Terminologies 5,6 Flashcards
Negotiation
An interaction of influences that aims to reach an outcome that will satisfy the interests of those involved.
Negotiating style
A particular approach to the process of negotiation.
SMART objectives or targets
Objectives or targets that are specific, measurable, achievable, realistic and time-based.
Commercial bank
A commercial institution that receives deposits and provides loans and other forms of financial support; it is usually owned by its shareholders.
Building society
A financial institution that receives deposits and provides loans and other forms of financial support; it is usually owned by its members, and so is a mutual Organisation.
Credit union
A financial institution that receives deposits and provides loans and other forms of financial support; it is usually owned by its members, and so is a mutual Organisation, but it tends to be limited to particular areas of a country or to particular groups of workers
Grant
A payment that is usually given to support a particular project or service.
Lease
A contractual arrangement whereby an asset is used for a specified period of time on payment of rent.
Lessee
A person or Organisation that rents an asset from a lessor.
Lessor
The person or Organisation that rents an asset to a lessee.
Loan
Money that is lent by a financial institution to a borrower.
Mortgage
A form of loan that is usually secured against a property.
Overdraft
A situation when an account is allowed to go into debt.
Subsidy
A payment usually given to keep the selling price lower than would otherwise be the case.
Investment
The process of purchasing capital assets
Debt
A sum of money that is owed by a person or Organisation
Creditor
A person or Organisation that is owed money
Debtor
Person or Organisation that owes money.
Net profit
The gross profit of an enterprise less all other expenses
Gross profit
The sales revenue of an enterprise less the cost of sales
Profit
The difference between sales revenue and total costs of an enterprise.
Trade credit
The credit extended by a seller to the purchaser of goods and services
