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P.H. Collin

A & C Black London


Originally published by Peter Collin Publishing

First published 1985

as English Business Dictionary
Second edition published 1994
reprinted 1995, 1997, 1999
Third edition published 2001
reprinted twice 2001
Fourth edition published 2004
reprinted 2006

A & C Black Publishers Ltd

38 Soho Square, London W1D 3HB

Copyright P.H. Collin, F. Collin & S.M.H. Collin 1985, 1994, 2001
Bloomsbury Publishing Plc 2004
A & C Black Publishers Ltd 2006

All rights reserved. No part of this publication may

be reproduced in any form or by any means without the
prior written permission of the publishers.

A CIP record for this book is available from the British Library

eISBN-13: 978-1-4081-0224-4

Text production and proofreading

Katy McAdam, Joel Adams, Sarah Lusznat, Emma Harris

A & C Black uses paper produced with elemental chlorine-free pulp,

harvested from managed sustainable forests.

Text processing and computer typesetting by A & C Black

Printed and bound in Italy by Legoprint

This dictionary provides the user with the basic vocabulary used in business
in both British and American English. The dictionary contains words and
phrases which cover all aspects of business life from the office to the Stock
Exchange and international trade fairs.

It is designed for anyone who needs to check the meaning or pronunciation of

a business term, but especially for those for whom English is an additional
language. Each entry is explained in clear straightforward English and
examples are given to show how the words are used in normal contexts.
Because English is a world language of business, short quotations are
included from international newspapers.

Pronunciations, irregular plurals and verb forms, constructions used with

particular words, differences between American and British usage, and other
useful points are included. At the back of the book, the user will find
supplements giving useful information about numbers (how to speak and
write them), telephoning, and writing business letters, together with a list of
world currencies, weights and measures, and local times around the world.

Thanks are due to Steven Gregory for his helpful comments and advice on
this fourth edition of the dictionary.
The following symbols have been used to show the pronunciation of the main
words in the dictionary.

Stress is indicated by a main stress mark (  ) and a secondary stress mark (  ) .

Note that these are only guides, as the stress of the word changes according to its
position in the sentence.

Vowels Consonants
 back b buck
 harm d dead
stop other
a type d jump
a how f fare
a hire  gold
a hour h head
 course j yellow
annoy k cab
e head l leave
e fair m mix
e make n nil
e go sing
 word p print
i keep r rest
i happy s save
about shop
fit t take
near t change
u annual theft
u pool v value
book w work
tour x loch
' shut  measure
z zone
Business.fm Page 1 Thursday, April 8, 2004 3:51 PM

A /e/, AA, AAA noun letters that show above the line /bv lan/ adjec-
A above the line

how reliable a particular share, bond or tive, adverb 1. used to describe entries in
company is considered to be These a companys profit and loss accounts that
bonds have a AAA rating. appear above the line separating entries
the rating concern lowered its rating to showing the origin of the funds that have
single-A from double-A, and its senior contributed to the profit or loss from those
debt rating to triple-B from single-A that relate to its distribution. Exceptional
[Wall Street Journal] and extraordinary items appear above the
COMMENT: The AAA rating is given by
Standard & Poors or by Moodys, and in- line. Exceptional items are noted above
dicates a very high level of reliability for the line in company accounts. below
a corporate or municipal bond in the US. the line 2. relating to revenue items in a
A1 /e wn/ adjective 1. in very good government budget 3. relating to advertis-

condition We sell only goods in A1 con- ing for which payment is made (such as
dition. 2. ship which is A1 at Lloyds an ad in a magazine or a stand at a trade
a ship which is in the best possible condi- fair) and for which a commission is paid
tion according to Lloyds Register to an advertising agency. Compare below
abandon /b ndn/ verb 1. to give up the line

or not continue doing something We above-the-line advertising /bv

above-the-line advertising

abandoned the idea of setting up a New lan  dvtaz/ noun advertising

York office. The development pro- for which a payment is made and for
gramme had to be abandoned when the which a commission is paid to the adver-
company ran out of cash. to abandon tising agency, e.g. an advertisement in a
an action to give up a court case 2. to magazine or a stand at a trade fair. Com-
leave something The crew abandoned pare below-the-line advertising (NOTE:
the sinking ship. as opposed to direct marketing)
abandonment /b ndnmnt/ noun

abroad /brd/ adverb to or in another


an act of giving up voluntarily something |

that you own, such as an option or the country The consignment of cars was
right to a property abandonment of a shipped abroad last week. The chair-
ship giving up a ship and cargo to the un- man is abroad on business. He worked
derwriters against payment for total loss abroad for ten years. Half of our profit
comes from sales abroad.
abatement /betmnt/ noun an act

absence / bsns/ noun the fact of not


of reducing
abbreviated accounts /brivietd
abbreviated accounts

being at work or at a meeting in the ab-
kants/ noun a shortened version of a
sence of when someone is not there In
companys annual accounts that a small the absence of the chairman, his deputy
or medium sized company can file with took the chair.
absent / bsnt/ adjective not at work

the Registrar of Companies, instead of a

full version or not at a meeting He was absent ow-
above par /bv p/ adjective refer- ing to illness. Ten of the workers are ab-
above par

ring to a share with a market price higher sent with flu. The chairman is absent in
than its par value Holland on business.
Business.fm Page 2 Thursday, April 8, 2004 3:51 PM

absentee 2
absentee / bsnti/ noun a person ACAS /ek s/ abbr Advisory, Concili-
absentee ACAS

who is absent or an employee who stays ation and Arbitration Service

away from work for no good reason accelerate /kselret/ verb to make

absenteeism / bs()ntiz()m/

| something go faster
noun the practice of staying away from acceleration clause /kselren
acceleration clause

| |

work for no good reason Low produc- klz/ noun US a clause in a contract
tivity is largely due to the high level of ab- providing for immediate payment of the
senteeism. Absenteeism is high in the total balance if there is a breach of con-
week before Christmas. tract
but the reforms still hadnt fundamen-
accept /ksept/ verb 1. to take some-

tally changed conditions on the shop floor: |

absenteeism was as high as 20% on some thing which is being offered to accept
days [Business Week] delivery of a shipment to take goods into
absenteeism rate / bsntiz()m
absenteeism rate

the warehouse officially when they are
ret/ noun the percentage of the work- delivered 2. to say yes or to agree to
force which is away from work with no something She accepted the offer of a
good excuse The rate of absenteeism or job in Australia. He accepted 2000 in
the absenteeism rate always increases in lieu of notice.
acceptable /kseptb()l/ adjective

fine weather. |

absolute / bslut/ adjective com-

easily accepted Both parties found the
plete or total offer acceptable. The terms of the con-
tract of employment are not acceptable to
absorb /bzb/ verb to take in a small

the candidate.
item so that it forms part of a larger one
acceptance /kseptns/ noun 1. the

to absorb overheads to include a propor- |

tion of overhead costs into a production act of signing a bill of exchange to show
cost (this is done at a certain rate, called that you agree to pay it to present a bill
the absorption rate) overheads have for acceptance to present a bill for pay-
absorbed all our profits all our profits ment by the person who has accepted it 2.
have gone in paying overhead expenses acceptance of an offer the act of agree-
to absorb a loss by a subsidiary to in- ing to an offer to give an offer a condi-
clude a subsidiary companys loss in the tional acceptance to accept an offer pro-
group accounts a business which has vided that specific things happen or that
been absorbed by a competitor a small specific terms apply we have their let-
business which has been made part of a ter of acceptance we have received a let-
larger one ter from them accepting the offer
absorption /bzpn/ noun the
acceptance against documents

acceptance against documents
process of making a smaller business part /kseptns !enst dkjmnts/ noun

of a larger one, so that the smaller compa- a transaction where the seller takes charge
ny in effect no longer exists of the shipping documents for a consign-
absorption costing /bzpn
absorption costing

ment of goods when a buyer accepts a bill
kst/ noun a form of costing for a of exchange Acceptance against docu-
product that includes both the direct costs ments protects the seller when sending
of production and the indirect overhead goods which are not yet paid for.
acceptance bank /kseptns b k/
acceptance bank

costs as well |

absorption rate /bzpn ret/

absorption rate

noun US same as accepting house
acceptance house /kseptns
acceptance house

noun a rate at which overhead costs are |

absorbed into each unit of production has/ noun same as accepting house
abstract / bstr kt/ noun a short form acceptance sampling /kseptns
abstract acceptance sampling

of a report or document to make an ab- smpl/ noun the process of testing a

stract of the company accounts small sample of a batch to see if the whole
abstract of title / bstr kt v batch is good enough to be accepted
abstract of title

tat()l/ noun a summary of the details accepting house /ksept has/

accepting house

of the ownership of a property which has noun a firm, usually a merchant bank,
not been registered which accepts bills of exchange at a dis-
a/c, acc abbr account

count, in return for immediate payment to

Business.fm Page 3 Thursday, April 8, 2004 3:51 PM

3 account
the issuer, in this case the Bank of Eng- accompanied by the finance director.
land They sent a formal letter of complaint, ac-
Accepting Houses Committee /k companied by an invoice for damage.
Accepting Houses Committee

sept hazz kmti/ noun the main |

(NOTE: accompanied by something)
London merchant banks, which organise accordance /kd()ns/ noun in

the lending of money with the Bank of accordance with in agreement or con-
England. They receive slightly better dis- formity with, as a result of what someone
count rates from the Bank. has said should be done In accordance
access / kses/ noun to have access with your instructions we have deposited

to something to be able to obtain or reach the money in your current account. I am

something She has access to large submitting the claim for damages in ac-
amounts of venture capital. verb to call cordance with the advice of our legal ad-
up data which is stored in a computer visers.
She accessed the address file on the com- accordingly /kdli/ adverb in

puter. agreement with what has been decided

accession /kse()n/ noun the act of

| We have received your letter and have al-

joining an organisation tered the contract accordingly.
access time / kses tam/ noun the according to /kd tu/ preposi-
access time according to

time taken by a computer to find data tion 1. in accordance with The compu-
stored in it ter was installed according to the manu-
accident / ksd()nt/ noun some- facturers instructions. 2. as stated or

thing unpleasant which can be caused by shown by someone

carelessness or which happens by chance the budget targets for employment and
such as a plane crash growth are within reach according to the
accident insurance / ksd()nt n latest figures [Australian Financial Re-
accident insurance

rns/ noun insurance which will pay view]

account /kant/ noun 1. a record of

the insured person when an accident takes |

place financial transactions over a period of

accident policy / ksd()nt plsi/
accident policy
time, such as money paid, received, bor-
noun an insurance contract which pro- rowed or owed Please send me your ac-
vides a person with accident insurance count or a detailed or an itemised ac-
accommodation /kmde()n/
count. 2. (in a shop) an arrangement
which a customer has to buy goods and
| |

noun 1. money lent for a short time 2.

pay for them at a later date, usually the
to reach an accommodation with credi-
end of the month to have an account or
tors to agree terms for settlement with a charge account or a credit account with
creditors 3. a place to stay temporarily or
Harrods Put it on my account or charge
live in Visitors have difficulty in finding it to my account. They are one of our
hotel accommodation during the summer.
largest accounts. to open an account
any non-resident private landlord can (of a customer) to ask a shop to supply
let furnished or unfurnished accommoda-
tion to a tenant [Times]
goods which you will pay for at a later
date to open an account, to close an
the airline providing roomy accommo- account (of a shop) to start or to stop sup-
dations at below-average fares [Duns plying a customer on credit to settle an
Business Month]
account to pay all the money owed on an
accommodation address /km
accommodation address

| |
account to stop an account to stop sup-
de()n dres/ noun an address used
plying a customer until payment has been
for receiving messages, but which is not made for goods supplied 3. on account
the real address of the company as part of a total bill to pay money on
accommodation bill /km account to pay to settle part of a bill ad-
accommodation bill

| |

de()n bl/ noun a bill of exchange vance on account money paid as a part
where the person signing (the drawee) is payment 4. a customer who does a large
helping another company (the drawer) amount of business with a firm and has an
to raise a loan account with it Smith Brothers is one of
accompany /kmp()ni/ verb to go our largest accounts. Our sales people

with The chairman came to the meeting call on their best accounts twice a month.
Business.fm Page 4 Thursday, April 8, 2004 3:51 PM

accountability 4
5. to keep the accounts to write each account day / kant de/ noun a day
account day

sum of money in the account book The on which shares which have been bought
bookkeepers job is to enter all the money must be paid for, usually a Monday ten
received in the accounts. profit and days after the end of an account. Also
loss account (P&L account) statement called settlement day
of company expenditure and income over account end /kant end/ noun the
account end

a period of time, almost always one calen- end of an accounting period

dar year, showing whether the company
account executive /kant !
account executive

has made a profit or loss (the balance | |

sheet shows the state of a companys fi- zekjtv/ noun an employee who looks
nances at a certain date; the profit and loss after customers or who is the link between
account shows the movements which customers and the company
accounting /kant/ noun 1. the

have taken place since the last balance |

sheet) 6. overdrawn account an ac- work of recording money paid, received,

count where you have taken out more borrowed or owed accounting methods
money than you have put in, i.e. the bank accounting procedures an account-
is effectively lending you money to ing machine 2. accountancy, the work of
open an account to start an account by an accountant as a course of study
putting money in She opened an ac- applicants will be professionally quali-
count with the Bradford & Bingley Build- fied and have a degree in Commerce or
ing Society. to close an account to take Accounting
all money out of a bank account and stop [Australian Financial Review]
accounting period /kant
accounting period

the account We closed our account with |

Lloyds. 7. a period during which shares prid/ noun a period of time at the end
are traded for credit, and at the end of of which the firms accounts are made up
which the shares bought must be paid for accounts /kants/ noun detailed

(NOTE: On the London Stock Exchange, records of a companys financial affairs

there are twenty-four accounts during accounts department /kants d
accounts department

| |

the year, each running usually for ten ptmnt/ noun a department in a com-
working days.) 8. a notice to take ac- pany which deals with money paid, re-
count of inflation, to take inflation into ceived, borrowed or owed
account to assume that there will be a
accounts manager

specific percentage of inflation when accounts manager |

making calculations verb to account m nd$/ noun the manager of an ac-

for to explain and record a money trans- counts department
accounts payable /kants
accounts payable

action to account for a loss or a dis- |

crepancy The reps have to account for peb()l/ noun money owed by a com-
all their expenses to the sales manager. pany
accountability /kantblti/ noun accounts receivable /kants r
accounts receivable

| |
| |

the fact of being responsible to someone sivb()l/ noun money owed to a com-
for something, e.g. the accountability of pany. Abbreviation AR
directors to the shareholders accounts staff /kantz stf/ noun
accounts staff

accountable /kantb()l/ adjec- people who work in the accounts depart-


tive referring to a person who has to ex- ment

plain what has taken place or who is re- accreditation /kredte()n/ noun

| |

sponsible for something (NOTE: You are the process of certifying the competence
accountable to someone for some- of a person in a certain area
thing.) accredited /kredtd/ adjective re-

accountancy /kantnsi/ noun the


| ferring to an agent who is appointed by a

work of an accountant They are study- company to act on its behalf
ing accountancy or They are accountancy accrual /krul/ noun 1. the act of

students. (NOTE: The US term is ac- noting financial transactions when they
counting in this meaning.) take place, and not when payment is made
account book /kant bk/ noun a 2. a gradual increase by addition accru-
account book

book with printed columns which is used al of interest the automatic addition of in-
to record sales and purchases terest to capital
Business.fm Page 5 Thursday, April 8, 2004 3:51 PM

5 acquisition rate
accrue /kru/ verb 1. to record a fi- achieved great success in the Far East.

nancial transaction in accounts when it We achieved all our objectives in 2001.

takes place, and not when payment is the company expects to move to profits
made or received 2. to increase and be due of FFr 2m next year and achieve equally
for payment at a later date Interest ac- rapid growth in following years
crues from the beginning of the month. [Financial Times]
achievement /tivmnt/ noun suc-

accrued dividend /krud dv

accrued dividend
| |

dend/ noun a dividend earned since the cess or something that has been achieved
achiever /tiv/ noun a person who

last dividend was paid |

accrued interest /krud ntrst/

accrued interest

is successful or who tends to achieve his
noun interest which has been earned by or her objectives It was her reputation
an interest-bearing investment Accrued as a high achiever that made us think of
interest is added quarterly. headhunting her. VALS
acid test ratio / sd test re/
acid test ratio

accrued liabilities /krud la

accrued liabilities

| |

bltiz/ noun liabilities which are record- noun same as liquidity ratio
acknowledge /knld$/ verb to tell a

ed in an accounting period, although pay- |

ment has not yet been made. This refers to sender that a letter, package or shipment
liabilities such as rent, electricity, etc. has arrived He has still not acknowl-

acct abbr account edged my letter of the 24th. We ac-

knowledge receipt of your letter of June
accumulate /kjumjlet/ verb to

grow in quantity by being added to, or to acknowledgement /knld$mnt/

get more of something over a period of noun the act of acknowledging She sent
time We allow dividends to accumulate an acknowledgement of receipt. The
in the fund. company sent a letter of acknowledge-
accumulated profit

accumulated profit |
ment after I sent in my job application.
kjumjletd prft/ noun a profit acoustic hood /kustk hd/ noun
acoustic hood

which is not paid as dividend but is taken a cover which is put over a printer to re-
over into the accounts of the following duce the noise level
a/c payee /e si pei/ words written
a/c payee

accumulated reserves |

accumulated reserves |
between the two lines on a crossed
kjumjletd rz&vz/ plural noun re-
cheque, to show that it can only be paid
serves which a company has put aside into the account of the person whose
over a period of years name is written on the cheque (all
accumulation unit /kjumj
accumulation unit

| | cheques have this printed on them)

le()n junt/ noun a type of unit in a acquire /kwa/ verb to buy to ac-

unit trust, which produces dividends quire a company We have acquired a

which are used to form more units (as op- new office building in the centre of town.
posed to an income unit, which produces acquirer /kwar/ noun a person or

dividends which the investor receives as company which buys something

acquisition / kwz()n/ noun 1.

accurate / kjrt/ adjective correct

accurate |

something bought The chocolate facto-

The sales department made an accurate ry is our latest acquisition. 2. the takeover
forecast of sales. The designers pro- of a company. The results and cash flows
duced an accurate copy of the plan. of the acquired company are brought into
accuse /kjuz/ verb to say that some-

| the group accounts only from the date of

one has committed a crime She was ac- acquisition: the figures for the previous
cused of stealing from the petty cash box. period for the reporting entity should not
He was accused of industrial espio- be adjusted. The difference between the
nage. (NOTE: You accuse someone of a fair value of the net identifiable assets ac-
crime or of doing something.) quired and the fair value of the purchase
achieve /tiv/ verb to succeed in do- consideration is goodwill. 3. the act of

ing something, to do something success- getting or buying something

fully He has achieved his long-term acquisition rate / kwz()n ret/
acquisition rate

training objectives. The company has noun a figure that indicates how much
Business.fm Page 6 Thursday, April 8, 2004 3:51 PM

acre 6
new business is being won by a compa- that is designed to increase the motivation
nys marketing activities for action by presenting only a limited
acre /ek/ noun a measure of the area range of alternatives and stressing only

of land (= 0.45 hectares) (NOTE: The plu- the positive outcomes

active / ktv/ adjective involving

ral is used with figures, except before a

noun: he has bought a farm of 250 many transactions or activities an ac-
acres, he has bought a 250 acre farm.) tive demand for oil shares an active day
across-the-board /krs bd/

on the Stock Exchange Computer
adjective applying to everything or every- shares are very active.
active partner / ktv ptn/ noun
active partner

one an across-the-board price increase

or wage increase a partner who works in a company that is
act / kt/ noun a law passed by parlia-
a partnership
activity / ktvti/ noun something

ment which must be obeyed by the people |

verb to do something The board will which is done out-of-work activities

have to act quickly if the companys losses preliminary indications of the level of
are going to be reduced. to act on business investment and activity during
something to do what you have been the March quarter will provide a good pic-
asked to do by someone to act on a let- ture of economic activity in the year
ter The lawyers are acting on our in- [Australian Financial Review]
activity chart / ktvti tt/ noun a
activity chart

structions. |

ACT plan showing work which has been done,

ACT abbr Advance Corporation Tax made so that it can be compared to a pre-
acting / kt/ adjective working in

vious plan showing how much work

place of someone for a short time act- should be done
ing manager the Acting Chairman act of God / kt v !d/ noun some-
act of God

action / kn/ noun 1. a thing which


thing you do not expect to happen and

has been done to take action to do which cannot be avoided, e.g. a storm or a
something You must take action if you flood (NOTE: Acts of God are not usually
want to stop people cheating you. You covered by insurance policies.)
must take action if you want to improve ACTU abbr Australian Council of Trade

productivity. 2. to take industrial ac- Unions

tion to do something (usually to go on actuals / ktulz/ plural noun real

strike) to show that you are not happy figures These figures are the actuals for
with conditions at work 3. a case in a law last year.
court where a person or company sues an-
actuarial / ktueril/ adjective cal-

other person or company to take legal |

action to sue someone an action for li- culated by an actuary The premiums are
bel or a libel action an action for dam- worked out according to actuarial calcu-
ages She brought an action for wrong- lations.
actuarial tables / ktueril
actuarial tables

ful dismissal against her former employ-

er. teb()lz/ noun lists showing how long
action-centred leadership / kn
action-centred leadership
people are likely to live, used to calculate
sentd lidp/ noun a theory of lead- life assurance premiums and annuities
actuary / kturi/ noun a person em-

ership which focuses on what leaders ac-

tually have to do in order to be effective, ployed by an insurance company or other
rather than on the personal qualities that organisation to calculate the risk involved
they need to be good leaders, and which in an insurance, and therefore the premi-
believes that leadership can be taught ums payable by people taking out insur-
(NOTE: Action-centred leadership is usu- ance
ACU abbr Asian Currency Unit

ally illustrated by three overlapping cir-

cles, which represent the three key ac- ad / d/ noun same as advertisement

tivities undertaken by leaders: achieving (informal) We put an ad in the paper.

the task, building and maintaining the She answered an ad in the paper. He
team and developing the individual.) found his job through an ad in the paper.
action rationality / '()n r ()n add / d/ verb to put figures together to
action rationality add

 lti/ noun a decision-making model make a total If you add the interest to
Business.fm Page 7 Thursday, April 8, 2004 3:51 PM

7 adjust
the capital you will get quite a large sum. such a way that names, addresses and
Interest is added monthly. phone numbers can be entered
add up phrasal verb 1. to put several addressee / dresi/ noun a person to

figures together to make a total He whom a letter or package is addressed

made a mistake in adding up the column address list /dres lst/ noun a list of
address list

of figures. the figures do not add up


names and addresses of people and com-

the total given is not correct 2. to make panies
sense The complaints in the letter just
adequate / dkwt/ adjective more

do not add up.

or less satisfactory The results of the
add up to phrasal verb to make a total
of The total expenditure adds up to tests on the product were adequate.
ad hoc decision / d hk ds$()n/
ad hoc decision

more than 1,000. |

noun a decision taken to solve a particular

added value /  dd v lju/ noun an
added value

amount added to the value of a product or
adhocracy / dhkrsi/ noun a form

service, equal to the difference between |

its cost and the amount received when it is of organisation characterised by a flexi-
sold. Wages, taxes, etc. are deducted from ble, organic structure, often comprising
the added value to give the profit. VAT experts attached to project groups without
functional divisions
adding / d / adjective which adds,

adjourn /d$&n/ verb to stop a meet-


which makes additions an adding ma- |

chine ing for a period The chairman ad-

journed the meeting until three oclock.
addition /d()n/ noun 1. a thing or

The meeting adjourned at midday. ad-
person added The management has journ a case sine die to postpone the
stopped all additions to the staff. We are hearing of a case without fixing a new
exhibiting several additions to our prod- date for it
uct line. The marketing director is the
adjournment /d$&nmnt/ noun an

latest addition to the board. 2. in addi- |

tion to added to, as well as There are act of adjourning He proposed the ad-
twelve registered letters to be sent in ad- journment of the meeting.
adjudicate /d$udket/ verb to give

dition to this packet. 3. an arithmetical |

operation consisting of adding together a judgement between two parties in law or

two or more numbers to make a sum to decide a legal problem to adjudicate
You dont need a calculator to do simple a claim to adjudicate in a dispute he
addition. was adjudicated bankrupt he was de-
clared legally bankrupt
additional /d()nl/ adjective extra



which is added additional costs They | |

sent us a list of additional charges. noun the act of giving a judgement or of

Some additional clauses were added to deciding a legal problem
adjudication of bankruptcy /
adjudication of bankruptcy

the contract. Additional duty will have |

to be paid. d$udke()n v b krptsi/ noun

additional premium /d()nl
additional premium

a legal order making someone bankrupt
primim/ noun a payment made to cov- adjudication order /d$ud
adjudication order

| |

er extra items in an existing insurance ke()n d/ noun an order by a court

address /dres/ noun the details of
making someone bankrupt
adjudication tribunal /d$ud
adjudication tribunal

number, street and town where an office is | |

located or a person lives My business ke()n trabjun()l/ noun a group


address and phone number are printed on which adjudicates in industrial disputes
the card. verb to write the details of an adjudicator /d$udket/ noun a

address on an envelope or package a person who gives a decision on a problem

letter addressed to the managing director an adjudicator in an industrial dispute
an incorrectly addressed package adjust /d$st/ verb to change some-

Please address your enquiries to the man- thing to fit new conditions Prices are
ager. adjusted for inflation.
address book /dres bk/ noun a
address book

| inflation-adjusted GNP moved up at a

special notebook, with columns printed in 1.3% annual rate [Fortune]
Business.fm Page 8 Thursday, April 8, 2004 3:51 PM

adjuster 8
Saudi Arabia will no longer adjust its pro- administrative / dmnstrtv/ ad-

duction to match short-term supply with jective referring to administration ad-

demand [Economist] ministrative details administrative ex-
on a seasonally-adjusted basis, output penses
of trucks, electric power, steel and paper administrator / dmnstret/ noun

decreased [Business Week] 1. a person who directs the work of other

adjuster /d$st/ noun a person who

employees in a business After several
calculates losses for an insurance compa- years as a college teacher, she hopes to
ny become an administrator. 2. a person ap-
adjustment /d$stmnt/ noun the

pointed by a court to manage the affairs of
act of adjusting to make an adjustment someone who dies without leaving a will
to salaries an adjustment of prices to 3. a person appointed by a court to admin-
take account of rising costs ister a company which is insolvent
adjustor /d$st/ noun same as ad- admission /dm()n/ noun an act of

juster saying that something really happened

admin / dmn/ noun 1. the work of ad-

He had to resign after his admission that

ministration, especially paperwork he had passed information to the rival
(informal) All this admin work takes a company.
lot of my time. There is too much admin admission charge /dm()n
admission charge

in this job. Admin costs seem to be ris- td$/ noun the price to be paid before
ing each quarter. The admin people going into an area or building, e.g. to see
have sent the report back. 2. administra- an exhibition
tion staff or the administration depart- admit /dmt/ verb to say that some-

ment Admin say they need the report thing is correct, to say that something re-
immediately. She did not answer my ally happened The chairman admitted
note but sent it on to admin. (NOTE: no he had taken the cash from the companys
plural; as a group of people it can have safe. (NOTE: admitting admitted)
a plural verb)
admittance /dmt()ns/ noun the act

administer /dmnst/ verb to or-

administer |

of allowing someone to go in no admit-
ganise, manage or direct the whole of an tance except on business
organisation or part of one She admin-
adopt /dpt/ verb to agree to some-

isters a large pension fund. It will be the |

HR managers job to administer the in- thing or to accept something

adoption curve /dpn k&v/
adoption curve

duction programme. |

administered price /dmnstd

administered price

noun a line on a graph showing how many
pras/ noun US a price fixed by a manu- consumers adopt or buy a new product at
facturer which cannot be varied by a re- various time periods after the launch date
The adoption curve shows that most
tailer (NOTE: The UK term is resale
price maintenance.) people who buy the product do so at a
fairly late stage.
administration /dmnstre()n/

| |

ADR abbr American Depositary Receipt


noun 1. the action of organising, control-

ad valorem duty / d vlrm
ad valorem duty

ling or managing a company 2. a person |

or group of people who manage or direct djuti/ noun the duty calculated on the
an organisation It is up to the adminis- sales value of the goods
ad valorem tax / d vlrem t ks/
ad valorem tax

tration to solve the problem, not the gov- |

ernment. 3. the running of a company in noun a tax calculated according to the

receivership by an administrator appoint- value of the goods taxed
ed by the courts 4. an appointment by a advance /dvns/ noun 1. money

court of a person to manage the affairs of paid as a loan or as a part of a payment to

a company be made later She asked if she could
administration costs /dmn have a cash advance. We paid her an
administration costs

| |

stre()n ksts/, administration ex- advance on account. Can I have an ad-

penses /dmnstre()n
| k | | vance of 100 against next months sala-
spensz/ plural noun the costs of man- ry? 2. an increase 3. in advance early,
agement, not including production, mar- before something happens freight pay-
keting or distribution costs able in advance prices fixed in advance
Business.fm Page 9 Thursday, April 8, 2004 3:51 PM

9 advertising agency
adjective early, or taking place before away from their usual work environment
something else happens advance pay- (NOTE: The aim of adventure training is
ment Advance holiday bookings are up to develop skills in leadership, problem-
on last year. You must give seven days solving, decision-making and interper-
advance notice of withdrawals from the sonal communication and to build team
account. verb 1. to pay an amount of spirit.)
money to someone as a loan or as a part of adverse / dv&s/ adjective unfavoura-

a payment to be made later The bank ble adverse balance of trade a situa-
advanced him 100,000 against the secu- tion in which a country imports more than
rity of his house. 2. to increase Prices it exports adverse trading conditions
generally advanced on the stock market. bad conditions for trade
3. to make something happen earlier advert / dv&t/ noun same as adver-

The date of the AGM has been advanced tisement (informal ) to put an advert in
to May 10th. The meeting with the Ger- the paper to answer an advert in the pa-
man distributors has been advanced from per classified adverts display adverts
11.00 to 09.30.
advertise / dvtaz/ verb to arrange

Advance Corporation Tax /d

Advance Corporation Tax

and pay for publicity designed to help sell
vns kpre()n t ks/ noun a tax |
products or services or to find new em-
which was abolished in 1999, paid by a ployees to advertise a vacancy to ad-
company in advance of its main corpora- vertise for a secretary to advertise a
tion tax payments. It was paid when divi- new product
dends were paid to shareholders and was
advertisement /dv&tsmnt/ noun

deducted from the main tax payment |

when that fell due. It appeared on the tax a notice which shows that something is
voucher attached to a dividend warrant. for sale, that a service is offered, that
Abbreviation ACT someone wants something or that a job is
advanced manufacturing technology vacant
advanced manufacturing tech- advertisement
advertisement hoarding

hoarding /d
nology /dvnst m njf ktr

| |

v&tsmnt hd/ noun a large board

teknld$i/ noun modern computer-

for posters
based technology that can be introduced
advertisement manager /d
advertisement manager

at every stage of the manufacturing proc- |

ess, from design through to assembly, to v&tsmnt m nd$/ noun the man-
make production faster and more effi- ager in charge of the advertisement sec-
cient. Abbreviation AMT ( NOTE: Ad- tion of a newspaper
advertisement panel /d
advertisement panel

vanced manufacturing technology in- |

cludes such things as computer-aided v&tsmnt p n()l/ noun a specially

design, computer-aided engineering, designed large advertising space in a
computer-integrated manufacturing, au- newspaper
tomated materials handling systems, advertiser / dvtaz/ noun a person

electronic data interchange and robot- or company that advertises The cata-
ics.) logue gives a list of advertisers.
advantage /dvntd$/ noun some- advertising / dvtaz/ noun the
advantage advertising

thing useful which may help you to be business of announcing that something is
successful Knowledge of two foreign for sale or of trying to persuade customers
languages is an advantage. There is no to buy a product or service She works in
advantage in arriving at the exhibition advertising or She has a job in advertis-
before it opens. Fast typing is an advan- ing. Their new advertising campaign is
tage in a secretary. to take advantage being launched next week. The compa-
of something to use something which ny has asked an advertising agent to pre-
helps you pare a presentation. to take advertis-
training / dvent ing space in a paper to book space for an
adventure training

adventure |

tren/, adventure learning /d |

advertisement in a newspaper
vent l&n/ noun a type of training advertising agency / dvtaz
advertising agency

in which employees engage in group ed$nsi/ noun an office which plans,

games and physically demanding outdoor designs and manages advertising for other
activities such as climbing and abseiling companies
Business.fm Page 10 Thursday, April 8, 2004 3:51 PM

advertising budget 10
advertising budget / dvtaz He is consulting the companys legal
advertising budget

bd$t/ noun money planned for spend- adviser.

ing on advertising Our advertising advisory / dvaz()ri/ adjective as an

budget has been increased. adviser She is acting in an advisory ca-

advertising campaign / dvtaz pacity.
advertising campaign

k mpen/ noun a co-ordinated publicity Advisory, Conciliation and Arbi-

Advisory, Conciliation and Arbitration Service

or advertising drive to sell a product tration Service /dvaz()ri knsli | |

advertising jingle / dvtaz

advertising jingle
e()n nd btre()n s&vs/ |

d$!()l/ noun a short and easily re- noun a British government service which
membered tune or song to advertise a arbitrates in disputes between manage-
product on television, etc. ment and employees. Abbreviation
advertising manager / dvtaz
advertising manager

advisory board /dvaz()ri bd/

advisory board

m nd$/ noun the manager in charge |

of advertising a companys products noun a group of advisors

affair /fe/ noun business or dealings

advertising medium / dvtaz

advertising medium

Are you involved in the copyright af-

midim/ noun a type of advertisement, fair? His affairs were so difficult to un-
e.g. a TV commercial The product was
advertised through the medium of the derstand that the lawyers had to ask ac-
trade press. (NOTE: The plural for this countants for advice.
affect /fekt/ verb to cause some

meaning is media.) |

change in something, especially to have a

advertising rates / dvtaz
advertising rates

bad effect on something The new gov-

rets/ noun the amount of money charged ernment regulations do not affect us.
for advertising space in a newspaper or
affidavit / fdevt/ noun a written

advertising time on TV |

statement which is signed and sworn be-

advertising space / dvtaz
advertising space

fore a solicitor, judge, JP, etc., and which

spes/ noun a space in a newspaper set can then be used as evidence in court
aside for advertisements affiliate /fliet/ noun a company

advertorial / dv tril/ noun text


which partly owns another company, or is
in a magazine which is not written by the partly owned by the same holding compa-
editorial staff but by an advertiser ny as another
advice /dvas/ noun 1. a notification affiliated /fletd/ adjective con-

telling someone what has happened 2. an nected with or owned by another compa-
opinion as to what action to take The ny Smiths Ltd is one of our affiliated
accountants advice was to send the doc- companies.
uments to the police. to take legal ad- affiliate programme
affiliate programme

/flit |

vice to ask a lawyer to say what should be pr!r m/ noun an arrangement under
done as per advice according to what which the owners of websites agree to
is written on the advice note display banners and buttons advertising
advice note /dvas nt/ noun the
advice note

| another companys products or services

written notice to a customer giving details on their websites in return for a commis-
of goods ordered and shipped but not yet sion on any purchases from the advertiser
delivered. Also called letter of advice made by their customers
advise /dvaz/ verb 1. to tell someone affinity card /fnti kd/ noun a
advise affinity card

| |

what has happened We have been ad- credit card where a percentage of each
vised that the shipment will arrive next purchase made is given by the credit card
week. 2. to suggest to someone what company to a stated charity
should be done The lawyer advised us affirmative /f&mtv/ adjective

to send the documents to the police. meaning yes the answer was in the
advise against phrasal verb to sug- affirmative the answer was yes
gest that something should not be done affirmative
affirmative action

action /f&mtv |

The HR manager advised against dis-  kn/ noun US the practice of provid-
missing the staff without notice. ing opportunities for disadvantaged
adviser /dvaz/, advisor noun a

| groups such as ethnic minorities, women

person who suggests what should be done or people with disabilities
Business.fm Page 11 Thursday, April 8, 2004 3:51 PM

11 aggregate demand
affluence / fluns/ noun wealth and a age discrimination /ed$ dskrm
affluence age discrimination

high standard of living ne()n/ noun unfair treatment result-

affluent society / flunt ssati/ ing from prejudice against a person on the
affluent society

noun a type of society where most people grounds of their age (NOTE: Countries
are rich such as Australia and the United States
afford /fd/ verb to be able to pay for

have passed laws to make age discrim-
or buy something We could not afford ination illegal)
ageism /ed$z()m/ noun unfair dis-

the cost of two telephones. The compa-

ny cannot afford the time to train new crimination against older people
staff. (NOTE: Only used after can, can- age limit /ed$ lmt/ noun the top age
age limit

not, could, could not, able to) at which you are allowed to do a job
AFL-CIO noun an organisation linking

There is an age limit of thirty-five on the

US trade unions. Full form American post of buyer.
Federation of Labor Congress of In- agency /ed$nsi/ noun 1. an office or

dustrial Organisations job of representing another company in

after-hours buying /ft az/, af- an area They signed an agency agree-
after-hours buying

ter-hours selling, after-hours dealing ment or an agency contract. 2. an office or

noun the activity of buying, selling or business which arranges things for other
dealing in shares after the Stock Ex- companies
change has officially closed for the day, agency labour /ed$nsi leb/
agency labour

such deals being subject to normal Stock noun staff supplied by an employment
Exchange rules. In this way, dealers can agency
take advantage of the fact that because of agenda /d$end/ noun a list of things

time differences, the various stock ex- to be discussed at a meeting The confer-
changes around the world are open almost ence agenda or the agenda of After two
all twenty-four hours of the day. hours we were still discussing the first
after-hours trading /ft az
after-hours trading

item on the agenda. We usually put fi-

tred/ noun trading after the Stock Ex- nance at the top of the agenda. The
change had closed chair wants two items removed from or
after-sales service /ft selz taken off the agenda.
after-sales service

s&vs/ noun a service of a machine car- agent /ed$nt/ noun 1. a person who

ried out by the seller for some time after represents a company or another person
the machine has been bought in an area to be the agent for BMW cars
after-tax profit /ft t ks prft/ to be the agent for IBM 2. a person in
after-tax profit

noun a profit after tax has been deducted charge of an agency an advertising
against /!enst/ preposition 1. in view

agent The estate agent sent me a list of
of the fact that something else is owed or properties for sale. Our trip was organ-
has been pledged Can I have an ad- ised through our local travel agent. 3.
vance against next months salary? The (business) agent US the chief local offi-
bank advanced him 10,000 against the cial of a trade union Management
security of his house. 2. compared with would only discuss the new payment
investment can be written off against scheme with agents officially representing
the marginal rate of tax [Investors Chron- the workers.
agents commission /ed$nts k
agents commission

icle] |

aged debtors analysis /ed$d

aged debtors analysis
m()n/ noun money, often a percent-
detz n lss/, ageing schedule
age of sales, paid to an agent
/ed$ edjul/ noun a list which anal- aggregate / !r!t/ adjective total,

yses a companys debtors, showing the with everything added together aggre-
number of days their payments are out- gate output
standing aggregate demand / !r!t d
aggregate demand

COMMENT: An ageing schedule shows all mnd/ noun the total demand for goods
the debtors of a company and lists (usu- and services from all sectors of the econ-
ally in descending order of age) all the
debts that are outstanding. The debtors omy including individuals, companies
will be shown as: X at 30 days, Y at 60 and the government Economists are
days, Z at 90 days, etc. studying the recent fall in aggregate de-
Business.fm Page 12 Thursday, April 8, 2004 3:51 PM

aggregate supply 12
mand. As incomes have risen, so has agreed price /!rid pras/ noun a
agreed price

aggregate demand. price which has been accepted by both the

aggregate supply / !r!t spla/ buyer and seller
aggregate supply

agreed takeover bid /!rid

agreed takeover bid

noun all goods and services on the market |

Is aggregate supply meeting aggregate tekv bd/ noun a takeover bid

demand? which is accepted by the target company
aggregator / !r!et/ noun an or-
and recommended by its directors to its
ganisation that acts as a link between pro- shareholders
agreement /!rimnt/ noun a spo-

ducers and customers in business dealings |

over the Internet. The aggregator selects ken or written contract between people or
products for sale over the Internet, sets groups which explains how they will act
prices, and ensures that orders are ful- a written agreement an unwritten or
filled. verbal agreement to draw up or to draft
an agreement to break an agreement
agio / d$/ noun 1. a charge made

to sign an agreement to reach an agree-

for changing money of one currency into ment or to come to an agreement on some-
another, or for changing banknotes into thing a collective wage agreement
cash 2. the difference between two val-
ues, such as between the interest charged after three days of tough negotiations
the company has reached agreement with
on loans made by a bank and the interest its 1,200 unionized workers [Toronto
paid by the bank on deposits, or the differ- Star]
ence between the values of two currencies
agricultural co-operative / !r
agricultural co-operative


AGM abbr Annual General Meeting klt()rl k prtv/ noun a farm

agora / !r/ noun a marketplace on run by groups of workers who are the

the Internet owners and share the profits

agricultural economist / !r
agricultural economist

agree /!ri/ verb 1. to decide and ap-


klt()rl knmst/ noun a person


prove something together with another |

person or other people The figures were who specializes in the study of finance
agreed between the two parties. We and investment in agriculture
agriculture / !rklt/ noun use of

have agreed the budgets for next year.

The terms of the contract are still to be land for growing crops or raising animals,
agreed. 2. to agree on something to etc. Agriculture is still an important
come to a decision that is acceptable to part of the nations economy.
everyone about something We all ahead /hed/ adverb in front of, better

agreed on the need for action. 3. to


than We are already ahead of our sales

agree to something to say that you accept forecast. The company has a lot of work
something that is suggested After some ahead of it if it wants to increase its mar-
discussion he agreed to our plan. to ket share.
agree to do something to say that you aim /em/ noun something which you try

will do something She agreed to be to do One of our aims is to increase the

chairman. Will the finance director quality of our products. the company
agree to resign? 4. to be the same as has achieved all its aims the company
The two sets of calculations do not agree. has done all the things it had hoped to do
agree with phrasal verb 1. to say that verb to try to do something Each
your opinions are the same as someone member of the sales team must aim to
elses I agree with the chairman that double their previous years sales. We
the figures are lower than normal. 2. to aim to be No. 1 in the market within two
be the same as The auditors figures years.
do not agree with those of the accounts air /e/ noun a method of travelling or

department. sending goods using aircraft to send a

agreed /!rid / adjective having been letter or a shipment by air verb to air

accepted by everyone We pay an agreed a grievance to talk about or discuss a

amount each month. The agreed terms grievance The management committee
of employment are laid down in the con- is useful because it allows the workers
tract. representatives to air their grievances.
Business.fm Page 13 Thursday, April 8, 2004 3:51 PM

13 allow
air cargo /e k!/ noun goods ed the meeting. A salesman should
air cargo

sent by air know the prices of all the products he is

air carrier /e k ri/ noun a company
air carrier
all-in /l n/ adjective including every-

which sends cargo or passengers by air

air forwarding /e fwd/ noun
air forwarding
thing The fee payable is 150 all-in.
all-in policy /l n plsi/ noun an
all-in policy

the process of arranging for goods to be

shipped by air insurance policy which covers all risks
air freight /e fret/ noun the transpor- all-in rate /l n ret/ noun 1. a price
air freight all-in rate

tation of goods in aircraft, or goods sent which covers all the costs connected with
by air to send a shipment by air freight a purchase, such as delivery, tax and in-
Air freight tariffs are rising. surance, as well as the cost of the goods
airfreight /efret/ verb to send goods themselves 2. a wage which includes all

by air to airfreight a consignment to extra payments such as bonuses and merit

Mexico We airfreighted the shipment pay
because our agent ran out of stock. allocate / lket/ verb 1. to provide a

airline /elan/ noun a company which particular amount from a total sum of

carries passengers or cargo by air money for a particular purpose We allo-

airmail /emel/ noun a postal service
cate 10% of revenue to publicity.
which sends letters or parcels by air to $2,500 was allocated to office furniture.
send a package by airmail Airmail 2. to divide something in various ways
charges have risen by 15%. verb to and share it out How are we going to al-
send letters or parcels by air We air- locate the available office space?
allocation / lke()n/ noun the

mailed the document to New York. |

airmail envelope

envelope /emel process of providing sums of money for

envlp/ noun a very light envelope for particular purposes, or a sum provided for
sending airmail letters a purpose the allocation of funds to a
airmail letter /emel let/ noun a
airmail letter project
allot /lt/ verb to share out to allot

letter sent by air |

airmail sticker /emel stk/ noun

airmail sticker

shares to give a certain number of shares
a blue sticker with the words air mail, to people who have applied for them
allotment /ltmnt/ noun 1. the

which can be stuck on an envelope or par- |

cel to show that it is being sent by air process of sharing out something, espe-
airmail transfer /emel tr nsf&/
airmail transfer
cially money between various depart-
noun an act of sending money from one ments, projects or people The allotment
bank to another by airmail of funds to each project is the responsibil-
ity of the finance director. 2. the act of
airport bus /ept bs/ noun a bus
airport bus

giving shares in a new company to people
which takes passengers to and from an who have applied for them share allot-
airport ment payment in full on allotment
airport security /ept skjrti/
airport security

all-out strike /l at strak/ noun a

all-out strike
| |

noun actions taken to protect aircraft and

complete strike by all employees
passengers against attack
allow /la/ verb 1. to say that someone

airport tax /ept t ks/ noun a tax

airport tax |

added to the price of an air ticket to cover can do something Junior members of
staff are not allowed to use the chair-
the cost of running an airport mans lift. The company allows all
airport terminal /ept
airport terminal

members of staff to take six days holiday
t&mn()l/ noun the main building at an at Christmas. 2. to give to allow 5%
airport where passengers arrive and de- discount to members of staff 3. to agree to
part or accept legally to allow a claim or an
air terminal /e t&mn()l/ noun a
air terminal

building in a town where passengers meet allow for phrasal verb 1. to give a dis-
to be taken by bus to an airport outside the count for something, or to add an extra
town sum to cover something to allow for
all /l/ adjective, pronoun everything or money paid in advance Add on an ex-

everyone All (of) the managers attend- tra 10% to allow for postage and pack-
Business.fm Page 14 Thursday, April 8, 2004 3:51 PM

allowable 14
ing. delivery is not allowed for which can take the place of something
delivery charges are not included 2. to to find someone alternative employ-
include something in your calculations ment to find someone another job
allow 28 days for delivery calculate altogether

/lt!e/ adverb |

that delivery will take up to 28 days putting everything together The staff of
allowable /lab()l/ adjective legal-

| the three companies in the group come to

ly accepted. Opposite disallowable 2,500 altogether. The company lost
allowable expenses /lab()l k 2m last year and 4m this year, making
allowable expenses

| |

spensz/ plural noun business expenses 6m altogether for the two years.
which can be claimed against tax a.m. /e em/ adverb in the morning, be-

allowance /lans/ noun 1. money fore 12 midday The flight leaves at 9.20

which is given for a special reason a a.m. Telephone calls before 6 a.m. are
travel allowance or a travelling allow- charged at the cheap rate. (NOTE: The US
ance 2. a part of an income which is not spelling is A.M.)
taxed allowances against tax or tax al- amalgamate /m l!met/ verb to

lowances personal allowances 3. mon- join together with another group The
ey removed in the form of a discount an amalgamated group includes six compa-
allowance for depreciation an allow- nies.
ance for exchange loss ambition / mb()n/ noun what

the compensation plan includes base, someone wants to do or achieve in their

incentive and car allowance totalling life We insist that our sales representa-
$50,000+ [Globe and Mail (Toronto)] tives have plenty of ambition. Her am-
allowed time /lad tam/ noun paid
allowed time

bition is to become the senior partner in
time which the management agrees an the firm.
employee can spend on rest, cleaning or ambitious / mbs/ adjective full of

meals, not working ambition, wanting to do or achieve some-

all-risks policy /l rsks plsi/
all-risks policy

thing He is ambitious, but not very com-

noun an insurance policy which covers petent.
risks of any kind, with no exclusions amend /mend/ verb to change and

all-time /l tam/ adjective all-time


make more correct or acceptable Please

high, all-time low highest or lowest point amend your copy of the contract accord-
ever reached Sales have fallen from ingly.
their all-time high of last year. amendment /mendmnt/ noun a

shares closed at an all-time high yester- change to a document to propose an

day as expectations grew of lower interest amendment to the constitution to make
rates [Times] amendments to a contract
alphabetical order / lfbetk()l
alphabetical order

American Depositary Receipt /

American Depositary Receipt

d/ noun the arrangement of records


merkn dpztri rsit/ noun a doc-

| |

such as files and index cards in the order ument issued by an American bank to US
of the letters of the alphabet citizens, making them unregistered share-
alter /lt/ verb to change to alter the

holders of companies in foreign coun-

terms of a contract tries. The document allows them to re-
alteration /ltre()n/ noun a

| ceive dividends from their investments,

change which has been made He made and ADRs can themselves be bought or
some alterations to the terms of a con- sold. Abbreviation ADR
tract. The agreement was signed with- COMMENT: Buying and selling ADRs is
out any alterations. easier for American investors than buy-
ing or selling the actual shares them-
alternate director /lt&nt da
alternate director

| |
selves, as it avoids stamp duty and can
rekt/ noun a person nominated by a di- be carried out in dollars without incurring
rector to attend meetings in his place exchange costs.
alternative /lt&ntv/ noun a thing American Stock Exchange /
alternative American Stock Exchange

| |

which can be done instead of another merkn stk kstend$/ noun the |

What is the alternative to firing half the smaller of the two Stock Exchanges based
staff? we have no alternative there is in New York (the other is the New York
nothing else we can do adjective other, Stock Exchange or NYSE). Abbreviation
Business.fm Page 15 Thursday, April 8, 2004 3:51 PM

15 annually
Amex (NOTE: Also called Curb Ex- ture the announcement of the appoint-
change or Little Board, as opposed to ment of a new managing director The
the Big Board, or NYSE.) managing director made an announce-
Amex / meks/ abbr American Stock ment to the staff.

annual / njul/ adjective for one year


Exchange (informal )
AmEx / meks/ abbr American Ex- an annual statement of income They

press have six weeks annual leave. The com-

amortisable / mtazb()l/ ad-
pany has an annual growth of 5%. We
get an annual bonus. on an annual ba-

jective being possible to amortise The

capital cost is amortisable over a period sis each year The figures are revised on
of ten years. an annual basis.

| |
real wages have risen at an annual rate
amortising noun an act of amortising of only 1% in the last two years
[Sunday Times]
amortisation of a debt
the remuneration package will include
amortise /mtaz/, amortize verb

an attractive salary, profit sharing and a
1. to repay a loan by regular payments, company car together with four weeks an-
most of which pay off the interest on the nual holiday [Times]
loan at first, and then reduce the principal annual accounts / njul kants/
annual accounts

as the repayment period progresses The plural noun the accounts prepared at the
capital cost is amortised over five years. end of a financial year The annual ac-
2. to depreciate or to write down the cap- counts have been sent to the sharehold-
ital value of an asset over a period of time ers.
in a companys accounts
annual depreciation / njul d
annual depreciation

amount /mant/ noun a quantity of

amount |

priie()n/ noun a reduction in the
money A small amount has been de-

book value of an asset at a particular rate

ducted to cover our costs. A large per year. straight line depreciation
amount is still owing. What is the
Annual General Meeting / njul
Annual General Meeting

amount to be written off? verb to

amount to to make a total of Their d$en()rl mit/ noun an annual
debts amount to over 1m. meeting of all shareholders of a company,
amount to phrasal verb to make a total when the companys financial situation is
of Their debts amount to over 1m. presented by and discussed with the di-
rectors, when the accounts for the past
AMT abbr advanced manufacturing tech-

year are approved and when dividends are

nology declared and audited. Abbreviation AGM
analyse / nlaz/, analyze verb to ex-

(NOTE: The US term is annual meeting

amine someone or something in detail or annual stockholders meeting.)
to analyse a statement of account to an- annual income / njul nkm/
annual income

alyse the market potential noun money received during a calendar

analysis /n lss/ noun a detailed

examination and report a job analysis annualised / njulazd/, annual-

market analysis Her job is to produce a ized adjective shown on an annual basis
regular sales analysis. (NOTE: The plural he believes this may have caused the
is analyses.)
economy to grow at an annualized rate of
analyst / nlst/ noun a person who

almost 5 per cent in the final quarter of last

analyses a market analyst a systems year [Investors Chronicle]
analyst annualised
annualised percentage rate

percentage rate
analytical /  nltk()l/ adjective us- / njulazd psentd$ ret/ noun a


ing analysis yearly percentage rate, calculated by mul-

announce /nans/ verb to tell some-

| tiplying the monthly rate by twelve. Ab-

thing to the public to announce the first breviation APR (NOTE: The annualised
years trading results The director has percentage rate is not as accurate as
announced a programme of investment. the Annual Percentage Rate (APR),
announcement /nansmnt/ noun which includes fees and other charges.)

an act of telling something in public the annually / njuli/ adverb each year

announcement of a cutback in expendi- The figures are updated annually.

Business.fm Page 16 Thursday, April 8, 2004 3:51 PM

Annual Percentage Rate 16

Annual Percentage Rate / njul lift the telephone when it rings and listen
Annual Percentage Rate

psentd$ ret/ noun a rate of interest

| to what the caller is saying
(such as on a hire-purchase agreement) answering service /ns()r
answering service

shown on an annual compound basis, and s&vs/ noun an office which answers the
including fees and charges. Abbreviation telephone and takes messages for some-
APR one or for a company
annual report / njul rpt/ noun antedate / ntdet/ verb to put an
annual report antedate

| |

a report of a companys financial situation earlier date on a document The invoice

at the end of a year, sent to all the share- was antedated to January 1st.
holders anti- / nti/ prefix against

annual return / njul rt&n/ noun anti-dumping / nti dmp/ adjec-

annual return anti-dumping

an official report which a registered com- tive intended to stop surplus goods being
pany has to make each year to the Regis- sold in foreign markets at a price that is
trar of Companies lower than their marginal cost
annuitant /njutnt/ noun a person anti-dumping duty / nti dmp/
annuitant anti-dumping duty

who receives an annuity noun same as countervailing duty

anti-inflationary / nti n

annuity /njuti/ noun money paid


fle()n()ri/ adjective restricting or


each year to a retired person, usually in

return for a lump-sum payment. The val- trying to restrict inflation anti-infla-
ue of the annuity depends on how long the tionary measures
anti-inflationary measure / nti n
anti-inflationary measure

person lives, as it usually cannot be |

passed on to another person. Annuities fle()n()ri me$/ noun a measure

are fixed payments, and lose their value taken to reduce inflation
with inflation, whereas a pension can be anti-site / nti sat/ noun a website de-

index-linked. to buy or to take out an voted to attacking a particular company or

annuity She has a government annuity organisation. An anti-site often imitates
or an annuity from the government. the target organisations own site and is
COMMENT: When a person retires, he or usually set up by a customer who has a
she is required by law to purchase a complaint against the organisation that he
compulsory purchase annuity with the or she has been unable to express on the
funds accumulated in his or her pension
fund. This provides a taxable income for organisations own site. Also known as
the rest of his or her life, but usually it is hate site
anti-trust / nti trst/ adjective at-

a fixed income which does not change

with inflation. tacking monopolies and encouraging
annuity for life /njuti f laf/
annuity for life

| competition anti-trust measures

noun annual payments made to someone any other business /eni 
any other business

as long as they are alive bzns/ noun an item at the end of an

annul /nl/ verb to cancel or to stop agenda, where any matter can be raised.

something being legal The contract was Abbreviation AOB

annulled by the court. (NOTE: annulling AOB abbr any other business

annulled) aperture envelope / pt

aperture envelope

annulment /nlmnt/ noun the act envlp/ noun an envelope with a hole

of cancelling the annulment of a con- in it so that the address on the letter inside
tract can be seen
answer /ns/ noun a reply, a letter or apologize /pld$az/ verb to say
answer apologize

conversation coming after someone has you are sorry to apologize for the delay
written or spoken my letter got no an- in answering she apologized for being
swer or there was no answer to my letter late
I am writing in answer to your letter of appeal /pil/ noun 1. the fact of being

October 6th. I tried to phone his office attractive 2. the act of asking a law court
but there was no answer. verb to speak or a government department to change its
or write after someone has spoken or writ- decision He lost his appeal for damages
ten to you to answer a letter to write a against the company. she won her case
letter in reply to a letter which you have on appeal her case was lost in the first
received to answer the telephone to court, but the appeal court said that she
Business.fm Page 17 Thursday, April 8, 2004 3:51 PM

17 approach
was right verb 1. to attract The idea ment. She had to cancel her appoint-
of working in Australia for six months ap- ment. 2. the act of being appointed to a
pealed to her. 2. to ask a law court or a job, or of appointing someone to a job
government department or to alter its de- on his appointment as manager when
cision The union appealed against the he was made manager 3. a job
decision of the tribunal. (NOTE: You ap- appointments book /pntmnts
appointments book

peal to a court or a person against a de- bk/ noun a desk diary in which appoint-
cision.) ments are noted
appear /p/ verb to seem The com- /

appointments vacant
appointments vacant


pany appeared to be doing well. The pntmnts veknt/ noun a list (in a
managing director appears to be in con- newspaper) of jobs which are available
trol. apportion /p()n/ verb to share

appendix /pendks/ noun 1. addi-


| out something, e.g. costs, funds or blame

tional sheets at the back of a contract 2. Costs are apportioned according to
additional pages at the back of a book projected revenue.
applicant / plknt/ noun a person apportionment /p()nmnt/
applicant apportionment

who applies for something an applicant noun the sharing out of costs
for a job or a job applicant an applicant appraisal /prez()l/ noun a calcula-

to an industrial tribunal There were tion of the value of someone or something

thousands of applicants for shares in the we are now reaching a stage in industry
new company. and commerce where appraisals are be-
application / plke()n/ noun 1.

| coming part of the management culture.

the act of asking for something, usually in Most managers now take it for granted that
writing, or a document in which someone they will appraise and be appraised
asks for something, e.g. a job shares [Personnel Management]
appraise /prez / verb to assess or to

payable on application She sent off six |

applications for job or six job applica- calculate the value of something or some-
tions. 2. effort or diligence She has one
shown great application in her work on appraisee /prezi/ noun an employ-

the project. ee who is being appraised by his or her

application form / plke()n manager in an appraisal interview
application form

fm/ noun a form to be filled in when appreciate /priiet/ verb 1. to no-


applying for a new issue of shares or for a tice how good something is 2. (of curren-
job cy, shares, etc.) to increase in value
apply /pla/ verb 1. to ask for some- appreciation /priie()n/ noun
apply appreciation

| | |

thing, usually in writing to apply in 1. an increase in value. Also called capi-

writing to apply in person The more tal appreciation 2. the act of valuing
ambitious of the employees will apply for something highly She was given a pay
the management trainee programme. rise in appreciation of her excellent work.
About fifty people have applied for the apprentice /prents/ noun a young

job, but there is only one vacancy. 2. to af- person who works under contract for a pe-
fect or to relate to This clause applies riod in order to be trained in a skill verb
only to deals outside the EU. (NOTE: [all to be apprenticed to someone to work
senses] applies applying applied) with a skilled worker to learn from them
appoint /pnt/ verb to choose some- apprenticeship /prentsp/ noun

| |

one for a job We have appointed a new the time spent learning a skilled trade
distribution manager. Theyve appoint- He served a six-year apprenticeship in the
ed Janet Smith (to the post of) manager. steel works.
(NOTE: You appoint a person to a job.) appro / pr/ noun same as approval

appointee /pnti/ noun a person (informal) to buy something on appro


who is appointed to a job to buy something which you will only pay
appointment /pntmnt/ noun 1. for if it is satisfactory

an arrangement to meet to make or to fix approach /prt/ noun an act of


an appointment with someone for two getting in touch with someone with a pro-
oclock He was late for his appoint- posal The company made an approach
Business.fm Page 18 Thursday, April 8, 2004 3:51 PM

appropriate 18
to the supermarket chain. The board approximately 10% down on the previous
turned down all approaches on the sub- quarter.
ject of mergers. We have had an ap- approximation /prksme()n/

| |

proach from a Japanese company to buy noun a rough calculation Each depart-
our car division. She has had an ap- ment has been asked to provide an ap-
proach from a firm of headhunters. verb proximation of expenditure for next year.
to get in touch with someone with a pro- The final figure is only an approxima-
posal He approached the bank with a tion.
request for a loan. The company was APR

APR abbr Annual Percentage Rate

approached by an American publisher
aptitude / pttjud/ noun the ability

with the suggestion of a merger. We

have been approached several times but to do something
aptitude test / pttjud test/ noun
aptitude test

have turned down all offers. She was |

approached by a headhunter with the of- a test to see if a candidate is suitable for a
fer of a job. certain type of work. Compare attain-
appropriate adjective /prprit/

ment test
AR abbr accounts receivable

suitable I leave it to you to take appro-

priate action. verb /prpriet/ to arbitrage /btr$/ noun the busi-

| |

put a sum of money aside for a special ness of making a profit from the differ-
purpose to appropriate a sum of money ence in value of various assets, e.g. by
for a capital project selling foreign currencies or commodities
/prprie()n/ on one market and buying on another at

appropriation | |

noun the act of putting money aside for a almost the same time to profit from differ-
special purpose appropriation of funds ent exchange rates, or by buying curren-
to the reserve cies forward and selling them forward at
a later date, to benefit from a difference in
appropriation account /prpri
appropriation account

| |

e()n kant/ noun the part of a prof-

arbitrage syndicate /btr$
arbitrage syndicate

it and loss account which shows how the

profit has been dealt with, e.g., how much sndkt/ noun a group of people who
has been given to the shareholders as div- together raise the capital to invest in arbi-
idends and how much is being put into the trage deals
arbitrageur /btred$/, arbitrager

approval /pruv()l/ noun 1. the act

/btr$&/ noun a person whose

of saying or thinking that something is business is arbitrage

COMMENT: Arbitrageurs buy shares in
good to submit a budget for approval 2. companies which are potential takeover
on approval in order to be able to use targets, either to force up the price of the
something for a period of time and check shares before the takeover bid, or simply
that it is satisfactory before paying for it as a position while waiting for the takeo-
to buy a photocopier on approval ver bid to take place. They also sell
shares in the company which is expect-
approve /pruv/ verb 1. to approve

ed to make the takeover bid, since one of
of something to think something is good the consequences of a takeover bid is
The chairman approves of the new com- usually that the price of the target com-
pany letter heading. The sales staff do pany rises while that of the bidding com-
not approve of interference from the ac- pany falls. Arbitrageurs may then sell the
counts division. 2. to agree to something shares in the target company at a profit,
either to one of the parties making the
officially to approve the terms of a con- takeover bid, or back to the company it-
tract The proposal was approved by the self.
board. arbitrate /btret/ verb (of an out-

approximate /prksmt/ adjective


| side party) to try to settle an industrial

not exact, but almost correct The sales dispute by talking to representatives of
division has made an approximate fore- both sides, who agree in advance to abide
cast of expenditure. by the arbitrators decision
approximately /prksmtli/ ad- arbitration /btre()n/ noun the
approximately arbitration

| |

verb not quite exactly, but close to the fig- settling of a dispute by an outside party
ure shown Expenditure on marketing is agreed on by both sides to take a dis-
Business.fm Page 19 Thursday, April 8, 2004 3:51 PM

19 arrive
pute to arbitration or to go to arbitration over the best way to deal with the ultima-
arbitration in an industrial dispute tum from the management.
The two sides decided to submit the dis- argument /!jmnt/ noun 1. an act

pute to arbitration or to refer the question of discussing something without agreeing

to arbitration. She was sacked after an argument with
arbitration board /btre()n
arbitration board

| the managing director. 2. a reason for

bd/ noun a group which arbitrates supporting or rejecting something The
arbitrator /btret/ noun a person
document gives the managements argu-
not concerned with a dispute who is cho- ments in favour of flexible working hours.
arising /raz/ adjective which

sen by both sides to try to settle it an in- |

dustrial arbitrator They refused to ac- comes from differences arising from the
cept or they rejected the arbitrators rul- contract
ing. around /rand/ preposition approxi-

archive /kav/ noun 1. a collection mately The office costs around 2,000

of documents and records preserved for a year to heat. Her salary is around
their historical interest 2. a set of copies $85,000.
of computer files, often stored in com- arrange /rend$/ verb to organise

pressed form 3. a directory of files that In- We arranged to have the meeting in their
ternet users can access offices. (NOTE: You arrange for someone
archives /kavz/ noun old docu- to do something; you arrange for some-

ments which are kept safely The com- thing to be done; or you arrange to do
panys archives go back to its foundation something.)
in 1892. arrangement /rend$mnt/ noun 1.

area /eri/ noun 1. a measurement of the way in which something is organised


the space taken up by something (calcu- The company secretary is making all
lated by multiplying the length by the the arrangements for the meeting. 2. the
width) a no-smoking area The area of settling of a financial dispute He came
this office is 3,400 square feet. We are to an arrangement with his creditors.
looking for a shop with a sales area of arrangement fee /rend$mnt fi/
arrangement fee

about 100 square metres. 2. a subject a noun a charge made by a bank to a client
problem area or an area for concern 3. a for arranging credit facilities
district or part of a town The office is in arrears /rz/ plural noun 1. money

the commercial area of the town. Their


which is owed, but which has not been

factory is in a very good area for getting paid at the right time a salary with ar-
to the motorways and airports. 4. a part of rears effective from January 1st We are
a country, a division for commercial pur- pressing the company to pay arrears of
poses Her sales area is the North-West. interest. You must not allow the mort-
He finds it difficult to cover all his area
gage payments to fall into arrears. 2. in
in a week. 5. a part of a room, factory, res- arrears owing money which should have
taurant, etc. a no-smoking area been paid earlier The payments are six
area code /eri kd/ noun a special
area code

months in arrears. He is six weeks in

telephone number which is given to a par- arrears with his rent.
ticular area The area code for central arrival /rav()l/ noun reaching a

London is 0207. place We are waiting for the arrival of

area manager /eri m nd$/ a consignment of spare parts. to await
area manager

noun a manager who is responsible for a arrival note written on an envelope to

companys work in a specific part of the ask for it to be kept safe until the person it
country is addressed to arrives
argue /!ju/ verb to discuss some- arrive /rav/ verb to reach a place
argue arrive

thing about which you do not agree they The consignment has still not arrived.
argued over or about the price We spent The shipment arrived without any docu-
hours arguing with the managing director mentation. The plane arrives in Sydney
about the site for the new factory. The at 04.00. The train leaves Paris at 09.20
union officials argued among themselves and arrives at Bordeaux two hours later.
Business.fm Page 20 Thursday, April 8, 2004 3:51 PM

article 20
(NOTE: You arrive at or in a place or A shares /e ez/ plural noun ordi-
A shares

town, but only in a country.) nary shares with limited voting rights or
arrive at phrasal verb to work out and no voting rights at all
agree on something They very quickly COMMENT: A company may be set up
arrived at an acceptable price. After with two classes of share: A shares,
which are available to the general inves-
some discussion we arrived at a com- tor, and B shares which are only bought
promise. by certain individuals, such as the found-
article /tk()l/ noun 1. a product or er and his family. Such division of shares

thing for sale to launch a new article on is becoming less usual nowadays.
Asian Currency Unit /e$()n
Asian Currency Unit

the market a black market in luxury ar-

ticles 2. a section of a legal agreement krnsi junt/ noun a unit of account
such as a contract or treaty See article 8 for dollar deposits held in Singapore and
of the contract. other Asian markets. Abbreviation ACU
aside /sad/ adverb to one side, out of

articled clerk /tk()ld klk /

articled clerk

noun a clerk who is bound by contract to the way to put aside, to set aside to
save (money) He is putting 50 aside
work in a solicitors office for some years
each week to pay for his car.
to learn the law (NOTE: Such as person is
ask / sk/ verb 1. to put a question to

now officially called a trainee solicitor,

though the old term is still used) someone He asked the information of-
article numbering system fice for details of companies exhibiting at
article numbering system the motor show. Ask the salesgirl if the
/tk()l nmbr sstm/ noun a bill includes VAT. 2. to tell someone to do
universal system of identifying articles something He asked the switchboard
for sale, using a series of digits which can operator to get him a number in Germa-
be expressed as bar codes ny. She asked her secretary to fetch a
articles /tk()lz/ plural noun a time file from the managing directors office.

when a clerk is working in a solicitors of- Customs officials asked him to open his
fice learning the law (NOTE: officially now case.
called a training contract, though the ask for phrasal verb 1. to say that you
old term is still used) want or need something They asked
articles of association /tk()lz
articles of association
for more time to repay the loan. 2. to put
a price on something for sale They are
v ssie()n/ plural noun a docu-
asking 24,000 for the car.
| |

ment which lays down the rules for a

asking price /sk pras/ noun a
asking price

company regarding such matters as the is-

sue of shares, the conduct of meetings and price which the seller is hoping will be
the appointment of directors This pro- paid for the item being sold the asking
cedure is not allowed under the articles of price is 24,000
as per / z p&/ per
as per

association of the company.

aspirations / spre()nz/ plural
articles of incorporation

articles of incorporation |

/tk()lz v nkpre()n/ plural | |

noun ambitions or hopes of advancement
noun US a document which sets up a in your job
assay mark / se mk / noun a mark
assay mark

company and lays down the relationship

between the shareholders and the compa- put on gold or silver items to show that
ny (NOTE: The UK term is Memorandum the metal is of the correct quality
assemble /semb()l/ verb to put a

of Association.) |

articulated lorry

articulated /tkjletd
lorry |
product together from various parts The
lri/, articulated vehicle / |
engines are made in Japan and the bodies
tkjletd vik()l/ noun a large lorry in Scotland, and the cars are assembled in
formed of two parts, the second pulled by France.
assembly /sembl/ noun 1. the proc-

the first |

ess of putting an item together from vari-

artisan /tz n/ noun a worker who

ous parts There are no assembly in-
has special training in a manual skill structions to show you how to put the
asap /e es e pi, es p/, ASAP ab-

computer together. We cant put the ma-

breviation as soon as possible chine together because the instructions
Business.fm Page 21 Thursday, April 8, 2004 3:51 PM

21 association
for assembly are in Japanese. 2. an offi- She was assigned the task of checking
cial meeting the sales figures.
assembly line /sembli lan/ noun a assignation / s!ne()n/ noun a
assembly line assignation


production system where a product such legal transfer the assignation of shares
as a car moves slowly through the factory to someone the assignation of a patent
assignee / sani/ noun a person

with new sections added to it as it goes |

along She works on an assembly line or who receives something which has been
She is an assembly line worker. assigned to him or her
assertiveness /s&tvns/ noun the assignment /sanmnt/ noun 1. the
assertiveness assignment


ability to state opinions or show that you legal transfer of a property or right the
can make decisions assignment of a patent or of a copyright
assertiveness training /s&tvns
assertiveness training
to sign a deed of assignment 2. a particu-
lar task given to someone Her first as-

tren/ noun the process of training

employees to have more confidence in signment was to improve the companys
themselves image. The oil team is on an assignment
in the North Sea.
assess /ses/ verb to calculate the val-

assignor /  san/ noun a person


ue of something or someone to assess


who assigns something to someone

damages at 1,000 to assess a property
assist /sst/ verb to help Can you

for the purposes of insurance |

assist the stock controller in counting the

assessment /sesmnt/ noun a cal-

stock? She assists me with my income
culation of value a property assessment tax returns. (NOTE: You assist someone
a tax assessment They made a com- in doing something or with something.)
plete assessment of each employees con- assistance /sst()ns/ noun help

tribution to the organisation. Some candidates need assistance in fill-

assessor / ses/ noun a person who

ing in the form.
makes assessments, e.g. for tax or insur- assistant /sst()nt/ noun a person

ance purposes, or for competence-based who helps or a clerical employee

qualifications in the workplace assistant manager /sst()nt
assistant manager

asset / set/ noun something which be- m nd$/ noun a person who helps a

longs to a company or person, and which manager

has a value He has an excess of assets associate / ssit/ adjective linked

over liabilities. Her assets are only noun a person who works in the same
640 as against liabilities of 24,000. business as someone She is a business
many companies are discovering that a associate of mine.
well-recognised brand name can be a associate company /ssit
associate company

priceless asset that lessens the risk of in- kmp()ni/ noun a company which is
troducing a new product [Duns partly owned by another company
Business Month]
associated /ssietd/ adjective

asset stripper /  set strp/ noun a

asset stripper |

person who buys a company to sell its as-
associated company /ssietd
associated company

sets |

kmp()ni/ noun a company which is

asset stripping / set strp/ noun
asset stripping

partly owned by another company

the practice of buying a company at a (though less than 50%), which exerts
lower price than its asset value, and then some management control over it or has a
selling its assets close trading relationship with it Smith
asset value / set v lju/ noun the
asset value

Ltd and its associated company, Jones

value of a company calculated by adding Brothers
together all its assets associate director /ssit da
associate director

| |

assign / san/ verb 1. to give some- rekt/ noun a director who attends board

thing to someone by means of an official meetings, but has not been elected by the
legal transfer to assign a right to some- shareholders
one to assign shares to someone 2. to association /ssie()n/ noun a

| |

give someone a job of work to do and group of people or companies with the
make him or her responsible for doing it same interest an employers associa-
Business.fm Page 22 Thursday, April 8, 2004 3:51 PM

assortment 22
tion Our company has applied to join Netherlands, Portugal and Germany
the trade association. The manufactur- [Banking Technology]
ers association has sent a letter to the the major supermarket operator is plan-
minister. ning a new type of bank that would earn
assortment /stmnt/ noun a com- 90% of its revenue from fees on automated

bination of goods sold together The box teller machine transactions. With the bank
contains an assortment of chocolates with setting up ATMs at 7,000 group outlets na-
tionwide, it would have a branch network
different centres. at least 20 times larger than any of the ma-
asst abbr assistant

jor banks [Nikkei Weekly]

assume /sjum/ verb 1. to suppose,

atomise / tmaz/ verb to divide up a


to believe something to be true I assume large organisation into several smaller op-
you have enough money to pay these ex- erating units
penses? We assume the shipment has
atomistic competition / tmstk
atomistic competition

arrived on time. 2. to take for yourself

He has assumed responsibility for mar- kmpt()n/ noun same as perfect

keting. The company will assume all
at par / t p/ phrase equal to the face
at par

assumption /smpn/ noun 1. a

at sight / t sat/ adverb immediately,
at sight

general belief We are working on the

assumption that the exchange rate will when it is presented a bill of exchange
stay the same. 2. the act of taking for payable at sight
yourself assumption of risks 3. the attach /t t/ verb to fasten or to link

transfer of the rest of a mortgage to some- I am attaching a copy of my previous

one letter. Please find attached a copy of my
assurance /rns/ noun a type of letter of June 24th. The company at-

insurance which pays compensation for taches great importance to good time-
an event that is certain to happen at some keeping.
time, especially for the death of the in- attach /t e/ noun a junior diplo-

sured person. Also called life assur- mat who does special work
ance, life insurance
attach case /t e kes/ noun a
attach case

assure // verb to insure someone,


small case for carrying papers and docu-
or someones life, so that the insurance ments
company will pay compensation when
attachment /t tmnt/ noun the act

that person dies He has paid the premi- |

ums to have his wifes life assured. (NOTE: of holding a debtors property to prevent
Assure, assurer and assurance are it being sold until debts are paid
earnings /
attachment of earnings

used in Britain for insurance policies re- attachment of |

lating to something which will certainly t tmnt v &nz/ noun legal power
happen (such as death); for other types to take money from a persons salary to
of policy (i.e. those against something pay money, which is owed, to the court
which may or may not happen, such as attainment /tenmnt/ noun the act

an accident) use the terms insure, in- of reaching a certain standard or goal
surer and insurance.) attainment test /tenmnt test/
attainment test

assurer /r/, assuror noun an in-


noun a test designed to measure the skills
surer or a company which insures which someone is currently using. Com-
at best / t best/ adverb buy at best
at best

pare aptitude test

an instruction to a stockbroker to buy se- attempt /tempt/ noun an act of trying

curities at the best price available, even if to do something The company made an
it is high sell at best an instruction to a attempt to break into the American mar-
stockbroker to sell shares at the best price ket. The takeover attempt was turned
possible down by the board. All his attempts to

ATM abbr automated teller machine get a job have failed. verb to try The
Swiss banks are issuing new cards which company is attempting to get into the
will allow cash withdrawals from ATMs tourist market. We are attempting the
in Belgium, Denmark, Spain, France, the takeover of a manufacturing company.
Business.fm Page 23 Thursday, April 8, 2004 3:51 PM

23 audio-typing
He attempted to have the sales director attract /tr kt/ verb 1. to make some-

sacked. one want to join or come to something

attend /tend/ verb to be present at The company is offering free holidays in

The chairman has asked all managers to Spain to attract buyers. We have diffi-
attend the meeting. None of the share- culty in attracting skilled staff to this part
holders attended the AGM. of the country. 2. to bring something or
attend to phrasal verb to give careful someone to something The deposits at-
thought to something and deal with it tract interest at 15%.
The managing director will attend to attractive /tr ktv/ adjective attract-

your complaint personally. We have ing something or someone attractive

brought in experts to attend to the prob- prices prices which are cheap enough to
lem of installing the new computer. make buyers want to buy attractive sal-
attendance /tendns/ noun the fact

| ary a good salary to make high-quality

of being present at a meeting or at work applicants apply for the job
Some of the employees were reprimanded attributable profit /trbjtb()l
attributable profit

for poor attendance. The supervisor


prft/ noun a profit which can be

kept a strict record of the workers attend- shown to come from a particular area of
ance. Promotion to the post of supervi- the companys operations
sor depends to a certain extent on a per- attribution theory of leadership

sons attendance record. Attendance at attribution theory of leadership

the staff meeting is not compulsory. / trbju()n ri v lidp/ noun

attention /tenn/ noun careful


the theory that leaders observe the behav-
thought or consideration for the atten- iour of the people they lead, decide what
tion of (attn, fao) words written on a let- it is that is causing them to behave in that
ter to show that a certain person must see particular way, e.g. what is causing them
it and deal with it Mark your letter for to perform well or perform badly, and
the attention of the Managing Director. base their own actions on what they be-
lieve those causes to be
attention management /tenn
attention management

attrition /tr()n/ noun 1. a decrease

| attrition

m nd$mnt/ noun the use of tech- |

niques designed to make sure that em- in the loyalty of consumers to a product,
ployees minds remain focused on their due to factors such as boredom or desire
work and on the aims of the organisation for a change We must adapt our prod-
they work for, since inattentiveness re- ucts if we are to avoid attrition. Attri-
sults in wasted time (NOTE: Getting peo- tion showed the company that brand loy-
ple to be emotionally involved in their alty could not be taken for granted. 2. loss
work and organisational goals is an im- of labour through natural wastage
portant element in attention manage- auction /kn/ noun a method of

ment.) selling goods where people want to buy

attitude research / ttjud r compete with each other by saying how
attitude research

s&t/, attitude survey / ttjud much they will offer for it, and the item is
s&ve/ noun research that is intended to sold to the person who makes the highest
reveal what people think and feel about an offer Their furniture will be sold in the
organisation, its products or services, and auction rooms next week. They an-
its activities (NOTE: Attitude research nounced a sale by auction of the fire-dam-
can be used to discover the opinions ei- aged stock. The equipment was sold by
ther of consumers and the general pub- auction or at auction. to put an item up
lic or of an organisations own employ- for auction to offer an item for sale at an
ees.) auction verb to sell something at an

attn abbr for the attention of auction The factory was closed and the
attorney /t&ni/ noun a person who is

machinery was auctioned off.
auctioneer /kn/ noun the per-

legally allowed to act on behalf of some- |

one else son who conducts an auction

attorney-at-law /t&ni t l/ noun audio-typing /di tap/ noun
attorney-at-law audio-typing

US a lawyer who has a state licence to the act of typing to dictation from a re-
practise in a court cording on a dictating machine
Business.fm Page 24 Thursday, April 8, 2004 3:51 PM

audio-typist 24
audio-typist /di tapst/ noun a authenticate /entket/ verb to
audio-typist authenticate

typist who types to dictation from a re- say that something is true or genuine
cording on a dictating machine authorisation /raze()n/, au-

audit /dt/ noun 1. the examination of


thorization noun permission or power to

the books and accounts of a company to do something Do you have authorisa-
carry out the annual audit 2. a detailed tion for this expenditure? He has not
examination of something in order to as- been given authorisation to act on our be-
sess it A thorough job audit was needed half.
for job evaluation. A manpower audit authorise /raz/, authorize verb

showed up a desperate lack of talent. 1. to give permission for something to be

verb to examine the books and accounts done to authorise payment of 10,000
of a company Messrs Smith have been 2. to give someone the authority to do
asked to audit the accounts. The books something to authorise someone to act
have not yet been audited. on the companys behalf
auditing /dt/ noun the work of ex-

authorised /razd/, authorized


amining the books and accounts of a com- adjective permitted

pany authorised capital /razd
authorised capital

auditor /dt/ noun a person who au-


k pt()l/ noun an amount of capital

dits which a company is allowed to have, as
COMMENT: Auditors are appointed by the
companys directors and voted for by the
stated in the memorandum of association
authorised dealer /razd dil/
authorised dealer

AGM. In the USA, audited accounts are

only required by corporations which are noun a person or company (such as a
registered with the SEC, but in the UK all bank) that is allowed by the countrys
limited companies with a turnover over a central bank to buy and sell foreign cur-
certain limit must provide audited annual rency
authorised stock /razd stk/
authorised stock

auditors qualification /dtz

auditors qualification

kwlfke()n/ noun a form of words

noun same as authorised capital
authorised unit trust /razd
authorised unit trust

in a report from the auditors of a compa-

nys accounts, stating that in their opinion junt trst/ noun the official name for
the accounts are not a true reflection of a unit trust which has to be managed ac-
the companys financial position. Also cording to EU directives. Abbreviation
called qualification of accounts AUT
auditors report /dtz rpt/ authority /rti/ noun the power to
auditors report

| |

noun a report written by a companys au- do something a manager with authority

ditors after they have examined the ac- to sign cheques He has no authority to
counts of the company (NOTE: If the audi- act on our behalf. Without the neces-
tors are satisfied, the report certifies sary authority, the manager could not
that, in their opinion, the accounts give a command respect. Only senior manag-
true and fair view of the companys fi- ers have the authority to initiate these
nancial position.) changes.
audit trail /dt trel/ noun the autocratic management style
audit trail autocratic management style

records that show all the stages of a trans- /tkr tk m nd$mnt stal/ noun
action, e.g. a purchase, a sale or a custom- a style of management where the manag-
er complaint, in the order in which they ers tell the employees what to do, without
happened (NOTE: An audit trail can be a involving them in the decision-making
useful tool for problem-solving and, in fi- processes. Opposite democratic man-
nancial markets, may be used to ensure agement style
that the dealers have been fair and ac- automated /tmetd / adjective

curate in their proceedings.) worked automatically by machines a

Australian Council of Trade Un- fully automated car assembly plant
Australian Council of Trade Unions

ions /strelin kans()l v tred/

automated teller machine

teller machine
noun the national organisation that repre- /tm tk tel min/ noun a ma- |

sents the trade unions of Australia. Ab- chine which gives out money when a spe-
breviation ACTU cial card is inserted and special instruc-
AUT abbr authorised unit trust

tions given. Abbreviation ATM

Business.fm Page 25 Thursday, April 8, 2004 3:51 PM

25 avoid
automatic /tm tk/ adjective surers and the owners adjective equal

working or taking place without any per- to the average of a set of figures the av-
son making it happen There is an auto- erage increase in salaries The average
matic increase in salaries on January 1st. cost per unit is too high. The average
automatically /tm tkli/ adverb

sales per representative are rising. verb
without a person giving instructions 1. to amount to something when the aver-
The invoices are sent out automatically. age of a set of figures is worked out
Addresses are typed in automatically. A Price increases have averaged 10% per
demand note is sent automatically when annum. Days lost through sickness have
the invoice is overdue. averaged twenty-two over the last four
automatic data processing

data processing years. 2. to work out an average figure for

/tm tk det prses/ noun something
data processing done by a computer a share with an average rating might
yield 5 per cent and have a PER of about
automatic vending machine
automatic vending machine

10 [Investors Chronicle]
/tm tk vend min/ noun a |

the average price per kilogram for this

machine which provides drinks, ciga- season to the end of April has been 300
rettes etc., when a coin is put in cents [Australian Financial Review]
automation /tme()n/ noun the

average out phrasal verb to come to a
use of machines to do work with very lit- figure as an average It averages out at
tle supervision by people 10% per annum. Sales increases have
autonomous /tnms/ adjective

| averaged out at 15%.

which rules itself The workforce in the average adjuster / v()rd$
average adjuster

factory is made up of several autonomous d$st/ noun a person who calculates

work groups. how much of a maritime insurance is to be
autonomous work group /
autonomous work group

paid by the insurer against a claim
tnms timw&k/ noun a group of average adjustment / v()rd$
average adjustment

employees who can work independently, d$stmnt/ noun a calculation of the

taking decisions together as a group. Also share of the cost of damage or loss of a
called self-managing team ship that an insurer has to pay
autonomy /tnmi/ noun working

average cost pricing / v()rd$

average cost pricing

by yourself, without being managed kst pras/ noun pricing based on the
availability /velblti/ noun the

| |
average cost of producing one unit of a
fact of being easy to obtain offer sub- product
ject to availability the offer is valid only
average due date / v()rd$ dju
average due date

if the goods are available

det/ noun the average date when several
available / velb()l/ adjective able

different payments fall due
to be obtained or bought an item which
averager / vrd$/ noun a person

is no longer available funds which are

made available for investment in small who buys the same share at various times
businesses This product is available in and at various prices to get an average val-
all branches. These articles are availa- ue
average-sized / vrd$ sazd/ ad-

ble to order only.

available capital

capital /velb()l |
jective of a similar size to most others, not
k pt()l/ noun capital which is ready very large or very small They are an av-
to be used erage-sized company. She has an aver-
age-sized office.
average /  v()rd$/ noun 1. a number

averaging / vrd$ / noun the buy-


calculated by adding several figures to-

gether and dividing by the number of fig- ing or selling of shares at different times
ures added the average for the last three and at different prices to establish an av-
months or the last three months average erage price
sales average or average of sales 2. avoid /vd/ verb to try not to do

on average, on an average in general something My aim is to avoid paying

On average, 15 worth of goods are sto- too much tax. We want to avoid direct
len every day. 3. the sharing of the cost of competition with Smith Ltd. The com-
damage or loss of a ship between the in- pany is struggling to avoid bankruptcy.
Business.fm Page 26 Thursday, April 8, 2004 3:51 PM

avoidance 26
(NOTE: You avoid something or avoid do- has been announced. verb to decide the
ing something.) amount of money to be given to someone
avoidance /vd()ns/ noun the act to award someone a salary increase

of trying not to do something or not to pay He was awarded 10,000 damages in the
something tax avoidance libel case. The judge awarded costs to
avoirdupois / vdpz/ noun a

the defendant. to award a contract to
non-metric system of weights used in the someone to decide that someone will be
UK, the USA and other countries, whose given the contract
away /we/ adverb not here, some-

basic units are the ounce, the pound, the |

hundredweight and the ton (NOTE: The where else The managing director is
system is now no longer officially used away on business. My secretary is away
in the UK) sick. The company is moving away from
award /wd/ noun something given its down-market image.

axe / ks/ noun the project got the


by a court, tribunal or other official body,

especially when settling a dispute or axe the project was stopped verb to cut
claim an award by an industrial tribu- or to stop to axe expenditure Several
nal The arbitrators award was set thousand jobs are to be axed. (NOTE: [all
aside on appeal. The latest pay award senses] The usual US spelling is ax.)

B2B /bi t bi/ adjective referring to cheque on the back. adjective referring

products or services that are that are to the past a back payment adverb so
aimed at other businesses rather than at as to make things as they were before
consumers (NOTE: The word is most He will pay back the money in monthly in-
commonly used of business-to-business stalments. The store sent back the
dealings conducted over the Internet.) cheque because the date was wrong.
B2C /bi t si/ adjective referring to
The company went back on its agreement
products or services that are aimed at con- to supply at 1.50 a unit. verb 1. to help
sumers rather than at other businesses someone, especially financially The
(NOTE: The word is most commonly bank is backing us to the tune of 10,000.
used of business-to-consumer dealings She is looking for someone to back her
conducted over the Internet.) project. 2. to back a bill to sign a bill
promising to pay it if the person it is ad-
baby bonds /bebi bndz/ plural
baby bonds

dressed to is not able to do so

noun US bonds in small denominations
which the small investor can afford to buy the businesses we back range from
start-up ventures to established companies
baby boomer /bebi bum/ noun a
baby boomer

in need of further capital for expansion

person born during the period from 1945 [Times]
to 1965, when the population of the UK back out phrasal verb to stop being
and the USA increased rapidly part of a deal or an agreement The
back /b k/ noun the opposite side to the bank backed out of the contract. We

front Write your address on the back of had to cancel the project when our Ger-
the envelope. Please endorse the man partners backed out.
Business.fm Page 27 Thursday, April 8, 2004 3:51 PM

27 backup
backbone /b kbn/ noun a high- back interest /b k ntrst/ noun in-
backbone back interest

speed communications link for Internet terest which has not yet been paid
communications across an organisation backlog /b kl!/ noun an amount of

or country or between countries work, or of items such as orders or letters,

back burner /b k b&n/ noun to which should have been dealt with earlier
back burner

put something on the back burner to but is still waiting to be done The ware-
file a plan or document as the best way of house is trying to cope with a backlog of
forgetting about it The whole project orders. Were finding it hard to cope
has been put on the back burner. with the backlog of paperwork.
back office /b k fs/ noun 1. the
back office

backdate /b kdet/ verb 1. to put an


part of a broking firm where the paper-

earlier date on a document such as a work involved in buying and selling
cheque or an invoice Backdate your in- shares is processed 2. US the part of a
voice to April 1st. 2. to make something bank where cheques are processed, state-
effective from an earlier date than the cur- ments of account drawn up and other ad-
rent date The pay increase is backdated ministrative tasks are done 3. US the gen-
to January 1st. eral administration department of a com-
back-end loaded /b k end ldd/
back-end loaded

adjective referring to an insurance or in- back orders /b k dz/ plural noun
back orders

vestment scheme where commission is orders received and not yet fulfilled, usu-
charged when the investor withdraws his ally because the item is out of stock It
or her money from the scheme. Compare took the factory six weeks to clear all the
front-end loaded accumulated back orders.
backer /b k/ noun 1. a person or back pay /b k pe/ noun a salary
back pay

company that backs someone One of which has not been paid I am owed
the companys backers has withdrawn. 2. 500 in back pay.
the backer of a bill the person who back payment /b k pemnt/ noun
back payment

backs a bill 1. a payment which is due but has not yet

background /b k!rand/ noun 1. been paid 2. the act of paying money

past work or experience My back- which is owed

ground is in the steel industry. The com- backpedal /b kped()l/ verb to go

pany is looking for someone with a back- back on something which was stated ear-
ground of success in the electronics in- lier When questioned by reporters
dustry. She has a publishing about the redundancies, the MD backped-
background. What is his background? alled fast. (NOTE: backpedalling
Do you know anything about his back- backpedalled)
ground? 2. past details He explained back rent /b k rent/ noun a rent due
back rent

the background of the claim. I know the but not paid The company owes
contractual situation as it stands now, but 100,000 in back rent.
can you fill in the background details? back tax /b k t ks/ noun tax which is
back tax

backhander /b k h nd/ noun a


| owed
bribe or money given to persuade some- back-to-back loan /b k t b k
back-to-back loan

one to do something for you (informal) ln/ noun a loan from one company to
He was accused of taking backhanders another in one currency arranged against
from the companys suppliers. a loan from the second company to the
backing /b k/ noun support, espe-
first in another currency. Also called par-
cially financial support She has the allel loan (NOTE: Back-to-back loans are
backing of an Australian bank. The (used by international companies to get
company will succeed only if it has suffi- round exchange controls.)
backtrack /b ktr k/ verb to go back

cient backing. She gave her backing to

the proposal. on what has been said before
backup /b kp/ adjective supporting

the company has received the backing

of a number of oil companies who are will- or helping We offer a free backup serv-
ing to pay for the results of the survey ice to customers. After a series of sales
[Lloyds List] tours by representatives, the sales direc-
Business.fm Page 28 Thursday, April 8, 2004 3:51 PM

backup copy 28
tor sends backup letters to all the con- bail out phrasal verb 1. to rescue a
tacts. company which is in financial difficul-
backup copy /b kp kpi/ noun a
backup copy
ties 2. to bail someone out to pay
copy of a computer disk to be kept in case money to a court as a guarantee that
the original disk is damaged someone will return to face charges
She paid $3,000 to bail him out.
back wages /b k wed$z/ plural
back wages
back wages

noun same as back pay the government has decided to bail out
the bank which has suffered losses to the
backwardation /b kwde()n/

extent that its capital has been wiped out
noun 1. a penalty paid by the seller when [South China Morning Post]
postponing delivery of shares to the buy- bail-out /be lat/ noun a rescue of a

er. Opposite forwardation 2. a situation company in financial difficulties

where the spot price of a commodity or
balance /b lns/ noun 1. the amount

currency is higher than the futures price

which has to be put in one of the columns
backward integration /b kwd
backward integration

of an account to make the total debits and

nt!re()n/ noun a process of expan-
credits equal balance in hand cash held
sion in which a business which deals with to pay small debts balance brought
the later stages in the production and sale down or forward the closing balance of
of a product acquires a business that deals the previous period used as the opening
with an earlier stage in the same process, balance of the current period balance
usually a supplier Buying up rubber carried down or forward the closing
plantations is part of the tyre companys balance of the current period 2. the rest of
backward integration policy. Backward an amount owed You can pay 100 de-
integration will ensure cheap supplies but posit and the balance within 60 days.
forward integration would bring us near- balance due to us the amount owed to us
er to the market. Also called vertical in- which is due to be paid verb 1. to be
tegration. Opposite forward integra- equal, i.e. the assets owned must always
tion equal the total liabilities plus capital the
bad bargain /b d b!n/ noun an
bad bargain

February accounts do not balance the

item which is not worth the price asked two sides are not equal 2. to calculate the
bad buy /b d ba/ noun a thing amount needed to make the two sides of
bad buy

bought which was not worth the money an account equal I have finished bal-
paid for it ancing the accounts for March. 3. to plan
bad cheque /b d tek/ noun a
bad cheque
a budget so that expenditure and income
cheque which is returned to the drawer for are equal The president is planning for
any reason a balanced budget.
balanced scorecard / b lnst sk
balanced scorecard

bad debt /b d det/ noun a debt which

bad debt

will not be paid, usually because the debt- kd/ noun a system of measurement
or has gone out of business, and which and assessment that uses a variety of indi-
has to be written off in the accounts The cators, particularly customer relations, in-
company has written off 30,000 in bad ternal efficiency, financial performance
debts. and innovation, to find out how well an
organisation is doing in its attempts to
bail /bel/ noun payment made to a court

achieve its main objectives

as guarantee that a prisoner will return af-
balance of payments /b lns v
balance of payments

ter being released. In the United King-

dom, bail is promissory, but in the United pemnts/ noun a comparison between
States it is paid in advance. he was re- total receipts and payments arising from a
leased on bail of $3,000 or he was re- countrys international trade in goods,
leased on payment of $3,000 bail to services and financial transactions. Ab-
stand bail of 3,000 for someone to pay breviation BOP
balance of payments deficit
balance of payments deficit

3,000 to a court, as a guarantee that

someone will come to face trial (the mon- /b lns v pemntz defst/ noun a
ey will be kept by the court and is refund- situation when a country imports more
ed if the person comes to face trial) to than it exports
balance of payments surplus
balance of payments surplus

jump bail not to appear in court after hav-

ing been released on bail /b lns v pemnts s&pls/ noun a
Business.fm Page 29 Thursday, April 8, 2004 3:51 PM

29 bank
situation where a country sells more to the shares. verb to take a vote by ballot
other countries than it buys from them The union is balloting for the post of
balance of trade /b lns v tred/ president.
balance of trade

ballot box /b lt bks/ noun a sealed

ballot box

noun a record of the international trading

position of a country in merchandise, ex- box into which ballot papers are put
cluding invisible trade. Also called trade ballot paper /b lt pep/ noun a
ballot paper

balance paper on which the voter marks a cross to

balance sheet /b lns it/ noun a show who they want to vote for
balance sheet

ballot-rigging /b lt r! / noun the


statement of the financial position of a

company at a particular time, such as the illegal arranging of the votes in a ballot,
end of the financial year or the end of a so that a particular candidate or party
quarter, showing the companys assets wins
and liabilities Our accountant has pre- ballpark figure /blpk f!/ noun
ballpark figure

pared the balance sheet for the first half- a general figure which can be used as the
year. The company balance sheet for basis for discussion
the last financial year shows a worse po- ban /b n/ noun an order which forbids

sition than for the previous year. The someone from doing something a gov-
company balance sheet for 1984 shows a ernment ban on the import of weapons
substantial loss. a ban on the export of farm animals to
COMMENT: The balance sheet shows the impose a ban on smoking to make an or-
state of a companys finances at a cer-
tain date. The profit and loss account der which forbids smoking to lift the
shows the movements which have taken ban on smoking to allow people to
place since the end of the previous ac- smoke to beat the ban on something
counting period. A balance sheet must to do something which is banned usual-
balance, with the basic equation that as- ly by doing it rapidly before a ban is im-
sets (i.e. what the company owns, in- posed, or by finding a legal way to avoid
cluding money owed to the company)
must equal liabilities (i.e. what the com- a ban verb to forbid something The
pany owes to its creditors) plus capital council has banned the sale of alcohol at
(i.e. what it owes to its shareholders). A the sports ground. The company has
balance sheet can be drawn up either in banned drinking on company premises.
the horizontal form, with (in the UK) lia- (NOTE: banning banned)
bilities and capital on the left-hand side
band /b nd/ noun a range of figures

of the page (in the USA, it is the reverse)

or in the vertical form, with assets at the with an upper and a lower limit, to which
top of the page, followed by liabilities, something, e.g. the amount of someones
and capital at the bottom. Most are usu- salary or the exchange value of a curren-
ally drawn up in the vertical format, as cy, is restricted but within which it can
opposed to the more old-fashioned hori- move a salary band
zontal style.
bank /b k/ noun 1. a business which

balloon / blun/ noun 1. a loan where


holds money for its clients, lends money

the last repayment is larger than the others at interest, and trades generally in money
2. a large final payment on a loan, after a the First National Bank the Royal
number of periodic smaller loans Bank of Scotland She put all her earn-
balloon mortgage /blun
balloon mortgage

ings into the bank. I have had a letter
m!d$/ noun a mortgage where the fi- from my bank telling me my account is
nal payment (called a balloon payment) overdrawn. 2. the World Bank central
is larger than the others bank, controlled by the United Nations,
ballot /b lt/ noun 1. an election

whose funds come from the member

where people vote for someone by mark- states of the UN and which lends money
ing a cross on a paper with a list of names to member states verb to deposit money
Six names were put forward for three into a bank or to have an account with a
vacancies on the committee so a ballot bank He banked the cheque as soon as
was held. 2. a vote where voters decide on he received it. where do you bank?
an issue by marking a piece of paper 3. a where do you have a bank account? I
selection made by taking papers at ran- bank at or with Barclays
dom out of a box The share issue was bank on phrasal verb to feel sure that
oversubscribed, so there was a ballot for something will happen He is banking
Business.fm Page 30 Thursday, April 8, 2004 3:51 PM

bankable 30
on getting a loan from his father to set ment of transactions in which they are
up in business. Do not bank on the used.)
sale of your house. bank charges /b k td$z/ plu-
bank charges

bankable / b kb()l/ adjective ac- ral noun charges which a bank makes for

ceptable by a bank as security for a loan carrying out work for a customer (NOTE:
bankable paper /b kb()l pep/
bankable paper
The US term is service charge.)
bank charter /b k tt/ noun an
bank charter

noun a document which a bank will ac-

cept as security for a loan official government document allowing
the establishment of a bank
bank account /b k kant/ noun
bank account

bank cheque /b k tek/ noun a

| bank cheque

an account which a customer has with a

bank, where the customer can deposit and banks own cheque, drawn on itself and
withdraw money to open a bank ac- signed by a bank official
bank clerk /b k klk/ noun a per-
bank clerk

count to close a bank account How

much money do you have in your bank ac- son who works in a bank, but is not a
count? If you let the balance in your manager
bank credit /b k kredt/ noun
bank credit

bank account fall below 100, you have to

pay bank charges. (NOTE: The US term is loans or overdrafts from a bank to a cus-
banking account.) tomer
advance /b k dvns/ bank deposits /b k dpztz/ plu-
bank deposits
bank advance

bank |

noun same as bank loan She asked for ral noun all money placed in banks by pri-
a bank advance to start her business. vate or corporate customers
bank draft /b k drft/ noun an or-
bank draft

bank balance /b k b lns/ noun

bank balance

the state of a bank account at any particu- der by one bank telling another bank, usu-
lar time Our bank balance went into the ally in another country, to pay money to
red last month. someone
banker /b k/ noun 1. a person who

bank base rate /b k bes ret/

bank base rate

noun a basic rate of interest, on which the

is in an important position in a bank 2. a
bank the companys banker is Barclays
actual rate a bank charges on loans to its
bankers bill /b kz bl/ noun an
bankers bill

customers is calculated. Also called base

rate order by one bank telling another bank,
usually in another country, to pay money
bank bill /b k bl/ noun 1. a bill of
bank bill

to someone. Also called bank bill

exchange by one bank telling another
bankers order /b kz d/ noun
bankers order

bank, usually in another country, to pay

money to someone 2. same as bankers an order written by a customer asking a
bill 3. US same as banknote bank to make a regular payment He
pays his subscription by bankers order.
bank book /b k bk/ noun a book
bank book

bankers reference /b kz

bankers reference

given by a bank or building society which ref()rns/ noun details of a companys

shows money which you deposit or with- bank, account number, etc., supplied so
draw from your savings account or build- that a client can check if the company is a
ing society account. Also called pass- risk
Bank for International Settle-
Bank for International Settlements

bank borrowing /b k br/

bank borrowing

ments /b k f ntn ()nl |

noun money borrowed from a bank The set()lmnts/ noun a bank (based in
new factory was financed by bank bor- Basle) which acts as the clearing bank for
rowing. the central banks of various countries
bank borrowings /b k brz/
bank borrowings

through which they settle their currency

noun money borrowed from banks transactions, and which also acts on be-
bank card /b k kd/ noun a credit
bank card
half of the IMF. Abbreviation BIS
bank giro / b k d$ar/ noun a
bank giro

card or debit card issued to a customer by

a bank for use instead of cash when buy- method used by clearing banks to transfer
ing goods or services (NOTE: There are money rapidly from one account to anoth-
internationally recognised rules that er
bank holiday /b k hlde/ noun a
bank holiday

govern the authorisation of the use of

bank cards and the clearing and settle- weekday which is a public holiday when
Business.fm Page 31 Thursday, April 8, 2004 3:51 PM

31 bank transfer
the banks are closed New Years Day is the rate at which the Bank of England lent
a bank holiday. Are we paid for bank to other banks (then also called the Mini-
holidays in this job? mum Lending Rate (MLR), and now
bank identification number /b k called the bank base rate)
bank identification number

adentfke()n nmb/ noun an in- bank reconciliation /b k

bank reconciliation

ternationally organised six-digit number reknslie()n/ noun the act of mak-


which identifies a bank for charge card ing sure that the bank statements agree
purposes. Abbreviation BIN with the companys ledgers
banking /b k/ noun the business bank reserves /b k rz&vz/ noun
banking bank reserves

of banks He is studying banking. She cash and securities held by a bank to cov-
has gone into banking. a banking crisis er deposits
a crisis affecting the banks bank return /b k rt&n/ noun a
bank return

banking account /b k kant/

banking account

| regular report from a bank on its financial

noun US an account which a customer position
has with a bank bankroll /b krl/ verb to provide

banking hours /b k az/ plural

banking hours

the money that enables something or

noun the hours when a bank is open for its someone to survive (informal ) How
customers You cannot get money out of long can he go on bankrolling his daugh-
the bank after banking hours. ters art gallery?
bank loan /b k ln/ noun a loan bankrupt /b krpt/ noun, adjective
bank loan bankrupt

made by a bank to a customer, usually (a person) who has been declared by a

against the security of a property or asset court not to be capable of paying his or
She asked for a bank loan to start her her debts and whose affairs are put into
business. Also called bank advance the hands of a receiver a bankrupt prop-
bank manager /b k m nd$/
bank manager
erty developer She was adjudicated or
noun the person in charge of a branch of declared bankrupt. He went bankrupt
a bank They asked their bank manager after two years in business. verb to
for a loan. make someone become bankrupt The
bank mandate /b k m ndet/
bank mandate
recession bankrupted my father.
bankruptcy /b krptsi/ noun the

noun a written order to a bank, asking it

to open an account and allow someone to state of being bankrupt The recession
sign cheques on behalf of the account has caused thousands of bankruptcies.
holder, and giving specimen signatures (NOTE: The plural is bankruptcies.)
and relevant information COMMENT: In the UK, bankruptcy is ap-
plied only to individual persons, but in
banknote /b knt/ noun 1. a piece

the USA the term is also applied to cor-

of printed paper money a counterfeit porations. In the UK, a bankrupt cannot
20 note He pulled out a pile of used hold public office (for example, they can-
notes. ( NOTE: The US term is bill.) 2. US not be elected an MP) and cannot be the
a non-interest bearing note, issued by a director of a company. They also cannot
borrow money. In the USA, there are two
Federal Reserve Bank, which can be used types of bankruptcy: involuntary, where
as cash the creditors ask for a person or corpora-
Bank of England /b k v lnd/ tion to be made bankrupt; and voluntary,
Bank of England

noun the British central bank, owned by where a person or corporation applies to
be made bankrupt (in the UK, this is
the state, which, together with the Treas- called voluntary liquidation).
ury, regulates the nations finances
bankruptcy order /b krptsi
bankruptcy order

COMMENT: The Bank of England issues

banknotes which carry the signatures of d/ noun same as declaration of
its officials. It is the lender of last resort bankruptcy
to commercial banks and supervises bank statement /b k stetmnt/
bank statement

banking institutions in the UK Its Mone- noun a written statement from a bank
tary Policy Committee is independent of
the government and sets interest rates. showing the balance of an account at a
The Governor of the Bank of England is specific date
appointed by the government. bank transfer /b k tr nsf&/ noun
bank transfer

bank rate /b k ret/ noun 1. the dis-

bank rate

an act of moving money from a bank ac-

count rate of a central bank 2. formerly, count to another account
Business.fm Page 32 Thursday, April 8, 2004 3:51 PM

bar 32
bar /b/ noun 1. a thing which stops you bargaining power /b!n pa/
bar bargaining power

doing something Government legisla- noun the strength of one person or group
tion is a bar to foreign trade. 2. the pro- when discussing prices or wage settle-
fession of barrister to be called to the ments
bar to become a barrister bargain offer /b!n f/ noun the
bargain offer

bar chart /b tt/ noun a chart sale of a particular type of goods at a
bar chart

where values or quantities are shown as cheap price This weeks bargain offer
columns of different heights set on a base 30% off all carpet prices.
line, the different lengths expressing the bargain price /b!n pras/ noun a
bargain price

quantity of the item or unit. Also called cheap price These carpets are for sale
bar graph, histogram at a bargain price.
bar code /b kd/ noun a system of bargain sale /b!n sel/ noun the
bar code bargain sale

lines printed on a product which, when sale of all goods in a store at cheap prices
read by a computer, give a reference bargains done /b!nz dn/ plural
bargains done

number or price noun the number of deals made on the

barely /beli/ adverb almost not

Stock Exchange during a day

There is barely enough money left to pay bar graph /b !rf/ noun same as
bar graph

the staff. She barely had time to call her bar chart
lawyer before the police arrived. barrel /b rl/ noun 1. a large round

bargain /b!n/ noun 1. an agreement


container for liquids to sell wine by the

on the price of something to strike a barrel He bought twenty-five barrels of
bargain or to make a bargain to drive a wine. 2. an amount of liquid contained in
hard bargain to be a difficult person to a barrel The price of oil has reached
negotiate with 2. something which is $30 a barrel.
cheaper than usual That car is a (real) if signed, the deals would give effec-
bargain at 500. 3. a sale and purchase of tive discounts of up to $3 a barrel on Saudi
one lot of shares on the Stock Exchange oil [Economist]
verb to try to reach agreement about US crude oil stocks fell last week by near-
something, especially a price, usually ly 2.6m barrels [Financial Times]
with each person or group involved the average spot price of Nigerian light
putting forward suggestions or offers crude oil for the month of July was 27.21
which are discussed until a compromise is dollars a barrel [Business Times (Lagos)]
arrived at You will have to bargain with barrier /b ri/ noun anything which

the dealer if you want a discount. They makes it difficult for someone to do some-
spent two hours bargaining about or over thing, especially to send goods from one
the price. (NOTE: You bargain with place to another to impose trade bar-
someone over or about or for some- riers on certain goods to restrict the im-
thing.) port of some goods by charging high duty
bargain basement /b!n
bargain basement

They considered imposing trade barri-

besmnt/ noun a basement floor in a ers on some food products. to lift trade
shop where goods are sold cheaply Im barriers from imports to remove restric-
selling this at a bargain basement price tions on imports The government has
Im selling this very cheaply lifted trade barriers on foreign cars.
bargain counter /b!n kant/
bargain counter

a senior European Community official

noun a counter in a shop where goods are has denounced Japanese trade barriers,
sold cheaply saying they cost European producers $3
bargain hunter /b!n hnt/ noun
bargain hunter
billion a year [Times]
a person who looks for cheap deals to create a single market out of the EC
member states, physical, technical and tax
bargaining /b!n/ noun the act of

barriers to free movement of trade be-

trying to reach agreement about some- tween member states had to be removed.
thing, e.g. a price or a wage increase for Imposing VAT on importation of goods
workers from other member states was seen as one
bargaining position /b!n p such tax barrier [Accountancy]
bargaining position

z()n/ noun the offers or demands barrier to entry /b ri t entri/

barrier to entry

made by one group during negotiations noun a factor that makes it impossible or
Business.fm Page 33 Thursday, April 8, 2004 3:51 PM

33 basic salary
unprofitable for a company to try to start the calculation We based our calcula-
selling its products in a particular market tions on the forecast turnover. based on
(NOTE: Barriers to entry may be created, calculating from based on last years
for example, when companies already in figures based on population forecasts
a market have patents that prevent their 2. to set up a company or a person in a
goods from being copied, when the cost place The European manager is based
of the advertising needed to gain a mar- in our London office. Our overseas
ket share is too high, or when an existing branch is based in the Bahamas. adjec-
product commands very strong brand tive lowest or first, and used for calculat-
loyalty.) ing others
barrier to exit /b ri t e!zt/ noun
barrier to exit

the base lending rate, or prime rate, is

a factor that makes it impossible or un- the rate at which banks lend to their top
profitable for a company to leave a market corporate borrowers [Wall StreetJournal]
where it is currently doing business other investments include a large stake
(NOTE: Barriers to exit may be created, in the Chicago-based insurance company
for example, when a company has in- [Lloyds List]
base pay /bes pe/ noun US pay for a
base pay

vested in specialist equipment that is

only suited to manufacturing one prod- job which does not include extras such as
uct, when the costs of retraining its overtime pay or bonuses
workforce would be very high, or when base rate /bes ret/ noun same as
base rate

withdrawing one product would have a bank base rate

bad effect on the sales of other products base year /bes j/ noun the first year
base year

in the range.) of an index, against which changes occur-

barrister /b rst/ noun (especially in

ring in later years are measured

England) a lawyer who can speak or ar- basic /besk/ adjective 1. normal 2.

gue a case in one of the higher courts most important 3. simple, or from which
barter /bt / noun a system in which

everything starts She has a basic knowl-

goods are exchanged for other goods and edge of the market. To work at the cash
not sold for money verb to exchange desk, you need a basic qualification in
goods for other goods and not for money maths.
They agreed a deal to barter tractors basically /beskli/ adverb seen from

for barrels of wine. the point from which everything starts

under the barter agreements, Nigeria basic commodities /besk k
basic commodities

will export 175,000 barrels a day of crude mdtiz/ plural noun ordinary farm pro-
oil in exchange for trucks, food, planes duce, produced in large quantities, e.g.
and chemicals [Wall Street Journal]
corn, rice or sugar
barter agreement /bt
barter agreement

basic discount /besk dskant/

| basic discount

!rimnt/ noun an agreement to ex- noun a normal discount without extra

change goods by barter The company
percentages Our basic discount is 20%,
has agreed a barter deal with Bulgaria. but we offer 5% extra for rapid settlement.
bartering /btr/ noun the act of

basic industry /besk ndstri/

basic industry

exchanging goods for other goods and not noun the most important industry of a
for money country, e.g. coal, steel or agriculture
base /bes/ noun 1. the lowest or first

basic pay /besk pe/ noun a normal

basic pay

position Turnover increased by 200%, salary without extra payments

but started from a low base. 2. a place
basic product /besk prdkt/
basic product

where a company has its main office or

factory, or a place where a businessper- noun the main product made from a raw
sons office is located The company has material
basics /besks/ plural noun simple

its base in London and branches in all the

European countries. She has an office and important facts or principles She
in Madrid which he uses as a base while has studied the basics of foreign exchange
travelling in Southern Europe. verb 1. dealing. to get back to basics to con-
to base something on something to sider the main facts or principles again
basic salary /besk s lri/ noun
basic salary

calculate something using something as

your starting point or basic material for same as basic pay
Business.fm Page 34 Thursday, April 8, 2004 3:51 PM

basic wage 34
basic wage /besk wed$/ noun battery /b t()ri/ noun a series of sim-
basic wage battery

same as basic pay The basic wage is ilar things Candidates have to pass a
110 a week, but you can expect to earn battery of tests.
more than that with overtime. BC abbr blind copy

basis /bess/ noun 1. a point or b/d abbr barrels per day

basis b/d

number from which calculations are bear /be/ noun a person who sells

made We forecast the turnover on the shares, commodities or currency because

basis of a 6% price increase. (NOTE: The he or she thinks their price will fall and it
plural is bases.) 2. the general terms of will be possible to buy them again more
agreement or general principles on which cheaply later. Opposite bull verb 1. to
something is decided or done This doc- give interest government bonds which
ument should form the basis for an agree- bear 5% interest 2. to have something, es-
ment. We have three people working on pecially to have something written on it
a freelance basis. (NOTE: The plural is an envelope which bears a London post-
bases.) on a short-term, long-term mark a letter bearing yesterdays date
basis for a short or long period He has The cheque bears the signature of the
been appointed on a short-term basis. company secretary. The share certifi-
basket /bskt/ noun a group of pric-
cate bears his name. 3. to pay costs The
es or currencies taken as a standard the costs of the exhibition will be borne by the
price of the average shopping basket company. The company bore the legal
The pound has fallen against a basket of costs of both parties. (NOTE: bearing
European currencies. The market bas- bore has borne)
bearer /ber/ noun a person who

ket has risen by 6%.

the weekly adjusted average total bas- holds a cheque or certificate the cheque
ket price of 37.89 was just 3p more than is payable to bearer the cheque will be
the week before Christmas [The Grocer] paid to the person who holds it, not to any
basket case /bskt kes/ noun
basket case
particular name written on it
bearer bond /ber bnd/, bearer
bearer bond

company which is in financial difficulties

and is not likely to recover (informal ) security noun a bond which is payable to
the bearer and does not have a name writ-
basket of currencies /bskt v
basket of currencies

ten on it
krnsiz/ noun same as currency bas-
bearing /ber/ adjective producing

certificates bearing interest at 5% in-
batch /b t/ noun 1. a group of items

terest-bearing deposits
which are made at one time This batch bear market /be mkt/ noun a pe-
bear market

of shoes has the serial number 2502. 2. riod when share prices fall because share-
a group of documents which are proc- holders are selling since they believe the
essed at the same time Todays batch of market will fall further. Opposite bull
invoices is ready to be mailed. The fac- market
tory is working on yesterdays batch of
bear raid /be red/ noun the act of
bear raid

orders. The accountant signed a batch

of cheques. We deal with the orders in selling large numbers of shares to try to
bring down prices
batches of fifty at a time. verb to put
beat / bit/ verb to beat a ban to do

items together in groups to batch in-

voices or cheques something which is forbidden by doing it
rapidly before the ban is enforced
batch number /b t nmb/ noun a
batch number

become /bkm/ verb to change into


number attached to a batch When mak- |

something different The export market

ing a complaint always quote the batch
number on the packet. has become very difficult since the rise in
the dollar. The company became very
batch processing /b t prses /
batch processing

profitable in a short time. (NOTE: becom-

noun a system of data processing where ing became has become)
information is collected into batches be- begin /b!n/ verb to start The com-

fore being loaded into the computer pany began to lose its market share. He
batch production /b t pr
batch production

| began to write the report which the share-

dkn/ noun production in batches holders had asked for. The auditors re-
Business.fm Page 35 Thursday, April 8, 2004 3:51 PM

35 benefit
port began with a description of the gen- which do not arise from a companys usu-
eral principles adopted. (NOTE: You be- al activities, e.g. redundancy payments 2.
gin something or begin to do something extraordinary items which are shown in
or begin with something. Note also: be- the profit and loss account below net prof-
ginning began has begun.) it after taxation, as opposed to exceptional
beginner /b!n/ noun a person who items which are included in the figure for

is starting in a job profit before taxation

beginning /b!n/ noun the first part benchmark /bentmk/ noun a point
beginning benchmark

The beginning of the report gives a list or level which is important, and can be
of the directors and their shareholdings. used as a reference when making evalua-
behalf /bhf/ noun on behalf of tions or assessments

acting for someone or a company solic- benchmarking /bentmk/ noun


itors acting on behalf of the American the practice of measuring the perform-
company I am writing on behalf of the ance of a company against the perform-
minority shareholders. She is acting on ance of other companies in the same sec-
my behalf. tor. Benchmarking is also used widely in
behind /bhand/ preposition at the

the information technology sector to
back or after The company is No. 2 in measure the performance of computer-
the market, about 4m behind their rivals. based information systems.
adverb the company has fallen be-
beneficial interest /benf()l
beneficial interest

hind with its deliveries it is late with its

deliveries ntrst/ noun a situation where someone
is allowed to occupy or receive rent from
believe / bliv/ verb to think that some-

a house without owning it
thing is true We believe he has offered
beneficial occupier /benf()l
beneficial occupier

to buy 25% of the shares. The chairman

is believed to be in South America on kjpa/ noun a person who occupies a
business. property but does not own it fully
belong /bl/ verb 1. to belong to beneficiary /benfri/ noun a per-
belong beneficiary

| |

to be the property of The company be- son who gains money from something
longs to an old American banking family. the beneficiaries of a will
The patent belongs to the inventors benefit /benft/ noun 1. payments

son. 2. to belong with to be in the cor- which are made to someone under a na-
rect place with Those documents be- tional or private insurance scheme She
long with the sales reports. receives 75 a week as unemployment
below /bl/ preposition lower down

benefit. Sickness benefit is paid month-
than or less than We sold the property at ly. The insurance office sends out bene-
below the market price. You can get a fit cheques each week. 2. something of
ticket for New York at below 150 on the value given to an employee in addition to
Internet. The company has a policy of their salary verb 1. to make better or to
paying staff below the market rates. improve A fall in inflation benefits the
below the line /bl lan/ adjec- exchange rate. 2. to benefit from or by
below the line

tive, adverb used to describe entries in a something to be improved by something,

companys profit and loss account that to gain more money because of some-
show how the profit is distributed, or thing Exports have benefited from the
where the funds to finance the loss origi- fall in the exchange rate. The employ-
nate. above the line 1 ees have benefited from the profit-sharing
below-the-line advertising /bl
below-the-line advertising

| scheme.
lan  dvtaz/ noun advertising the retail sector will also benefit from
which is not paid for and for which no the expected influx of tourists
commission is paid to the advertising [Australian Financial Review]
agency, e.g. work by staff who are man- what benefits does the executive derive
ning an exhibition. Compare above-the- from his directorship? Compensation has
line advertising increased sharply in recent years and
below-the-line expenditure /bl
below-the-line expenditure

| fringe benefits for directors have prolifer-

lan kspendt/ noun 1. payments
| ated [Duns Business Month]
Business.fm Page 36 Thursday, April 8, 2004 3:51 PM

benefit-cost analysis 36
salary is negotiable to 30,000, plus car and determining which method is most
and a benefits package appropriate to this efficient and effective.)
senior post [Financial Times] best-seller /best sel/ noun an item

California is the latest state to enact a pro- (especially a book) which sells very well
gram forcing welfare recipients to work best-selling /best sel/ adjective

for their benefits [Fortune] selling better than any other These com-
salary range is $54,957 $81,189, with puter disks are our best-selling line.
a competitive benefits package
best value /best v lju/ noun a sys-
best value

[Washington Post]
tem adopted by the UK government to en-
benefit-cost analysis /benft
benefit-cost analysis

sure that local authorities provide services

kst/ noun same as cost-benefit analy- to the public in the most efficient and
sis cost-effective way possible (NOTE: Best
benefit in kind /benft n kand/
benefit in kind

value, which came into force with the Lo-

noun a benefit other than money received cal Government Act 1999, replaced the
by an employee as part of his or her total previous system of compulsory compet-
compensation package, e.g. a company itive tendering (CCT). It requires local
car or private health insurance. Such ben- authorities to review all their services
efits are usually subject to tax. over a five-year period, to set standards
bequeath /bkwi/ verb to leave

| of performance, and to consult with local

property, money, etc. (but not freehold taxpayers and service users.)
land) to someone in a will bet /bet/ noun an amount deposited

bequest / bkwest/ noun something when you risk money on the result of a

such as property or money (but not free- race or of a game verb to risk money on
hold land), given to someone in a will the result of something He bet 100 on
He made several bequests to his staff. the result of the election. I bet you 25
bespoke /bspk/ adjective made to

the dollar will rise against the pound.
better /bet/ adjective very good com-

order or made to fit the requirements of

the customer pared with something else This years
best /best/ adjective very good, better
results are better than last years. We
than all others His best price is still will shop around to see if we can get a
higher than all the other suppliers. Last better price.
Better Business Bureau /bet
Better Business Bureau

year was the companys best year ever.

noun a very good effort The salesmen bzns bjr/ US an organisation of
are doing their best, but the stock simply local business executives that promotes
will not sell at that price. better business practices in their town
betting tax /bet t ks/ noun a tax
betting tax

best-before date / best b f det/

best-before date

noun the date stamped on the label of a levied on betting on horses, dogs, etc.
food product, which is the last date on (NOTE: betting bet has bet)
beware / bwe/ verb to be careful

which the product is guaranteed to be of |

good quality. sell-by date, use-by b/f abbr brought forward


date bi- /ba/ prefix twice bi-monthly twice


best-in-class /best n kls/ adjec- a month bi-annually twice a year


tive more effective and efficient, especial- bias /bas/ noun the practice of fa-

ly in acquiring and processing materials vouring of one group or person rather

and in delivering products or services to than another A postal survey will do
customers, than any other organisation in away with bias. The trainee interview-
the same market or industrial sector ers were taught how to control bias and
best practice /best pr kts/ noun its effects. Management has shown bias
best practice

the most effective and efficient way to do in favour of graduates in its recent ap-
something or to achieve a particular aim pointments.
bid /bd/ noun 1. an offer to buy some-

(NOTE: In business, best practice is often

determined by benchmarking, that is by thing at a specific price. takeover bid
comparing the method one organisation to make a bid for something to offer to
uses to carry out a task with the meth- buy something We made a bid for the
ods used by other similar organisations house. The company made a bid for its
Business.fm Page 37 Thursday, April 8, 2004 3:51 PM

37 bill of exchange
rival. to make a cash bid to offer to pay considers the future consequences of ac-
cash for something to put in or enter a tion taken now (informal )
bid for something to offer to buy some- bilateral /bal t()rl/ adjective be-

thing, usually in writing 2. an offer to sell tween two parties or countries The min-
something or do a piece of work at a spe- ister signed a bilateral trade agreement.
cific price She made the lowest bid for bill /bl/ noun 1. a written list of charges

the job. verb to offer to buy to bid for to be paid The sales assistant wrote out
something (at an auction) to offer to buy the bill. Does the bill include VAT?
something he bid 1,000 for the jewels The bill is made out to Smith Ltd. The
he offered to pay 1,000 for the jewels builder sent in his bill. She left the
bidder /bd/ noun a person who

country without paying her bills. 2. a list

makes a bid, usually at an auction Sev- of charges in a restaurant Can I have the
eral bidders made offers for the house. bill please? The bill comes to 20 in-
the property was sold to the highest cluding service. Does the bill include
bidder to the person who had made the service? The waiter has added 10% to
highest bid or who offered the most mon- the bill for service. 3. a written paper
ey the tender will go to the lowest bid- promising to pay money bills payable
der to the person who offers the best (B or P) bills, especially bills of ex-
terms or the lowest price for services change, which a company will have to
bidding /bd/ noun the act of making
pay to its creditors bills receivable (B
offers to buy, usually at an auction the or R) bills, especially bills of exchange,
bidding started at 1,000 the first and which are due to be paid by a companys
lowest bid was 1,000 the bidding debtors due bills bills which are owed
stopped at 250,000 the last bid, i.e. the but not yet paid. bill of exchange 4.
US same as banknote a $5 bill (NOTE:
successful bid, was for 250,000 the
The UK term is note or banknote.) 5. a
auctioneer started the bidding at 100
the auctioneer suggested that the first bid draft of a new law which will be discussed
in Parliament verb to present a bill to
should be 100
someone so that it can be paid The
bid price /bd pras/ noun a price at
bid price

plumbers billed us for the repairs.

which investors sell shares or units in a bill broker /bl brk/ noun a dis-
bill broker

unit trust (NOTE: The opposite, i.e. the count house, a firm which buys and sells
buying price, is called the offer price; bills of exchange for a fee
the difference between the two is the
billing /bl/ noun the work of writing

invoices or bills
Big Bang /b! b / noun 1. the
Big Bang

billion /bljn/ noun one thousand mil-


change in practices on the London Stock lion (NOTE: In the USA, it has always
Exchange, with the introduction of elec- meant one thousand million, but in UK
tronic trading on October 27th 1986 2. a English it formerly meant one million mil-
similar change in financial practices in lion, and it is still sometimes used with
another country this meaning. With figures it is usually
COMMENT: The changes included the ab- written bn: $5bn say five billion dol-
olition of stock jobbers and the removal lars.)
of the system of fixed commissions. The
Stock Exchange trading floor closed and gross wool receipts for the selling sea-
deals are now done by phone or compu- son to end June 30 appear likely to top $2
ter or on the Internet. billion [Australian Financial Review]
big box store /b! bks st/ noun a at its last traded price the bank was cap-
big box store

large retail superstore that sells a very italized at around $1.05 billion [South
wide range of merchandise from grocer- China Morning Post]
bill of exchange /bl v kstend$/
bill of exchange

ies to refrigerators or televisions |

noun a document, signed by the person

big business /b! bzns/ noun very
big business

authorising it, which tells another person

large commercial firms or a financial institution to pay money un-
big picture /b! pkt/ noun a broad
big picture

conditionally to a named person on a spe-

view of a subject that takes into account cific date (NOTE: Bills of exchange are
all the factors that are relevant to it and usually used for payments in foreign cur-
Business.fm Page 38 Thursday, April 8, 2004 3:51 PM

bill of lading 38
rency.) to accept a bill to sign a bill of BIS abbr Bank for International Settle-

exchange to show that you promise to pay ments

it to discount a bill to buy or sell a bill bit /bt/ noun a piece of information or

of exchange at a lower price than that knowledge

written on it in order to cash it later
black economy /bl k knmi/
black economy

COMMENT: A bill of exchange is a docu-

ment raised by a seller and signed by a noun goods and services which are paid
purchaser, stating that the purchaser ac- for in cash, and therefore not declared for
cepts that he owes the seller money, and tax. Also called hidden economy, par-
promises to pay it at a later date. The allel economy, shadow economy
person raising the bill is the drawer; the
Black Friday /bl k frade/ noun a
Black Friday

person who accepts it is the drawee.

The seller can then sell the bill at a dis- sudden collapse on a stock market (NOTE:
count to raise cash. This is called a Called after the first major collapse of
trade bill. A bill can also be accepted the US stock market on 24th Septem-
(i.e. guaranteed) by a bank, and in this ber, 1869.)
case it is called a bank bill.
black list /bl k lst/ noun a list of
black list

bill of lading /bl v led/ noun a

bill of lading

goods, people or companies which have

list of goods being shipped, which the been blacked
transporter gives to the person sending the
blacklist /bl klst/ verb to put goods,

goods to show that the goods have been people or a company on a black list
loaded Their firm was blacklisted by the govern-
bill of sale /bl v sel/ noun a docu-
bill of sale

ment which the seller gives to the buyer to black market /bl k mkt/ noun
black market

show that the sale has taken place the buying and selling of goods or curren-
bin /bn/ noun 1. a large container 2. a

cy in a way which is not allowed by law

separate section of shelves in a warehouse There is a flourishing black market in

BIN abbr bank identification number spare parts for cars. to pay black mar-
bin card /bn kd/ noun a stock
bin card
ket prices to pay high prices to get items
record card in a warehouse which are not easily available
Black Monday /bl k mnde/ noun
Black Monday

bind /band / verb 1. to tie or to attach 2.


Monday, 19th October, 1987, when world

to make it a legal duty for someone or stock markets crashed
something to act in a particular way The
Black Tuesday /bl k tjuzde/
Black Tuesday

company is bound by its articles of asso-

ciation. He does not consider himself noun Tuesday, 29th October, 1929, when
bound by the agreement which was signed the US stock market crashed
Black Wednesday /bl k wenzde/
Black Wednesday

by his predecessor. (NOTE: [all senses]

binding bound) noun Wednesday, 16th September, 1992,
binder /band/ noun US 1. a tempo-
when the pound sterling left the European
rary agreement for insurance sent before Exchange Rate Mechanism and was de-
the insurance policy is issued ( NOTE: The valued against other currencies
COMMENT: Not always seen as black,
UK term is cover note.) 2. money paid since some people believe it was a good
as part of the initial agreement to pur- thing that the pound left the ERM.
chase property (NOTE: The UK term is blame /blem/ noun the act of saying

deposit.) that someone has done something wrong

binding /band/ adjective being a le-

or that someone is responsible The

gal requirement that someone does some- sales staff got the blame for the poor sales
thing a binding contract This docu- figures. verb to say that someone has
ment is not legally binding. the agree- done something wrong or is responsible
ment is binding on all parties all parties for a mistake The managing director
signing it must do what is agreed blamed the chief accountant for not warn-
biomimicry /bammkri/ noun

ing her of the loss. The union is blaming
the imitation of natural processes in the the management for poor industrial rela-
organisation of business activities, with tions.
blamestorming /blemstm/

the aim of reducing waste and limiting

their impact on the environment noun a group discussion of the reasons
Business.fm Page 39 Thursday, April 8, 2004 3:51 PM

39 blur
why a project has failed or is late and who the same time The company has a block
is to blame for it (slang) (NOTE: The term booking for twenty seats on the plane or
is modelled on the word brainstorm- for ten rooms at the hotel.
ing.) block capitals / blk k pt()lz/,
block capitals

blank /bl k / adjective with nothing block letters /blk letz/ plural noun

written on it noun a space on a form capital letters such as A, B, C Write

which has to be completed Fill in the your name and address in block letters.
blanks and return the form to your local blocked currency /blkt krnsi/
blocked currency

office. noun a currency which cannot be taken

blank cheque /bl k tek/ noun a
blank cheque

out of a country because of government

cheque with the amount of money and the exchange controls The company has a
payee left blank, but signed by the drawer large account in blocked roubles.
blanket agreement /bl kt block vote /blk vt/ noun the cast-
blanket agreement block vote

!rimnt/ noun an agreement which ing of a large number of votes (such as of

covers many different items a trade union delegation) all together in
blanket insurance (cover) the same way
blanket insurance

/bl kt nrns kv/ noun insur-

blog /bl!/ noun same as web log

ance which covers various items such as a (informal)

house and its contents Blue Book /blu bk/ noun 1. an an-
Blue Book

blanket refusal /bl kt r

blanket refusal

nual publication of national statistics of
fjuz()l/ noun a refusal to accept many personal incomes and spending patterns
different items 2. US a document reviewing monetary
blind copy /bland kp/ noun a copy
blind copy

policy, prepared for the Federal Reserve

of an e-mail that its main addressee does blue chip /blu tp/ noun a very safe
blue chip

not know has been sent investment, a risk-free share in a good

blindside /blandsad/ verb to attack a

competitor unexpectedly and in a way blue-chip investments /blu tp n
blue-chip investments

which it is difficult to respond to vestmnts/, blue-chip shares /blu

blind testing /bland test/ noun tp sez/, blue-chips /blu tps/ plu-
blind testing

the practice of testing a product on con- ral noun low-risk shares in good compa-
sumers without telling them what brand it nies
is blue-collar union /blu kl
blue-collar union

blip /blp/ noun 1. a short period when junjn/ noun a trade union formed

movement forwards or upwards is mainly of blue-collar workers

stopped This months bad trade figures blue-collar worker /blu kl
blue-collar worker

are only a blip. 2. bad economic figures (a w&k/ noun a manual worker in a facto-
higher inflation rate, lower exports, etc.), ry
which only have a short-term effect
Blue Laws /blu lz/ plural noun US
Blue Laws

whether these pressures are just a cycli- regulations governing business activities
cal blip in a low inflation era, or whether on Sundays
the UK is drifting back to the bad old days
blueprint /bluprnt/ noun a plan or

will be one of the crucial questions for the

stock market this year [Financial Times] model of something The agreement will
blister pack /blst p k/ noun a type
blister pack
be the blueprint for other agreements in
of packing where the item for sale is cov- the industry.
blue-sky thinking /blu ska
blue-sky thinking

ered with a stiff plastic cover sealed to a

card backing. Also called bubble pack k/ noun extremely idealistic and
block /blk/ noun a series of items often unconventional ideas

bluetooth /blutu/ trademark a type


grouped together I bought a block of

6,000 shares. verb to stop something of technology allowing for communica-
taking place He used his casting vote to tion between mobile phones, computers
block the motion. The planning commit- and the Internet
tee blocked the redevelopment plan. blur /bl&/ noun a period in which a great

block booking /blk bk/ noun an

block booking

many important changes take place in an

act of booking of several seats or rooms at organisation very quickly
Business.fm Page 40 Thursday, April 8, 2004 3:51 PM

blurb 40
blurb /bl&b/ noun a brief description of bonded /bndd/ adjective held in
blurb bonded

a book, printed in a publishers catalogue bond

or on the cover of the book itself bonded warehouse

bonded warehouse /bndd

bn abbr billion wehas/ noun a warehouse where

boarding card /bd kd/,

boarding card

goods are stored until excise duty has

boarding pass /bd ps/ noun a been paid
card given to passengers who have bondholder /bndhld/ noun a

checked in for a flight or for a sailing to person who holds government bonds
allow them to board the plane or ship
bond-washing /bnd w/ noun

board meeting /bd mit/ noun a

board meeting

the act of selling securities cum dividend

meeting of the directors of a company and buying them back later ex dividend,
board of directors /bd v da
board of directors

or selling US Treasury bonds with the in-
rektz/ noun 1. a group of directors terest coupon, and buying them back ex-
elected by the shareholders to run a com- coupon, so as to reduce tax
pany The bank has two representatives
bonus /bns/ noun an extra payment

on the board of directors. 2. US a group

of people elected by the shareholders to in addition to a normal payment
bonus issue /bns u/ noun a
bonus issue

draw up company policy and to appoint

the president and other executive officers scrip issue or capitalisation issue, where a
who are responsible for managing the company transfers money from reserves
company to share capital and issues free extra
a proxy is the written authorization an shares to the shareholders. The value of
investor sends to a stockholder meeting the company remains the same, and the
conveying his vote on a corporate resolu- total market value of shareholders shares
tion or the election of a companys board remains the same, the market price being
of directors [Barrons] adjusted to account for the new shares.
boardroom /bdrum/ noun a room Also called share split (NOTE: The US

where the directors of a company meet term is stock dividend or stock split.)
/bdrum bonus share /bns e/ noun an
bonus share

boardroom battle
boardroom battle

b t()l/ noun an argument between di- extra share given to an existing sharehold-
rectors er
boilerplate /blplet/ noun a basic book /bk/ noun 1. a set of sheets of pa-
boilerplate book

standard version of a contract that can be per attached together a companys

used again and again books the financial records of a company
bona fide /bn fadi/ adjective 2. a statement of a dealers exposure to
bona fide

trustworthy, which can be trusted a the market, i.e. the amount which he or
bona fide offer an offer which is made she is due to pay or has borrowed verb
honestly to order or to reserve something to book
bond /bnd/ noun 1. a contract docu-
a room in a hotel or a table at a restaurant
ment promising to repay money borrowed or a ticket on a plane I booked a table
by a company or by the government on a for 7.45. He booked a ticket through to
specific date, and paying interest at regu- Cairo. to book someone into a hotel,
lar intervals 2. goods (held) in bond on or onto a flight to order a room or a
goods held by customs until duty has been plane ticket for someone else He was
paid entry of goods under bond bring- booked on the 09.00 flight to Zurich.
ing goods into a country in bond to take the hotel, the flight is fully booked, is
goods out of bond to pay duty on goods booked up all the rooms or seats are re-
so that they can be released by customs served The restaurant is booked up over
COMMENT: Bonds are in effect another
the Christmas period.
booking /bk/ noun the act of re-

form of long-term borrowing by a compa-

ny or government. They can carry a fixed serving something such as a room or a
interest or a floating interest, but the seat Hotel bookings have fallen since
yield varies according to the price at
which they are bought; bond prices go the end of the tourist season. to con-
up and down in the same way as share firm a booking to say that a booking is
prices. certain
Business.fm Page 41 Thursday, April 8, 2004 3:51 PM

41 Boston Box
booking clerk /bk klk/ noun a borderless world / bdls w&ld/
booking clerk borderless world

person who sells tickets in a booking of- noun the global economy in the age of the
fice Internet, which is thought to have re-
bookkeeper /bkkip/ noun a per- moved all the previous barriers to interna-

son who keeps the financial records of a tional trade

borderline case /bdlan kes/
borderline case

company or an organisation
bookkeeping /bkkip / noun the
noun 1. a situation which is not easy to re-
work of keeping the financial records of a solve, being either one way or the other 2.
company or an organisation a worker who may or may not be recom-
booklet /bklt/ noun a small book
mended for a particular type of treatment,
such as for promotion or dismissal
with a paper cover
borrow /br/ verb to take money

book sales /bk selz/ plural noun

book sales

from someone for a time, possibly paying

sales as recorded in the sales book interest for it, and repaying it at the end of
book value /bk v lju/ noun the
book value

the period She borrowed 1,000 from

value of an asset as recorded in the com- the bank. The company had to borrow
panys balance sheet heavily to repay its debts. They bor-
bookwork /bkw&k/ noun the keep-

rowed 25,000 against the security of the

ing of financial records factory.
boom /bum/ noun a time when sales, borrow short phrasal verb to borrow

production or business activity are in- for a short period

creasing a period of economic boom borrower /br/ noun a person who

the boom of the 1990s the boom years borrows Borrowers from the bank pay
years when there is an economic boom 12% interest.
verb to expand or to become prosperous borrowing /br/ noun the action

business is booming sales are boom- of borrowing money The new factory
ing was financed by bank borrowing.
boom industry /bum ndstri/
boom industry

we tend to think of building societies as

noun an industry which is expanding rap- having the best borrowing rates and indeed
idly many do offer excellent terms
booming /bum/ adjective expand-
[Financial Times]
borrowing costs /br ksts/
borrowing costs

ing or becoming prosperous a booming

industry or company Technology is a plural noun the interest and other charges
booming sector of the economy. paid on money borrowed
boom share /bum e/ noun a share borrowing power /br pa/
borrowing power
boom share

in a company which is expanding noun the amount of money which a com-

boost /bust/ noun help given to in-
pany can borrow
borrowings /brz/ plural noun

crease something This publicity will

give sales a boost. The government money borrowed The companys bor-
hopes to give a boost to industrial devel- rowings have doubled.
opment. verb to make something in- COMMENT: Borrowings are sometimes
shown as a percentage of shareholders
crease We expect our publicity cam- funds (i.e. capital and money in re-
paign to boost sales by 25%. The com- serves); this gives a percentage which is
pany hopes to boost its market share. the gearing of the company.
Incentive schemes are boosting produc- boss /bs/ noun an employer or person

tion. in charge of a company or an office

the company expects to boost turnover (informal) If you want a pay rise, go
this year to FFr 16bn from FFr 13.6bn last and talk to your boss.
year [Financial Times] Boston Box /bstn bks/ noun a
Boston Box

booth /bu/ noun 1. a small place for


system used to indicate a companys po-

one person to stand or sit 2. US a section tential by analysing the relationship be-
of a commercial fair where a company ex- tween its market share and its growth rate
hibits its products or services (NOTE: The (NOTE: The Boston Box was devised by
UK term is stand.) the Boston Consulting Group in the

BOP abbr balance of payments 1970s to help companies decide which

Business.fm Page 42 Thursday, April 8, 2004 3:51 PM

Boston matrix 42
businesses they should invest in and ey in the payers account to pay it She
which they should withdraw from. In this paid for the car with a cheque that
system businesses with a high market bounced.
share and high growth rate are called boutique /butik/ noun a small finan-

stars, businesses with a low market cial institution offering specialist advice
share and low growth rate are called or services
dogs, businesses with a high market
box file /bks fal/ noun a cardboard
box file

share and a low growth rate are called

cash cows and businesses with a low box for holding documents
box number /bks nmb/ noun a
box number

market share and a high growth rate are

called question marks.) reference number used when asking for
Boston matrix /bstn metrks/
Boston matrix
mail to be sent to a post office or when
noun a type of product portfolio analysis, asking for replies to an advertisement to
in which products are identified as stars, be sent to the newspapers offices
question marks, cash cows or dogs. Full Please reply to Box No. 209.
box office / bks fs/ noun an office
box office

form Boston Consulting Group

Share/Growth Matrix at a theatre where tickets can be bought
bottleneck /bt()lnek/ noun a situa- boycott /bkt/ noun a refusal to buy

tion which occurs when one section of an or to deal in certain products The union
operation cannot cope with the amount of organised a boycott against or of import-
work it has to do, which slows down the ed cars. verb to refuse to buy or deal in
later stages of the operation and business a product We are boycotting all imports
activity in general a bottleneck in the from that country. the management
supply system There are serious bottle- has boycotted the meeting the manage-
necks in the production line. ment has refused to attend the meeting
bottom /btm/ noun the lowest part

B/P abbr bills payable


or point the bottom has fallen out of B/R

B/R abbr bills receivable

the market sales have fallen below what
bracket /br kt/ noun a group of items

previously seemed to be the lowest point

or people taken together people in the
rock-bottom price the lowest price of middle-income bracket people with av-
all to go bottom up to crash or to go
erage incomes, not high or low she is in
into liquidation verb to reach the lowest
point the top tax bracket she pays the highest
level of tax
bottom line / btm lan/ noun 1. the
bottom line

bracket together phrasal verb to treat

last line on a balance sheet indicating several items together in the same way
profit or loss 2. the final decision on a In the sales reports, all the European
matter The bottom line was that the countries are bracketed together.
work had to completed within budget.
brainstorming /brenstm/ noun

bottom price /btm pras/ noun the

bottom price |

an intensive discussion by a small group

lowest price of people as a method of producing new
bottom-up approach /btm p
bottom-up approach

ideas or solving problems
prt/ noun a style of leadership that branch /brnt/ noun 1. the local of-

encourages employees at all levels to take fice of a bank or large business, or a local
part in decision-making and problem- shop which is part of a large chain 2. the
solving. Opposite top-down approach local office of a union, based in a factory
bought /bt/ buy

branch out phrasal verb to start a new

bought ledger /bt led$/ noun a
bought ledger

but usually related type of business

book in which purchases are recorded From car retailing, the company
bought ledger clerk /bt led$ branched out into car leasing.
bought ledger clerk

klk/ noun an office employee who branch manager

branch manager /brnt

deals with the bought ledger or the sales m nd$/ noun a person in charge of a
ledger branch of a company
bounce /bans/ verb to be returned by

a leading manufacturer of business, in-

the bank to the person who has tried to dustrial and commercial products requires
cash it, because there is not enough mon- a branch manager to head up its mid-west-
Business.fm Page 43 Thursday, April 8, 2004 3:51 PM

43 breakdown
ern Canada operations based in Winnipeg breach /brit/ noun a failure to carry

[Globe and Mail (Toronto)] out the terms of an agreement

branch office /brnt fs/ noun a of contract /brit v
branch office

breach of contract

less important office, usually in a differ- kntr kt/ noun the failure to do some-
ent town or country from the main office thing which has been agreed in a contract
brand /br nd/ noun a make of product, breach of trust /brit v trst/
brand breach of trust

which can be recognised by a name or by noun a situation where a person does not
a design the top-selling brands of tooth- act correctly or honestly when people ex-
paste The company is launching a new pect him or her to
brand of soap. breach of warranty /brit v
breach of warranty

the multiple brought the price down to wrnti/ noun the act of supplying
2.49 in some stores. We had not agreed to goods which do not meet the standards of
this deal and they sold out very rapidly. the warranty applied to them
When they reordered we would not give it break /brek/ noun 1. a pause between

to them. This kind of activity is bad for the periods of work She keyboarded for two
brand and we cannot afford it
[The Grocer] hours without a break. He typed for two
hours without a break. 2. a lucky deal or
you have to look much further down good opportunity verb 1. to break
the sales league to find a brand which has
not been around for what seems like ages
even to balance costs and receipts, but not
[Marketing] make a profit Last year the company
only just broke even. We broke even in
major companies are supporting their
best existing brands with increased invest- our first two months of trading. (NOTE:
ment [Marketing Week] breaking broke has broken) 2. to
fail to carry out the duties of a contract
brand awareness /br nd
brand awareness

The company has broken the contract or
wens/ noun consciousness by the the agreement by selling at a lower price.
public of a brands existence and qualities (NOTE: breaking broke has broken)
How can you talk about brand aware- to break an engagement to do some-
ness when most people dont even know thing not to do what has been agreed 3. to
what the product is supposed to do? cancel a contract The company is hop-
Our sales staff must work harder to in- ing to be able to break the contract.
crease brand awareness in this area. (NOTE: breaking broke has broken)
branded goods /br ndd !dz/
branded goods

break down phrasal verb 1. to stop

plural noun goods sold under brand working because of mechanical failure
The fax machine has broken down. 2.
brand image /br nd md$/ noun an to stop Negotiations broke down after
brand image

opinion of a product which people associ- six hours. 3. to show all the items in a
ate in their minds with the brand name. total list of costs or expenditure We
Brand image is developed and protected broke the expenditure down into fixed
carefully by companies to make sure that and variable costs.
their product or service is adopted by its break off phrasal verb to stop We
target customers. broke off the discussion at midnight.
brand leader /br nd lid/ noun the
brand leader
Management broke off negotiations
brand with the largest market share with the union.
break up phrasal verb 1. to split some-
brand loyalty /br nd llti/ noun
brand loyalty

thing large into small sections The

the feeling of trust and satisfaction that company was broken up and separate
makes a customer always buy the same divisions sold off. 2. to come to an end
brand of product The meeting broke up at 12.30.
brand name /br nd nem/ noun a
brand name

breakages / brekd$z/ plural noun


name of a particular make of product breaking of items Customers are ex-

brand new /br nd nju/ adjective
brand new

pected to pay for breakages.

quite new, very new breakdown /brekdan/ noun 1. an

brand recognition /br nd rek!

brand recognition

| act of stopping working because of me-

n()n/ noun the ability of the consum- chanical failure We cannot communi-
er to recognise a brand on sight cate with our Nigerian office because of
Business.fm Page 44 Thursday, April 8, 2004 3:51 PM

breakeven point 44
the breakdown of the telephone lines. 2. company has a policy of laying off its
an act of stopping talking a breakdown most recently recruited employees first,
in wage negotiations 3. an act of showing since these are often the best trained
details item by item Give me a break- and best educated members of its staff.)
down of investment costs. bring /br/ verb to come to a place with

breakeven point /brekiv()n

breakeven point

| someone or something He brought his

pnt/ noun the point or level of financial documents with him. The finance direc-
activity at which expenditure equals in- tor brought her assistant to take notes of
come, or the value of an investment the meeting. (NOTE: bringing brought)
equals its cost so that the result is neither bring down phrasal verb 1. to reduce
a profit nor a loss. Abbreviation BEP Petrol companies have brought down
breaking bulk /brek blk/ noun the price of oil. 2. to add a figure to an
breaking bulk

the practice of buying in bulk and then account at the end of a period to balance
selling in small quantities to many cus- expenditure and income balance
tomers brought down: 365.15 3. same as
break-up value /brek p v lju/
break-up value
bring forward 2
noun 1. the value of the material of a bring forward phrasal verb 1. to make
fixed asset What would the break-up something take [place earlier to bring
value of our old machinery be? Scrap forward the date of repayment The
merchants were asked to estimate the date of the next meeting has been
tractors break-up value. 2. the value of brought forward to March. 2. to take an
various parts of a company taken sepa- account balance from the end of the pre-
rately vious period as the starting point for the
bribe /brab/ noun money given secretly
current period Balance brought for-
and usually illegally to someone in au- ward: 365.15
thority to get them to help The minister bring in phrasal verb to earn an
was dismissed for taking a bribe. verb amount of interest The shares bring in
to pay someone money secretly and usu- a small amount.
ally illegally to get them to do something bring out phrasal verb to produce
for you something new They are bringing out
a new model of the car for the Motor
bricks-and-mortar /brks n

mt/ adjective conducting business in bring up phrasal verb to refer to some-
the traditional way in buildings such as
thing for the first time The chairman
shops and warehouses and not being in- brought up the question of redundancy
volved in e-commerce. Compare clicks- payments.
brisk /brsk/ adjective characterised by

bridge finance /brd$ fan ns/

bridge finance

noun loans to cover short-term needs

a lot of activity sales are brisk a brisk
market in technology shares The mar-
brief /brif/ noun instructions given to

ket in oil shares is particularly brisk.

someone He went into the negotiations
broadside /brdsad/ noun US a

with the brief to get a deal at any price.

verb to explain something to someone in large format publicity leaflet
brochure /br/ noun a publicity

detail The salespeople were briefed on

the new product. The managing direc- booklet We sent off for a brochure about
tor briefed the board on the progress of holidays in Greece or about postal servic-
the negotiations. es.
briefing /brif/ noun an act of telling brochure site /br sat/ noun a
brochure site

someone details All sales staff have to website that gives details of a companys
attend a sales briefing on the new prod- products and contact information
uct. broke /brk/ adjective having no mon-

brightsizing /bratsaz/ noun the ey (informal) The company is broke.


practice of reducing the size of the work- She cannot pay for the new car because
force by making the most capable or intel- she is broke.
ligent employees redundant (NOTE: This go broke phrasal verb to become
usually happens accidentally when a bankrupt
Business.fm Page 45 Thursday, April 8, 2004 3:51 PM

45 budget department
broker /brk/ noun 1. a dealer who tomers orders to buy and sell stock are

acts as a middleman between a buyer and treated as bets on the rise and fall of prices
a seller 2. (stock)broker a person or at last something is being done about
firm that buys and sells shares or bonds on the thousands of bucket shops across the
behalf of clients nation that sell investment scams by
brokerage /brkrd$/, brokers phone [Forbes Magazine]

commission /brkz km()n/ budget /bd$t/ noun 1. a plan of ex-


noun 1. payment to a broker for a deal pected spending and income for a period
carried out 2. same as broking of time to draw up a budget for salaries
brokerage firm /brkrd$ f&m/,
brokerage firm
for the coming year We have agreed the
brokerage house /brkrd$ has/ budgets for next year. 2. the Budget the
noun a firm which buys and sells shares annual plan of taxes and government
for clients spending proposed by a finance minister.
broking /brk/ noun the business
In the UK, the budget is drawn up by the
of dealing in stocks and shares Chancellor of the Exchequer. The min-
ister put forward a budget aimed at boost-
brought down /brt d n/,
brought down

ing the economy. to balance the budget

brought forward /brt fwd/ noun to plan income and expenditure so that
balance in an account from the previous they balance The president is planning
period taken as the starting point for the for a balanced budget. verb to plan
current period balance brought down or probable income and expenditure We
forward: 365.15 Abbreviation b/d, b/f are budgeting for 10,000 of sales next
brownfield site /branfild sat/
brownfield site

noun a site for a new housing develop- he budgeted for further growth of
ment which was originally the site of a 150,000 jobs (or 2.5 per cent) in the
factory. Compare greenfield site current financial year [Sydney
brown goods /bran !dz/ plural
brown goods

Morning Herald]
noun electrical equipment for home en- the Federal governments budget tar-
tertainment, e.g. television sets, hi-fi gets for employment and growth are with-
equipment. Compare white goods in reach according to the latest figures
brown paper /bran pep/ noun [Australian Financial Review]
brown paper

budget account /bd$t kant/

budget account

thick paper for wrapping parcels |

B share /bi e/ noun an ordinary noun a bank account where you plan in-
B share

share with special voting rights (often come and expenditure to allow for periods
owned by the founder of the company and when expenditure is high, by paying a set
their family) amount each month
bubble /bb()l/ noun a continued rise budgetary /bd$t()r/ adjective re-

in the value of an asset, such as a share ferring to a budget

price, which is caused by people thinking budgetary control /bd$t()ri kn
budgetary control

that the price will continue to rise. Also trl/ noun controlled spending accord-
called speculative bubble ing to a planned budget
bubble envelope /bb()l policy /bd$t()ri
bubble envelope

budgetary policy

envlp/ noun an envelope lined with a plsi/ noun the policy of planning in-
sheet of plastic with bubbles in it, which come and expenditure
protects the contents of the envelope budgetary
budgetary requirements

bubble pack /bb()l p k/ noun /bd$t()ri rkwamntz/ plural
bubble pack

same as blister pack noun the rate of spending or income re-

bubble wrap /bb()l r p/ noun a quired to meet the budget forecasts
bubble wrap

sheet of clear plastic with bubbles of air in budget deficit /bd$t defst/ noun
budget deficit

it, used as a protective wrapping material a deficit in a countrys planned budget,

buck /bk/ noun US a dollar (informal) where income from taxation will not be

to make a quick buck to make a profit sufficient to pay for the governments ex-
very quickly verb to buck the trend penditure
to go against the trend budget department /bd$t d
budget department

bucket shop /bkt p/ noun US a ptmnt/ noun a department in a large

bucket shop

dishonest stockbroking firm where cus- store which sells cheaper goods
Business.fm Page 46 Thursday, April 8, 2004 3:51 PM

budgeting 46
budgeting /bd$t/ noun the prepa- COMMENT: Building societies mainly in-

ration of budgets to help plan expenditure vest the money deposited with them as
mortgages on properties, but a percent-
and income age is invested in government securities.
budget surplus /bd$t s&pls/
budget surplus

Societies can now offer a range of bank-

noun a situation where there is more rev- ing services, such as cheque books,
enue than was planned for in the budget standing orders, overdrafts, etc., and
now operate in much the same way as
budget variance /bd$t verins/
budget variance

banks. Indeed, many building societies

noun the difference between the cost as have changed from mutual status,
estimated for a budget and the actual cost where the owners of the society are its
buffer stocks /bf stks/ plural
buffer stocks
investors and borrowers, to become
publicly-owned banks whose shares are
noun stocks of a commodity bought by an bought and sold on the stock exchange.
international body when prices are low The comparable US institutions are the
and held for resale at a time when prices savings & loan associations, or thrifts.
have risen, with the intention of reducing buildup /bldp/ noun a gradual in-

sharp fluctuations in world prices of the crease a buildup in sales or a sales

commodity buildup There will be a big publicity
build into phrasal verb to include buildup before the launch of the new mod-
something in something which is being el. There has been a buildup of com-
set up You must build all the forecasts plaints about customer service.
into the budget. we have built 10%
built-in /blt n/ adjective forming part

for contingencies into our cost fore-

cast we have added 10% to our basic of the system or of a machine The PC
forecast to allow for items which may has a built-in modem. The accounting
appear suddenly system has a series of built-in checks.
build up phrasal verb 1. to create The microwave has a built-in clock.
something by adding pieces together built-in obsolescence /blt n bs
built-in obsolescence

She bought several shoe shops and les()ns/ noun a method of ensuring
gradually built up a chain. 2. to expand continuing sales of a product by making it
something gradually to build up a in such a way that it will soon become ob-
profitable business to build up a team solete
of sales representatives bulk /blk/ noun a large quantity of

building and loan association

building and loan association goods in bulk in large quantities to

/bld n ln ssie()n/ noun
buy rice in bulk
US same as savings and loan
bulk breaking /blk brek/ noun
bulk breaking

building materials /bld m

building materials

same as breaking bulk
trilz/ plural noun materials used in
bulk buying /blk ba/ noun the
bulk buying

building, e.g. bricks and cement

building permit /bld p&mt/
building permit
act of buying large quantities of goods at
noun an official document which allows low prices
bulk carrier /blk k ri/ noun a ship
bulk carrier

someone to build on a piece of land

building site /bld sat/ noun a
building site
which carries large quantities of loose
place where a building is being construct- goods such as corn or coal
ed All visitors to the site must wear bulk discount /blk dskant/ noun
bulk discount

safety helmets. a discount given to a purchaser who buys

building society /bld ssati/ in bulk
building society

noun a financial institution which accepts bulk purchase /blk p&ts/ noun
bulk purchase

and pays interest on deposits, and lends an act of buying a large quantity of goods
money to people who are buying property at low prices
against the security of the property which
bulk shipment /blk pmnt/ noun
bulk shipment

is being bought We put our savings into

a building society or into a building soci- a shipment of large quantities of goods
bull /bl/ noun a person who believes the

ety account. I have an account with the

Nationwide Building Society. I saw the market will rise, and therefore buys
building society manager to ask for a shares, commodities or currency to sell at
mortgage. a higher price later. Opposite bear
Business.fm Page 47 Thursday, April 8, 2004 3:51 PM

47 business class
lower interest rates are always a bull was destroyed. The company records
factor for the stock market were all lost when the offices were burnt
[Financial Times] down.
bullion /blin/ noun a gold or silver

burn out phrasal verb to become tired

bars A shipment of gold bullion was sto- and incapable for further work because
len from the security van. The price of of stress (NOTE: burning burnt or
bullion is fixed daily. burned)
bullish /bl/ adjective optimistic, bushel /b()l/ noun US a measure of
bullish bushel

feeling that prices of shares will rise dry goods, such as corn (= 35 litres)
another factor behind the currency business /bzns/ noun 1. work in

markets bullish mood may be the growing buying, selling or doing other things to
realisation that Japan stands to benefit make a profit We do a lot of business
from the current combination of high do- with Japan. Business is expanding.
mestic interest rates and a steadily rising Business is slow. Repairing cars is 90%
exchange rate [Far Eastern Economic
Review] of our business. We did more business
in the week before Christmas than we
currency traders chose to ignore better
unemployment statistics from France, pre- usually do in a month. Strikes are very
ferring to focus on the bullish outlook for bad for business. Whats your line of
the dollar [Times] business? to be in business to run a
bull market / bl mkt/ noun a peri-
bull market
commercial firm on business doing
commercial work She had to go abroad
od when share prices rise because people
are optimistic and buy shares. Opposite on business. The chairman is in Hol-
bear market
land on business. 2. a commercial compa-
ny He owns a small car repair business.
bumper /bmp/ noun a very large

She runs a business from her home. I

crop a bumper crop of corn 1999 was set up in business as an insurance broker.
a bumper year for computer sales 1999 3. the affairs discussed The main busi-
was an excellent year for sales ness of the meeting was finished by 3 p.m.
bumping /bmp/ noun 1. US a lay-

business address / bzns dres/

business address

off procedure that allows an employee noun the details of number, street and
with greater seniority to displace a more town where a company is located
junior employee The economic reces-
business agent /bzns ed$nt/
business agent

sion led to extensive bumping in compa-

nies where only the most qualified were noun US the chief local official of a trade
retained for some jobs. The trade un- union
business call /bzns kl/ noun a
business call

ions strongly objected to bumping prac-

tices since they considered that many em- visit to talk to someone about business
ployees were being laid off unfairly. 2. the business card /bzns kd/ noun a
business card

situation where a senior employee takes card showing a businesspersons name

the place of a junior (in a restaurant) and the name and address of the company
bureau /bjr/ noun an office which he or she works for

specialises in a specific service business case /bzns kes/ noun a

business case

bureaucracy /bjrkrsi/ noun a statement that explains why a particular


system of administration where an indi- course of action would be advantageous

vidual persons responsibilities and pow- or profitable to an organisation (NOTE: A
ers are strictly defined and processes are business case depends on the prepara-
strictly followed tion and presentation of a viable busi-
bureaucratic /bjrkr tk/ adjec- ness plan and is intended to weed out

tive following strict administrative princi- ideas that may seem promising but have
ples no real long-term value to an organisa-
bureau de change /bjr d
bureau de change
n$/ noun an office where you can business centre /bzns sent/
business centre

change foreign currency noun the part of a town where the main
burn down phrasal verb to destroy (a banks, shops and offices are located
building) completely in a fire The business class /bzns kls/ noun a
business class

warehouse burnt down and all the stock type of airline travel which is less expen-
Business.fm Page 48 Thursday, April 8, 2004 3:51 PM

business college 48
sive than first class and more comfortable business park /bzns pk/ noun a
business park

than economy class group of small factories or warehouses,

business college /bzns kld$/ especially near a town He has rented a
business college

noun same as business school unit in the local business park.

business community /bzns k business plan /bzns pl n/ noun a
business plan
business community

mjunti/ noun the business people liv- document drawn up to show how a busi-
ing and working in the area ness is planned to work, with cash flow
business computer /bzns km
business computer

forecasts, sales forecasts, etc., often used
pjut/ noun a powerful small computer when trying to raise a loan, or when set-
programmed for special business uses ting up a new business
business practices /bzns
business practices

business correspondence /bzns

business correspondence

krspndns/ noun letters concerned

pr ktsz/ noun ways of managing or
with a business working in business, industry or trade
business premises /bzns
business premises

business correspondent /bzns

business correspondent

premsz/ plural noun building used for

krspndnt/ noun a journalist who

commercial use
writes articles on business news for news-
business rate /bzns ret/ noun a
business rate

tax levied on business property (NOTE:
business cycle /bzns sak()l/
business cycle

The US term is local property tax.)

noun the period during which trade ex-
business ratepayer /bzns
business ratepayer

pands, slows down and then expands

again. Also called trade cycle retpe/ noun a business which pays lo-
cal taxes on a shop, office, factory, etc.
business environment /bzns n
business environment

business school /bzns skul/

| business school

varnmnt/ noun the elements or fac-

tors outside a business organisation which noun an educational institution at univer-
directly affect it, such as the supply of raw sity level that offers courses in subjects
materials and product demand The un- related to business such as management,
reliability of supplies is one of the worst technology, finance, and interpersonal
features of our business environment. skills (NOTE: Business schools provide
courses of varying length and level, up
business equipment /bzns
business equipment

to Master of Business Administration,
kwpmnt/ noun the machines used in and besides catering for full-time stu-
an office dents, also offer part-time courses and
business expenses /bzns k
business expenses

distance learning to people already in
spensz/ plural noun money spent on employment.)
running a business, not on stock or assets business science /bzns sans/
business science

business game /bzns !em/ noun

business game

noun the study of business or manage-

a learning game in which trainees are pre- ment techniques He has a masters de-
sented with a typical business situation gree in business science.
and compete with one another to find the business-to-business /bzns t

best way of dealing with it bzns/ adjective full form of B2B

business hours /bzns az/ plural business-to-consumer /bzns t
business hours

noun the time when a business is open, knsjum/ adjective full form of B2C

usually 9.00 a.m. to 5.30 p.m. business transaction /bzns tr n

business transaction

business intelligence /bzns n z kn/ noun an act of buying or selling

business intelligence

teld$()ns/ noun information that may business

business traveller

traveller /bzns
be useful to a business when it is planning tr v()l/ noun a person who is travel-
its strategy ling on business
business letter / bzns let/ noun a
business letter

business trip /bzns trp/ noun a

business trip

letter which deals with business matters journey made to discuss business matters
business lunch /bzns lnt/ noun
business lunch

with clients
a meeting between businessmen where business unit /bzns junt/ noun a
business unit

they have lunch together to discuss busi- unit within an organisation that operates
ness deals as a separate department, division or
businessman /bznsm n/ noun a

stand-alone business and is usually treat-

man engaged in business ed as a separate profit centre
Business.fm Page 49 Thursday, April 8, 2004 3:51 PM

49 by-product
businesswoman /bznsm n/ noun the form of new or rights issues

a woman engaged in business [Financial Times]

buyer /ba/ noun 1. a person who buys

go bust phrasal verb to become bank-

rupt (informal ) The company went there were no buyers no one wanted to
bust last month. buy 2. a person who buys stock on behalf
busy /bzi/ adjective occupied in doing
of a trading organisation for resale or for
something or in working He is busy use in production 3. in B2B selling, a per-
preparing the annual accounts. The son who has made a commitment to buy,
manager is busy at the moment, but she but has not finalised the deal
buyers market /baz mkt/ noun
buyers market

will be free in about fifteen minutes. The

busiest time of year for stores is the week a market where products are sold cheaply
before Christmas. Summer is the busy because there are few people who want to
season for hotels. the line is busy the buy them. Opposite sellers market
buyers risk /baz rsk/ noun the
buyers risk

telephone line is being used

busy season /bzi siz()n/ noun the
busy season
risk taken by a buyer when accepting
period when a company is busy goods or services without a guarantee
buying /ba/ noun the act of getting

buy /ba/ verb to get something by pay-


ing money to buy wholesale and sell re- something for money
buying department /ba d
buying department

tail to buy for cash She bought 10,000 |

shares. The company has been bought ptmnt/ noun the department in a
by its leading supplier. (NOTE: buying company which buys raw materials or
bought) noun something which should goods for use in the company
be bought Those shares are a definite buying power /ba pa/ noun the
buying power

buy. ability to buy The buying power of the

buy back phrasal verb 1. to buy some- pound has fallen over the last five years.
thing which you sold earlier She sold buyout /baat/ noun the purchase of a

the shop last year and is now trying to controlling interest in a company
buy it back. 2. to buy its own shares we also invest in companies whose
buy forward phrasal verb to buy for- growth and profitability could be im-
eign currency before you need it, in or- proved by a management buyout [Times]
der to be sure of the exchange rate in a normal leveraged buyout, the ac-
buy in phrasal verb (of a seller at an quirer raises money by borrowing against
auction) to buy the thing which you are the assets or cash flow of the target com-
trying to sell because no one will pay pany [Fortune]
the price you want bylaws /balz/ noun a rule made by a

buyback /bab k/ noun 1. a type of local authority or organisation, and not by


loan agreement to repurchase bonds or se- central government plural noun US

curities at a later date for the same price as rules governing the internal running of a
they are being sold 2. an international corporation (the number of meetings, the
trading agreement where a company appointment of officers, etc.) (NOTE: In
builds a factory in a foreign country and the UK, these are called Articles of As-
agrees to buy all its production sociation.)
by-product /ba prdkt/ noun a

the corporate sector also continued to

return cash to shareholders in the form of product made as a result of manufacturing
buy-backs, while raising little money in a main product
Business.fm Page 50 Thursday, April 8, 2004 3:51 PM

C2C commerce /si t si km&s/ someone to visit someone Our sales-
C2C commerce

same as consumer-to-consumer com- people call on their best accounts twice a

merce month. 3. to ask for or order something to
CA abbr chartered accountant
be done to call a meeting the union
CAB abbr Citizens Advice Bureau
CAB called a strike the union told its members
to go on strike
CAD/CAM noun the combined use of

call in phrasal verb 1. to visit Their

data and technologies from computer-aid- sales representative called in twice last
ed design and computer-aided manufac- week. 2. to telephone to make contact
turing in a fully automated system that We ask the reps to call in every Friday
covers every part of the manufacturing to report the weeks sales. 3. to ask for
process from design to production. Full a debt to be paid
form computer-aided design/compu- call off phrasal verb to ask for some-
ter-aided manufacturing thing not to take place The union has
calculate /k lkjlet/ verb 1. to find

called off the strike. The deal was

the answer to a problem using numbers called off at the last moment.
The bank clerk calculated the rate of ex- call up phrasal verb to ask for share
change for the dollar. 2. to estimate I capital to be paid
calculate that we have six months stock callable bond /klb()l bnd/
callable bond

left. noun a bond which can be redeemed be-

calculation /k lkjle()n/ noun

fore it matures
the answer to a problem in mathematics call-back pay /kl b k pe/ noun
call-back pay

According to my calculations, we have six pay given to an employee who has been
months stock left. we are 20,000 out called back to work after their usual
in our calculations we have made a mis- working hours
take in our calculations and arrived at a call centre /kl sent/ noun a de-
call centre

figure which is 20,000 too much or too partment or business that operates a large
little number of telephones and specialises in
calendar year /k lnd j/ noun a
calendar year

making calls to sell products or in receiv-

year from the 1st January to 31st Decem- ing calls from customers to helplines or
ber information or after-sales services (NOTE:
call /kl/ noun 1. a conversation on the

A call centre often acts as the central

telephone national call call to any part point of contact between an organisa-
of the country more than 56km from your tion and its customers.)
own exchange to make a call to dial called up capital /kld p
called up capital

and speak to someone on the telephone k pt()l/ noun a share capital in a com-
to take a call to answer the telephone to pany which has been called up but not yet
log calls to note all details of telephone paid for
calls made 2. a demand for repayment of a circular to shareholders highlights
a loan by a lender 3. an official request for that the companys net assets as at August
something 4. a demand to pay for new 1, amounted to 47.9 million less than
shares which then become paid up verb half the companys called-up share capital
1. to telephone someone Ill call you at of 96.8 million. Accordingly, an EGM
your office tomorrow. 2. to call on has been called for October 7 [Times]
Business.fm Page 51 Thursday, April 8, 2004 3:51 PM

51 capacity requirements planning

caller /kl/ noun 1. a person who tel- can-do /k n du/ adjective go-ahead,
caller can-do

ephones 2. a person who visits liking to cope with new challenges

call money /kl mni/ noun money
call money
Shes a can-do individual.
canvass /k nvs/ verb to visit people

loaned for which repayment can be de-

manded without notice. Also called mon- to ask them to buy goods, to vote or to say
ey at call, money on call what they think Hes canvassing for
customers for his hairdressers shop.
call option /kl pn/ noun an op-
call option

Weve canvassed the staff about raising

tion to buy shares at a future date and at a the prices in the staff restaurant.
specific price. Opposite put option
canvasser /k nvs/ noun a person

call rate /kl ret/ noun the number of

call rate

who canvasses
calls per day or per week which a sales- canvassing /k nvs/ noun the

person makes on customers practice of asking people to buy, to vote,

campaign /k mpen/ noun a series of

| or to say what they think door-to-door

co-ordinated activities to reach an objec- canvassing canvassing techniques
tive verb to work in an organized way cap /k p/ noun an upper limit placed on

to get something They are campaigning something, such as an interest rate. The
for better pay for low-paid workers. opposite, i.e. a lower limit, is a floor).
cancel /k nsl/ verb 1. to stop some-
verb to place an upper limit on something
thing which has been agreed or planned to cap a local authoritys budget to
to cancel an appointment or a meeting cap a departments budget (NOTE: cap-
The government has cancelled the order ping capped)
CAP abbr Common Agricultural Policy

for a fleet of buses. The manager is still

ill, so the interviews planned for this week capable /kepb()l/ adjective 1. ca-

have been cancelled. (NOTE: cancelling pable of able or clever enough to do

cancelled. The US spelling is cance- something She is capable of very fast
ling canceled.) 2. to cancel a keyboarding speeds. The sales force
cheque to stop payment of a cheque should be capable of selling all the stock
which has been signed in the warehouse. She is capable of very
cancel out phrasal verb (of two fast typing speeds. 2. efficient She is a
things) to balance each other or act very capable departmental manager.
against each other so that there is no (NOTE: You are capable of something or
change in the existing situation The of doing something.)
two clauses cancel each other out. capacity /kp sti/ noun 1. the

Higher costs have cancelled out the in- amount which can be produced, or the
creased sales revenue. amount of work which can be done in-
cancellation /k nsle()n/ noun
dustrial or manufacturing or production
capacity to work at full capacity to do

the act of stopping something which has

been agreed or planned the cancellation as much work as possible 2. the amount
of an appointment the cancellation of of space to use up spare or excess ca-
an agreement pacity to make use of time or space which
is not fully used 3. ability She has a
/k ns
cancellation clause

cancellation clause |
particular capacity for detailed business
le()n klz/ noun a clause in a con- deals with overseas companies. 4. in
tract which states the terms on which the ones capacity as acting as I signed the
contract may be cancelled document in my capacity as chairman.
candidate /k nddet/ noun a person

analysts are increasingly convinced

who applies for or is considered suitable that the industry simply has too much ca-
for a job or for a training course Ten out pacity [Fortune]
capacity planning /kp sti
capacity planning

of fifty candidates were shortlisted. The |

candidates for department manager were pl n/ noun forward planning to relate
each given a personality test and an intel- production needs to anticipated demand
ligence test. I dont consider him as capacity requirements planning
capacity requirements planning

suitable candidate for management train- /kp sti rkwamnts pl n/

| |

ing. noun planning that determines how much

Business.fm Page 52 Thursday, April 8, 2004 3:51 PM

capacity utilisation 52
machinery and equipment is needed in or- part of its regular trade. Also called fixed
der to meet production targets assets
capacity utilisation /kp sti capital base /k pt()l bes/ noun
capacity utilisation capital base

jutlaze()n/ noun a measurement

| the capital structure of a company (share-
that shows how much of the plant and holders capital plus loans and retained
equipment of a company or industry is ac- profits) used as a way of assessing the
tually being used to produce goods or companys worth
services. It is usually expressed as a ratio capital bonus /k pt()l bns/
capital bonus

between actual output over a particular noun an extra payment by an insurance

period and the maximum output the plant company which is produced by a capital
or equipment designed to produce during gain
the same period. capital city /k pt()l sti/ noun the
capital city

capita /k pt/ per capita


main city in a country, where the govern-

capital /k pt()l/ noun 1. the money, ment is located

property and assets used in a business a capital commitments /k pt()l k

capital commitments

company with 10,000 capital or with a mtmnts/ plural noun expenditure on

capital of 10,000 capital structure of assets which has been authorised by di-
a company the way in which a compa- rectors, but not yet spent at the end of a fi-
nys capital is made up from various nancial period
sources 2. money owned by individuals or capital employed /k pt()l m
capital employed

companies, which they use for investment pld/ noun an amount of capital con-
movements of capital changes of in- sisting of shareholders funds plus the
vestments from one country to another long-term debts of a business. return
flight of capital the rapid movement of on capital employed
capital out of one country because of lack capital equipment /k pt()l
capital equipment

of confidence in that countrys economic kwpmnt/ noun equipment which a

future factory or office uses to work
issued and fully paid capital is $100 capital expenditure /k pt()l k
capital expenditure

million, comprising 2340 shares of $100 spendt/ noun money spent on fixed
each and 997,660 ordinary shares of $100
each [Hongkong Standard] assets such as property, machines and fur-
niture. Also called capital investment,
capital account /k pt()l kant/
capital account

capital outlay. Abbreviation CAPEX
noun 1. an account of dealings such as
capital gain / k pt()l !en/ noun
capital gain

money invested in or taken out of the

company by the owners of a company 2. an amount of money made by selling a
items in a countrys balance of payments fixed asset. Opposite capital loss
capital gains tax /k pt()l !enz
capital gains tax

which do not refer to the buying and sell-

ing merchandise, but refer to investments t ks/ noun a tax on the difference be-
3. the total equity in a business tween the gross acquisition cost and the
net proceeds when an asset is sold. In the
capital allowances /k pt()l
capital allowances

United Kingdom, this tax also applies

lansz/ plural noun the allowances
when assets are given or exchanged, al-
based on the value of fixed assets which though each individual has an annual cap-
may be deducted from a companys prof-
ital gains tax allowance that exempts
its and so reduce its tax liability gains within that tax year below a stated
COMMENT: Under current UK law, depre-
ciation is not allowable for tax on profits, level. In addition, certain assets may be
whereas capital allowances, based on exempt, e.g., a persons principal private
the value of fixed assets owned by the residence and transfers of assets between
company, are tax-allowable. spouses. Abbreviation CGT
capital appreciation /k pt()l capital goods /k pt()l !dz/ plu-
capital appreciation capital goods

priie()n/ noun same as apprecia-

| ral noun machinery, buildings and raw
tion materials which are used to make other
capital assets /k pt()l  sets/ goods
capital assets

capital-intensive industry
capital-intensive industry

plural noun the property, machines and

other assets, which a company owns and /k pt()l ntensv ndstri/ noun an

uses but which it does not buy and sell as industry which needs a large amount of
Business.fm Page 53 Thursday, April 8, 2004 3:51 PM

53 captive market
capital investment in plant to make it capital loss /k pt()l ls/ noun a
capital loss

work loss made by selling assets. Opposite

capital investment /k pt()l n capital gain
capital investment

vestmnt/ noun same as capital ex- capital market /k pt()l mkt/
capital market

penditure noun an international market where mon-

capitalisation /k pt()la ey can be raised for investment in a busi-

ze()n/, capitalization noun the value ness

of a company calculated by multiplying capital outlay /k pt()l atle/
capital outlay

the price of its shares on the stock ex- noun same as capital expenditure
change by the number of shares issued. capital project /k pt()l
capital project

Also called market capitalisation prd$ekt/ noun a large-scale and com-

she aimed to double the companys plex project, often involving construction
market capitalization [Fortune] or engineering work, in which an organi-
capitalisation issue /k ptla
capitalisation issue

| sation spends part of its financial resourc-

ze()n u/ noun same as bonus is- es on creating capacity for production
sue capital
capital project management

project management
capitalisation of reserves /k pt()l prd$ekt m nd$mnt/
capitalisation of reserves

/k pt()laze()n v rz&vz/ noun

| noun the control and organisation of cap-
the issuing free bonus shares to share- ital projects
holders capital requirements /k pt()l r
capital requirements

capitalise /k pt()laz/, capitalize kwamnts/ plural noun the amount of


verb to invest money in a working compa- capital which a firm needs to operate nor-
ny the company is capitalised at mally
10,000 the company has a working cap- capital reserves /k pt()l rz&vz/
capital reserves

ital of 10,000 plural noun money from profits, which

at its last traded price the bank was cap- forms part of the capital of a company and
italized at around $1.05 billion with 60 per can be used for distribution to sharehold-
cent in the hands of the family [South ers only when a company is wound up.
China Morning Post] Also called undistributable reserves
capitalise on phrasal verb to make a capital shares /k pt()l ez/ plu-
capital shares

profit from We are seeking to capital- ral noun (on the Stock Exchange) shares
ise on our market position. in a unit trust which rise in value as the
capitalism /k pt()lz()m/ noun

capital value of the units rises, but do not

the economic system in which each per- receive any income (NOTE: The other
son has the right to invest money, to work form of shares in a split-level investment
in business and to buy and sell, with no re- trust are income shares, which receive
strictions from the state income from the investments, but do not
capitalist / k pt()lst/ adjective rise in value.)

working according to the principles of capital structure /k pt()l

capital structure

capitalism the capitalist system the strkt/ noun the relative proportions
capitalist countries or world noun a of equity capital and debt capital within a
person who invests capital in business en- companys balance sheet
terprises capital transfer tax /k pt()l
capital transfer tax

capitalist economy /k pt()lst tr nsf& t ks/ noun in the United
capitalist economy

knmi/ noun an economy in which Kingdom, a tax on the transfer of assets

each person has the right to invest money, that was replaced in 1986 by inheritance
to work in business and to buy and sell, tax
with no restrictions from the state captain of industry /k ptn v
captain of industry

capital letters / k pt()l letz/ ndstri/ noun a head of a major indus-

capital letters

noun letters written as A, B, C, D, etc., trial company

and not a, b, c, d Write your name in captive market /k ptv mkt/
captive market

block capitals at the top of the form. noun a market where one supplier has a
capital levy /k pt()l levi/ noun a
capital levy

monopoly and the buyer has no choice

tax on the value of a persons property and over the product which he or she must
possessions purchase
Business.fm Page 54 Thursday, April 8, 2004 3:51 PM

capture 54
capture /k pt/ verb to take or get all your life He made his career in elec-

control of something to capture 10% tronics. She has had a varied career,
of the market to sell hard, and so take a having worked in education and industry.
10% market share to capture 20% of a The company offered its employees no
companys shares to buy shares in a advice on their future careers.
company rapidly and so own 20% of it care of /ker v/ phrase (in an ad-
care of

car assembly plant /kr sembli

car assembly plant

| dress) words to show that the person is

plnt/ noun a factory where cars are put living at the address, but only as a visitor
together from parts made in other facto- Herr Schmidt, care of Mr W. Brown
ries caretaker /ketek/ noun a person

carat /k rt/ noun 1. a measure of the


who looks after a building, making sure it

quality of gold (pure gold being 24 carat) is clean and that the rubbish is cleared
a 22-carat gold ring 2. a measure of the away (a caretaker often lives on the
weight of precious stones a 5-carat dia- premises) Go and ask the caretaker to
mond replace the light bulb. (NOTE: The US
COMMENT: Pure gold is 24 carats and is
term is janitor.)
too soft to make jewellery. Most jewellery
cargo /k!/ noun a load of goods

and other items made from gold are not

pure, but between 19 and 22 carats. 22 which are sent in a ship or plane, etc.
carat gold has 22 parts of gold to two the ship was taking on cargo it was be-
parts of alloy.
ing loaded with goods to load cargo to
car boot sale /k bt sel/ noun a
car boot sale

put cargo on a ship

type of jumble sale, organised in a large
cargo plane /k! plen/ noun a
cargo plane

car park or sports field, where people sell

unwanted items from the back of their plane which carries only cargo and not
cars passengers (NOTE: The plural is car-
card /kd/ noun 1. stiff paper We
cargo ship /k! p / noun a ship
cargo ship

have printed the instructions on thick

white card. 2. a small piece of cardboard which carries cargo, not passengers
or plastic, usually with information print- car-hire /k ha/ noun the business

ed on it He showed his staff card to get of lending cars to people for a payment
a discount in the store. 3. a postcard 4. He runs a car-hire business.
to get your cards to be dismissed
car hire firm /k ha f&m/ noun a
car hire firm

cardholder /kdhld/ noun 1. a


person who holds a credit card or bank company which owns cars or equipment
cash card 2. a frame which protects a card and lends them to customers for a pay-
or a message ment
car insurance /kr nrns/
car insurance

card index /kd ndeks/ noun a se-

card index

ries of cards with information written on noun the insuring of a car, the driver and
them, kept in special order so that the in- passengers in case of accident
formation can be found easily We use carnet /kne/ noun an international

an alphabetical card-index system for document which allows dutiable goods to

staff records. cross several European countries by road
card-index /kd ndeks/ verb to put without paying duty until the goods reach

information onto a card index their final destination

card-index file /kd ndeks fal/ car rental firm / k rent()l f&m/
card-index file car rental firm

noun information kept on filing cards noun a company which specialises in of-
card-indexing /kd ndeks/ noun fering cars for rent

the process of putting information onto a carriage /k rd$/ noun 1. the trans-

card index No one can understand her porting of goods from one place to anoth-
card-indexing system. er to pay for carriage 2. the cost of
card phone /kd fn/ noun a public
card phone

transport of goods to allow 10% for

telephone which works when you insert a carriage Carriage is 15% of the total
phonecard cost. carriage prepaid a note showing
career / kr/ noun a job which you

| that the transport costs have been paid in

are trained for and which you expect to do advance
Business.fm Page 55 Thursday, April 8, 2004 3:51 PM

55 cash and carry

carriage forward /k rd$ fwd/ cartage /ktd$/ noun the activity of
carriage forward cartage

noun a deal where the customer pays for carrying goods by road
transporting the goods cartel /ktel/ noun a group of compa-

carriage free /k rd$ fri/ adverb

carriage free

nies which try to fix the price or to regu-

the customer does not pay for the ship- late the supply of a product so that they
ping can make more profit
carriage paid /k rd$ ped/ noun a carter /kt/ noun a person who trans-
carriage paid carter

deal where the seller has paid for the ship- ports goods by road
ping carton /kt()n/ noun 1. thick card-

carrier /k ri/ noun 1. a company


board a folder made of carton 2. a box

which transports goods We only use made of cardboard a carton of milk
reputable carriers. 2. a vehicle or ship case /kes/ noun 1. a typical example of

which transports goods something The company has had sever-

carriers risk /k riz rsk/ noun the
carriers risk

al cases of petty theft in the post room. 2.

responsibility of a carrier to pay for dam- reasons for doing something The nego-
age or loss of goods being shipped tiations put the unions case for a pay
carry /k ri/ verb 1. to take from one rise. 3. the case is being heard next

place to another a tanker carrying oil week the case is coming to court next
from the Gulf The truck was carrying week verb to pack (items) in a case
goods to the supermarket. (NOTE: carries case study /kes std/ noun a true
case study

carrying carried) 2. to vote to ap- or invented business situation used in

prove (NOTE: carries carrying car- business training to practise decision-
ried) the motion was carried the mo- making The marketing case study con-
tion was accepted after a vote 3. to pro- sisted of a long history of the company,
duce The bonds carry interest at 10%. the present situation and a choice of stra-
(NOTE: carries carrying carried) 4. tegic plans. The case study was about
to keep in stock to carry a line of goods territory-planning in a city in which there
We do not carry pens. ( NOTE: carries were a number of accounts of varying im-
carrying carried) noun the cost of portance.
borrowing to finance a deal (NOTE: car- cash /k / noun 1. money in the form

ries carrying carried) of coins or notes 2. the using of money in

carry down, carry forward phrasal coins or notes to pay cash down to pay
verb to take an account balance at the in cash immediately verb to cash a
end of the current period as the starting cheque to exchange a cheque for cash
point for the next period balance car- cash in phrasal verb to sell shares or
ried forward, balance c or f the other property for cash
amount entered in an account at the end cash in on phrasal verb to profit from
of a period or page of an account book The company is cashing in on the in-
to balance the debit and credit entries; it terest in computer games.
is then taken forward to start the next cash up phrasal verb to add up the
period or page cash in a shop at the end of the day
carry on phrasal verb to continue or to
cashable /k b()l/ adjective able to

go on doing something The staff car-

ried on working in spite of the fire. to be cashed A crossed cheque is not cash-
carry on a business to be active in run- able at any bank.
cash account /k kant/ noun an
cash account

ning a business |

carry over phrasal verb 1. to carry account which records the money which
over a balance to take a balance from is received and spent
cash advance /k dvns/ noun a
cash advance

the end of one page or period to the be- |

ginning of the next 2. to carry over loan in cash against a future payment
stock to hold stock from the end of one cash and carry /k n k ri/ noun
cash and carry

stocktaking period to the beginning of a large store selling goods at low prices,
the next where the customer pays cash and takes
carrying /k ri/ noun transporting the goods away immediately We get our

from one place to another carrying supplies every morning from the cash and
charges carrying cost carry.
Business.fm Page 56 Thursday, April 8, 2004 3:51 PM

cashback 56
the small independent retailer who cash float /k flt/ noun cash put
cash float

stocks up using cash and carries could be into the cash box at the beginning of the
hit hard by the loss of footfall associated day or week to allow change to be given
with any increase in smuggled goods to customers
[The Grocer]
cash flow / k fl/ noun cash which
cash flow

cashback /k b k/ noun a discount


comes into a company from sales (cash

system where a purchaser receives a cash inflow) or the money which goes out in
discount on the completion of the pur- purchases or overhead expenditure (cash
chase outflow) the company is suffering
cash balance /k b lns/ noun a
cash balance

from cash flow problems cash income is

balance in cash, as opposed to amounts not coming in fast enough to pay the ex-
owed penditure going out
cash basis /k bess/ noun a cash flow forecast /k fl
cash basis cash flow forecast

method of preparing the accounts of a fkst/ noun a forecast of when cash

business, where receipts and payments will be received or paid out
are shown at the time when they are cash flow statement /k fl
cash flow statement

made, as opposed to showing debts or stetmnt/ noun a record of a compa-

credits which are outstanding at the end of nys cash inflows and cash outflows over
the accounting period. Also called re- a specific period of time, typically a year
ceipts and payments basis
cashier /k / noun 1. a person who

cash book /k bk / noun a book in

cash book

takes money from customers in a shop or

which all cash payments and receipts are who deals with the money that has been
recorded. In a double-entry bookkeeping paid 2. a person who deals with custom-
system, the balance at the end of a given ers in a bank and takes or gives cash at the
period is included in the trial balance and counter
then transferred to the balance sheet it- cashiers check /k z tek/ noun
cashiers check


US a banks own cheque, drawn on itself

cash box /k bks/ noun metal box
cash box

and signed by a cashier or other bank of-

for keeping cash ficial
cash budget /k bd$t/ noun a
cash budget

cash in hand /k n h nd/ noun

cash in hand

plan of cash income and expenditure money and notes, kept to pay small
cash card / k kd/ noun a plastic
cash card

amounts but not deposited in the bank

card used to obtain money from a cash cash items /k atmz/ plural noun
cash items

dispenser goods sold for cash

cash cow /k ka / noun a product or cashless society /k ls ssati/
cash cow
cashless society

subsidiary company that consistently noun a society where no one uses cash, all
generates good profits but does not pro- purchases being made by credit cards,
vide growth charge cards, cheques or direct transfer
cash deal /k dil/ noun a sale done from one account to another
cash deal

for cash cash limit /k lmt/ noun a fixed

cash limit

cash desk /k desk/ noun the place amount of money which can be spent dur-
cash desk

in a store where you pay for the goods ing some period
bought cash offer /k f/ noun an offer to
cash offer

cash discount /k dskant/ noun pay in cash, especially an offer to pay

cash discount

a discount given for payment in cash. cash when buying shares in a takeover bid
Also called discount for cash cash on delivery /k n dlv()ri/
cash on delivery

cash dispenser /k dspens/ noun payment in cash when goods are de-
cash dispenser

noun a machine which gives out money livered. Abbreviation COD

cash payment /k pemnt/ noun
cash payment

when a special card is inserted and in-

structions given payment in cash
cash economy /k knmi/ noun cashpoint /k pnt/ noun a place
cash economy cashpoint

| |

a black economy, where goods and serv- where there are cash dispensers where a
ices are paid for in cash, and therefore not card holder can get cash by using his cash
declared for tax card
Business.fm Page 57 Thursday, April 8, 2004 3:51 PM

57 caveat emptor
cash position /k pz()n/ noun casual work /k $ul w&k/ noun
cash position casual work

a state of the cash which a company cur- work where the employees are hired only
rently has available for a short period
cash price /k pras/ noun a lower casual worker /k $ul w&k/ noun
casual worker
cash price

price or better terms which apply if the an employee who can be hired for a short
customer pays cash period
catalogue /k t()l!/ noun a publi-

cash purchase /k p&ts/ noun a

cash purchase

purchase made for cash cation which lists items for sale, usually
showing their prices an office equip-
cash register /k red$st/ noun a
cash register

ment catalogue They sent us a cata-

machine which shows and adds the prices logue of their new range of products.
of items bought, with a drawer for keep- verb to put an item into a catalogue
ing the cash received (NOTE: [all senses] The usual US spell-
cash reserves /k rz&vz/ plural
cash reserves

| ing is catalog.)
noun a companys reserves in cash depos- catalogue price /k t()l! pras/
catalogue price

its or bills kept in case of urgent need noun a price as marked in a catalogue or
The company was forced to fall back on list
its cash reserves. category /k t!()ri/ noun a type or

cash sale /k sel/ noun a transac-

cash sale

sort of item We deal only in the most ex-

tion paid for in cash pensive categories of watches. The
cash-strapped /k str pt/ adjec- company has vacancies for most catego-

tive short of money ries of office staff.

cater for phrasal verb to deal with or
cash terms / k t&mz/ plural noun
cash terms

provide for The store caters mainly

lower terms which apply if the customer for overseas customers.
pays cash
caterer /ketr/ noun a person or

cash till /k tl/ noun same as cash

cash till

company that supplies food and drink, es-

register pecially for parties
transaction /k tr n
cash transaction

cash |
catering /ketr/ noun the activity

z kn/ noun a transaction paid for in of supplying food and drink for a party etc
cash adjective catering for which pro-
cash voucher /k vat/ noun a vides for a store catering for overseas
cash voucher

piece of paper which can be exchanged visitors

for cash With every 20 of purchases, catering trade /ketr tred/ noun
catering trade

the customer gets a cash voucher to the the food trade, especially businesses sup-
value of 2. plying food that is ready to eat
cash with order /k w d/ cause /kz/ noun a thing which makes
cash with order cause

noun terms of sale showing the payment something happen What was the cause
has to be made in cash when the order is of the banks collapse? The police tried
placed. Abbreviation CWO to find the cause of the fire. verb to
casting vote /kst vt/ noun a
casting vote
make something happen The recession
vote used by the chairman in the case caused hundreds of bankruptcies.
caveat /k vi t/ noun warning to

where the votes for and against a proposal

are equal The chairman has the casting enter a caveat to warn someone legally
vote. She used her casting vote to block that you have an interest in a case, and
the motion. that no steps can be taken without your
casual /k $ul/ adjective 1. informal

caveat emptor /k vi t empt/

caveat emptor

or not serious 2. not permanent, or not

regular phrase a Latin phrase meaning let the
buyer beware, which indicates that the
casual labour /k $ul leb/ noun
casual labour

buyer is responsible for checking that

workers who are hired for a short period what he or she buys is in good order
casual labourer /k $ul lebr/
casual labourer

the idea that buyers at a car boot sale

noun a worker who can be hired for a should have any rights at all is laughable.
short period Even those who do not understand Latin
Business.fm Page 58 Thursday, April 8, 2004 3:51 PM

caveat venditor 58
know that caveat emptor is the rule central /sentrl/ adjective organised

[Times] from one main point

caveat venditor /k vi t vendit/ central bank /sentrl b k/ noun the
caveat venditor
central bank

phrase a Latin phrase meaning let the main government-controlled bank in a

seller beware, which indicates that the country, which controls that countrys fi-
seller is legally bound to make sure that nancial affairs by fixing main interest
the goods he sells are in good order rates, issuing currency, supervising the
CB abbr cash book

commercial banks and trying to control

CBI abbr Confederation of British Indus-

the foreign exchange rate

try central government /sentrl
central government

cc a way of including other parties in an


!v()nmnt/ noun the main govern-

e-mail conversation even if the message is ment of a country as opposed to munici-
not addressed to them directly. Cc is a pal, local, provincial or state governments
convention carried through from tradi- centralisation /sentrlaze()n/,

tional business practices when carbon centralization noun the organisation of

copies were kept of typewritten letters everything from a central point
sent to customers or suppliers. (NOTE: cc centralise /sentrlaz/, centralize

is put at the bottom of a letter, under the verb to organise from a central point All
signature, to show who has been sent a purchasing has been centralised in our
copy of it) main office. The group benefits from a
CCA abbr current cost accounting

highly centralised organisational struc-

CD abbr certificate of deposit

ture. The company has become very

c/d abbr carried down
centralised, and far more staff work at
cede /sid/ verb to give up property to
central office /sentrl fs/ noun the
central office

someone else
ceiling /sil/ noun the highest point
main office which controls all smaller of-
that something can reach, e.g. the highest fices
central planning /sentrl pl n/
central planning

rate of a pay increase to fix a ceiling for

a budget There is a ceiling of $100,000 noun also called state planning
central purchasing /sentrl
central purchasing

on deposits. Output reached its ceiling

in June and has since fallen back. What p&ts/ noun purchasing organised by
ceiling has the government put on wage a central office for all branches of a com-
increases this year? pany
ceiling price /sil pras/ noun the centre /sent/ noun 1. an important
ceiling price

highest price that can be reached town Sheffield is a major industrial

cellular telephone
cellular telephone

/seljl centre. Nottingham is the centre for the

telfn/, cell telephone /sel shoe industry. 2. a department, area, or
telfn/ noun a telephone which can be function to which costs and/or revenues
carried around If Im not in the office are charged (NOTE: [all senses] The US
for some reason you can always reach me spelling is center.)
centre of excellence /sentr v
centre of excellence

on my cellular telephone. (NOTE: The UK

term is mobile phone.) ekslns/ noun an organisation which is
cent /sent/ noun a small coin, one hun-
recognised as being successful and hav-
dredth of a dollar The stores are only a ing a world-wide reputation in its field,
25-cent bus ride away. They sell orang- and so receives special funding
CEO abbr chief executive officer

es at 99 cents each. (NOTE: Cent is usual-

certain /s&t()n/ adjective 1. sure

ly written in prices: 25, but not when

a dollar price is mentioned: $1.25.) The chairman is certain we will pass last
per cent years total sales. 2. a certain one par-
centimetre /sentmit/ noun a meas-
ticular a certain number, a certain
urement of length (one hundredth of a quantity some A certain number of
metre) The paper is fifteen centimetres lines are being discontinued.
certificate /stfkt/ noun 1. an offi-

wide. (NOTE: centimetre is usually writ- |

ten cm after numbers: 260 cm. The usu- cial document carrying an official decla-
al US spelling is centimeter.) ration by someone, and signed by that
Business.fm Page 59 Thursday, April 8, 2004 3:51 PM

59 chairman
person 2. an official document which certified cheque /s&tfad tek/,
certified cheque

shows that something is owned by some- certified check noun a cheque which a
one or that something is true bank says is good and will be paid out of
certificated bankrupt /stfketd money put aside from the payers bank
certificated bankrupt

b krpt/ noun a bankrupt who has account

been discharged from bankruptcy with a certified copy /s&tfad kpi/ noun
certified copy

certificate to show that he or she was not a document which is certified as being the
at fault same as another
certificate of airworthiness /s certified public accountant
certificate of airworthiness certified public accountant

tfkt v ew&ns/ noun a docu- /s&tfad pblk kantnt/ noun |

ment to show that an aircraft is safe to fly US an accountant who has passed the ex-
certificate of approval /stfkt aminations of the AICPA and been given
certificate of approval

v pruv()l/ noun a document show-

a certificate by a state, allowing him or
ing that an item has been approved offi- her to practise in that state. Abbreviation
cially CPA
certify /s&tfa/ verb to make an offi-

certificate of deposit /stfkt v

certificate of deposit

dpzt/ noun a document from a bank

cial declaration in writing I certify that
showing that money has been deposited at this is a true copy. The document is cer-
a guaranteed interest rate for a certain pe- tified as a true copy. (NOTE: certifies
riod of time. Abbreviation CD certifying certified)
cession /se()n/ noun the act of giv-

interest rates on certificates of deposit

may have little room to decline in August ing up property to someone, especially a
as demand for funds from major city banks creditor
is likely to remain strong. After delaying c/f abbr carried forward

for months, banks are now expected to is- CFO abbr chief financial officer

sue a large volume of CDs. If banks issue

CGT abbr capital gains tax

more CDs on the assumption that the offi-

chain /ten/ noun a series of stores or

cial discount rate reduction will be de-

layed, it is very likely that CD rates will be other businesses belonging to the same
pegged for a longer period than expected company a chain of hotels or a hotel
[Nikkei Weekly] chain the chairman of a large do-it-
COMMENT: A CD is a bearer instrument, yourself chain He runs a chain of shoe
which can be sold by the bearer. It can shops. She bought several garden cen-
be sold at a discount to the value, so that tres and gradually built up a chain.
the yield on CDs varies.
certificate of incorporation /s
certificate of incorporation
the giant US group is better known for
its chain of cinemas and hotels rather than

tfkt v nkpre()n/ noun a

| |
its involvement in shipping [Lloyds List]
document issued by Companies House to
chain store /ten st/ noun one
chain store

show that a company has been legally set

up and officially registered store in a chain
chair /te/ noun the position of the

certificate of origin / stfkt v

certificate of origin

chairman, presiding over a meeting to


rd$n/ noun a document showing

be in the chair Mr Smith was in the
where imported goods come from or were chair. Mrs Brown was voted into the
made chair. Mr Jones took the chair Mr
certificate of registration /s
certificate of registration

Jones presided over the meeting to ad-
tfkt v red$stre()n/ noun a |
dress the chair to speak to the chairman
document showing that an item has been and not to the rest of the people at the
registered meeting Please address your remarks
certification /stfke()n/ noun

| | to the chair. verb to preside over a

the act of giving an official certificate of meeting The meeting was chaired by
approval Mrs Smith.
certified accountant /s&tfad chairman /temn/ noun 1. a person
certified accountant chairman

kantnt/ noun an accountant who has who is in charge of a meeting Mr

passed the professional examinations and Howard was chairman or acted as chair-
is a member of the Chartered Association man 2. a person who presides over the
of Certified Accountants board meetings of a company the chair-
Business.fm Page 60 Thursday, April 8, 2004 3:51 PM

chairman and managing director 60

man of the board or the company chair- give someone change for 10 to give
man the chairmans report, the chair- someone coins or notes in exchange for a
mans statement an annual report from ten pound note 2. money given back by
the chairman of a company to the share- the seller, when the buyer can pay only
holders with a larger note or coin than the amount
the corporations entrepreneurial chair- asked She gave me the wrong change.
man seeks a dedicated but part-time presi- You paid the 5.75 bill with a 10 note, so
dent. The new president will work a three- you should have 4.25 change. keep
day week [Globe and Mail (Toronto)] the change keep it as a tip (said to e.g.
chairman and managing director
chairman and managing director

waiters, taxi-drivers) 3. an alteration of

/temn n m nd$ darekt / | the way something is done or of the way
noun a managing director who is also work is carried out verb 1. to change
chairman of the board of directors a 20 note to give someone smaller notes
chairmanship /temnp/ noun
or coins in place of a 20 note 2. to give
the fact of being a chairman The com- one type of currency for another to
mittee met under the chairmanship of Mr change 1,000 into dollars We want to
Jones. change some travellers cheques. 3. to
change hands (of a business, property,
chairperson /tep&s()n/ noun a

etc.) to be sold to a new owner The shop

person who is in charge of a meeting changed hands for 100,000.
(NOTE: The plural is chairpersons.)
change machine /tend$ min/
change machine

chairwoman / tewmn/ noun a


woman who is in charge of a meeting noun a machine which gives small

(NOTE: The plural is chairwomen.) change for a note or larger coin
change management /tend$
change management

Chamber of Commerce /tembr

Chamber of Commerce

v km&s/ noun a group of local busi- m nd$mnt/ noun the control and or-
ness people who meet to discuss prob- ganisation of the changes that take place
lems which they have in common and to within a business during a period when it
promote commerce in their town is adapting itself to deal with new situa-
chambers /tembz/ plural noun of-
chambers tions
fice of a lawyer or judge the judge change of ownership /tend$ v
change of ownership

heard the case in chambers he heard the np/ noun (of a business) the proc-
case in his private office, and not in court ess of being sold to a new owner The
chance /tns/ noun 1. the fact of be-
change of ownership has had an effect on
ing possible The company has a good staff morale.
changer /tend$/ noun a person

chance of winning the contract. His

promotion chances are small. 2. the op- who changes money
portunity to do something She is wait- channel / t n()l/ noun a means by

ing for a chance to see the managing di- which information or goods pass from
rector. He had his chance of promotion one place to another to go through the
when the finance directors assistant re- official channels to deal with govern-
signed. (NOTE: You have a chance of do- ment officials, especially when making a
ing something or to do something.) request verb to send in some direction
Chancellor of the Exchequer They are channelling their research
Chancellor of the Exchequer

/tnslr v i kstek/ noun the

| funds into developing European commu-
chief finance minister in a government nication systems. (NOTE: channelling
(NOTE: The US term is Secretary of the channelled. The US spelling is chan-
Treasury.) neling channeled.)
chandler /tndl/ noun a person channel of distribution /t n()l
chandler channel of distribution

who deals in goods, especially supplies to v dstrbju()n/ noun same as dis-


ships There is a ship chandlers near tribution channel

the yacht club. chapter /t pt/ noun US a section of

chandlery /tndlri/ noun a chan-


an Act of Congress
dlers shop the company filed under Chapter 11 of
change /tend$/ noun 1. money in

the federal bankruptcy code, the largest

coins or small notes. exchange to failure ever in the steel industry [Fortune]
Business.fm Page 61 Thursday, April 8, 2004 3:51 PM

61 chartered
the firm, whose trademark dates back these purchases to the company account.
to 1871, has been desperately trying to cut 4. to accuse someone formally of having
costs to compete with manufacturers in committed a crime He was charged
cheaper countries, but has also been hit by with embezzling his clients money.
management problems. It said the filing chargeable /td$b()l/ adjective

for Chapter 11 protection should have lit-

tle impact on customers and employees able to be charged repairs chargeable
and would allow it to restructure [Times] to the occupier
charge account /td$ kant/
charge account

Chapter 7 /t pt sevn/ noun a

Chapter 7

noun an arrangement which a customer

section of the US Bankruptcy Reform Act has with a store to buy goods and to pay
1978, which sets out the rules for the liq- for them at a later date, usually when the
uidation of an incorporated company invoice is sent at the end of the month
Chapter 11 /t pt ten/ noun a sec-
Chapter 11

(NOTE: The customer will make regular

tion of the US Bankruptcy Reform Act monthly payments into the account and
1978, which allows a corporation to be is allowed credit of a multiple of those
protected from demands made by its cred- payments.)
itors for a period of time, while it is reor- charge by way of legal mortgage
charge by way of legal mortgage

ganised with a view to paying its debts. /td$ ba we v li!()l m!d$/

The officers of the corporation will nego- noun a way of borrowing money on the
tiate with its creditors as to the best way security of a property, where the mortga-
of reorganising the business. gor signs a deed which gives the mortga-
Chapter 13 /t pt &rtin/ noun a
Chapter 13

| gee an interest in the property

section of the Bankruptcy Reform Act charge card /td$ kd/ noun a
charge card

1978, which allows a business to continue type of credit card for which a fee is pay-
trading and to pay off its creditors by reg- able, but which does not allow the user to
ular monthly payments over a period of take out a loan, e.g. American Express.
time The total sum must be charged at the end
charge /td$/ noun 1. money which of each month.

must be paid, or the price of a service to chargee /td$i/ noun a person who

make no charge for delivery to make a has the right to force a debtor to pay
small charge for rental There is no chargehand /td$h nd/ noun a

charge for this service or No charge is senior operator in a group of workers un-
made for this service. 2. a debit on an ac- der a foreman who has responsibility for
count It appears as a charge on the ac- seeing that day-to-day problems are
counts. 3. management or control to be solved
in charge of something to be the manag- charges forward /td$z fwd/
charges forward

er or to deal with something She is in noun charges which will be paid by the
charge of all our HR documentation. to customer
take charge of something to start to deal
chart / tt/ noun a diagram displaying

with something or to become responsible

for something When the manager was information as a series of lines, blocks,
ill, his deputy took charge of the depart- etc.
charter /tt/ noun 1. a document

ment. 4. a formal accusation in a court

He appeared in court on a charge of em- giving special legal rights to a group a
bezzling or on an embezzlement charge. shoppers charter or a customers charter
verb 1. to ask someone to pay for services 2. the action or business of hiring trans-
later to charge the packing to the cus- port for a special purpose boat on char-
tomer, to charge the customer with the ter to Mr Smith a boat which Mr Smith
packing the customer has to pay for pack- has hired for a voyage verb to hire for a
ing 2. to ask for money to be paid to special purpose to charter a plane or a
charge 5 for delivery How much does boat or a bus
he charge? he charges 16 an hour he chartered /ttd/ adjective 1. refer-

asks to be paid 16 for an hours work 3. ring to a company which has been set up
to pay for something by putting it on a by charter, and not registered under the
charge account Can you charge the Companies Act a chartered bank 2. a
meal to my room? I want to charge chartered ship or bus or plane a ship,
Business.fm Page 62 Thursday, April 8, 2004 3:51 PM

chartered accountant 62
bus or plane which has been hired for a cheat /tit/ verb to trick someone so

special purpose that he or she loses money He cheated

chartered accountant /ttd the Inland Revenue out of thousands of
chartered accountant

kantnt/ noun an accountant who has pounds. She was accused of cheating
passed the professional examinations and clients who came to ask her for advice.
is a member of the Institute of Chartered check /tek/ noun 1. a sudden stop to

Accountants. Abbreviation CA put a check on imports to stop some im-

charterer /ttr/ noun a person ports coming into a country 2. investiga-

who hires a ship etc. for a special purpose tion or examination a routine check of
chartering /ttr/ noun the act of
the fire equipment The auditors carried
hiring for a special purpose out checks on the petty cash book. 3. US
(in a restaurant) a bill 4. US same as
charter party /tt pt/ noun a
charter party

cheque 5. US a mark on paper to show

contract between the owner and the char- that something is correct Make a check
terer of a ship in the box marked R. (NOTE: The UK
chartist /ttst/ noun a person who

term is tick.) verb 1. to stop or delay

studies stock market trends and forecasts something to check the entry of contra-
future rises or falls band into the country to check the flow
chase /tes/ verb to try to speed up of money out of a country 2. to examine or

work by asking how it is progressing to investigate something to check that

We are trying to chase up the accounts de- an invoice is correct to check and sign
partment for the cheque. We will chase for goods she checked the computer
your order with the production depart- printout against the invoices she exam-
ment. ined the printout and the invoices to see if
chaser /tes/ noun a letter to remind
the figures were the same 3. US to mark
someone of something (especially to re- something with a sign to show that it is
mind a customer that an invoice has not correct check the box marked R
been paid) The computer automatically (NOTE: The UK term is tick.)
sends chasers after sixty days to custom- check in phrasal verb 1. (at a hotel ) to
ers who have not paid. arrive at a hotel and sign for a room he
checked in at 12.15 2. (at an airport) to
chattels /t t()lz/ plural noun goods,

moveable property but not real estate give in your ticket to show you are ready
to take the flight 3. to check baggage
cheap /tip/ adjective, adverb not

in to pass your baggage to the airline to

costing a lot of money or not expensive put it on the plane for you
to buy something cheap at a low price check out phrasal verb 1. (at a hotel)
He bought two companies cheap and sold to leave and pay for a room We will
them again at a profit. they work out check out before breakfast. 2. to go
cheaper by the box these items are through a checkout and pay for the
cheaper per unit if you buy a box of them goods bought
cheap labour /tip leb/ noun checkbook /tekbk/ noun US spell-
cheap labour

workers who do not earn much money ing of cheque book

cheaply /tipli/ adverb without pay- check-in /tek n/ noun a place where

ing much money The salesman was liv- passengers give in their tickets for a flight
ing cheaply at home and claiming an The check-in is on the first floor.
enormous hotel bill on expenses. check-in counter /tek n kant/
check-in counter

cheap money /tip mni/ noun

cheap money

noun a place where plane passengers

money which can be borrowed at a low have to check in
rate of interest checking /tek/ noun an examina-

cheapness /tipns/ noun the fact of tion or investigation The inspectors


being cheap The cheapness of the found some defects during their checking
pound means that many more tourists will of the building.
come to London. checking account /tek kant/
checking account

cheap rate /tip ret/ noun a rate noun US same as current account 1
cheap rate

which is not expensive Cheap rate check-in time /tek n tam/ noun a
check-in time

phone calls start at 8 p.m. time at which passengers should check in

Business.fm Page 63 Thursday, April 8, 2004 3:51 PM

63 Chinese walls
checklist /teklst/ noun a list of some amount, even if the user has no

points which have to be checked before money in his account

something can be regarded as finished, or cheque requisition /tek
cheque requisition

as part of a procedure for evaluating rekwz()n/ noun an official note

something from a department to the company ac-
checkoff /tekf/ noun US a system counts staff asking for a cheque to be

where union dues are automatically de- written

ducted by the employer from an employ- cheque stub /tek stb/ noun a piece
cheque stub

ees pay cheque Checkoffs are seen by of paper left in a cheque book after a
most employees as worthwhile as long as cheque has been written and taken out
their interests are well represented by the cherry-picking /teri pk/ noun

union. After checkoffs and tax deduc- the practice of choosing only the best or
tions the employees pay had been re- most valuable items from among a group
duced by one third.
chief /tif/ adjective most important

checkout /tekat/ noun the place


He is the chief accountant of an industrial

where goods are paid for in a shop or su- group. She is the chief buyer for a de-
permarket We have opened two more partment store.
checkouts to cope with the Saturday rush.
chief executive /tif !zekjtv/,
chief executive

check sample /tek smp()l/

check sample |

chief executive officer /tif ! |

noun a sample to be used to see if a con- zekjtv fs/ noun US the most im-
signment is acceptable portant director in charge of a company.
cheque /tek/ noun a note to a bank

Abbreviation CEO
asking them to pay money from your ac- chief financial officer /tif fa
chief financial officer

count to the account of the person whose


n nl fs/ noun an executive in

name is written on the note a cheque for
charge of a companys financial opera-
10 or a 10 cheque (NOTE: The US tions, reporting to the CEO. Abbreviation
spelling is check.) cheque to the bear-
er a cheque with no name written on it, so
chief information officer /tif nf
chief information officer

that the person who holds it can cash it |

to endorse a cheque to sign a cheque on me()n fs/ noun the most senior
the back to show that you accept it to person with responsibility for an organi-
make out a cheque to someone to write sations information systems and some-
someones name on a cheque Who shall times also for its e-business technology.
I make the cheque out to? to pay by Abbreviation CIO
chief operating officer /tif
chief operating officer

cheque to pay by writing a cheque, and

not using cash or a credit card to pay a pret fs/ noun a director in
cheque into your account to deposit a charge of all a companys operations
cheque the bank referred the cheque (same as a managing director). Abbrevi-
to the drawer the bank returned the ation COO
cheque to the person who wrote it because Chief Secretary to the Treasury
Chief Secretary to the Treasury

there was not enough money in the ac- /tif sekrtri t tre$()ri/ noun a
count to pay it to sign a cheque to sign government minister responsible to the
on the front of a cheque to show that you Chancellor of the Exchequer for the con-
authorise the bank to pay the money from trol of public expenditure (NOTE: In the
your account to stop a cheque to ask a USA, this is the responsibility of the Di-
bank not to pay a cheque which has been rector of the Budget.)
signed and sent chief technology officer / tif tek
chief technology officer

cheque account /tek kant/ nld$i fs/, chief technical officer

cheque account

noun same as current account /tif teknk()l fs/ noun the most
cheque book /tek bk/ noun a senior person with responsibility for an
cheque book

booklet with new blank cheques (NOTE: organisations research and development
The usual US term is checkbook.) activities and sometimes for its new prod-
cheque card /tek kd/, cheque uct plans. Abbreviation CTO
cheque card

guarantee card /tek ! rnti kd/ Chinese walls /taniz wlz/ plu-
Chinese walls

noun a plastic card from a bank which ral noun imaginary barriers between de-
guarantees payment of a cheque up to partments in the same organisation, set up
Business.fm Page 64 Thursday, April 8, 2004 3:51 PM

chit 64
to avoid insider dealing or conflict of in- count in order to earn their commission.
terest. For example, if a merchant bank is The deals are frequently of no advantage
advising on a planned takeover bid, its in- to the client. 2. a practice employed by in-
vestment department should not know surance salesmen where the salesman
that the bid is taking place, or they would suggests that a client should change his or
advise their clients to invest in the compa- her insurance policy solely in order to
ny being taken over. earn the salesman a commission
chit /tt/ noun a bill (for food or drink more small investors lose money

in a club) through churning than almost any other

abuse, yet most people have never heard of
choice /ts/ noun 1. a thing which is

it. Churning involves brokers generating

chosen You must give the customer time income simply by buying and selling in-
to make their choice. 2. a range of items vestments on behalf of their clients. Con-
to choose from We have only a limited stant and needless churning earns them
choice of suppliers. the shop carries a hefty commissions which bites into the in-
good choice of paper the shop carries vestment portfolio [Guardian]
many types of paper to choose from ad- churn rate /t&n ret/ noun 1. a
churn rate

jective (of food) specially selected measurement of how often new custom-
choice meat choice wines choice ers try a product or service and then stop
foodstuffs using it 2. a measurement of how many
choose /tuz/ verb to decide to do a

stocks and bonds are traded in a broker-

particular thing or to buy a particular item age account and how often they are traded
(as opposed to something else) There CIF, c.i.f. abbr cost, insurance, and

were several good candidates to choose freight

from. They chose the only woman appli- circular /s&kjl/ adjective sent to

cant as sales director. You must give the many people noun a leaflet or letter
customers plenty of time to choose. sent to many people They sent out a cir-
(NOTE: choosing chose has cho- cular offering a 10% discount. Senior
sen) management sent out a circular to all the
chop /tp/ noun a mark made on a doc-

employees explaining the changes in the

ument to show that it has been agreed, ac- payment scheme.
knowledged, paid, or that payment has circularise /s&kjlraz/, circular-

been received ize verb to send a circular to The com-

Christmas bonus

Christmas bonus mittee has agreed to circularise the mem-

bns/ noun an extra payment made to bers of the society. They circularised all
staff at Christmas their customers with a new list of prices.
chronological order circular letter /s&kjl let/ noun a
chronological order circular letter

/krnld$k()l d/ noun the ar- letter sent to many people

rangement of records such as files and in- circular letter of credit /s&kjl
circular letter of credit

voices in order of their dates letr v kredt/ noun a letter of credit

churn / t&n/ verb 1. to be in a situation sent to all branches of the bank which is-

where many employees stay for only a sues it

short time and then leave and have to be circulate /s&kjlet/ verb 1. to cir-

replaced 2. to buy many different prod- culate freely (of money) to move about
ucts or services one after the other with- without restriction by the government 2.
out showing loyalty to any of them (NOTE: to send or to give out without restrictions
Churning often happens when compa- to circulate money to issue money, to
nies have competitive marketing strate- make money available to the public and
gies and continually undercut their ri- industry 3. to send information to They
vals prices. This encourages customers circulated a new list of prices to all their
to switch brands constantly in order to customers. They circulated information
take advantage of cheaper or more at- about job vacancies to all colleges in the
tractive offers.) area.
churning /t&n/ noun 1. a practice circulating capital /s&kjlet
churning circulating capital

employed by stockbrokers, where they k pt()l/ noun capital in the form of

buy and sell on a clients discretionary ac- cash or debtors, raw materials, finished
Business.fm Page 65 Thursday, April 8, 2004 3:51 PM

65 claiming
products and work in progress which a civil engineering /sv()l end$
civil engineering

company requires to carry on its business nr/ noun the construction of roads,
circulation /s&kjle()n/ noun 1. bridges, railways, etc.

civil law /sv()l l/ noun laws relat-

civil law

the act of sending information The com-

pany is trying to improve the circulation ing to peoples rights and to agreements
of information between departments. 2. between individuals
movement to put money into circula- civil servant /sv()l s&vnt/ noun a
civil servant

tion to issue new notes to business and the person who works in the civil service
public The amount of money in circula- civil service /sv()l s&vs/ noun the
civil service

tion increased more than was expected. 3. organisation and personnel which admin-
the number of readers of a newspaper or ister a country You have to pass an ex-
magazine. It is audited and is not the same amination to get a job in the civil service
as readership. or to get a civil service job.
circulation battle /s&kjle()n claim /klem/ noun 1. an act of asking
circulation battle

b t()l/ noun a competition between for something that you feel you have a
two papers to try to sell more copies in the right to the union put in a 6% wage
same market claim the union asked for a 6% increase
circulation of capital

circulation of capital in wages for its members 2. an act of stat-

/s&kjle()n v k pt()l/ noun a ing that something is a fact Her claim
movement of capital from one investment that she had been authorised to take the
to another money was demonstrably false. 3. an act
Citizens Advice Bureau

Citizens Advice Bureau of asking for money from an insurance

/stz()nz dvas bjr/ noun an
company when something you insured
against has taken place to put in a

office where people can go to get free ad-

claim to ask the insurance company offi-
vice on legal and administrative prob-
lems. Abbreviation CAB cially to pay damages to put in a claim
for repairs to the car She put in a claim
city /st/ noun 1. a large town The

for 250,000 damages against the driver

largest cities in Europe are linked by of the other car. to settle a claim to
hourly flights. 2. they say in the City agree to pay what is asked for The in-
that the company has been sold the surance company refused to settle his
London business world is saying that the claim for storm damage. verb 1. to ask
company has been sold 3. the old centre for money, especially from an insurance
of London, where banks and large compa- company He claimed 100,000 damag-
nies have their main offices; the British fi- es against the cleaning firm. She
nancial centre he works in the City or he claimed for repairs to the car against her
is in the City insurance policy. 2. to say that you have a
City desk /sti desk/ noun the depart-
City desk

right to something or that something is

ment in a British newspaper which deals your property She is claiming posses-
with business news sion of the house. No one claimed the
City editor /sti edt/ noun the busi-
City editor
umbrella found in my office. 3. to state
ness and finance editor of a British news- that something is a fact He claims he
paper never received the goods. She claims
City Panel on Takeovers and Mergers that the shares are her property.
City Panel on Takeovers and claim back phrasal verb to ask for
Mergers noun same as Takeover Pan- money to be paid back
claimant /klemnt/ noun a person

civil /sv()l/ adjective referring to ordi-


who makes a claim against someone in

nary people the civil courts (NOTE: This term has now
civil action /sv()l  kn/ noun a
civil action

replaced plaintiff. The other side in a

court case brought by a person or a com- case is the defendant.)
pany against someone who has done them claim form /klem fm/ noun a form
claim form

wrong which has to be filled in when making an

civil engineer /sv()l end$n/ insurance claim
civil engineer

noun a person who specializes in the con- claiming /klem/ noun the act of

struction of roads, bridges, railways, etc. making a claim

Business.fm Page 66 Thursday, April 8, 2004 3:51 PM

claims department 66
department /klemz d shareholders, so as to maintain the value
claims department

claims |

ptmnt/ noun a department of an in- of their holdings

surance company which deals with claims clean /klin/ adjective with no problems

claims manager /klemz m nd$/ or no record of offences

claims manager

noun the manager of a claims department clean bill of lading /klin bl v

clean bill of lading

class /kls/ noun a category or group


led/ noun a bill of lading with no note

into which things are classified to say the shipment is faulty or damaged
clean float /klin flt/ noun an act of
clean float

class action / kls  kn/, class

class action

suit /kls sut/ noun US a legal action floating a currency freely on the interna-
brought on behalf of a group of people tional markets, without any interference
from the government
/kl sfke()n/

clear /kl/ adjective 1. easily under-

noun arrangement into classes or catego-

ries according to specific characteristics stood When the cheque bounced, it was
the classification of employees by ages a clear sign that the company was in trou-
or skills Jobs in this organisation fall ble. He made it clear that he wanted the
into several classifications. manager to resign. You will have to
classified advertisements make it clear to the staff that productivity
classified advertisements is falling. 2. (of a period of time) free, to-
/kl sfad dv&tsmnts /, classified

tal three clear days three whole work-

ads /kl sfad  dz/ plural noun adver- ing days Allow three clear days for the
tisements listed in a newspaper under spe- cheque to be paid into your account.
cial headings such as property for sale verb 1. to sell something cheaply in order
or jobs wanted Look in the small ads to get rid of stock Demonstration mod-
to see if anyone has a filing cabinet for els to clear 2. to clear goods through
sale. customs to have all documentation
classified directory /kl sfad da
classified directory

passed by customs so that goods can enter
rekt()ri/ noun a list of businesses or leave the country 3. to clear 10%,
grouped under various headings such as $5,000 on the deal to make 10% or
computer shops or newsagents $5,000 clear profit we cleared only our
classify /kl sfa/ verb to put into expenses the sales revenue only paid for

classes or categories according to specific the costs and expenses without making
characteristics (NOTE: classifies clas- any profit 4. to clear a cheque to pass
sifying classified) a cheque through the banking system, so
clause /klz/ noun a section of a con-
that the money is transferred from the
tract There are ten clauses in the con- payers account to another the cheque
tract of employment. There is a clause took ten days to clear or the bank took ten
in this contract concerning the employ- days to clear the cheque
ers right to dismiss an employee. verb clear off phrasal verb to clear off a
to list details of the relevant parties to a debt to pay all of a debt
clearance /klrns/ noun 1. to ef-

bill of exchange
claused bill of lading /klzd bl v
claused bill of lading
fect customs clearance to clear goods
led/ noun a bill of lading stating that through customs 2. clearance of a
goods did not arrive on board in good cheque passing of a cheque through the
condition banking system, transferring money from
claw back phrasal verb to take back one account to another You should al-
low six days for cheque clearance.
money which has been allocated In-
clearance certificate /klrns s
clearance certificate

come tax claws back 25% of pensions |

paid out by the government. Of the tfkt/ noun a document showing that
1m allocated to the project, the gov- goods have been passed by customs
clearance sale /klrns sel/ noun a
clearance sale

ernment clawed back 100,000 in taxes.

clawback /klb k/ noun 1. money sale of items at low prices to get rid of

taken back, especially money taken back stock

clearing /klr/ noun 1. clearing

by the government from grants or tax con-

cessions which had previously been made of goods through customs passing of
2. the allocation of new shares to existing goods through customs 2. clearing of a
Business.fm Page 67 Thursday, April 8, 2004 3:51 PM

67 clocking in
debt paying all of a debt 3. an act of pass- clicks-and-mortar /klks n mt/

ing of a cheque through the banking sys- adjective conducting business both
tem, transferring money from one ac- through e-commerce and also in the tradi-
count to another tional way in buildings such as shops and
clearing bank /klr b k/ noun a warehouses. Compare bricks-and-mor-
clearing bank

bank which clears cheques, especially tar

one of the major British High Street there may be a silver lining for clicks-
banks, specialising in usual banking busi- and-mortar stores that have both an online
ness for ordinary customers such as loans, and a high street presence. Many of these
cheques, overdrafts and interest-bearing are accepting returns of goods purchased
deposits online at their traditional stores. This is a
service that may make them more popular
clearing house /klr has/ noun a
clearing house

as consumers become more experienced

central office where clearing banks ex- online shoppers [Financial Times]
change cheques, or where stock exchange
client /klant/ noun a person with

or commodity exchange transactions are

settled whom business is done or who pays for a
service One of our major clients has de-
clear profit /kl prft/ noun a profit
clear profit

faulted on her payments.

after all expenses have been paid We
client base /klant bes/ noun same
client base

made $6,000 clear profit on the deal.

as client list
clerical / klerk()l/ adjective (of work)

clientele /klintel/ noun all the cli-


done in an office or done by a clerk |

ents of a business or all the customers of

clerical assistance /klerk()l
clerical assistance

a shop
sst()ns/ noun help with office work
client list /klant lst/ noun a list of
client list

clerical error /klerk()l er/ noun a

clerical error

clients of an advertising agency

mistake made by someone doing office
climb /klam/ verb to go up The com-

pany has climbed to No. 1 position in the
clerical staff /klerk()l stf/ noun
clerical staff

market. Profits climbed rapidly as the

people who work in offices new management cut costs.
clerical work /klerk()l w&k/ noun
clerical work

clinch /klnt/ verb to settle (a business


work done in an office deal), to come to an agreement He of-

clerical worker /klerk()l w&k/
clerical worker

fered an extra 5% to clinch the deal.

noun a person who works in an office They need approval from the board before
clerk /klk/ noun a person who works they can clinch the deal.

in an office verb US to work as a clerk clipping service /klp s&vs/

clipping service

noun the service of cutting out references


CLI abbr calling line identification

clickable corporation /klkbl
clickable corporation
to a client in newspapers or magazines
kpre()n/ noun a company that
and sending them to him
operates on the Internet clock in, clock on phrasal verb (of a
worker ) to record the time of arriving
clicks and bricks /klks n brks/
clicks and bricks

for work by putting a card into a special

noun a way of doing business that com-
timing machine If workers do not
bines e-commerce and traditional shops clock in on arrival at the factory, they
clicks and mortar /klks n mt/
clicks and mortar

may be sent a written warning.

noun a combination of computers and clock out, clock off phrasal verb (of a
shop premises, as in a group which sells worker ) to record the time of leaving
over the Internet but also maintains a work by putting a card into a special
chain of normal shops timing machine
there may be a silver lining for clicks- clock card /klk kd/ noun a special
clock card

and-mortar stores that have both an online card which a worker puts into the time
and a high street presence. Many of these
are accepting returns of goods purchased clock when clocking on or off
clocking in /klk n/, clocking on
clocking in

online at their traditional stores. This is a

service that may make them more popular /klk n/ noun the act of arriving for
as consumers become more experienced work and recording the time on a time-
online shoppers [Financial Times] card
Business.fm Page 68 Thursday, April 8, 2004 3:51 PM

clocking out 68
clocking out /klk at/, clocking only with one agent or distributor and
clocking out

off /klk f/ noun the act of leaving does not supply any others direct They
work and recording the time on a time- signed a closed-market agreement with
card an Egyptian company.
close /kls/ noun the end of a days closed shop /klzd p/ noun a sys-
close closed shop

trading on the Stock Exchange At the tem where a company agrees to employ
close shares had fallen 20%. adjective only union members for specific jobs
close to very near, almost The compa- The union is asking the management to
ny was close to bankruptcy. We are agree to a closed shop.
close to meeting our sales targets. verb COMMENT: Closed shops are illegal in
1. to close the accounts to come to the many countries.
closing /klz/ adjective 1. final or

end of an accounting period and make up

the profit and loss account 2. to bring coming at the end 2. at the end of an ac-
something to an end she closed his counting period At the end of the quar-
building society account she took all the ter the bookkeeper has to calculate the
money out and stopped using the account closing balance. noun 1. the shutting of
3. to stop doing business for the day a shop or being shut 2. the closing of an
The office closes at 5.30. We close early account the act of stopping supply to a
on Saturdays. 4. the shares closed at customer on credit
closing bid /klz bd/ noun the
closing bid

$15 at the end of the days trading the

price of the shares was $15 last bid at an auction, the bid which is suc-
close down phrasal verb 1. to shut a cessful
closing date /klz det/ noun the
closing date

shop, factory or service for a long peri-

od or for ever The company is closing last date The closing date for tenders to
down its London office. The accident be received is May 1st.
closed down the station for a period. 2. closing-down sale /klz dan
closing-down sale

(of a shop, factory or service) to stop sel/ noun the sale of goods when a shop
doing business or operating is closing for ever
the best thing would be to have a few closing price /klz pras/ noun
closing price

more plants close down and bring supply the price of a share at the end of a days
more in line with current demand [For- trading
closing stock /klz stk/ noun a
closing stock

close company /kls kmp()ni/

close company

businesss remaining stock at the end of

noun a privately owned company control- an accounting period. It includes finished
led by a few shareholders (in the UK, few- products, raw materials, or work in
er than five) where the public may own a progress and is deducted from the peri-
small number of the shares (NOTE: The ods costs in the balance sheets. At the
US term is close corporation or closed end of the month the closing stock was
corporation.) 10% higher than at the end of the previ-
closed /klzd/ adjective 1. not open

ous month.
for business, or not doing business The closing time /klz tam/ noun the
closing time

office is closed on Mondays. These time when a shop or office stops work
warehouses are usually closed to the pub- closure / kl$/ noun the act of clos-

lic. All the banks are closed on Christ- ing

mas Day. 2. restricted
cm abbr centimetre

closed-end credit /klzd end

closed-end credit

C/N abbr credit note


kredt/ noun a loan, plus any interest

Co. abbr company J. Smith & Co.

and finance charges, that is to be repaid in

co- /k/ prefix working or acting to-

full by a specified future date. Loans that

have property or motor vehicles as collat- gether
eral are usually closed-end. revolving c/o abbr care of

credit (NOTE: Most loans for the pur- co-browsing /k braz/ noun the

chase of property or motor vehicles are synchronisation of two or more browsers

closed-end credits.) so that their users can see the same web
closed market /klzd mkt/
closed market

pages at the same time. Also known as

noun a market where a supplier deals page pushing
Business.fm Page 69 Thursday, April 8, 2004 3:51 PM

69 collateral
co-creditor /k kredt/ noun a coinage / knd$/ noun a system of
co-creditor coinage

person who is a creditor of the same com- metal money used in a country
pany as you are co-insurance /k nrns/ noun

COD, c.o.d. abbr cash on delivery


an insurance policy where the risk is

code /kd/ noun 1. a system of signs, shared among several insurers

cold /kld/ adjective without being


numbers or letters which mean something

2. a set of rules prepared
codec /kdek/ noun a device that

the board is considering the introduc-

compresses and decompresses the audio tion of a set of common provisions on un-
and video signals used in videoconferenc- solicited calls to investors. The board is
ing and that can be located either in the aiming to permit the cold calling of cus-
users software or their hardware tomer agreements for the provision of
services relating to listed securities. Cold
code of conduct /kd v
code of conduct

calling would be allowed when the inves-

kndkt/ noun the guideline showing tor is not a private investor [Accountancy]
how someone (such as shop assistants or cold call /kld kl/ noun a tele-
cold call

railway station staff) should behave to- phone call or sales visit where the sales-
wards customers person has no appointment and the client
code of practice /kd v pr kts/
code of practice

is not an established customer verb to

noun rules drawn up by an association make a cold call
which the members must follow when do- cold start / kld stt/ noun the act
cold start

ing business of beginning a new business or opening a

coding /kd/ noun the act of

new shop with no previous turnover to

putting a code on something the coding base it on
of invoices cold storage /kld strd$/ noun
cold storage

co-director /k darekt/ noun a


the keeping of food in a cold store to pre-
person who is a director of the same com- vent it or other goods from going bad
pany as you cold store /kld st/ noun a ware-
cold store

coefficient of correlation /k
coefficient of correlation

house or room where food can be kept
f()nt v krle()n/ noun a meas-
urement of correlation or relationship be- collaborate /kl bret/ verb to

tween two sets of data on a continuum work together We collaborated with a

from 1 to +1 French firm on a building project. They
coffee break /kfi brek/ noun a rest
coffee break

collaborated on the new aircraft. (NOTE:

time during work when the employees You collaborate with someone on
can drink coffee or tea something.)
cognitive processing /k!ntv
cognitive processing

collaboration /kl bre()n/


prses/ noun the way in which a per-

| |

noun the act of working together Their

son changes external information into collaboration on the project was very
patterns of thought and how these are profitable.
used to form judgments or choices collapse /kl ps/ noun 1. a sudden

cohesion fund /khi$()n fnd/

cohesion fund

fall in price the collapse of the market
noun a fund that is designed to even out in silver the collapse of the dollar on
economic and social inequalities among the foreign exchange markets 2. a sudden
member countries of the European Union failure the collapse of the pay negotia-
by providing financial help for major en- tions Investors lost thousands of pounds
vironmental and transport projects in the collapse of the company. verb 1.
cohort /kht/ noun a group of peo- to fall suddenly The market in silver

ple who do the same thing at the same collapsed. The yen collapsed on the for-
time (such as a group of managers who eign exchange markets. 2. to fail suddenly
joined a company as trainees together) The company collapsed with 250,000
coin /kn/ noun a piece of metal money
in debts. Talks between management
He gave me two 10-cent coins in my and unions collapsed last night.
change. I need some 10p coins for the collateral /kl t()rl/ adjective used

telephone. to provide a guarantee for a loan noun

Business.fm Page 70 Thursday, April 8, 2004 3:51 PM

colleague 70
a security, such as negotiable instruments, collective /klektv/ adjective refer-

shares or goods, used to provide a guaran- ring to a group of people together

tee for a loan collective ownership /klektv
collective ownership

examiners have come to inspect the np/ noun ownership of a business

collateral that thrifts may use in borrowing by the employees who work in it
from the Fed [Wall Street Journal] collective wage agreement /k
collective wage agreement

colleague /kli!/ noun 1. a person lektv wed$ !rimnt/ noun an


who does the same type of work as anoth- agreement signed between management
er His colleagues gave him a present and the trade union about wages
when he got married. I know Jane Gray collector /klekt/ noun a person who

she was a colleague of mine at my last makes people pay money which is owed
job. She was unpopular with her col- He works as a debt collector.
leagues in the machine room. 2. a person
collocation hosting / klke()n
collocation hosting

who works in the same organisation as |

hst/ noun a (hosting option) in

which a business places its own servers
collect /klekt/ verb 1. to get money

with a hosting company and controls eve-
which is owed to you by making the per- rything that happens on its website. The
son who owes it pay to collect a debt to hosting company simply provides an
go and make someone pay a debt 2. to agreed speed of access to the Internet and
take things away from a place We have an agreed amount of (data transfer), and
to collect the stock from the warehouse. ensures that the businesss server is up
letters are collected twice a day the post and running.
office workers take them from the letter colour /kl/ noun a shade which an

box to the post office for dispatch ad- object has in light (red, blue, yellow, etc.)
verb, adjective referring to a phone call (NOTE: The usual US spelling is color.)
which the person receiving the call agrees
colour printer /kl prnt/ noun a
colour printer

to pay for
printer which prints material in colour
collect call /klekt kl/ noun a tele-
collect call

All our publicity leaflets are printed on
phone call which the person receiving the the colour printer here in the office.
call agrees to pay for colour swatch /kl swt/ noun a
colour swatch

collecting agency

collecting agency |
small sample of colour which the finished
ed$nsi/ noun an agency which collects product must look like
money owed to other companies for a column /klm/ noun 1. a series of

commission numbers arranged one underneath the

collection /klekn/ noun 1. the act

| other to add up a column of figures

of getting money together, or of making Put the total at the bottom of the column.
someone pay money which is owed tax 2. a section of printed words in a newspa-
collection or collection of tax bills for per or magazine
collection bills where payment is due 2. combination /kmbne()n/ noun

the fetching of goods The stock is in the 1. several things which are joined togeth-
warehouse awaiting collection. to hand er A combination of cash flow problems
something in for collection to leave and difficult trading conditions caused
something for someone to come and col- the companys collapse. 2. a series of
lect 3. the act of taking letters from a letter numbers which open a special lock I
box or mail room to the post office for dis- have forgotten the combination of the lock
patch There are four collections a day on my briefcase. The office safe has a
from the letter box at the corner of the combination lock.
street. There are six collections a day combine noun /kmban/ a large fi-

from the letter box. nancial or commercial group a German

/klekn industrial combine verb /kmban/ to
collection charge

collection charge |

td$z/, collection rate /klekn|

join together The workforce and man-
ret/ noun a charge for collecting some- agement combined to fight the takeover
thing bid.
collections /kleknz/ plural noun comeback /kmb k/ noun a means
collections comeback

money which has been collected of getting compensation for a complaint

Business.fm Page 71 Thursday, April 8, 2004 3:51 PM

71 commission
or claim If you throw away the till re- act of making something into a business
ceipt you will have no comeback if the run for profit the commercialisation of
goods turn out to be faulty. museums
command economy /kmnd commercialise /km&laz/, com-
command economy commercialise

| | |

knmi/ noun same as planned econo- mercialize verb to make something into
my a business The holiday town has be-
commerce /km&s/ noun the buying come unpleasantly commercialised.

and selling of goods and services commercial law /km&()l l/

commercial law

commercial /km&()l/ adjective 1. noun the laws regarding business


referring to business 2. profitable not a commercial lawyer /km&()l

commercial lawyer

commercial proposition not likely to lj/ noun a person who specialises in

make a profit noun an advertisement on company law or who advises companies
television on legal problems
commercial aircraft /km&()l commercial load /km&()l ld/
commercial aircraft commercial load


ekrft/ noun an aircraft used to carry noun the amount of goods or number of
cargo or passengers for payment passengers which a bus, train, or plane
commercial artist /km&()l has to carry to make a profit
commercial artist

tst/ noun an artist who designs adver- commercially /km&()li/ adverb


tisements, posters, etc. for payment in a business way not commercially vi-
commercial attach /km&()l able not likely to make a profit
commercial attach

| |

t e/ noun a diplomat whose job is to commercial port /km&()l pt/

commercial port

promote the commercial interests of his noun a port which has only goods traffic
or her country and no passengers
commercial bank /km&()l commercial property /km&()l
commercial bank
commercial property

b k/ noun a bank which offers banking prpti/ noun a building, or buildings,

services to the public, as opposed to a used as offices or shops
merchant bank commercial traveller /km&()l
commercial traveller

commercial break /km&()l tr v()l/ noun a salesperson who trav-

commercial break

brek/ noun the time set aside for com- els round an area visiting customers on
mercials on television The advertiser behalf of his or her company ( NOTE: The
wished to specify exactly when in the modern term for a commercial traveller
commercial break the advertisements is sales representative.)
were to appear. The advertising manag- commercial value /km&()l
commercial value

er placed one advertisement in each com- v lju/ noun the value that a thing
mercial break of the day on the radio would have if it were offered for sale
channel. sample only of no commercial value
commercial college /km&()l
commercial college

these goods are intended only as a sample
kld$/ noun a college which teaches and would not be worth anything if sold
business studies commercial vehicle /km&()l
commercial vehicle

commercial course / km&()l


vik()l/ noun a van or truck used for

commercial course

ks/ noun a course where business skills business purposes

are studied He took a commercial commercial version /km&()l
commercial version

course by correspondence. v&()n/ noun the version of a computer

commercial directory /km&()l
commercial directory

program that is sold to customers, as op-
darekt()ri/ noun a book which lists all
posed to a test or beta version, which is
the businesses and business people in a used for development and testing
town commission /km()n/ noun 1.

commercial district /km&()l

commercial district

money paid to a salesperson or agent,
dstrkt/ noun the part of a town where usually a percentage of the sales made
offices and shops are located She gets 10% commission on everything
commercial failure /km&()l
commercial failure

she sells. He is paid on a commission
felj/ noun a financial collapse or bank- basis. he charges 10% commission he
ruptcy asks for 10% of sales as his payment 2. a
commercialisation /km&()la

| | group of people officially appointed to

ze()n/, commercialization noun the examine some problem He is the chair-
Business.fm Page 72 Thursday, April 8, 2004 3:51 PM

commission agent 72
man of the government commission on ex- commodity futures /kmdti
commodity futures

port subsidies. fjutz/ plural noun commodities trad-

commission agent /km()n ed for delivery at a later date Silver rose
commission agent

ed$nt/ noun an agent who is paid a 5% on the commodity futures market yes-
percentage of sales terday.
commissioner /km()n/ noun an commodity market /kmdti
commodity market


important official appointed by a govern- mkt/ noun a place where people buy
ment or other authority, or a member of a and sell commodities
commission commodity trader / kmdti
commodity trader

Commission of the European

Commission of the European Community

tred/ noun a person whose business is

Community /km()n v i |
buying and selling commodities
jrpin kmjunti/ noun same as common /kmn/ adjective 1. hap-

European Commission pening frequently Unrealistic salary

commission rep /km()n rep/ expectations in younger staff was a com-
commission rep

noun a representative who is not paid a mon problem they had to deal with. Be-
salary but receives a commission on sales ing caught by the customs is very common
commission sale /km()n sel/
commission sale

these days. 2. belonging to several differ-
noun a sale where the salesperson is paid ent people or to everyone
Common Agricultural Policy
Common Agricultural Policy

a commission
commit /kmt/ verb 1. to carry out a

/kmn !rklt()rl plsi/ noun

crime She was accused of committing an agreement between members of the

several thefts from the storeroom. 2. to EU to protect farmers in EU countries by
agree to do something (NOTE: commit- paying subsidies to fix the prices of farm
ting- committed) to commit funds to produce. Abbreviation CAP
common carrier /kmn k ri/
common carrier

a project to agree to spend money on a

project noun a firm which carries goods or pas-
commitments /kmtmnts/ plural
sengers, and which anyone can use
common law /kmn l/ noun 1. a
common law

noun things which you have agreed to do,

especially money which you have agreed law as laid down in decisions of courts,
to spend to meet your commitments to rather than by statute 2. a general system
pay money which you had agreed to pay of laws which formerly were the only
committee / kmti/ noun an official

laws existing in England, and which in
group of people who organise or plan for some cases have been superseded by stat-
a larger group to be a member of a com- ute (NOTE: You say at common law
when referring to something happening
mittee or to sit on a committee He was
according to the principles of common
elected to the committee of the staff club.
The new plans have to be approved by
common ownership /kmn
common ownership

the committee members. She is the sec-

retary of the finance committee. to np/ noun a situation where a busi-
chair a committee to be the chairman of ness is owned by the employees who
a committee work in it
common pricing /kmn pras/
common pricing

commodity /kmdti/ noun some-


thing sold in very large quantities, espe- noun the illegal fixing of prices by several
cially a raw material such as a metal or a businesses so that they all charge the same
food such as wheat price
common seal /kmn sil/, compa-
common seal

COMMENT: Commodities are either trad-

ed for immediate delivery (as actuals or nys seal /kmp()niz sil/ noun a
physicals), or for delivery in the future metal stamp for stamping documents with
(as futures). Commodity markets deal the name of the company to show that
either in metals (aluminium, copper,
lead, nickel, silver and zinc) or in soft they have been approved officially to
items, such as cocoa, coffee, sugar and attach the companys seal to a document
oil. common stock /kmn stk/ noun
common stock

commodity exchange /kmdti

commodity exchange

| US ordinary shares in a company, giving

kstend$/ noun a place where com-
| shareholders a right to vote at meetings
modities are bought and sold and to receive dividends
Business.fm Page 73 Thursday, April 8, 2004 3:51 PM

73 company flat
/kmjunte/ commuter train /kmjut tren/
communautaire commuter train

communautaire | |

adjective sympathetic to the European noun a train which commuters take in the
Union; (person) who works happily with morning and evening
EU officials Companies Act /kmp()niz kt/
Companies Act

communicate /kmjunket/ verb noun an Act of Parliament which regu-


to exchange views or information with lates the workings of companies, stating

someone We need to find better ways of the legal limits within which companies
communicating with staff In her presen- may do their business
tation she communicated her knowledge companies register /kmpniz
companies register

of details and her enthusiasm for the red$st/ noun a list of companies,
project well. showing their directors and registered ad-

communication /kmjun
| |
ke()n/ noun 1. the passing on of
Companies Registration Office

Companies Registration Office

views or information A house journal /kmp()niz red$stre()n fs/

was started to improve communication noun an office of the Registrar of Compa-

between management and staff. Cus- nies, the official organisation where the
tomers complained about the lack of com- records of companies must be deposited,
munication about the unexpected delay. so that they can be inspected by the pub-
to enter into communication with lic. Abbreviation CRO. Also called Com-
someone to start discussing something panies House
with someone, usually in writing We company /kmp()ni/ noun 1. a busi-

have entered into communication with the ness organisation, a group of people or-
relevant government department. 2. an ganised to buy, sell or provide a service,
official message We have had a commu- usually for profit to put a company
nication from the local tax inspector. into liquidation to close a company by

communications /kmjun selling its assets for cash to set up a

company to start a company legally 2.
| |

ke()nz/ plural noun the fact of being

able to contact people or to pass messages a tractor, aircraft, chocolate company
After the flood all communications with company which makes tractors, aircraft
the outside world were broken. or chocolate
COMMENT: A company can be incorporat-
community /kmjunti/ noun a

ed (with memorandum and articles of as-
group of people living or working in the sociation) as a private limited company,
same place and adds the initials Ltd after its name,
or as a public limited company, when its
commute /kmjut/ verb 1. to travel

name must end in Plc. Unincorporated
to work from home each day He com- companies are partnerships such as
mutes from the country to his office in the firms of solicitors, architects, account-
centre of town. She spends two hours a ants, etc., and they add the initials Co.
day commuting to and from work. We after their name.
company car /kmp()ni k/ noun
company car

have bought a house within commuting

distance of London. 2. to exchange one a car which belongs to a company and is
form of payment for another I decided lent to an employee to use for business or
to commute part of my pension rights into other purposes
a lump sum payment. company director /kmp()ni da
company director

Commuting is never business use. A trip rekt/ noun a person appointed by the
to work is personal and not deductible. shareholders to help run a company
And making a business phone call or hold- company doctor

company doctor /kmp()ni

ing a business meeting in your car while dkt/ noun 1. a doctor who works for a
you drive will not change that fact company and looks after sick workers
[Nations Business] The staff are all sent to see the company
commuter /kmjut/ noun a person

| doctor once a year. 2. a specialist busi-

who commutes to work nessperson who rescues businesses which
commuter belt /kmjut belt/ noun
commuter belt

are in difficulties
company flat /kmp()ni fl t/ noun
company flat

an area of country where the commuters

live round a town a flat owned by a company and used by
Business.fm Page 74 Thursday, April 8, 2004 3:51 PM

company law 74
members of staff from time to time (NOTE: cost /kmp rtv
comparative cost

comparative |

The US term is company apartment.) kst/ noun same as comparative ad-

company law /kmp()ni l/ noun
company law

laws which refer to the way companies compare /kmpe/ verb to look at sev-

work eral things to see how they differ The fi-

officers /kmp()ni
company officers

company nance director compared the figures for

fsz/ noun the main executives or di- the first and second quarters.
rectors of a company compare with phrasal verb to examine
company pension scheme

company pension scheme two things to see where they are the
/kmp()ni penn skim/ noun same same and where they differ How do
as occupational pension scheme the sales this year compare with last
She decided to join the companys pen- years? Compared with the previous
sion scheme. month, last month was terrific.
comparison /kmp rs()n/ noun

company promoter /kmp()ni pr

company promoter


mt/ noun a person who organises the the act of comparing one thing with an-
setting up of a new company other Sales are down in comparison
company report /kmp()ni rpt/
company report

with last year. there is no comparison
noun a document that sets out in detail between overseas and home sales over-
what a company has done and how well it seas and home sales are so different they
has performed ( NOTE: Companies are le- cannot be compared
comparison-shop / kmp rs()n

gally required to write annual reports |

and financial reports and to submit them p/ verb to compare prices and features
to the authorities in the country where of items for sale in different shops to find
they are registered, but they may also the best deal
produce other reports on specific sub- compassionate leave

compassionate leave /km |

jects, for example, on the environmental p ()nt liv/ noun time off work
or social impact of a project they are un-
granted to an employee to deal with per-
sonal or family problems
company secretary /kmp()ni
company secretary

compensate /kmpnset/ verb to


sekrt()ri/ noun a person who is re-

sponsible for a companys legal and fi- give someone money to make up for a
nancial affairs loss or injury In this case we will com-
companys infrastructure pensate a manager for loss of commis-
companys infrastructure sion. The company will compensate the
/kmpniz nfrstrkt/ noun the
employee for the burns suffered in the ac-
way in which the company is organized cident. (NOTE: You compensate some-
company town /kmp()ni tan/
company town

one for something.)

noun a town in which most of the proper- compensation / kmpnse()n/

ty and shops are owned by a large compa- noun 1. compensation for damage
ny which employs most of the population payment for damage done compensa-

comparability | tion for loss of office payment to a direc-

noun the fact of being able to be com- tor who is asked to leave a company be-
pared fore their contract ends compensation
comparable /kmp()rb()l/ adjec- for loss of earnings payment to someone

tive possible to compare The two sets of who has stopped earning money or who is
figures are not comparable. which is not able to earn money 2. US a salary
the nearest company comparable to compensation can also be via the mag-
this one in size? which company is most istrates courts for relatively minor inju-
similar in size to this one? ries [Personnel Management]
advantage /km deal /kmpn
compensation deal

comparative advantage

comparative |

p rtv dvntd$/ noun the fact of

| se()n dil/ noun a deal where an ex-
being able to produce a good or service at porter is paid (at least in part) in goods
a lower cost than other producers. Also from the country to which he or she is ex-
called comparative cost porting
Business.fm Page 75 Thursday, April 8, 2004 3:51 PM

75 competitive tender
compensation package /kmpn
compensation package competition-oriented pricing

| competition-oriented pricing
se()n p kd$/ noun the salary, pen- /kmpt()n rientd pras/

sion and other benefits offered with a job noun the act of putting low prices on
golden parachutes are liberal compen- goods so as to compete with other com-
sation packages given to executives leav- peting products
ing a company [Publishers Weekly] competitive /kmpettv/ adjective

compete /kmpit/ verb to compete


1. involving competition 2. intended to
with someone or with a company to try compete with others, usually by being
to do better than another person or anoth- cheaper or better competitive price a
er company We have to compete with low price aimed to compete with a rival
cheap imports from the Far East. They product competitive product a product
were competing unsuccessfully with local made or priced to compete with existing
companies on their home territory. the products
two companies are competing for a the company blamed fiercely competi-
market share or for a contract each tive market conditions in Europe for a
company is trying to win a larger part of 14m operating loss last year
the market, trying to win the contract [Financial Times]
competence /kmpt()ns/ noun 1. advantage /km
competitive advantage

competitive |

the ability to do the tasks required in a job pettv dvntd$/ noun a factor that

The training sessions are intended to gives a special advantage to a nation,

increase staff competence. 2. the case company, group, or individual when it is
falls within the competence of the court competing with others
the court is legally able to deal with the competitive edge /kmpettv
competitive edge

case ed$/, competitive advantage /km |

competence framework
competence framework

pettv dvntd$/ noun an advan-

/kmpt()ns fremw&k/ noun the set

tage that one company or product has

of duties or tasks performed as part of a over its rivals in the market Any com-
job with the standards which should be petitive edge we have in this market is due
achieved in these duties to our good after-sales service. Why
competency /kmpt()nsi/ noun

does this product have the competitive

same as competence edge over its rivals?
competent /kmpt()nt/ adjective competitively /kmpettvli/ adverb
competent competitively

1. able to do something, efficient she is competitively priced sold at a low

a competent manager 2. able to do the price which competes with the price of
tasks required in a job the court is not similar products from other companies
competent to deal with this case the competitiveness /kmpettvns/

court is not legally able to deal with the noun the fact of being competitive
farmers are increasingly worried by the
competition /kmpt()n/ noun 1.

growing lack of competitiveness for their
a situation where companies or individu- products on world markets [Australian
als are trying to do better than others, e.g. Financial Review]
trying to win a larger share of the market, competitiveness index

competitiveness index /km |

or to produce a better or cheaper product pettvns ndeks/ noun a list that uses
or to control the use of resources 2. the economic and other data to rank countries
competition companies which are trying in order according to the competitiveness
to compete with your product We have of their industries and products
lowered our prices to beat the competi-
competitive pricing /kmpettv
competitive pricing

tion. The competition have brought out |

a new range of products. pras/ noun the practice of putting low

profit margins in the industries most prices on goods so as to compete with
exposed to foreign competition are worse other products
competitive tender /kmpettv
competitive tender

than usual [Sunday Times] |

competition is steadily increasing and tend/ noun a form of tender where dif-
could affect profit margins as the company ferent organisations are asked to tender
tries to retain its market share for a contract, especially for government
[Citizen (Ottawa)] or local government work
Business.fm Page 76 Thursday, April 8, 2004 3:51 PM

competitor 76
competitor /kmpett/ noun a per- property and to exchange it with the other

son or company that is competing with party, so making it legal

another Two German firms are our completely /kmplitli/ adverb all or

main competitors. totally The cargo was completely ru-

sterling labour costs continue to rise ined by water. The warehouse was com-
between 3% and 5% a year faster than in pletely destroyed by fire.
most of our competitor countries [Sunday completion /kmpli()n/ noun the

Times] act of finishing something completion

complain /kmplen/ verb to say that

| of a contract the act of signing a contract

something is no good or does not work for the sale of a property whereby the
properly The office is so cold the staff buyer pays and the seller transfers owner-
have started complaining. She com- ship to the buyer
plained about the service. They are completion date /kmpli()n det/
completion date

complaining that our prices are too high. noun a date when something will be fin-
If you want to complain, write to the ished
complex /kmpleks/ noun a series of

complaint /kmplent/ noun a state-


large buildings a large industrial com-
ment that you feel something is wrong plex (NOTE: The plural is complexes.)
complaints from the workforce about con- adjective with many different parts a
ditions in the factory She sent her letter complex system of import controls The
of complaint to the managing director. specifications for the machine are very
to make or to lodge a complaint against complex.
someone to write and send an official
compliance /kmplans/ noun

complaint to someones superior |

agreement to do what is ordered

department /km
complaints department

compliance department /km
| compliance department

plents dptmnt/ noun a depart- |

plans dptmnt/ noun a depart-


ment in a company or store to which cus- |

tomers can send or bring complaints ment in a stockbroking firm which makes
about its products or service sure that the Stock Exchange rules are fol-
lowed and that confidentiality is main-
complaints management /km
complaints management

tained in cases where the same firm repre-
plents m nd$mnt/ noun the man- sents rival clients
agement of complaints from customers
complimentary /kmplment()ri/

complaints procedure |

complaints procedure |
adjective free
plents prsid$/ noun a way of pre-
complimentary ticket
| complimentary ticket

senting complaints formally from a trade

/kmplment()ri tkt/ noun a free
union to a management The trade union
has followed the correct complaints pro- ticket, given as a present
compliments slip /kmplmnts
compliments slip

complementor /kmplment/ noun
slp/ noun a piece of paper with the name
a company that makes something that of the company printed on it, sent with
your product needs in order to function documents or gifts etc. instead of a letter
comply /kmpla/ verb to agree to do

successfully. For example, software com- |

panies are complementors to computer what is ordered (NOTE: complies com-

companies. (NOTE: Software companies, plying complied) to comply with a
for example, are complementors to com- court order to obey an order given by a
puter companies.) court
component /kmpnnt/ noun a

complete /kmplit/ adjective whole,


with nothing missing The order is com- piece of machinery or a part which will be
plete and ready for sending. The ship- put into a final product The assembly
ment will be delivered only if it is com- line stopped because the supply of a vital
plete. verb 1. to finish The factory component was delayed.
completed the order in two weeks. How components factory /km
components factory

long will it take you to complete the job? pnnts f kt()ri/ noun a factory
He has completed his probationary pe- which makes parts which are used in oth-
riod. 2. to sign a contract for the sale of a er factories to make finished products
Business.fm Page 77 Thursday, April 8, 2004 3:51 PM

77 computer network
composition /kmpz()n/ noun
composition computational error

| computational error
an agreement between a debtor and cred- /kmpjte()nl er/ noun a mistake
itors, where the debtor settles a debt by re- made in calculating
paying only part of it compute /kmpjut/ verb to calculate,

compound /kmpand/ verb to agree to do calculations


with creditors to settle a debt by paying computer /kmpjut/ noun an elec-


part of what is owed tronic machine which calculates or stores

compound interest /kmpand information and processes it automatical-
compound interest

ntrst/ noun interest which is added to ly

the capital and then earns interest itself bureau /kmpjut
computer bureau

computer |

comprehensive /kmprhensv/

bjr/ noun an office which offers to
adjective which includes everything do work on its computers for companies
comprehensive insurance which do not own their own computers
comprehensive insurance
computer department /kmpjut
computer department

/kmprhensv nrns/, compre- |

dptmnt/ noun a department in a


hensive policy /kmprhensv plsi/ |

noun an insurance policy which covers company which manages the companys
you against all risks which are likely to computers
computer error /kmpjutr er/
computer error

happen |

compromise /kmprmaz/ noun an

noun a mistake made by a computer
computer file /kmpjut fal/ noun
computer file

agreement between two sides, where each |

side gives way a little Management of- a section of information on a computer,

fered 5 an hour, the union asked for 9, e.g. the payroll, list of addresses or list of
and a compromise of 7.50 was reached. customer accounts
verb to reach an agreement by giving computer hardware /kmpjut
computer hardware

way a little She asked 15 for it, I of- hdwe/ noun machines used in data
fered 7 and we compromised on 10. processing, including the computers and
comptometer /kmptmt/ noun a printers, but not the programs

machine which counts automatically computerise /kmpjutraz/, com-


comptroller /kntrl/ noun a finan- puterize verb to change something from


cial controller a manual system to one using computers

We have computerised all our records.
compulsory /kmplsri/ adjective

Stock control is now completely compu-


which is forced or ordered terised.

liquidation /km
compulsory liquidation

compulsory |

computerised / kmpjutrazd/,
plsri lkwde()n/ noun liquida-

computerized adjective carried out by
tion which is ordered by a court computers a computerised invoicing or
compulsory purchase order /km
compulsory purchase order

| filing system
plsri p&ts d/ noun an order computer language / kmpjut
computer language

from a local authority by which property l !wd$/ noun a system of signs, let-
is purchased whether the owner wants to ters and words used to instruct a computer
sell or not (as when buying properties to
computer listing

widen a road) computer listing |

lst/ noun a printout of a list of items

compulsory winding up /km
compulsory winding up

taken from data stored in a computer
plsri wand p/ noun liquidation
computer magazine /kmpjut
computer magazine

which is ordered by a court


compulsory winding up order

m !zin/ noun a magazine with arti-

compulsory winding up order cles on computers and programs

/kmplsri wand p d/ noun

computer manager / kmpjut

computer manager

an order from a court saying that a com- m nd$/ noun a person in charge of a
pany must be wound up computer department
computable /kmpjutb()l/ adjec-

computer network /kmpjut

computer network

tive possible to calculate netw&k/ noun a computer system


computation | where several PCs are linked so that they

noun a calculation all draw on the same database
Business.fm Page 78 Thursday, April 8, 2004 3:51 PM

computer printer 78
printer /kmpjut concealment /knsilmnt/ noun the
computer printer concealment

computer | |

prnt/ noun a machine which prints in- act of hiding for criminal purposes
formation from a computer concealment of assets /kn
concealment of assets

computer printout /kmpjut silmnt v  sets/ noun the act of hid-

computer printout

prntat/ noun a printed copy of infor- ing assets so that creditors do not know
mation from a computer The sales di- they exist
rector asked for a printout of the agents concentration /knsntre()n/


noun 1. the degree to which a small

computer program /kmpjut
computer program

number of businesses control a large sec-
pr!r m/ noun instructions to a com- tion of the market Too much concentra-
puter telling it to do a particular piece of tion created resentment among small
work to buy a graphics program The businesses trying to enter the market.
accounts department is running a new Concentration has meant too little com-
payroll program. petition and therefore higher prices to the
/km consumer. 2. the action of grouping a
computer programmer

computer programmer |

pjut pr!r m/ noun a person who large number of things together. Also
writes computer programs called market concentration
computer programming /km concept /knsept/ noun an idea
computer programming concept

pjut pr!r m/ noun the work of concept testing /knsept test/

concept testing

writing programs for computers noun the evaluation of a new product

/ kmpjut

computer-readable | idea, usually by consulting representa-

ridb()l/ adjective able to be read and tives from all the main departments in a
understood by a computer computer- company, and/or by interviewing a sam-
readable codes ple of consumers The new product idea
computer run /kmpjut rn/ noun did not survive concept testing because it
computer run

a period of work done by a computer didnt answer an existing demand. Af-

computer services /kmpjut
computer services
ter thorough concept testing the idea of a
disposable pen was rejected as the com-

s&vsz/ plural noun work using a com-

puter, done by a computer bureau panys production capacity was too limit-
system /kmpjut
computer system

concern /kns&n/ noun 1. a business
| concern

sstm/ noun a set of programs, com- |

mands, etc., which run a computer or company 2. the fact of being worried
about a problem The management
computer tape /kmpjut tep/
computer tape

showed no concern at all for the workers
noun magnetic tape used in computers safety. verb to deal with or be connect-
computer terminal /kmpjut
computer terminal

| ed with The sales staff are not con-

t&mn()l/ noun a keyboard and screen, cerned with the cleaning of the store.
by which information can be put into a She filled in a questionnaire concerning
computer or can be called up from a data- computer utilisation.
base computer system consisting of a concert /knst/ noun to act in con-

microprocessor and six terminals cert (of several people) to work together
computer time /kmpjut tam/
computer time

to achieve an aim
noun the time when a computer is being
concert party /knst pti/ noun
concert party

used, paid for at an hourly rate

an arrangement where several people or
computer worm /kmpjut w&m/
computer worm

companies work together in secret, usual-
noun a type of computer (virus) that does ly to acquire another company through a
damage by making as many copies of it- takeover bid
self as it can as quickly in order clog up
concession /knse()n/ noun 1. the

communication channels on the Internet |

right to use someone elses property for

computing /kmpjut/ noun the

business purposes 2. the right to be the
operating of computers only seller of a product in a place She
computing speed /kmpjut
computing speed

| runs a jewellery concession in a depart-

spid/ noun the speed at which a compu- ment store. 3. an allowance, e.g. a reduc-
ter calculates tion of tax or price
Business.fm Page 79 Thursday, April 8, 2004 3:51 PM

79 conference call
concessionaire /knsene/ noun of contract /kn
concessionaire conditions of contract

| | conditions |

a person or business that has the right to d()nz v kntr kt/ noun the condi-
be the only seller of a product in a place tions which are listed in a contract and
concessionary /knse()nri/ ad-

which are legally binding
conditions of employment /kn
conditions of employment

jective which is allowed as a concession |

concessionary fare /knse()nri

concessionary fare

d()nz v mplmnt/ plural noun |

fe/ noun a reduced fare for some types the terms of a contract of employment
conditions of sale /knd()nz v
conditions of sale

of passenger such as pensioners, students |

or employees of a transport company sel/ plural noun agreed ways in which a

concessionary ticket

concessionary ticket /kn |

sale takes place, e.g. discounts or credit
se()nri tkt/ noun a cheaper en- terms
/ kndmnim/

trance ticket to an exhibition for pension- condominium |

ers, students, etc. noun US a system of ownership, where a

conciliation /knslie()n/ noun

| |
person owns an apartment in a building,
the practice of bringing together the par- together with a share of the land, stairs,
ties in a dispute with an independent third roof, etc.
conduct /kndkt/ verb to carry on

party, so that the dispute can be settled |

through a series of negotiations to conduct negotiations The chairman

conclude /knklud / verb 1. to com-

conducted the negotiations very negli-
plete successfully to conclude an gently. She conducted the training ses-
agreement with someone 2. to believe sion very efficiently. noun a way of be-
from evidence The police concluded having He was sacked for bad conduct
that the thief had got into the building at the staff Christmas party.
conducted tour /kndktd t/
conducted tour

through the main entrance. |

condition /knd()n/ noun 1. some-


noun a tour with a guide who shows plac-
thing which has to be carried out as part of es to the tourists
Confederation of British Industry

a contract or which has to be agreed be- Confederation of British Industry

fore a contract becomes valid on condi- /knfedre()n v brt ndstri/
| |

tion that provided that They were noun an organisation which represents
granted the lease on condition that they British employers in commerce and in-
paid the legal costs. 2. a general state or dustry. Abbreviation CBI
the general way of life in a place item confer /knf&/ verb to discuss a prob-

sold in good condition The union has lem with another person or within a group
complained of the bad working condi- The interview board conferred in the
tions in the factory. What was the con- next room before announcing the names
dition of the car when it was sold? Ad- of the successful candidates. (NOTE: con-
verse trading conditions affected our ferring conferred)
conference /knf()rns/ noun 1. a

conditional /knd()n()l/ adjec-


meeting of people to discuss problems
tive provided that specific conditions are Many useful tips can be picked up at a
taken into account to give a condition- sales conference. The conference of HR
al acceptance to accept, provided that managers included talks on payment and
specific things happen or that specific recruitment policies. to be in confer-
terms apply conditional on subject to ence to be in a meeting 2. a meeting of an
(certain conditions) the offer is condi- organisation such as an association, soci-
tional on the boards acceptance the of- ety or union
fer is only valid provided the board ac-
conference call /knf()rns kl/
conference call

noun a telephone call that connects three
conditional offer /knd()nl
conditional offer

or more lines so that people in different
f/ noun an offer to buy provided that places can talk to one another (NOTE:
specific terms apply Conference calls reduce the cost of
conditional sale /knd()nl sel/
conditional sale

| meetings by making it unnecessary for

noun a sale which is subject to condi- the participants to spend time and mon-
tions, such as a hire- purchase agreement ey on getting together in one place.)
Business.fm Page 80 Thursday, April 8, 2004 3:51 PM

conference phone 80
conference phone /knf()rns conflict /knflkt/ noun antagonism
conference phone conflict

fn/ noun a telephone arranged in such between people, e.g. between manage-
a way that several people can speak into it ment and workers There was conflict
from around a table between the two groups of workers.
conference proceedings conflict management /knflkt
conference proceedings
conflict management

/knf()rns prsidz/ plural noun a

m nd$mnt/ noun a system of work
written report of what has taken place at a that involves identifying possible sources
conference of conflict within an organisation and
conference room /knf()rns
conference room

dealing with and settling conflicts when

rum/ noun a room where a small meet- they occur
ing can take place conflict of interest /knflkt v
conflict of interest

conference timetable /knf()rns ntrst/ noun a situation where a person

conference timetable

tamteb()l/ noun a list of events and

or firm may profit personally from deci-
speakers at a conference sions taken in an official capacity
confidence /knfd()ns/ noun 1. the

conformance /knfmns/ noun the


state of feeling sure or being certain process of acting in accordance with a

The sales teams do not have much confi- rule The machine used is not in con-
dence in their manager. The board has formance with safety regulations.
total confidence in the managing director.
confuse /knfjuz/ verb to make it dif-

2. in confidence in secret I will show |

you the report in confidence. ficult for someone to understand some-

thing, to make something difficult to un-
confident /knfd()nt/ adjective cer-

derstand to introduce the problem of

tain or sure I am confident the turnover VAT will only confuse the issue The
will increase rapidly. Are you confident chairman was confused by all the jour-
the sales team can handle this product? nalists questions.
confidential /knfdenl/ adjective

conglomerate /kn!lmrt/ noun a


not to be told or shown to other people


group of subsidiary companies linked to-

The references sent by the applicants last
employer were in an envelope marked gether and forming a group, each making
very different types of products
Private and Confidential. Whatever
conglomerate diversification / kn
conglomerate diversification

an employee says in an appraisal inter- |

view should be treated as confidential. !lmrt dav&sfke()n/ noun a

| |

The consultants sent a confidential report form of (diversification) in which a com-

to the chairman. pany sets up subsidiary companies with
confidentiality /knfdeni lti/

activities in many different areas of busi-
noun the fact of being secret she broke ness
conjoint analysis /knd$nt
conjoint analysis

the confidentiality of the discussions | |

she told someone about the secret discus- n lss/ noun a research method aimed
sions at discovering the best combination of
confidential report /knfdenl r features for a product or service, e.g. price
confidential report

pt/ noun a secret document which and size

connect /knekt/ verb 1. to link or to

must not be shown to other people |

confirm /knf&m/ verb to say again join The company is connected to the

that something agreed before is correct government because the chairmans fa-
to confirm a hotel reservation or a ticket ther is a minister. 2. the flight from
or an agreement or a booking to con- New York connects with a flight to Ath-
firm someone in a job to say that some- ens the plane from New York arrives in
one is now permanently in the job time for passengers to catch the plane to
confirmation /knfme()n/ noun

1. the act of making certain confirma- connecting flight /knekt flat/
connecting flight

tion of a booking the act of checking that noun a plane which a passenger will be
a booking is certain 2. a document which on time to catch and which will take him
confirms something She received con- to his final destination Check at the hel-
firmation from the bank that the deeds icopter desk for connecting flights to the
had been deposited. city centre.
Business.fm Page 81 Thursday, April 8, 2004 3:51 PM

81 consolidate
connection /knekn/ noun a link, conservatively /kns&vtvli/ ad-
connection conservatively

| |

something which joins Is there a con- verb not overestimating The total sales
nection between his argument with the di- are conservatively estimated at 2.3m.
rector and his sudden move to become consider / knsd/ verb to think seri-

warehouse manager? in connection


ously about something to consider the

with referring to I want to speak to the terms of a contract to examine a contract
managing director in connection with the and discuss whether the terms are accept-
sales forecasts. able
connections /knek()nz/ noun considerable /knsd()rb()l/ ad-

people you know, customers or contacts jective quite large We sell considerable
He has useful connections in industry. quantities of our products to Africa.
connectivity /knektvti/ noun 1.

| They lost a considerable amount of money

the ability of an electronic product to con- on the commodity market.
nect with other similar products, or the considerably /knsd()rbli/ ad-

extent to which individuals, companies verb quite a lot Sales are considerably
and countries can connect with one anoth- higher than they were last year.
er electronically 2. the ability of individu- consideration

/knsdre()n/ | |

als, organisations and countries to con- noun 1. serious thought We are giving
nect with each other and communicate consideration to moving the head office to
electronically Scotland. 2. something valuable ex-
connexity /kneksti/ noun the fact of

changed as part of a contract
being closely linked by worldwide com- consign /knsan/ verb to consign

munications networks goods to someone to send goods to some-

conscientious /kniens/ adjec-

one for them to use or to sell for you
tive referring to a person who works care- consignation

/knsane()n/ |

fully and well Shes a very conscien- noun the act of consigning
tious worker.
consignee /knsani/ noun a person

consensus /knsenss/ noun an

consensus |

who receives goods from someone for
opinion which most people agree on their own use or to sell for the sender
management by consensus consignment /knsanmnt/ noun

consent /knsent/ noun agreement

consent |

1. the sending of goods to someone who
that something should be done Change will sell them for you goods on con-
of use requires the consent of the local signment goods kept for another compa-
planning authorities. verb to agree that ny to be sold on their behalf for a commis-
something should be done The manage- sion 2. a group of goods sent for sale A
ment consented to the unions proposals. consignment of goods has arrived. We
consequential loss /knskwenl
consequential loss

are expecting a consignment of cars from

ls/ noun loss which occurs as the result Japan.
of some other loss. Also called indirect some of the most prominent stores are
loss gradually moving away from the tradition-
conservative /kns&vtv/ adjec-

| al consignment system, under which man-

tive careful, not overestimating His ufacturers agree to repurchase any unsold
forecast of expenditure was very conserv- goods, and in return dictate prices and
ative or She made a conservative forecast sales strategies and even dispatch staff to
of expenditure. a conservative esti- sell the products [Nikkei Weekly]
consignment note /knsanmnt
consignment note

mate a calculation which probably under- |

estimates the final figure Their turnover nt/ noun a note saying that goods have
has risen by at least 20% in the last year, been sent
and that is probably a conservative esti- consignor /knsan/ noun a person

mate. who consigns goods to someone

we are calculating our next budget in- COMMENT: The goods remain the proper-
come at an oil price of $15 per barrel. We ty of the consignor until the consignee
know it is a conservative projection, but sells or pays for them.
consolidate /knsldet/ verb 1. to

we do not want to come in for a shock |

should prices dive at any time during the include the accounts of several subsidiary
year [Lloyds List] companies as well as the holding compa-
Business.fm Page 82 Thursday, April 8, 2004 3:51 PM

consolidated accounts 82
ny in a single set of accounts 2. to group struction being built the airport is un-
goods together for shipping der construction
consolidated accounts /kn /kn
consolidated accounts construction company

construction company |

sldetd kants/ plural noun ac-

strk()n kmp()ni/ noun company
counts where the financial position of which specializes in building
several different companies, i.e. a holding construction industry

construction industry /kn |

company and its subsidiaries, are record- strk()n ndstri/ noun all compa-
ed together nies specializing in building
consolidated shipment /kn
consolidated shipment

constructive /knstrktv/ adjective


sldetd pmnt/ noun goods from |

different companies grouped together which helps in the making of something

into a single shipment She made some constructive suggestions
for improving management-worker rela-
consolidation /knslde()n/

| |
tions. We had a constructive proposal
noun the grouping together of goods for from a distribution company in Italy.
constructive dismissal

constructive dismissal
consolidator /knsldet/ noun 1.
consolidator |

strktv dsms()l/ noun a situation


a firm which groups together orders from where an employee does not leave his or
different companies into one shipment 2. her job voluntarily, but because of pres-
a firm which groups together bookings sure from the management
made by various travel agents so as to get
constructor /knstrkt/ noun a per-

cheaper group fares on normal scheduled |

flights son or company which constructs

consols /knslz/ plural noun govern- consult /knslt/ verb to ask an expert

ment bonds which pay interest but do not for advice We consulted our accountant
have a maturity date about our tax.
consortium /knstim/ noun a consultancy /knsltnsi/ noun the
consortium consultancy

| |

group of companies which work together act of giving specialist advice a consul-
A consortium of Canadian companies tancy firm She offers a consultancy
or A Canadian consortium has tendered service.
for the job. (NOTE: The plural is consor- consultant /knsltnt/ noun a spe-

tia.) cialist who gives advice an engineering

the consortium was one of only four consultant a management consultant
bidders for the 2 billion contract to run a tax consultant
the lines, seen as potentially the most dif-
consulting /knslt/ adjective giv-

ficult contract because of the need for |

huge investment [Times] ing specialist advice a consulting engi-

constant /knstnt/ adjective un-
consulting engineer /knslt
consulting engineer

changing The calculations are in con- |

stant dollars. end$n/ noun an engineer who gives


constitution /knsttju()n/ noun


specialist advice
consumable goods

written rules or regulations of a society, consumable goods |

association, club or state Under the so- sjumb()l !dz/ plural noun goods
cietys constitution, the chairman is elect- which are bought by members of the pub-
ed for a two-year period. Payments to lic and not by companies. Also called
officers of the association are not allowed consumer goods, consumables
by the constitution. consumables

consumables /knsjumb()lz/ |

constitutional /knsttju()nl/

| plural noun 1. items that have to be

adjective according to a constitution bought on a regular basis because they are
The reelection of the chairman is not con- used up, e.g. paper 2. same as consuma-
stitutional. ble goods
construct /knstrkt/ verb to build consumer /knsjum/ noun a person


The company has tendered for the con- or company that buys and uses goods and
tract to construct the new bridge. services Gas consumers are protesting
construction /knstrkn/ noun at the increase in prices. The factory is

the activity of building under con- a heavy consumer of water.

Business.fm Page 83 Thursday, April 8, 2004 3:51 PM

83 contain
forecasting consumer response is one consumer protection /knsjum
consumer protection

problem which will never be finally prtekn/ noun the activity of protect-

solved [Marketing Week] ing consumers against unfair or illegal

consumer tastes in the UK are becom- traders
ing much more varied [Marketing]
consumer research /knsjum r
consumer research

| |

the marketing directors brief will be to s&t/ noun research into why consum-
develop the holiday villages as a consumer
brand, aimed at the upper end of the tourist ers buy goods and what goods they may
market [Marketing Week] want to buy
consumer resistance /knsjum
consumer resistance

consumer council /knsjum

consumer council

rzstns/ noun a lack of interest by con-


kans()l/ noun a group representing |

the interests of consumers sumers in buying a new product The

consumer credit

consumer credit /knsjum

new product met no consumer resistance
even though the price was high.

kredt/ noun the credit given by shops,

consumer society /knsjum s
consumer society

banks and other financial institutions to | |

consumers so that they can buy goods sati/ noun a type of society where con-
(NOTE: Lenders have to be licensed un- sumers are encouraged to buy goods
der the Consumer Credit Act, 1974. The consumer spending / knsjum
consumer spending

US term is installment credit.) spend/ noun spending by private

Consumer Credit Act, 1974 / kn households on goods and services
Consumer Credit Act, 1974

sjum kredt kt/ noun an Act of companies selling in the UK market are
Parliament which licenses lenders, and worried about reduced consumer spending
requires them to state clearly the full as a consequence of higher interest rates
terms of loans which they make, includ- and inflation [Business]
ing the APR consumer-to-consumer commerce

consumer-to-consumer com-
merce /knsjum t knsjum
Consumer Credit Counselling Service

Consumer Credit Counselling | |

Service /knsjum kredt | km&s/ noun business, especially e-

kansl s&vs/ noun a service which business, done by one individual with an-
advises people about problems with items other and not involving any business or-
bought on credit ganisation
consumer durables /knsjum consumption /knsmpn/ noun
consumer durables consumption

| |

djrb()lz/ plural noun items which the act of buying or using goods or serv-
are bought and used by the public, e.g. ices a car with low petrol consumption
washing machines, refrigerators or cook- The factory has a heavy consumption of
ers coal.
goods /knsjum
consumer goods

consumer |
contact /knt kt/ noun 1. a person

!dz/ plural noun same as consumable you know or a person you can ask for help
goods or advice He has many contacts in the
/knsjum city. Who is your contact in the minis-
consumer panel

consumer panel |

p n()l/ noun a group of consumers try? 2. the act of getting in touch with
who report on products they have used so someone I have lost contact with them
that the manufacturers can improve them I do not communicate with them any
or use what the panel says about them in longer he put me in contact with a
advertising good lawyer he told me how to get in
Consumer Price Index /knsjum
Consumer Price Index
touch with a good lawyer verb
/knt kt, knt kt/ to get in touch

pras ndeks/ noun an American index |

showing how prices of consumer goods with someone, to communicate with

have risen over a period of time, used as a someone He tried to contact his office
way of measuring inflation and the cost of by phone. Can you contact the manag-
living. Abbreviation CPI (NOTE: The UK ing director at his club?
contain /knten/ verb to hold some-

term is retail prices index.) |

analysis of the consumer price index thing inside a barrel contains 250 litres
for the first half of the year shows that the Each crate contains two computers and
rate of inflation went down by about 12.9 their peripherals. We have lost a file
per cent [Business Times (Lagos)] containing important documents.
Business.fm Page 84 Thursday, April 8, 2004 3:51 PM

container 84
container /knten / noun 1. a box, context /kntekst/ noun additional in-
container context

bottle, can, etc. which can hold goods formation about a product that is consid-
The gas is shipped in strong metal con- ered to be helpful to customers and is
tainers. The container burst during shown on a website. For example, reviews
shipping. 2. a very large metal case of a by other customers displayed on the site
standard size for loading and transporting for a particular book.
goods on trucks, trains, and ships con- contingency /kntnd$nsi/ noun a

tainer berth container port container possible state of emergency when deci-
terminal to ship goods in containers sions will have to be taken quickly to
a container-load of spare parts a ship- add on 10% to provide for contingen-
ment of spare parts sent in a container cies to provide for further expenditure
containerisation /kntenra

| | which may be incurred

ze()n/, containerization noun the contingency fund /kntnd$nsi
contingency fund

act of shipping goods in containers fnd/ noun money set aside in case it is
containerise /kntenraz/, con-

needed urgently
tainerize verb to put or ship goods in contingency plan /kntnd$nsi
contingency plan

containers pl n/ noun a plan which will be put into

container ship /knten p/ noun a
container ship

action if something unexpected happens
ship made specially to carry containers contingency
contingency reserve

reserve /kn |

container terminal /knten

container terminal

tnd$nsi rz&v/ noun money set aside
t&mn()l/ noun an area of a harbour

in case it is needed urgently

where container ships are loaded or un- contingent expenses

contingent expenses /kn


tnd$nt kspensz/ plural noun ex-

contango /knt !/ noun 1. the

penses which will be incurred only if
payment of interest by a stockbroker for something happens
permission to carry payment for shares contingent liability /kntnd$nt
contingent liability

from one account to the next (NOTE: Con-


tango is no longer applied on the Lon-

lablti/ noun a liability which may or

don Stock Exchange because of the roll-

may not occur, but for which provision is
ing account system, but it is still applied
made in a companys accounts, as op-
on some other exchanges.) 2. a cash
posed to provisions, where money is set
price which is lower than the forward aside for an anticipated expenditure
contingent policy /kntnd$nt
contingent policy

price |

contango day /knt ! de/

contango day

plsi/ noun an insurance policy which
noun formerly, the day when the rate of pays out only if something happens, such
contango payments was fixed as if a person named in the policy dies be-
fore the person due to benefit
contempt of court /kntempt v
contempt of court

continual /kntnjul/ adjective

| continual

kt/ noun an act of being rude to a |

court, e.g. bad behaviour in court or a re- which happens again and again Produc-
fusal to carry out a court order tion was slow because of continual break-
content /kntent/ noun the ideas in-

continually /kntnjuli/ adverb


side a letter, etc. the content of the let- |

ter the real meaning of the letter again and again The photocopier is con-
tinually breaking down.
contents /kntents/ plural noun

continuation /kntnjue()n/

things contained by something, what is | |

inside something The contents of the noun the act of continuing

continuation sheet /kntnj
continuation sheet

bottle poured out onto the floor. Cus- | |

toms officials inspected the contents of the e()n it/ noun the second (or third)
crate. the contents of the letter the page of a document
words written in the letter continue /kntnju/ verb to go on do-

contested takeover /kntestd

contested takeover

| ing something or to do again something

tekv/ noun a takeover bid where the which you were doing earlier The meet-
board of the target company does not rec- ing started at 10 a.m. and continued until
ommend it to the shareholders and tries to 6 p.m. Negotiations will continue next
fight it. Also called hostile bid Monday.
Business.fm Page 85 Thursday, April 8, 2004 3:51 PM

85 contracting out
continuous /kntnjs/ adjective should be done by another company on a

with no end or with no breaks a contin- contract, rather than by employing mem-
uous production line bers of staff to do it to award a con-
continuous feed /kntnjus fid/
continuous feed

tract to a company, to place a contract
noun a device which feeds continuous with a company to decide that a compa-
stationery into a printer ny shall have the contract to do work for
you to tender for a contract to put for-
continuous improvement /kn
continuous improvement

ward an estimate of cost for work under
tnjus mpruvmnt/ noun a proce-
contract verb /kntr kt/ to agree to

dure and management philosophy that fo- do some work on the basis of a legally
cuses on looking all the time for ways in binding contract to contract to supply
which small improvements can be made spare parts or to contract for the supply of
to processes and products, with the aim of spare parts the supply of spare parts
increasing quality and reducing waste and was contracted out to Smith Ltd Smith
cost (NOTE: Continuous improvement is Ltd was given the contract for supplying
one of the tools that underpin the philos- spare parts to contract out of an agree-
ophies of total quality management and ment to withdraw from an agreement
lean production; in Japan it is known as with the written permission of the other
kaizen.) party
continuous service /kntnjus
continuous service

| COMMENT: A contract is an agreement

s&vs/ noun a period of employment between two or more parties which cre-
with one employer, which begins on the ates legal obligations between them.
day on which the employee starts work Some contracts are made under seal,
i.e. they are signed and sealed by the
and ends on the day which they resign or parties; most contracts are made orally
are dismissed or in writing. The essential elements of a
continuous stationery /kntnjs contract are: (a) that an offer made by
continuous stationery

ste()n()ri/ noun paper made as one one party should be accepted by the oth-
er; (b) consideration (i.e. payment of
long sheet used in computer printers money); (c) the intention to create legal
contra /kntr/ verb to contra an

relations. The terms of a contract may be

entry to enter a similar amount in the op- express or implied. A breach of contract
posite side of an account by one party entitles the other party to
sue for damages or to ask for something
contra account /kntr kant/
contra account

to be done.
noun an account which offsets another contract out phrasal verb to hire an-
account, e.g. where a companys supplier other organisation or person to carry out
is not only a creditor in that companys part or all of a certain piece of work
books but also a debtor because it has pur- The catering firm has contracted out the
chased goods on credit distribution of its products to a delivery
contraband /kntrb nd/ noun firm. We shall contract out any work

goods brought into a country illegally, we are not specialised in. The supply
without paying customs duty of spare parts was contracted out to
contract noun /kntr kt/ 1. a legal
Smith Ltd.
contract distribution /kntr kt
contract distribution

agreement between two parties to draw |

up a contract to draft a contract to dstrbju()n/ noun the practice of


sign a contract the contract is binding outsourcing a companys distribution ac-

on both parties both parties signing the tivities to another company contract
contract must do what is agreed under (NOTE: Contract distribution can help to
contract bound by the terms of a contract reduce costs and stockholdings and im-
The firm is under contract to deliver the prove flexibility of delivery.)
goods by November. to void a contract contracting out /kntr kt at/
contracting out

to make a contract invalid 2. by private noun 1. the process, on the part of an em-
contract by private legal agreement 3. an ployee, of withdrawing from the UK State
agreement for the supply of a service or Earnings-Related Pension Scheme and
goods to enter into a contract to supply buying an appropriate personal pension 2.
spare parts to sign a contract for the process, on the part of an employer, of
10,000 worth of spare parts to put withdrawing employees from the UKs
work out to contract to decide that work State Earnings-Related Pension Scheme
Business.fm Page 86 Thursday, April 8, 2004 3:51 PM

contracting party 86
and enrolling them in an occupational contrarian /kntrerin/ adjective

pension scheme that meets specified going against a trend

standards contrary /kntrri/ noun the opposite

contracting party /kntr kt failing instructions to the contrary

contracting party

pti/ noun a person or company that unless different instructions are given
signs a contract on the contrary quite the opposite The
contract law /kntr kt l/ noun chairman was not annoyed with his as-
contract law

laws relating to private agreements sistant on the contrary, he promoted

contract note /kntr kt nt/ noun
contract note
contribute /kntrbjut/ verb to give

a note showing that shares have been |

bought or sold but not yet paid for, also money or add to money We agreed to
including the commission contribute 10% of the profits. They had
contract of employment

contract of employment contributed to the pension fund for 10

/kntr kt v mplmnt/ noun a |
contributed content website /kn
contributed content website

contract between an employer and an em- |

ployee stating all the conditions of work. trbjutd kntent websat/ noun a
Also called employment contract website that allows visitors to add their
contract of service /kntr kt v
contract of service
contributions to its content, e.g., to write
s&vs/ noun a legal agreement between reviews of books that are advertised on
an employer and an employee whereby the site
contribution /kntrbju()n/ noun

the employee will work for the employer |

and be directed by them, in return for pay- money paid to add to a sum
ment contribution analysis /kntr
contribution analysis

contractor /kntr kt/ noun a per-


bju()n n lss/ noun an analysis

son or company that does work according of how much each of a companys prod-
to a written agreement ucts contributes to fixed costs, based on
contractual /kntr ktl/ adjective

its profit margin and sales Contribution
according to a contract contractual analysis helps to streamline production
conditions to fulfil your contractual and marketing. Thorough contribution
obligations to do what you have agreed to analysis led to six products being dropped
do in a contract from the product range.
contribution margin /kntr
contribution margin

contractual liability /kntr ktul

contractual liability

bju()n md$n/ noun a way of


lablti/ noun a legal responsibility


for something as stated in a contract showing how much individual products or

services contribute to net profit
contractually /kntr ktjuli/ ad-

contribution of capital /kntr

| contribution of capital

verb according to a contract The com- |

pany is contractually bound to pay our bju()n v k pt()l/ noun money

expenses. paid to a company as additional capital
contribution pricing /kntr
contribution pricing

contractual obligation /kn

contractual obligation

bju()n pras/ noun a pricing


tr ktul bl!e()n/ noun some-

method based on maximising the contri-

thing that a person is legally forced to do

through having signed a contract to do bution of each product to fixed costs
contributor /kntrbjt/ noun a per-

to fulfil your contractual obligations to |

do what you have agreed to do in a con- son who gives money

tract he is under no contractual obli- capital /kn
contributor of capital

contributor of |

gation to buy he has signed no agreement trbjtr v k pt()l/ noun a person

to buy who contributes capital
contract work /kntr kt w&k/ contributory /kntrbjt()ri/ adjec-
contract work contributory

noun work done according to a written tive causing or helping to cause Falling
agreement exchange rates have been a contributory
contra entry /kntr entri/ noun an factor in the companys loss of profits.
contra entry

contributory negligence /kn

contributory negligence

entry made in the opposite side of an ac- |

count to make an earlier entry worthless, trbjt()ri ne!ld$ns/ noun negli-

i.e. a debit against a credit gence partly caused by the plaintiff and
Business.fm Page 87 Thursday, April 8, 2004 3:51 PM

87 convertible currency
partly by the defendant, resulting in harm check that a computer system is working
done to the plaintiff correctly
contributory pension plan /kn convene /knvin/ verb to ask people
contributory pension plan convene

| |

trbjt()ri penn pl n/, contribu- to come together to convene a meeting

tory pension scheme /kntrbjt()ri | of shareholders to convene a meeting of
penn skim/ noun a pension plan union members
where the employee has to contribute a convenience /knvinins/ noun

percentage of salary at your earliest convenience as soon as

control /kntrl/ noun 1. the power

| you find it possible

or ability to direct something The com- convenience store /knvinins
convenience store

pany is under the control of three share- st/ noun a small store selling food or
holders. Top management exercises household goods, open until late at night,
tight control over spending. to lose con- or even 24 hours per day
trol of a business to find that you have the nations largest convenience store
less than 50% of the shares in a company, chain has expanded the range of bills it
and so are not longer able to direct it takes payments for to include gas and tel-
The family lost control of its business. 2. ephone services [Nikkei Weekly]
the act of restricting or checking some- convenient /knvinint/ adjective

thing or making sure that something is


suitable or handy A bank draft is a con-

kept in check under control kept in venient way of sending money abroad.
check Expenses are kept under tight Is 9.30 a convenient time for the meeting?
control. The company is trying to bring
convenor /knvin/ noun a trade un-

its overheads back under control. out of |

control not kept in check Costs have ionist who organises union meetings
got out of control. verb 1. to control convergence /knv&d$ns/ noun a

a business to direct a business The situation where the economic factors ap-
business is controlled by a company plying in two countries move closer to-
based in Luxembourg. The company is gether, e.g. when basic interest rates, or
controlled by the majority shareholder. 2. budget deficits become more and more
to make sure that something is kept in similar
check or is not allowed to develop The conversion /knv&()n/ noun 1. a

government is fighting to control inflation change 2. the action of changing convert-

or to control the rise in the cost of living. ible loan stock into ordinary shares
(NOTE: controlling controlled. The
conversion of funds /knv&()n
conversion of funds

US spelling is controling controled.)


v fndz/ noun the act of using money

control group / kntrl !rup/ noun
control group

which does not belong to you for a pur-
a small group which is used to check a pose for which it is not supposed to be
sample group used
controlled /kntrld/ adjective ruled

conversion price /knv&()n

conversion price

or kept in check pras/, conversion rate / knv&()n |

controlled economy /kntrld ret/ noun 1. a price at which preference

controlled economy

| |

knmi/ noun an economy where most shares are converted into ordinary shares
business activity is directed by orders 2. a rate at which a currency is changed
from the government into a foreign currency
controller /kntrl/ noun 1. a per- convert /knv&t/ verb 1. to change
controller convert

| |

son who controls something, especially money of one country for money of an-
the finances of a company 2. US the chief other We converted our pounds into
accountant in a company Swiss francs. 2. to convert funds to
controlling interest /kntrl
controlling interest

your own use to use someone elses mon-
ntrst/ noun to have a controlling ey for yourself
convertibility /knv&tblti/ noun

interest in a company to own more than | |

50% of the shares so that you can direct the ability of a currency to be exchanged
how the company is run for another easily
/kntrl /kn
control systems convertible currency

control systems | convertible currency |

sstmz/ plural noun the systems used to v&tb()l krnsi/ noun a currency
Business.fm Page 88 Thursday, April 8, 2004 3:51 PM

convertible debenture 88
which can easily be exchanged for anoth- tion where customers and employees are
er partners and share the profits
convertible debenture /kn co-opt /k pt/ verb to co-opt
convertible debenture co-opt

v&tb()l dbent/ noun a debenture

| someone onto a committee to ask some-
or loan stock which can be exchanged for one to join a committee without being
ordinary shares at a later date elected
convertible loan stock /kn co-owner /k n/ noun a person
convertible loan stock co-owner

v&tb()l ln stk/ noun money lent who owns something with another person
to a company which can be converted into The two sisters are co-owners of the
shares at a later date property.
conveyance /knvens/ noun a legal co-ownership /k np/ noun
conveyance co-ownership

document which transfers a property an arrangement where two people own a

from the seller to the buyer property or where partners or employees
conveyancer /knvens/ noun a have shares in a company

copartner /kptn/ noun a person


person who draws up a conveyance |

conveyancing /knvens/ noun who is a partner in a business with another


the work of legally transferring a property person

copartnership /kptnp/ noun

from a seller to a buyer |

COO abbr chief operating officer

an arrangement where partners or em-
cooling-off period /kul f
cooling-off period
ployees have shares in the company
cope /kp/ verb to manage to do some-

prid/ noun 1. (during an industrial

dispute) a period when negotiations have thing The new assistant manager coped
to be carried on and no action can be tak- very well when the manager was on holi-
en by either side 2. a period during which day. The warehouse is trying to cope
someone who is about to enter into an with the backlog of orders.
copier /kpi/ noun a machine which

agreement may reflect on all aspects of

the arrangement and change his or her makes copies of documents
mind if necessary New York has a three copier paper /kpi pep/ noun
copier paper

day cooling-off period for telephone special paper used in photocopiers

sales. coproperty /kprpti/ noun own-

co-op /k p/ noun same as cooper-


ership of property by two or more people

ative together
co-operate /k pret/ verb to coproprietor /kprprat/ noun
co-operate coproprietor

work together The regional govern- a person who owns a property with anoth-
ments are co-operating in the fight er person or several other people
against piracy. The two firms have co- copy /kp/ noun 1. a document which

operated on the computer project. is made to look the same as another car-
co-operation /kpre()n/

| | bon copy copy made with carbon paper

noun the act of working together The 2. a document 3. a book, a newspaper
project was completed ahead of schedule Have you kept yesterdays copy of the
with the co-operation of the workforce. Times? I read it in the office copy of
cooperative /kp()rtv/ adjec- Fortune. Where is my copy of the tel-

tive 1. willing to work together The ephone directory? verb to make a sec-
workforce has not been cooperative over ond document which is like the first He
the managements productivity plan. 2. copied the company report and took it
where the profits are shared among the home. (NOTE: copies copying- cop-
workers noun a business run by a group ied)
of employees who are also the owners and copyholder /kpihld/ noun a

who share the profits an industrial co- frame on which a document can be put,
operative The product is marketed by which stands next to a keyboard, so that
an agricultural cooperative. They set the operator can read the text to be copied
up a workers cooperative to run the fac- more easily
tory. copying machine /kpi min/
copying machine

cooperative society /k
cooperative society

| noun a machine which makes copies of

p()rtv ssati/ noun an organisa-
| documents
Business.fm Page 89 Thursday, April 8, 2004 3:51 PM

89 corporate
copy paper /kpi pep/ noun spe- core competence /kr
copy paper core competence

cial paper used in photocopiers kmpt()ns/ noun a skill or an area of

copyright /kpirat/ noun 1. an au-
expertise possessed by an organisation
thors legal right to publish his or her own that makes it particularly good at doing
work and not to have it copied, lasting some things and makes an important con-
seventy years after the authors death tribution to its success by giving it com-
work which is out of copyright work by petitive advantage over other organisa-
a writer who has been dead for seventy tions
years work still in copyright work by core product /k prdkt/ noun 1.
core product

a living writer, or by a writer who died the main product which a company makes
less than seventy years ago 2. a legal right or sells 2. a basic product, without added
which protects the creative work of writ- benefits such as credit terms, installation
ers and artists and prevents others from service, etc.
core skills /k sklz/ noun basic
core skills

copying or using it without authorisation,

and which also applies to such things as skills, which are needed by everyone
company logos and brand names verb core time /k tam/ noun a period
core time

to confirm the copyright of a written work when people working under a flexitime
by inserting a copyright notice and pub- system must be present at work
lishing the work adjective covered by core values /k v ljuz/ plural
core values

the laws of copyright It is illegal to pho- noun 1. the main commercial and moral
tocopy a copyright work. principles that influence the way an or-
Copyright Act /kpirat kt/ noun
Copyright Act

| ganisation is run and the way it conducts

an Act of Parliament making copyright its business, and that are supposed to be
legal, and controlling the copying of cop- shared by everyone in the organisation
yright material from senior management to ordinary em-
copyrighted /kpiratd / adjective in
ployees (NOTE: Core values are often re-
copyright flected in an organisations mission
statement.) 2. a set of concepts and ideals
copyright holder /kpirat hld/
copyright holder

that guide someones life and help them to

noun a person who owns a copyright and make important decisions
who can expect to receive royalties from core workers /k w&kz/ plural
core workers

it noun workers who are in full-time em-

copyright law /kpirat l/ noun
copyright law

ployment (as opposed to part-timers or

laws concerning the protection of copy- casual workers who are called peripheral
right workers)
copyright notice /kpirat nts/ corner /kn/ noun a situation where
copyright notice corner

noun a note in a book showing who owns one person or a group controls the supply
the copyright and the date of ownership of a certain commodity The syndicate
tried to create a corner in the silver mar-
copywriter /kpirat/ noun a person

who writes advertisements ket. verb to corner the market to

own most or all of the supply of a com-
core /k/ noun the central or main part

modity and so control the price The

core business /k bzns/ noun the syndicate tried to corner the market in sil-
core business

most important work that an organisation ver.

corner shop /kn p/ noun a small
corner shop

does, that it is most expert at, that makes

it different from other organisations, that privately owned general store
contributes most to its success and, usual- corp abbr US corporation

ly, that it was originally set up to do corporate /kp()rt/ adjective 1. re-


(NOTE: The concept of core business be- ferring to corporations or companies, or

came prominent in the 1980s when at- to a particular company as a whole 2. re-
tempts at diversification by large compa- ferring to business in general corporate
nies proved less successful than expect- America corporate Britain
the prime rate is the rate at which banks
core capability /kr kepblti/
core capability

| lend to their top corporate borrowers

noun same as core competence [Wall Street Journal]
Business.fm Page 90 Thursday, April 8, 2004 3:51 PM

corporate brand 90
if corporate forecasts are met, sales corporate name /kp()rt nem/
corporate name

will exceed $50 million next year noun the name of a large corporation
[Citizen (Ottawa)] corporate plan /kp()rt pl n/
corporate plan

corporate brand /kp()rt

corporate brand

noun a plan for the future work of a whole

br nd/ noun the overall image that a company
company presents to the outside world, or corporate planning /kp()rt
corporate planning

the image of it that exists in the minds of pl n/ noun the process of planning
its customers, its employees and the pub- the future work of a whole company
lic, that encapsulates what it does and
corporate portal /kp()rt
corporate portal

what it stands for

pt()l/ noun a main website that al-
climate /kp()rt
corporate climate

corporate lows access to all the information and

klamt/ noun the general feeling and software applications held by an organi-
atmosphere within an organisation that is sation and provides links to information
mainly created by the attitudes of its man- from outside it (NOTE: A corporate portal
agers towards their work, their staff and is a development of intranet technology
their customers and that can affect such and, ideally, should allow users to ac-
things as productivity, creativity, and cus- cess groupware, email, and desktop ap-
tomer focus plications, and to customise the way in-
corporate communication
corporate communication

formation is presented and the way it is

/kp()rt kmjunke()n/ noun
| used.)
the activities undertaken by an organisa- corporate
corporate profits

profits /kp()rt
tion to pass on information both to its own prfts/ plural noun the profits of a cor-
employees and to its existing and pro- poration
spective customers and the general public corporate profits for the first quarter
culture /kp()rt
corporate culture

corporate showed a 4 per cent drop from last year

klt/ noun the often unspoken beliefs [Financial Times]
and values that determine the way an or- corporate raider /kp()rt red/
corporate raider

ganisation does things, the atmosphere noun a person or company which buys a
that exists within it and the way people stake in another company before making
who work for it behave (NOTE: The cul- a hostile takeover bid
ture of an organisation is often summed corporate
corporate vision

vision /kp()rt
up as the way we do things around v$()n/ noun the overall aim or purpose
here.) of an organisation that all its business ac-
corporate evolution /kp()rt
corporate evolution

tivities are designed to help it achieve

ivlu()n/ noun the process of
(NOTE: An organisations corporate vi-
change and development that takes place sion is usually summed up in its vision
in organisations as a result of the use of statement.)
information technology corporation /kpre()n/ noun 1.

corporate governance /kp()rt

corporate governance

a large company 2. US a company which

!v()nns/ noun a theory of the way is incorporated in the United States 3. a
companies should be run municipal authority
corporate hospitality /kp()rt COMMENT: A corporation is formed by
corporate hospitality

hspt lti/ noun entertainment provid- registration with the Registrar of Compa-
nies under the Companies Act (in the

ed by an organisation, originally intended case of public and private companies) or

to help salespeople build relationships other Acts of Parliament (in the case of
with customers, but now increasingly building societies and charities).
used as an incentive for staff and in team- corporation
corporation income tax

income tax
building and training exercises for em- /kpre()n nkm t ks/ noun a
ployees tax on profits made by incorporated com-
corporate image /kp()rt panies
corporate image

md$/ noun an idea which a company corporation loan /kpre()n

corporation loan

would like the public to have of it ln/ noun a loan issued by a local au-
corporate income tax /kp()rt thority
corporate income tax

nkm t ks/ noun US a tax paid on the corporation tax /kpre()n

corporation tax

income of a business t ks/ noun a tax on profits and capital

Business.fm Page 91 Thursday, April 8, 2004 3:51 PM

91 cost driver
gains made by companies, calculated be- Weve made some cosmetic changes to
fore dividends are paid. Abbreviation CT our product line. Packaging has both
correct /krekt/ adjective accurate or practical as well as cosmetic importance.

right The published accounts do not cost /kst/ noun 1. the amount of mon-

give a correct picture of the companys fi- ey which has to be paid for something
nancial position. verb to remove mis- What is the cost of a first class ticket to
takes from something The accounts de- New York? Computer costs are falling
partment have corrected the invoice. each year. We cannot afford the cost of
You will have to correct all these typing two cars. to cover costs to produce
errors before you send the letter. enough money in sales to pay for the costs
correction /krekn/ noun 1. an act of production The sales revenue barely

of making something correct She made covers the costs of advertising or the ad-
some corrections to the text of the speech. vertising costs. to sell at cost to sell at
2. a change in the valuation of something a price which is the same as the cost of
that is thought to be overvalued or under- manufacture or the wholesale cost 2.
valued which results in its being more re- cost of borrowing Same as borrowing
alistically valued costs verb 1. to have as its price
there were fears in October that shares How much does the machine cost? This
were overvalued and bears were ready to cloth costs 10 a metre. 2. to cost a
enter the market. This only proved to be a product to calculate how much money
small correction [Investors Chronicle] will be needed to make a product, and so
correlation /krle()n/ noun the

work out its selling price
cost, insurance, and freight /kst
cost, insurance, and freight

degree to which there is a relationship be-

tween two sets of data Is there any cor- nrns n fret/ noun the estimate

relation between peoples incomes and of a price, which includes the cost of the
the amount they spend on clothing? co- goods, the insurance, and the transport
efficient of correlation charges. Abbreviation CIF, c.i.f.
correspond /krspnd/ verb 1. to cost accountant /kst kantnt/
correspond cost accountant


correspond with someone to write let- noun an accountant who gives managers
ters to someone 2. to correspond with information about their business costs
something to fit or to match something cost accounting /kst kant/
cost accounting

correspondence /krspndns/

noun the process of preparing special ac-
noun letters, emails or other messages ex- counts of manufacturing and sales costs
changed to be in correspondence with
cost analysis /kst n lss/ noun
cost analysis

someone to write letters to someone and |

receive letters back the process of calculating in advance

what a new product will cost
correspondence clerk

correspondence clerk
cost-benefit analysis /kst benft
| cost-benefit analysis

spndns klk/ noun a clerk whose re-

sponsibility it is to answer correspond- n lss/ noun the process of compar-

ence ing the costs and benefits of various pos-

sible ways of using available resources.
correspondent /krspndnt/

Also called benefit-cost analysis

noun a journalist who writes articles for a
cost centre /kst sent/ noun a per-
cost centre

newspaper on specialist subjects He is

the Paris correspondent of the Daily Tele- son or group whose costs can be itemised
graph. and to which costs can be allocated in ac-
corrupt /krpt/ adjective 1. (person,

cost-cutting /kst kt/ noun the

especially an official) who takes bribes;

referring to the taking of bribes They process of reducing costs As a result of
accused the ministers assistant of cor- cost-cutting, we have had to make three
rupt practices. 2. (data on a computer secretaries redundant.
disk) which is faulty and therefore cannot cost driver /kst drav/ noun a fac-
cost driver

be used verb to make data unusable tor that determines how much it costs to
The faulty disk drive corrupted our files. carry out a particular task or project, e.g.
cosmetic /kzmetk/ adjective refer-

| the amount of resources needed for it, or

ring to the appearance of people or things the activities involved in completing it
Business.fm Page 92 Thursday, April 8, 2004 3:51 PM

cost-effective 92
cost-effective /kst fektv/ adjec- dex, but includes other items such as the

tive giving good value when compared interest on mortgages.

with the original cost We find advertis- cost of sales /kst v selz/ noun all
cost of sales

ing in the Sunday newspapers very cost- the costs of a product sold, including
effective. manufacturing costs and the staff costs of
cost-effectiveness /kst the production department, before gener-

fektvns/, cost efficiency noun the al overheads are calculated. Also called
quality of being cost-effective Can we cost of goods sold
calculate the cost-effectiveness of air cost per click-through /kst p
cost per click-through

freight against shipping by sea? klk ru/ noun a method of pricing on-
cost factor /kst f kt/ noun the line advertising, based on the principle
cost factor

problem of cost that the seller gets paid whenever a visitor

cost inflation /kst nfle()n/ noun
cost inflation
clicks on an advertisement
cost plus /kst pls/ noun a system
cost plus

same as cost-push inflation

costing /kst/ noun a calculation of
of calculating a price, by taking the cost
the manufacturing costs, and so the sell- of production of goods or services and
ing price, of a product The costings give adding a percentage to cover the suppli-
us a retail price of $2.95. We cannot do ers overheads and margin We are
the costing until we have details of all the charging for the work on a cost plus basis.
cost price /kst pras/ noun a selling
cost price

production expenditure.
costly /kstl/ adjective costing a lot of
price which is the same as the price, either
money, or costing too much money De- the manufacturing price or the wholesale
price, which the seller paid for the item
fending the court case was a costly proc-
cost-push inflation /kst p n
cost-push inflation

ess. The mistakes were time-consuming |

and costly. fle()n/ noun inflation caused by in-

creased wage demands and increased raw
cost of capital /kst v k pt()l/
cost of capital

materials costs, which lead to higher pric-

noun interest paid on the capital used in
es, which in turn lead to further wage de-
operating a business mands. Also called cost inflation
cost of entry /kst v entri/ noun
cost of entry

costs /ksts/ plural noun the expenses


the cost of going into a market for the first involved in a court case The judge
time awarded costs to the defendant. Costs
cost of goods sold /kst v !dz
cost of goods sold

of the case will be borne by the prosecu-

sld/ noun same as cost of sales tion. to pay costs to pay the expenses of
cost of living /kst v lv/ noun
cost of living

a court case
money which has to be paid for basic cottage industry /ktd$ ndstr/
cottage industry

items such as food, heating or rent to al- noun the production of goods or some
low for the cost of living in the salary ad- other type of work, carried out by people
justments working in their own homes
cost-of-living allowance /kst v cotton mill /ktn ml/ noun a factory
cost-of-living allowance
cotton mill

lv lans/ noun an addition to nor-

where raw cotton is processed
mal salary to cover increases in the cost of council /kansl/ noun an official

living (NOTE: The US term is COLA.) group chosen to run something or to ad-
cost-of-living bonus /kst v lv
cost-of-living bonus

vise on a problem
bns/ noun money paid to meet an in- counsel /kansl/ noun a lawyer act-

crease in the cost of living ing for one of the parties in a legal action
cost-of-living increase /kst v
cost-of-living increase

defence counsel prosecution counsel

lv nkris/ noun an increase in salary verb to advise he counselled caution
to allow it to keep up with the increased he advised us to act carefully
cost of living counselling /kansl/ noun the act

cost-of-living index /kst v lv

cost-of-living index

of giving professional advice to others on

ndeks/ noun a way of measuring the personal matters An office is being set
cost of living which is shown as a percent- up for counselling employees who have
age increase on the figure for the previous professional or social problems. Coun-
year. It is similar to the consumer price in- selling helps employees get accustomed
Business.fm Page 93 Thursday, April 8, 2004 3:51 PM

93 coupon
to their new environment, by offering ad- counterpart /kantpt/ noun a per-

vice and guidance. (NOTE: The US spell- son who has a similar job in another com-
ing is counseling.) pany John is my counterpart in
count /kant/ verb 1. to add figures to- Smiths John has the same post as I have

gether to make a total She counted up here

the sales for the six months to December. counterparty /kantpti/ noun the

2. to include something Did you count other party in a deal

my trip to New York as part of my sales ex- counter-productive /kant pr

penses? dktv/ adjective which has the opposite

count on phrasal verb to expect some- effect to what you expect Increasing
thing to happen or to be given to you overtime pay was counter-productive, the
They are counting on getting a good re- workers simply worked more slowly.
sponse from the TV advertising. Do The MDs talk about profitability was
not count on a bank loan to start your quite counter-productive, as it encour-
business. aged the employees to ask for higher wag-
counter- /kant/ prefix against es.

counterbid /kantbd / noun a high- countersign /kantsan/ verb to


er bid in reply to a previous bid When I sign a document which has already been
bid 20 she put in a counterbid of 25. signed by someone else All our cheques
verb to make a higher bid in reply to a have to be countersigned by the finance
previous bid When I bid 20 he coun- director. The sales director counter-
terbid 25. signs all my orders.
counter staff /kant stf/ noun
counter staff

counter-claim / kant klem/ noun


a claim for damages made in reply to a sales staff who serve behind counters
countervailing duty /kantvel
countervailing duty

previous claim Jones claimed 25,000

in damages against Smith, and Smith en- djuti/ noun a duty imposed by a coun-
tered a counter-claim of 50,000 for loss try on imported goods, where the price of
of office. verb to put in a counter-claim the goods includes a subsidy from the
for something Jones claimed 25,000 government in the country of origin. Also
in damages and Smith counter-claimed called anti-dumping duty
50,000 for loss of office. counting house /kant has/
counting house

counterfeit /kantft/ adjective re- noun a department dealing with cash


ferring to false or imitation money (dated)

Shops in the area have been asked to look country /kntri/ noun land which is

out for counterfeit 20 notes. verb to separate and governs itself some Afri-
make imitation money can countries export oil the Organiza-
counterfoil /kantfl/ noun a slip
tion of Petroleum Exporting Countries
of paper kept after writing a cheque, an The contract covers distribution in the
invoice or a receipt, as a record of the deal countries of the EU. the managing di-
which has taken place rector is out of the country she is on a
countermand /kantmnd/ verb
business trip abroad
country of origin /kntri v
country of origin

to say that an order must not be carried

out to countermand an order rd$n/ noun a country where a product
is manufactured or where a food product
counter-offer /kantr f/ noun a

comes from All produce must be la-

higher or lower offer made in reply to an- belled to show the country of origin.
other offer Smith Ltd made an offer of
couple /kp()l/ noun two things or

1m for the property, and Blacks replied

with a counter-offer of 1.4m. people taken together We only have
enough stock for a couple of weeks. A
the company set about paring costs and couple of the directors were ill, so the
improving the design of its product. It
came up with a price cut of 14%, but its board meeting was cancelled. the ne-
counter-offer for an order that was to gotiations lasted a couple of hours the
have provided 8% of its workload next negotiations went on for about two hours
coupon /kupn/ noun 1. a piece of

year was too late and too expensive

[Wall Street Journal] paper used in place of money 2. a piece of
Business.fm Page 94 Thursday, April 8, 2004 3:51 PM

coupon ad 94
paper which replaces an order form 3. a to have any dealings with someone, espe-
slip of paper attached to a government cially a fellow-worker After he told the
bond certificate which can be cashed to management about the thefts, the other
provide the annual interest workers sent him to Coventry. Workers
coupon ad /kupn d/ noun an ad-
coupon ad
who carried on working were sent to Cov-
vertisement with a form attached, which entry after the strike ended.
cover /kv/ noun 1. the proportion of

you cut out and return to the advertiser

with your name and address for further in- a target audience reached by advertising
formation 2. the protection guaranteed by insurance
courier /kri/ noun a person or com-

to operate without adequate cover to

pany which arranges to carry parcels or operate without being protected by
take messages from one place another in enough insurance to ask for additional
a town verb to send by courier We cover to ask the insurance company to in-
will courier the package to your hotel. crease the amount for which you are in-
course /ks/ noun 1. in the course
sured 3. an amount of money large
of during or while something is happen- enough to guarantee that something can
ing In the course of the discussion, the be paid for Do you have sufficient cover
managing director explained the compa- for this loan? 4. to send something un-
nys expansion plans. Sales have risen der separate cover in a separate enve-
sharply in the course of the last few lope to send a magazine under plain
months. 2. a series of lessons or a pro- cover in an ordinary envelope with no
gramme of instruction She has finished company name printed on it verb 1. to
her secretarial course. The company provide protection by insurance against
has paid for her to attend a course for something The insurance covers fire,
trainee sales managers. Management theft and loss of work. the damage was
trainees all took a six-month course in covered by the insurance the damage
business studies. The training officer was of a kind that the insurance policy
was constantly on the lookout for new protects against or the insurance company
courses in management studies. The paid enough money to enable the damage
company sent her on a management to be repaired to be fully covered to
course. 3. of course naturally Of have insurance against all risks 2. to have,
course the company is interested in prof- earn or provide enough money to pay for
its. Are you willing to go on a sales trip something We do not make enough
to Australia? Of course! sales to cover the expense of running the
court /kt/ noun a place where a judge
shop. Breakeven point is reached when
listens to a case and decides legally which sales cover all costs. to cover a posi-
of the parties in the argument is right to tion to have enough money to be able to
take someone to court to tell someone to pay for a forward purchase 3. to earn
appear in court to settle an argument enough money to pay for costs, expenses,
etc. We do not make enough sales to
court case /kt kes/ noun a legal ac-
court case

cover the expense of running the shop.

tion or trial Breakeven point is reached when sales
court order /kt d/ noun a legal cover all costs. the dividend is covered
court order

order made by a court, telling someone to four times profits are four times the divi-
do or not to do something dend paid out 4. to ask for security against
covenant /kvnnt/ noun a legal a loan which you are making

contract verb to agree to pay annually a three export credit agencies have
specified sum of money to a person or or- agreed to provide cover for large projects
ganisation by contract. When payments in Nigeria [Business Times (Lagos)]
are made under covenant to a charity, the coverage /kv()rd$/ noun US pro-

charity can reclaim the tax paid by the tection guaranteed by insurance Do you
donee. to covenant to pay 10 per an- have coverage against fire damage?
num from a PR point of view it is easier to
Coventry /kvntri/ to send some-

get press coverage when you are selling an

one to Coventry to refuse to speak to or industry and not a brand [PR Week]
Business.fm Page 95 Thursday, April 8, 2004 3:51 PM

95 credibility gap
cover charge /kv td$/ noun (in agencies are being called on to produce
cover charge

restaurants) a charge for a place at the ta- great creative work and at the same time
ble in addition to the charge for food deliver value for money [Marketing
covering letter /kvr let/, cov-
covering letter
creative accountancy /krietv
creative accountancy

ering note /kvr nt/ noun a let- | |

ter sent with documents to say why they kant/, creative accounting noun
are being sent an adaptation of a companys figures to
cover note /kv nt/ noun a letter
cover note
present a better picture than is correct,
from an insurance company giving details usually intended to make a company
of an insurance policy and confirming more attractive to a potential buyer, or
that the policy exists done for some other reason which may
not be strictly legal
cowboy / kab/ noun a workman

COMMENT: Creative accounting is the

who does bad work and charges a high term used to cover a number of account-
price The people we got in to repaint ing practices which, although legal, may
the office were a couple of cowboys. be used to mislead banks, investors and
cowboy outfit /kab atft/ noun shareholders about the profitability or li-
cowboy outfit

quidity of a business.
company which does bad work and charg-
creative destruction /krietv d
creative destruction

es high prices | |

CPI abbr Consumer Price Index

strk()n/ noun a term used to describe
the process in which in existing goods,
Cr, CR abbr credit

services, or organisations are replaced by

crane /kren/ noun a machine for lifting

new ones as a result of innovation (NOTE:

heavy objects The container slipped as The term was very popular during the
the crane was lifting it onto the ship. dot-com boom of the late 1990s and
They had to hire a crane to get the ma- early 2000s.)
chine into the factory. creative director /krietv da
creative director

crash /kr / noun a financial collapse

crash | |

rekt/ noun an employee of an advertis-

The financial crash caused several ing agency who is in overall charge of
bankruptcies. He lost all his money in finding the right words and images to pro-
the crash of 1929. verb to collapse fi- mote the product during an advertising
nancially The company crashed with campaign
debts of over 1 million.
creative selling /krietv sel/
creative selling

crash-test /kr test/ verb to estab-

crash-test |

noun a sales technique where the main

lish the safety and reliability of something emphasis is on generating new business
by testing it in different ways
creativity /krietvti/, creative

crate / kret/ noun a large wooden box

crate |

thinking /krietv k/ noun the

a crate of oranges verb to put goods

ability to use the imagination to produce

into crates new ideas or things
creaming /krim/ noun the act of

crche /kre/ noun a special room or


fixing a high price for a product in order building on a companys premises where
to achieve high short-term profits
babies and small children can be looked
create /kriet/ verb to make something

after The company provides crche fa-
new By acquiring small unprofitable cilities for its staff. Compare nursery
companies he soon created a large manu-
credentials /krdenlz/ plural noun

facturing group. The government |

scheme aims at creating new jobs for letters or documents which describe a
young people. persons qualities and skills The new
production manager has very impressive
he insisted that the tax advantages he credentials.
directed towards small businesses will
credere /kredri/ noun del credere

help create jobs and reduce the unemploy-

ment rate [Toronto Star] agent
creation /krie()n/ noun the process credibility /kredblti/ noun the state
creation credibility

| |

of making something of being trusted

creative /krietv/ noun someone who credibility gap /kredblti ! p/
creative credibility gap

| |

works in the conceptual or artistic side of noun a discrepancy between claims for a
a business product made by the manufacturer and
Business.fm Page 96 Thursday, April 8, 2004 3:51 PM

credit 96
acceptance of these claims by the target credit card sale /kredt kd sel/
credit card sale

audience The credibility gap that we noun the act of selling where the buyer
face is partly due to our products bad uses a credit card to pay
performance record. source credibili- credit column /kredt klm/ noun
credit column

ty the right-hand column in accounts show-

credit /kredt/ noun 1. a period of time

ing money received

allowed before a customer has to pay a credit control /kredt kntrl/
credit control

debt incurred for goods or services to noun a check that customers pay on time
give someone six months credit to sell and do not owe more than their credit lim-
on good credit terms letter of credit (L it
or C) a letter from a bank, allowing some- credit controller /kredt kntrl/
credit controller

one credit and promising to repay at a lat- noun a member of staff whose job is to try
er date to open a line of credit, a credit to get payment of overdue invoices
line to make credit available to someone
credit entry /kredt entri/ noun an
credit entry

on credit without paying immediately

to live on credit We buy everything on entry on the credit side of an account
credit facilities /kredt fsltiz/
credit facilities

sixty days credit. The company exists on |

credit from its suppliers. 2. an amount en- plural noun an arrangement with a bank
tered in accounts to show a decrease in as- or supplier to have credit so as to buy
sets or expenses or an increase in liabili- goods
ties, revenue or capital. In accounts, cred- credit freeze /kredt friz/ noun a pe-
credit freeze

its are entered in the right-hand column. riod when lending by banks is restricted
to enter 100 to someones credit to pay by the government
in 100 to the credit of Mr Smith Compare credit history /kredt hst()ri/
credit history

debit account in credit an account noun a record of how a potential borrower

where the credits are higher than the deb- has repaid his or her previous debts
its verb to put money into someones credit limit /kredt lmt/ noun the
credit limit

account, or to note money received in an largest amount of money which a custom-

account to credit an account with 100 er can borrow he has exceeded his
or to credit 100 to an account credit limit he has borrowed more money
credit account /kredt kant/
credit account

than he is allowed to
noun an account which a customer has credit note /kredt nt/ noun a note
credit note

with a shop which allows him or her to showing that money is owed to a custom-
buy goods and pay for them later er The company sent the wrong order
credit agency /kredt ed$nsi/
credit agency

and so had to issue a credit note. Abbre-

noun a company which reports on the viation C/N
creditworthiness of customers to show creditor /kredt/ noun a person or

whether they should be allowed credit company that is owed money, i.e. a com-
credit balance /kredt b lns/
credit balance

panys creditors are its liabilities

noun a balance in an account showing creditors /kredtz/ noun a list of all

that more money has been received than is liabilities in a set of accounts, including
owed The account has a credit balance overdrafts, amounts owing to other com-
of 100. panies in the group, trade creditors, pay-
credit bank /kredt b k/ noun a
credit bank

ments received on account for goods not

bank which lends money yet supplied, etc.
credit card /kredt kd/ noun a plas- creditors meeting /kredtz
credit card creditors meeting

tic card which allows you to borrow mon- mit/ noun a meeting of all the people
ey and to buy goods without paying for to whom an insolvent company owes
them immediately. You must pay the bal- money, to decide how to obtain the money
ance to the credit card company at a later owed
date. credit rating /kredt ret/ noun an
credit rating

credit card holder / kredt kd amount which a credit agency feels a cus-
credit card holder

hld/ noun 1. a person who has a tomer will be able to repay

credit-reference agency /kredt
credit-reference agency

credit card 2. a plastic wallet for keeping

credit cards refr()ns ed$nsi/ noun a company
Business.fm Page 97 Thursday, April 8, 2004 3:51 PM

97 criticise
used by businesses and banks to assess government stepped in to try to resolve
the creditworthiness of people the international crisis. Withdrawals
credit references
credit references

/kredt from the bank have reached crisis level.

refr()nsz/ plural noun details of per- to take crisis measures to take severe
sons, companies or banks who have given measures rapidly to stop a crisis develop-
credit to a person or company in the past, ing
crisis management /krass
crisis management

supplied as references when opening a

credit account with a new supplier m nd$mnt/ noun actions taken by an
credit sale /kredt sel/ noun a sale
credit sale
organisation to protect itself when unex-
where the purchaser will pay for the pected events or situations occur that
goods bought at a later date could threaten its success or continued
credit side /kredt sad/ noun the
credit side
operation (NOTE: Crisis situations may
result from external factors such as the
right-hand column of accounts showing
money received development of a new product by a com-
petitor or changes in legislation, or from
credit squeeze /kredt skwiz/ noun
credit squeeze

internal factors such as a product failure

a period when lending by the banks is re- or faulty decision-making, and often in-
stricted by the government volve the need to make quick decisions
credit transfer /kredt tr nsf&/
credit transfer

on the basis of uncertain or incomplete

noun an act of moving money from one information.)
account to another critical mass /krtk()l m s/ noun
critical mass

credit union /kredt junjn/ noun a

credit union

the point at which an organisation or a

group of people who pay in regular de- project is generating enough income or
posits or subscriptions which earn interest has gained a large enough market share to
and are used to make loans to other mem- be able to survive on its own or to be
bers of the group worth investing more money or resources
creditworthiness /kredtw&ins/ in

noun the ability of a customer to pay for critical path analysis /krtk()l
critical path analysis

goods bought on credit p n lss/ noun an analysis of the


creditworthy /kredtw&i/ adjective way a project is organised in terms of the


having enough money to be able to buy minimum time it will take to complete,
goods on credit We will do some checks calculating which parts can be delayed
on her to see if she is creditworthy. without holding up the rest of the project
critical-path method /krtk()l
critical-path method

crew /kru/ noun a group of people who


work on a plane, ship, etc. The ship car- p med/ noun a technique used in
ries a crew of 250. project management to identify the activ-
crime /kram/ noun an act which is
ities within a project that are critical to its
against the law Crimes in supermarkets success, usually by showing on a diagram
have risen by 25%. or flow chart the order in which activities
must be carried out so that the project can
criminal /krmn()l/ adjective illegal

be completed in the shortest time and at

Misappropriation of funds is a criminal the least cost
critical restructuring /krtk()l ri
critical restructuring

criminal action /krmn()l  kn/

criminal action |

strktr/ noun major changes in the

noun a court case brought by the state economy or society that lead to a basic re-
against someone who is charged with a shaping of previous forms of organisation
crime critical success factors /krtk()l
critical success factors

criminal negligence /krmn()l

criminal negligence

skses f ktz/ plural noun the aspects

ne!ld$ns/ noun failure to do a duty

of a business that are considered to be

with the result that harm is done to the in- most necessary for it to be able to achieve
terests of people its aims and continue to operate success-
criminal record /krmn()l rekd/
criminal record

fully over time

noun same as police record criticise / krtsaz/, criticize /krt

crisis /krass/ noun a serious econom- saz/ verb to say that something or some-

ic situation where decisions have to be one is wrong or is working badly The

taken rapidly a banking crisis The MD criticised the sales manager for not
Business.fm Page 98 Thursday, April 8, 2004 3:51 PM

CRM 98
improving the volume of sales. The de- another product a customer has already
sign of the new catalogue has been criti- bought
cised. crude (oil) /krud l/ noun raw petro-

CRM abbr customer relations manage- leum, taken from the ground The price

ment or customer relationship manage- for Arabian crude has slipped.

ment crude petroleum /krud p
crude petroleum

CRO abbr Companies Registration Of- trlim/ noun raw petroleum which

fice has not been processed

crore /kr/ noun (in India) ten million cryptography /krpt!rfi/ noun
crore cryptography

(NOTE: One crore equals 100 lakh.) the use of codes and ciphers, especially as
the company clocked a sales turnover a way of restricting access to part or all of
of Rs.7.09 crore and earned a profit after a website, so that only a user with a key
tax of Rs.10.39 lakh on an equity base of can read the information
Rs.14 lakh [Business India] cubic /kjubk/ adjective measured in

the turnover for the nine months ended volume by multiplying length, depth and
December 31 registered a 6.26 per cent in- width The crate holds six cubic metres.
crease to Rs. 87.91 crores from Rs. 82.73 cubic measure /kjubk me$/
cubic measure

crores in the corresponding period last noun volume measured in cubic feet or
year [The Hindu]
metres, calculated by multiplying height,
cross /krs/ verb to cross a cheque to

width and length

write two lines across a cheque to show
cue /kju/ noun a factor that makes a

that it has to be paid into a bank

COMMENT: Crossed cheques have the
high-value product different from an ordi-
words A/C payee printed in the space nary commodity
cum / km/ preposition with

between the two vertical lines: all British

cheques are now printed in this way. cum coupon /km kupn/ adverb
cum coupon

This means that the cheque can only be

paid into a bank, and only into the ac- with a coupon attached or before interest
count of the person whose name is writ- due on a security is paid
cum dividend /km dvdend/, cum
cum dividend

ten on it it cannot be endorsed to a third

party. div adverb including the next dividend
cross off phrasal verb to remove still to be paid
something from a list He crossed my cumulative /kjumjltv/ adjective

name off his list. You can cross him off added to regularly over a period of time
our mailing list.
cumulative interest /kjumjltv
cumulative interest

cross out phrasal verb to put a line

through something which has been writ- ntrst/ noun the interest which is added
ten She crossed out 250 and put in to the capital each year
cumulative preference share
cumulative preference share

crossed cheque /krst tek/ noun
crossed cheque
/kjumjltv pref()rns e/, cu-
a cheque with two lines across it showing mulative preferred stock
that it can only be deposited at a bank and /kjumjltv prf&d stk/ noun a

not exchanged for cash preference share which will have the div-
idend paid at a later date even if the com-
crossed line /krst lan/ noun the
crossed line

pany is not able to pay a dividend in the

result of two telephone conversations get- current year
ting mixed
currency /krns/ noun 1. money in

cross holding /krs hld/ noun a

cross holding

coins and notes which is used in a partic-

situation where two companies own ular country 2. a foreign currency, the
shares in each other in order to stop either currency of another country ( NOTE: Cur-
from being taken over The two compa- rency has no plural when it refers to the
nies have protected themselves from take- money of one country: He was arrested
over by a system of cross holdings. trying to take currency out of the coun-
cross rate /krs ret/ noun an ex-
cross rate

change rate between two currencies ex- todays wide daily variations in ex-
pressed in a third currency change rates show the instability of a sys-
cross-selling /krs sel/ noun the

tem based on a single currency, namely the

selling of a new product which goes with dollar [Economist]
Business.fm Page 99 Thursday, April 8, 2004 3:51 PM

99 custom-built
the level of currency in circulation in- valuing assets at their original cost. Ab-
creased to N4.9 billion in the month of Au- breviation CCA
gust [Business Times (Lagos)] current liabilities /krnt la
current liabilities

currency backing /krnsi b k/

currency backing

bltiz/ plural noun the debts which a

noun gold or government securities company has to pay within the next ac-
which maintain the strength of a currency counting period. In a companys annual
currency basket /krnsi bskt/ accounts, these would be debts which
currency basket

noun a group of currencies, each of which must be paid within the year and are usu-
is weighted, calculated together as a sin- ally payments for goods or services re-
gle unit against which another currency ceived.
can be measured currently /krntli/ adverb at the

currency note /krnsi nt/ noun a present time We are currently negotiat-
currency note

bank note ing with the bank for a loan.

currency reserves /krnsi r current price /krnt pras/ noun
current price
currency reserves

z&vz/ noun foreign money held by a todays price

government to support its own currency current rate of exchange /krnt
current rate of exchange

and to pay its debts ret v kstend$/ noun todays rate of


current /krnt/ adjective referring to exchange


the present time the current round of current yield /krnt jild/ noun a
current yield

wage negotiations dividend calculated as a percentage of the

crude oil output plunged during the current price of a share on the stock mar-
past month and is likely to remain at its ket
current level for the near future curriculum vitae

curriculum vitae /krkjlm


[Wall Street Journal] vita/ noun a summary of a persons

current account /krnt kant/
current account

work experience and qualifications sent
noun 1. an account in an bank from which to a prospective employer by someone ap-
the customer can withdraw money when plying for a job Candidates should send
he or she wants. Current accounts do not a letter of application with a curriculum
always pay interest. to pay money into vitae to the HR manager. The curricu-
a current account Also called cheque lum vitae listed all the candidates previ-
account (NOTE: The US term is check- ous jobs and her reasons for leaving
ing account.) 2. an account of the bal- them. Abbreviation CV (NOTE: The plural
ance of payments of a country relating to is curriculums or curricula vitae. The
the sale or purchase of raw materials, US term is rsum.)
goods and invisibles curve /k&v/ noun a line which is not

a surplus in the current account is of straight, e.g. a line on a graph The

such vital importance to economists and graph shows an upward curve.
currency traders because the more Japa-
cushion /k()n/ noun money which

nese goods that are exported, the more dol-

lars overseas customers have to pay for allows a company to pay interest on its
these products. That pushes up the value of borrowings or to survive a loss We have
the yen [Nikkei Weekly] sums on deposit which are a useful cush-
customers current deposit and current ion when cash flow is tight.
accounts also rose to $655.31 million at custom /kstm/ noun 1. the use of a

the end of December [Hongkong Stand- shop by regular shoppers to lose some-
ard] ones custom to do something which
current assets /krnt  sets/ plu-
current assets

makes a regular customer go to another

ral noun the assets used by a company in shop 2. a thing which is usually done It
its ordinary work, e.g. materials, finished is the custom of the book trade to allow
goods, cash and monies due, and which unlimited returns for credit. the cus-
are held for a short time only toms of the trade the general way of
current cost accounting /krnt
current cost accounting
working in a trade
kst kant/ noun a method of ac- custom-built /kstm blt/ adjective

counting which notes the cost of replac- made specially for one customer He
ing assets at current prices, rather than drives a custom-built Rolls Royce.
Business.fm Page 100 Thursday, April 8, 2004 3:51 PM

customer 100
customer /kstm/ noun a person or customer satisfaction /kstm
customer customer satisfaction

company that buys goods The shop was s tsf kn/ noun the act of making

full of customers. Can you serve this customers pleased with what they have
customer first please? Shes a regular bought
customer of ours. (NOTE: The customer customer service / kstm s&vs/
customer service

may not be the consumer or end user of noun a service given to customers once
the product.) they have made their decision to buy, in-
unless advertising and promotion is cluding delivery, after-sales service, in-
done in the context of an overall customer stallation, training, etc.
orientation, it cannot seriously be thought customer service department

of as marketing [Quarterly Review of customer service department

Marketing] /kstm s&vs dptmnt/ noun a

department which deals with customers

customer appeal /kstmr pil/
customer appeal

and their complaints and orders
noun what attracts customers to a product
customisation / kstmaze()n/,

customer capital |

customer capital customization noun the process of mak-

k pt()l/ noun an organisations rela- ing changes to products or services that
tionships with its customers considered as enable them to satisfy the particular needs
a business asset of individual customers
customer care /kstm ke/ noun
customer care

customise /kstmaz/, customize


the activity of looking after customers, so verb to change something to fit the spe-
that they do not become dissatisfied cial needs of a customer We use custom-
customer-centric model /kstm
customer-centric model

ised computer terminals.

sentrk md()l/ noun a business mod- customs /kstmz/ plural noun the

el that is based on an assessment of what government department which organises

the customer needs the collection of taxes on imports, or an
customer focus /kstm fks/
customer focus

office of this department at a port or air-

noun the aiming of all marketing opera- port He was stopped by customs. Her
tions towards the customer car was searched by customs. to go
customer loyalty / kstm llti/
customer loyalty
through customs to pass through the area
noun the feeling of customers who al- of a port or airport where customs offi-
ways shop at the same shop cials examine goods to take something
a difficult market to get into, China
through customs to carry something ille-
nevertheless offers a high degree of cus- gal through a customs area without de-
tomer loyalty once successfully entered claring it the crates had to go through
[Economist] a customs examination the crates had to
be examined by customs officials
customer profile

customer profile
customs barrier /kstmz b ri/
customs barrier

prfal/ noun a description of an aver-

age customer for a product or service noun customs duty intended to make
The customer profile shows our average trade more difficult
customs broker /kstmz brk/
customs broker

buyer to be male, aged 2530, and em-

ployed in the service industries. noun a person or company that takes
customer profitability /kstm
customer profitability
goods through customs for a shipping
prftblti / noun the amount of profit
clearance /kstmz
customs clearance

generated by each individual customer. customs

Usually a small percentage of customers klrns/ noun 1. the act of passing
generate the most profit. goods through customs so that they can
customer relationship management

customer relationship manage- enter or leave the country 2. a document

ment /kstm rle()np |
given by customs to a shipper to show that
m nd$mnt/ noun an approach to customs duty has been paid and the goods
management that focuses on building and can be shipped to wait for customs
maintaining long-term relationships with clearance
customs declaration /kstmz
customs declaration

customers through the use of, e.g., loyalty

cards, special credit cards and Internet deklre()n/ noun a statement show-

contacts. Abbreviation CRM ing goods being imported on which duty

Business.fm Page 101 Thursday, April 8, 2004 3:51 PM

101 cyclicals
will have to be paid to fill in a customs the US bank announced a cut in its
declaration form prime from 10 per cent to 10 per cent
customs duty /kstmz djuti/
customs duty
[Financial Times]
noun a tax on goods imported into a Opec has on average cut production by
country one third since 1979 [Economist]
cut in phrasal verb to cut someone
customs entry point /kstmz
customs entry point

in on a deal to give someone a share in

entri pnt/ noun a place at a border be- the profits of a deal (informal )
tween two countries where goods are de- cut down (on) phrasal verb to reduce
clared to customs suddenly the amount of something used
customs examination /kstmz !
customs examination

The government is cutting down on
z mne()n/ noun an inspection of welfare expenditure. The office is try-
goods or baggage by customs officials ing to cut down on electricity consump-
customs formalities /kstmz f
customs formalities

| tion. We have installed networked

m ltiz/ plural noun a declaration of computers to cut down on paperwork.
goods by the shipper and examination of cutback /ktb k/ noun a reduction

them by customs cutbacks in government spending

customs officer /kstmz fs/ cut-price store /kt pras st/
customs officer
cut-price store

noun a person working for the Customs noun a store selling cut-price goods
and Excise Department cut-throat competition /kt rt
cut-throat competition

customs official /kstmz f()l/ kmpt()n/ noun sharp competition

customs official


noun a person working for the Customs which cuts prices and offers high dis-
and Excise Department counts
customs seal /kstmz sil/ noun a cutting /kt/ noun a piece cut out of
customs seal cutting

seal attached by a customs officer to a a publication which refers to an item of

box, to show that the contents have not particular interest
passed through customs cutting-edge /kt ed$/ adjective

customs tariff /kstmz t rf/

customs tariff

using or involving the latest and most ad-

noun a list of taxes to be paid on imported vanced techniques and technologies
goods CV abbr curriculum vitae Please apply

customs union /kstmz junjn/

customs union

in writing, enclosing a current CV.

noun an agreement between several CWO abbr cash with order

countries that goods can travel between cybercrime /sabkram/ noun a


them, without paying duty, while goods crime committed using the Internet
from other countries have to pay special
cyber mall /sab ml/ noun a web-
cyber mall

site that provides information and links
cut /kt/ noun 1. the sudden lowering of

for a number of online businesses

a price, salary or the number of jobs cybershopping /sabp/ noun

price cuts or cuts in prices he took a cut


the activity of making purchases using the

in salary, he took a salary cut he accept- Internet
ed a lower salary 2. a share in a payment
cycle /sak()l/ noun a set of events

She introduces new customers and gets

a cut of the sales reps commission. which happen in a regularly repeated se-
verb 1. to lower something suddenly quence
cyclical /sklk()l/ adjective happen-

We are cutting prices on all our models.

We have taken out the second telephone ing in cycles
line in order to try to cut costs. to cut cyclical factors /sklk()l f ktz/
cyclical factors

(back) production to reduce the quantity plural noun the way in which a trade cy-
of products made 2. to reduce the number cle affects businesses
of something to cut jobs to reduce the cyclicals /sklk()lz/ plural noun

number of jobs by making people redun- shares which move up and down in cycles
dant he cut his losses he stopped doing consumer cyclicals such as general re-
something which was creating a loss tailers should in theory suffer from rising
state-owned banks cut their prime rates interest rates. And food retailers in partic-
a percentage point to 11% [Wall Street ular have cyclical exposure without price
Journal] power [Investors Chronicle]
Business.fm Page 102 Thursday, April 8, 2004 3:51 PM

daily /deli/ adjective done every day machinery poses a danger to the work-

daily production of cars number of cars force. The red light means danger. 2.
produced each day daily interest, in- the likelihood or possibility of something
terest calculated daily or on a daily ba- there is no danger of the sales force
sis a rate of interest calculated each day leaving it is not likely that the sales force
and added to the principal will leave in danger of which may eas-
daily consumption /deli kn
daily consumption

ily happen The company is in danger of
smpn/ noun an amount used each being taken over. She is in danger of be-
day ing made redundant.
danger money /dend$ mni/
danger money

daily sales returns /deli selz r

daily sales returns

t&nz/ plural noun reports of sales made noun extra money paid to employees in
each day dangerous jobs The workforce has
damage /d md$/ noun harm done to
stopped work and asked for danger mon-
things fire damage damage caused by a ey. He decided to go to work on an oil
fire storm damage damage caused by a rig because of the danger money offered
storm to suffer damage to be harmed as an incentive.
dangerous /dend$rs/ adjective

We are trying to assess the damage which

the shipment suffered in transit. to which can be harmful dangerous job a
cause damage to harm something The job where the workers may be hurt or
fire caused damage estimated at killed
data /det/ noun information available

100,000. verb to harm the storm

damaged the cargo They are holding a on computer, e.g. letters or figures All
sale of stock which has been damaged by important data on employees was fed into
water. the computer. To calculate the weekly
damaged /d md$d/ adjective which wages, you need data on hours worked

has suffered damage or which has been and rates of pay. (NOTE: takes a singular
harmed goods damaged in transit or plural verb)
damages /d md$z/ plural noun data acquisition /det kw
data acquisition

money claimed as compensation for harm z()n/ noun the act of gathering infor-
done to claim 1000 in damages to be mation about a subject
liable for damages to pay 25,000 in data bank /det b k/ noun a store
data bank

damages to bring an action for dam- of information in a computer

ages against someone to take someone to database /detbes/ noun a set of

court and claim damages data stored in an organised way in a com-

damage survey /d md$ s&ve/ puter system We can extract the lists of
damage survey

noun a report on the amount of damage potential customers from our database.
done data capture /det k pt/, data
data capture

damp down phrasal verb to reduce entry /det entri/ noun the act of
to damp down demand for domestic putting information onto a computer by
consumption of oil keyboarding or by scanning
D & B abbr Dun & Bradstreet data cartridge /det ktrd$/
D & B
data cartridge

danger /dend$/ noun 1. the possibil-


noun a stiff box with magnetic tape in-

ity of being harmed or killed The old side, used for recording data from a com-
Business.fm Page 103 Thursday, April 8, 2004 3:51 PM

103 day release

puter Copy the information from the date coding /det kd/ noun the
date coding

computer onto a cartridge. act of showing the date by which a prod-

data mining /det man/ noun the uct should be consumed
data mining

dated /detd/ adjective 1. with a date


use of advanced software to search online

databases and identify statistical patterns written on it Thank you for your letter
or relationships in the data that may be dated June 15th. 2. out-of-date The un-
commercially useful ions have criticised management for its
data processing /det prses/
data processing
dated ideas.
date of bill /det v bl/ noun a date
date of bill

noun the act of selecting and examining

data in a computer to produce information when a bill will mature
in a special form date of maturity / det v m
date of maturity

data protection /det prtekn/

data protection

tjrti/ noun same as maturity date
date stamp /det st mp/ noun a
date stamp

noun making sure that computerised in-

formation about people is not misused stamp with rubber figures which can be
data retrieval /det rtriv()l/
data retrieval

moved, used for marking the date on doc-
noun the act of getting information from uments
dawn raid /dn red/ noun a sudden
dawn raid

the data stored in a computer

data transfer /det tr nsf&/ noun
data transfer

planned purchase of a large number of a
1. the action or process of moving data
companys shares at the beginning of a
days trading (NOTE: Up to 15% of a com-
from one location to another, e.g. of panys shares may be bought in this
downloading data from a website onto a way, and the purchaser must wait for
computer 2. the amount of data down- seven days before purchasing any more
loaded from a website (NOTE: This infor- shares. Sometimes a dawn raid is the
mation can be useful as a way measur- first step towards a takeover of the target
ing the number of visitors a website re- company.)
day /de/ noun 1. a period of 24 hours

data warehouse /det wehas/

data warehouse

There are thirty days in June. The first

noun a large collection data that is col- day of the month is a public holiday.
lected over a period of time from different days of grace the time given to a debtor
sources and stored on a computer in a to repay a loan, to pay the amount pur-
standard format so that is easy to retrieve. chased using a credit card, or to pay an in-
It can be used, e.g., to support managerial surance premium Lets send the cheque
decision-making. (NOTE: Organisations at once since we have only five days of
often use data warehouses for market- grace left. Because the shopowner has
ing purposes, for example, in order to so little cash available, we will have to al-
store and analyse customer informa- low him additional days of grace. 2. a pe-
tion.) riod of work from morning to night she
date /det/ noun 1. the number of the
works three days on, two days off she
works for three days, then has two days
day, month and year I have received
holiday to work an eight-hour day to
your letter of yesterdays date. date of spend eight hours at work each day 3. one
receipt the date when something is re- of the days of the week
ceived 2. to date up to now interest
day book / de bk/ noun a book with
day book

to date interest up to the present time 3.

up to date current, recent or modern an an account of sales and purchases made
up-to-date computer system 4. out of each day
day in the sun /de n sn/ noun
day in the sun

date old-fashioned, no longer modern

Their computer system is years out of the period of time during which a product
date. They are still using out-of-date is in demand and sells well in the market-
machinery. verb to put a date on a doc- place (informal)
ument The cheque was dated March day release /de rlis/ noun an ar-
day release

24th. You forgot to date the cheque. to rangement where a company allows an
date a cheque forward to put a later date employee to go to college to study for one
than the present one on a cheque or two days each week The junior sales
Business.fm Page 104 Thursday, April 8, 2004 3:51 PM

day shift 104

manager is attending a day release ing at a point where no agreement was
course. possible verb to be unable to agree to
day shift /de ft/ noun a shift worked
day shift
continue negotiations talks have been
during the daylight hours deadlocked for ten days after ten days
day-to-day /de t de/ adjective or-
the talks have not produced any agree-
dinary or going on all the time He or- ment
dead loss /ded ls/ noun a total loss
dead loss

ganises the day-to-day running of the

company. Sales only just cover the day- The car was written off as a dead loss.
dead season /ded siz()n/ noun the
dead season

to-day expenses.
day trader /de tred/ noun a person time of year when there are few tourists
day trader

who buys shares and sells them within the about

same day deadweight /dedwet/ noun heavy

day trading /de tred/ noun the goods, e.g. coal, iron or sand
day trading

activity of buying shares and selling them deadweight capacity /dedwet k

deadweight capacity

within the same day p sti/ noun the largest amount of cargo
day worker /de w&k/ noun a per- which a ship can carry safely
day worker

son who works the day shift deadweight cargo /dedwet

deadweight cargo

DCF abbr discounted cash flow


k!/ noun a heavy cargo which is

dead /ded/ adjective not working the charged by weight, not by volume

deadweight tonnage /dedwet

deadweight tonnage

line went dead the telephone line sud-

denly stopped working tnd$/ noun the largest amount of car-
dead account /ded kant/ noun an go which a ship can carry safely
dead account

dead wood /ded wd/ noun employ-

dead wood

account which is no longer used

dead capital /ded k pt()l/ noun ees who are old or who do not work well
dead capital

money which is not invested to make a The new management team is weeding
profit out the dead wood from the sales depart-
dead-cat bounce /ded k t bans/
dead-cat bounce
deal /dil/ noun 1. a business agreement,

noun a slight rise in a share price after a

sharp fall, showing that some investors affair or contract The sales director set
are still interested in buying the share at up a deal with a Russian bank. The deal
the lower price, although further sharp will be signed tomorrow. They did a
falls will follow deal with an American airline. to call
dead end /ded end/ noun a point
dead end
off a deal to stop an agreement When
where you cannot go any further forward the chairman heard about the deal he
Negotiations have reached a dead end.
called it off. 2. a great deal, a good
deal of something a large quantity of
dead end job /ded end d$b/ noun a
dead end job

something He has made a good deal of

job where there are no chances of promo- money on the stock market. The compa-
tion ny lost a great deal of time asking for ex-
dead freight /ded fret/ noun pay-
dead freight

pert advice. Leave it to the personnel

ment by a charterer for unfilled space in a department theyll deal with it. verb
ship or plane Too much dead freight is 1. to deal with to organise something
making it impossible for the company to Leave it to the filing clerk hell deal with
continue to charter ships. it. to deal with an order to work to
deadline /dedlan/ noun the date by supply an order 2. to buy and sell to

which something has to be done to deal with someone to do business with

meet a deadline to finish something in someone to deal in leather or options
time to miss a deadline to finish some- to buy and sell leather or options he
thing later than it was planned Weve deals on the Stock Exchange his work
missed our October 1st deadline. involves buying and selling shares on the
deadlock /dedlk/ noun a point where Stock Exchange for clients

two sides in a dispute cannot agree The dealer /dil/ noun 1. a person who

negotiations have reached deadlock or a buys and sells a used-car dealer 2. a

deadlock. to break a deadlock to find person or firm that buys or sells on their
a way to start discussions again after be- own account, not on behalf of clients
Business.fm Page 105 Thursday, April 8, 2004 3:51 PM

105 debit note

dealing /dil / noun 1. the business of by rewarding the best and penalising the

buying and selling on the Stock Ex- worst

change, commodity markets or currency debenture /dbent/ noun agree-

markets 2. the business of buying and ment to repay a debt with fixed interest
selling goods to have dealings with using the companys assets as security
someone to do business with someone The bank holds a debenture on the com-
dealing floor /dil fl/ noun 1. an pany.
dealing floor

area of a broking house where dealing in COMMENT: In the UK, debentures are al-
ways secured on the companys assets.
securities is carried out by phone, using In the USA, debenture bonds are not se-
monitors to display current prices and cured.
stock exchange transactions 2. a part of a debenture
debenture capital

capital /dbent

stock exchange where dealers trade in se- k pt()l/ noun a capital borrowed by a
curities company, using its fixed assets as security
dear /d/ adjective 1. expensive, cost-

debenture holder /dbent

debenture holder

ing a lot of money Property is very dear hld/ noun a person who holds a de-
in this area. 2. way of starting a letter by benture for money lent
addressing someone Dear Sir, Dear debenture issue /dbent u/
debenture issue

Madam addressing a man or woman |

noun the activity of borrowing money

whom you do not know, or addressing a against the security of the companys as-
company Dear Sirs addressing a com-
pany Dear Mr Smith, Dear Mrs sets
debenture register /dbent
debenture register

Smith, Dear Miss Smith addressing a |

man or woman whom you know Dear red$st/ noun a list of debenture hold-
James, Dear Julia addressing a friend or ers of a company
debenture stock /dbent stk/
debenture stock

a person you do business with often |

COMMENT: First names are commonly noun a capital borrowed by a company,

used between business people in the using its fixed assets as security
UK; they are less often used in other Eu- debit /debt/ noun an amount entered

ropean countries (France and Germa-

ny), for example, where business letters in accounts which shows an increase in
tend to be more formal. assets or expenses or a decrease in liabil-
dear money /d mni/ noun money
dear money
ities, revenue or capital. In accounts, deb-
which has to be borrowed at a high inter- its are entered in the left-hand column.
est rate, and so restricts expenditure by Compare credit verb to debit an ac-
companies. Also called tight money count to charge an account with a cost
His account was debited with the sum of
death benefit / de benft/ noun in-
death benefit

surance benefit paid to the family of debitable /debtb()l/ adjective able

someone who dies in an accident at work to be debited

death by committee /de ba k
death by committee

debit balance /debt b lns/ noun a

debit balance

mti/ noun the prevention of serious con- balance in an account showing that more
sideration of a proposal by assigning a money is owed than has been received
committee to look at it Because of large payments to suppliers,
death duty /de djuti/ noun US a
death duty

the account has a debit balance of 1,000.

tax paid on the property left by a dead per- debit card /debt kd/ noun a plastic
debit card

son. Also called death tax (NOTE: The card, similar to a credit card, but which
UK term is inheritance tax.) debits the holders account immediately
death in service /de n s&vs/
death in service

through an EPOS system

noun an insurance benefit or pension paid debit column /debt klm/ noun
debit column

when someone dies while employed by a the left-hand column in accounts showing
company the money paid or owed to others
death tax /de t ks/ noun same as debit entry /debt entri/ noun an en-
death tax
debit entry

death duty try on the debit side of an account

deaveraging / di v()rd$/ noun debit note /debt nt/ noun a note
deaveraging debit note

the act of treating customers in different showing that a customer owes money
ways according to the amount they buy, We undercharged Mr Smith and had to
Business.fm Page 106 Thursday, April 8, 2004 3:51 PM

debits and credits 106

send him a debit note for the extra company is unable to pay its debts and
amount. may involve postponing debt payments,
debits and credits /debts n postponing payment of interest, or nego-
debits and credits

kredts/ plural noun money which a tiating a new loan.

debt-service ratio /det s&vs
debt-service ratio

company owes and money it receives, or

figures which are entered in the accounts rei/ noun the debts of a company
to record increases or decreases in assets, shown as a percentage of its equity
expenses, liabilities, revenue or capital debt servicing / det s&vs/ noun
debt servicing

debit side / debt sad/ noun a left- the payment of interest on a debt
debit side

hand column of accounts showing money debug /dib!/ verb to remove errors

owed or paid to others from a computer program (NOTE: debug-

debt /det/ noun money owed for goods

ging debugged)
or services The company stopped trad- deceit /dsit/, deception /dsepn/

ing with debts of over 1 million. to be

| |

noun making a wrong statement to some-

in debt to owe money he is in debt to one in order to trick him into paying mon-
the tune of 250,000 he owes 250,000 ey he obtained 10,000 by deception
to get into debt to start to borrow more decentralisation

money than you can pay back the com-
| |

ze()n/, decentralization noun an or-

pany is out of debt the company does not ganisation from various points, with little
owe money any more to pay back a power concentrated at the centre The
debt to pay all the money owed to pay decentralisation of the buying depart-
off a debt to finish paying money owed ments.
to service a debt to pay interest on a debt
decentralise /disentrlaz/, decen-

The company is having problems in


tralize verb to organise from various

servicing its debts. debts due money points, with little power concentrated at
owed which is due for repayment
the centre Formerly, the bank was de-
debt collection / det klekn/ noun
debt collection

centralised, with many decisions being
the act of collecting money which is owed taken by branch managers. Since the
debt collection agency /det k
debt collection agency

| company was decentralised, its head-

lekn ed$nsi/ noun a company quarters have moved to a tiny office.
which collects debts for other companies The group has a policy of decentralised
for a commission purchasing where each division has its
debt collector /det klekt/ noun a own buying department.
debt collector

person who collects debts decide /dsad/ verb to make up your


debt counselling /det kansl/ mind to do something to decide on a

debt counselling

noun the work of advising people who are course of action to decide to appoint a
in debt of the best ways to arrange their fi- new managing director
nances so as to pay off their debts decider /dsad/ noun a person who

debtor /det/ noun a person who owes makes decisions, especially the person

money who makes the decision to buy

debtor nation /det ne()n/ noun deciding factor /dsad f kt/
debtor nation deciding factor

a country whose foreign debts are larger noun the most important factor which in-
than money owed to it by other countries fluences a decision A deciding factor in
the United States is now a debtor na- marketing our range of sports goods in
tion for the first time since 1914, owing the country was the rising standard of liv-
more to foreigners than it is owed itself ing there.
[Economist] decile / desal/ noun one of a series of

debtors /detz/ noun all money owed


nine figures below which one tenth or

to a company as shown in the accounts several tenths of the total fall
debtor side /det sad/ noun the debit decimal /desm()l/ noun correct to
debtor side decimal

side of an account three places of decimals correct to three

debt rescheduling /det ri figures after the decimal point (e.g. 3.485)
debt rescheduling

edjul/ noun the process of reorgan- decimalisation /desm()la


ising the way in which debts are repaid. ze()n/, decimalization noun the
Debt rescheduling may be necessary if a process of changing to a decimal system
Business.fm Page 107 Thursday, April 8, 2004 3:51 PM

107 decontrol
decimalise /desm()laz/, decimal- declaration of income
decimalise declaration of income

ize verb to change something to a deci- /deklre()n v nkm/ noun same

mal system as income tax return
decimal point /desm()l pnt/ declare /dkle/ verb to make an offi-
decimal point declare

noun a dot which indicates the division cial statement of something, or announce
between the whole unit and its smaller something to the public to declare
parts, e.g. 4.75 someone bankrupt The company de-
COMMENT: The decimal point is used in clared an interim dividend of 10p per
the UK and USA. In most European share. to declare goods to customs to
countries a comma is used to indicate a state that you are importing goods which
decimal, so 4,75% in Germany means are liable to duty Customs officials
4.75% in the UK
asked him if he had anything to declare.
decimal system /desm()l sstm/
decimal system

to declare an interest to state in public

noun a system of mathematics based on that you own shares in a company being
the number 10 discussed or that you are related to some-
decision /ds$()n/ noun a choice

one who can benefit from your contacts
made after thinking about what to do It declared /dkled/ adjective having

took the committee some time to come to been made public or officially stated
a decision or to reach a decision.
declared value /dkled v lju/
declared value

decision-maker /ds$()n mek/

decision-maker |

noun the value of goods entered on a cus-
noun a person who takes decisions toms declaration
decision-making / ds$()n

decline /dklan/ noun 1. a gradual fall


mek/ noun the act of coming to a de-


the decline in the value of the dollar

cision a decline in buying power The last year
decision-making unit /ds$()n
decision-making unit

has seen a decline in real wages. 2. the fi-
mek junt/ noun a group of people nal stage in the life cycle of a product
who decide on the purchase of a product. when the sales and profitability are falling
For the purchase of a new piece of equip- off and the product is no longer worth in-
ment, they would be the manager, the fi- vesting in verb to fall slowly or de-
nancial controller and the operator who crease Shares declined in a weak mar-
will use the equipment. Abbreviation ket. New job applications have declined
DMU over the last year. The economy de-
decision support system /d clined during the last government. The
decision support system

s$()n spt sstm/ noun a system

| purchasing power of the pound declined
containing information in a form that is over the decade.
designed to assist people in making deci- Saudi oil production has declined by three
sions. Abbreviation DSS quarters to around 2.5m barrels a day
decision tree /ds$()n tri/ noun a
decision tree

model for decision-making, showing the this gives an average monthly decline
possible outcomes of different decisions of 2.15 per cent during the period
This computer programme incorpo- [Business Times (Lagos)]
rates a decision tree. share prices disclosed a weak tendency
right from the onset of business and de-
decisive / dsasv/ adjective referring

clined further, showing losses over a broad
to a person who makes up their mind or front [The Hindu]
who comes to a decision. Opposite inde- deconstruction /diknstrk()n/

noun the process of reorganising tradi-
deck cargo /dek k!/ noun the
deck cargo

tional business structures, often by break-

cargo carried on the open top deck of a ing them up into smaller units, when they
ship no longer fit the requirements of the mod-
declaration /deklre()n/ noun an

| ern economy
official statement decontrol /dikntrl/ verb to stop

declaration of bankruptcy controls to decontrol the price of pet-

declaration of bankruptcy

/deklre()n v b krptsi/ noun rol to stop controlling the price of petrol

an official statement that someone is so that it can be priced freely by the mar-
bankrupt ket
Business.fm Page 108 Thursday, April 8, 2004 3:51 PM

decrease 108
decrease noun /dikris/ a fall or re- rangement may have tax advantages. For

duction The decrease in the prices of example, in the United Kingdom, it is of-
consumer goods is reflected in the fall in ten used for making regular payments to a
the cost of living. Exports have regis- charity.
tered a decrease. Sales show a 10% de- deed of partnership /did v
deed of partnership

crease on last year. verb /dkris/ to |

ptnp/ noun agreement which sets
fall or to become less Imports are de- up a partnership
creasing. The value of the pound has
deed of transfer /did v tr nsf&/
deed of transfer

decreased by 5%.
noun a document which transfers the
decreasing /dkris/ adjective

ownership of shares
which is falling the decreasing influ-
deep discount / dip dskant/ noun
deep discount

ence of the finance director

a very large discount
deduct /ddkt/ verb to take money

away from a total to deduct 3 from the when it needed to make its financial re-
price to deduct a sum for expenses sults look good, it shipped a lot of invento-
After deducting costs the gross margin is ry. It did this by offering deep discounts to
distributors [Forbes]
only 23%. Expenses are still to be de-
de facto standard /de f kt
de facto standard

deductible /ddktb()l/ adjective

st ndd/ noun a standard that is set by
possible to deduct a product or service that is very successful
in a particular market
deductible expenses /ddktb()l
deductible expenses

defalcation /dif lke()n/ noun an

| defalcation

kspensz/ plural noun expenses which


can be deducted against tax illegal use of money by someone who is

deduction /ddkn/ noun the re-
not the owner but who has been trusted to
look after it

moving of money from a total, or the

default /dflt/ noun 1. a failure to

amount of money removed from a total |

Net salary is salary after deduction of tax carry out the terms of a contract, especial-
and social security. The deduction from ly failure to pay back a debt in default
her wages represented the cost of repair- of payment with no payment made the
ing the damage she had caused to the ma- company is in default the company has
chinery. deductions from salary or failed to carry out the terms of the con-
salary deductions or deductions at tract 2. by default because no one else
source money which a company removes will act he was elected by default he
from salaries to give to the government as was elected because all the other candi-
tax, national insurance contributions, etc. dates withdrew verb to fail to carry out
deduction at source /ddkn t
deduction at source

the terms of a contract, especially to fail
ss/ noun (in the UK) a system of col- to pay back a debt There was a major fi-
lecting taxes in which the organisation or nancial crisis when the bank defaulted.
individual that pays somebody an in- to default on payments not to make pay-
come, e.g. an employer paying wages, a ments which are due under the terms of a
bank paying interest or a company paying contract
defaulter /dflt/ noun a person who

dividends, is responsible for deducting |

and paying tax, not the person who re- defaults

ceives the income defeat /dfit/ noun the loss of a vote

deed /did/ noun a legal document or


The chairman offered to resign after the

written agreement defeat of the proposal at the AGM. verb
deed of assignment /did v to beat someone or something in a vote
deed of assignment

sanmnt/ noun a document which le- The proposal was defeated by 10 votes to
gally transfers a property from a debtor to 23. He was heavily defeated in the bal-
a creditor lot for union president.
deed of covenant /did v defect /difekt/ noun something which
deed of covenant defect

kvnnt/ noun a legal document in is wrong or which stops a machine from

which a person or organisation promises working properly a computer defect or
to pay a third party a sum of money on an a defect in the computer seems to be the
annual basis. In certain countries this ar- cause of the problem
Business.fm Page 109 Thursday, April 8, 2004 3:51 PM

109 delay
defective /dfektv/ adjective 1. thing, e.g. a sum of money, is less than it

faulty, not working properly The ma- should be There is a 10 deficiency in

chine broke down because of a defective the petty cash. to make up a deficiency
cooling system. 2. not legally valid His to put money into an account to balance it
title to the property is defective. deficit /defst/ noun the amount by

defence /dfens/ noun the act of fight- which spending is higher than income

ing a lawsuit on behalf of a defendant the accounts show a deficit the accounts
(NOTE: The US spelling is defense.) show a loss to make good a deficit to
defence counsel /dfens kansl/ put money into an account to balance it
defence counsel

deficit financing / defst

deficit financing

noun a lawyer who represents the defend-

ant in a lawsuit fan ns/ noun a type of financial
defend /dfend/ verb to fight to protect planning by a government in which it bor-

someone or something that is being at- rows money to cover the difference be-
tacked The company is defending itself tween its tax income and its expenditure
deflate /diflet/ verb to deflate the

against the takeover bid. They hired the |

best lawyers to defend them against the economy to reduce activity in the econo-
tax authorities. to defend a lawsuit to my by cutting the supply of money
appear in court to state your case when deflation /difle()n/ noun a general

accused of something reduction in economic activity as a result

defendant /dfendnt/ noun a person of a reduced supply of money and credit,

against whom a legal action is taken or leading to lower prices The oil crisis re-
who is accused of doing something to sulted in worldwide deflation. Opposite
harm someone (NOTE: The other side in a inflation
case is the claimant.) the reluctance of people to spend is one
defer /df&/ verb to put back to a later of the main reasons behind 26 consecutive

date, to postpone We will have to defer months of price deflation, a key economic
payment until January. The decision ill that has led to price wars, depressed the
has been deferred until the next meeting. profit margins of state enterprises and hit
(NOTE: deferring deferred) incomes among the rural population
[Financial Times]
deferment /df&mnt/ noun the act

deflationary /difle()n()ri/ adjec-

| deflationary

of leaving until a later date deferment of |

tive causing deflation The government

payment deferment of a decision
has introduced some deflationary meas-
deferral /df&rl/ noun a postpone-

ures in the budget.
ment, a putting back to a later date tax the strong dollars deflationary impact
deferral on European economies as national gov-
deferred /df&d/ adjective put back to

ernments push up interest rates [Duns
a later date Business Month]
deferred creditor /df&d kredt/ defraud /dfrd/ verb to cheat some-
deferred creditor


noun a person who is owed money by a one to get money (NOTE: You defraud
bankrupt but who is paid only after all someone of something.)
other creditors defray /dfre/ verb to provide money

deferred payment /df&d

deferred payment

to pay costs The company agreed to de-
pemnt/ noun 1. money paid later than fray the costs of the exhibition.
the agreed date 2. payment for goods by degearing /di!r/ noun a reduc-

instalments over a long period tion in gearing, reducing a companys

deferred rebate / df&d ribet/
deferred rebate

loan capital in relation to the value of its
noun a discount given to a customer who ordinary shares
buys up to a specified quantity over a delay /dle/ noun the time when some-

specified period one or something is later than planned

deferred shares /df&d ez/, de-
deferred shares

There was a delay of thirty minutes before
ferred stock /df&d stk/ noun shares |
the AGM started or the AGM started after
which receive a dividend only after all a thirty-minute delay. We are sorry for
other dividends have been paid the delay in supplying your order or in re-
deficiency / df()nsi/ noun a lack of plying to your letter. verb to make

something, or the amount by which some- someone or something late The compa-
Business.fm Page 110 Thursday, April 8, 2004 3:51 PM

delayering 110
ny has delayed payment of all invoices. 2. a consignment of goods being deliv-
She was delayed because her taxi was in- ered We take in three deliveries a day.
volved in an accident. There were four items missing in the last
delayering /diler/ noun the proc- delivery. 3. the transport of a commodity

ess of making the structure of an organi- to a purchaser 4. the transfer of a bill of

sation simpler and therefore more effi- exchange or other negotiable instrument
cient to the bank which is due to make payment
delivery note /dlv()ri nt/ noun a
delivery note

del credere agent /del kredr

del credere agent

ed$nt/ noun an agent who receives a list of goods being delivered, given to the
high commission because he or she guar- customer with the goods
delivery of goods /dlv()ri v
delivery of goods

antees payment by customers |

delegate noun /del!t/ a person who

!dz/ noun the transport of goods to a
represents others at a meeting The man- customers address
delivery order /dlv()ri d/ noun
delivery order

agement refused to meet the trade union |

delegates. verb /del!et/ to pass au- |

the instructions given by the customer to
thority or responsibility to someone else the person holding her goods, to tell her
to delegate authority she cannot del- where and when to deliver them
delivery service /dlv()ri s&vs/
delivery service

egate she wants to control everything her- |

self and refuses to give up any of her re- noun a transport service organised by a
sponsibilities to her subordinates supplier or a shop to take goods to cus-
delegation /del!e()n/ noun 1. a
delivery time /dlv()ri tam/ noun
delivery time

group of delegates A Chinese trade del- |

egation is visiting the UK The manage- the number of days before something will
ment met a union delegation. 2. an act of be delivered
delivery van /dlv()ri v n/ noun a
delivery van

passing authority or responsibility to |

someone else van for delivering goods to customers

delete /dlit/ verb 1. to cut out words demand /dmnd/ noun 1. an act of

asking for payment payable on de-


in a document They want to delete all

references to credit terms from the con- mand which must be paid when payment
tract. The lawyers have deleted clause is asked for 2. an act of asking for some-
two. 2. to remove a product from a com- thing and insisting on getting it The
panys product range We have decided management refused to give in to union
to delete three old products as the new demands for a meeting. verb 1. the need
ones are coming on stream. that customers have for a product or their
deliver /dlv/ verb to transport goods
eagerness to buy it There was an active
demand for oil shares on the stock mar-

to a customer goods delivered free or

free delivered goods goods transported ket. The factory had to cut production
to the customers address at a price which when demand slackened. The office
includes transport costs goods deliv- cleaning company cannot keep up with
ered on board goods transported free to the demand for its services. there is not
much demand for this item not many
the ship or plane but not to the customers
warehouse people want to buy it this book is in
great demand or there is a great de-
delivered price /dlvd pras/ noun
delivered price

mand for this book many people want to
a price which includes packing and trans- buy it to meet or fill a demand to sup-
port ply what is needed The factory had to
delivery /dlv()ri/ noun 1. the trans-

| increase production to meet the extra de-

porting of goods to a customer allow 28 mand. 2. to ask for something and expect
days for delivery parcels awaiting de- to get it She demanded a refund. The
livery free delivery or delivery free a suppliers are demanding immediate pay-
delivery date Delivery is not allowed ment of their outstanding invoices. The
for or is not included. We have a pallet shop stewards demanded an urgent meet-
of parcels awaiting delivery. to take de- ing with the managing director.
livery of goods to accept goods when spot prices are now relatively stable in
they are delivered We took delivery of the run-up to the winters peak demand
the stock into our warehouse on the 25th. [Economist]
Business.fm Page 111 Thursday, April 8, 2004 3:51 PM

111 demotion
the demand for the companys prod- sion-making processes. Opposite auto-
ucts remained strong throughout the first cratic management style
six months of the year with production and
demographic /dem!r fk/ adjec-

sales showing significant increases |

[Business Times (Lagos)] tive referring to demography or demo-

graphics A full demographic study of
growth in demand is still coming from
the private rather than the public sector the country must be done before we de-
[Lloyds List] cide how to export there.
demographics /dem!r fks/ plural

demand bill /dmnd bl/ noun a bill

demand bill

of exchange which must be paid when noun the details of the population of a
payment is asked for country, in particular its size, density, dis-
demand deposit /dmnd dpzt/
demand deposit

| |
tribution and the birth, death and marriage
noun US money in a deposit account rates, which affect marketing (NOTE:
which can be taken out when you want it takes a singular verb)
demography /dm!rfi/ noun the

by writing a cheque |

demand-led inflation /dmnd led study of populations and population sta-

demand-led inflation

nfle()n/, demand-pull inflation /d

| |
tistics such as size, density, distribution
mnd pl nfle()n/ noun inflation |
and birth, death and marriage rates
caused by rising demand which cannot be /dimnta

demonetisation | |

met ze()n/, demonetization noun the act

demand price /dmnd pras/ noun of stopping a coin or note being used as
demand price

the price at which a quantity of goods will money

be bought demonetise /dimntaz/, demone-

demarcation /dimke()n/ noun


| tize verb to stop a coin or note being used

a clear definition of the responsibilities of as money
each employee or category of employ- demonstrate /demnstret/ verb to

ment The union insisted on clear de- show how something works He was
marcation when tasks were assigned to demonstrating a new tractor when he was
different workers. Demarcation ensures killed. The managers saw the new
that no one does work which is not de- stock-control system being demonstrated.
fined in their job description.
demonstration /demnstre()n/

demarcation dispute /dim

demarcation dispute

ken dspjut/ noun an argument be- noun an act of showing or explaining how
something works We went to a demon-

tween different trade unions over who

shall do different parts of a job Produc- stration of new laser equipment.
demonstration model /demn
demonstration model

tion of the new car was held up by demar- |

cation disputes. stre()n md()l/ noun a piece of

demassifying /dim sfa/ noun

equipment used in demonstrations and
the process of changing a mass medium later sold off cheaply
demonstrator /demnstret/ noun

into one that is customised to fit the needs

of individual consumers 1. a person who demonstrates pieces of
demerge /dim&d$/ verb to separate a equipment 2. same as demonstration

company into several separate parts model

demerger /dim&d$/ noun the sepa- demote /dmt/ verb to give someone
demerger demote

| |

ration of a company into several separate a less important job or to reduce an em-
parts, especially used of companies which ployee to a lower rank or grade He was
have grown by acquisition demoted from manager to salesman.
demise /dmaz/ noun 1. a death On Her salary was reduced when she was de-

his demise the estate passed to his daugh- moted.

ter. 2. the act of granting a property on a demotion /dmn/ noun the act of

lease reducing an employee to a lower rank or

democratic management style giving someone a less important job
democratic management style

/demkr tk m nd$mnt stal/ Demotion would mean a considerable

noun a management style in which the drop in income. Demotion ended his
managers involve the employees in deci- dreams of becoming managing director.
Business.fm Page 112 Thursday, April 8, 2004 3:51 PM

demurrage 112
demurrage /dmrd$/ noun money former British government department

paid to a customer when a shipment is de- dealing with employers, employees,

layed at a port or by customs training, etc. Abbreviation DoE
demutualise /dimjutjulaz/, de-
Department of Trade and Industry

Department of Trade and Indus-


mutualize /dimjutu laz/ verb to | | try /dptmnt v tred nd


stop having mutual status, by becoming a ndstri/ noun a British government de-
Plc and selling shares to the general pub- partment which deals with areas such as
lic on the stock market commerce, international trade and the
denationalization /din ()nla stock exchange. Abbreviation DTI

ze()n/ noun the act of denationalizing department store /dptmnt st/

department store

The denationalization of the aircraft in- noun a large store with separate sections
dustry. for different types of goods
denationalize /din nlaz/ verb departure /dpt/ noun 1. the act


to put a nationalized industry back into of going away The planes departure
private ownership The government has was delayed by two hours. 2. a new ven-
plans to denationalize the steel industry. ture or new type of business Selling
denial of service attack /dnal v
denial of service attack

| records will be a departure for the local

s&vs t k/ noun an attack by a com-
| bookshop. 3. departure from normal
puter hacker or computer virus in which a practice an act of doing something in a
very large number of messages are sent to different way from the usual one
a website in a very short time in order to departures /dptz/ noun a part of

overload it, so that it stops operating and an airport terminal which deals with pas-
is unavailable to other users sengers who are leaving
denomination /dnmne()n/

depend /dpend/ verb 1. to depend

| |

noun a unit of money on a coin, banknote on to need someone or something to exist

or stamp We collect coins of all denom- The company depends on efficient serv-
inations for charity. Small denomina- ice from its suppliers. We depend on
tion notes are not often counterfeited. government grants to pay the salary bill.
depart /dpt/ verb 1. to leave The

2. to happen because of something The
plane departs from Paris at 11.15. 2. to success of the launch will depend on the
depart from normal practice to act in a publicity campaign. depending on
different way from the normal way of do- which varies according to something
ing things Depending on the circumstances, she may
department /dptmnt/ noun 1. a be reprimanded or have the money

specialised section of a large organisation docked from her pay.

Trainee managers work for a while in deploy /dpl/ verb to send staff to a

each department to get an idea of the or- certain place to carry out a certain job
ganisation as a whole. 2. a section of a deposit /dpzt/ noun 1. money

large store selling one type of product


placed in a bank for safe keeping or to

You will find beds in the furniture depart- earn interest deposit at 7 days notice
ment. 3. a section of the British govern- money deposited which you can with-
ment containing several ministries draw by giving seven days notice 2.
departmental / diptment()l/ ad-

money given in advance so that the thing
jective referring to a department which you want to buy will not be sold to
departmental manager
departmental manager

someone else to pay a deposit on a

/diptment()l m nd$/ noun the watch to leave 10 as deposit verb 1.
manager of a department to put documents somewhere for safe
Department for Work and Pen-
Department for Work and Pensions

keeping to deposit shares with a bank

sions /dptmnt f w&k n | We have deposited the deeds of the house
pennz/ noun a British government de- with the bank. He deposited his will
partment responsible for services to peo- with his solicitor. 2. to put money into a
ple of working age, pensioners and fami- bank account to deposit 100 in a cur-
lies. Abbreviation DWP rent account
Department of Employment /d deposit account /dpzt kant/
Department of Employment deposit account

| | |

ptmnt v mplmnt/ noun a | noun a bank account which pays interest

Business.fm Page 113 Thursday, April 8, 2004 3:51 PM

113 derivative instruments

but on which notice has to be given to preciation of 10% over the year the de-
withdraw money. Abbreviation D/A preciation of the pound against the dollar
depositary /dpztri/ noun US a 3. a reduction in value, writing down the

person or corporation which can place capital value of an asset over a period of
money or documents for safekeeping with time in a companys accounts
depreciation rate /dpriie()n
depreciation rate

a depository. American Depositary | |

Receipt (NOTE: Do not confuse with de- ret/ noun the rate at which an asset is de-
pository.) preciated each year in the company ac-
depositor /dpzt/ noun a person

depress /dpres/ verb to reduce some-

who deposits money in a bank, building |

society, etc. thing Reducing the money supply has

depository /dpzt()ri/ noun a per-

the effect of depressing demand for con-
son or company with whom money or sumer goods.
depressed area /dprest eri/
depressed area

documents can be deposited (NOTE: Do |

not confuse with depositary.) noun a part of a country suffering from

deposit slip /dpzt slp/ noun a
deposit slip

depressed market /dprest
depressed market

piece of paper stamped by the cashier to |

prove that you have paid money into your mkt/ noun a market where there are
account more goods than customers
depot /dep/ noun 1. a central ware- depression /dpre()n/ noun a peri-

house or storage area for goods, or a place od of economic crisis with high unem-
for keeping vehicles used for transport ployment and loss of trade The country
a goods depot an oil storage depot a entered a period of economic depression.
freight depot a bus depot 2. a centre for dept abbr department

transport bus depot depth /dep/ noun the variety in a prod-


depreciate /dpriiet/ verb 1. to re-


| uct line
duce the value of assets in accounts We deputise /depjtaz/, deputize verb

depreciate our company cars over three to deputise for someone to take the
years. 2. to lose value a share which has place of someone who is absent He
depreciated by 10% over the year The deputised for the chairman who was ill.
pound has depreciated by 5% against the deputy /depjti/ noun a person who

dollar. takes the place of another to act as dep-

this involved reinvesting funds on uty for someone or to act as someones
items which could be depreciated against deputy He is deputy manager of the ac-
income for three years counts department. Her title is deputy
[Australian Financial Review] managing director.
buildings are depreciated at two per
deregulate /dire!jlet/ verb to re-

cent per annum on the estimated cost of


construction [Hongkong Standard] move government controls from an indus-

try The US government deregulated the
the euros downward drift sparked
alarmed reactions from the European Cen- banking sector in the 1980s.
deregulation /dire!jle()n/

tral Bank which has seen the new currency | |

depreciate by almost 15% since its launch noun the reduction of government control
[Times] over an industry the deregulation of the
COMMENT: Various methods of depreciat- airlines
ing assets are used, such as the straight after the slump in receipts last year that
line method, where the asset is depreci- followed liner shipping deregulation in the
ated at a constant percentage of its cost
each year and the reducing balance US, carriers are probably still losing mon-
method, where the asset is depreciated ey on their transatlantic services. But with
at a constant percentage which is ap- a possible contraction in capacity and
plied to the cost of the asset after each of healthy trade growth, this year has begun
the previous years depreciation has in a much more promising fashion than
been deducted. last [Lloyds List]
depreciation /dpriie()n/ noun derivative instruments /drvtv
depreciation derivative instruments

| | |

1. a reduction in value of an asset 2. a loss nstrmnts/, derivatives /d |

of value a share which has shown a de- rvtvz/ plural noun any forms of trad-
Business.fm Page 114 Thursday, April 8, 2004 3:51 PM

derived demand 114

ed security such as option contracts, desk planner /desk pl n/ noun a
desk planner

which are derived from ordinary bonds book or chart which shows days, weeks
and shares, exchange rates or stock mar- and months so that the work of an office
ket indices can be shown by diagrams
derived demand /dravd dmnd/
derived demand

desk research /desk rs&t/ noun

desk research
| |

noun a demand for a product because it is the process of looking for information
needed to produce another product which which is in printed sources such as direc-
is in demand tories
describe /dskrab/ verb to say what

desk-top publishing (DTP) /desk

desk-top publishing

someone or something is like The leaf- tp pbl/ noun the writing, design-
let describes the services the company ing and printing of documents in an of-
can offer. The managing director de- fice, using a computer, a printer and spe-
scribed the difficulties the company was cial software
having with cash flow.
despatch /dsp t/ same as dispatch

description /dskrpn/ noun a de-

description |

tailed account of what something is like destination /destne()n/ noun a


false description of contents the act of place to which something is sent, to

wrongly stating the contents of a packet to which something is going The ship will
trick customers into buying it take ten weeks to reach its destination.
design /dzan/ noun 1. the planning

final destination, ultimate destination
or drawing of a product before it is built place reached at the end of a journey after
or manufactured 2. the planning of the stopping at several places en route
detail /ditel/ noun a small part of a

visual aspect of an advertisement verb

to plan or to draw something before it is description The catalogue gives all the
built or manufactured He designed a details of our product range. We are
new car factory. She designs garden worried by some of the details in the con-
furniture. tract. in detail giving many particulars
designate adjective /dez!nt/ ap-
The catalogue lists all the products in
pointed to a job but not yet working the detail. verb to list in detail The cata-
chairman designate (NOTE: always fol- logue details the payment arrangements
lows a noun) verb /dez!net/ to ap- for overseas buyers. The terms of the li-
point someone to a post cence are detailed in the contract.
detailed /diteld/ adjective in detail

design department /dzan d

design department

| |

ptmnt/ noun the department in a detailed account an account which lists

large company which designs the compa- every item
nys products or its advertising determine /dt&mn/ verb to fix, ar-

designer /dzan/ noun a person who range or decide to determine prices or


designs She is the designer of the new quantities conditions still to be deter-
computer. adjective expensive and mined
fashionable designer jeans Deutschmark /dtmk/ noun a

designer clothes /dzan klz/

designer clothes

| unit of currency used before the euro in

noun clothes which have been designed Germany
by a famous designer, with his or her devaluation /div ljue()n/ noun

name printed on them a reduction in the value of a currency

design studio /dzan stjudi/
design studio

| against other currencies the devaluation

noun an independent firm which special- of the rand
izes in creating designs devalue /div lju/ verb to reduce the

desk /desk/ noun a section of a newspa-


value of a currency against other curren-

per cies The pound has been devalued by
deskilling /diskl/ noun the process 7%.

of reducing the number of skilled jobs and develop /dvelp/ verb 1. to plan and

replacing them with unskilled jobs produce to develop a new product 2. to

desk pad /desk p d/ noun a pad of
desk pad

plan and build an area to develop an in-

paper kept on a desk for writing notes dustrial estate
Business.fm Page 115 Thursday, April 8, 2004 3:51 PM

115 different
developed country /dvelpt to dial the operator to dial direct to
developed country

kntri/ noun a country which has an ad- contact a phone number without asking
vanced manufacturing system the operator to do it for you You can
developed countries would gain $135 dial New York direct from London.
dialling /dal/ noun the act of call-

billion a year and developing countries,

such as the former centrally planned econ- ing a telephone number
omies of Eastern Europe, would gain $85 dialling code /dal kd/ noun
dialling code

billion a year. The study also notes that the special series of numbers which you use
poorest countries would lose an annual $7 to make a call to another town or country
billion [Times]
dialogue /dal!/ noun a discussion

developing country / dvelp

developing country

kntri/, developing nation /d between two people or groups, in which

views are exchanged The management

velp ne()n/ noun a country

which is not fully industrialised refused to enter into a dialogue with the
developing world /dvelp
developing world

diarise /daraz/, diarize verb to en-

| diarise

ne()n/ noun the countries of Africa,

Asia and South America which do not all ter a date you have to remember in a diary
dictaphone /dktfn/ noun a trade-

have highly developed industries

development / dvelpmnt/ noun

mark for a brand of dictating machine
dictate /dktet/ verb to say something

the work of planning the production of a |

new product and constructing the first to someone who then writes down your
prototypes We spend a great deal on re- words to dictate a letter to a secretary
search and development. He was dictating orders into his pocket
development area /dvelpmnt
development area

dictating machine.
eri/, /d dictating machine /dktet m
dictating machine

development zone |
| |

velpmnt zn/ noun an area which in/ noun a machine which records
has been given special help from a gov- what someone dictates, which a typist can
ernment to encourage businesses and fac- then play back and type out
dictation /dkte()n/ noun an act of

tories to be set up there |

device /dvas/ noun a small useful


| dictating to take dictation to write

machine He invented a device for down what someone is saying The sec-
screwing tops on bottles. retary was taking dictation from the man-
devise /dvaz/ noun the act of giving

aging director.
dictation speed /dkte()n spid/
dictation speed

freehold land to someone in a will verb |

to give freehold property to someone in a noun the number of words per minute
will which a secretary can write down in
COMMENT: Giving of other types of prop- shorthand
erty is a bequest. differ /df/ verb not to be the same as

devisee /dvazi/ noun a person who


something else The two products differ
receives freehold property in a will considerably one has an electric motor,
diagram /da!r m/ noun a drawing

the other runs on oil. The two manage-

which presents information visually a rial vacancies differ considerably one
diagram showing sales locations a dia- deals with product design and the other
gram of the companys organisational with customer services.
structure The first diagram shows how difference /df()rns/ noun a way in

our decision-making processes work. which two things are not the same dif-
diagrammatic /da!rm tk/ ad-

| ferences in price or price differences

jective in diagrammatic form in the What is the difference between these two
form of a diagram The chart showed the products? What is the difference be-
work flow in diagrammatic form. tween a junior manager and a managerial
diagrammatically /da!r assistant?

m tkli/ adverb using a diagram The different /df()rnt/ adjective not the

chart shows the sales pattern diagram- same Our product range is quite differ-
matically. ent in design from that of our rivals. We
dial /dal/ verb to call a telephone offer ten models each in six different col-

number on a telephone to dial a number ours.

Business.fm Page 116 Thursday, April 8, 2004 3:51 PM

differential 116
differential /dfrenl/ adjective successful in adapting to their environ-

showing a difference noun to erode ment will survive

wage differentials to reduce differences digital economy /dd$t()l
digital economy

in salary gradually knmi/ noun an economy that is based

differential pricing /dfrenl on electronic commerce, e.g., trade on the
differential pricing

pras/ noun the act of giving different Internet

products in a range different prices so as digital goods / dd$t()l !dz/ plu-
digital goods

to distinguish them from each other ral noun goods that are sold and delivered
differential tariffs /dfrenl
differential tariffs

electronically, usually over the Internet

t rfs/ plural noun different tariffs for digital money /dd$t()l mni/
digital money

different classes of goods as, e.g., when noun a series of numbers that has a value
imports from some countries are taxed equivalent to a sum of money in a physi-
more heavily than similar imports from cal currency
other countries
digital nervous system /dd$t()l
digital nervous system

differentiation /dfrenie()n/

n&vs sstm/ noun a digital informa-
noun the act of ensuring that a product tion system that gathers, manages and
has some unique features that distinguish distributes knowledge in a way that al-
it from competing products We are add- lows an organisation to respond quickly
ing some extra features to our watches in and effectively to events in the outside
the interest of product differentiation. world
The aim of differentiation should be to
digital strategy

catch the customers eye. digital strategy

str td$/ noun a business strategy that
difficult /dfk()lt/ adjective not easy

is based on the use of information tech-

The company found it difficult to sell nology
into the European market. The market
digitisable /dd$tazb()l/ adjec-

for secondhand computers is very difficult

at present. tive able to be converted into digital form
for distribution via the Internet or other
difficulty /dfk()lti/ noun a problem,

or trouble in doing something They had
dilution of equity /dalu()n v
dilution of equity

a lot of difficulty selling into the European |

market. We have had some difficulties ekwti/ noun a situation where the ordi-
with customs over the export of comput- nary share capital of a company has been
ers. increased but without an increase in the
diffusion / dfju$()n/ noun the proc-
assets, so that each share is worth less
than before