Business Word/Phrase of the Day

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STONE BROKE /stoʊni broʊk/

06 Jan 2020

Phrase

  • If you are stone broke, you are completely without money.
Example Sentences: Don't ask Jim to lend you any money; he's stone broke.
 

JOINT-VENTURE COMPANY  

05 Jan 2020

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.
 

LOAN SHARK /loʊn ʃɑrk/

04 Jan 2020

Phrase

  • A loan shark charges very large amounts for lending money to someone.
Example Sentence: The loan shark, Gary Mills, made his money by charging a massive 25% interest a week.
 

INTEREST /ɪntərɪst/

03 Jan 2020

Noun

  • the money a bank pays you for their use of your money, or the money you pay the bank for a loan.
Example Sentence: The interest rate on her savings account was higher than that on her checking account.
 

A STATEMENT /steɪtmənt/

02 Jan 2020

Noun

  • a record of transactions that a bank sends its customers, usually every month.
Example Sentence: The bank statement always arrived on the third of the month.
 

TO ISSUE A CREDIT CARD  

01 Jan 2020

Phrase

  • to give a credit card to a customer.
Example Sentence: The bank issues three kinds of credit cards.
 

SERVICE CHARGE OR BANK FEES  

31 Dec 2019

Noun

  • money that a customer pays a bank for an account or other services.
Example Sentence: There is no service charge if the account has a minimum balance of $1,500.
 

TO VERIFY /vɛrəˌfaɪ/

30 Dec 2019

Verb

  • to check or to make sure something is correct, like a signature or an amount of money.
Example Sentence: The teller verified his signature before giving him the money.
 

TO APPLY FOR A LOAN  

29 Dec 2019

Verb

  • to give the bank information and to ask for a loan.
Example Sentence: He applied for a car loan at his bank.
 

TO MAKE A PAYMENT  

28 Dec 2019

Verb

  • to pay.
Example Sentence: The loan requires the customer to make a payment every month.
 

INSUFFICIENT FUNDS /ˌɪn səˈfɪʃ ənt fʌndz/

27 Dec 2019

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.
 

TO TRANSFER FUNDS  

26 Dec 2019

Verb

  • to move money from one account to another.
Example Sentence: He wanted to transfer funds from his savings account to his checking account.
 

TO DEBIT AN ACCOUNT  

25 Dec 2019

Verb

  • to record money subtracted from an account.
Example Sentence: His account was debited a $4.00 service charge.
 

TO CREDIT AN ACCOUNT  

24 Dec 2019

Verb

  • to record money added to an account.
Example Sentence: The teller credited his account with his deposit of $50.
 

A RECEIPT /rɪˈsit/

23 Dec 2019

Noun

  • the act of receiving or a written record of a transaction.
Example Sentence: The teller gave the customer a receipt for his deposit.
 
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