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Business Word/Phrase of the Day

word-phrase-descEvery day we publish a business word or phrase together with audio pronunciation, phonetics, definition and example sentences. This is a great way to improve your workplace vocabulary as well as your pronunciation. To receive 'Business Word/Phrase of the Day' by email, just subscribe to our newsletter from the link above. 

SALES FORCE /seɪlz fôrs/

09 Apr 2024

phrase

  • all the employees of a company whose job is persuading customers to buy their company's products or services
Example Sentences:The company has a worldwide sales force of around 3,000 people.
The company’s sales force has just been cut by 20% due to falling demand for the company’s products.
 

SALES COMMISSION /seɪlz kəˈmɪʃ ən/

08 Apr 2024

phrase

  • payment to a salesperson for their efforts in marketing and selling something, usually calculated as a percentage of the total sales
Example Sentences:All our sales staff earn a 2.5% commission on their sales.
He’s moving to a company that pays a much better sales commission.
 

CONFIRM AN ORDER / kən fʉrm′ ən ôr′dər/

07 Apr 2024

phrase

  • say by phone or in writing that the order can be processed
Example Sentences:We can deliver the goods between two to five days after you confirm the order.
Once an order is confirmed, an invoice is issued and emailed to the client.
 

CUSTOMER SERVICE DEPARTMENT  

06 Apr 2024

phrase

  • department within a company responsible for customer care, including complaints
Example Sentences:All complaints are handled by the customer service department.
Sheila Tam has been head of the customer service department for 5 years.
 

CONTRACT OF SALE / kän′trakt′ ʌv sāl/

05 Apr 2024

phrase

  • Formal contract by which a seller agrees to sell and a buyer agrees to buy, under certain terms and conditions spelled out in writing in the document signed by both parties. An invoice, for example, is a contract of sale. Also called agreement of sale, contract for sale, sale agreement, or sale contract.
Example Sentences:An invoice is an example of a contract of sale.
Another term for contract of sale is agreement of sale.
 

AVAILABLE BALANCE /ə vāl′ə bəl bal′əns/

04 Apr 2024

phrase

  • The available balance is the portion of a customer's bank account balance on which the bank has placed no restrictions, making it available for immediate withdrawals.
Example Sentences:Would you like to transfer all your available balance into your fixed deposit account, sir?
My available balance is the same as my ledger balance so those cheques must have cleared.
 

LEDGER BALANCE /lej′ər bal′əns/

03 Apr 2024

phrase

  • The Ledger Balance is the balance in a bank account at the beginning of each day, also known as the current balance. It includes all deposits and withdrawals that were posted from the previous night, whether or not funds have been collected.
Example Sentences:Although my ledger balance looks quite healthy, my available balance is only $10. I have to wait a couple more days for those cheques to clear.
 

GO BANKRUPT /goʊ baŋk′rupt/

02 Apr 2024

phrase

  • If a person or company goes bankrupt, they are unable to pay what you owe, and have control of your financial matters given, by a court of law, to a person who sells your property to pay your debts.
Example Sentences:He went bankrupt after only a year in business.
The recession has led to many small businesses going bankrupt.
 

INSOLVENT /ɪnˈsɒl vənt/

01 Apr 2024

adjective

  • A person or company becomes insolvent if they are unable to pay their debts when they are due to be paid.
Example Sentences:Probably 90% of the adult population in this country are insolvent in real terms due mainly to mortgage debts.
After the loss of several major contracts, the company has become insolvent.
 

INSUFFICIENT FUNDS /ˌɪn səˈfɪʃ ənt fʌndz/

31 Mar 2024

phrase

  • Insufficient Funds is a term indicating that a bank account balance is not enough to cover a cheque that has been written and presented for payment.
Example Sentences:We have had to return the attached cheque to you due to insufficient funds in your personal account.
The cheque will bounce if you have insufficient funds in your account.
 

LETTER OF CREDIT /ˈbɛt ər ʌv ˈkrɛd ɪt/

30 Mar 2024

phrase

  • A Letter of Credit or L/C is a binding document that a buyer can request from his bank in order to guarantee that the payment for goods will be transferred to the seller. Basically, a letter of credit gives the seller reassurance that he will receive the payment for the goods. In order for the payment to occur, the seller has to present the bank with the necessary shipping documents confirming the delivery of goods within a given time frame. It is often used in international trade to eliminate risks such as unfamiliarity with the foreign country, customs, or political instability.
Example Sentences:We never release a shipment until a letter of credit has been issued.
The buyer applies to the bank for a letter of credit to be issued.
 

INVESTMENT BANKING /ɪnˈvɛst mənt ˈbæŋ kɪŋ/

29 Mar 2024

phrase

  • Investment Banking is a division of banking which includes business entities dealing with creation of capital for other companies. In addition to acting as agents or underwriters for companies in the process of issuing securities, investment banks also advise companies on matters related to the issue and placement of stock.
Example Sentences:What percentage of HSBC’s profits come from its investment banking division?
The bank’s investment banking division performed poorly last year due to the stock market crashes in South America.
 

LAUNDERED MONEY /ˈlɔn dərɜrd ˈmʌn i/

28 Mar 2024

phrase

  • Laundered Money are funds sent through numerous bank accounts one after another in an attempt to hide the source of the money.
Example Sentences:The government has taken precautions to ensure that laundered money does not enter the country unnoticed.
All banks now have to inform the authorities if they suspect laundered money.
 

LIABILITIES /ˌlaɪ əˈbɪl ɪ teez/

27 Mar 2024

noun

  • Liabilities include accounts payable (money you owe to suppliers), plus all current costs of doing business (mortgage payments, insurance, taxes, salaries, utilities).
Example Sentences:The business has liabilities of $2 million.
If our liabilities increase further, we’ll have to consider closing down the company.
 

NET WORTH /nɛt/ /wɜrθ/

26 Mar 2024

phrase

  • Net Worth is the value of a person’s assets, including cash, minus total liabilities. It is often used as an underwriting guideline to indicate an individual's creditworthiness and financial strength.
Example Sentences:He may appear to be rich, but his net worth is quite small, actually. He has 95% mortgages on most of his properties.
Bill Gates’ net worth increased dramatically over the past year due to the good performance of Microsoft’s shares.
 
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