Business English Essentials: Key Concepts & Terms
Unit 1
To have/hold a degree, BSc (Hons), to evaluate = to assess, namely = in other words, to meet needs = to satisfy, to supply = to provide.
Linking expressions: With reference to your letter, speaking/talking about, concerning/regarding those sales figures, as far as marketing is concerned.
Opinions: I’m convinced/positive that, I have absolutely no doubt, to my mind, I’m inclined to think, am I right in thinking that, would I be right?
Unit 2
Banking Sector
- Central banks
- Retail banking (commercial banks, clearing banks, retail banks: take deposits and make loans to private individuals and businesses)
- Investment banks or corporate banks (provide advice and specialist services to corporations or large individual customers)
- Microcredit banks or microfinance institutions (MFIs)
Retail Banking Terms
Branch, high street banks, joint account, to be in the black, to go into the red = overdraft, buying with plastic, to pay all off (money owed), bank statement, ordinary account = current account, cash dispenser (ATM), withdraw (take money out), debtor (not) creditor, to pay in = make a deposit, stockholders = shareholders, assets not liabilities, a tender = a bid.
Flow chart (diagram), a pie chart, bar chart, line chart, table (show, outline, list, represent, depict, describe, break down).
Unit 3
Terms of reference: This report was commissioned by the Chairman… It is based on a presentation made on … It was to be submitted by…
Procedure: Information for the report was gathered from the following sources.
Findings
Conclusion: … is an excellent project which would be profitable. It is an original concept which has been well researched by a talented management team.
Recommendation: I recommend that we provide the funds requested and proceed to the next stage of development.
Unit 4
Commercial Transactions
Order (request for goods), Invoice (regular customers), Statement (shows all transactions – month), Enquiry (seeking or request – letter), Pro-forma invoice (estimated invoice), Quotation (estimated cost), Consignment (remesa): AWB (Air Waybill), B/L (Bill of Lading), CMR by road.
Incoterms
- EXW (Ex Works) + name placed seller’s premises. Buyer: loading the goods at the seller’s premises + costs + risks.
- FCA (Free Carrier) + name point departure. Seller: responsible for the delivery of goods at the point of departure. Buyer: main carriage, insurance, risks.
- FAS (Free Alongside Ship) + name port origin. Seller: place the goods at the dock shed. Buyer: loading fee, main carriage, cargo insurance.
- FOB (Free on Board) + name port origin. Seller: delivery obligation to the designated port of boarding. Buyer: main carriage, cargo insurance, costs.
- CFR (Cost of Freight) + port destination. Seller: Delivery of goods to the port (main carriage). Buyer: cargo insurance.
- CIF (Cost, Insurance and Freight) + port destination: Seller: cargo insurance, delivery of goods. Buyer: import customs clearance.
- DDP (Delivered Duty Paid) + port destination. Seller: Cargo insurance, import customs, payment of customs duties and taxes at the buyer’s end.
Methods of Paying
- At sight or D/P (documents against payment)
- D/A (documents against acceptance)
- Bill of exchange (B/E) enable the importer to obtain credit for a period of time and helps the seller because they can sell them.
- Letter of credit (non-negotiable and irrevocable, buyer’s bank guarantees to pay before a certain date – more secure).
Letters
Opening – Thanking – Apologising – Making a request – Asking for information – Giving info & instructions – Final sentence.