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DICTIONARY OF BUSINESS FOURTH EDITION Specialist dictionaries: Dictionary of Accounting 0 7475 6991 6 Dictionary of Banking and Finance 0 7136 7739 2 Dictionary of Computing 0 7475 6622 4 Dictionary of Economics 0 7475 6632 1 Dictionary of Environment and Ecology 0 7475 7201 1 Dictionary of Human Resources and Personnel Management 0 7475 6623 2 Dictionary of ICT 0 7475 6990 8 Dictionary of Law 0 7475 6636 4 Dictionary of Leisure, Travel and Tourism 0 7475 7222 4 Dictionary of Marketing 0 7475 6621 6 Dictionary of Medical Terms 0 7136 7603 5 Dictionary of Nursing 0 7475 6634 8 Dictionary of Science and Technology 0 7475 6620 8 Easier English™ titles: Easier English Basic Dictionary 0 7475 6644 5 Easier English Basic Synonyms 0 7475 6979 7 Easier English Dictionary: Handy Pocket Edition 0 7475 6625 9 Easier English Intermediate Dictionary 0 7475 6989 4 Easier English Student Dictionary 0 7475 6624 0 Check Your English Vocabulary workbooks: Banking and Finance 0 9485 4996 3 Business 0 7475 6626 7 Computing 1 9016 5928 3 Law 0 7136 7592 6 Marketing 0 9016 5948 8 IELTS 0 7475 5982 7 FCE + 0 7475 6981 9 TOEFL ® 0 7475 6984 3 TOEIC ® 0 7136 7592 6 Visit our website for full details of all our books www.acblack.com DICTIONARY OF BUSINESS FOURTH EDITION P.H. Collin A & C Black Ⴇ London www.acblack.com 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 Preface 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. Pronunciation 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 ɑ harm d dead ɒ stop ðother a type d jump aυ how f fare aə hire  gold aυə hour h head ɔ course j yellow ɔ annoy k cab ehead l leave eə fair m mix e make n nil eυ go ŋ sing  word p print i keep r rest i happy s save ə about ʃ shop  fit t take ə near tʃ change u annual θ theft u pool v value υ b ook w work υə tour x loch  shut  measure z zone A A A / e /, AA, AAA noun letters that show how reliable a particular share, bond or company is considered to be ć These bonds have a AAA rating. ‘…the rating concern lowered its rating to single-A from double-A, and its senior debt rating to triple-B from single-A’ [Wall Street Journal] COMMENT : The AAA rating is given by Standard & Poor’s or by Moody’s, and in- dicates a very high level of reliability for a corporate or municipal bond in the US. A1 A1 / e wɒn / adjective 1. in very good condition ć We sell only goods in A1 con- dition. 2. ˽ ship which is A1 at Lloyd’s a ship which is in the best possible condi- tion according to Lloyd’s Register abandon abandon / ə | bndən / verb 1. to give up or not continue doing something ć We abandoned the idea of setting up a New York office. ć The development pro- gramme had to be abandoned when the company ran out of cash. ˽ to abandon an action to give up a court case 2. to leave something ć The crew abandoned the sinking ship. abandonment abandonment / ə | bndənmənt / noun an act of giving up voluntarily something that you own, such as an option or the right to a property ˽ abandonment of a ship giving up a ship and cargo to the un- derwriters against payment for total loss abatement abatement / ə | betmənt / noun an act of reducing abbreviated accounts abbreviated accounts / ə | brivietd ə | kaυnts / noun a shortened version of a company’s annual accounts that a small or medium sized company can file with the Registrar of Companies, instead of a full version above par above par / ə | bv pɑ / adjective refer- ring to a share with a market price higher than its par value above the line above the line / ə | bv ðə lan / adjec- tive, adverb 1. used to describe entries in a company’s profit and loss accounts that appear above the line separating entries showing the origin of the funds that have contributed to the profit or loss from those that relate to its distribution. Exceptional and extraordinary items appear above the line. ć Exceptional items are noted above the line in company accounts. ı below the line 2. relating to revenue items in a government budget 3. relating to advertis- ing for which payment is made (such as an ad in a magazine or a stand at a trade fair) and for which a commission is paid to an advertising agency. Compare below the line above-the-line advertising above-the-line advertising / ə | bv ðə lan dvətazŋ / noun advertising for which a payment is made and for which a commission is paid to the adver- tising agency, e.g. an advertisement in a magazine or a stand at a trade fair. Com- pare below-the-line advertising ( NOTE : as opposed to direct marketing) abroad abroad / ə | brɔd / adverb to or in another country ć The consignment of cars was shipped abroad last week. ć The chair- man is abroad on business. ć He worked abroad for ten years. ć Half of our profit comes from sales abroad. absence absence / bsəns / noun the fact of not being at work or at a meeting ˽ in the ab- sence of when someone is not there ć In the absence of the chairman, his deputy took the chair. absent absent / bsənt / adjective not at work or not at a meeting ć He was absent ow- ing to illness. ć Ten of the workers are ab- sent with flu. ć The chairman is absent in Holland on business. Business.fm Page 1 Thursday, April 8, 2004 3:51 PM absentee 2 absentee absentee / bsən | ti / noun a person who is absent or an employee who stays away from work for no good reason absenteeism absenteeism / bs(ə)n | tiz(ə)m / noun the practice of staying away from work for no good reason ć Low produc- tivity is largely due to the high level of ab- senteeism. ć Absenteeism is high in the week before Christmas. ‘…but the reforms still hadn’t fundamen- tally changed conditions on the shop floor: absenteeism was as high as 20% on some days’ [Business Week] absenteeism rate absenteeism rate / bsən | tiz(ə)m ret / noun the percentage of the work- force which is away from work with no good excuse ć The rate of absenteeism or the absenteeism rate always increases in fine weather. absolute absolute / bsəlut / adjective com- plete or total absorb absorb / əb | zɔb / verb to take in a small item so that it forms part of a larger one ˽ to absorb overheads to include a propor- tion of overhead costs into a production cost (this is done at a certain rate, called the ‘absorption rate’) ˽ overheads have absorbed all our profits all our profits have gone in paying overhead expenses ˽ to absorb a loss by a subsidiary to in- clude a subsidiary company’s loss in the group accounts ˽ a business which has been absorbed by a competitor a small business which has been made part of a larger one absorption absorption / əb | zɔpʃən / noun the process of making a smaller business part of a larger one, so that the smaller compa- ny in effect no longer exists absorption costing absorption costing / əb | zɔpʃən kɒstŋ / noun a form of costing for a product that includes both the direct costs of production and the indirect overhead costs as well absorption rate absorption rate / əb | zɔpʃən ret / noun a rate at which overhead costs are absorbed into each unit of production abstract abstract / bstrkt / noun a short form of a report or document ć to make an ab- stract of the company accounts abstract of title abstract of title / b | strkt əv tat(ə)l / noun a summary of the details of the ownership of a property which has not been registered a/c a/c , acc abbr account ACAS ACAS / eks / abbr Advisory, Concili- ation and Arbitration Service accelerate accelerate / ək | seləret / verb to make something go faster acceleration clause acceleration clause / ək | selə | reʃən klɔz / noun US a clause in a contract providing for immediate payment of the total balance if there is a breach of con- tract accept accept / ək | sept / verb 1. to take some- thing which is being offered ˽ to accept delivery of a shipment to take goods into the warehouse officially when they are delivered 2. to say ‘yes’ or to agree to something ć She accepted the offer of a job in Australia. ć He accepted £2000 in lieu of notice. acceptable acceptable / ək | septəb(ə)l / adjective easily accepted ć Both parties found the offer acceptable. ć The terms of the con- tract of employment are not acceptable to the candidate. acceptance acceptance / ək | septəns / noun 1. the act of signing a bill of exchange to show that you agree to pay it ˽ to present a bill for acceptance to present a bill for pay- ment by the person who has accepted it 2. ˽ acceptance of an offer the act of agree- ing to an offer ˽ to give an offer a condi- tional acceptance to accept an offer pro- vided that specific things happen or that specific terms apply ˽ we have their let- ter of acceptance we have received a let- ter from them accepting the offer acceptance against documents acceptance against documents / ək | septəns əenst dɒkjυmənts / noun a transaction where the seller takes charge of the shipping documents for a consign- ment of goods when a buyer accepts a bill of exchange ć Acceptance against docu- ments protects the seller when sending goods which are not yet paid for. acceptance bank acceptance bank / ək | septəns bŋk / noun US same as accepting house acceptance house acceptance house / ək | septəns haυs / noun same as accepting house acceptance sampling acceptance sampling / ək | septəns sɑmplŋ / noun the process of testing a small sample of a batch to see if the whole batch is good enough to be accepted accepting house accepting house / ək | septŋ haυs / noun a firm, usually a merchant bank, which accepts bills of exchange at a dis- count, in return for immediate payment to Business.fm Page 2 Thursday, April 8, 2004 3:51 PM 3 account the issuer, in this case the Bank of Eng- land Accepting Houses Committee Accepting Houses Committee / ək | septŋ haυzz kə | mti / noun the main London merchant banks, which organise the lending of money with the Bank of England. They receive slightly better dis- count rates from the Bank. access access / kses / noun ˽ to have access to something to be able to obtain or reach something ć She has access to large amounts of venture capital. í verb to call up data which is stored in a computer ć She accessed the address file on the com- puter. accession accession / ək | seʃ(ə)n / noun the act of joining an organisation access time access time / kses tam / noun the time taken by a computer to find data stored in it accident accident / ksd(ə)nt / noun some- thing unpleasant which can be caused by carelessness or which happens by chance such as a plane crash accident insurance accident insurance / ksd(ə)nt n | ʃυərəns / noun insurance which will pay the insured person when an accident takes place accident policy accident policy / ksd(ə)nt pɒlsi / noun an insurance contract which pro- vides a person with accident insurance accommodation accommodation / ə | kɒmə | deʃ(ə)n / noun 1. money lent for a short time 2. ˽ to reach an accommodation with credi- tors to agree terms for settlement with creditors 3. a place to stay temporarily or live in ć Visitors have difficulty in finding hotel accommodation during the summer. ‘…any non-resident private landlord can let furnished or unfurnished accommoda- tion to a tenant’ [Times] ‘…the airline providing roomy accommo- dations at below-average fares’ [Dun’s Business Month] accommodation address accommodation address / ə | kɒmə | deʃ(ə)n ə | dres / noun an address used for receiving messages, but which is not the real address of the company accommodation bill accommodation bill / ə | kɒmə | deʃ(ə)n bl / noun a bill of exchange where the person signing (the ‘drawee’) is helping another company (the ‘drawer’) to raise a loan accompany accompany / ə | kmp(ə)ni / verb to go with ć The chairman came to the meeting accompanied by the finance director. ć They sent a formal letter of complaint, ac- companied by an invoice for damage. ( NOTE : accompanied by something) accordance accordance / ə | kɔd(ə)ns / noun ˽ in accordance with in agreement or con- formity with, as a result of what someone has said should be done ć In accordance with your instructions we have deposited the money in your current account. ć I am submitting the claim for damages in ac- cordance with the advice of our legal ad- visers. accordingly accordingly / ə | kɔdŋli / adverb in agreement with what has been decided ć We have received your letter and have al- tered the contract accordingly. according to according to / ə | kɔdŋ tu / preposi- tion 1. in accordance with ć The compu- ter was installed according to the manu- facturer’s instructions. 2. as stated or shown by someone ‘…the budget targets for employment and growth are within reach according to the latest figures’ [Australian Financial Re- view] account account / ə | kaυnt / noun 1. a record of financial transactions over a period of time, such as money paid, received, bor- rowed or owed ć Please send me your ac- count or a detailed or an itemised ac- count. 2. (in a shop) an arrangement which a customer has to buy goods and pay for them at a later date, usually the end of the month ć to have an account or a charge account or a credit account with Harrods ć Put it on my account or charge it to my account. ć They are one of our largest accounts. ˽ to open an account (of a customer) to ask a shop to supply goods which you will pay for at a later date ˽ to open an account, to close an account (of a shop) to start or to stop sup- plying a customer on credit ˽ to settle an account to pay all the money owed on an account ˽ to stop an account to stop sup- plying a customer until payment has been made for goods supplied 3. ˽ on account as part of a total bill ˽ to pay money on account to pay to settle part of a bill ˽ ad- vance on account money paid as a part payment 4. a customer who does a large amount of business with a firm and has an account with it ć Smith Brothers is one of our largest accounts. ć Our sales people call on their best accounts twice a month. Business.fm Page 3 Thursday, April 8, 2004 3:51 PM . 7739 2 Dictionary of Computing 0 7475 6622 4 Dictionary of Economics 0 7475 6632 1 Dictionary of Environment and Ecology 0 7475 7201 1 Dictionary of Human. 7475 6623 2 Dictionary of ICT 0 7475 6990 8 Dictionary of Law 0 7475 6636 4 Dictionary of Leisure, Travel and Tourism 0 7475 7222 4 Dictionary of Marketing