Business -Specific Terminologies Unit 3 Business English BBS First Year

 

Business-Specific Terminologies (page 86)

The following are the sample vocabulary items in specific areas of business and commerce:

Advertising Terms:

Link for Video: https://youtu.be/veokIJAi7XU

•      Ad: abbreviation for advertisement

•      Benefit: advantage of a product or service

•      Classified ads: small advertisements in a magazine or newspaper categorized by subject

•      Double-page spread: advertisement printed across 2 pages in a magazine or newspaper

•      Primetime: hours on radio/TV with the largest audience

•      Slot: specific time in a broadcasting schedule

Banking Terms

Link for video:  https://youtu.be/5iGHh8aF5No

•      Balance: the difference between credits and debits in the account

•      Credit card: card from the bank authorizing purchasing of goods on credit

•      Deposit account: bank account on which interest is paid

•      Overdraft: deficit in account caused by withdrawing more money that is paid in

•      Statement: a record of a transaction in the bank account

Contract Terms

Link for Video:  https://youtu.be/VnChrJuX7xg

•      Appendix: additional material at end of a contract or a book

•      Arbitration: settlement of a dispute by a person chosen by both parties

•      Article / clause : a particular statement

•      Force majeure:  unforeseeable event excusing one party from fulfilling a contract

•      Hereto: to this (document etc.)

•      On behalf of: in the interest of ( person)

•      Null and void: without legal force

•      Warrant: to give a formal assurance

Employment Terms

Link for Video:  https://youtu.be/tjZlYPQc7MY

•      Bonus: additional pay is given to an employee

•      Make redundant: to dismiss because of not needed

•      Maternity leave: a period of absence from work for a female while having a baby

•      Perk: sth, additional to a regular salary

•      Personnel officer: manager responsible for recruitment, training and welfare of the personnel

•      Recruit: to look for and employ personnel

•      Take on: to employ; to hire

Import / Export Terms

Link for video:  https://youtu.be/t9PozbB2MAM

•      Bill of lading(waybill): list of goods and shipping instructions

•      Certificate of origin: document showing where goods come from

•      Freight: goods being transported

•      Letter of credit:  bank letter that authorizes a person to draw money from another bank

•      Merchandise: commodities bought and sold

•      Pro forma invoice: invoice/ request for payment sent in advance of goods supplied

•      Quay: solid landing place for loading ships

•      Ship: to transport by land, sea, air

•      Shipment: goods transported by sea, land or air

•      Shipping agent: a person acting for representing a ship

Insurance Terms

Link for video: https://youtu.be/7XNz5lFRgXA

•      Actuary: a person who calculates risks for insurance companies

•      Assessor: a person who calculates the value of something

•      Comprehensive: (of an insurance policy) providing complete protection

•      Consequential loss: loss that happens as a consequence of

•      Cover: protection given by an insurance policy

•      Liable: legally obliged to pay for damage or injury

•      Policyholder: person to whom the insurance policy is issued

•      Premium: payment monthly or yearly for insurance policy

•      Product liability: the responsibility of the firm for damage by one public

•      Public liability: the responsibility of the firm for damage to a member of the public

•      Reinsurance: ensuring risk by one insurance company with another

Business Law Terms

 Link for video: https://youtu.be/WXyF97TlgCk  

•      Attorney: a person appointed to act for or represent another, lawyer

•      Brief: written statement of facts for a court

•      Court of law: a place where law cases are heard and decided, court

•      Evidence: information presented to the court to prove a point in question

•      Lawsuit: a trial at court between two private parties

•      Plead: to declare oneself to be guilty or not guilty

•      Solicitor: lawyer advising clients

•      Sue: to start legal action against someone in court

•      Without prejudice: without damage to a legal right

Marketing Terms

Link for Video:  https://youtu.be/McgDs0LMDAg

•      Brand: a particular made of product

•      Branded: a product made by a particular company

•      Develop: to create a new product

•      End-user: a customer who is the ultimate user of the product

•      Label: a small piece of paper metal on a product giving information about it

•      Mail order: selling goods by post

•      Market research: a study of consumers'’ needs and preferences

•      Public relations: creation and maintenance of a good public image 

•      Registered: officially recorded as a trademark

•      S.W.O.T.: strength, weaknesses, opportunities, threats

•      Sponsor: firm supporting organization in return for advertising space

•      Trademark: special symbol, the design used to represent a product 

Meeting Terms:

Link for Video:  https://youtu.be/oBq-7_-LwIs (Board Exam, 2077 BS)

•      A.G.M.: Annual General Meeting

•      A.O.B.: Any Other Business

•      Agenda: a written program for meeting

•      Ballot: type of vote usually secret

•      Conference call: telephone call between three or more people in different locations

•      Consensus: general agreement

•      Matters arising: item on agenda for discussion of what has happened as a result of the last meeting

•      Minutes: a written record of everything said at a meeting

•      Proxy vote: vote cast by one person in place of another

•      Show of hands: raised hands to express an opinion in a vote

•      Unanimous: in complete agreement

•      Vote: to express an opinion in a group by voice or hand

Money Terms

Link for video:  https://youtu.be/HFJDudcGHS0

•      Black market: illegal traffic in officially controlled commodities such as foreign currency

•      Hard currency: a currency that will probably not fall in value and is readily accepted

•      Legal tender: a currency that cannot legally be refused in payment of a debt

•      Soft currency: a currency that falls in value and is not readily accepted

•      Speculate: risky buying of a foreign currency or land for rapid gain

Presentation Terms

•      Flip chart: a pad of large paper sheets on a stand for presenting information

•      Pointer: devices like a rod for indicating things on a map or screen

•      Rapport: relationship of a presenter with the audience

•      Slide: small ( usually 35mm)  photographic transparency

•      To start with..: a typical phrase used to signal the beginning of a particular topic

•      Turning now to..: a typical phrase used to signal a change from one topic to another

Sales Terms

Link for video: https://youtu.be/yFRvxexueJY

•      Client: a person who buys services from a lawyer, architect or other professionals

•      Close: to finalize deal or sale

•      Cold call: to telephone a prospect without previous contact

•      Guarantee: a promise that a product will be repaired or replaced if faulty

•      Lead: useful indication of a possible customer to be followed up

•      Overcome: to show an objection is invalid

•      Prospect: a possible customer

•      Retail: to sell in small quantities

•      Service: work done in return for payment

•      Wholesale: to sell in bulk 

Organizational Structure Terms

Organizational structures term: https://youtu.be/8C20lAYWm6c

•      Account Department: responsible for the company’s financial affairs

•       Chairman: a person who heads a Board of Directories 

•      Director: Board member of the Director

•      Manager: a responsible person for the day-to-day running of a department

•      Executive officer: a person who manages affairs of a corporation

•      Managing Director: senior director after chairperson responsible for the day-to-day direction of a company

•      Organization chart: a table or plan showing a company’s structure graphically

•      Personnel Dept.: the department responsible for recruitment and welfare of staff or employees

•      President: highest executive officer of a company 

•      R&D Dept.: the department responsible for the Research and Development of new products

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