Business English Essential Glossary

A collection of vocabulary flashcards defining key business terms from the Business English Essential Glossary.

Accountability

Being responsible for what is doing and being able to give a satisfactory reason for it.

Accounts

Financial records that businesses are obligated to produce annually. If listed on the stock exchange, businesses must also show half-year profits (information regarding profits six months into the financial year).

Administration

Refers to either (1) the organisation and running of a business, or (2) a status meaning that a business has gone bankrupt and its creditors can get in touch to try and claim any money they are owed.

Assets

Property that has value owned by a company.

Audit

An official inspection of a company's, or individual's, accounts.

Balance sheet

A 'snapshot' of a company's assets, liabilities and capital at a particular point in time.

Benchmarking

Checking your company's standards by comparing them with certain criteria, e.g. a competitor's activities.

Bid

To offer to pay a particular price for something.

Bond

An agreement made when money is borrowed from an investor at a set rate of interest, which is repaid over a set period of time. Bonds are rated from the safest (AAA) to the riskiest (D).