1)+Glossary+of+Commerce,+Finance+and+Shipping

 ü  ** Salary: ** money paid monthly by an employer  ü  ** Wages ** : money paid by the day or the hour, usually received weekly  ü  ** Income ** : all  the money a person receives or earns as a payment  ü  ** Overtime **** : ** money received for working extra hours  ü  ** Commission: ** money paid to salespeople and agents – a certain percentage of the income the employee generates  ü  ** Bonus: ** extra money given for meeting a target or for good financial results  ü  ** Fees: ** money paid to professional people such as lawyers and architects  ü  ** Social ** ** security: ** money paid by the government to unemployed and sick people  ü  ** Pension: ** money paid by a company or the government to a retired person  ü  ** Living expenses: ** money spent on everyday needs such as food, clothes and public transport  ü  ** Outgoings: ** amounts of money that people have to spend regularly  ü  ** Bills: ** requests for the payment of money awed for services such as electricity, gas and telephone connections  ü  ** Rent: ** the money paid for the use of a house or flat  ü  ** Mortgage: ** repayments of money borrowed to bye a house or flat  ü  ** Health insurance: ** financial protection against medical expenses for sickness or accidental injuries  ü  ** Tax: ** money paid to finance government spending <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Interest:  ** the amount paid to borrow money <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Shareholders:  ** the people who invest money in shares <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Share Capital:  ** the money shareholders provide <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Investors:  ** individuals and financial institutions <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Bonds:  ** loans that pay interest and are repaid at a fixed future date <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Debt:  ** money that is owed to other people or businesses <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Working Capital or Funds:  ** the money that a business uses for everyday expenses or has available for spending <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Revenue:  ** all the coming into a company during a given period <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Profit, earnings or net income:  ** revenue minus the cost of sales and operating expenses <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Dividend:  ** the part of its profit that a company pays to its shareholders <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Balance Sheet:  ** a financial statement which shows the company's assets, its liabilities and its capital <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Profit and loss:  ** a financial statement that shows the company's revenues and expenses during a particular period, such as three months or a year <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Liabilities:  ** obligations to pay other organisations or people : money that the company owes, or will owe at a future date <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Granting credit :  ** when   the suppliers give the buyer a period of time before they   have to pay for the goods <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Retained earnings :  ** profits from previous years that have not been distributed- paid out to shareholders <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Fixed Assets :  ** used by the business for a long time <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Current Assets  ** : things that will probably be used by the business in the near future <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Cash :  ** money available to spend immediately <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Debtors :  ** companies or people who owe money they will have to pay in the near future <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Anticipate the loss :  ** when a company thinks a debt will not be paid <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Work-in-progress :  ** a stock of raw materials <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Tangible assets :  ** assets with a physical existence - things you can touch - such as property, plant and equipment <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Accumulated depreciation charges :  ** the amount of tangible assets cost that has already been deducted <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Brand names :  ** protected names for a company's products <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Patents :  ** exclusive rights to produce a particular new product for a fixed period <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Trade marks:  ** names or symbols that are put on products and cannot be used by other companies. <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Net worth or net assets :  ** assets minus liabilities <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Current liabilities:  ** expected to be paid within a year of the date of the balance sheet <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Creditors:  ** suppliers of goods or services to the business who are not paid at the time of purchase <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  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="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  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 <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Share premium:  ** money made if the company sells shares at above their face value <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Face value:  ** the value written on the shares <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Reserves:  ** funds set aside from share capital and earnings, retained for emergencies or other future needs
 * __ Unit 1- Money and Income  __**
 * __ Unit 2 – Business Finance  __**
 * __ Unit 11 - The Balance Sheet 1  __**
 * __ Unit 12 - The Balance Sheet 2 : assets  __**
 * __ Unit 13 - The Balance Sheet 3 : liabilities  __**

<span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Sales revenue or turnover:  ** the total amount of money received during a specific period <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Cost of sales or 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="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Gross Profit:  ** the difference between the sales revenue and the cost of sales <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Selling, general and administrative expenses (SG&A):  ** expenses that have to be deducted from gross profit, such as rent, electricity and office salaries <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  EBITDA:  ** earnings before interest, tax, depreciation and amortisation <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  EBIT:  ** earnings before interest and tax <span style="font-size: 10pt; color: black; font-family: Wingdings; mso-ansi-language: EN-GB; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Cash flow statement :  ** gives details of cash flows - money coming into and leaving the business <span style="color: #14027e; font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Operations:  ** day-to-day activities <span style="color: #14027e; font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Investing :  ** buying   or selling property, plant and equipment <span style="color: #14027e; font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Financing :  ** issuing or repaying debt, or issuing shares <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Statement of total recognized gains and losses (STRGL) :  ** showing any gains and losses that are not included in the profit and loss account, such as revaluation of fixed assets <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Free trade  ** : people and companies should be able to buy goods from all countries, without any barriers when they cross frontiers <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Comparative cost principle:  ** countries should produce   whatever they can make the most cheaply <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Productivity :  ** the   amount of output produced per unit of an input <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Imports :  ** goods or services bought from a foreign country <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Exports :  ** goods or services sold to a foreign country <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Positive balance of trade or trade surplus :  ** a country that exports more goods than it imports <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Negative balance of trade or trade deficit :  ** a country that imports more goods than it exports <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Protectionism :  ** restricting imports in order to help local products
 * __ Unit 14 - The other financial statements  __**
 * __ Unit 43 - International trade  __**

<span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Exporter :  ** a company which sells goods or services to other countries <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Importer :  ** a company which buys products from other countries <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Documentary credit or letter of credit :  ** written promise by a bank to pay certain amount to the seller, within a fixed, when the bank receives instructions from the buyer <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Bill of exchange or draft :  ** a payment demand, written or drawn up by an exporter, instructing an importer to pay a specific sum of money at a future <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  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="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Bill of lading :  ** 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="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Insurance certificate :  ** describes the goods and contains details of how to claim if they are lost or damaged in transit - while being transported <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Certificate of origin :  ** states where the goods come from <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Quality and weight certificates :  ** issued by private inspection and testing companies, may be necessary, confirming that these are the correct goods in the right quantity <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Export license :  ** giving the right to sell particular goods abroad is necessary in some cases **__ Unit 46 - Incoterms __** <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Incoterms (International Commercial Terms) :  ** companies exporting or importing goods use standard arrangements <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Ex Works (EXW) :  ** the buyer collects the goods at the seller's own premises - place of business - and arranges insurance against loss or damage to the goods in transit <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Free Carrier (FCA) :  ** the goods are delivered to a named place where the carrier can load them onto a truck, train or aeroplane <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Free Alongside Ship (FAS) :  ** seller delivers the goods to the quay next to the ship in the port <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Free On Board (FOB) :  ** the seller   pays for loading the goods onto the ship <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Cost and Freight (CFR) and Carriage Paid To... (CPT): ** the buyer is responsible for insurance <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Cost, Insurance and Freight (CIF) and Carriage and Insurance Paid To... (CIP) : ** the seller arranges and pays for insurance <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Delivered At Frontier (DAF) :  ** the importer is responsible for preparing the documentation and getting the goods through customs <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Delivered Ex Ship (DES) :  ** the buyer pays for unloading the goods from the ship <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Delivered Ex Quay (DEQ) :  ** the seller pays for unloading the goods from the ship to the quay, and for the payment of customs duties and taxes <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Delivered Duty Unpaid (DDU) :  ** the buyer pays any import taxes <span style="font-family: Wingdings; mso-ansi-language: EN-US; mso-bidi-font-family: Wingdings; mso-fareast-font-family: Wingdings;"> ü  **  Delivered Duty Paid (DDP):  ** the seller pays any import taxes Source: MacKenzie, I. (2006). Finance. // Professional English in Use. //
 * __ Unit 45 - Financing International Trade  __**