Deck #5 - Business Terms

Question 1

interpreter (n)

Answer 1

someone who translates what someone says from one language into another, especially as their job

Question 2

inventory (n)

Answer 2

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.

Question 3

inventory (n)

Answer 3

making sure that supplies of raw materials, work in progress, and finished goods are managed correctly

Question 4

ISO (n)

Answer 4

the name used internationally for the International Organization for Standardization, whose purpose is to establish international standards for services, goods, and industrial methods

Question 5

jet lag (n)

Answer 5

the tired and confused feeling you can get after flying a very long distance

Question 6

jingle (n)

Answer 6

a short song or tune used in advertisements

Question 7

joint venture (n)

Answer 7

a business activity in which two or more companies have invested together

Question 8

kickback (n)

Answer 8

a bribe (money that is paid secretly and dishonestly to obtain someone’s help)

Question 9

KISS

Answer 9

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.

Question 10

knowledge worker (n)

Answer 10

someone whose job involves dealing with information, rather than making things

Question 11

labor union (n)

Answer 11

an organization representing people working in a particular industry or profession, especially in meetings with their employers.

Question 12

laisser-faire (also laissez-faire) (n)

Answer 12

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

Question 13

launch (v)

Answer 13

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

Question 14

launch (n)

Answer 14

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

Question 15

letter of credit (n)

Answer 15

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

Question 16

level (n)

Answer 16

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

Question 17

level off/out (v)

Answer 17

to stop climbing or growing and become steady or continue at a fixed level

Question 18

liability (n)

Answer 18

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

Question 19

liberalize (v)

Answer 19

to make a system, laws, or moral attitudes less strict

Question 20

limited company (also limited liability company) (n)

Answer 20

a company where individual shareholders lose

Question 21

logo (n)

Answer 21

a design or way of writing its name that a company or organization uses as its official sign on its products, advertising etc.

Question 22

loophole (n)

Answer 22

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

Question 23

lose (v)

Answer 23

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

Question 24

lose something

Answer 24

to have something such as a contract or customers taken away by someone or something

Question 25

lose ground

Answer 25

to become less in value or to lose an advantage

Question 26

loss (n)

Answer 26

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

Question 27

loyal (adj)

Answer 27

if customers are loyal to a particular product, they continue to buy it and do not change to other products

Question 28

margin (also profit margin) (n)

Answer 28

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

Question 29

market challenger (n)

Answer 29

an organization or product that may take the place of the organization or product that has the highest sales in its market or industry

Question 30

marketing mix (n)

Answer 30

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