Glossary+of+Commerce,Finance+and+Shipping

Currency ** __Currency:__ the money used in a country- Euros, dollars, yen, etc. __Cash:__ money in notes and coins. __Bank deposits:__ money that people and organizations have in bank accounts. __Income:__ all the money a person receives or earns as payment. __Salary:__ money paid monthly by an employer. __Wages:__ money paid by the day or the hour, usually received weekly. __Overtime:__ money received for working extra hours. __Commission:__ money paid to salespeople and agents- a certain percentage of the income the employee generates. __Bonus:__ extra money given for meeting a target or food financial results. __Fees:__ money paid to professional people such as lawyers and architects. __Social security:__ money paid by the government to unemployed and sick people. __Pension:__ money paid by a company or the government to a retired person.
 * Glossary of Commerce, Finance and Shipping **
 * __11, 12, 13, 14 Units:__
 * Personal Finance **

__Outgoings:__ amounts of money that people have to spend regularly. __Living expenses:__ money spent on everyday needs such as food, clothes and public transport. __Bills:__ requests for the payment of money owed for services such as electricity, gas and telephone connections. __Rent:__ the money paid for the use of a house or flat. __Mortgage:__ repayments of money borrowed to buy a house or flat. __Health insurance:__ financial protection against medical expenses for sickness or accidental injuries. __Tax:__ money paid to finance government spending. __Budget:__ a financial plan, showing how much money a person or organization expects to earn and spend. __Balance sheet:__ statements for shareholders and creditors. __Liabilities:__ obligations to pay other organizations or people- money that the company owes, or will owe at a future date. __Suppliers:__ companies which provide raw materials or parts. __Granting credit:__ if the suppliers have given the buyer a period of time before they have to pay for the goods. __Share capital:__ the money the company raised by selling its shares. __Retained earnings:__ profits from previous years that have not been distributed. __Distributed:__ paid out to shareholders as dividends. __Shareholders:__ person who owns some of the equal parts into which the ownership of a company is divided. __Dividend:__ the profit of a company that is paid to the people who own shares in it. __Brand name:__ something valuable which a company possesses which is not material, such as a good reputation. __Trade mark:__ a name or a symbol which is put on a product to show that it is made by a particular producer and which cannot be legally used by any other producer. __Share premium:__ money made if the company sells shares at above their face value. __Accrued expenses:__ expenses that have accumulated or built up during the accounting year but will not be paid until the following year, after the date of the balance sheet.
 * Balance sheet **


 * __38 Unit:__**

__A. Increase and decrease__ Verbs: to rise, to grow, to improve, to increase, to climb, to get better Nouns: a rise, a growth, an increase, an improvement

__Downward movement__ Verbs: to fall, to decrease, to deteriorate, to decline, to drop, to get worse Nouns: a fall, a decrease, a deterioration, a decline, a drop

__B. Rate of change__ Large changes: considerable, dramatic, sharp, significant, substantial Small changes: moderate, slight Fast changes: abrupt, quick, rapid, sudden Slow changes: slow Regular changes: gradual, steady

__C. High points, low points and staying the same__ To reach the highest point and then go down: to peak, to top out, to reach a peak, to reach a maximum To reach the lowest point and then rise: to hit bottom, to bottom out, to reach a low point To stay at the same level on the graph or chart: to remain stable, to stabilize, to remain constant, to level off To go up and down continuously: to fluctuate

__**43 Unit:**

Free trade:__ people and companies should be able to buy goods from all countries, without any barriers when they cross frontiers. __Comparative cost principle:__ is that countries should produce whatever they can make the most cheaply. __Absolute advantage or comparative advantage :__ Countries are the cheapest in the world, they are only more efficient than some others countries in producing certain goods or services. __Economies of scale:__ reduced production costs because of large-scale production. __Imports:__ are goods or services bought from a foreign country. __Exports:__ are goods or services sold to a foreign country. __Balance of trade or trade surplus:__ a country that exports more goods than it imports has a positive. __Trade deficit:__ the opposite of trade surplus. __Visible:__ trade in goods. __Invisible:__ Services such as banking, insurance and tourism. __Balance of payments:__ adding invisibles to the balance of trade. __Protectionism:__ restricting imports in order to help local products. __Quotas:__ limits to the number of products which can be imported. __Dumping:__ selling goods abroad at below cost price in order to destroy or weaken competitors or to earn foreign currency to pay for necessary imports.

__**45, 46 units:**__

__Documentary credit:__ payment for imported products. __Exporter:__ a company which sells goods or services to other countries. __Importer:__ a company which buys products from other countries. __Irrevocable:__ documentary credits cannot be changed unless all the parties involved agree. __Irrevocable credits:__ guarantee that the bank which establishes the letter of credit will pay the seller if the documents are presented within the agreed time. __Bill of exchange or draft:__ Payment demand, written or drawn up by an exporter, instructing an importer to pay a specific sum of money at a future date. __Endorse:__ a bill is to guarantee to pay it if the byer of goods does not. __Bill of lading:__ is a document signed by the carrier or transporter confirming that the goods have been received for shipment. __In transit:__ while being transported. __Commercial invoice:__ contains detail of the goods. __Incoterms:__ companies exporting or importing goods use standard arrangements. __Additional costs:__ the costs on top of the cost of the goods. __Documentation:__ preparing all the necessary documents. __Customs clearance:__ completing import documents and paying any import duties or taxes and transport insurance. __FCA or Free Carrier:__ means that the goods are delivered to a named place where the carrier can load them onto a truck, train or aeroplane. __FAS or Free Alongside Ship:__ means that seller delivers the goods to the quay next to the ship in the port. __FOB or Free On Board:__ means that the seller pays for loading the goods onto the ship. __CFR or Cost and Freight__ (used for ocean freight) and __CPT or Carriage Paid To__.... (used for air freight and land freight0), the buyer is responsible for insurance. __CIF or Cost,Insurance and Freight__ (used for ocean freight) and __CIP or Carriage and Insurance Paid To__... (used for air freight and land freight), the seller arranges and pays for insurance. __DAF or Delivered At Frontier:__ the importer is responsible for preparing the documentation and getting the goods through customs. __DES or Delivered Ex Ship:__ the buyer pays for unloading the goods from the ship. __DEQ or Delivered Ex Quay:__ the seller pays for unloading the goods from the ship to the quay, and for the payment of customs duties and taxes. __DDU or Delivered Duty Unpaid:__ the buyer pay any import taxes. __DDP or Delivered Duty Paid:__ the seller pays any import taxes.