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Business Flashcards

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Proverbs and Idioms flashcards
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
Q

distributed profits

A

Earnings shared with shareholders as dividends

The corporation tax was 45% on distributed profits and 20% on reinvested earnings

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26
Q

earnings

A

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

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27
Q

retained earnings

A

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

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28
Q

cash reserves

A

Funds set aside or saved for future use

The corporation maintains a significant cash reserve

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29
Q

cash pile / cash mountain

A

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

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30
Q

acquisition

A

Taking control of a firm by purchasing at least 51 percent of its voting shares

The acquisition price was $115 million

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31
Q

burden

A

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

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32
Q

crisis

A

The amount of debt that a business or country has and is unable to pay, especially when considered as a problem

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33
Q

rescheduling / restructruring

A

When a company persuades lenders to change repayment dates and terms

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34
Q

default

A

When a company fails to make a debt repayment

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35
Q

sick, ailing and troubled

A

A company experiencing financial difficulty and problems

The new management team turned the ailing company around in under six months

36
Q

turn around (phrasal verb)

A

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
Q

turnaround (noun)

A

An occasion when a business, plan, or system suddenly becomes successful

The CEO was responsible for the turnaround in the company’s fortunes

38
Q

collapse

A

If a company collapses, it suddenly fails financially and becomes too weak to
continue

39
Q

bail out (phrasal verb)

A

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
Q

bailout (noun)

A

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
Q

filing for bankruptcy protection

A

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
Q

go into administration

A

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
Q

administrator (UK law)

A

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
Q

liquidation

A

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
Q

receivership

A

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
Q

receiver

A

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
Q

wind something up

A

to close a business or organization

Lawyers were called in to wind up the company

48
Q

cease trading

A

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
Q

go bankrupt

A

to be unable to pay debts

Their products didn’t sell very well, so the company went bankrupt

50
Q

partnership

A

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
Q

partners

A

A business partner is a person or organization you are closely involved with in some way

52
Q

sole trader

A

A person who owns and operates a business alone

I choose to run my firm as a sole trader

53
Q

company

A

A company is a business organisation that makes money by selling goods or services

54
Q

legal entity

A

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
Q

limited liability

A

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
Q

liable for

A

Having legal responsibility for something or someone

The court ruled he could not be held personally liable for his wife’s debts

57
Q

limited company

A

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
Q

share capital

A

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
Q

executive director

A

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
Q

corporate governance

A

Corporate governance is the system by which companies are directed and controlled

Effective corporate governance will contribute decisively to a company’s success

61
Q

chairman

A

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
Q

managing director

A

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
Q

non-executive director

A

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
Q

board of directors

A

The group of people elected by its shareholders to manage the company

The board of directors has approved the decision unanimously

65
Q

audit committee

A

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
Q

start-up

A

a small business that has just been started

67
Q

draw up

A

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
Q

Articles of Association

A

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
Q

Memorandum of Association

A

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
Q

registered office

A

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
Q

authorised share capital

A

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
Q

telesales

A

the selling of goods or services over the telephone

sales personnel work on fully automated telesales systems

73
Q

cold calling

A

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
Q

inertia selling

A

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
Q

confusion marketing

A

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
Q

loss leader

A

a product sold at a loss to attract customers

Examples of loss leaders include selling low-cost computer printers that need expensive ink

77
Q

brand loyalty

A

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
Q

shop around

A

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
Q

on approval

A

(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
Q

first refusal

A

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
Q

lucrative

A

producing a great deal of profit

Keen to preserve his artistic integrity, he refused several lucrative Hollywood offers

82
Q

red tape

A

excessive bureaucracy

We must cut through the red tape

83
Q

hammer out a deal

A

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
Q

swallow up

A

to take someone or something in

The company was swallowed up by a competitor

85
Q

capital asset

A

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
Q

Accrue

A

Increase in number or amount over a period

Financial benefits will accrue from restructuring

English (10 decks)

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