Business Word/Phrase of the Day

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REGULAR CUSTOMER /reg′yə lər kus′tə mər/

15 Sep 2019

phrase

  • a customer who often buys a product or service from the same company
Example Sentences:We generally give better sales terms to our regular customers.
As I’m a regular customer, can you offer me a bigger discount?
 

SALES FORCE seɪlz fɔrs

14 Sep 2019

Noun

  • all the people who sell for a company.
Example Sentence: The company is hoping to expand its sales force.
 

SALES COMMISSION /seɪlz kəˈmɪʃ ən/

13 Sep 2019

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/

12 Sep 2019

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  

11 Sep 2019

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/

10 Sep 2019

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/

09 Sep 2019

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/

08 Sep 2019

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 baŋkrupt/

07 Sep 2019

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 ɪnˈsɒlvənt

06 Sep 2019

Adjective

  • unable to pay debts.
Example Sentence: In order to avoid becoming insolvent he decided to open a savings account.
 

INSUFFICIENT FUNDS /ɪnsəˈfɪʃənt fʌnd/

05 Sep 2019

Adj

  • not enough money in an account.
Example Sentences: The cheque was returned because of insufficient funds.
 

LETTER OF CREDIT  

04 Sep 2019

Noun

  • a letter from a bank that guarantees a payment to a specified person.
Example Sentence: The seller requires a letter of credit to secure payment.
 

INVESTMENT BANKING /ɪnˈvɛst mənt ˈbæŋ kɪŋ/

03 Sep 2019

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/

02 Sep 2019

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/

01 Sep 2019

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.
 
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