Deck #5 - Business Terms Flashcards
interpreter (n)
someone who translates what someone says from one language into another, especially as their job
inventory (n)
a supply of raw materials or parts before they are used in production, or a supply of finished goods; a supply of goods, kept for sale by a shop or other retailer.
inventory (n)
making sure that supplies of raw materials, work in progress, and finished goods are managed correctly
ISO (n)
the name used internationally for the International Organization for Standardization, whose purpose is to establish international standards for services, goods, and industrial methods
jet lag (n)
the tired and confused feeling you can get after flying a very long distance
jingle (n)
a short song or tune used in advertisements
joint venture (n)
a business activity in which two or more companies have invested together
kickback (n)
a bribe (money that is paid secretly and dishonestly to obtain someone’s help)
KISS
keep it simple, stupid; keep it short and simple. Used to say that a method for doing something should be kept simple, in order to avoid mistakes.
knowledge worker (n)
someone whose job involves dealing with information, rather than making things
labor union (n)
an organization representing people working in a particular industry or profession, especially in meetings with their employers.
laisser-faire (also laissez-faire) (n)
the idea that governments should do as little to the economy as possible and allow private business to develop without the state controlling or influencing them
launch (v)
to show or make a new product available for sale for the first time; to start a new company; to start a new activity, usually after planning it carefully
launch (n)
an occasion at which a new product is shown or made available for sale or use for the first time; the start of a new activity or plan
letter of credit (n)
in foreign trade, a written promise by an importer’s bank to pay the exporter’s bank on a particular date or after a particular event, for example when the goods are sent by the exporter
level (n)
the measured amount of something that exists at a particular time or in a particular place; all the people or jobs within an organization, industry etc that have similar importance and responsibility
level off/out (v)
to stop climbing or growing and become steady or continue at a fixed level
liability (n)
an amount of money owed by a business to a supplier, lender, or other creditor; a person’s or organization’s responsibility for loss, damage, or injury caused to others or their property, or for payment of debts
liberalize (v)
to make a system, laws, or moral attitudes less strict
limited company (also limited liability company) (n)
a company where individual shareholders lose
logo (n)
a design or way of writing its name that a company or organization uses as its official sign on its products, advertising etc.
loophole (n)
a small mistake in a law that makes it possible to do something the law is supposed to prevent you from doing, or to avoid doing something that the law is supposed to make you do
lose (v)
to stop having something any more, or to have less of it; to have less money than you had before or to spend more money than you are receiving; to fall to a lower figure or price
lose something
to have something such as a contract or customers taken away by someone or something
lose ground
to become less in value or to lose an advantage
loss (n)
the fact of no longer having something that you used to have; when a business or part of a business spends more money in costs than it gets in sales in a particular period, or loses money on a particular deal, problem etc
loyal (adj)
if customers are loyal to a particular product, they continue to buy it and do not change to other products
margin (also profit margin) (n)
the difference between the price of a product or service and the cost of producing it, or between the cost of producing all of a company’s products or services and the total sum they are sold for
market challenger (n)
an organization or product that may take the place of the organization or product that has the highest sales in its market or industry
marketing mix (n)
the combination of marketing actions often referred to as product, price, place, and promotion: selling the right product, through appropriate distribution channels, at the right price in relation to other products and for the profitability of the company, with the correct support in terms of advertising, sales force etc
