Deck #4 - Business Terms

Question 1

focus group (n)

Answer 1

a group of people brought together to discuss their feelings and opinions about a particular subject. In market research, focus groups discuss their opinions of products, advertisements, companies etc

Question 2

franchise (n)

Answer 2

an arrangement in which a company gives a business the right to sell its goods or services in return for payment or a share of the profits; a particular shop, restaurant etc that is run under a franchise, or a company that owns a number of these

Question 3

franchise (v)

Answer 3

to sell franchises to people

Question 4

franchisee (n)

Answer 4

someone who is sold a franchise and operates it

Question 5

free port (n)

Answer 5

a port where import duty does not have to be paid on imports that are to be sent to another country to be sold, or used to manufacture goods that will be sold abroad

Question 6

gambling (n)

Answer 6

the practice of risking money or possessions on the result of something uncertain, for example a card game or a sporting event such as a horse race

Question 7

global (adj)

Answer 7

affecting or involving the whole world; including and considering all the parts of a situation together, rather than the individual parts separately

Question 8

global economy (n)

Answer 8

the economy of the world see as a whole

Question 9

globalization (n)

Answer 9

the tendency for the world economy to work as one unit, led by large international companies doing business all over the world

Question 10

globalize (v)

Answer 10

if a company, an industry, or an economy globalizes or is globalized, it no longer depends on conditions in one country, but on conditions in the world as whole

Question 11

goodwill payment (n)

Answer 11

a payment made by a supplier to a customer because of a problem the customer has had, for example with quality or late delivery of goods

Question 12

gross domestic product (n)

Answer 12

the total value of goods and services produced in a country’s economy, not including income from abroad

Question 13

gross domestic product per capita (n)

Answer 13

the total value of goods and services produced in a country divided by the number of people living there

Question 14

grow (v)

Answer 14

to increase in amount, size or degree; if you grow a business activity, you make it bigger

Question 15

growth (n)

Answer 15

an increase in size, amount, or degree

Question 16

headquarters (n)

Answer 16

the head office or main building of an organization

Question 17

hoarding (n)

Answer 17

a large sign used for advertising. Hoardings are called billboards in American English

Question 18

hot-desking (n)

Answer 18

when people working in an office do not each have their own desk, but work where there is one available

Question 19

incentive (n)

Answer 19

something which is used to encourage people, especially to make them work harder, produce more or spend more money

Question 20

income statement (n)

Answer 20

a financial document showing the amount of money earned and spent in a particular period of time by a company. This is usually called the profit and loss account in British English

Question 21

incremental (adj)

Answer 21

an incremental process is one where things happens in small steps; an incremental amount, sum etc is small when considered by itself

Question 22

industrial espionage (n)

Answer 22

the activity of secretly finding out a company’s plans, details of its products etc

Question 23

infant industry (n)

Answer 23

an industry in its early stages of development in a particular country. Some people think that infant industries should be helped with government money and protected from international competition by import taxes etc

Question 24

infrastructure (n)

Answer 24

the basic systems and structures that a country needs to make economic activity possible, for example transport, communications, and power supplies; the basic systems and equipment needed for an industry or business to operate successfully or for an activity to happen

Question 25

innovative (v)

Answer 25

to design and develop new and better products

Question 26

innovation (n)

Answer 26

a new idea, method, or invention; the introduction of new ideas or methods

Question 27

insider trading (n)

Answer 27

when someone uses knowledge of a particular company, situation etc that is not available to other people in order to buy or sell shares. Insider trading is illegal!

Question 28

innovative (adj)

Answer 28

an innovative product, method, process etc is new, different, and better than those that existed before; using clever new ideas and methods

Question 29

integrity (n)

Answer 29

the state of being united or kept together as one whole, and therefore strong, unit; complete honesty

Question 30

interest (n)

Answer 30

an amount paid by a borrower to a lender, for example to a bank by someone borrowing money for a loan, or by a bank to a depositor; the interest rate at which a particular sum of money is borrowed and lent; the part of a company that someone owns; the possession of rights, especially to land, property etc