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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. 

WORK OVERTIME wɜrk oʊvərˈtaɪm

Phrase

  • to work more than one's regular hours.
Example Sentence: I had to work overtime every Friday last month.
 

PUT ONE’S NOSE TO THE GRINDSTONE  

Phrase

  • to work diligently/hard.
Example Sentence: I put my nose to the grindstone and finished the job before the weekend.
 

ON CREDIT ɒn krɛdɪt

Phrase

  • without paying cash.
Example Sentence: We usually buy most of our furniture on credit.
 

A NUMBER CRUNCHER  

Noun

  • an accountant, someone who works with numbers.
Example Sentence: Our president is a good number cruncher and he understands the finances of the company.
 

SUM SOMETHING UP  

Phrasal Verb

  • to summarise something; to outline the main points.
Example Sentence: Can we sum up what was said in the meeting.
 

TIER-ONE SUPPLIER  

Noun

  • supplier that stands high on a company's chain of suppliers and is usually in a direct contact with the client.
Example Sentence: Our company is a tier-one supplier of one of the biggest car manufacturers in Japan – we produce their tyres.
 

GROSS PROFIT MARGIN groʊs prɒfɪt mɑrdʒɪn

Noun

  • The difference between the selling price of a product or service and the cost of producing it, excluding taxation, salaries paid to employees, overheads (electricity, office rent etc).
Example Sentence: There were so many items I had to work with that in the end I made a mistake in calculating our gross profit margin.
 

TENANT tɛnənt

Noun

  • a person or group that rents and occupies land, a house, an office, or the like, from another for a period of time.
Example Sentence: The tenants were upset about the recent changes to the lease.
 

STOCK stɒk

Noun

  • Shares (portion of the capital of a business company) held by an investor.
Example Sentence: How much stock do you own in the company?
His Microsoft stock must be worth millions.
 

VENTURE CAPITAL vɛntʃər kæpɪtl

Phrase

  • Money raised by companies to finance new ventures in exchange for percentage ownership.
Example Sentences: Venture capital firms have a reputation for negotiating tough financing terms and setting high demands on target companies.
The company is looking for venture capital investment in order to expand. They're willing to sell 25% of the company for $400,000.
 

JOINT-VENTURE COMPANY  

Noun

  • A joint-venture company is a company owned by two businesses which have joined together to share risk or expertise on a specific project or group of projects.
Example Sentence: In a bid to compete in the LED market, two Taiwanese companies from the mainstream silicon semiconductor business have established a joint-venture company.
 

SCRAPE BY /skreɪp baɪ/

Phrasal Verb

  • to manage to live on very little money.
Example Sentence: He lost his job, so the family had to scrape by on $150 a week.
 

ASSURE əˈʃʊər

verb

  • If you assure someone, you tell them confidently that something is true, especially so that they do not worry.
Example Sentences: The unions assured the new owners of the workers' loyalty to the company.
She assured him (that) the car would be ready the next day.
 

TO TAKE A CALCULATED RISK /tu; teɪk eɪ kælkyəˌleɪtɪd rɪsk/

phrase

  • If you take a calculated risk, you take a chance, but you know exactly what will happen if you fail.
Example Sentences: Yes, it is possible we may lose this deal, but it is a calculated risk we are willing to take.
Mr. Gardner knows we're taking a calculated risk in this case, but he believes the rewards are too good to not take it.
 

LETTER OF CREDIT /ˈbɛt ər ʌv ˈkrɛd ɪt/

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.
 
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