if you invest money in a company you acquire a financial share or interest in it interest-bearing deposits beəriŋ di|pɒzits/ plural noun a deposit of money with a financial institution t
Trang 1interest 124
interest
by a borrower for the use of money,
calcu-lated as a percentage of the capital borrowed
왍 high interest, low interest interest at a
high or low percentage 2. money paid as
income on investments or loans 쑗 to receive
interest at 5% 쑗 deposit which yields or
gives or produces or bears 5% interest 쑗
account which earns interest at 10% or
which earns 10% interest 쑗 The bank pays
10% interest on deposits 쑗 The loan pays
5% interest. 3. a part of the ownership of
something, e.g if you invest money in a
company you acquire a financial share or
interest in it
interest-bearing deposits
beəriŋ di|pɒzits/ plural noun a deposit of
money with a financial institution that pays
interest on the deposit
interest charges
plural noun money paid as interest on a loan
interest coupon
a slip of paper attached to a government
bond certificate which can be cashed to
pro-vide the annual interest
interest cover
ability to pay interest payments on a loan
interested party
a person or company with a financial interest
in a company
interest expense
noun the cost of the interest payments on
borrowed money
interest-free credit
kredit/ noun a credit or loan where no
interest is paid by the borrower 쑗 The
com-pany gives its staff interest-free loans.
interest rate
which shows the percentage of the capital
sum borrowed or deposited which is to be
paid as interest Also called rate of interest
interest rate margin
/ noun the difference between the
interest a bank pays on deposits and the
interest it charges on loans
interest rate swap
noun an agreement between two companies
to exchange borrowings A company with
fixed-interest borrowings might swap them
for variable interest borrowings of another
company Also called plain vanilla swap
interest sensitive
adjective used to describe assets, generally
purchased with credit, that are in demand
when interest rates fall but considered less
attractive when interest rates rise
interest yield
on a fixed-interest investment
interim
meas-ured or happening in the middle of a period,such as the financial year, and before thefinal result for the period is available쐽 noun
a statement of interim profits or dividends
‘…the company plans to keep its annualdividend unchanged at 7.5 per share,which includes a 3.75 interim payout’
[Financial Times]
interim audit
audit carried out for a period within a fullaccounting year, often for a half yearinterim dividend
noun a dividend paid at the end of a year
half-interim financial statement
fai|nnʃəl steitmənt/ noun a financialstatement that covers a period other than afull financial year Although UK companiesare not legally obliged to publish interimfinancial statements, those listed on the Lon-don Stock Exchange are obliged to publish ahalf-yearly report of their activities and aprofit and loss account which may either besent to shareholders or published in anational newspaper In the United States, thepractice is to issue quarterly financial state-ment
interim payment
noun a payment of part of a dividendinterim receiver
a receiver appointed to deal with a person’saffairs until a bankruptcy order is madeintermediate debt
noun a form of debt which has to be repaidbetween four and ten years’ time
internal
company 2. inside a country or a regioninternal audit
audit carried out by a department inside thecompany
internal auditor
noun a member of staff who audits a pany’s accounts
com-internal control
noun a system set up by the management of
a company to monitor and control the pany’s activities
com-internal growth
noun the development of a company bygrowing its existing business with its ownfinances, as opposed to acquiring other busi-nesses Also called organic growth
internal rate of return
əv ri|tn/ noun an average annual yield of
an investment, where the interest earnedover a period of time is the same as the orig-
Trang 2States, the branch of the federal government
charged with collecting the majority of
fed-eral taxes Abbreviation IRS
internal trade
trade between various parts of a country
Opposite external trade
International Accounting Standards
International Accounting Standards
/intənʃ(ə)nəl ə|kaυntiŋ stndədz/
plural noun standards of accounting
proce-dure set and monitored, since 2001, by the
International Accounting Standards Board
International Accounting Standards Board
International Accounting Standards
stndədz bɔd/ noun a London-based
independent organisation established to set
international standards fro accounting
pro-cedures Abbreviation IASB
International Accounting Standards Committee
International Accounting Standards
stndədz kə|miti/ noun formerly, an
organisation based in London that worked
towards achieving global agreement on
accounting standards It was made part of
the International Accounting Standards
Board in 2001 Abbreviation IASC
International Bank for Reconstruction and Development
International Bank for
bŋk fə rikənstrkʃ(ə)n ən di|
veləpmənt/ noun the official name of the
World Bank Abbreviation IBRD
International Centre for Settlement of Investment Disputes
International Centre for Settlement
of Investment Disputes
/intənʃ(ə)nəl sentə fə set(ə)lmənt əv
in|vestmənt di|spjuts/ noun one of the
five institutions that comprises the World
Bank Group It was established in 1966 to
undertake the role previously undertaken in
a personal capacity by the President of the
World Bank in assisting in mediation or
con-ciliation of investment disputes between
governments and private foreign investors
The overriding consideration in its
estab-lishment was that a specialist institution
could help to promote increased flows of
international investment Although ICSID
has close links to the World Bank, it is an
autonomous organisation Abbreviation
ICSID
International Federation of Accountants
International Federation of
fedəreiʃ(ə)n əv əkaυntənts/ noun a
glo-nationally agreed set of high-quality, standable and enforceable global standardsfor financial reporting
under-International Monetary Fund
International Monetary Fund
/intənʃ(ə)nəl mnit(ə)ri fnd/ noun atype of bank which is part of the UnitedNations and helps member states in financialdifficulties, gives financial advice to mem-bers and encourages world trade Abbrevia-tion IMF
international money markets
international money markets
/intənʃ(ə)nəl mni mɑkits/ plural noun markets such as the Euromarket, theinternational market for lending or borrow-ing in Eurocurrencies
international reserves
ri|zvz/ plural noun same as foreign rency reserves
cur-international trade
treid/ noun trade between different tries
coun-Internet
network linking thousands of computersusing telephone, cable and satellite links 쑗
He searched the Internet for information on cheap tickets to the US 쑗 Much of our busi- ness is done on the Internet 쑗 Internet sales form an important part of our turnover.
‘…they predict a tenfold increase in salesvia internet or TV between 1999 and 2004’
[Investors Chronicle]
‘…in two significant decisions, the ties and Exchange Board of India todayallowed trading of shares through theInternet and set a deadline for companies
Securi-to conform Securi-to norms for good corporate
governance’ [The Hindu]
Internet banking
noun the operation of a bank account overthe Internet
interpolation
method of estimating a value between twoestablished values
intervene
a change in a situation in which you have notbeen involved before
intervention
of becoming involved in a situation in order
to change it 쑗 the central bank’s tion in the banking crisis
Trang 3interven-intervention mechanism 126
intervention mechanism
venʃən mekəniz(ə)m/ noun a method
used by central banks in maintaining
exchange rate parities, e.g buying or selling
foreign currency
inter vivos
phrase, ‘between living people’
inter vivos trust
noun a trust set up by one person for another
living person
intestacy
having died without having made a will
intestate
intestate to die without having made a will
intrinsic value
the material value of something 쑗 These
objects have sentimental value, but no
intrinsic value at all 쑗 The intrinsic value of
jewellery makes it a good investment.
introduction
act of bringing an established company to
the Stock Exchange (i.e., getting permission
for the shares to be traded on the Stock
Exchange, used when a company is formed
by a demerger from an existing larger
com-pany, and no new shares are being offered
for sale)
invalid
legal 쑗 This permit is invalid 쑗 The claim
has been declared invalid.
invalidate
something invalid 쑗 Because the company
has been taken over, the contract has been
invalidated.
invalidation
act of making invalid
invalidity
being invalid 쑗 the invalidity of the contract
inventory
espe-cially US all the stock or goods in a
ware-house or shop 쑗 to carry a high inventory 쑗
to aim to reduce inventory Also called stock
2. a list of the contents of a building such as
a house for sale or an office for rent 쑗 to
draw up an inventory of fixtures and fittings
쐽 verb to make a list of stock or contents
inventory control
trəυl/ noun US same as stock control
inventory financing
fainnsiŋ/ noun especially US the use of
money from working capital to purchase
stock for resale
inventory turnover
tnəυvə/ noun especially US the total
value of stock sold during a year, divided by
the value of the goods remaining in stock
invest
shares, bonds, a building society, etc., ing that it will produce interest and increase
hop-in value 쑗 He invested all his money in unit trusts 쑗 She was advised to invest in real estate or in government bonds. 2. to spendmoney on something which you believe will
be useful 쑗 to invest money in new ery 쑗 to invest capital in a new factory
machin-‘…we have substantial venture capital to
invest in good projects’ [Times]
investment
placing of money so that it will produceinterest and increase in value 쑗 They called for more government investment in new industries 쑗 She was advised to make investments in oil companies. 2. a share,bond or piece of property bought in the hopethat it will produce more money than wasused to buy it
‘…investment trusts, like unit trusts, sist of portfolios of shares and therefore
con-provide a spread of investments’ tors Chronicle]
[Inves-‘…investment companies took the viewthat prices had reached rock bottom and
could only go up’ [Lloyd’s List]
investment analyst
nəlist/ noun a person working for astockbroking firm, who analyses the per-formance of companies in a sector of themarket, or the performance of a market sec-tor as a whole, or economic trends in generalinvestment appraisal
preiz(ə)l/ noun the analysis of the futureprofitability of capital purchases as an aid togood management
investment bank
noun US a bank which deals with the writing of new issues, and advises corpora-tions on their financial affairs (NOTE: The
under-UK term is issuing house.)
investment company
kmp(ə)ni/ noun company whose sharescan be bought on the Stock Exchange, andwhose business is to make money by buyingand selling stocks and shares
investment grant
noun a government grant to a company tohelp it to invest in new machinery
investment income
inkm/ noun income from investments,e.g interest and dividends Compare
earned income
Investment Management Association
Investment Management
səυsieiʃ(ə)n/ noun the trade body for the
UK investment industry, formed in February
Trang 4investment revaluation reserve /in|
vestmənt ri|vljυeiʃən ri|zv/ noun
the capital reserve where changes in the
value of a business’s investment properties
are disclosed when they are revalued
investment trust
noun a company whose shares can be
bought on the Stock Exchange and whose
business is to make money by buying and
selling stocks and shares
investment turnover
tnəυvə/ noun income earned on capital
tekʃ(ə)n/ noun legislation to protect small
investors from unscrupulous investment
brokers and advisers
Investors in Industry
indəstri/ plural noun a finance group partly
owned by the big British High Street banks,
providing finance especially to smaller
com-panies Abbreviation 3i
invisible assets
plural noun US same as intangible assets
invisible earnings
plural noun foreign currency earned by a
country by providing services, receiving
interests or dividends, but not by selling
goods
invisible exports
ekspɔts/ plural noun services, e.g
bank-ing, insurance and tourism, that are provided
to customers overseas and paid for in foreign
currency Opposite visible exports
invisible imports
impɔts/ plural noun services that overseas
companies provide to domestic customers
who pay for them in local currency
Oppo-site visible imports
invisibles
invisible imports and exports
invisible trade
trade involving invisible imports and
exports Opposite visible trade
invoice
payment for goods or services supplied 쑗
your invoice dated November 10th 쑗 to
make out an invoice for £250 쑗 to settle or
payment of the invoices when they are paid.The debtor is not informed of this arrange-ment, as opposed to factoring, where thedebtor is informed
invoice price
price as given on an invoice, including anydiscount and VAT
invoice register
noun a list of purchase invoices recordingthe date of receipt of the invoice, the sup-plier, the invoice value and the person towhom the invoice has been passed to ensurethat all invoices are processed by theaccounting system
invoicing
sending invoices 쑗 All our invoicing is done
by computer.
invoicing department
pɑtmənt/ noun the department in a pany which deals with preparing and send-ing invoices
com-involuntary bankruptcy
vɒlənt(ə)ri bŋkrptsi/ noun US anapplication by creditors to have a person orcorporation made bankrupt (NOTE: The UK
term is compulsory winding up.)
inward
home countryinward bill
lad-ing for goods arrivlad-ing in a countryIOU
IOU /ai əυ ju/ noun ‘I owe you’, a signeddocument promising that you will pay backmoney borrowed 쑗 to pay a pile of IOUs 쑗
I have a pile of IOUs which need paying.
det/ noun a debt which will never be paidirredeemable bond
bɒnd/ noun a government bond which has
no date of maturity and which therefore vides interest but can never be redeemed atfull value
pro-irrevocable
unchangeable
Trang 5irrevocable letter of credit 128
irrevocable letter of credit
revəkəb(ə)l letər əv kredit/ noun a
let-ter of credit which cannot be cancelled or
changed, except if agreed between the two
shares for sale
‘…the company said that its recent issue of
10.5 per cent convertible preference shares
at A$8.50 a share has been
oversub-scribed’ [Financial Times]
issued capital
an amount of capital which is given out asshares to shareholders
issued price
/iʃu prais/ noun the price of shares in anew company when they are offered for salefor the first time
issuer
that issues credit and debit cards and tains the systems for billing and paymentissuing
issue of sharesitemise
a detailed list of things 쑗 Itemising the sales figures will take about two days.
IVA
IVA abbreviation Individual VoluntaryArrangement
Trang 6J curve
graph shaped like a letter ‘J’, with an initial
short fall, followed by a longer rise, used to
describe the effect of a falling exchange rate
on a country’s balance of trade
JIT
JIT abbreviation just-in-time
job card
relating to a job and giving details of the
time taken to do a piece of work and the
materials used This is used to allocate direct
labour and materials costs
job costing
process of calculating the cost of a single job
or batch of work Also called specific order
costing
job order
author-ised order for the production of goods or
services
job order costing
noun the accumulation of costs incurred by
fulfilling specific orders for goods or
serv-ices
joint
produced together with others 쑗 a joint
undertaking 2. one of two or more people
who work together or who are linked 쑗 They
are joint beneficiaries of the will 쑗 The two
countries are joint signatories of the treaty.
joint account
bank or building society account shared by
two people 쑗 Many married couples have
joint accounts so that they can pay for
household expenses.
joint and several liability
sev(ə)rəl laiə|biliti/ noun a situation
where someone who has a claim against a
group of people can sue them separately or
together as a group
joint cost
which can be allocated to more than one
product, project or service
joint-life annuity
noun an annuity that continues until both
parties have died They are attractive to
mar-ried couples as they ensure that the survivor
has an income for the rest of his or her life
jointly
or more other people 쑗 to own a property jointly 쑗 to manage a company jointly 쑗
They are jointly liable for damages.
plu-ral noun two or more products that are duced as a unit but are sold separately andeach have a saleable value high enough forthem to be regarded as a main productjoint return
return that is filed jointly by a husband andwife
com-joint venture
situation where two or more companies jointogether for one specific large businessproject
journal
account of sales and purchases made eachday
journal entry
record of the accounting information for abusiness transaction, made at first in a jour-nal and later transferred to a ledgerjudgment
noun a legal decision or official decision of
a court 왍 to pronounce judgment, to give
your judgment on something to give an
official or legal decision about somethingjudgment creditor
kreditə/ noun a person who has been given
a court order making a debtor pay him a debt
Trang 7judgment debtor 130
judgment debtor
noun a debtor who has been ordered by a
court to pay a debt
junior capital
capital in the form of shareholders’ equity,
which is repaid only after secured loans
called ‘senior capital’ have been paid if the
firm goes into liquidation
junior mortgage
noun a second mortgage
junior partner
person who has a small part of the shares in
a partnershipjunior security
noun a security which is repaid after othersecurities
just-in-time
sys-tem in which goods are made or purchasedjust before they are needed, so as to avoidcarrying high levels of stock Abbreviation
JIT
Trang 8K
K abbreviation one thousand 왍 ‘salary:
£20K+’ salary more than £20,000 per
annum
Keogh plan
pri-vate pension plan allowing self-employed
businesspeople and professionals to set up
pension and retirement plans for themselves
key-person insurance
ʃυərəns/ noun an insurance policy taken
out to cover the costs of replacing an
employee who is particularly important to
an organisation if he or she dies or is ill for a
long time
key rate
which gives the basic rate on which other
rates are calculated, e.g the former bank
base rate in the UK, or the Federal Reserve’s
discount rate in the USA
kickback
com-mission paid to someone, especially a
gov-ernment official, who helps in a business
deal
kicker
to buy a bond, e.g making it convertible to
shares at a preferential rate (informal)
kite
kite /kait/ verb 1 US to write cheques onone account which may not be able to hon-our them and deposit them in another, with-drawing money from the second accountbefore the cheques are cleared 2. to use sto-len credit cards or cheque books
kitty
collected by a group of people to be usedlater, such as for an office party 쑗 We each put £5 into the kitty.
Know How Fund
formerly, a fund created by the UK ment to provide technical training andadvice to countries of Eastern Europe Thisfunction is now carried out by the Depart-ment for International Development.knowledge management
/ noun the task of ing the specialist knowledge possessed byemployees so that it can be exploited to cre-ate benefits and competitive advantage forthe organisation
Trang 9labour
The US spelling is labor.) 왍 labour is
charged at £15 an hour each hour of work
costs £15 2. workers, the workforce 쑗 We
will need to employ more labour if
produc-tion is to be increased 쑗 The costs of labour
are rising in line with inflation. (NOTE: The
US spelling is labor.)
‘…the possibility that British goods will
price themselves back into world markets
is doubtful as long as sterling labour costs
continue to rise faster than in competitor
countries’ [Sunday Times]
labour costs
the cost of the employees employed to make
a product, not including materials or
over-heads
labour efficiency variance
fiʃ(ə)nsi veəriəns/ noun the discrepancy
between the usual or expected labour time
used to produce something and the actual
time used
labour force
employees in a company or in an area 쑗 The
management has made an increased offer to
the labour force 쑗 We are opening a new
factory in the Far East because of the cheap
local labour force.
‘70 per cent of Australia’s labour force is
employed in service activity’ [Australian
Financial Review]
labour market
number of people who are available for
work 쑗 25,000 school-leavers have just
come on to the labour market.
labour rate variance
reit prais veəriəns/ noun any change to
the normal hourly rate paid to workers
labour relations
plural noun relations between management
and employees 쑗 The company has a history
of bad labour relations.
labour turnover
the movement of employees with some
leav-ing their jobs and others joinleav-ing Also called
turnover of labour
labour variance
any discrepancy between the actual cost oflabour in an organisation and the standardindustry cost
Laffer curve
showing that cuts in tax rates increase output
in the economy Alternatively, increases intax rates initially produce more revenue andthen less as the economy slows down.lag
lag /l / verb to be behind or to be slowerthan something
lagging indicator
noun an indicator which shows a change ineconomic trends later than other indicators,e.g the gross national product Opposite
leading indicator
landlord
company which owns a property which is letland register
list of pieces of land, showing who ownseach and what buildings are on it
government office where details of landownership and sales are kept
land tax
amount of land ownedlapse
stop being active 쑗 The guarantee has lapsed.
lapsed option
option which has not been taken up, and nowhas expired
last in first out
phrase an accounting method where stock isvalued at the price of the earliest purchases.Abbreviation LIFO Compare first in first out
last quarter
period of three months at the end of thefinancial year
last will and testament
testəmənt/ noun a will, a document by
Trang 10‘…it has since emerged that the bank was
being used to launder drug money and
some of its executives have been given
lengthy jail sentences’ [Times]
LAUTRO
Assurance and Unit Trust Regulatory
Organisation
law
law /lɔ/ noun 1. 쏡 laws 2. 왍 inside or
within the law obeying the laws of a
coun-try 왍 against or outside the law not
accord-ing to the laws of a country 쑗 The company
is possibly operating outside the law 왍 to
break the law to do something which is not
allowed by law 쑗 He is breaking the law by
trading without a licence. 3. a rule
govern-ing some aspect of human activity made and
enforced by the state
lawful
law
law of supply and demand
plai ən di|mɑnd/ noun a general rule that
the amount of a product which is available is
related to the needs of potential customers
laws
laws /lɔz/ plural noun rules by which a
country is governed and the activities of
people and organisations controlled
lay out phrasal verb to spend money 쑗 We
had to lay out half our cash budget on
equip-ping the new factory.
bank in a loan syndicate
leading indicator
noun an indicator such as manufacturing
order books which shows a change in
eco-nomic trends earlier than other indicators
Opposite lagging indicator
lead manager
person who organises a syndicate of
under-writers for a new issue of securities
leads and lags
noun in businesses that deal in foreign
cur-rencies, the practice of speeding up the
receipt of payments (leads) if a currency is
going to weaken, and slowing down the
pay-ment of costs (lags) if a currency is thought
to be about to strengthen, in order to
maxim-ise gains and reduce losses
term is managing underwriter.)
learning curve
process of learning something that startsslowly and then becomes faster 2. a line on
a graph which shows the relationshipbetween experience in doing something andcompetence at carrying it out 3. a diagram orgraph that represents the way in which peo-ple gain knowledge or experience over time(NOTE: A steep learning curve represents asituation where people learn a great deal in
a short time; a shallow curve represents aslower learning process The curve eventu-ally levels out, representing the time whenthe knowledge gained is being consoli-
dated.) 4. the decrease in the effort required
to produce each single item when the totalnumber of items produced is doubled (NOTE:The concept of the learning curve has itsorigin in productivity research in the aircraftindustry of the 1930s, when it was discov-ered that the time and effort needed toassemble an aircraft decreased by 20%each time the total number produced dou-bled.)
lease
let-ting or renlet-ting a building, a piece of land or
a piece of equipment for a period againstpayment of a fee 쑗 to rent office space on a twenty-year lease 왍 the lease expires next
year or the lease runs out next year the
lease comes to an end next year쐽 verb 1. tolet or rent offices, land or machinery for aperiod 쑗 to lease offices to small firms 쑗 to lease equipment 2. to use an office, land ormachinery for a time and pay a fee 쑗 to lease an office from an insurance company
쑗 All our company cars are leased.
lease back phrasal verb to sell a property
or machinery to a company and then take itback on a lease 쑗 They sold the office build- ing to raise cash, and then leased it back on
a twenty-five year lease.
leasehold
possessing property on a lease, for a fixedtime 쑗 to buy a property leasehold 쑗 We are currently occupying a leasehold property 쑗
The company has some valuable leaseholds.
쐽 noun a property held on a lease from afreeholder 쑗 The company has some valua- ble leaseholds.
Trang 11leaseholder 134
leaseholder
who holds a property on a lease
leasing
of equipment under a lease 쑗 an
equipment-leasing company 쑗 The company has
branched out into car leasing 쒁 lessee
leasing agreement
noun a contract between an owner and a
les-see, by which the lessee has the exclusive
use of a piece of equipment for a period of
time, against payment of a fee
ledger
accounts are written
legacy
given by someone to someone else in a will
legal
law or allowed by the law 쑗 The company’s
action in sacking the accountant was
com-pletely legal. 2. referring to the law
legal capital
the amount of shareholders’ equity in a
com-pany that is not reduced when dividends are
paid
legal charge
legal document held by the Land Registry
showing who has a claim on a property
legal claim
state-ment that someone owns something legally
쑗 He has no legal claim to the property.
legal costs
expenses /li (ə)l ik|spensiz/ plural noun
money spent on fees to lawyers 쑗 The clerk
could not afford the legal expenses involved
in suing her boss.
legal currency
money which is legally used in a country
legal tender
or notes which can be legally used to pay a
debt
legatee
receives property from someone who has
died
lend
lend /lend/ verb to allow someone to use
something for a period 쑗 to lend something
to someone or to lend someone something 쑗
to lend money against security 쑗 He lent the
company money or He lent money to the
company 쑗 The bank lent her £50,000 to
start her business. (NOTE: lending – lent)
lender
money
lender of the last resort
lɑst ri|zɔt/ noun a central bank which
lends money to commercial banks
lending limit
restriction on the amount of money a bankcan lend
lending margin
an agreed spread for lending, based on theLIBOR
less
less /les/ adjective smaller than, of asmaller size or of a smaller value 쑗 We do not grant credit for sums of less than £100.
쑗 He sold it for less than he had paid for it.
쐽 preposition minus, with a sum removed 쑗
purchase price less 15% discount 쑗 interest less service charges쐽 adverb not as muchlessee
lease or who pays money for a property he orshe leases
lessor
lease on a propertylet
let /let/ verb to allow the use of a house, anoffice or a farm to someone for the payment
of rent (NOTE: The US term is rent.)
letter of acknowledgement
ək| / noun a letter which saysthat something has been received
letter of credit
document issued by a bank on behalf of acustomer authorising payment to a supplierwhen the conditions specified in the docu-ment are met Abbreviation L/C
letter of indemnity
demniti/ noun a letter promising payment
as compensation for a lossletter of intent
letter which states what a company intends
to do if something happensletter of licence
noun a letter from a creditor to a debtor who
is having problems repaying money owed,giving the debtor a certain period of time toraise the money and an undertaking not tobring legal proceedings to recover the debtduring that period
letters patent
noun the official term for a patentlevel
out to stop rising or falling 쑗 Profits have levelled off over the last few years 쑗 Prices are levelling out.
leverage
gearing 2. the act of borrowing money atfixed interest which is then used to producemore money than the interest paidleveraged
borrow-ing relatively large sums of money in order
to finance assetsleveraged buyout
leveraged takeover /
Trang 12lion’ [Fortune]
levy
levy /levi/ noun money which is demanded
and collected by the government
‘…royalties have been levied at a rate of
12.5% of full production’ [Lloyd’s List]
liabilities
debts of a business, including dividends
owed to shareholders 쑗 The balance sheet
shows the company’s assets and liabilities.
왍 to discharge your liabilities in full to pay
everything which you owe
liability
responsibility for damage, loss or harm 쑗
The two partners took out insurance to cover
employers’ liability. 2. responsibility for a
payment such as the repayment of a loan
LIBOR
Interbank Offered Rate
licensed deposit-taker
pɒzit teikə/, licensed institution
/lais(ə)nst insti|tjuʃ(ə)n/ noun a
deposit-taking institution which is licensed
to receive money on deposit from private
individuals and to pay interest on it, e.g a
building society, bank or friendly society
Abbreviation LDT
lien
lien /liən/ noun the legal right to hold
someone’s goods and keep them until a debt
has been paid
life assurance
insurance which pays a sum of money when
someone dies, or at an agreed date if they are
still alive
Life Assurance and Unit Trust Regulatory Organisation
Life Assurance and Unit Trust
ən junit trst re jυlət(ə)ri
ɔ ənaizeiʃ(ə)n/ noun an organisation set
up to regulate the operations of life
assur-ance companies and unit trusts, now
replaced by the FSA Abbreviation
LAU-TRO
life assurance company
ʃɔrəns kmp(ə)ni/ noun a company
viding life assurance, but usually also
pro-viding other services such as investment
advice
life-cycle costing
kɒstiŋ/ noun an estimate of the likely
rev-enue generated by, and costs incurred by, a
product over its life cycle
erty as long as he or she is alivelife tables
same as actuarial tables
LIFO
LIFO /laifəυ/ abbreviation last in first outlimit
some-thing ends or the point where you can go nofurther 쐽 verb 1. to stop something fromgoing beyond a specific point, to restrict thenumber or amount of something 2. to restrictthe number or amount of something
‘…the biggest surprise of 1999 was therebound in the price of oil In the earlymonths of the year commentators weretalking about a fall to $5 a barrel but for thefirst time in two decades, the oil exportingcountries got their act together, limitedproduction and succeeded in pushing
prices up’ [Financial Times]
limitation
allowing only a specific quantity of thing 쑗 The contract imposes limitations on the number of cars which can be imported.
some-limited company
noun a company in which each shareholder
is responsible for the company’s debts only
to the amount that he or she has invested inthe company Limited companies must beformed by at least two directors Abbrevia-tion Ltd Also called limited liability com- pany
limited liability
noun a situation where someone’s liabilityfor debt is limited by law
limited liability company
laiəbiliti kmp(ə)ni/ noun same as ited company
lim-limited partner
partner who is responsible for the debts ofthe firm only up to the amount of moneywhich he or she has provided to the businesslimited partnership
pɑtnəʃip/ noun a registered businesswhere the liability of the partners is limited
to the amount of capital they have each vided to the business and where the partnersmay not take part in the running of the busi-ness
pro-limiting factor
factor which limits a company’s ability toachieve its goals, e.g sales demand beingtoo low for the company to make enough
Trang 13line item budget 136
profit 쑗 The short holiday season is a
limit-ing factor on the hotel trade.
line item budget
noun a well-established budget layout that
shows the costs of a cost object analysed by
their nature in a line-by-line format
line of credit
the amount of money made available to a
customer by a bank as an overdraft 왍 to
open a line of credit or a credit line to
make credit available to someone 2. the
bor-rowing limit on a credit card
link
link /liŋk/ verb to join or to attach to
some-thing else 쑗 to link pensions to inflation 쑗 to
link bonus payments to productivity 쑗 His
salary is linked to the cost of living 쒁
index-linked
liquid
to cash, or containing a large amount of cash
liquid assets
noun cash, or investments which can be
quickly converted into cash
liquidation
sale of assets for cash, usually in order to
pay debts 왍 liquidation of a debt payment
of a debt 2. the winding up or closing of a
company and selling of its assets 왍 the
com-pany went into liquidation the comcom-pany
was closed and its assets sold
liquidation value
vlju/ noun the amount of money that
would be yielded by a quick sale of all of a
company’s assets
liquidator
named to supervise the closing of a
com-pany which is in liquidation
liquidity
of having cash or assets which can be
changed into cash
liquidity ratio
an accounting ratio used to measure an
organisation’s liquidity It is calculated by
taking the business’s current assets, minus
its stocks, divided by its current liabilities
Also called acid test ratio, quick ratio
listed company
noun a company whose shares can be
bought or sold on the Stock Exchange
listed securities
plural noun shares which can be bought or
sold on the Stock Exchange, shares which
appear on the official Stock Exchange list
Listing Agreement
noun a document which a company signs
when being listed on the Stock Exchange, in
which it promises to abide by stock
exchange regulations
listing details
noun details of a company which are lished when the company applies for a stockexchange listing (the US equivalent is the
pub-‘registration statement’)listing particulars
plural noun same as listing details
listing requirements
kwaiəmənts/ plural noun the conditionswhich must be met by a corporation beforeits stock can be listed on the New York StockExchange
litigation
bring-ing of a lawsuit against someoneloan
loan /ləυn/ noun money which has beenlent
‘…over the last few weeks, companiesraising new loans from international bankshave been forced to pay more, and an unu-sually high number of attempts to syndi-cate loans among banks has failed’
[Financial Times]
loan capital
part of a company’s capital which is a loan
to be repaid at a later dateloan stock
to an organisation in return for a loan Loanstock earns interest
local
pro-viding a service for a restricted area
‘…each cheque can be made out for thelocal equivalent of £100 rounded up to a
convenient figure’ [Sunday Times]
‘…the business agent for Local 414 of theStore Union said his committee will rec-ommend that the membership ratify the
agreement’ [Toronto Star]
‘EC regulations insist that customers canbuy cars anywhere in the EC at the local
pre-tax price’ [Financial Times]
local authority
an elected section of government which runs
a small area of the countrylocal currency
the currency of a particular country where atransaction is being carried out 쑗 Because of the weakness of the local currency, all pay- ments are in dollars.
local government
v(ə)nmənt/ noun elected authorities andadministrative organisations which dealwith the affairs of small areas of a countrylock into
verb to be fixed to an interest rate orexchange rate 쑗 By buying francs forward the company is in effect locking itself into a pound-franc exchange rate of 10.06.