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

Currency : money used in a country Cash : money in notes and coins Bank deposits : money that people and organisations have in bank accounts Income : all the money a person receives or earns Outgoings : amounts of money that people have to spend regularly Budget : a financial plan, showing how much money a person or organisation expects to earn and spend
 * __ Unit 1 - Money and Income __**
 * 1) Salary : money paid monthly by an employer
 * 2) Wages : money paid by the day or the hour, usually received weekly.
 * 3) Overtime : money received for working extra hours
 * 4) Commission : money paid to salespeople and agents - a certain percentage of the income the employee generates
 * 5) Bonus : extra money given for meeting a target or for good financial results
 * 6) Fees : money paid to professional people such as lawyers and architects
 * 7) Social Security : money paid by the government to unemployed and sick people
 * 8) Pension : money paid by a company or the government to a retired person
 * 1) Living expenses : money spent on everyday needs such as food, clothes and public transport
 * 2) Bills : requests for the payment of money owed for services such as electicity, gas and telephone connections
 * 3) Rent : the money paid for the use of a house or flat
 * 4) Mortgage : repayments of money borrowed to buy a house or flat
 * 5) Health insurance : financial protection against medical expenses for sickness or accidental injuries
 * 6) Tax : money paid to finance government spending

**__Unit 2 - Business finance__** Interest : the amount paid to borrow the money Shareholders : people who invest money in shares Share Capital : the money shareholders provide Investors : individuals and financial institutions Bonds : loans that pay interest and are repaid at a fixed future date Debt : money that is owed to other people or businesses Working Capital or Funds : the money that a business uses for everyday expenses or has available for spending Revenue : all the money coming into a company during a given period Profit, earnings or net income : revenue minus the cost of sales and operating expenses Dividend : the part of net income that a company pays to its shareholders Balance Sheet : shows the company's assets, liabilities and capital Profit and loss : shows the company's revenues and expenses during a particular period, such as three months or a year

Liabilities : obligations to pay other organisations or people : money that the company owes, or will owe at a future date Granting credit : when the suppliers give the buyer a period of time before they have to pay for the goods Retained earnings : profits from previous years that have not been distributed- paid out to shareholders
 * __ Unit 11 - The Balance Sheet 1 __**

Fixed Assets : used by the business for a long time Current Assets : things that will probably be used by the business in the near future Cash : money available to spend immediately Debtors : companies or people who owe money they will have to pay in the near future Anticipate the loss : when a company thinks a debt will not be paid Work-in-progress : a stock of raw materials Tangible assets : assets with a physical existence - things you can touch - such as property, plant and equipment Accumulated depreciation charges : the amount of tangible assets cost that has already been deducted Brand names : protected names for a company's products Patents : exclusive rights to produce a particular new product for a fixed period Trade marks : names or symbols that are put on products and cannot be used by other companies. Net worth or net assets : assets minus liabilities
 * __ Unit 12 - The Balance Sheet 2 : assets __**

Current liabilities : expected to be paid within a year of the date of the balance sheet Creditors : suppliers of goods or services to the business who are not paid at the time of purchase Deferred taxes : money that will have to be paid as tax in the future, although the payment does not have to be made now 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 Share premium : money made if the company sells shares at above their face value Face value : the value written on the shares Reserves : funds set aside from share capital and earnings, retained for emergencies or other future needs
 * __ Unit 13 - The Balance Sheet 3 : liabilities __**

Sales revenue or turnover : the total amount of money received during a specific period Cost of sales or cost of goods sold (COGS) : the costs assosiated with making the products that have been sold, such as raw materials, labour and factory expenses. Gross Profit : the difference between the sales revenue and the cost of sales Selling, general and administrative expenses (SG&A) : expenses that have to be deducted from gross profit, such as rent, electricity and office salaries EBITDA : earnings before interest, tax, depreciation and amortisation EBIT : earnings before interest and tax Cash flow statement : gives details of cash flows - money coming into and leaving the business 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
 * __ Unit 14 - The other financial statements __**
 * 1) Operations : day-to-day activities
 * 2) Investing : buying or selling property, plant and equipment
 * 3) Financing : issuing or repaying debt, or issuing shares

Free trade : people and companies should be able to buy goods from all countries, without any barriers when they cross frontiers Comparative cost principle : countries should produce whatever they can make the most cheaply Productivity : the amount of output produced per unit of an input Imports : goods or services bought from a foreign country Exports : goods or services sold to a foreign country Positive balance of trade or trade surplus : a country that exports more goods than it imports Negative balance of trade or trade deficit : a country that imports more goods than it exports Protectionism : restricting imports in order to help local products
 * __ Unit 43 - International trade __**

Exporter : a company which sells goods or services to other countries Importer : a company which buys products from other countries 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 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 Commercial invoice : contains details of the goods - quantity, weight, number of packages, price, terms of delivery, terms of payment, and information about the transportation Bill of lading : a document signed by the carrier or transporter confirming that the goods have benn received for shipment; it contains a brief description of the goods and details of where they are going Insurance certificate : describes the goods and contains details of how to claim if they are lost or damaged in transit - while being transported Certificate of origin : states where the goods come from 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 Export licence : giving the right to sell particular goods abroad is necessary in some cases
 * __ Unit 45 - Financing International Trade __**

Incoterms (International Commercial Terms) : companies exporting or importing goods use standard arrangements 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 Free Carrier (FCA) : the goods are delivered to a named place where the carrier can load them onto a truck, train or aeroplane Free Alongside Ship (FAS) : seller delivers the goods to the quay next to the ship in the port Free On Board (FOB) : the seller pays for loading the goods onto the ship Cost and Freight (CFR) and Carriage Paid To... (CPT) : the buyer is responsible for insurance Cost, Insurance and Freight (CIF) and Carriage and Insurance Paid To... (CIP) : the seller arranges and pays for insurance Delivered At Frontier (DAF) : the importer is responsible for preparing the documentation and getting the goods through customs Delivered Ex Ship (DES) : the buyer pays for unloading the goods from the ship 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 Delivered Duty Unpaid (DDU) : the buyer pays any import taxes Delivered Duty Paid ( DDP) : the seller pays any import taxes
 * __ Unit 46 - Incoterms __**


 * __ Source: __** MacKenzie, I. (2006). Finance. //Professional English in Use.//