woordenlijst engels by lanyuehua


									  Business Term
Chapter                        Synonym             Explanation

5 shareholders                                     owners of limited companies
  directors                                        top management
  functions of manaement                           planning, controlling, co-ordinating, motivating
  planning                                         decisions such as where to locate the plant, who's responsible etc.
  controlling                                      supervision of the carrying out of the plans
  co-ordinating                                    management is responsible for the activities of those who work for the co.; its smooth operation must be ensured
  motivating                                       wages have to be paid, promotion of job satisfaction, etc.
  organisation chart                               shows in a tree structure: the responsabilities of the mgm., the status & the lines of communication
  management structures                            pyramidal, horizontal, concentric, matrix
  pyramidal structure          hierarchical str.   easy and clear to understand, but disadvantage is the departementalisation of people
  horizontal structure                             same idea, but tries to hide/avoid the idea of levels of superiority
  concentrical structure                           same idea, but seeks to avoid the emphasis of levels of authority
  matrix structure                                 often used in project-based approach, staff is responsable to a project mgr.
  departments                                      advantages: specialisation, better organisation, area of responsability
  marketing dept.                                  cfr. Ch9
  production dept.                                 responsible for production, storage, provision of service
  purchasing dept.                                 responsible for buying things
  sales dept.                                      closely linked to marketing, link between company & customer
  personnel dept.                                  responsible for human resources, recruiting and
  finance dept.                                    deals with the monetary aspect of the co.such as monitoring in- & outflow, invoices etc.
  formal organisation                              channels of communication are set up officially
  informal organisation                            various workers of various departments communicate throuhg the company
  leadership                                       role taken by an individual or group in organising other members
  autocratic leader                                little or no communicatian between leader and staff, fast decisions but need for supervision
  democratic leader                                staff and workers are encouraged to participate in decisions
  laissez-faire leader                             leaves workforce to its own devices, little control, good for flexibility
  span of control                                  the number of workers a person can control directly
  chain of command                                 chain by which decisions will be passed on in the company structure
  delegation                                       someone gets authority to do some tasks, but final responsability will remain with the board
  centralised authority                            little delegation
  decentralised authority                          authority is delegated, depends on numbers of division of a cy. And the number of good staff in all levels of the cy.
6 location                                         where the business is located; sometimes limited ( e.g. shipbuilders) sometimes footloose (set up anywhere)
  influences on location                           government influences, historical factors, personal factors, raw materials, the market,
                                                   transport costs, fuel, labour, benefits of concentration,
  historical factors                               proximity of water, clay, cities etc. in the past
  personal factors                                 the founder lived in the area
  raw material                                     some industries are tied to the location of raw materials
  bulk decreasing businesses                       factories that reduce volume or weight of materials, e.g. iron mills
  industrial inertia                               even when there is no reason for staying at the current location, companies stay. E.g. iron exhausted
the market                                         if goods produced are weight or bulk increasing products, or expensive transport is needed,
                                                   location close to the market is interesting
transport networks                                 canals, highways, railway neighbourness & easy access is a factor
fuel                                               many businesses in 19th cent. needed coal, nowadays less important
labour                                             easy access to skilled labour, difficult to persuade workers to move to a new area, or avoiding a social instable area
benefits of concentration                          a new business area will adapt itself to the needs of the new companies; e.g. adapted colleges, specialised firms,
                                                   banks become experts in firm's needs
government influences                              granting and intervention from the government: restricting and encouraging firms and areas
regional selective assistance                      intervention in development and intermediate areas, primarily for manufacturing firms
discretionary grants                               if a project is viable, unlikely to proceed if the grant wasn't available, a benefit for the region, creates new jobs,
                                                   a discretionary regional selective grant is possible
regional enterprise grant                          only available in development areas, firms with less than 25 employees
consultancy grants                                 in assisted areas and urban programmes small and medium firms can obtain a subsidiy, for taking external consultants
EU structural funds                                for encouraging regional development: promotion of economic lagging regions, redevelopment of economic declined regions
                                                   assisting areas of long-term unemployment, integration of young people in the workforce, reform the agricult. policy
natural advantages                                 the posession of raw materials, availability of power, good climate
acquired advantages                                benefits gained from concentration of firms in the locality, rather than the characteristics of the location
size                                               some are small, medium-sized or PLCs
measuring size                                     the financial times FT500 shows the largest quoted cies. In europ and uk, using market capitalisation
market capitalisation                              the numer of shares the cy. Has in issue, mulitplied by the market price of those shares
profit                                             profit made by the company in one year can be use for measuring size
number of employees                                is also a possible indicator for the size of the cy.
scale                                              economies and diseconomies of scale; reduced or increased costs due to size
economies of scale              benefits of size   reduced costs due to increased size of the firm. Reduction is maximal when reaching the optimimum output
diseconomies of scale                              increasing costs when optimum output is reached and passed
internal economies of scale                        obtained through growth of the cy.: technical, management, marketing, financial and risk-bearing economies
technical economies                                better use of the division of labour, everybody is working full-time, machinery is fully used, more volume e.g. for transport
management economies                               often better, more qualified staff, specialists
marketing economies                                bulk purchases, securing good discounts, etc.
financial economies                                large firms obtain easier loans, better interests, have more assets for the loan
risk-bearing economies                             spreading the risks: more than 1 supplier, wider range of production & products etc.
external economies of scale                        economies from the growing industry as a whole: economies of disintegration, concentration, information
economies of disintegration                        another industry in the area can do some processes better then yourself, often cheaper
economies of concentration                         better training, better transport and better commercial services
economies of information                           similar firms in an area will require up-to-date information, and there may be a free flow of information between them
diseconomies of scale                              diasdavantages: decisions take longer, no personal links anymore, no links with the workforce
optimum size                                       the size of a cy. where it can produce most efficiently
reasons for growth                                 reducing average costs, wider range of products produced, more power and status for the owners and managers
ways of growing                                    new products, changing markets, integration
integration                                        several ways of integration; vertical forward and vertical backward, horizontal, conglomerate integration
backward vertical integration                      is where a firm merges with an organisation supplying its raw material needs; better control, more profit
  forward vertical integration                     is where a firm takes over the retail outlet; +: standard of the outlet can be controlled, outlet is tied to the product, e. of scale
  conglomerate integration     holding companies   a merger when the firm amalgates with other firms that are not related; +: ec. of scale, spread risks, combat market saturation
  Monopolies and Merger commission                 organisation to check whether mergers lead to monoplist situations
  survival of small firms                          demand for vatiety, inability to obtain ec. of scale, personal service, luxury items, ambition, lack of finance
  check figure p.66!!
7 internal sources of finance                      reatined profits, funds from reducing stocks, from selling under-used assets, reducing credit to customers, effective use of funds
  retained profits                                 earned as a profit in the past and saved for the future
  stock reduction                                  reducing the amount of stock by using the just-in-time system
  asset sales                                      buildings or land that can be sold to release large amounts of money
  limiting credit to customers                     cutting the total outstanding invoices is a way to get money
  depreciation                                     all companies retain a part of their profits to allow for the depreciation of their assets due to factors of age and usage
  effective use of finance
  external sources of finance                      approach a bank, and you can be offered an overdraft, a secured loan or a mortgage
  overdraft                                        a facility where the bank manager agrees to allow a firm to take more money from an account than is in it
  secured loan                                     a bank may agree to lend some money, but require security, they want valuable asset or another guarantee
  mortgage                                         a bank lends money in return for the security of property that the firm owns
  debentures                   loan capital        documents given to people who lend money to cies. or institutions; they tell when to be repaid & what interest to expect
  debenture holder                                 no ownership of the cy., no vote, no say in running business, but secure interest every year
  shares                                           limited cies.: people can buy shares, and own the cy. for a part
  hiring                                           hire purchase, leasing: up-to-date technology, maintenance by other people, keep money free for other uses
  hire purchase                                    paying for the machine in instalments, done with a finance house
  leasing                                          there is no intention of ownership, the machine is never owned; you only pay instalments
  factoring                                        the process of selling the cy's bills. A company then raises the money from the invoices and gets a %
  types of shares                                  ordinary shares, preference shares, cumulative pref. shares, participating pref. shares
  ordinary shares              equity              the dividend is paid, if any profit is made, and the directors have to agree
  preference shares                                they carry a fixed rate of dividend in % which is paid out before the ordinary shares
  cumulative prefence shares                       fixed rate, but if in a year no profit is made, is will be carried on to the next year
  participating pref. shares                       fixed dividend, but also participate in further dividends, if any
  issuing shares                                   public issue, offer for sale, placing, rights issue
  public issue                                     shares can be advertised in the press; sale and buy is handled by an issuing house
  underwriters                                     these are people who agree to buy any shares from an issue that are not sold.
  offer for sale                                   the shares are sold to the issuing house which sells them to the public
  placing                                          the shares are sold in blocks of large numbers to institutions. This is a guarantee that the shares are sold.
  rights issue                                     when a shareholders gets a first right to buy more shares when new ones are issued e.g. one for three rights issue
  money                                            money is a medium of exchange, unit of account, store of value, measure of debt, a standard of deferred payment
  measure of debt                                  also: standard of deferred payment; enables banks to keep record of exchanges that have been made for settlements in the future
  barter                                           swappin goods instead of paying with money
  Qualities of money                               it has to be: acceptable, durable, portable, scarce, to have intrinsic value
  forms of money                                   cash, current accounts, deposit accounts, building society savings books
  credit money                                     money not yet earned, but it can be spent
  plastic money                                    same as credit money, called after the plastic cards (credit cards)
credit cards                                       you are given a credit limit: you can spend up to that amount and pay back in regular instalments e.g. visa
charge cards                                       you may be given a credit limit, no spending total limit, but payback after one month e.g. amex, diners
debit cards                                        only money that is in your account can be spent, no credit involved e.g. bc, mister cash
bank services                                      accounts, acceptances, loans, account ervices, drafts, export services, advice, other services
cheque accounts                 current accounts   no interest is paid, money can be easily accessed by cheque
deposit account                                    interest is paid, but it's more difficult to draw your money out
foreign currency account                           accounts kept in foreign currencies
money market account                               for the really largest cies. which have large sums available for a very short period. Money can be loaned for short periods
acceptances                                        convertings drafts or bills of exchange into cash after accepting them (overschrijvingen e.d.)
overdrafts                                         short-term loan
loans                                              medium or long term, with or whitout security
mortgage                                           long-term loans secured against property
account services                                   services a bank provides within an account: standing orders, direct debit
standing orders                                    a payment that has to be done every month, is automatically carried out by the bank
direct debits                                      when a varied amount has to be paid every month, the bank is being ordered by the supplier to pay
banker's draft                                     a guaranteed payment from your bank account; drafts cannot be bounced or stopped
export services                                    aid for export in financing etc.
other services                                     e.g. night safes etc.
the City                                           consists of clearing banks, currency traders, stockbrokers, discount houses, insurance cies, merchant banks, market makers etc
City-activities                                    stock exchange (shares), lloyd's (insurance), baltic exchange for shipping, londen metal market for metal
pooling                                            a risk can be shared if several people pay regularly an amount, and that money is used in case of. e.g. fire
actuaries                                          people who calculate the chances of any event happening
insurance                                          a scheme which covers for sth. that might happen, your premiums are not repaid
assurance                                          a scheme which covers your life for sth. that will certainly happen, eg death;
company insurance                                  key man cover, health , personal accident , building & contents , consequential loss, fidelity, public liability
key man cover                                      insurance of the leading people in the cy., e.g. Death of a general manager & its effects
health insurance                                   the risk of an accident happening to a staff member can be covered with a health insurance
building & contents insurance                      risks of fire and other disasters, floods and storms for the building and its contents are covered
consequential loss                                 insurance for losses due to consequences an insured disaster: e.g. loss of goodwill, loss of turnover
fidelity insurance                                 cover for losses due to unhonest staff
public liability insurance                         covers accidents happened to visitors, the public, etc. that is on the premises
damages                                            the money paid for the accident
direct insurance                                   the way that insurances for personal use are arranged: no broker is in between
insurance broker                                   companies that are specialised in selling insurances to cies.
lloyds of london                                   a place where hundreds of insurance cies. have their office
insurance people                                   brokers, underwriters, assessors, actuaries
brokers                                            is someone who listens to what customers want as a cover, and finds the right insurance to cover the risk
underwriters                                       insurance cies. that are 'willing' to underwrite a part of a specific risk, if the amount to be insured is huge.
re-insurance                                       when a cover for a risk is re-insured with another company
assessors                                          a person that measure the amount of damage for the insurance cy.
actuaries                                          highly qualified people that use statistics to define the risks the company is covering for
  mortality statistics                              figures which show the reasons why people die
  stockbrokers                                      people who act as middlemen
9 Marketing                                         is a process of market research, product policy, right product for the right price, advertising & packaging, distribution
  market research                                   finding out what products the customer wants (product policy)
  market                                            consists of sellers and buyers
  open-air markets                                  simple, buyers and sellers are together in one place at the same time
  consumer markets                                  goods and services are sold throughout the country or even the world
  single-use consumer goods                         gas, newspapers, food ets
  consumer durables                                 tv, fridges,
  consumer services                                 post, hairdresses
  industrial markets                                goods and services for organisations: school, companies, local authorities
  industrial capital goods                          machinery, buildings
  industrial services                               cleaning, printing, etc
  marketing mix                                     consists out of 4 p's: product, price, promotion, price
  product                                           involves decisions about quality, style, design, branding policy, packaging etc.
  price                                             price and discounts
  promotion                                         choice of how the product is promoted
  place                                             choice of how the product is distributed and through what types of shop
  product-oriented firms                            invent new products and try to sell them
  market-oriented firms                             find out what people want, find better ways of producing it and sell it
  product policy                                    finding what people want, deciding what is shoul look like, right price for right product, choosing the right market
  product life cycle          PLC                   introduction, growth, maturity, saturation, decline, obsolence
  product differentiation                           making existing product different for a different market
  product development                               changing, improving existing (older) products, for the same market eg other colors, other shape
  direct cost                 variable costs        raw materials, pay, energy
  indirect costs              fixed costs, overheadsfactory, building, etc.
  break-even analysis                               point of production where they start to make profit
  demand                                            demand can be established
  loss leading                                      when a product or service is sold below production price, sth. used for getting interest of consumer
  advertising                                       should inform & persuade
  advertising agency                                they desing and write ads; 2 functions: designing the message, choosing the medium
  copywriter                                        a person that writes the text of the ad
  artist                                            a person that draws the illustration
  designer                                          who designs the overall look of the ad
  ad medium                                         poster, tv, cinema, free newspapers, magazines, leaflets, radio, direct mail
  newspapers                                        daily nationals, Sunday nationals, tabloids, quality dailies
  tabloids                                          low quality, popular newspapers, lots of photogrphs: eg sun, daily mirror, star
  quality dailies                                   larger in size, more written material, times, guardian, ft, independant
  Sunday nationals                                  read on Sunday, read longer and by more people in the household; Sunday mirror, Sunday telegraph, Sunday times
  classified ad                                     ad is all words and put in a column eg 'houses to let' car to sell' etc
  display ad                                        laid out, more space, pictures or photos
  ABC                                              AUDIT BUREAU OF CIRCULATION
  free newspapers                                  delivered free to people's homes, revenue comes from advertising
  free circulation magazines                       like free newspapers, depend only on advertising
  IBA                                              independant broadcasting authority, powerful advertising media
  social grouping                                  trying to find out what kind of people use what kind of media, to reach your group better
  market research                                  a way to get to know the market, demand, needs, best media, best way of transporting, price for a product
  desk research                                    finding out by checking written sources and good analysis competention
  field research                                   talking, investigation people in the 'real' world, eg discussion group about a new product
  life style marketing                             identifying the life style consumers adept, and targeting your marketing onto that life style
  distrubution                                     how the goods are transported, who will sell the goods
  wholesalers                                      when a manufacterer sell its goods, its often to the wholsesaler
  retailers                                        they buy their goods from a wholesaler
  mail-order catalogues                            sell the products directly to the customers, using a catalgue
  large retail stores                              large stores that buy directly from the factory, skipping the wholsesaler
  direct mail                                      the manufacturer sells directly to the customers, and keeps a good control over the market and the product
  road haulage                                     by trucks
  railway freight                                  by train
  canals and rivers                                by boat
  air freight                                      by plane
  sea freight                                      by ship
  containers                                       come in standar shape, quickes and eases transport
  pipelines                                        used to carry large amounts of cargo: oil, gas, liquified coal
# international trade
  one billion                                      thousand millions (nl: miljard)
  one triillion                                    thousand billions, or a million millions
  visible trade                                    consists of all those goods that can be seen and touched
  invisible trade                                  things that cannot be seen, like insurance, banking services etc
  tourist trade                                    visitors to britain spend lots of money, and it's invisible
  balance of trade                                 a balance of all the visible imports vs the visible exports
  balance of payments            current account   balance of trade plus any invisible actions during the year
  export documents                                 exporting is a very complex process; a lot of docs are neede
  bill of lading                                   contains detaisl about the goods being shipped, destination, what ship they will be transported on etc
  export invoice                                   is the 'bill' to the customer, requiring payment once he has received the goods
  certificate of origin                            proves which country the goods originally come from
  certificate of value                             proves that the goods are worth what the invoice says they are worth, so a correct duty can be levied
  HM customs declaration                           a signed statement of what the parcels contain
  declaration of dangerous goods                   required by international law for dangerous goods
  certificate of insurance                         needed by the shipping cy or customer so that they know the goods are insured
  health certificate                               needed for drugs and fro transport of animals
  export licence                                   needed for eg. High tech, weapons etc
  the single market                                all movement of goods between EU members are no longer im- or export
  despatches                                          the movement of goods between EU members
  paying for export                                   obtaining payments is often difficult, there a several ways,
  an open account                                     sending the goods, sending the invoice
  payment with order                                  customer has to pay in advance
  draft                            bill of exchange
  sight draft                                         the buyer agrees and signs a doc saying that he will pay as soon as the goods and the docs are made over
  term draft                                          idem, but the buyer has to pay until 30,60, etc days after the documents have been handed over
  letter of credit                                    are arranged through the buyer's and seller's bank and are irrevocable, the seller is guaranteed payment
  EU                                                  cap, structural funds, competition policy to improve trades
  CAP                                                 common agricultural policy; seeks to help farmers
  structural funds                                    help countries and regions to adjust to change, support for regional development
  competition policy                                  established to prevent unfair competition eg charging different prices indifferent countries
  barriers to trade                                   tariffs, quotas, subsidies, language, exchange controls, currency, import regulations, standards
  tariffs                                             taxes on goods coming into the country
  quotas                                              preventing too many imports from coming into the country; limit to a certain volume or number of goods
  subsidies                                           amount of money given to certain industries to help them to stay in business
  IMF                                                 international monetary fund, fixed exchange rates till '70s, now flaoting exchange rates
  UNCTAD                                              united nations conference on trade and develoment; involved in sea transport, barriers to trade, protecting prices
  GATT                                                general agreement on tariffs and trade
  OTS                                                 overseas trade services; government agency to help british cies. selling overseas
  ECGD                                                export credits guarantee department
# Industrial relations
  aim of trade unions                                 improving conditions of employment, working environment, benefits for the workers, improving job satisfaction, law cases, job security
  reasons for joining trade unions                    improve level of pay, ask for support, advantage of sporting facilities, discounts in certain shops etc
  closed shop                                         only a member of a particular union can be employed by the firm
  craft unions                                        union of skilled workers, doing the same job
  demarcation dipute                                  when there is a dispute about the allocation of various crafts
  industrial unions                                   all the workers in a particular industry regardless of what they do in that industry, eg union of mineworkers, steel union
  general unions                                      unions that include members regardless of skill, type or place of work; very large unions, eg transport and general workers unions
  white-collar unions                                 union of non-manual workers
  TUC                                                 trade union congress, an umbrella over all the other unions; delegates from the unions are sent with a right to vote etc.
  trade uniond delegates           representatives    shop stewards or official trade union representatives
  shop stewards                                       elected by the members in the firm, but still working full-time in the cy.; they represent the people on the 'shopfloor'
  official t.u. delegates                             they work for the union, and have contacts with the whop stewards
  empoyer's association                               mostly from a certain industry
  CBI                                                 confederation of british industry; umbrella for the employer's association
  collective bargaining                               negotiation between employers and trade unions
  deadlock                                            a point where negotiation stops, and industrial action is taken
  industrial action                                   strikes, work-to-rile, go slow, overtime ban, sit in
  token strike                                        workers stage a one-day or other stoppage of work
  selective strike                                    only certain workers or certain areas strike
all-out strike                         all members of the union withdraw their labour until the dispute is settled (official or unofficial)
unofficial strike     wildcat strike
blacklegs                              workers that want to work anyway, even when the strike is in progress
secret ballot                          secret voting so the union knows whether the workers agree to a strike
picketing                              workers standing close to the factory gates, trying to dissuade other workers or suppliers
secondary picketing                    picketing away from the company, illegal
sympathetic strike                     strike in support of other groups of workers
blacking                               not handling goods or equipment that come from the (company of) the striking workes
work-to-rule                           workers stick close to rules and regulations, trying to bring the cy to a standstill
go-slow                                the workforce does its job slow
overtime ban                           no overtime is worked
sit-in                                 the workforc refuses to leave the factory
ACAS                                   advisory, conciliation and arbitration service

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