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Business Flashcards

(86 cards)

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1
Q

penalty

A

To punish a company or
individual for breaking a rule
or law

A penalty for late filing

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2
Q

profit margin

A

The difference between the
cost of buying or making
something and the price at
which it is sold

we have a gross profit margin of 80 per cent

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3
Q

estimate

A

A statement about how much
a job or project will cost
financially or in terms of
mandays effort

Government sources estimate a long-term 50 percent increase in rail fares

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4
Q

bad debts

A

a debt that is not likely to be paid

banks with millions of dollars of bad debt

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5
Q

write off

A

a cancellation from an account of a bad debt

he urged the banks to write off debt owed by poorer countries

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6
Q

accounts payable

A

Accounts payable are your liability, which you owe to your vendors or suppliers for goods or services purchased on credit

Accounts payable are paid approximately 30 days after they arise

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7
Q

trade credit

A

an arrangement to buy goods without making immediate cash payment

Unfortunately, trade credit can be quite expensive

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8
Q

order

A

request to be supplied

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9
Q

place an order

A

To order something; to submit an order for a product

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10
Q

dispatch

A

to send something, especially goods or a message, somewhere for a particular purpose

Two loads of cloth were dispatched to the factory on 12 December

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11
Q

shipped

A

to send something, usually a large object or a large quantity of objects or people, to a place far away

Grain, vegetables and lumber are shipped along the coast

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12
Q

invoice

A

a list of goods sent or services provided

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13
Q

billing

A

the fact of preparing or sending invoice

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14
Q

discount

A

a deduction from the usual cost of something

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15
Q

upfront

A

in advance

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16
Q

credit policy

A

a set of guidelines that sets credit and payment terms for customers and establishes a clear course of action for late payments

Bank regulators review bank credit policies as part of their regular examinations

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17
Q

payment terms

A

rules on when and how customers should pay

And even then customers are offered generous payment terms

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18
Q

cash flow

A

the timing of payments coming into and going out of a business

We were able to maintain a steady cash flow

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19
Q

key account

A

an account which makes sustainably repeat purchases from the supplier

Several prominent U.S. ad agencies are losing key accounts

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20
Q

accounts receivable

A

any money your customers owe you for goods or services they purchased from you in the past

My company’s accounts receivable used to be large and burdensome

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21
Q

debtors

A

a person or orgranisation that owes money

Faced with two debtors, neither of whom could repay the loan, the creditor decided to cancel both obligations

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22
Q

owe

A

have an obligation to pay or repay

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23
Q

creditors

A

a person, bank or company that lends money to someone

He signed an agreement to borrow a 75 million euro two-year loan syndicated by 18 banks, an unprecedented number of creditors for Bulgaria

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24
Q

Inland Revenue

A

UK government department which dealt with taxes

Anyone choosing this option will have to declare the income to the Inland Revenue and pay tax at their normal rate on it

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25
distributed profits
Earnings shared with shareholders as dividends The corporation tax was 45% on distributed profits and 20% on reinvested earnings
26
earnings
An alternative term for 'net income'. The famous 'bottom line', being the last line-item in an income statement. In UK companies, earnings represent the balance left over after all deductions have been made
27
retained earnings
Retained earnings is the residual value of a company after its expenses have been paid and dividends issued to shareholders Corporate retained earnings have also begun to rise
28
cash reserves
Funds set aside or saved for future use The corporation maintains a significant cash reserve
29
cash pile / cash mountain
a large amount of money that a company has, which it can use to buy other companies, assets, etc. The group has a cash pile of more than $88m
30
acquisition
Taking control of a firm by purchasing at least 51 percent of its voting shares The acquisition price was $115 million
31
burden
The amount of debt that a business or country has, especially when considered as a problem The war had put an insupportable financial burden on the country
32
crisis
The amount of debt that a business or country has and is unable to pay, especially when considered as a problem
33
rescheduling / restructruring
When a company persuades lenders to change repayment dates and terms
34
default
When a company fails to make a debt repayment
35
sick, ailing and troubled
A company experiencing financial difficulty and problems The new management team turned the ailing company around in under six months
36
turn around (phrasal verb)
To change a plan, business, or system that is unsuccessful and make it successful The new management team turned the ailing company around in under six months
37
turnaround (noun)
An occasion when a business, plan, or system suddenly becomes successful The CEO was responsible for the turnaround in the company's fortunes
38
collapse
If a company collapses, it suddenly fails financially and becomes too weak to continue
39
bail out (phrasal verb)
Describes the rescue of a company in severe financial difficulties, for example by the injection of cash or the provision of loan guarantees She keeps running up huge debts and asking friends to bail her out
40
bailout (noun)
The act or process of saving a company from failing by providing lots of money Three years of huge losses forced the bank to seek a government bailout
41
filing for bankruptcy protection
laws that limit the amount of money a bankrupt company must pay to those it owes money to We have filed for bankruptcy protection from creditors
42
go into administration
The company is being taken under the management of a court appointed administrator The company has gone into administration, in order for money to be returned to creditors
43
administrator (UK law)
A person chosen by a court to manage a company that cannot pay its debts in order to try to improve its financial situation and to keep it operating
44
liquidation
The process of closing a business, so that its assets can be sold to pay its debts After three years of heavy losses the company went into liquidation
45
receivership
A situation in which a company is controlled by the receiver because it has no money Since January over a hundred companies have been forced into receivership
46
receiver
A person who officially deals with the business matters of companies who cannot pay their debts The company went bankrupt and was put into the hands of the receivers
47
wind something up
to close a business or organization Lawyers were called in to wind up the company
48
cease trading
A business that has ceased trading is one that no longer sells or buys goods and services, employs workers or operates on a day-to-day basis ceasing trading is a prelude to emloyees being laid off
49
go bankrupt
to be unable to pay debts Their products didn't sell very well, so the company went bankrupt
50
partnership
A partnership is an arrangement where parties, known as partners, agree to cooperate together to advance their mutual interests we should go on working together in partnership
51
partners
A business partner is a person or organization you are closely involved with in some way
52
sole trader
A person who owns and operates a business alone I choose to run my firm as a sole trader
53
company
A company is a business organisation that makes money by selling goods or services
54
legal entity
An association, corporation, partnership, proprietorship, trust, or individual that has legal standing in the eyes of law All companies whose affairs are regulated by the Corporation Act are legal entities
55
limited liability
a situation in which the owners or other shareholders of a company are not responsible for all of its debts if the company fails She wants to do business as a limited liability company
56
liable for
Having legal responsibility for something or someone The court ruled he could not be held personally liable for his wife's debts
57
limited company
a company, especially one in the UK, whose owners only have to pay part of the money they owe if the company fails financially That leads me to wonder why the franchise was offered two years ago to a limited company
58
share capital
Money invested in a business in the form of shares rather than bonds or other forms of lending The family holds 90% of the firm's share capital
59
executive director
A member of the board of directors of a company who is also an employee (usually full-time) of that company and who often has a specified area of responsibility, such as finance or production He has recently stepped down from his position as executive director to take a part-time strategic role
60
corporate governance
Corporate governance is the system by which companies are directed and controlled Effective corporate governance will contribute decisively to a company's success
61
chairman
Highest ranking officer in a firm's board of directors who presides over the board's meetings, but may or may not have actual executive authority In his closing remarks, the chairman thanked everyone who had helped.
62
managing director
Alternative term for chief executive officer (CEO), and is the person in charge of the company. Managing director is generally more common in British English than in American English There's a board of five directors, but she is the Managing Director
63
non-executive director
One of a company's board of directors who is not one of the company's managers She joins the Lloyds board on March 1 as a non-executive director
64
board of directors
The group of people elected by its shareholders to manage the company The board of directors has approved the decision unanimously
65
audit committee
Members of a company's board of directors who are responsible for the conduct of internal and external auditors All U.S. publicly-traded companies must maintain a qualified audit committee in order to be listed on a stock exchange
66
start-up
a small business that has just been started
67
draw up
To prepare something in writing, especially plans or a formal document I've drawn up a list of candidates that I'd like to interview
68
Articles of Association
A document that contains details of how a company is organized, for example, the duties of management, rights of shareholders, and when meetings will be held Prepare and modify the Company articles of association
69
Memorandum of Association
In the UK and some other countries, a document needed to officially form a new company, which gives details of its name, activities, managers, share capital, etc The company's memorandum of association sets out the bounds within which the company must operate
70
registered office
In the UK, the official address that every UK company must have, and that must be recorded on the official list of the Registrar of Companies
71
authorised share capital
The largest number of shares that a company can offer for sale at a particular time Shareholders approved an increase of 32.6% in the bank's authorized share capital
72
telesales
the selling of goods or services over the telephone sales personnel work on fully automated telesales systems
73
cold calling
the solicitation of business from potential customers who have had no prior contact with the salesperson We were cold-called by a company offering savings on our phone bill
74
inertia selling
a selling practice in which unsolicited goods and services are sent to consumers in expectation that many will prefer to purchase rather than to return them It is a form of inertia selling that doesn't always suit busy parents
75
confusion marketing
the activity of selling products or services together in a way that makes it very difficult to decide which company's products or services are cheapest the products that are packaged in the same color or have a logo very similar to another company which creates further confusion
76
loss leader
a product sold at a loss to attract customers Examples of loss leaders include selling low-cost computer printers that need expensive ink
77
brand loyalty
the tendency of some consumers to continue buying the same brand of goods rather than competing brands Consumers are fickle and brand loyalty is declining
78
shop around
to look for the most suitable item or service for the lowest price When you're buying a flight, you should always shop around for the best deal
79
on approval
(of goods) supplied on condition that they may be returned if not satisfactory we would be happy to send you a selection on approval
80
first refusal
the privilege of deciding whether to accept or reject something before it is offered to others A tenant may have a right of first refusal if a property is offered for sale
81
lucrative
producing a great deal of profit Keen to preserve his artistic integrity, he refused several lucrative Hollywood offers
82
red tape
excessive bureaucracy We must cut through the red tape
83
hammer out a deal
to arrive at an agreement or solution after a lot of argument or discussion Three years after the accident the lawyers finally managed to hammer out a settlement with the insurance company
84
swallow up
to take someone or something in The company was swallowed up by a competitor
85
capital asset
Capital assets are significant pieces of property such as homes, cars, investment properties, stocks, bonds, and even collectibles or art A personal residence is a capital asset to the homeowner
86
Accrue
Increase in number or amount over a period Financial benefits will accrue from restructuring

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