Saturday, November 21, 2009
Board of directors
Those individuals selected to sit on an authoritative standing committee or governing body, taking responsibility for the management of an organization. Members of the board of directors are officially chosen by the shareholders, but in practice they are usually selected on the basis of the current board's recommendations. The board usually includes major shareholders as well as directors of the company.
Black market
An illegal market, usually for goods that are in short supply. Black market trading breaks government regulations or legislation and is particularly prevalent during times of shortage, such as rationing, or in industries that are very highly regulated, such as pharmaceuticals or armaments.
Capital gains (and losses)
The financial gain made upon the disposal of an asset. The gain is the difference between the cost of its acquisition and net proceeds upon its sale.
Capital allowance
the tax advantage that a company is granted for money that it spends on fixed assets.
Bill of sale
Formal legal document that conveys title to or interest in specific property from the seller to the buyer
Bookkeeping
The process of recording business transactions into the accounting records. The "books" are the documents in which the records of transactions are kept.
Thursday, November 19, 2009
Bill of lading
A statement of the nature and value of goods being transported, especially by ship, along with the conditions applying to their transportation. Drawn up by the carrier, this document serves as a contract between the owner of the goods and the carrier.
Bank guarantee
a commitment made by a bank to a foreign buyer that the bank will pay an exporter for goods shipped if the buyer defaults.
Banker's draft
a bill of exchange payable on demand and drawn by one bank on another. Regarded as being equivalent to cash, the draft cannot be returned unpaid.
Wednesday, November 18, 2009
Ballpark
an informal term for a rough, estimated figure. The term was derived from the approximate assessment of the number of spectators that might be made on the basis of a glance around at a sporting event
Benchmarking
Rating your company's products, services and practices against those of the front-runners in the industry.
Balance sheet
An itemized statement that lists the total assets and total liabilities of a given business to portray its net worth at a given moment in time.
Balanced investment strategy
a strategy of investing in a variety of types of companies and financial instruments to reduce the risk of loss through poor performance of any one type.
Bill of entry
A statement of the nature and value of goods to be imported or exported, prepared by the shipper and presented to a customhouse.
Tuesday, November 17, 2009
Balance of payments
a list of a country's credit and debit transactions with international financial institutions and foreign countries in a specific period
Bank card
a plastic card issued by a bank and accepted by merchants in payment for transactions. The most common types are credit cards and debit cards, although smart cards have been introduced. Bank cards are governed by an internationally recognized set of rules for the authorization of their use and the clearing and settlement of transactions.
Balanced budget
a budget in which planned expenditure on goods and services and debt income can be met by current income from taxation and other central government receipts.
