Vocab Revision

Question 1

Yours sincerely

Answer 1

when you know the addressee és name

Question 2

ENDORSE

Answer 2

Transfer a bill or cheque by signing it on the back

Question 3

MERCHANT BANK

Answer 3

Type of bank that specialises in international trade and finance

Question 4

CERTIFICATE OF ORIGIN

Answer 4

Document that shows where goods were made

Question 5

CLEAN BILL

Answer 5

Bill of exchange without accompanying documents

Question 6

DOCUMENTARY CREDIT

Answer 6

Letter of credit that requires the seller to supply shipping documents to a bank to obtain payment

Question 7

DAYS AFTER SIGHT

Answer 7

Number of days within which a bill of exchange must be paid after presentation

Question 8

OVERHEAD

Answer 8

Regular cost of running a company, e.g. rent.

Question 9

SIGHT DRAFT

Answer 9

Bill of exchange that must be paid immediately it is presented

Question 10

CREDIT FACILITIES

Answer 10

Means of allowing credit, e.g. bill of exchange

Question 11

BAD DEBT

Answer 11

Debt that is not likely to be paid

Question 12

BILL OF EXCHANGE

Answer 12

Method of payment by which the seller can give the buyer credit for an agreed period, e.g. 30 days

Question 13

CREDIT RATING

Answer 13

Evaluation of creditworthiness of an individual or company

Question 14

DEFAULT

Answer 14

To fail to do something required by law

Question 15

REFERENCE

Answer 15

Written report on company’s creditworthiness

Question 16

PROTEST

Answer 16

Take legal action to obtain payment

Question 17

CURRENT ACCOUNT

Answer 17

Account into which a customer can pay money, or draw it out, without giving notice

Question 18

BANK TRANSFER

Answer 18

Movement of money from one bank to another

Question 19

REMITTANCE

Answer 19

Payment

Question 20

BALANCE

Answer 20

Difference between the totals of money coming into and going out of a bank account

Question 21

STATEMENT OF ACCOUNT

Answer 21

List of amounts paid and owed.

Question 22

DEBIT NOTE

Answer 22

Document informing a customer of money owed

Question 23

PROMISSORY

Answer 23

A promissory note is a form of IOU (I owe you)

Question 24

GIRO

Answer 24

a system for transferring money from one bank or post office to another

Question 25

PRO FORMA

Answer 25

An invoice that is sent in advance of the goods ordered

Question 26

INCOTERM

Answer 26

Internationally used term which indicates which price is being quoted to the customer

Question 27

COMPLIMENTS SLIP

Answer 27

Small piece of paper with a company’s details on it.

Question 28

INVOICE

Answer 28

Listing of goods or services that states how much must be paid for them

Question 29

FORWARDING AGENT

Answer 29

Person/organisation that conveys goods to their destination

Question 30

SETTLEMENT

Answer 30

Payment of an account.

Question 31

AIR WAYBILL

Answer 31

Document that gives information about goods sent by air.

Question 32

COVERING LETTER

Answer 32

Letter accompanying a document or goods, explaining the content

Question 33

ADVICE NOTE

Answer 33

Document informing a customer that a consignment is on its way to them

Question 34

NET PRICE

Answer 34

Price which does not include additional costs such as transport or insurance

Question 35

CARRIAGE FORWARD

Answer 35

Condition of sale when the customer pays for the transport of the goods

Question 36

QUOTATION

Answer 36

Price for work to be done or a service to be provided

Question 37

UNDER SEPARATE COVER

Answer 37

In a separate envelope or parcel

Question 38

GROSS PRICE

Answer 38

Price which includes additional costs such as transport or insurance

Question 39

LOYALTY DISCOUNT

Answer 39

Amount taken off the usual price of goods when they are sold to a regular customer

Question 40

CATALOGUE

Answer 40

Publication giving details of goods or services offered by a company

Question 41

ESTIMATE

Answer 41

Prices given for work to be done

Question 42

TENDER

Answer 42

Written estimate, usually for a large job such as building a factor

Question 43

WHOLESALER

Answer 43

Person/company that buys goods from manufacturers and sells them to retailers

Question 44

SHOWROOM

Answer 44

Place where a company demonstrates its products

Question 45

SUBSIDIARY

Answer 45

Company that is partly owned by a larger one

Question 46

PROSPECTUS

Answer 46

Publication giving details about a school or college

Question 47

SALE OR RETURN

Answer 47

Term used when a supplier agrees to buy back unsold goods

Question 48

QUANTITY DISCOUNT

Answer 48

Money taken off the usual selling price of goods when the buyer is purchasing a larger amount

Question 49

BLOCKED STYLE

Answer 49

Style of writing in which each line starts directly below the one above

Question 50

SIGNATURE BLOCK

Answer 50

Name and job title typed below a signature

Question 51

REFERENCE

Answer 51

Figures and/or letters written at the top of a letter to identify it

Question 52

ENCLOSURE

Answer 52

Document enclosed with a letter

Question 53

PRIVATE AND CONFIDENTIAL

Answer 53

Phrase written on a letter intended only to be read by the addressee