1.+Gl0ssary+0f+C0mmerce,+Finance+and+Shipping

**Money and income Bank deposits: money that people and organisations have in bank accounts. Bills: requests for the payment of money owed for services such as electricity, gas and telephone connections. Bonus: extra money given for meeting a target or for good financial results. Cash: money in notes and coins. Commission: money paid to salespeople and agents- a certain percentage of the income the employee generates. Currency: the money used in a country – Euros, dollars, yen, etc. Fees: money paid to professional people such as lawyers and architects. Health insurance: financial protection against medical expenses for sickness or accidental injuries. Living expenses: money spent on everyday needs such as food, clothes, and public transport. Mortgage: repayments of money borrowed to buy a house or flat. Overtime: money received for working extra hours. Pension: money paid by a company or the government to a retired person. Rent: money paid for the use of a house or flat. Salary: money paid monthly by an employer. <span style="color: rgb(249, 108, 205);">Social security: money paid by the government to unemployed and sick people. <span style="color: rgb(249, 108, 205);">Tax: money paid to finance government spending. <span style="color: rgb(249, 108, 205);">Wages: money paid by the day or the hour, usually received weekly.

<span style="font-size: 140%; color: rgb(255, 0, 138);">Business finance <span style="color: rgb(249, 108, 205);">Balance sheet: it shows the company’s assets, the things it owns, its liabilities, the money it owes and its capital. <span style="color: rgb(249, 108, 205);">Bonds: loans that pay interest and are repaid at a fixed future date. <span style="color: rgb(249, 108, 205);">Capital: money that people need to set up or start a company. <span style="color: rgb(249, 108, 205);">Debt: money that is owed, that will have to be paid, to other people or businesses. <span style="color: rgb(249, 108, 205);">Interest: the amount paid to borrow the money. <span style="color: rgb(249, 108, 205);">Loan: money borrowed by companies from banks. <span style="color: rgb(249, 108, 205);">Profit and loss account: shows the company’s revenues and expenses during a particular period, such as three months or a year. <span style="color: rgb(249, 108, 205);">Revenue: all the money coming into a company during a given period. <span style="color: rgb(249, 108, 205);">Share capital: the money provided by shareholders. <span style="color: rgb(249, 108, 205);">Shareholders: the people who invest money in shares, they own part of the company. <span style="color: rgb(249, 108, 205);">Shares or equities: certificates representing units of ownership of a company. <span style="color: rgb(249, 108, 205);">Working capital or funds: the money that a business uses for everyday expenses or has available for spending.

<span style="font-size: 140%; color: rgb(255, 0, 138);">The balance sheet 1 <span style="color: rgb(249, 108, 205);">Assets: things owned by the company, such as factories and machines that will bring future economic benefits. <span style="color: rgb(249, 108, 205);">Liabilities: obligations to pay other organizations or people, money that the company owes, or will owe at a future date. <span style="color: rgb(249, 108, 205);">Retained earnings: profits from previous years that have not been distributed, paid out to shareholders, as dividends. <span style="color: rgb(249, 108, 205);">Suppliers: companies which provide raw material or parts.

<span style="font-size: 140%; color: rgb(255, 0, 138);">The balance sheet 2: assets <span style="color: rgb(249, 108, 205);">Brand names: legally protected names for a company’s products. <span style="color: rgb(249, 108, 205);">Current assets: things that will probably be used by the business in the near future. <span style="color: rgb(249, 108, 205);">Debtors: companies or people who owe money they will have to pay in the near future, and stock. <span style="color: rgb(249, 108, 205);">Fixed assets: buildings or equipment that will continue to be used by the business for a long time. <span style="color: rgb(249, 108, 205);">Patents: exclusive rights to produce a particular new product for a fixed period. <span style="color: rgb(249, 108, 205);">Tangible assets: assets with a physical existence, things you can touch, such as property, plant and equipment. <span style="color: rgb(249, 108, 205);">Trademarks: names or symbols that are put on products and cannot be used by other companies.

<span style="color: rgb(255, 0, 138); font-size: 140%;">The balance sheet 3: liabilities <span style="color: rgb(249, 108, 205);">Accrued expenses: these are 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. <span style="color: rgb(249, 108, 205);">Creditors: suppliers of goods or services to the business who are not paid at the time of purchase. <span style="color: rgb(249, 108, 205);">Deferred taxes: money that will have to be paid as tax in the future, although the payment does not have to be made now. <span style="color: rgb(249, 108, 205);">Reserves: funds set aside from share capital and earnings, retained for emergencies or other future needs. <span style="color: rgb(249, 108, 205);">Share premium: money made if the company sells shares at above their face value-the value written on them.

<span style="font-size: 140%; color: rgb(255, 0, 138);">The other financial statements <span style="color: rgb(249, 108, 205);">Cost of goods sold (COGS): the costs associated with making the products that have been sold, such as raw materials, labour and factory expenses. <span style="color: rgb(249, 108, 205);">Gross profit: the difference between the sales revenue and the cost of sales. <span style="color: rgb(249, 108, 205);">Cash flow statement: shows how effectively a company generates and manages cash, money coming into and leaving the business.**

<span style="font-size: 140%; color: rgb(255, 0, 138);">**Describing charts and graphs**
 * <span style="color: rgb(249, 108, 205);">Abrupt: sudden and unexpected.**
 * <span style="color: rgb(249, 108, 205);">Decline: a decrease in the quality, quantity, or importance of something.**
 * <span style="color: rgb(249, 108, 205);">Deteriorate: to become worse.**
 * <span style="color: rgb(249, 108, 205);">Fluctuate: if an amount fluctuates, it keeps changing from a higher to a lower level and back again.**
 * <span style="color: rgb(249, 108, 205);">Substantial: large in amount or number.**

<span style="font-size: 140%; color: rgb(255, 0, 138);">**Trade Balance of payment**

<span style="color: rgb(249, 108, 205);">**Exports:** **are goods or services sold to a foreign country** <span style="color: rgb(249, 108, 205);">**Free trade:** **people and companies should be able to buy goods from all countries without any barriers <span style="color: rgb(249, 108, 205);">Imports: ** **are goods or services bought from a foreign country <span style="color: rgb(249, 108, 205);">Invisible: ** **services such as banking, insurance are sometimes called invisible**

<span style="font-size: 140%; color: rgb(255, 0, 138);">**Financing international trade**
 * <span style="color: rgb(249, 108, 205);">Bill of landing: a document signed by the carrier or transporter confirming that the goods have been received for shipment; it contains a brief description of the goods and details of where they are going.**
 * <span style="color: rgb(249, 108, 205);">Certificate of origin: states where the goods come from.**
 * <span style="color: rgb(249, 108, 205);">Commercial invoice: contains details of the goods: quantity, weight, number of packages, price, terms of delivery, terms of payment, and information about the transportation.**
 * <span style="color: rgb(249, 108, 205);">Exporter: a company which sells goods or services to other countries.**
 * <span style="color: rgb(249, 108, 205);">Importer: A company which buys products from other countries.**
 * <span style="color: rgb(249, 108, 205);">Insurance certificate: describes the goods and also contains details of how to claim if they are lost or damaged in transit-while being transported.**
 * <span style="color: rgb(249, 108, 205);">Irrevocable: they cannot be changed unless all the parties involved agree.**

<span style="font-size: 140%; color: rgb(255, 0, 138);">**Transport and additional cost** <span style="color: rgb(249, 108, 205);">**DDU-Delivered Duty Unpaid:** **the buyer pays any import taxes.** <span style="color: rgb(249, 108, 205);">**DDP-Delivered Duty Paid:** **the seller pays any import taxes.** <span style="color: rgb(249, 108, 205);">**DES-Delivered Ex Ship:** **the buyer pays for unloading the goods from the ship. <span style="color: rgb(249, 108, 205);">FAS-Free Alongside Ship: ** **the seller delivers the goods to the quay next to the ship in the port. <span style="color: rgb(249, 108, 205);">FOB-Free On Board: ** **the seller pays for loading the goods onto the ship.**

Mackenzie, I. (2007). //Professional English in Use//: Finance.** **Cambridge: CUP**
 * Source****: