elements can include color schemes, logos, words, building architecture, interior design, uniforms, and printed materials.

Example: ‘To show its corporate identity, Mobil Oil consistently displays the word “Mobil” in the same text and colors on all of its signs and uniforms.’

Marketing: Branding (continued)

To be successful, a brand needs to be managed. Brand equity—its marketing strength—and differentiation—how it is different from competitors—need to be considered when developing a brand strategy, or long-term marketing plan.

As always, customers are a key ingredient. Who will receive your marketing message? That’s your market segment. How do customers view the brand? That question is answered by its positioning. Do customers repeatedly buy the brand? That’s all part of brand loyalty.

Once the brand is established, there are ways to take it further. Niche marketing can help you reach more specific groups of customers. Rebranding, co-branding, and brand stretching are all ways to adjust your brand in response to changing tastes and values. In the end, a successful brand will help your company become a market leader.

Now let’s look at these concepts in more detail with some definitions and examples.

Brand Management

Brand management means overseeing all aspects of a brand, such as advertising, price, and customer satisfaction so that the brand remains in a positive light, making it more profitable.

Example: ‘Building trust with consumers is the ultimate aim of brand management.’

Brand Equity

Brand equity is related to the marketing power of a brand. If a brand is well received and popular, its power to generate sales and income is increased. This means the brand has strong brand equity.

Example: ‘Recent safety recalls have severely affected Toyota’s brand equity.’

Brand Strategy

Brand strategy is a long-term marketing plan for a brand. All members of an organization are involved with implementing this strategy.

Example: ‘To compete with Coca-Cola, a company that has existed for over 100 years, Pepsi adopted a brand strategy that targets younger consumers.’

Differentiation

Differentiation is the way companies show that their brands or products are different from those of their competitors.

Example: ‘Some automakers are promoting technology as a differentiation strategy.’

Market Segment

A market segment is a group of customers that tends to share values, needs, and purchasing habits. Companies often direct their advertising toward particular market segments.

Example: ‘Teenagers are one of the main market segments for Virgin Megastores.’

Positioning

Positioning is the “place” a brand holds in the consumer’s view, in comparison to other brands.

Example: ‘The core concept behind Volvo’s positioning is “safety.”’

Brand Loyalty

When customers consistently choose one brand over another, they are showing brand loyalty.

Example: ‘Some automakers are rewarding brand loyalty by offering discounts to repeat customers.’

Rebranding

Rebranding is the process of updating or changing a brand to make it more appealing to its target audience.

Example: ‘Abercrombie & Fitch was originally branded as a sporting goods company, but in the late 1980s, they rebranded as a luxury apparel retailer.’

Niche Marketing

Niche marketing is focused on a small portion of a market segment. So, while the market for automobiles is huge, the luxury market for 4wheel drive vehicles is considered a niche market as it is relatively small.

Example: ‘Mont Blanc use niche marketing techniques to reach left-handed consumers.’

Co-branding

Co-branding is when two or more companies join together and use their brands to promote one product.

Example: ‘For the Barbie doll’s 50th anniversary, Mattel and Fiat co-branded to produce the Barbie 500, a pink toy car.’

Brand Stretching

Like elastic, a brand can be stretched. When new, sometimes unrelated, products are added to a brand, this is brand stretching.

Example: ‘Over time, Yamaha has stretched its brand from musical instruments, to motorcycles, to sports equipment.’

Market Leader

A market leader is a company or brand that has the largest percentage of sales and revenues.

Example: ‘Our goal is to become the market leader in tennis equipment.’

Practice

Now it’s your turn to practice. For example, if you hear:

We don’t have many stores in Asia, so we have little brand <beep> there.

You can say:

We don’t have many stores in Asia, so we have little brand awareness there.

Question 1

Taco Bell uses a picture of a bell in its <beep>.

Answer 1

Taco Bell uses a picture of a bell in its logo.

Question 2

We learned a lot about our customers’ tastes from focus <beep>.

Answer 2

We learned a lot about our customers’ tastes from focus groups.

Question 3

One of our target <beep> is men over age 65.

Answer 3

One of our target demographics is men over age 65.

Question 4

We’re going to test our brand <beep> among college students.

Answer 4

We’re going to test our brand recognition among college students.

Question 5

To build our sales among tall businesswomen, we need to try<beep> marketing.

Answer 5

To build our sales among tall businesswomen, we need to try niche marketing.

Question 6

My sister always buys Honda cars. She’s showing brand <beep>.

Answer 6

My sister always buys Honda cars. She’s showing brand loyalty.

Question 7

Our excellent reputation for quality adds to our brand <beep>.

Answer 7

Our excellent reputation for quality adds to our brand equity.

Question 8

Business travelers are our largest market <beep>.

Answer 8

Business travelers are our largest market segment.

Contract Law

If you’ve ever signed up for a mobile phone, booked a hotel room, or accepted a job offer, you’ve made a contract.

And there are several key aspects of every contract beginning with the intent to make one, an offer and consideration for both sides.

Agreement on the specific elements of a contract leads to acceptance, at which point the contract is legally binding to both parties.

Agreement on the specific elements of a contract leads to acceptance, at which point the contract is legally binding to both parties.

Of course, the parties must have made truthful representations in the course of their negotiations.

A contract may also be threatened when one party does not fulfill its obligations, which can lead to repudiation.

There is also a situation called frustration when a contract cannot be fulfilled for unforeseen reasons.

When two parties under contract cannot agree, they may try to settle their dispute through a process of arbitration.

If this doesn’t work, one party way attempt to sue the other in court hoping to be awarded damages in the case of a breach of contract.

Contract

A contract is any formal agreement between people or businesses. Whenever we make a contract we are creating a legal relationship.

Example: ‘Under John’s employment contract he gets three weeks of vacation every year’

Intent

Having the intent to make a contract means that you actually want to make one. Without intent from both sides, there can be no contract.

Example: ‘While Tabitha wanted to make some sort of deal Ron had no intent.’

Offer

When you propose a contract you are making an offer. That offer way be accepted, rejected, or amended and sent back as a counter offer.

Example: ‘The company lawyers sent the offer to the competitor’s legal team.’

Consideration

Every contract must include something of value for both sides.

Example: ‘Pen felt that the deal didn’t include enough consideration for his party’

Acceptance

Acceptance happens when both sides agree on a contract. When the offer or contract is formally accepted, the agreement becomes legal.

Example: ‘Acceptance of a contract depends on certain facts being verified.’

Party

The parties in a contract are those who are agreeing to do something. Each party may be a person, a group of people, a business, or another type of organization.

Example: ‘Because the two parties couldn’t agree on costs, they failed to wake a deal.’

Representation

Any time you make a statement of fact in a contract you are making a representation.

Example: ‘The judge decided that Answer’s representations were truthful and accurate.’

Repudiation

If one party does not fulfill its obligations under a contract the result is repudiation of the contract. Repudiation may have consequences outlined in the contract or it may lead to a lawsuit.

Example: ‘Repeated failure to paying time led to repudiation of the contract.’

Frustration

Frustration happens when the contract cannot be fulfilled for reasons beyond anyone’s control. Frustration is not the fault of either party.

Example: ‘Frustration of the contract came about when it was found to violate trade agreements.’

Settle a dispute

When contracted parties can’t agree, they have a dispute. Finding a solution to their disagreement is referred to as settling the dispute.

Example: ‘It took the U.S. and Canada years to settle their dispute over tobacco taxes.’

Arbitration

Contracted parties that have a disagreement will usually try to reach a solution out of court through arbitration.

Example: ‘Wanting to avoid a costly legal battle, the two companies agreed to arbitration.’

Damages

If the contracted parties can’t settle their dispute through arbitration, they would go to court. In this case, a judge may award damages to the party that is able to prove their claim.

Example: ‘The judge awarded damages to the complainant after a lengthy court case.’

Contract Law (continued)

In contract negotiations, once you come to terms with the other party you can ratify the agreement.

During this negotiation, the parties may make certain statements without prejudice.

When everyone is satisfied, the contract is signed and becomes legally binding.

The exact terms written into the contract or discussed during negotiation are express terms.

There may also be implied terms that are not directly stated but still govern the contract.

The conditions and warranties of a contract are laid out in carefully written clauses.

Legal responsibility, or liability, is spelled out very clearly in a contract. Parties may be joint and severally liable or they may enjoy limited liability. A contract may also include exclusion clauses to remove a party from legal responsibility in certain circumstances.

Terms

The terms of a contract are the detailed points that the parties are agreeing to.

Example: ‘After a lengthy negotiation process, we finally came to terms on a deal.’

Ratify

When the parties agree to a contract they must ratify the agreement. This normally means officially accepting the contract by signing a paper version.

Example: ‘The signatures of both parties are required to ratify the agreement.’

Without prejudice

Sometimes parties will state things that they do not want to be part of the agreement. We can say that these statements are made without prejudice, and they cannot be used as evidence in legal cases.

Example: ‘The statement was made without prejudice, so It could not be used in court.’

Legally binding

If a contract is legally binding, it means it is valid under the law. The parties are bound to the contract and must fulfill their obligations.

Example: ‘The contract was not legally binding because it wasn’t signed by both parties.’

Express terms

Conditions, obligations and other points stated directly in a contract are called express terms.

Implied terms

Sometimes a contract includes terms that are not expressed directly in written form. These are implied terms, and they are usually more difficult to define than express terms.

Conditions

If a condition is not met the contract is broken, or “breached.”

Example: ‘The lawyer worded the conditions of the contract very carefully.’

Warranties

Warranties are less important terms of a contract.

Example: ‘Breaking a warranty does not normally mean the contract has been breached.’

Clauses

The terms of a contract are written in sections, called clauses. There are certain types of clauses, such as exemption clauses and non-compete clauses.

Example: ‘I read each and every clause of my employment contract very carefully.’

Liability

If a party breaks a contract or does not fulfill Its duties, that party is liable.

Example: ‘The judge decided liability rested with the supplier because they failed to deliver.’

Joint & severally liable

If more than one person or business enters a contract as partners, they would be joint and severally liable. This means that each person or business is individually responsible for the entire contract.

Example: ‘Because the contractors were joint and severally liable, they all had to pay.’

Limited liability

If one party in a contract is a limited company then that company’s owners enjoy limited liability.

Example: ‘The company enjoyed limited liability, so its directors’ assets were protected.’

Exclusion clause

A party’s liability may be limited in certain situations by exclusion clauses. These clauses clearly state that a party is not responsible if certain things happen.

Example: ‘I asked my lawyer to insert several exclusion clauses to reduce my risk.’

Practice

Now, it’s your turn to practice. For example, If you hear…

I met with the buyer in my lawyer’s office to sign the <beep>.

You can say…

I met with the buyer in my lawyer’s office to sign the contract.

Question 1

We wanted to settle the <beep> out of court to save money.

Answer 1

We wanted to settle the dispute out of court to save money.

Question 2

I decided to refuse the <beep> because the price wasn’t right.

Answer 2

I decided to refuse the offer because the price wasn’t right.

Question 3

A contract becomes legal immediately after <beep>.

Answer 3

A contract becomes legal immediately after acceptance.

Question 4

We celebrated when the judge decided to award us <beep>.

Answer 4

We celebrated when the judge decided to award us damages.

Question 5

With so many express <beep>, the contract was 50 pages.

Answer 5

With so many express terms, the contract was 50 pages.

Question 6

The partners were joint and severally <beep> under the contract.

Answer 6

The partners were joint and severally liable under the contract.

Question 7

A special exclusion <beep> removed us from some responsibilities.

Answer 7

A special exclusion clause removed us from some responsibilities.

Question 8

The contract became legally <beep> as soon as it was signed.

Answer 8

The contract became legally binding as soon as it was signed.

International Trade

In this section we’ll look at the process of international trade.

Merchandise

Goods that are bought and sold in trade are called merchandise. When merchandise is being moved or shipped, it may be called freight or cargo.

Example: ‘Trucks took the merchandise in containers from the factory to the port.’

Certificate of manufacture

The manufacturer will issue a certificate of manufacture certifying that the goods are have been made to the buyer’s specifications.

Certificate of inspection

A certificate of inspection shows that the goods meet the required standards prior to shipment.

Example: ‘The goods appeared damaged, so the buyer checked to see that the certificate of inspection was valid.’

Proforma invoice

Before a supplier sends merchandise to a buyer, the supplier provides a pro forma invoice. This invoice lists the exact quantity, value, and specifications of the merchandise.

Example: ‘When the shipment arrived, we checked the contents against the pro forma invoice we had received.’

Letter of credit

In large trades, a buyer will finance the transaction using a letter of credit. This document guarantees that payment will be made when the seller meets the conditions of sale.

Example: ‘When Wayland Inc. received the letter of credit, they contacted the shipping company to arrange transport.’

Bill of lading

A bill of lading is a contract between an exporter and a transportation company. The bill of lading lists the goods being carried and must remain with the merchandise at all times.

Example: ‘An airline may issue a bill of lading to a seller either before or after payment for goods is made.’

Free On Board (FOB)

The seller must pay all costs related to getting the goods to port and onto the ship.

Cost & Freight (CFR)

CFR weans that a quoted price includes the cost of goods and transport charges to the destination port.

Cost Insurance Freight (CIF)

CIF weans that the quoted price includes the cost of goods, insurance, and transportation to the destination port.

Example: ‘The seller agreed to pay cost and freight, so the buyer had to buy insurance for the goods.’

Bonded warehouse

A bonded warehouse is a place where goods are stored after shipping but before the payment of duties for those goods.

Customs

Customs is the authority or organization that controls the flow of goods in and out of a country.

Duty

Customs authorities collect the duties—or taxes—applied to imports and exports.

Example: ‘Within a port, customs officials have the right to board and search any ship.’

Customs broker

A customs broker helps importers and exporters move their goods through Customs. Customs brokers prepare documents, help with communication, and arrange payment of duties.

Example: ‘Many customs brokers specialize in certain types of goods, such as textiles, food, or computer equipment.’

Practice

Now, it’s your turn to practice. For example, If you hear…

The bank issued a letter of <beep> to the furniture exporter.

You can say…

The bank issued a letter of credit to the furniture exporter.

Question 1

The goods sat in a bonded <beep> for three months before the duty was paid.

Answer 1

The goods sat in a bonded warehouse for three months before the duty was paid.

Question 2

The agreed terms were cost and <beep>, so the buyer had to buy insurance.

Answer 2

The agreed terms were cost and freight so the buyer had to buy insurance.

Question 3

When the shipment arrived, we checked the contents against the bill of<beep>.

Answer 3

When the shipment arrived, we checked the contents against the bill of lading.

Question 4

After so many delays in customs, we switched to a better customs<beep>.

Answer 4

After so many delays in customs, we switched to a better customs broker.

Macroeconomics

Gross Domestic Product

GDP is the value of all goods produced within a country’s borders.

Example: “In 2012, the United States had the world’s highest GDP, at over $15 trillion.”

Gross National Product

GNP is the value of all goods and services produced by a country’s people, wherever they are located.

Example: “The Philippines has a significantly higher GNP than its GDP as it has a large number of overseas workers.”

Business cycle

The business cycle refers to changes in the economy or the rise and fall of GDP over time.

Example: “Central banks often adjust interest rates to help the economy avoid huge swings in the business cycle.”

Expansion

Expansion is the part of the business cycle when WP increases. Expansion continues until the economy reaches a peak.

Example: “The 1950s was a period of great expansion for the U.S. economy.”

Recession

A recession is the part of the business cycle when GDP falls. A recession happens when GW decreases for two consecutive quarters.

Example: “Government spending may be increased to help a country recovery from a period of recession.”

Depression

A depression is a serious recession that lasts two or more years. A depression involves high unemployment and low output and investment.

Example: “Unemployment in Germany during the depression of the 1950s reached nearly 30%.”

Trade balance

A country’s trade balance is the difference between bow much it imports and exports.

Example: “Several economists have suggested restricting oil imports as a way of improving the balance of trade.”

Trade deficit

A country has a trade deficit when it imports more than it exports.

Trade surplus

A country has a trade surplus when it exports more than it imports.

Example: “With a boom in the export of natural resources, Australia is enjoying a trade surplus.”

Practice

Now, it’s your turn to practice! For example, if you hear…

Central banks often adjust interest rates to help the economy avoid huge swings in the business <beep>.

You can say…

Central banks often adjust interest rates to help the economy avoid huge swings in the business cycle.

Question 1

The recession in Greece has now become a full-scale <beep>.

Answer 1

The recession in Greece has now become a full-scale depression.

Question 2

Before the problems of 2008, the world economy had a great period of <beep>.

Answer 2

Before the problems of 2008, the world economy had a great period of expansion.

Question 3

We need to increase our exports to improve our trade <beep>.

Answer 3

We need to increase our exports to improve our trade balance.

Macroeconomics (continued)

Income gap

The difference between the income and assets of people and groups in society. The income gap is sometimes called the gap between the rich and poor.

Example: “Countries with a large income gap typically have higher rates of health and social problems.”

Inflation

Inflation is the rate of increase in the price of goods and services. As costs rise, the value of money decreases.

Example: “Inflation is rising quickly, which worries both economists and consumers.”

Cost of living

The average cost of people’s basic needs, such as food, housing, and clothes.

Example: “While Vancouver is seen as a desirable place to live, high housing prices have driven up the cost of living.”

Consumer price index

The CPI shows the change in average prices of basic consumer goods and services. The CPI helps to show changes in the cost of living.

Example: “Although food prices in Korea increased by 74% in February the overall consumer price index only rose.”

Purchasing power

Purchasing power is how much goods or services we can buy with a unit of money. As prices go up, the purchasing power of our money goes down.

Example: “The purchasing power of one U.S. dollar in 1915 was about the same as twenty dollars in 2006.”

Disposable income

The amount of money we have to spend or save after paying taxes is called disposable income.

Example: “When consumers are concerned about the economy, they often put more of their disposable income into savings.”

Consumer spending

Consumer spending is how much money is spent by consumers in an economy. This includes durables, such as furniture, and non-durables, such as food.

Example: “Bloomberg reports that consumer spending rose last month despite an increase in payroll tax.”

Household debt

Household debt is the amount of money owed by consumers. This includes consumer debt such as credit cards, and mortgage loans.

Example: “In the early 2000s, the average American household debt surpassed the average American household income.”

Practice

Now, it’s your turn to practice! For example, if you hear…

Central banks often adjust interest rates to help the economy avoid huge swings in the business <beep>.

You can say…

Central banks often adjust interest rates to help the economy avoid huge swings in the business cycle.

Question 1

Many countries are concerned about the widening income <beep> between rich and poor.

Answer 1

Many countries are concerned about the widening income gap between rich and poor.

Question 2

I like London, but I feel the cost of <beep> is just too high for me.

Answer 2

I like London, but I feel the cost of living is just too high for me.

Question 3

Rising oil prices are pushing the overall <beep> rate higher.

Answer 3

Rising oil prices are pushing the overall inflation rate higher.

Internet Marketing

Pay-per-click

With PPC, companies pay for ads on other websites.

Advertisers pay a certain amount each time a user clicks on an ad.

Example: ‘We’ve seen a huge increase in traffic to our website since we started a PPC ad campaign.’

Content network

A group of websites that agree to display ads.

The largest content networks are Google AdSense & the Yahoo Publisher Network.

Example: ‘Google searches through its content network to find websites that match your advertisements.’

Cost per click

CPC means you pay a set cost each time someone clicks on your ad.

The more popular the website you place ads on, the higher the cost per click.

Example: ‘Our maximum CPC rate is currently $3.00 but we may have to pay more if another advertiser outbids us.’

Click-through rate

CTR shows the number of times users clicked on the ad out of the number of times it was shown.

Example: ‘We improved our CTR by testing different versions of the same ad and choosing the most popular one.’

Landing page

The website where people who click on an ad are directed to when they click-through.

This could be a company’s homepage, a signup form, or a promotional site.

Example: ‘Clicking on the company’s ad takes users to a landing page where they can sign up for a newsletter.’

Conversion

When a user completes an action you want them to do, you have a conversion.

A conversion usually means the user buys, signs up, or downloads something.

Example: ‘Targeted advertising and good sales copy can help increase your conversion rate.’

Analytics

To determine how effective ads are, advertisers use analytics.

Analytics shows data about visitors, pages viewed, and conversions.

Example: ‘A good analytics program can give you information about how visitors found your website and what they did when they visited.’

Internet Marketing (continued)

CPA

The total cost of each conversion is called the cost per acquisition.

The CPA is calculated by dividing the cost of the ads by the number of conversions.

Example: ‘To calculate your cost per acquisition, divide the total cost of the ad campaign by the number of new customers.’

Practice

Now, it’s your turn to practice. For example, if you hear…

We use pay-per-<beep> ads to drive traffic to our website.

You can say…

We use pay-per-click ads to drive traffic to our website.

Question 1

The marketing consultants recommended a redesign of our <beep> page to generate more leads.

Answer 1

The marketing consultants recommended a redesign of our landing page to generate more leads.

Question 2

Ads for professional services like lawyers and doctors tend to have the highest <beep> rates.

Answer 2

Ads for professional services like lawyers and doctors tend to have the highest CPC rates.

Question 3

We were able to find out our cost per acquisition using an <beep> program.

Answer 3

We were able to find out our cost per acquisition using an analytics program.

Search engine marketing

SEM is activity related to improving the visibility and ranking of websites in search engines.

SEM includes both SEO, and search advertising, or paid search.

Search engine optimization

SEO is making a website attractive to users and search engines.

The purpose is to make it easier for search engines to find your site and to rank it highly.

Example: ‘Our new search engine optimization team helped us climb into the top 10 results on Bing.’

Search engine results page

The search engine results page shows the natural search listings and the PPC ads.

How high a site ranks in the results can be influenced by SEO.

Example: ‘Posting on forums and linking your content to social media can help improve your SERP ranking.’

Link building

Search engines look at the number and quality of sites that link to yours.

The more inbound links—or backlinks—to your website, the better:

Example: ‘Link building can be difficult if you don’t have interesting and original content on your site.’

On-page optimization

On-page optimization refers to changes made to a webpage to improve its search engine ranking.

Optimization can involve changing meta tags, HTML, & page content.

Example: ‘Analytics tools can suggest the most effective keywords for on-page optimization.’

Keyword

Keywords in the content of a webpage describe its overall topic or focus.

Keyword frequency £ placement to help search engines rank their websites highly.

Example: ‘It’s a good idea to include your primary keywords in the title of your webpage.’

White hat SEO

Accepted and ethical methods of optimizing a website are called white hat SEO.

Black hat SEO

Attempts to trick search engines using unethical techniques are called black hat SEO.

Example: ‘Search engines employ manual site reviewers to uncover Black Hat SEO tactics.’

Practice

Now, it’s your turn to practice. For example, if you hear…

We use pay-per-<beep> ads to drive traffic to our website.

You can say…

We use pay-per-click ads to drive traffic to our website.

Question 1

To improve our ranking in search engines, we hired an <beep> consultant.

Answer 1

To improve our ranking in search engines, we hired an SEO consultant.

Question 2

We get a lot of traffic from Google because we rank highly on <beep> pages.

Answer 2

We get a lot of traffic from Google because we rank highly on SERP pages.

Question 3

You might get banned by search engines if you use Black <beep> SEO techniques.

Answer 3

You might get banned by search engines if you use Black Hat SEO techniques.

Stocks & Shares

Companies raise money by selling stocks or shares in the company to investors.

Stocks can rise or fall depending on supply & demand, performance and the economy.

Example: ‘I own shares in large companies like Wal-Mart and Coca Cola, but I also have stock in some new tech start-ups.’

Securities

Securities are a type of investment sold by corporations & governments.

Securities are usually divided into debt, in the form of bonds, and equity, in the form of stocks.

Example: ‘In the United States, the sale of securities is closely regulated by the SEC.’

Stock exchange

An exchange is a place or electronic platform where securities are bought and sold.

Popular exchanges include the New York Stock Exchange, Nasdaq, and the LSE.

Example: ‘The New York Stock Exchange, like most exchanges, is closed for weekends and holidays.’

Listed

When a company lists its stock, it registers the stock for sale on an exchange.

To be listed on

To be listed on an exchange, a company must meet certain requirements such as regular reporting.

Example: ‘Samsung is the tenth largest company listed on the New York Stock Exchange.’

Stockbroker

A person who buys and sells stocks for investors and provides advice about stock investments.

Brokerage

A company that employs stock-brokers to trade stocks for clients.

Example: ‘1 called my stockbroker and asked him to put in an order for 5,000 shares of Microsoft.’

Index

A statistical measure of how a section of the stock market is performing.

Well-known indices include the Dow Jones Industrial Average and the S&P 500.

Example: ‘Many investors watch Germany’s PAX index to find out how the European markets are doing.’

Initial Public Offering

An IPO is a company’s first or initial sale of stock to the public.

An IPO can give a private company access to capital to expand.

Example: ‘Facebooks IPO saw the sale of over 420 million shares and about $16 billion in new capital.’

Dividends

Dividends are a portion of a company’s profits paid to its shareholders.

Example: ‘1 prefer to invest in large, stable companies that pay quarterly dividends.’

Practice

Now, it’s your turn to practice. For example, If you hear…

I am going to call my <beep> and ask him to sell my shares in Apple.

You can say…

I am going to call my stockbroker and ask him to sell my shares in Apple.

Question 1

Investors were very excited before Twitter’s big <beep> in 2013.

Answer 1

Investors were very excited before Twitter’s big IPO in 2013.

Question 2

Samsung is the tenth largest company <beep> on the New York Stock Exchange.

Answer 2

Samsung is the tenth largest company listed on the New York Stock Exchange.

Question 3

I prefer to invest in large, stable companies that pay quarterly <beep>.

Answer 3

I prefer to invest in large, stable companies that pay quarterly dividends.

Question 4

The world’s biggest technology companies are traded on the NASDAQ stock <beep>.

Answer 4

The world’s biggest technology companies are traded on the NASDAQ stock exchange.

Stocks & Shares (continued)

To trade at

Each stock trades at a specific price, which is what you pay to buy each share.

A stock will trade at different prices depending on supply and demand.

Example: ‘Sutter Gold is currently trading at «1 30 per share, but that price is expected to drop.’

To close at

Stock prices continually change, but at the end of the trading day they close at a specific price.

Closing prices are often used to track bow a stock changes overtime.

Example: ‘Gator Industries share price climbed from $9 to $13 by noon but eventually closed at $11.’

Bid

A bid is an offer made by an investor or a broker to buy shares.

Example: ‘I called my brokerage to place a bid for 1,000 shares of Yahoo at $35.50.’

Short selling

Short selling is when an investor tries to make money on a stock that he thinks will go down.

To do this, he borrows shares, sells them, and then buys them back at the lower price.

Example: ‘Short selling is a risky strategy because if a stock price actually rises, the investor might lose money.’

Flash trading

Using very fast computers to analyse stock trades and automatically sell or buy stocks based on very small fluctuations In the price.

Example: ‘Many people believe that flash trading gives certain traders unfair advantage and influence.’

Bear market

A bear market is a general decrease in stock prices over wore than two months.

Pear markets happen because investors lose confidence, become nervous, and sell stocks.

Example: ‘Many analysts are saying that the recent downturn way signal a cowing bear market.’

Bull market

In a bull market, stock prices are rising, which indicates a strong economy.

Pull markets come with investor confidence and increased buying activity.

Example: ‘My financial advisor has warned we that the bull market will end soon and to be cautious.’

Blue chip

Considered a safe investment, a blue chip stock is the stock of a large £ stable company.

Popular American blue chip companies include McDonald’s, Walmart, and Coca Cola.

Example: ‘Half of my stock investments are in blue chip companies, while the other half is in new tech companies.’

Practice

Now, it’s your turn to practice. For example, If you hear…

I am going to call my <beep> and ask him to sell my shares in Apple.

You can say…

I am going to call my stockbroker and ask him to sell my shares in Apple.

Question 1

At the end of the trading day, Google’s stock <beep> at $525.

Answer 1

At the end of the trading day, Google’s stock closed at $525.

Question 2

The recent economic problems haven’t affected blue <beep> companies too much.

Answer 2

The recent economic problems haven’t affected blue chip companies too much.

Question 3

Stock prices are expected to drop as we enter a strong <beep> market.

Answer 3

Stock prices are expected to drop as we enter a strong bear market.

Sales Management

Sales force

The people in a company who sell goods and services are called its sales force.

The sales force finds and manages a company’s customers.

Example: ‘With such strong growth, we are planning to double our sales force over the next two years.’

Sales rep

A rep, or sales representative, is one salesperson in the sales force.

A sales rep deals with regular clients and seeks out new ones.

Example: ‘Every year, all the reps in the Midwest get together in Chicago for the annual sales conference.’

Lead

A lead is a person or business that has been identified as a possible customer.

Companies generate leads through trade shows, direct advertising and cold calling.

Example: ‘Our booth at the trade show helped generate a great list of leads in our target market.’

Prospect

A prospect is a lead that has been shown a strong interest in a product or service.

Example: ‘A good prospect is one that has both the money to spend and the authority to spend it.’

Qualify

A lead that becomes a prospect is qualified.

A salesperson will qualify a lead usually through direct contact or conversation.

Example: ‘If you can’t qualify the prospect within a short conversation, it’s best to move on to the next lead.’

Funnel

As companies qualify prospects & attempt to make sales, they move customers down the sales funnel.

The funnel has many leads at the top, and fewer actual customers at the bottom.

Example: ‘Large companies often use statistical analysis to understand how successful they are at the different stages of the sales funnel.’

To close

A salesperson closes a sale when he convinces a customer to actually buy a product or service.

Closing a sale may involve signing a contract or collecting money.

Example: ‘I send the tough customers to Harry because he really knows how to close a sale.’

Practice

Now, it’s your turn to practice. For example, if you hear…

The company is expanding into new markets so we plan to double the size of our sales <beep>.

You can say…

The company is expanding into new markets so we plan to double the size of our sales force.

Question 1

Advertising online can be an effective way to generate a large number of <beep> in a short amount of time.

Answer 1

Advertising online can be an effective way to generate a large number of leads in a short amount of time.

Question 2

I need to <beep> a couple more sales before the end of the month to meet my target.

Answer 2

I need to close a couple more sales before the end of the month to meet my target.

Question 3

We use Salesforce.com to monitor leads as they proceed through the sales <beep>.

Answer 3

We use Salesforce.com to monitor leads as they proceed through the sales funnel.

Sales Management (continued)

Sales quota

A sales quota is the amount a sales rep is supposed to sell in a given period of time.

Sales commission

A sales commission is the percentage of the income from a sale that the rep is paid.

Sales territory

A sales territory is the geographic area where a sales rep does his work.

Example: ‘Tom needs to put in extra hours If he wants to meet his sales quota by the end of the month.’

Business-to-consumer

B2C is business to consumer sales.

This means the company sells directly to the end-user, or customer

Amazoh.com is an example of a B2C company.

Example: ‘The Internet has been a great help to B2C companies, who can now connect directly with customers.’

Business-to-business

B2B is business to consumer sales.

The customer is not an individual consumer but another company.

Boeing is an example of a B2B company.

Example: ‘In B2B companies, salespeople often have to persuade a group of buyers to purchase a product or service.’

Account

A sales account is a customer or company that regularly buys your products or services.

Example: ‘We put our most senior sales reps on our largest accounts.’

CRM

CRM is a system of managing a company’s interactions with customers.

This may involve tracking communications, customer needs, and buying history.

Example: ‘With an effective CRM system, we have achieved a 14% improvement in customer satisfaction.’

Vendor

A person or company that supplies a product or service.

Example: ‘Car manufacturers buy from a great variety of different vendors, who supply all the different components of a vehicle.’

Wholesale

Wholesalers sell large quantities of goods to other companies, who then sell the goods on in smaller quantities.

Example: ‘Wholesale food prices fell last month due to increased competition among growers.’

Retail

A retail company sells goods to the end-user or individual customer.

A retail salesperson deals directly with customers.

Example: ‘When oil prices change, the retail cost of gas is affected very quickly.’

Practice

Now, it’s your turn to practice. For example, if you hear…

The company is expanding into new markets so we plan to double the size of our sales <beep>.

You can say…

The company is expanding into new markets so we plan to double the size of our sales force.

Question 1

After closing that last sale, I’ve exceeded my sales <beep> by 20% already.

Answer 1

After closing that last sale, I’ve exceeded my sales quota by 20% already.

Question 2

The key to a smooth sales process is a good customer <beep> management program.

Answer 2

The key to a smooth sales process is a good customer relationship management program.

Question 3

To ensure compliance with government guidelines, all <beep> must be pre-qualified.

Answer 3

To ensure compliance with government guidelines, all vendors must be pre-qualified.

Corporate Taxes

Tax is the money the government collects from people & business to finance the running of the country.

Example: ‘You have to pay your taxes every year even if you disagree with how the government spends the money.’

Corporate income tax

Companies pay corporate income tax as a percentage of their profits.

Example: ‘A good accountant can help reduce the amount of corporate income tax a company must pay.’

Internal Revenue Service

The IRS is an agency of the U.S. government that collects taxes and enforces tax laws.

Example: ‘We received a notice from the IRS saying that we are late in paying our taxes.’

Tax return

Tax returns are the official statements of income and taxes owed.

To file a return

When we file a return, we submit these statements to the government for review.

Example: ‘In the United States, the deadline for individuals to file a tax return is April 15th.’

Fiscal year

The fiscal year is the one-year period a company uses to calculate their annual financial statements and taxes.

Example: ‘Our company's fiscal year matches that of the U.S. government, running from October ist to September 30th.’

To declare

When a company files a tax return, it must declare, or officially state, what it has earned.

Example: ‘Most tax agencies require you to declare income you have earned on investments in other countries.’

Capital gains

Capital gains are the profits earned from selling an asset, such as a building, or an investment, such as shares.

Capital gains tax

In most countries, companies and individuals are taxed on capital gains.

Example: ‘Our tax bill was very large last year because we had a lot of capital gains from the sale of property.’

Tax rate

A tax rate is the percentage of tax that a company must pay to government.

The US has a progressive tax rate system, which means rates are higher for companies with bigger profits.

Example: ‘The IRS charges a tax rate of 15% on corporations with income under $50,000.’

Practice

Now, it’s your turn to practice. For example, if you hear…

Most tax agencies require you to <beep> income you have earned on investments in other countries.

You can say…

Most tax agencies require you to declare income you have earned on investments in other countries.

Question 1

We had to pay tax on the capital <beep> we earned from selling our building.

Answer 1

We had to pay tax on the capital gains we earned from selling our building.

Question 2

Your company should file a tax <beep> even if it didn't make a profit.

Answer 2

Your company should file a tax return even if it didn't make a profit.

Question 3

Our finance team is working hard to prepare statements for the end of our fiscal <beep>.

Answer 3

Our finance team is working hard to prepare statements for the end of our fiscal year.

Corporate Taxes (continued)

Audit

In an audit, a tax agency examines and evaluates the financial statements of a person or company.

An audit may reveal mistakes or inconsistencies that result in tax penalties or legal action.

Example: ‘A company may be selected for an audit randomly or if its tax return appears to contain mistakes.’

Compliance

If a person or company follows tax laws correctly, then they are in compliance with those laws.

Example: ‘Our company spends a lot of time and money on making sure we are in full compliance with federal tax laws.’

Exemptions

Government may give an exemption from tax on some income, meaning that income is not taxed.

Exemptions are often given to organizations, such as charities and schools.

Example: ‘In many tax systems, property that is inherited or received as a gift is given a tax exemption.’

Tax credits

A tax credit reduces the amount of tax that a person or company must pay.

The government may give credits to businesses in certain industries, like oil exploration, to encourage investment.

Example: ‘The state government grants our company a tax credit for employing people formerly on welfare.’

Tax break

A tax break, which includes credits and exemptions, reduces a person or company's taxes.

Companies may be given tax breaks for specific expenses, investments, or activities, such as manufacturing or research.

Example: ‘Many people are upset that large corporations receive greater tax breaks from the government than individuals.’

Tax shelter

Tax shelters, which may be legal or illegal, are methods that reduce a company's taxes.

Tax shelters include offshore companies, retirement plans, & investment incentives.

Example: ‘With very low tax rates, Bermuda and the Caymans are popular tax shelters for U.S. companies.’

Tax rebate

When the government gives a tax rebate, it returns tax money to people or companies.

Example: ‘We have already paid more tax than we actually owe, so this year we're getting a big tax rebate.’

Practice

Now, it’s your turn to practice. For example, if you hear…

Our accountant helps make sure we are in <beep> with tax laws.

You can say…

Our accountant helps make sure we are in compliance with tax laws.

Question 1

If you have ever been selected for a tax <beep>, you know it is stressful.

Answer 1

If you have ever been selected for a tax audit you know it is stressful.

Question 2

The government is offering a tax <beep> for new mining operations.

Answer 2

The government is offering a tax break for new mining operations.

Question 3

Thanks to the recent tax cuts, I should get a big tax <beep> at the end of the year.

Answer 3

Thanks to the recent tax cuts, 1 should get a big tax rebate at the end of the year.

Vocabulary

acceptanceпринятие предложения; одобрение
accountосновной клиент, крупный заказчик
allocateраспределять
allocate fundsраспределять фонды
allocate resourcesраспределять ресурсы
analyticsаналитика
arbitrationразбор спора третейским судом
auditревизия отчетности
baselineисходный план осуществления проекта
bear marketрынок с тенденцией к снижению курсов
bidпредлагаемая цена
bill of ladingтранспортная накладная
Black Hat SEOчерное SEO
blue chipакции наиболее известных крупных компаний, имеющие высокий курс и стабильно выплачивающие дивиденды
bonded warehouseтаможенный склад для хранения товаров до уплаты пошлины
brandторговая марка
brand awarenessуровень узнаваемости брэнда
brand equityзначимость брэнда
brand essenceсуть брэнда
brand loyaltyприверженность к данной марке или разновидности товара
brand managementуправление брэндом
brand recognitionузнаваемость марки
brand strategyстратегия бренда — способ создания бренда и управления брендом. Можно выделить три стратегии: корпоративный брэндинг, брэндинг товарной линии, индивидуальный брэндинг.
brand stretchingвключение новых товаров в торговую марку
brand valuesценность бренда
brokerageброкерская деятельность
bull marketрынок, на котором наблюдается тенденция к повышению курсов
business cycleэкономический цикл
business-to-businessвзаимодействие бизнес-бизнес
business-to-consumerвзаимодействие бизнес-потребитель
capital gainsвыигрыш от продажи капитального имущества
capital gains taxналог на доход от реализации основных средств
Certificate of Inspectionинспекционный сертификат
Certificate of Manufactureсвидетельство об изготовлении — документ, удостоверяющий, что производство завершено и товар готов к поставке потребителю
CFRстоимость и фрахт
change orderзаказ на изменение состава работ
CIFстоимость, страхование, фрахт
clausesстатьи контракта
click-through rateсоотношение в процентах количества кликов по баннеру к количеству его показов
co-brandingсовместная реклама
complianceсоблюдение законодательных требований
conditionsсущественные условия с правом расторжения договора
considerationматериальное основание договора
consumerпотребитель
consumer price indexиндекс потребительских цен
consumer spendingпотребительские расходы
content networkсодержательная сеть
contingencyрезерв на непредвиденные расходы
contractдоговор
conversionотношение числа пользователей, которые совершили покупку товара или услуги на вашем сайте, к числу пользователей, которые пришли к вам на ресурс по рекламной ссылке, объявлению или баннеру
corporate identityфирменный стиль
corporate income taxкорпоративный подоходный налог
Cost and Freightстоимость и фрахт
cost of livingстоимость жизни
cost per clickденежные средства, которые платит рекламодатель за пользовательский клик по его рекламному материалу и следующий за этим кликом переход пользователя на рекламируемый сайт или на целевую страницу
Cost, Insurance and Freightстоимость, страхование, фрахт
CPAоплата за целевые действия, совершенные посетителями из поисковых систем
CRMнабор инструментов для управления продажами, учета холодных контактов, для автоматизации работы с вашими клиентами
customsтаможня
customs brokerагент по таможенной очистке
damagesущерб
deliverablesпоставки
demographicsдемографическая статистика
depressionэкономический кризис
differentiationразграничение
disposable incomeдоход после уплаты налогов и сборов
distributorагент по продаже
dividendsприбыль по акциям
dutyпошлина
ERP (Enterprise Resource Planning)планирование ресурсов в масштабах предприятия
estimateсметные предположения
estimateсоставлять смету
estimationпредварительный подсчет
exclusion clauseоговорка об исключении
exemptionsсумма, вычитаемая из налогооблагаемой базы
expansionразвитие
express termsпрямо выраженные условия
financial resourcesфинансовые средства
fiscal yearотчетный год
flash tradingпроцесс, когда определенные финансовые учреждения получают доступ к торговой информации за секунды до того, как она будет обнародована
FOBсвободно на борту (+ наименование порта отгрузки)
focus groupгруппа для тематического опроса
Free On Boardсвободно на борту (+ наименование порта отгрузки)
frustrationутрата договором своего смысла
funnelворонка
Gross Domestic Productваловой внутренний продукт
Gross National Productваловый продукт страны
household debtсемейная задолженность
human resourcesтрудовые ресурсы
implied termsподразумеваемые условия
income gapразрыв в доходах
indexкоэффициент, показатель
inflationинфляция
initial public offeringпервое открытое размещение акций
intangibleнематериальный
intentнамерение
Internal Revenue ServiceФедеральная налоговая служба
inventoryуправление запасами
joint & severally liableсовместно и индивидуально отвечать
just-in-timeуправление запасами «точно в срок» — концепция управления запасами, при которой, для сокращения затрат на хранение, запасы сырья и готовой продукции сведены к минимуму путем закупки и обеспечения отправки запасов а производственную линию или заказчикам точно в то время, когда это необходимо
keywordключевое слово
landing pageцелевая страница, после нажатия на рекламный баннер
leadпотенциальный клиент
legally bindingимеющий обязательную юридическую силу
letter of creditаккредитив — письмо одного банка в адрес другого с разрешением платежей в определенном размере. Часто применяется в международной торговле, когда импортер открывает в стране экспортера аккредитив в его пользу.
liabilityфинансовая ответственность
limited liabilityограниченная ответственность
link buildingсоздание ссылок
listedзарегистрированный на фондовой бирже
logisticsматериально-техническое обеспечение
logoфирменный знак
manufacturerпроизводитель
marginгарантийный запас
market leaderтовар, имеющий высокий удельный вес в обороте рынка
market segmentцелевая группа потребителей
materialsтоварно-материальные ценности
materials managementуправление материальными ресурсами
merchandiseтовары
niche marketingсегментация рынка для маркетинга определенного товара
offerпредложение заключить договор
on-page optimizationоптимизация содержания и кода веб-страницы под поисковые запросы
order fulfillmentвыполнение заказа
partyсторона в договоре
pay-per-clickэто рекламная модель, применяемая в интернете, в которой рекламодатель размещает рекламу на сайтах, и платит их владельцам за нажатие пользователем на размещенный рекламный баннер
PM (Project Manager)руководитель проекта
positioningрыночная позиция
Proforma Invoiceпредварительный счет
project managerруководитель проекта
prospectпотенциальный покупатель
purchasingснабжение
purchasing powerпокупательная способность
qualifyпризнать потенциальным покупателем
quality assuranceконтроль качества
ratifyскреплять подписью
rebrandingребрэндинг — изменение бренда, имиджа или образа торговой марки, товара или услуги
recessionспад
representationзаверение
repudiationотказ от выполнения обязательства
resourcesсредства
retailрозничная продажа
retailerрозничный торговец
sales commissionкомиссионный платеж за продажу
sales forceштат сбытового отдела предприятия
sales quotaквота сбыта
sales repменеджер по продажам
sales territoryрайон сбыта, территория продажи
scopeполе деятельности
search engine marketingпоисковый маркетинг
search engine optimizationкомплекс мер для поднятия позиций сайта в результатах выдачи поисковых систем по определенным запросам пользователей с целью продвижения сайта
search engine results pageвеб-страница, генерируемая поисковой системой в ответ на поисковый запрос пользователя
securitiesценные бумаги
settle a disputeурегулировать спор
shippingотправлять любым видом транспорта
short sellingПродажа биржевых товаров, ценных бумаг, валюты и т. п., которых у продавца в наличии нет. «Короткий» продавец рассчитывает на падение цен, которое позволит ему до наступления срока поставки купить запроданный товар и получить при этом прибыль. «Короткий» продавец является «медведем» (bear).
sign offутвердить
specificationsдетализация
specsдетализация
sponsorфинансирующая сторона
stakeholderучастник проекта
stock exchangeфондовая биржа
stockbrokerбиржевой брокер
subcontractдоговор с субподрядчиком
subcontractorсубподрядчик
supplierпоставщик
tangibleматериальный
tax breakналоговая льгота
tax creditsотсрочка уплаты налога
tax rateставка налогообложения
tax rebateвозврат переплаченных налогов
tax returnналоговая декларация
tax shelterтерритория с льготным режимом налогообложения
termsусловия соглашения
to be listed onофициально зарегистрированной на бирже
to closeдоговариваться о сделке
to close atиметь какую-л. цену или какой-л. курс на момент закрытия биржи
to declareдекларировать
to file a returnподать декларацию
to trade atторговать акциями на бирже
top-down estimateметод оценки стоимости «сверху вниз» используется для оценки затрат на ранних стадиях проекта, когда информация о проекте еще очень ограниченна. смысл такой укрупненной экспертной оценки в том, что она производится обобщенно и проект оценивается в целом по одному показателю. оценка удобна тем, что не требует больших усилий и времени. недостатком же является не такая высокая точность, какая могла бы быть при более детальной оценке.
trade balanceторговый баланс
trade deficitторговый дефицит
trade surplusактивный торговый баланс
trademarkторговый знак
vendorфирма-поставщик
warehousingскладирование
warrantiesобязательства
White Hat SEOбелое SEO
wholesaleоптовая торговля

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