Business Terminology

Incubator

An organisation or company which provides support to new businesses to help them develop and grow.

Profiteer

An organisation or individual who makes excessive profits by charging very high prices for goods which are in short supply.

Summons

An official document which orders a person to appear in court to answer a complaint against them.

Discretionary Income

The amount of income a person is left with after taxes and living essentials, such as food, housing, etc., have been deducted.

Tax Allowance

The amount of income that can be earned or received in one year before tax has to be paid.

Short-change

Give too little change in a cash transaction, and metaphorically meaning to treat someone unfairly or dishonestly, deprive someone of something, or cheat, usually from a position of control or dominance.

Search Engine

Google, Bing, Yahoo, etc., are examples of Search Engines which locate, list and rank (according to various crietria and unknown algorithms) relevant websites and website content on the Internet when the user types in key words or phrases.

Impound

To seize and hold property, funds, etc., in custody (typically by a state-empowered authority), often during legal dispute.

Makegood

In advertising, a free advertising slot given to a company by a TV station, magazine, etc., if the company's advert was previously run incorrectly.

Knocking Copy

In advertising, the criticism or attacking of a competitor or a rival product.

Risk

In business, especially insurance, the amount of money a company stands to lose, or the threat of an action or event which will have an adverse effect on a business.

Mothball

In business, to stop using a piece of equipment or building, etc., for a period of time, but keep it in good condition for when work can resume.

Zip

In computing, compressing data to make a file smaller in order for it to be stored or sent to another computer. Also, slang for nothing.

Real Time

In computing, systems which receive information and update it at the same time.

Clicklexia

Ironic computing slang for a user's tendency to double-click on items when a single click is required, often causing the window or utility to open twice.

86

'Secret' code used by restaurant and bar staff when refusing service or ejecting a customer from the premises, and more recently referring to a menu item not available, which is sometimes a lie to achieve the first meaning. The term has existed since the early 1900s and no-one knows the true derivation, although increasingly daft ones are suggested.

Hyperbole

(Pronounced 'hy-per-bollee' - emphasis on the 'per' syllable) - Hyperbole is an extreme and figurative exaggeration or overstatement, which in strict grammatical terms is not generally expected to be taken seriously or interpreted literally, for example, "I've been waiting for ever for a bus," and yet where hyperbole is used for motivational or persuasive effect in business or politics, the technique very often intends to convey maximum impact on an audience, for example, "You'll never have another opportunity like this..." The word derives ultimately from the Greek root words: huper, over, and ballein, to throw.

Privatise/Privatize

(UK/US English spelling) To change or sell a government controlled business or industry to privately owned companies.

Software

A general term for programs, etc., used to operate computers.

Discriminating Duty

A variable tax levied on goods depending from which country they were imported.

Nominal Damages

A very small sum of money awarded by a court to the plaintiff when no real damage or harm was caused by the defendant, who has to pay the damages, usually $1 or £2.

Forwarding company

Also called a 'freight forwarder', a company specialising in transfer of freight from businesses or individuals by finding an appropriate transporter of the goods.

Infomercial

An 'information commercial' (a portmanteau word). A long television commercial (advertisement) presented in the form of a documentary or TV program. This format is used so that it does not appear to be selling a product or service.

Disability Discrimination Act

An Act of Parliament passed in Britain in 1995 which promotes the civil rights of disabled people and protects them from discrimination in employment, education, renting property, access to transport, etc.

Employee Self Service

An Internet based system which enables an employee to access their personal records and payroll details, so they can change their own bank account details, contact details, etc.

Margin Account

An account held by an investor with a broker in which the broker lends the investor money to purchase shares, etc., which are then used as collateral against the loan.

Control Account

An account which a company keeps in addition to its official accounts, in order to cross-check balances, etc., to ensure that the official accounts are accurate.

Put Option

An option in a contract giving the holder the right to sell shares, materials, etc., at a specified price at, or up to, a fixed date.

Bench Warrant

An order issued by a judge for an absent defendent to be arrested and brought before a court.

Joint Consultation

An organisational decision-making

Share

Any of the equal units into which a company's capital stock is divided and sold to investors.

Product Liability

Area of the law in which a manufacturer or retailer is legally responsible for any damage or injury caused by a defective product.

Persuasion/The Three Modes of Persuasion

Aristotle's 2,300 years-old three principles model for communications which successfully move an audience to action or change (see the fuller definitions and examples of The Three Modes of Persuasion): *Ethos - The integrity of the communicator. *Pathos - The emotional effect (of communicator and message) on the listener/reader/audience. *Logos - The relevance and strength of the message content.

Fixed Assets

Assets, such as property, equipment, furniture, vehicles, etc., which are owned by a company and which are needed to operate the business.

Qualitative

Associated with a thing's quality which cannot be measured, such as feel, image, taste, etc. Describes peoples qualities which cannot be measured, such as knowledge, behaviour, attitude, etc.

Directives

At an official level, directives are instructions, guidelines or orders issued by a governing or regulatory body. They may amount to law. In a less formal way a directive equates to an instruction issued by an executive or manager or organizational department.

Bottom Fishing

Buying the cheapest investments available which are unlikely to fall much further in value.

Cost Of Living Allowance

COLA. A salary supplement which a company pays to employees because of an increase in the cost of living.

Cost Per Click

CPC. The amount of money an advertiser pays to a website publisher every time a visitor clicks on an advert displayed on the publisher's website which links to the advertisers website.

Consumer Price Index

CPI. A measure of inflation which involves regularly monitoring the change in price for everyday goods and services purchased by households.

Health And Safety

Concerned with the protection of employees from risks and dangers in the workplace.

Index-Linked

Concerning salaries, pensions, investments, etc. If they are Index-Linked it means that the payments or income from these may vary according to the rate of inflation.

No-Win No-Fee

Conditional Fee Agreement. An agreement with your solicitor in which you don't have to pay their fee if your court case is not successful.

C E Mark

Conformite Europeenne (European Conformity). A symbol on many products sold in the European Union indicating that they have met health, safety and/or environmental requirements, ensuring consumer and workplace safety.

Schadenfreude

German word derived from Schaden (damage, harm) and Freude (joy). Malicious pleasure derived from the misfortune and suffering of others. Typically felt by individuals with low self-esteem.

Glocalisation

Global Localisation. A term used when an international company adapts its manufacturing methods, products or services to suit local conditions.

Ex Stock

Goods which are available for immediate delivery because the supplier has them in stock.

Catch-22

Much misused expression, it refers properly only to a problem whose solution is inherently self-defeating. Wrongly it is used to describe any insurmountable or difficult problem. It's from Joseph Heller's book of the same name; see cliches origins.

Transnational

Multinational. Refers to businesses, organisations, etc., which operate in or between several countries.

Ponzi Scheme

Named after Charles Ponzi, a fraudulent investment scheme, similar to a Pyramid Scheme, in which people are offered high returns, while their money is used to pay earlier investors, so that later investors often end up with little or no return because new investors can't be found.

Inflation

Normally referring to the economy of a country, inflation is the gradual increase in the price of goods and/or services, and the consequential devaluing of the national currency. Inflation is typically up to 10%, or more unusually approaching 20% per year. Minimising inflation is normally a high priority within national fiscal policy since higher levels of inflation cause a variety of economic and business problems. See also deflation and hyperinflation.

PRO

Public Relations Officer. Also known as a Chief Communications Officer. A person whose job is to promote and establish a good relationship between their client - an organisation or an individual - and the public.

Fortune 500

Published by Fortune magazine, an annual list of the 500 US corporations with the largest revenue.

Russell 2000 Index

Published by the Russell Company, an index which tracks the performance of 2000 smaller companies in the US.

Return On Assets

ROA. Net income divided by total cost or value of assets. The more expensive a company's assets, the less profit the assets will generate.

Return On Capital Employed

ROCE. A company's financial indicator which compares earnings with the company's capital investments.

Take-Home Pay

The amount of money received by an employee after deductions, such as tax, insurance, etc.

24/7

Twenty four hours a day, seven days a week.

Demographic Profile

Used in marketing to describe a particular segment of the population, for example social class, age, gender, income, etc.

Psychographics

Used in marketing, the analysis of peoples characters, lifestyles, attitudes, purchasing habits, etc.

Document Sharing

Used in video-conferencing. A system which allows people in different places to view and edit the same document at the same time on their computers.

Grace

A period of time given to a debtor to enable them to pay an overdue bill or loan, or extra time given in a contract for a piece of work to be finished.

Publicist

A publicity or press agent who publicises organisations, people, etc.

C-Suite

The Chief Officers or most senior executives in a business or organisation.

Rescind

To make void or cancel, for example a law or contract.

Void

A contract, agreement, document, etc., which is no longer valid or legal.

Yeoman

A servant or attendant in a royal or noble household.

Notebook

A very small portable computer.

Solvent

Having enough funds to pay all your debts.

Crapola

Items of little importance or poor quality. Rubbish.

P2P

Peer-to-peer is a model for computer connectivity and file-sharing which extends more widely to services and large-scale services/supply models, and which threatens/promises to change the world. See peer-to-peer.

Comparative Advantage

See definition for Competitive Advantage.

Floatation

See definition for Flotation.

Sexting

Sending sexually explicit messages and/or pictures by mobile phone.

Accrual

The accumulation of payments or benefits over time.

Liquidate

The closing down of a business by selling its assets to pay its debts.

Wrap

The end of a film shoot when everything is finished, the set can be taken down and everyone can go.

Amalgamate

When two or more companies combine or unite to form one large organisation.

Workaholic

A person who is addicted to work.

Negative Growth

A term used to describe a recession. The opposite of economic growth.

Maven

An expert, often self-proclaimed, in a particular field.

Knock-Off

An unauthorised copy of a product, usually designer clothing.

Atmosphere

In films, TV, etc., a general crowd of people, extras.

Close Company

In the UK, a company which is controlled by five or less directors.

Invisibles

'Invisible' services of a country, such as banking, tourism, insurance, etc, of which the buying and selling are from international trade.

Public Company

A company whose shares are traded on the Stock Market.

Book Depreciation

A decrease or loss in value of a company's assets, as recorded in the company's finances.

Sinecure

A job or position which involves little or no work, but for a which a person is paid.

Work Permit

A legal document which gives a person a right to employment in certain foreign countries.

Invention

A new device, process, product, etc., which has been created and developed by an individual or a group.

Newbie

A newcomer or novice at something, especially on the Internet.

Sort Code

A number which is assigned to a branch of a bank, found on cheques, bank statements, etc., which enables that particular bank's address to be identified.

Takeover Panel

A panel set up in certain countries to ensure that all company takeovers comply with laws and regulations, and that all shareholders are treated equally and fairly.

Money Spinner

A product or project that generates a lot of earnings.

Depression

A prolonged and very deep economic recession, in a country or wider region. Definitions of an economic depression vary greatly, from two to ten years or more, characterized by extremely deep levels of negative indicators such as unemployment, credit and money supply, living standards, and reduced GDP, etc. Historians and economic commentators commonly disagree about the duration of depressions due to the confused methods of defining precisely what a depression is.

Promo

A promotional broadcast on television, radio, etc., advertising a product, TV show, film, etc.

Purchase Ledger

A record of a company's accounts which shows amounts owed to suppliers for items purchased on credit.

Owner-Operator

A self-employed commercial truck or lorry driver who uses their own vehicle to run a business.

Outplacement

A service provided by a former employer which helps a terminated employee find a new job.

Outside Shareholder

A shareholder who doesn't own more than 50% of a company's shares.

Button Ad

A small advertisement on a website, typically measuring 120 x 90 pixels.

Incapacity Benefit

A state benefit in the UK which is paid to people below pensionable age who have made National Insurance contributions, and who are too ill or disabled to work.

Click Farm

A supplier of fraudulent website traffic/visitors - typically an organized and exploited group of low-paid workers who are tasked to visit websites to post false reviews/comments or to click on PPC adverts so as to generate fraudulent clickthrough advertising revenues.

Bullet Point

A symbol, e.g. a dot or a square, printed at the beginning of each item on a list.

Psychometric Test

A test which measures a person's personality, mental ability, knowledge, etc., often used to ascertain whether a potential employee is suitable for a job.

Adjunct

A thing which is added or attached as a supplementary, rather than an essential part of something larger or more important.

Vote Of No Confidence

A vote which shows that the majority of those voting have lost confidence in something, usually a government.

Bonded Warehouse

A warehouse in which imported goods are stored under bond, until the import taxes are paid on them.

Market Basket

A way of measuring the cost of living. A collection of products or services which consumers buy on a regular basis, and the prices which are paid for them.

Fat Cat

A wealthy person living off investments or dividends, or a chief executive of a large company or organisation who is on a very large salary, huge pension, etc.

Tycoon

A wealthy, prominent, successful business person, also referred to as a mogul, magnate, baron ,etc.

MOOC

Acronym for 'Massive Open Online Course' - conceivably the future of most higher/further education globally - see MOOC on the acronyms page.

Net-Centric

Activities, communities, services, information, etc., interconnected by the Internet.

Central Counterparty

Acts on behalf of both parties in a transaction, so that the buyer and seller do not have to deal with each other directly.

Tailor-Made

Adapted or made for a particular purpose or individual.

Beanfeast

Also known as a beano - an annual party, dinner, or outing given by an employer for its employees.

Mouse Potato

Amusing modern slang term for a person who sits for long periods in front of a computer, especially using the internet, instead of engaging in more active and dynamic pursuits. Mouse Potato is a clever adaptation of the older 1970s slang 'couch potato', referring to a person who spends too much time sat watching TV, eating and drinking too. Both terms originated in the USA, although these lifestyles are certainly not restricted to the USA.

Addendum

An added section of information in a letter or report.

Kidult

An adult who enjoys films, games, TV, clothes, etc., which are deemed more suitable for children or much younger people.

Restriction of Trade

An aspect of business and employment law referring to the unfair/unlawful limiting of a person's right to earn a living, or to pursue a legitimate occupation.

E-Zine

An electronic magazine which is published on the internet, or delivered by e-mail.

Lifeboat

An emergency loan offered to a company or bank which is in financial trouble.

Specimen Signature

An example of a person's signature required by a bank, etc., so that it can be compared with the same person's signature on cheques and documents.

Copyright

An exclusive legal right to make copies, publish, broadcast or sell a piece of work, such as a book, film, music, picture, etc.

Desk Jockey

An informal term for someone who spends their working day sitting behind a desk, and who is concerned about administration.

Trailblazer

An innovator or pioneer. An individual or company who is the first to do or discover something, and leads where others follow.

Valued Policy

An insurance policy in which the insurer agrees to pay a claim for a specified amount in the event of loss, damage, etc., for items insured, such as works of art.

Glass Ceiling

An invisible barrier in the workplace which prevents women and minority groups from advancing to positions of leadership in a company, although some do manage to 'break through' the glass ceiling.

Pro Forma Invoice

An invoice prepared by a supplier describing goods, price, quantity, etc., which is sent to the buyer before the goods are supplied.

Vocation

An occupation for which a person is strongly suited and/or to which they are dedicated.

Assets

Anything of value which is owned by an individual, company, organisation, etc.

AV

Anti-Virus, a common abbreviation referring to virus protection software/services for computer and internet use.

Prudence

Aside from its usual general meaning of carefulness in judgment and decision-making, prudence particularly refers to caution in commercial/financial/economic risk-taking, and to the typically great caution exercised by financial folk (accountants and bankers notably) in planning, budgeting, forecasting, granting loans, extending credit, defining standards and policies, and accounting practice as a whole, etc.

Occupational Hazard

Aspects of a job which can be dangerous or pose a high risk of injury.

Business To Business

B2B. Commercial transactions or activities between businesses.

Mandatory Convertible Bond

Bonds that must be redeemed in shares by the company which issues them, usually by a specified date.

U-Value

Buildings and construction industry term referring to insulation effectiveness of materials. See R-Value/U-Value.

Public Works

Buildings and structures constructed by the government for public use, such as roads, bridges, schools, hospitals, etc.

Built To Flip

Companies which have been sold soon after they have been created, so that money can be made quickly.

Mesne Profits

Compensation or penalty charges instead of, or 'in lieu' of, rent claimed by a landlord against a person illegally occupying land or property and subsequently evicted, commonly arising from a court order.

Probity

Complete integrity. Having strong moral principals and total honesty.

Courseware

Computer software designed to be used in teaching or for self-learning.

Freeware

Computer software that is copyrighted by the author and offered, usually on the Internet, free of charge.

Selling Cost

Costs which are incurred for the advertising and distribution of a product.

Convertible Currency

Currency which can be quickly and easily converted into other countries currencies.

Magnetic Media

Disks and tapes which are used to record and store computer data.

Unbundling

Dividing a company into separate companies, usually after a takeover, in order to sell some or all of the subsidiaries. Supplying a product, service or equipment in separate components.

Compromise Agreement

Euphemism for a 'Gagging Clause'.

Reciprocal Trade/Trading

Exchange of product or services. A simple example might be an accountant providing book-keeping services to a telemarketing company which in return performs telemarketing services on behalf of the accountant.

Modem

From MOdulate and DEModulate. An electronic device which is used to connect computer systems using a telephone line for transmitting data.

Footer

In a report or document, a line or block of text that appears at the bottom of every page which is printed from a computer.

Tax Evasion

Illegally avoidng paying tax, usually by making a false declaration of income.

Cronyism

In business and politics, showing favouritism to friends and associates by giving them jobs or appointments with no regard to their qualifications or abilities.

Bounce

In economics a bounce is a small quick partial recovery of the economy after a recession, which may subsequently continue upwards in growth, or plateau neither growing or contracting, or descend back into recession.

Decertification

In employment this refers specifically to action taken by workers to disassociate themselves from a trade union which previously represented them. Aside from this the general meaning refers to withdrawal of certification of one sort or another.

Bit Part

In films and TV, a supporting actor who has at least one line of dialogue, and who is usually listed in the credits.

Back with Music

In the entertainment business, films, TV, etc., dialogue which is spoken over music.

Punitive

Inflicting or concerned with punishment, for example punitive taxes, punitive justice.

Market Forces

Influences, such as the availability of raw materials for the production of goods, or customer numbers, which affect supply, demand and prices of products and services.

Democracy

Majority rule, by which the biggest proportion of members of a group determine decisions for the whole group. Democracy typically refers to a country's political system, in which government is elected through majority vote.

Sensitivity Analysis

Looks at the effects of the performance of a system, project, etc., by changing the variables, such as costs, sales, production, etc.

Bank Run

Lots of sudden and heavy cash withdrawals at the same time from a bank or banks, because customers believe the banks may become insolvent.

Cost Accounting

Managerial accounting which calculates, records and controls the operating costs of producing goods or services.

Free On Board

Maritime trade term. The supplier delivers the goods to a ship at a specified port. The supplier then pays the shipping costs after obtaining official clearance. Once they have been put on board, the buyer is then responsible for the goods.

Scam

Means of making money by deceit or fraud.

Plimsoll

Named after merchant Samuel Plimsoll. International Load line or Waterline on the hull of every cargo ship, which indicates the maximum depth to which a ship can be safely loaded with cargo.

Haggle

Negotiate with someone over the price of something until an agreeably mutual price is reached.

Avant Garde

New or original and often unconventional techniques, concepts, products, etc, usually associated with the arts and creative areas.

NIH Syndrome

Not Invented Here. A term used for companies who reject ideas or products which are not theirs because they originated from outside the company.

Tangible Asset

Physical assets, such as machinery, buildings, vehicles, cash, etc., which are owned by a company or individual.

Poorgeoisie

People who are rich but pretend they don't have much money.

Crib

Plagiarism. To copy someone else's written work and pass it off as your own.

Vanilla

Plain and ordinary without any extras. Basic.

Brownfield

Previously developed land, either commercial or industrial, which has been cleared for redevelopment.

Run Of Network

RON. Describes when an advertisement is placed on any page on one or more websites and the advertisers have no say where their advert is placed, usually because the advertising rates are cheaper.

Unlisted

Refers to company whose shares are not traded on the Stock Exchange.

Flynn Effect

Research showing that the results of IQ (Intelligence Quotient) tests in various countries (i.e. internationally) have risen consistently over several decades, (after political scientist James R Flynn).

SD Card

Secure Digital Card. A small memory card used in portable devices such as mobile phones, cameras, etc.

SET

Secure Electronic Transfer. A safe and confidential way of paying for goods which have been purchased over the Internet.

Retail Therapy

Shopping which is done for enjoyment and to relieve stress.

Red Ink

Term used when referring to a company's financial loss.

Larceny

The crime of unlawfully taking someone else's property or money. Theft.

Market Clearing Price

The price of a product or service at which the level of demand equals the level of supply.

Philology

The branch of knowledge which deals with the study of the history of language and literature. Historical linguistics.

Laicisation

The defrocking of a minister or priest. The changing to lay status.

Margin

The difference in the price of producing a product and the price it sells for, calculated as a percentage, i.e., profit margin.

Induction

The introduction and training of a member of staff in a new job or position in a company.

Obsolescence

The state of becoming obsolete or out of date. Old-fashioned.

Piracy

The unauthorised copying of CDs, DVDs, computer programs, etc., in order to sell them or give them away.

Webinar

Web-based seminar. A meeting, conference, etc., which is transmitted over the Internet, with each participant using their own computer to connect to the other participants.

Outbound Telemarketing

When a company calls prospective customers on the phone in order to sell them goods or services, compared to Inbound Telemarketing where the customer calls a company for assistance or to purchase goods.

Piecework

Work in which payment is based on the amount of work done regardless of the time it takes to do it.

Pseudonym

a false name, commonly adopted by a writer seeking to hide their true identity.

Biro

in many parts of the world this means generally any ballpoint pen, in addition to being the Biro brand of ballpoint pen. Biro is named eponymously after its Hungarian inventor László Bíró, 1899-1985.

Jasdaq

Japanese Association of Securities Dealers Automated System. Japanese securities exchange, the headquarters of which are situated in Tokyo.

Voice Recognition

Technology which allows computers, mobile phones, etc., to be operated by being spoken to.

Ethernet

Technology, invented by The Xerox Corporation, which connects computers in a local area network (LAN).

Selective Attention

Term which applies to consumers who only notice, or are aware of, certain pieces of information in advertisements, etc., because that is the only part in which the consumer is interested.

Liquidated Damages

The fixed amount agreed upon by parties to a contract, to be paid to one party in the case of a breach of contract by the other party.

Best Boy

The person on film sets, TV, etc., who is the assistant to the electrician.

Idle Time

The time that a piece of equipment or a machine, such a as computer, is available, but is not being used.

Googlewhack

Two proper words (found in a dictionary) which together produce just a single result from a normal Google search. A googlewhack tends not to retain its status indefinitely, and sometimes only fleetingly, because due to the strange popularity of the effect, googlewhacks are likely to be published on the web when discovered, which immediately produces a second occurrence. Aside from the study of language and statistics there is no earthly purpose for this phenomenon, which apparently was first described by Gary Stock in 2001 and who runs a website dedicated to the concept.

Staycation

US term for spending one's vacation at home or near to one's home.

USP

Unique Selling Point/Proposition. The key feature of a product or service which makes it stand out from the competition.

National Insurance

(NI) In the UK, contributions made to the government by employers and employees which provide payments to the sick, retired and unemployed.

Non-Tariff Barrier

(NTB) A type of non-tax trade restriction on imported goods which is used to make it difficult for certain goods to be taken into a country.

Nationalise/Nationalize

(UK/US English spellings) To convert a business or industry from private ownership to government control and ownership.

Independent Financial Advisor

(IFA) Someone who works independently, i.e., not for a particular company, and offers people advice about financial matters and recommends where to invest their money.

Off-Balance Sheet

(OBS) Refers to items such as assets or a debts which are not recorded on a company's balance sheet.

Ream

500 sheets of paper. A large quantity of written material.

10:10

A UK environmental campaign that asks businesses, organisations and individuals to cut their carbon emissions by 10% in the year 2010.

Magalog

A catalogue which appears to be a magazine, used for marketing purposes.

Conglomerate

A corporation which consists of several smaller companies with different business activities.

Credit Union

A financial institution, similar to a bank, whose members create the funds from which they can obtain loans at low rates of interest.

Oligopoly

A market in which a small number of companies control the supply of certain goods and services.

Tyre Kicker

A person who appears to be interested in purchasing an item, especially a secondhand car, but has no intention of buying it.

Middleman

A person who arranges business or political deals between people, usually for a commission or fee, or, more generally, any person or company buying goods from a supplier and selling them to customers, usually at a profit.

Plaintiff

A person who brings a lawsuit against someone else in a court of law.

Webmaster

A person who is responsible for maintaining a website.

Techie

A person who is very knowledgable, or an expert, in technology, especially computing.

Networker

A person who meets and builds relationships with other people in order to make business or social contacts.

Employer

A person, business, organisation, etc., that pays for the services of workers.

Exposition

A public event at which businesses, that produce related goods, can showcase their products and/or services.

Meltdown

A situation in which something, or someone, suddenly dramatically ceases to function properly.

Windfall

A sudden, unexpected sum of money or piece of good fortune received by someone.

Trading Floor

An area of a Stock Exchange where dealers trade in stocks, shares, etc.

End Consumer

An individual who buys and/or uses a product or service.

Paid-Up Policy

An insurance policy on which no more premiums are required, and the policy is considered paid in full and still remains in force.

Asset Stripping

Buying a stricken company and selling off its assets with no thought for the future of the company or its people, customers, etc.

Sexism

Discrimination and/or abusive behaviour towards member of the opposite sex.

Blue-Sky Law

In the US, a law designed to protect the public from buying fraudulent securities.

Dunlop and Goodyear

industrial brand names, especially tyres/tires named after the founders/inventors of original pneumatic tyre/tire technologies and companies.

First Mover

A business that gains an advantage by being the first to establish itself in a specific market by producing a new product or offering a new service, or by being the first to use new technology.

Purchasing Officer

A company employee who is responsible for the purchasing of equipment, materials and services from suppliers and contractors.

Teleconference

A conference involving two or more people at different locations, using telecommunications equipment, such as computers, video, telephone, etc.

Writ Of Execution

A court order which ensures that a judgement is enforced.

White Van Man

A derogatory term for drivers of white commercial vans, who have a reputation for driving recklessly and intimidating car drivers by driving about three inches from their rear bumper.

Behemoth

A large and powerful organisation. (originally from Hebrew, behemot - beast)

Symposium

A meeting or conference at which experts discuss a particular topic, often with audience participation.

Debriefing

A meeting or interview in which a person or group of people report about a task or mission just completed or attempted.

Double-Blind

A method of testing a new product, usually medicine, in which neither the people trying the product nor those administering the treatment know who is testing the real product and who has been given a placebo containing none of the product.

Strike-Breaker

A person who continues to work, or is employed to work, during a strike.

Statistician

A person who specialises in or works with statistics.

Permatemp

A person who works for an organisation on a long-term contractual basis, but who is not a permanent employee.

Heatseeker

A person who, without fail, always buys the most up to date version of an existing product as soon as it comes onto the market.

Appraisal

A review of performance, capability, needs, etc., typically of an employee, in which case the full term is normally 'performance appraisal'.

Calculated Risk

A risk which has been undertaken after careful consideration has been given to the likely outcome.

Upselling

A sales technique in which the salesperson tries to persuade the customer to purchase more expensive and/or more goods than they originally intended.

Technical Support

A service provided by the vendor of technology products, such as computers, mobile phones, televisions, etc., which the purchaser can use if they need help using the product.

Market Control

A situation in which the quantity and/or price of goods or services is influenced by buyers or sellers.

Seller's Market

A situation in which there are more buyers than sellers, often resulting in high prices.

Stagflation

A situation in which there is a slow economic growth along with high inflation and high unemployment.

Schism

A split or division in a group into opposing factions, caused by differences of opinion.

Nest Egg

A sum of money which someone has saved for the future.

Deposition

A sworn statement of evidence by a witness taken outside of the court proceedings before a trial.

Secondary Action

A sympathy strike. Action which is taken by workers in one industry in support of striking workers in a separate but related industry.

Hands-Off

A term often applied to managers who do not directly participate when dealing with a situation in the workplace by letting the people involved decide what they want to do.

Fairy Dust

A term often used in the entertainment business. The final enhancement or touch on a project. The unknown factor which turns something great into something fantastic.

Lockout

A term used during an industrial dispute, when management closes down a workplace and bars employees from entering until they agree to certain terms and conditions.

Square Mile

A term used for an area of London in which many financial institutions are based.

Corporate Raider

A term used for an individual or company who purchases large numbers of shares in other companies, against their wishes, in order to gain a controlling interest in the other companies, or to resell the shares for a large profit.

360 Degree Thinking

A term used for considering all options in business, etc., as opposed to having narrow field vision.

Low Yield

A term used to describe investments which are low risk and do not produce a high level of income.

Inorganic

A term used to describe the growth of a business from mergers or takeovers, rather than from the increase in productivity or activity of the company's own business.

Global Village

A term used to describe the whole world as a single community, connected by electronic communication systems, such as the Internet.

Hall Test

A term used when a group of people are gathered together at a particular location and asked to take part in market research.

Harvesting

A term used when a product is still being sold, although it is no longer being invested in, prior to being withdrawn from the market.

Easterlin Paradox

A theory that beyond satisfaction of basic needs, increasing wealth of a country does not produce increasing happiness, suggested by US professor of economics Richard Easterlin based on his research published in 1974.

Living Trust

A trust created in which assets can be transferred to someone while the grantor (the person who owns the assets) is still alive. Living Trusts avoid dealing with the legalities of a will.

Positive Sum Game

A win-win situation in which both sides involved in a business transaction, etc., can profit.

Job Sharing

A work schedule in which two or more people voluntary do one full-time job, sharing the work and dividing the hours between them.

Official Strike

A work stoppage by employees that has the backing and approval of a union.

Strike

A work stoppage caused by a disagreement between employees and management over working conditions, pay etc.

Flexitime

A work system in which employees work a set number of hours each week or month, but they decide when they are going to start and finish each day, usually between a range of given working hours.

Business Plan

A written document which sets out a business's plans and objectives, and how it will achieve them, e.g. by marketing, development, production, etc.

Text Message

A written message sent from one mobile phone to another.

Writ

A written order issued by a court of law which orders someone to do, or not do, something.

Bilateral

Agreement or involvement or action by two parties, people, companies, countries, etc. See Unilateral and Multilateral.

Ordinary Share

Also called Common Stock. A share in a company which entitles the owner to a share in the company's profits, and the right to vote at shareholders meetings.

Corporate Governance

Corporate governance refers to the (ideally visible, transparent, published) policies and practices by which an organization is directed and managed at executive level, with particular focus on the executive board's accountabilities to shareholders and other stakeholders, especially concerning avoidance of risk, and the competence, ethics and propriety of the leadership, typically a chairman and board of directors. (See the main Corpoprate Governance article for extensive history, guidance, standards, etc.) The board's corporate governance accountabilities include obligations and responsibilities in relation to organizational aims and purposes, and embrace major considerations of constitution and structure, finance and administration, people and staff, remuneration and reward, environment, ethics and morality, law and regulatory matters, quality and problem-rectification, health and safety, social responsibility, technology, processes and decision-making, legacy/sustainability, etc., and any other fundamental aspects of executive leadership and management which in the context of the organization's activities and constitution might be regarded as significant at the highest organizational level. The concept of 'corporate governance' became prominent and highly important in the late 1900s after several corporate scandals were characterized by a serious lack of accountability and transparency in the behaviour (US spelling: behavior) of company directors and senior staff. In short 'corporate governance' refers to how a (typically but not necessarily) large organization is led and managed at the most senior level. By implication, where corporate governance is correctly established and operated there is a cascading effect of high quality entirely throughout the organization (such that problems rarely arise, and wherever they do they are rectified satisfactorily and measures taken to ensure no repeat). Where corporate governance is poorly established and operated then the organization is prone to major failures of various sorts. Where corporate scandals and disasters occur then usually these events are due ultimately to inadequate or improper corporate governance. The terms 'whistleblowing/whistleblower' refer to the actions/people (typically employees) who inform authorities/media about corporate wrong-doing, which is very commonly a symptom or result of inadequate or weak corporate governance. The term corporate governance is most usually used in relation to large organizations, typically big public companies, because such organizations offer potentially huge hidden freedoms for directors to act secretly, recklessly and negligently, in ways which can have vast damaging impacts on staff, customers, shareholders, society, the environment, etc. Despite this original purpose and meaning (for quoted/public companies), the concept of corporate governance and its principles are also applicable with appropriate adaptation to state agencies, military/social/other state services, and small companies too. The root meanings of the words actually support a broad interpretation: corporate refers to any group; governance refers to the leadership of a group or other entity. See the main Corporate Governance article containing history, codes, templates, etc..

Unconsolidated

Describes subsidiary companies whose financial statements, shares, etc., are not included in the parent company's finances.

Text-To-Speech

Describes the converting of text into audible speech on a computer by using speech synthesis techniques.

Firmware

Describes the fixed programs, which cannot be lost or changed, in electronic devices such as digital cameras, calculators, remote controls, etc.

Organic Growth

Describes when a company develops and expands by increasing output and/or sales through its own activities, rather than by a merger or acquisitions (buying other companies).

Unfavourable Trade Balance

Describes when a country's value of its imports exceeds the value of its exports.

Reactive Marketing

Describes when companies or businesses wait for customers to contact them in order to buy their products or services.

Z-Score

Developed by Dr Edward Altman of New York University in the 1960s, a measurement of the financial health of a company which predicts the probability of the company going bankrupt.

Gantt Chart

Developed by Henry Gantt in 1917. A type of bar chart which illustrates the scheduled and completed work of a project. It shows start and finish dates, compares work planned to work done and tracks specific tasks.

Added Value

Enables and justifies a profit in business.

Bells and Whistles

Extra features added often more for show than function, especially on computers, cameras, etc., to make the product more attractive to buyers.

Full-Time Contract

FT. A permanent or ongoing contract of employment in which the employee works at least the standard number of hours in a working week, usually 35.

Non-Compliance

Failure or refusal to obey or comply with a rule, regulation or standard, which can commonly result in serious action by an inspector or ombudsman.

FMCG

Fast Moving Consumer Goods (see Fast Moving Consumer Goods above and/or FMCG in the acronyms section)

Ex Works

Goods which are delivered to the purchaser at the plant or place where they are manufactured. The purchaser then pays for transporting and insuring the goods from that point.

Pyramid Scheme

Illegal in several countries, a scheme in which people are paid for recruiting others who pay a fee, part of which goes to the person who recruited them as a commission. In order to get their payment the recruits then have to find new recruits to pay a fee. This goes on until there is no one left to recruit and the people who come into the scheme last end up losing their money. The difference between Pyramid Selling and a Pyramid Scheme is that is that the latter has no product. (See Ponzi Scheme)

Internal Equity

In a company or organisation, ensures the pay each employee receives is determined fairly by the type of job they do.

Figurehead

In business, organizations, politics, etc., a person who holds an important position or office but lacks real power or authority; a 'front man'. Derived from the carved painted figurehead models which traditionally were fixed to the front of sailing ships.

Page Traffic

In computing, the number of times a web page has been visited.

Combined Ratio

In insurance, a way of measuring how much profit has been made by comparing the amount of money received from customers to the amount paid out in claims and expenses.

Outward Investment

Investments which are made abroad.

Repudiate

Refusal to perform a contractual duty or repay a debt.

Off-the-Charts

Something way below or way above normal expectations.

Tariff

A government tax on imported and exported goods.

Plutocracy

A government which is controlled by wealthy people.

Adoption Curve

A graph showing the rate at which a new piece of technology is bought by people for the first time. It is based on the idea that certain people are more open for adaptation than others.

Deadbeat

A person or company who tries to avoid paying their debts.

Revenue Stamp

A stamp or sticker which is put on an item, for example a packet of cigarettes, as proof that a government tax has been paid.

Strapline

A subheading in a newspaper or magazine. A slogan attached to a well known brand.

Soft Sell

A subtle, persuasive way of selling a product or service, as opposed to Hard Selling.

Security Deposit

A sum a buyer pays, which is not usually refundable, to protect the seller if the buyer does not complete a transaction or if a rented item gets damaged.

Bid Bond

A sum agreed to be paid by a company that wins a contract if the work is not carried out.

Job Costing

A system of calculating the cost of each individual job or project carried out by a business, includes time, labour, materials, etc.

Crawling Peg

A system of frequently adjusting a country's exchange rate by marginal amounts, because of inflation, etc.

Payment By Results

A system of paying employees according to the amount of work they do. Therefore, the bigger the volume of work output, the bigger the salary.

Piggyback

A system which rides on the back of an existing system, e.g. a loan or mortgage or an advertising campaign.

Carbon Credit

Allows the right to emit a measured amount of harmful gases, such as carbon dioxide, into the air, and can be traded between businesses and countries.

Cutover

Also known as 'Going Live'. The point in time a company or organisation, etc., replaces an old program or system with a new one.

Sales Ledger

Also known as Accounts Receivable. A company's record of transactions for goods and/or services which have been provided to a customer, and for which money is still owed.

Cross Merchandising

Also known as Add-On Sales. In retailing, the practice of putting related products together on display in order to encourage customers to purchase several items.

Nagware

Also known as Begware. Computer shareware that periodically displays messages on your computer screen prompting you to register for a product and/or pay a fee.

Non-Callable

Also known as Bulletbond. A bond or stock which cannot be redeemed by the issuer before a particular date or until maturity.

Monopsony

Also known as Buyers Monopoly, a market in which there is only one customer for a product or service being sold by several sellers.

Clicks And Mortar

Also known as Clicks and Bricks. Refers to businesses which trade on the Internet as well as having traditional retail outlets, such as shops.

Viral Marketing

Also known as Word Of Mouth. An advertising and marketing technique which encourages people to pass on information about a product, etc., often by e-mail or from one Internet website to another.

Open Account

An arrangement between a vendor and buyer in which the vendor allows the buyer to pay at a later date for goods received.

Blue-Sky Thinking

Open-minded, original and creative thinking, not restricted by convention.

Write-Protect

In computing, protect the data on a disk or file from being accidentally deleted or edited.

Trade Descriptions Act

In the UK, a 1968 Act of Parliament which prevents misrepresentation of goods and services to customers by manufacturers, retailers or service providers.

Quarter Day

In the UK, a fixed day of each quarter of the year on which certain payments, such as rents, are due.

Quantity Surveyor

In the UK, a professional who works in the construction industry, whose job is to calculate the cost of materials, labour, etc., needed to complete a project.

Milk Round

In the UK, a term used when large companies visit universities each year to advertise job opportunities to students.

Off-Market

Refers to the buying and selling of shares outside the Stock Market.

Yield

The annual income earned from an investment, usually expressed as a percentage of the sum invested.

Provident Fund

A form of retirement savings. An employer and employee pay regular, usually equal, amounts into an investment fund, which is then paid to the employee upon retirement, often in a lump sum.

Waiver

A formal statement in which someone gives up a right or privilege.

Rat Race

The exhausting, competitive struggle and routine of working and living in a large town or city.

Contingent Liability

This is recorded as a debt on a company's accounts which may or may not be incurred, depending on the outcome of a future event, such as a court case.

Prairie Dogging

This occurs when someone who works in an open office, which is divided into cubicles, drops something or shouts and everyone else pops their heads above the dividing walls to see what is happening.

Product Life Cycle

This refers to the (generally very usual and unavoidable) stages that a product/service passes through from invention/development to maturity to decline until it becomes obsolete, usually because it has been superseded by competitive/replacement offerings, and/or to a lesser degree the product/service has saturated the market, i.e., everyone who wants it has purchased it. Product life cycle is often shown as a graph of sales volumes or market-share over time. The term 'product life cycle' is very broad - it may refer to a single specific item of one particular supplier, such as a 'Big Mac' burger, or an iPad, or a Colt 45 revolver; or to a product/service in a generic sense across an entire industrial sector, such as a personal computer, or television, or diesel locomotive; or to a technology, such as broadband, radar, the internal combustion engine, or steam-power; or even symbolically to a lifestyle or aspect of civilization, such as agriculture, fire, horse-transport, coins/paper money, Christianity, etc. The product life cycle begins with innovation and novelty, often supported by (commercially) patents or other protective mechanisms such as secrecy, cartels, legislative instruments, etc., during which the prices and gross profit margins of products/services are high (although net profits may be low due to recovery development/investment costs). This is shown as a steep upward curve on a product life cycle graph, reflecting/illustrating sales levels in volumes or revenues or market share, horizontally, passing through vertical time-zones, typically years. The curve then flattens to reflect/illustrate 'maturity' of product/service life, and a period of reasonably constant sales, during which profits should be healthy, even if competition and competing technologies have begun to pressurize prices downwards, because investment costs have been recovered and economies of scale in production and distribution have been achieved. Next the curve to dips gradually downwards, reflecting/illustrating reduced sales levels and the 'decline' of the product/service market appeal. Profits may still be healthy during the decline phase if costs and efficiences are managed carefully, although many corporations persist in investing in and attempting to revive declining products/services, which tends to be wasteful and in vain. Decline may last for many years depending on the product/service/technology concerned, and some technologies may maintain a small specialist niche market indefinitely, such as hot-air balloons, steam trains, archery, and cut-throat razors. Some technologies and specific products enjoy natural resurgences, but this is very rare, for example notably the bicycle (in Europe), whose product life cycle graph would show a steep rise after invention in the 1800s, then a plateau and a decline in the late 1900s, and then another rise as popularity surged again in the early 2000s. The fuel-oil technology product life cycle graph would show a similar double rise, initially for the market in oil-lamp lighting, and then, as the oil-lamp technology was about to become obsolete due to electric light, the motor car was invented. Likely a third fuel-oil demand surge will be enabled just as electric motoring replaces the internal combustion engine. When products/technologies become sufficiently huge, they (and the corporations which own them) can potentially exert influences and protections of vast socio-political dimensions. This effect can arguably be seen in the power of other major technology players such as Apple, Microsoft and Google, and equivalent corporations in fundamentally powerful sectors such as energy, minerals, transport, armaments, etc. In general however, product life cycles have become shorter over past decades and centuries, and are likely to continue to become even shorter in the future. For example, in the Stone Age, stone tools can be considered to have enjoyed an effective product life cycle of thousands of years. In the Middle Ages, candles enjoyed a product life cycle of several hundreds of years. In the European/western industrial age, steam-power enjoyed a product life cycle of two centuries. In the computer age, the product life cycle of the digital wristwatch and 'Walkman' cassette player was no more than two decades. In more recent times, the Myspace phenomenon launched in 2003, bought by News Corporation for $580m in 2005, the most popular website globally from 2006-2008, was in dramatic decline by 2009, and was forced to attempt a complete redesign and relaunch in 2013, effectively signifying the obsolescence of the original concept, an effective life cycle of just six years for a once global industry leader and technology definer. The modern world moves very quickly, and so too now do most product life cycles.

Negative Certificate Of Origin

A document which states that goods, or any part of the goods, were not produced in a country from which the buyer refuses to accept goods or produce.

Open-Book Management

A management technique in a company whereby all the employees are involved in the running of the company by training them in, and giving them access to, financial and operational details.

Flexecutive

A manager who works flexible hours, often from home using the Internet. A multi-skilled executive who can change tasks or jobs with ease.

Imperfect Market

A market in which buyers do not have access to enough information about prices and products, and where buyers or sellers can have an influence over the quantity and price of goods sold.

Free Market

A market in which prices of goods and services are affected by supply and demand, rather than government regulation.

Open Market

A market which operates without restrictions, in which anyone can buy and sell.

Extension Strategy

A marketing strategy to stop a product going into decline by making small changes to it, reaching new customers or finding new uses for it, e.g. a drink which was sold as an aid to those recovering from illness is now sold as a sports drink.

Electronic Data Exchange

A means of exchanging documents between businesses using electronic equipment such as computers.

Intermediary

A mediator or agent who negotiates between two parties who are unable or unwilling to reach an agreement by themselves.

Sales Conference

A meeting at which members of a company's sales team(s) are brought together to discuss or review ways of marketing the company's products or services.

Shop Steward

A member of a Trade Union, usually in a factory, who is elected to represent other members in meetings with management and personnel officers.

Tag Line

A memorable slogan or catch phrase used in advertising.

Soldier Of Fortune

A mercenary. A person, sometimes ex-military, who is hired to work for another person or country. A freelance fighter.

Walk Back The Cat

A metaphor for troubleshooting. When something goes wrong, the situation is analysed in chronological order to find out when the problem happened and why, and correct mistakes so they don't happen again. Like when a cat unravels a ball of string and you have to rewind the twisted yarn to find the flaw.

Steering Committee

Also called Steering Group. A group of people who are responsible for monitoring a company's operations or project progress, by ensuring it complies with company policies, resources and costs are approved, etc.

Shareholder

Also called Stockholder. An individual, business or group who legally owns one or more share in a company.

Income Tax

A tax paid by individuals to the government, the amount of which is dependent on how much a person earns from their salary and/or other sources of income.

Gift Tax

A tax payable on gifts over a certain annual value made during the lifetime of the giver.

Corporation Tax

A tax which limited companies and other organisations, such as societies, clubs, associations, etc., pay on their profits after adjustments for certain allowances.

Customs Duty

A tax which must be paid on imported, and sometimes exported, goods, to raise a country's revenue and to protect domestic industries from cheaper foreign competition.

Benefit Principle

A taxation principle which states that those who benefit more from government expenditure, financed by taxes, should pay more tax for the product or service than those who benefit less.

Force Field Analysis

A technique developed by Kurt Lewin to support positive factors and decrease negative factors, as the result of a change in an organisation.

Sunset Provision

Also called Sunset Clause. A provision which states that a particular law or regulation will expire on a certain date unless further action is taken to extend it.

Supertax

Also called Surtax. An additional tax on something already taxed, e.g. an income above a certain level.

Off-Peak

A time period when a service, e.g. phone network, travel, electricity, gas, etc., is being used less frequently by consumers, therefore prices and rates are cheaper at this time.

Rust Belt

Also called The Manufacturing Belt. In the US, an area which contains many old, unmodernised factories, such as steel works, many of which are now closed or not very profitable.

Signature Loan

Also called Unsecured Loan or Character Loan. A loan which is not backed by any security, and which only requires the borrowers signature.

Urban Regeneration

Also called Urban Renewal, the redevelopment of run-down parts of a towns or cities, to include business and housing projects, typically funding by governments or agencies.

Walking Papers

Also called Walking Ticket. A notification of dismissal from a job.

Fiat Currency/Fiat Money

A very bold term for monetary currency which is established and traded as a national currency, such as US Dollar, Sterling, Euro, etc. From Latin 'fiat', 'it shall be'.

Work In Progress

Also called Work In Process. Work on a product, contract, etc., that a company has invested in but is not yet completed. A piece of music, art, etc., which is unfinished but may be available for viewing or listening.

Internet Cafe

Also called a Cybercafe. A public place where people can use a computer, usually for a fee, to check e-mail, access the Internet, etc. These places often sell drink and food, like a regular cafe.

Pictogram

Also called a Pictograph. A graphic symbol or diagram which represents a concept, an amount, an activity, etc., in pictures.

Serial Bonds

Also called Instalment Bonds. Bonds which are issued on the same date but mature over a period of time, usually at regular intervals, so the issuer can spread the repayment to the investor.

Corporate Advertising

Also called Institutional Advertising. Advertising that promotes a company's image, rather than marketing its products or services.

Executive Director

Also called Internal Director. A person who usually works as a full-time senior employee for a company, and is responsible for the day to day running of the business, and is often a member of the company's board of directors.

Current Assets

Also called Liquid Assets. A company's cash or assets which can be converted into cash usually within one year, including shares, inventory, etc.

Stevedore

Also called Longshoreman. A person who works on the docks, loading and unloading cargo.

Narrow Money

Also called M1. A country's money supply which can be exchanged, for example coins, bank notes, bank cheques, travellers cheques, etc.

Life Tables

Also called Mortality Tables. Tables which show peoples life expectancy, depending on their age, lifestyle, etc., often used by insurance companies.

Round Lot

Also called Normal Trading Unit. A block of shares, usually 100, which is traded on the Stock Market.

Organigram

Also called Organisation Chart. A diagram which shows the structure of a business or organisation, showing connections between departments, jobs, etc.

Occupational Psychology

Also called Organisational Psychology. The study of peoples behaviour at work, covering personal relations, mental health, employee selection and training, safety, etc.

Non-Executive Director

Also called Outside Director. A person who is an independent member of a company's board of directors, i.e., they are not an employee of the company and are therefore not responsible for the day to day operations of the company but monitor the activities of the full time executives.

Outstanding Shares

Also called Outstanding Stock. A company's ordinary shares which have been issued and are owned by investors.

Party Plan

Also called Party Selling. A method of marketing in which agents host parties, usually at someone's home, to demonstrate and sell products to invited potential customers.

Consumer Credit

Also called Personal Credit or Retail Credit. Loans given to consumers by financial institutions for household or personal use.

Uptick

Also called Plus Tick. On the Stock Market, a transaction or quote at a price above the preceding transaction for the same security.

Preference Share

Also called Preferred Shares. A type of share which pays the owner a fixed dividend before other share owners are paid their dividends. Preference Shareholders do not usually have the right to vote at shareholders meetings.

Shopping Bot

Also called Price Engine. Computer software which searches the Internet and compares prices from retailers for specific products.

Contract Of Purchase

Also called Purchase Agreement. A legal document which states the terms and conditions, including price, of the sale of an item.

Real Estate

Also called Realty. Property consisting of land with permanent structures on it, such as buildings, walls, fences, etc.

Unsystematic Risk

Also called Residual Risk. The risk that can affect a company's share prices, production, etc., such as a sudden strike by employees.

Personal Development

Also called Self-Development. Acquiring abilities, skills, knowledge, etc., in order to enhance one's performance and self-perception.

Sleeping Partner

Also called Silent Partner. A person who has invested capital in a company but does not take an active part in managing or running it.

Slush Fund

Also called Slush Money. Funds which are raised and set aside for dishonest or illegal purposes, e.g., for bribing government officials.

Retail Investor

Also called Small Investor. An individual who buys and sells shares, etc., for themselves, usually in small quantities.

Sole Trader

Also called Sole Proprietor. A business which is owned and managed by one person who is responsible for any debts which are incurred, keeping their own accounts, etc.

Industrial Action

Also called a strike in the UK. Known in the US as Job Action. A protest by employees during which they refuse to work, usually because they want better wages and/or better working conditions.

Mogul

Also called a tycoon. A very rich, powerful business person.

Gainsharing

Also called profit sharing. An incentive system which enables employees to have a share in a company's profits.

Debt-Equity Swap

An arrangement between a lender and a debtor, usually a company, in which the lender agrees to reduce the debt in exchange for newly issued shares from the borrower.

Leaseback

An arrangement between a purchaser of a property and the vendor in which the vendor immediately leases the property back from the purchaser.

Code-Sharing

An arrangement between different airlines in which they all agree to carry passengers on the same flight using their own flight numbers.

Operating Lease

An arrangement in which a business leases equipment, cars, buildings, etc., for a period of time which is less than the expected useful life of the asset.

Outsourcing

An arrangement in which a company produces goods or provides services for another company, usually in the same country.

Wet Lease

An arrangement in which an airline leases an aircraft, complete with crew, insurance, etc., to another company, usually for a short period of time.

Earn-Out

An arrangement in which an extra future conditional payment is made to the seller of a business in addition to the original price, based upon certain criteria being met.

Credit

An arrangement in which an item for sale is received by the purchaser and paid for at a later date. A loan. The positive balance in a bank account. An amount entered in a company's accounts which has been paid by a debtor.

Sale And Leaseback

An arrangement in which property, machinery, etc., is sold to a business or individual, who then immediately leases it back to the seller.

Teleworking

An arrangement in which the employee works at home and contacts their office or workplace by telephone or computer.

Fractional Ownership

An arrangement where a number of people or companies each buy a percentage of an expensive asset, such as a property. The individual owners then share the asset, and when it is sold the profits are distributed back to the owners.

Virtual Reality

An artificial three-dimentional (3-D) image or experience, created by a computer, and which seems real to the person looking at it.

Auteur

An artist or creative, for example a film director, whose personal style is recognizable because he/she keeps tight control over all aspects of the work.

Delegation

An assignment of responsibility or task, usually by a manager to a subordinate. See delegation. Separately a delegation refers to a deputation, being a group of people appointed or responsible for representing a nation or corporation or other organization to attend talsk or negotiations, etc.

Personal Liability

An individual's legal responsibility in the event of injury to someone, damage to property and/or the debts of their own company.

Accounts

An individual's or company's financial records. Also an arrangement to keep money with a financial institution, e.g., a bank, building society, etc. See financial terms.

Contractor

An individual, company, etc., who agrees to provide goods and/or services to another individual or company under the terms specified in the contract.

Customer

An individual, company, etc., who purchases goods and/or services from other individuals, companies, stores, etc.

Strategic Industry

An industry which is considered essential to the economy of a region or country.

Guru

An influential teacher or an expert in a particular subject who shares their knowledge, often by writing books.

Bean Counter

An informal derogatory term for an accountant, especially one who is perceived or suggested to be overly concerned about expenditure detail.

Semi-Structured Interview

An informal method of research in which set questions are asked which allow other questions to be brought up as a result of the interviewees response.

TheBig Board

An informal name for the New York Stock Exchange on Wall Street.

Dog

An informal slang term for an investment which has shown a poor performance. The slang term dog may also refer to other poor-performing elements within a business, for example a product or service within a company range, as in the widely used 'Boston Matrix'.

Greenback

An informal term for US paper money, i.e., the dollar, derived from the colour of the money.

Hole in The Wall

An informal term for a cash dispensing machine, also called an ATM (automated teller machine).

Trustafarian

An informal term for a wealthy young person, who gives the appearance of being unemployed and living a Bohemian lifestyle in less than comfortable circumstances, but who is living off a trust fund.

Small Print

An informal term for contractual terms and conditions which usually appear in very small font size (typically 8-point or less, whereas normal easily readable text is 10-point and over) on the reverse of a more accessible simple presentation of some sort of deal or arrangement into which a customer or user enters with a provider or supplier. 'Small print' is usually characterized by legalese and complex details, and is commonly used in a cunning way by unscrupulous suppliers to trick buyers into signing onerous agreements. The small size of the print became a practical necessity to accommodate the volume of contractual detail included in most legal documents, but has long served an ulterior purpose of ensuring that most contractual 'small print' is never read at all.

Export Factoring

A facility offered by banks to exporters. The bank is responsible for collecting payments for exported goods, so that the exporter can borrow money from the bank before the goods have been paid for by the customers.

Registered Trademark

A distinctive symbol, name, etc., on a product or company, which is registered and protected by law so it cannot legally be used by anyone else.

Letter Of Indemnity

A document in which an individual, company, etc., guarantees to protect another from costs, liability, etc., as a result of certain actions which may be carried out.

Prospectus

A document published by a company which is offering its shares for sale, disclosing information such as the company's activities, objectives, finances, etc. A book published by a university or school containing information about courses, etc.

Prompt Note

A document sent to someone to remind them when a payment is due on a purchase.

Defence Document

A document that a company's shareholders receive which explains why an offer to buy the company should be rejected.

Offer Document

A document which a prospective buyer of a company sends to the company's shareholders giving details of the offer in the hope of persuading them to sell their shares.

Terms Of Reference

A document which describes the objectives, scope and purpose of a project, committee, meeting, etc. See 'agree specification/terms of reference' in the project management section. Separately the acronym BOSCARDET provides a useful example structure for TOR headings/sections: Background, Objectives, Scope, Constraints, Assumptions, Reporting, Dependencies, Estimates, Timescales. Note that this particular structure has no specific heading for costs/budgets, and so care must be taken to include these considerations, logically within ''Constraints' or 'Estimates'. There is no standard universal structure for a Terms of Reference document because the situations vary widely in which TOR are used. Responsibility lies with the project manager or leader to ensure all relevant and necessary issues are included in TOR. Local interpretation often produces TOR headings and document structure which may be unique to the particular situation. Where an organization oversees many projects/activities requiring Terms of Reference documents it is likely that organizational 'standard' TOR formats are used. Obviously it makes sense to follow such standards where they apply, mindful of the risks of omission, over-complexity, or unnecessary work, which can arise from routinely applying a standard structure.

Kerb Market

In the US, the buying and selling of shares in companies which are not listed on the stock exchange. In the UK, the buying and selling of stocks and shares outside official trading hours.

Discount Window

In the US, when banks can borrow money from the Federal Reserve at low interest rates.

Overbought

On the Stock Market. a situation in which there has been too much buying of shares, etc., which has therefore caused prices to rise too high.

Midsession

On the stock exchange, the middle period of trading during the day, usually around noon.

False Bottom

On the stock market, selling prices which seem to have already hit their lowest level because of a subsequent price rise then fall through a false bottom because the price falls even lower.

Blue Chip

On the stock market, shares of a large company with a good reputation, whose value and dividends are considered to be safe and reliable.

Offshore

Refers to accounts, investments, banks, etc., which are in countries where there are lower taxes and/or little government control.

White Collar

Refers to employees who work in offices or business rather than manual workers.

Part-Time Worker

Someone who works less hours than a full time employee on a permanent basis for a company, usually for a set number of hours a week.

Wage Slave

Someone whose is totally dependent on the wages they earn.

Ex Gratia

Something given or carried out as a favour or gift, rather than as a legal duty.

Brand Association

Something or someone which make people think of a particular product.

Public Domain

Something that is not protected by copyright and is openly available for anyone to use, look at, etc.

Sleeper

Something, such as a film, book, share, etc., in which there is little interest but suddenly becomes a success.

Game Theory

Sometimes called Games Theory, this is a potentially highly complex branch of mathematics increasingly found in business which uses the analysis of competing strategies (of for example market participants) and their effects opon each other to predict and optimise outcomes and results. Relates strongly to cause and effect and chaos theory. Game Theory may also arise in military strategy.

Bonus Culture

Term used when companies give their executives huge bonuses in addition to their large salaries, even if their performance has been poor, especially leaders of financial institutions.

High Net Worth

Term which describes a rich individual or family who have investable assets of $1million or more, but this can vary. A person with more than $50million is classed as Ultra High Net Worth. (as at 2009)

Kettling

Term which is used to describe the police tactic of penning protesters into an area by forming a barrier around them and refusing to let them out.

Not Enough Bandwidth

Term which is used when there are not enough people and/or enough time to get a job done.

Opportunity Cost

Term which refers to the value or benefit of something which will be lost in order to achieve or pursue something else.

Gold Reserve

The amount of gold bullion or gold coins held by a country's central bank to support its currency and provide security for its international debts.

Price

The amount of money required to purchase something or to bribe someone. The amount agreed upon between the buyer and seller in a commercial transaction.

Firepower

The amount of power, money and/or influence that is available to a business or organisation.

Rate of Return

The amount of profit or loss generated by an investment, expressed as a percentage of the total sum invested.

Acceptance Bonus

The amount paid to an employee who agrees to perform a difficult task.

Factory Floor

The area of a factory where the goods are made. Also the collective name of the ordinary workers in a factory, rather than management.

Xylography

The art of engraving an image on a block of wood, or printing from woodblocks.

Vanity Publishing

The author pays the publisher.

Sterling

The basic monetary unit of the UK, e.g. the pound.

Biometrics

The biological identification of human features, such as eyes, voices and hands, increasingly used to identify individuals, e.g., in laptop computers, entry systems and passports.

Mail Order

The purchasing or selling of goods over the Internet, telephone, from catalogues, etc., which are delivered to the customer by mail.

24-Carat/Karat

The purest form of gold (karat is US-English spelling, too soft for jewellery, hence gold jewellery is made of 22-carat, 18-carat, or 9-carat gold, etc., in which other metals such as copper are mixed. Carat is a measure of purity in which 24 parts equate (virtually) to 100% gold. 18-carat is therefore 75% gold. Less than 10-carat gold is generally not sold as gold. The carat measure of diamonds is different, for which carat is a measure of weight (1 carat = 200mg).

Productivity

The rate at which goods are produced based on how long it takes, how many workers are required, how much capital and equipment is needed, etc.

Streisand Effect

The term refers to a situation where something becomes hugely publicized as a result of attempts to keep it private, banned, censored or forbidden. The expression derives from a 2003 legal case brought by entertainer Barbra Streisand to remove an online image of her house in Malibu, California, published innocently in a collection of 12,200 photographs by photographer Kenneth Adelman and Pictopia.com, as part of a California State-approved project to record California coast/erosion. The photograph in question, although tagged as 'Streisand Estate' was not visible to search engines as such, and featured several other properties. Streisand's house accounted for 3% of the image. It was not taken with a high definition lens so no great detail could be discerned. Prior to the case the image ('3850') had been viewed six times, which we might safely assume to be mostly or all by Babra Streisand and her representatives. After Streisand's legal action hit the news, image 3850 became extremely famous, was viewed millions of times, and was reproduced widely along with extensive personal details about Barbra Streisand. Later in 2003 the court ruled against and awarded defence costs against Streisand. Integral to the Streisand Effect is embarrassment and loss of reputation for the suppressor. Examples of the Streisand Effect have become far more common in the age of the internet and social media, which together can generate public awareness and keen interest on a global scale in a matter of hours. There are some pre-internet examples of censorship/banning orders fuelling massive publicity and demand, which retrospectively deserve the Streisand Effect term, including several pop music recordings banned by authorities (Frankie Goes To Hollywood's Relax, for example), and banned books (DH Lawrence's Lady Chatterley's Lover, for example). More recent examples from the internet age include many private injunctions attempted by celebrities attempting to suppress embarrassing news stories, which propel the 'secret' stories onto newspaper front pages very quickly indeed, and go completely wild on the web. Politics, unsurprisingly is full of examples of the Streisand Effect, notably events such US/UK attempts to suppress Edward Snowden's 2013 leaks about US/UK state surveillance; BBC suppression/denial in 2012 of the Saville child abuse scandal story; and the exposure of J K Rowling as the author behind pseudonym Robert Galbraith's book The Cuckoo's Calling. The term Streisand Effect is said to have been coined and initially popularized by Mike Masnick of Techdirt in January 2005.

Market Test

The testing of a product or service in several areas of the country to see if customers will like it and want to buy it.

80/20 Rule

The theory that 20% of effort produces 80% of results, and very many similar effects; also known as Pareto Rule or Pareto Principle, after its originator.

Tertiary Industry

Third sector of a country's economy which covers the provision of services, such as transport, schools, financial services, etc., rather than manufacturing or production.

Finance

To provide or obtain funds for a business, commercial project, an individual, etc. The management of money. To sell or provide goods on credit.

Break Even

To make enough money to cover costs. In business, the point at which sales equals costs. To make neither a profit or loss.

Mitigate

To make something less severe or dangerous, e.g., using 'Mitigating Circumstances' as an excuse to try to make an offence seem less serious than it appears.

Outbid

To offer more money than a rival for something, especially at an auction.

Demonetize

To officially decide that a particular coin or banknote can no longer be used as currency.

Remunerate

To pay a person for services rendered, goods, losses incurred, etc.

Disburse

To pay out money from a large fund, e.g. a treasury or public fund.

Overproduction

To produce more goods than are needed or wanted, an excess of supply over demand.

Recapitalise

To put more money into a business, often one which is facing bankruptcy. To reorganise a company's capital structure by exchanging preferred stock for bonds, usually to reduce taxes.

Speculate

To risk investment in property, shares, etc., in the hope of making a profit when selling them.

Litigious

To routinely or enthusiastically take legal action to settle disputes.

Ratify

To sanction formally. Validate an agreement with a vote or signature.

Recruit

To seek employees for a business or organisation. To enlist military personnel.

Mates Rates

To sell a product or service to a friend or family member at a discounted or reduced rate on the normal price.

Undercut

To sell a product, service, etc., cheaper than the competition.

Flame

To send a rude or unacceptable message by e-mail, or to post a message on an Internet forum which is offensive or inciteful.

Carpet Bomb

To send an advertisement to a large number of people by e-mail or onto their computer screens.

Reboot

To switch a computer off and restart it again immediately.

Repossess

To take back property, goods, etc., usually from an individual or organisation who has failed to repay a loan or has defaulted on a repayment plan.

Garnish

To take part of someone's wages, by law, to pay their debts, e.g. child support, alimony.

Upload

To transfer data or programs from a smaller computer, camera, etc., or a computer at a remote location, to a larger computer system.

A1

Top quality rating, applicable to various business situations, e.g., credit-worthiness, and more general references to quality and fitness for purpose.

Emolument

Total wages, benefits or compensation paid to someone for the job they do or the office they hold.

Digital Wallet

Computer software used to store a persons bank account details, name, address, etc., to enable them to make automatic payments when they are making purchases on the Internet.

Indirect Materials

In accounting, products or services, such as electricity, cleaning materials, chemicals, etc., which are used in the production of goods but are not part of the end product.

Write-Off

In accounting, to reduce the book value of an asset, sometimes to zero, or cancel a debt which has not been, or is unlikely to be, paid.

Mindshare

In advertising, the development of consumer awareness of a product or brand.

Puff

In advertising, to exaggerate the qualities of a product, etc., without actually breaking the law.

Hot Desking

In an office, the practise of having a pool of desks, which are usually equipped with phone and computer links, so that workers can use them when they are required, rather than having their own individual desk.

Nepotism

In business and organizations, nepotism refers to those in power showing favouritism towards friends and family, for example by giving them jobs because of their relationship rather than their abilities. The word came into English from French in the mid-1600s and originally derives from the Italian nipote, nephew, and the tradition of giving privileges to the 'nephews' of popes, who were typically actually illigitimate sons. Nepotism is a common source of conflict of interest.

Maladministration

In business or government, the act of incompetence or running a system in a dishonest way.

Key Account

In business, a company's main client or customer, who represents a large percentage of the company's income.

Current Liability

In business, a liability or debt which must be paid within one year from the time of the initial transaction.

Paper Loss

In business, a loss which has occurred and appears in a company's accounts, but has not yet been realised until a transaction has been made, e.g. the sale of an asset which has lost value.

Non-Executive

In business, a member of a board of directors or a consultant who is not an employee of a company but who gives independent advice.

Special Resolution

In business, a resolution which must be passed by a high majority of a company's shareholders, often 75%, as opposed to an ordinary resolution, which only requires more than 50% of the the vote.

Open Communication

In business, a situation in which employees have full information about the organisation, and are encouraged to exchange ideas and objectives with management.

Meritocracy

In business, a system in which people advance because of their abilities rather than their connections or wealth, etc.

Deep Throat

In business, an anonymous source of top secret information. First used in this sense in the reporting of the US Watergate scandal.

Variable Cost

In business, costs which vary according to the changes in activity, production, etc. of the company, such as overheads, labour and material costs.

Divest/Divestment

In business, divest/divestment refers to a corporation selling subsidiary interests, especially a subsidiary company. (The term derives originally from a more literal meaning of taking power of rights from someone or a body - from the original French desvestir, meaining literally removal of a person's vest or garment.)

Overheads

In business, regular costs which are incurred, such as wages, rent, insurance, utilities, etc.

Total Costs

In business, the costs of manufacturing, overheads, administration, etc. - i.e., the sum of fixed costs and variable costs. In investments, the price paid for a share, security, etc., plus brokerage fees, taxes, interest due to the seller, etc.

Line Authority

In business, the power given to management allowing them to give orders and to control subordinates.

Natural Wastage

In business, the process of reducing the number of employees by not replacing those who have left their jobs, rather than by redundancy or dismissal.

Experience Curve

In business, when costs fall and production increases as a result of increase in workers skills and lower material costs.

Inflection Point

In business, when important significant changes take place in an organisation. (Andrew S. Grove - Intel)

Parastatal

In certain countries, a company or organisation which is partially or fully owned and controlled by the government.

Protocol

In computing, a set of rules which determine the way data is transmitted between computers. The code of conduct in an organisation, etc.

Username

In computing, refers to the name that uniquely identifies the person using a computer system or program and is usually used with a password.

Bloatware

In computing, software that needs so much computer memory that it takes a long time to load and therefore does not function properly.

Bandwidth

In computing, the amount of information that can be transmitted through a communication channel over a given period of time, usually measured in 'bits per second' (bps).

Ticker Symbol

In the US, a set of characters, usually letters, used to identify a particular share on the Stock Exchange.

Nielsen Rating

In the US, a system which measures TV audiences, i.e., which programmes are watched by which type of person. Companies use this information to decide when to advertise their products, and TV companies use this information to set prices for advertisement slots.

Notice Of Deficiency

In the US, an official document sent to a taxpayer which shows that they owe more tax than has been declared on their tax form.

Pink Slip

In the US, an official notice of job termination given to an employee.

Microcap

In the US, small companies on the stock exchange that have shares which are very low in total value.

Bounty Hunter

In the US, someone who pursues criminals or fugitives and brings them to the police in exchange for a monetary reward.

Takeover

The purchase of one company by another.

Doula

A birthing or labour coach, from the greek word doule, meaning female slave.

Import Duty

A tax charged on certain goods which are brought into a country.

What if?.. Scenarios/Modelling

'What If?..' Scenarios or Modelling is a form of planning. 'What If?..' is a vague and general term covering methods of predictive or creative forecasting, in which scenarios or hypothetical situations are developed, almost always by extending or extrapolating an existing or historical situation. 'What If?..' methods in planning and problem-solving commonly seek to identify and predict new events and factors which arise in addition to what may be easily assumed from basic extrapolation, and therefore entail quite a high degree of creative and imaginative input. 'What If?..' planning may be organized with computerised systems, or may be mapped in more basic pen-and-paper terms. Effective 'What If?..' methods will often involve brainstorming of one sort or another.

Locus Standi

(Latin - place of standing) The right or capacity of a litigant to be heard or to bring an action in court.

Myers-Briggs Type Indicator

(MBTI) A psychometric questionnaire or personality test in which people answer questions about themselves, which helps identify strengths and personal behavioural/behavioral preferences. See personality styles and models.

Material Requirements Planning

(MRP) The use of computer software to plan and manage a production process, for example the amount of materials or parts required, calculation of workload, delivery schedules, etc.

Open-Ended Investment Companies

(OEIC) Limited investment companies which manage mutual investment funds. An OEIC can issue more shares if there is a demand from investors. The fund reduces if investors sell their shares back to the company.

Open Border

A border which allows the flow of unrestricted goods and people between countries.

Sin Tax

A tax on certain goods or services which are considered bad for people, such as cigarettes, alcohol, etc.

Not-Spot

An area of poor or lack of coverage in cellphone service or similar communications technology.

Lading

Freight or cargo carried by a large vehicle. The act of loading cargo onto a ship.

PLC

Public Limited Company. In the UK, a company with limited liability, whose shares can be purchased by the public.

Purveyor

A company or person who supplies provisions, especially food.

Loan Shark

Someone who offers unsecured loans at excessive rates of interest.

Income Fund

An investment fund with high returns which pays the owners a regular income.

E-Enabled

Being able to communicate and/or conduct business using the internet.

Organised Labour

Employees who are members of a Trade Union.

Pharmaceutical

Relating to or engaged in the process of making and selling medicinal drugs.

Bootstrapping

Starting a business from scratch and building it up with minimum outside investment.

Pro Tem

Temporarily. For the time being.

Second Generation

Term which describes an improved product, service, etc.

Minimum Wage

The legal lowest wage an employee can be paid by an employer.

Consumer Price

The price which the general public pays for goods and services.

National Debt

The total amount of money owed by a nation's government.

Adverse Event

Term used when a volunteer in a clinical trial has a negative or unfavourable reaction to a drug, etc.

Ordinary Capital

The amount of capital invested in a company by shareholders.

Unauthorised

Without official endorsement or permission.

Net Yield

The profit from an investment after taxes, costs and all other expenses have been deducted.

Short Covering

The purchase of the same number of shares, bonds, etc. which have been sold short. (See Short Selling)

Indemnify

To insure and offer financial protection against loss, damage or liability.

Sequestrate

To legally confiscate someone's property until a debt has been paid.

Litigate

To legally settle a dispute in, or take a claim to, a court of law.

Counterbid

To make a higher offer than someone else in a bid to buy something.

Touch Base

To make contact, usually managers who want to communicate with their staff.

Slogan

A catch-phrase used in advertising which is easy to remember so it is associated with a product or company when people hear or see it.

Silicon Valley

An area south of San Francisco, California, which is noted for its computer and high-technology industries.

Environmentalist

An individual who is concerned about the protection, conservation and improvement of the natural environment.

Employee

An individual who is hired and paid by another person, company, organisation, etc., to perform a job or service.

Consumer

An individual who uses goods and services but who may not have been the purchaser.

Egalitarian

Believing that everyone is equal and should all have the same rights and opportunities in life.

Scrip

A certificate which entitles someone to a parcel of shares. An issue of additional shares given to existing shareholders instead of dividends.

Target Company

A company that another company or organisation wants to acquire.

Daughter Company

A company that is controlled partly or completely by a holding or parent company.

Rating Agency

A company which assesses and rates businesses on their credit-worthiness and/or their ability to repay debts.

Cost Leader

A company which has a competitive advantage by producing goods or offering services at a lower cost than its competitors.

Holding Company

A company which is formed for owning and holding controlling shares in other companies.

Black Knight

A company which makes a hostile takeover bid for another company that does not want to be bought.

Office Of Fair Trading

(OFT) In the UK, a non-ministerial government organisation, established in 1973, to protect consumers and ensure that competing businesses deal fairly, and to prohibit cartels, rogue trading, etc.

Accelerator

A company which supplies office space, marketing services, etc., in exchange for payment, to help get new companies started.

Quoted Company

A company whose shares are listed on the Stock Exchange.

Shark

A dishonest business person who cheats and swindles others.

Cowboy

A dishonest, often unqualified, business person, especially one who overcharges for bad quality work. Not to be confused with the cowboy of top-shelf publications.

Stock Ticker

A display which automatically updates and shows the current prices and volumes of traded shares on the Stock Market.

Trustbuster

A government agent whose job is to break up monopolies or corporate trusts under the anti-trust laws.

Treasurer

A person in a company, organisation, club, etc., who is responsible for the management of funds and accounts.

Third-Generation

3G. Describes wireless technology which has been developed to send messages and data over networks using mobile phones, computers, etc.

Vicarious Liability

Having legal responsibility for the actions of another, e.g. the liabilty of an organisation for the actions of its employees.

Semi-Skilled

Having or requiring some skills or special training to perform a job, such as operating machinery.

Call Account

A bank account, which usually pays a higher rate of interest, from which investors can make instant withdrawals.

Instant Access Account

A bank or building society account which allows you have instant access to your money without any penalties.

Wholesale Bank

A bank which provides services to large organisations, financial institutions, etc., rather than individual customers.

Socialism

A belief that a country's wealth should be distributed equally among its population, and to varying extent also that its industries should be under government ownership and control.

Fringe Benefit

A benefit given to employees in addition to their salary, such as a company car, pension scheme, paid holidays, etc.

Takeover Bid

A bid made by an organisation or individual to acquire a company, usually by offering to purchase the shares of the company's shareholders.

Sealed Bid

A bid to buy an item, or a cost estimate for a contract, which is kept secret in a sealed envelope until all the bids have been received and are opened together.

Black Swan/Black Swan Theory

A 'black swan' refers to a random unpredictable and highly influential event (upon economics, society, politics, life, etc) whose potential/significance is generally only appreciated after it has happened, and even then is commonly rationalized (by commentators and leaders, etc) to have been predictable and part of a predictable pattern of some sort, which actually is not so, or it would have been. The tendency for many people to be in denial as to the true nature of black swan event unpredictability and impact is an important part of the black swan theory itself. Examples of 'black swans' are events such as the September 11 attacks on the US by al-Qaeda; the 1986 Chernobyl disaster; and the 2008 global financial/credit collapse. Black swans can instead be of a more positive nature, for example, the invention of the internet, or the fall of the Berlin Wall. The black swan term/theory was introduced by Nassim Taleb, a highly regarded Lebanese-American professor, author and theorist, in his best-selling 2001 book Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets, and reinforced by his follow-up 2007 best seller The Black Swan: The Impact of the Highly Improbable. The 'black swan' metaphor alludes to both to the rareness of black swans, and to early beliefs that the creatures did not exist - which relates to general attitudes towards the real nature of 'black swan' events. The word 'black' also suggests negative consequences, which commonly result from black swan events. 'Grey swan' is a related expression, also coined by Nassim Taleb in his books, which refers to a predicted or known event which has uncertain outcomes.

Race Relations Act

A British government Act, introduced in 1976, making it unlawful to discriminate against someone because of their colour, race, nationality or ethnic origin.

Theory Z

A Japanese management style based on the theory, developed by William Ouchi, that workers like to build relationships with other workers and management, to feel secure in their jobs, develop skills through training, and have their family life and traditions valued.

Bathtub Curve

A U-shaped graph, often long horizontally - resembling a bathtub - representing high incidence or measure at the beginning and finish (far left and far right of graph) of a life-cycle or lifetime or period, with much lower incidence over a relatively long middle period (middle of graph), for example when measuring engineering failures in a product over time, in which early development teething problems produce high failure rates, tending to reduce to lower failure rates due to uncommon random faults, with failure rates again peaking at the end of product life, due to natural 'wear and tear'/exhaustion/erosion of components and construction. A Bathtub Curve may also equate to a U-shaped graph, for example in describing a type of recession which contains a prolonged period at the lowest point, i.e., a U-shaped recession. See also 'bell curve' below.

Small Claims Court

A UK court in which hearings are generally informal, without jury, for the judgment of civil claims for small amounts of money, and where parties commonly represent themselves instead of hiring a solicitor or lawyer, although legal assistance or representation is permitted.

Red Bag

A UK legal profession tradition in which a red fabric bag, to contain a barister's robes, is presented to a junior lawyer by a Queen's Counsel (QC) for recognition of good work in an important case.

Freepost

A UK postal system, usually used in business, in which the recipient business pays the postage on mail, rather than the sender or customer.

Pork Barrel

A US political term for when government funds are used for projects which benefit certain local groups or constituents, and show their political representative in a good light.

Gazelle

A US term for a fast growing company that creates a lot of job opportunities, and which has grown by at least 20% in the last four years.

Sticker Shock

A US term for the feeling of surprise or shock experienced by some customers when they see that the price of an item they were thinking of purchasing is much higher than they expected.

Current Account

A bank account which can be used to make deposits, withdrawals, cash cheques, pay bill, etc.

Microeconomics

A branch of economics which studies individual parts of the economy, such as households, industries and businesses, and how they make decisions about spending money, use of goods and services, etc.

Marque

A brand name or model of a well-known manufactured product, especially an expensive car.

Power Brand

A brand of goods, etc., which is well known and has a large share of the consumer market for a long period of time.

National Brand

A brand or product which is available nationwide rather than a local brand which is available in only one area of the country.

Aspirational Brand

A brand or product which people admire and believe is high quality, and wish to own because they think it will give them a higher social position.

Kickback

A bribe or illegal payment made to someone in exchange for a successful referral for a job or transaction.

Hush Money

A bribe or payment, which is often illegal, given to someone to stop them from disclosing information, usually to prevent bad publicity or to hide a crime.

Teaser Ad

A brief advertisement which reveals only a little bit of information about a product, usually not yet available, in order to arouse widespread interest.

Mission Statement

A brief statement which sets out the activities and objectives of a company or organisation.

Abstract

A brief summary covering the main points of a written article or research project.

Screening Interview

A brief, first interview, sometimes over the phone, with a company looking for potential job applicants. This process weeds out unsuitable applicants, and successful ones go on to the next stage of interviews.

Gravy Train

A business activity which makes a large profit for an individual or an organisation without much effort. To have it easy.

Social Enterprise

A business chiefly having positive social and/or environmental aims, in which community and staff tend to feature strongly in priorities, and where profit is a means towards social, environmental or community purposes rather being an aim itself for the enrichment of owners or shareholders.

Profit-centre

A business division or department or unit which is responsible for producing a profit, for example a shop unit within a chain of shops, or a branch within a network dealerships. Significantly a Profit-centre business unit will use a 'Profit and Loss Account' as a means of managing and reporting the business. A profit centre is involved in selling to customers. See Cost-centre, which tends only to be responsible for internal services and supply to other departments.

Seminar

A business meeting for training purposes or for discussing ideas.

Power Lunch

A business meeting held over lunch in which important decisions may be made, or high level discussions carried out.

Employee Ownership

A business model and constitutional framework in which staff hold significant or majority shares of a company, thereby ensuring higher levels of loyalty and commitment, and fairness in the way that business performance relates to employee reward. The John Lewis Partnership is one of the prime and most successful examples of the concept.

Public Enterprise

A business or economic activity owned and controlled by the government.

Open Shop

A business or factory which does not require employees to be members of a trade union.

Retailer

A business or individual who sells products or services directly to the customer.

Retained Profits

A business profit, after tax and dividend payments to shareholders, which is retained by the business and often used for reinvestment.

Competitor

A business rival, usually one who manufactures or sells similar goods and/or services.

Lifestyle Business

A business set up and run so as to fit with the wider life needs of the business owner(s) which might be called 'life balance', or happiness or wellbeing. Typically this will mean that the business can be established and operated with very simple, relatively small-scale, and easily manageable: infrastructure, overheads, inbound supply-chain (if any), premises (typically in a home), legal issues, administration products/services range, ambition, marketing and advertising, technology and ICT, staffing, and demands on workload, time, and generally work pressures. Given these criteria, certain types of businesses do not make naturally good lifestyle businesses, because they imply/require a more burdensome degree for one or a number of the features listed above. Businesses that do not naturally make good lifestyle businesses would be for example: manufacturing (other than boutique or 'hand-made' type products); warehousing and distribution; FMCG (fast-moving consumer goods - see FMCG in the acronyms page)

Poison Pill

A business strategy used by a company to avoid being taken over by another company, e.g., the selling of assets, shares, etc., to make the company look less attractive to the potential buyer.

Market Orientation

A business strategy whereby a company focuses on meeting the customers needs and wants regarding products and services.

Forward Integration

A business strategy whereby a company takes control of its distributors, therefore guaranteeing the distribution of the controlling company's products.

Six Sigma

A business strategy, originally developed by Motorola, which strives for perfection in production and quality. See Six Sigma.

Partnership

A business which is owned by two or more people, all sharing the profits and responsibility for managing the business.

Loyalty Card

A card given to customers by a retailer which gives the customer points, etc., every time they shop there. These points convert into vouchers which the customer can spend at the store at a later date.

Warrant

A certificate which entitles the holder to buy a specific number of shares at a fixed price within a specified period of time. A legal document issued by a court of law authorising the police to make an arrest, search premises, etc.

Supply Chain

A chain through which a product passes from raw materials to manufacturing, distribution, retailing, etc., until it reaches the end consumer.

Pie Chart

A chart or graph which is circular in shape and divided into triangular sections (like slices of a pie), the sizes of which are relative to the quantities represented.

Rubber Cheque

A cheque which bounces, due to insufficient funds in the account of the person who wrote the cheque for it to be cleared by the bank.

Payable To Bearer

A cheque, security, etc., which can be exchanged for money by the person in possession.

Synod

A church council or leadership assembly of clergy, also possibly including the laity ('lay-ity', meaning lay or non-professional members). The term 'The Synod' typically applies to the most senior council of a church, or less definitively may refer to a local diocese or church division. In English prior to 1121 (Chambers says) the word was 'synoth', and derives from Greek via Latin, synodos and synodus meaning a meeting or assembly, or conjunction of the planets, from Greek syn, together, and hodos, way.

Force Majeure

A clause in a contract which exempts the contracting party (e.g., insurer) from liability in the event of an unforeseen intervention or catastrophe which prevents fulfilment of contractual obligations, such as war, act of God, etc. The term force majeure is French, meaning loosely 'superior strength'.

Proviso

A clause in a contract which makes a condition or stipulation.

Penalty Clause

A clause in a contract which states that a specified sum of money must be paid by the party who breaks the contract.

Double Indemnity

A clause in a life insurance policy where the insurance company agrees to pay double the face value of the policy in the event of accidental death.

Portfolio

A collection of investments, such as shares, bonds, etc., which are owned by an individual or organisation.

Archive/Archives

A collection of records no longer active. Also pluralised - archives - meaning the same, and referring to the place of storage.

Spiff

A commission paid by a manufacturer or supplier to encourage salespeople to sell their product rather than a competitors.

Overriding Commission

A commission paid to an agency office manager based on business created by agents who work at that office.

Recession Shape

A common way to describe a recession, in terms of how the recession appears in a graph of GDP movement over time. 'Shapes' are mostly letter-shapes (V, W, U, etc). Here are the most common recession shapes: *V-shaped recession - The simplest shape and basic form of recession, namely a broadly straight-lined angled decline to a trough or lowest point, followed by a relatively quick 'bounce' upwards again in a straight-lined angled rise back to the pre-recession level. *U-shaped recession - Like the V-shaped recession but with a longer period at the lowest point. Alternatively called a 'Bathtub Curve'. *W-shaped recession - Also called a double-dip recession, essentially characterized by a recession whose recovery is interrupted by a further decline into recession, before final recovery. *L-shaped recession - A recession which fails to recover for a very long period, typically ten years or longer, or indefinitely, i.e., pre-recession levels of GDP and GDP growth are not seen again for many decades. Also, where extremely severe an L-shaped recession might more traditionally be called a depression. The Japanese recession of the 1990s is gererally regarded as an example of an L-shaped recession. The recessions in the US and large parts of Europe following the 2007/8 global financial crisis might easily be interpreted as similarly long-term and ominously L-shaped recessions. *WW-shaped recession - A recession which lurches from recovery back into recession several times, which given the implication of the need for such a term, contains more ups and downs than a triple-dip recession. As with many of the terms referring to types of recessions, the need for the terminology is produced more by finely balanced definitions of a recession, rather than the ups and downs of economic performance, which are generally happening anyway whether in growth or recession. It's all a matter of degree; i.e., where recessions are defined by very tiny degrees of contraction (as happens in modern times), then 'multiple dip' and convoluted letter-shaped terminology tend to be used more frequently. *J-shaped recession - This shape unusually and optimistically refers to a recession which recovers into a boom or period of high growth, i.e., the level of GDP immediately beyond recovery continues to increase strongly and substantially above pre-recesssion levels for a period exceeding the duration of the recession. This sort of recessionary recovery might be fuelled by technology innovation, or discovery and exploitation of new natural resources, etc. *Inverted Square Root Sign-shaped recession - Otherwise technically the 'inverted radical symbol-shaped' recession, this term, apparently coined by financier George Soros, is very rarely used, and is included here mainly for curiosity. It refers to an L-shaped recession containing a small bounce (partial initial recovery) before a prolonged or indefinite period of depressed/recessionary-level economic conditions. Confusingly an inverted radical sign, with or without the long horizontal overline, seems not to fit the effect Soros described. A reverse tick or check sign is more apt.

Market Leader

A company or brand which has the highest sales of a particular product. A best-selling product.

Enterprise

A company or business. A business project, often one which is sometimes difficult and/or risky.

Sponsor

A company or individual who helps to support, usually financially, a team, an event, such as a sports meeting or concert, etc., in return for publicity or to advertise their own company or product.

Price Taker

A company or individual whose selling or buying of goods and services has little or no influence over prices.

Joint Stock Company

A company or organisation owned by joint shareholders, which is a type of corporation and partnership. The stockholders run the company and share its profits and debts.

Parent Company

A company or organisation which owns more than 50% of the voting shares in another company, therefore the Parent Company controls management and operations in the other (subsidiary) company.

Affiliate

A company or person controlled by or connected to a larger organisation. In web marketing an affiliate normally receives a commission for promoting another company's products or services.

Golden Parachute

A company's agreement with an employee, usually a top executive, which promises a significant amount of money and/or benefits if the employee is forced to leave their job, usually because of a change of company ownership, outside of the control of the original employer company.

Intangible Asset

A company's assets which do not physically exist, such as brand name, trademarks, copyrights, etc.

Sunk Cost

A company's past expenditures which cannot be recovered, and should not be taken into account when planning future projects.

Distributable Profit

A company's profits which are available for distribution among shareholders at the end of an accounting period.

Core Earnings

A company's revenue which is earned from its main operations or activities minus expenses, such as financing costs, asset sales, etc.

Glamour Stock

A company's shares, which are very popular with investors, because they have performed well on the stock exchange.

Overage

A company's surplus, such as money or goods, which is available but exceeds the amount needed or required.

White Knight

A company, individual, etc., who offers favourable terms in a takeover, usually saving the acquired company from a hostile takeover.

Unanimous

A complete agreement on a decision or opinion by everyone in a group.

Central Reservation System (CRS)

A computer database system used by a chain of hotels (and other services providers) enabling availability and rates to be monitored and bookings to be made.

Pascal

A computer language which is used to write programs, also used in teaching programming.

Virus

A computer program with a hidden code, designed to infect a computer without the owners knowledge, and which causes harm to the computer or destroys data, etc.

Expert System

A computer software system which can provide expert knowledge for a specific problem when users ask a series of questions.

Server

A computer which provides services, such as e-mail, file transfers, etc., to other computers connected to the network.

X-Efficiency

A concept introduced by economist Harvey Liebenstein. A company's ability to use its workers, machines, technology, etc., to produce maximum output at lowest cost and as quickly as possible.

Vertical Equity

A concept of economic fairness, for example people who are better off should contribute more taxes than those who are less well off.

Heuristic/Heuristics

A concept within psychology referring to instinctive thinking based on learned 'rules', habits and tendencies (increasingly understood and defined by experts) which people use to make judgements and decisions. Sometimes heuristic thinking is helpful; other times not. Heuristics are extremely useful in understanding and influencing human behaviour/behavior, especially in groups. More generally the word heuristic describes personal learning and discovery, as distinct from being told or taught or instructed by somebody else. This may involve trial and error, and within a learning or training environment crucially must allow for people to make mistakes, as a method of developing effective ideas and solutions. The word is from Greek, heuriskein, to find. See Nudge theory, within which heuristic thinking is explained and featured strongly.

Escape Clause

A condition in a contract which allows the contract to be broken in particular circumstances.

Trade War

A conflict between countries in which each country puts up trade barriers in order to restrict or damage the others trade.

Contract Of Employment

A contract between an employee and an employer which specifies terms and conditions of employment, such as hours to be worked, duties to perform, etc., in return for a salary, paid benefits, paid holiday, etc., from the employer.

Rolling Contract

A contract which runs for a specific period of time and continues to be renewed for further periods, subject to review.

Compliance Officer

A corporate official whose job is to ensure that a company is complying with regulations, and that its employees are complying with internal policies and procedures.

Flighting

A cost effective method of advertising. A commercial is scheduled to appear on TV, usually when viewing figures are high (flight). There are periods in between the flights when the commercial does not appear on TV (hiatus). During the TV hiatus the product being advertised will often appear in newspapers or magazines, so the public is continually aware of it.

Lender Of Last Resort

A country's central bank which loans money to other banks or financial institutions which cannot borrow money from anywhere else and do not have enough reserves to cover cash withdrawals by their customers.

Planned Economy

A country's economic system controlled by the government, which makes all the decisions about production, distribution and consumption of goods and services.

Mixed Economy

A country's economic system which has both private and state owned enterprises in operation.

Parallel Market

A country's separate market which deals in goods and currencies outside the country's normal official government controls.

Youth Court

A court of law, which members of the public are not allowed to attend, that deals with juvenile (under 18 years of age) offenders.

Ordinary Creditor

A creditor who has no priority or security if a company which owes them money goes bankrupt. Therefore, they will be paid only after other creditors have been paid.

Preferential Creditor

A creditor who has the right to receive payment of debts, before other creditors, from a bankrupt company.

Identity Theft

A crime in which someone obtains another person's personal information, such as passport, credit card details, etc., and poses as that person in order to steal money, get benefits, make purchases, etc.

False Accounting

A criminal offence. Giving false information in, or destroying, a company's accounts, usually for personal gain. Fraud.

Mob

A crowd of people - usually unruly and agitated. Mob is actually a shortened version of the full Latin phrase, mobile vulgus, meaning excitable crowd. The term was abbreviated in English first as 'mobile', in the 1600s. In more recent times the meaning of mob has become much wider - notably slang for gangsters (hence 'mobsters'), and in modern times to expressions such as 'flash mob', whose full technical meaning (aside from its earliest underworld meaning) is a secretly planned, surprising and quickly-formed excitable crowd.

Record Date

A date set by a company by which an investor must be recorded as owning shares in order to qualify to receive dividends and be able to vote at a shareholders meeting.

Lemon

A defective product which is poor quality and fails to function as promised. Particularly used in the automotive industry, specifically for a poor-quality second-hand car, or a sub-standard new vehicle.

Margin Call

A demand by a broker for an investor to bring his margin account up to the minimum level required by depositing additional money, shares, securities, etc.

Scab

A derogatory term for an employee who refuses to join a trade union, or who continues to work during a strike at their workplace. Also describes someone who accepts work or replaces a union worker during a strike.

Shovelware

A derogatory term for content which is put directly on to a web page, e.g. from a magazine, etc., without changing its appearance to make it suitable for the Internet. Also refers to pre-installed programs on some computers, which have little value to the user.

Luddite

A derogatory term for someone who opposes or disapproves of new technology and/or new methods of working, often because the changes threaten jobs. From the Luddite rioters of 1811-16, who in defence of labourers' jobs in early industrial Britain wrecked new manufacturing machinery. See Luddite in the words origins page.

Dead Cat Bounce

A derogatory term used on the stock exchange to describe a huge decline in the value of a stock, usually a share, which is immediately followed by a temporary rise in price before continuing to fall. From: "Even a dead cat will bounce if it falls from a great height".

Mondeo Man

A derogatory term used to describe the average British man, who is depicted as boring, living in a semi-detached house in Kent with a wife and two children. Also used to describe travelling salesmen, a large number of who drive Mondeo cars.

Offer By Prospectus

A description of a company, for example financial structure, prospects, aims, etc., used when new shares are offered to the public, or when the company is for sale.

Pen Portrait

A description of a person, a 'character sketch in words', now commonly a person-profile used for audience targeting purposes (marketing, recruitment, etc), although the expression dates back to the 1800s, originally referring to a description of a person, so as to produce a picture in the mind. 'Pen Picture' was an early alternative term.

Docking Station

A device to which a notebook computer or a laptop can be connected so it can serve as a desktop computer.

Router

A device which connects at least two computer networks and sends data from one to the other.

Tachograph

A device which is fitted to vehicles, especially commercial vehicles, which records the speed, distance and time travelled.

Decision Tree

A diagram which starts with an initial decision, and possible strategies and actions are represented by branches which lead to the final outcome decided upon.

Green Paper

A discussion document, typically written and circulated in governmental situations, aiming to start a discussion and the process of producing a white paper, so as to table new legislation. See white paper.

Abilene Paradox

A feature/cause of many poor or daft decisions by groups or committees, in which the collective (unanimous or group) decision is considered wrong or silly by individual members, and/or is clearly wrong or silly from an rational standpoint. The term is from Jerry B Harvey's book The Abilene Paradox and other Meditations on Management (Jossey-Bass, 1988): a family decide to go to Abilene, as suggested by a family member who believes others might want to go, although he had no strong personal view himself. The trip was a waste of time, after which it emerged that no-one wanted to go. The wrong group decision was caused by individual reserve and politeness, faulty assumption/assessment of the true wishes of others, combined with urge to 'follow the herd'. The group's members form false impressions of the group's preference, and blindly follow it. The effect is related, but slightly different from a risk in elections and especially tactical voting, whereby the collective effect produces an outcome nobody wants. This 'daft group decision' effect may also be likened to group decision outcomes represented by expressions such as 'designed by committee' and 'a camel is a horse designed by a committee', both of which seek to illustrate that group decisions often produce unhelpful or poor quality outcomes. The tendency is an example of 'heuristic' thinking (specifically 'following the herd'), where decisions are made instinctively and emotionally, rather than logically and rationally, and relates strongly to Nudge theory and the heuristics within it.

Front-End Load

A fee charged for an investment, for example an insurance policy, limited partnership, mutual fund, etc. The fee is made with the initial payment, and subsequent payments are therefore lower.

Tax

A fee imposed by a government on personal or corporate income, products, services, etc., in order to raise revenue to pay for public services.

Back-End Load

A fee or commission paid by an individual when they sell their shares in an investment fund.

Royalty

A fee paid for the use of another person's property, for example a copyrighted work, a patent, a franchise, etc. A payment made to a writer, composer or singer when a book, CD or performance of their work is sold. A share of the profit paid to the owner of the land which an oil or mining company is leasing.

Retainer

A fee paid in advance to someone, such as a lawyer, to engage their services as and when they are required.

Interest Rate

A fee which is charged for borrowing money, e.g., a loan from a bank or financial institution, lease arrangement, goods bought through hire purchase, etc.

Mountweazel

A fictitious entry in a reference source or listing, traditionally an act of mischief, but also used to catch copyright cheats or those who obtain and use a database without a licence or a fee. Logically mountweazel entries are removed from legitimate authorized versions. Mountweazel is supposedly named after a false entry Lillian Virginia Mountweazel in the 1975 New Columbia Encyclopedia. Also called a nihilartikel, from the Latin nihil meaning nothing, and the German word artikel. A fictitious 'trap street' is the equivalent used to combat map copyright theft. (NB This is entry is not a mountweazel, probably..)

Lease Purchase

A finance agreement in which an item, usually a car, is leased for a certain period of time with an option to purchase at the end of the contract.

Current Ratio

A financial ratio which gives an indication of whether or not a company can pay its short-term debts.

Balance Sheet

A financial statement of an individual, company or organisation, which shows assets and liabilities (money owed) at a specific date.

Mulct

A fine or financial penalty, or the verb form, to cheat or swindle someone out of money or penalize someone by imposing a fine, from the Latin word multare, to fine.

Cover Charge

A fixed fee charged by a nightclub or a restaurant with live entertainment, which covers, or part covers, the cost of musicians, DJs, etc.

Stipend

A fixed, often modest, payment, usually made on a regular basis, to someone, e.g. an apprentice, for living expenses during a training period.

Reserve Currency

A foreign currency which is permanently held by a country's central bank, and is used for international transactions.

Questionnaire

A form containing a list of research or survey questions for people to answer, so that information can be gathered for analysis

Term Assurance

A form of life insurance which pays out a lump sum if the policyholder dies within a fixed period of time.

Compensation Fund

A fund set up by a company or organisation from which to pay people who have suffered loss or hardship which has been caused employees or members of the company or organisation.

Pension Fund

A fund set up to collect money on a regular basis from employers and employees, which pays the employees pension when they retire from work.

No-Load Fund

A fund which does not impose a sales or commission fee on the investor for the buying and selling of stocks and shares.

Unit Trust

A fund which raises money from a number of investors, usually investing only a small amount each, which is then invested on their behalf by a fund manager in a range of shares, securities, bonds, etc.

Companies House

A government agency in the UK which is responsible for collecting and storing information about limited companies. The companies must file annual accounts or face penalties.

Minister without portfolio

A government minister who has not been appointed to any specific department, and who has no specific departmental responsibilities. Also refers metaphorically to an executive or director or manager in an organization who has authority and rank but no responsibility for specific activity.

Ombudsman

A government official who investigates complaints from the general public about companies, government officials, the media, etc.

Gerontocracy

A government or political system which is ruled by old men (elders).

Fiscal Policy

A government policy to regulate a nation's annual economic activity by setting tax levels and determining government expenditure.

Learning Curve

A graph depicting the rate at which a person learns a new skill. A steep learning curve shows that a person is learning quickly, and a shallow learning curve means that a person is slower and taking more time to learn.

Chamber Of Commerce

A group of business owners in a town or city who form a network to promote local business.

Consortium

A group of businesses, investors or financial institutions working together on a joint venture.

Currency Bloc

A group of countries that use the same currency, for example the Euro.

Customs Union

A group of nations which have agreed to promote free trade, for example, not to charge tax on goods which they trade with one another, and to set taxes for nations which are not members of the group.

Task Force

A group of people formed to work on a particular project or assignment.

Consumer Panel

A group of selected people, usually a cross-section of a population, whose purchasing habits are monitored by an organization, in order to provide feedback on products, services, etc., which are used.

Cartel

A group of separate companies or nations which together agree to control prices and not compete against each other. Also known as a Price Ring.

Back Shift

A group of workers or the period worked from late afternoon until late at night in an industry or occupation where there is also a day shift and a night shift.

Think Tank

A group or organisation which researches and advises on issues relating to technology, economy, politics and social strategy.

Intervention Price

A guaranteed minimum price set by a government for a product, usually farm produce. If the price falls below this then the government, or agency, will buy the produce at the Intervention Price.

Mezzanine Finance

A high interest, usually unsecured, loan in which the lender often has the right to obtain shares in the business which has acquired the loan. Sometimes used in management buy-outs.

Aggressive Growth Fund

A high risk investment fund in which shares are expected to increase in value very quickly in the hope of making large profits.

Opinion Leader

A high-profile, influential public figure, such as a celebrity or business person, whose opinions and tastes are respected and/or copied by the general public.

Electronic Cottage

A home which has the necessary electronic equipment, such as telephone, computer, etc., from which to run a business.

Parkinson's Law

A humorous and generally true observation by Cyril Northcote Parkinson (British historian 1909-1993) that capacity or time is inevitably filled, for example: 'Work will expand so as to fill the time available for its completion'. See Parkinson's Law and examples, and also Parkinson's Law of Triviality, also known as the Bikeshed Colour effect.

Vacancy

A job opening which is offered by a company that wants to hire an employee. An available room in a hotel.

Poisoned Chalice

A job or situation which seems good at first but soon becomes unpleasant or harmful.

Labour Intensive

A job requiring a lot of work, and often a lot of workers, in comparison to the costs of materials, equipment, etc.

Litotes

A language term referring to understatement, used for emphasis, often ironically, in which the negative-opposite is used instead of the positive expression, for example, "It wasn't the best presentation I've ever given," when the speaker means that they considered it to have been a particularly poor one. Another example is the commonly used "Not bad," or "Not half Bad," when referring to something very good. The word litotes comes from Greek, litos, meaning single, simple or meagre.

Wind Farm

A large area of land, which has strong winds, on which a group of wind turbines are placed in order to produce electricity by driving generators.

Free Port

A port where goods can be brought and stored temporarily, without custom duties having to be paid, before being shipped to another country.

Corporation

A large company or a group of companies which is legally authorised to act as a single entity, separate from its owners, with its liabilities for damages, debts, etc., limited to its assets so that its shareholders and owners are protected from personal claims.

Convention

A large formal meeting of politicians, members, delegates, sales people, etc.

Class Action

A lawsuit in which one person makes a claim and sues on behalf of a large group of people who have similar legal claims, usually against a company or organisation.

Timeshare

A lease on a (usually holiday) property jointly owned by several people who have the right to use it during agreed times of the year, usually for one or two weeks. The industry is often associated with high-pressure or unethical selling methods.

Paralegal

A legal assistant who is not a qualified lawyer, but who is trained to work in or with the law.

Title Deed

A legal document which proves a person's rights of ownership of property or land.

Deed Of Partnership

A legal document which sets out how a partnership is to be run, and also the rights of the partners. A Deed Of Partnership is not compulsory but it helps to avoid any misunderstandings or disputes in the future.

Gagging Order

A legal order issued by a court to prevent the public reporting of a court case.

Privity

A legal relationship between two parties in a contract.

Lien

A legal right to take and keep another persons property until a debt has been paid by the property owner.

Without Recourse

A legal term written on a bill of exchange which signifies that the buyer accepts the risk of non-payment from a third party, rather than the seller.

Letter Of Comfort

A letter of approval written to a bank by a parent company on behalf of a subsidiary company which needs financial backing.

Reference

A letter/statement written about a person by someone who knows them, detailing their abilities, character, qualifications, etc., which is sent to a prospective employer.

Share Index

A list of certain companies share prices, which can be compared on a day to day basis, i.e. showing whether prices have risen or fallen.

Focus List

A list of companies, recommended by an investment firm, whose shares are worth buying or selling.

Watch List

A list of investments being monitored because they are showing signs of unusual activity, often because the companies who own the shares may be takeover targets.

A-list

A list of the most celebrated or sought-after companies or individuals, especially in show business and entertainment.

Mortgage

A loan acquired from a bank, building society, etc., with which to buy property or land, usually to be paid back with interest over a specified number of years at regular monthly intervals. To borrow money from a bank, etc., using your property as collateral, giving the lender the right to own your property if the loan is not repaid.

Back-To-Back Loan

A loan in which two companies in separate countries borrow each other's money at the same time for a specific period at an agreed upon interest rate.

Bank Loan

A loan made by a bank to an individual, company, etc., for a fixed term, to be repaid with interest.

Discount Loan

A loan on which the finance charges and interest is paid before the borrower receives the money.

Money At Call

A loan or debt which must be paid upon demand.

Export Credit

A loan taken out by an importer with a bank in an exporters country, so that the importer can buy foreign goods and pay for them at a later date.

Market Penetration Price

A low price at which a new product is offered when it first comes onto the market, in order to attract customers, after which the price is usually increased.

Teaser Rate

A low rate of interest, for example on a mortgage, loan, credit card, etc., which is below the going market rate and available for only a short period of time in order to attract borrowers.

Minion

A low-ranking loyal and often favoured servant or worker.

Cost Control

A management process which ensures that departments within a company or organisation do not exceed their budget.

Management By Exception

A management style in which managers give employees the authority to run projects, etc., by themselves and managers only become involved if the employees fail to meet certain criteria or standards.

Gamekeepers and Poachers ('gamekeeper turned poacher')

A metaphor referring to employees who are respectively supportive or destructive towards their employing organization, and especially to those who become disaffected and negative due to poor treatment, and convert from being a supportive positive loyal hard-working member of staff ('gamekeeper') to being obstructive, resistant, non-cooperative, argumentative, etc., ('poachers'), and in extreme cases actually committed to sabotaging or destroying the employer, which may also include going to work for a competitor, especially exploiting valuable knowledge of products, markets, methods, customers, other contacts, etc., so as to target and win customers from the previous employer ('poaching').

Crowdfunding

A method of funding and underpinning a project or business venture which became increasingly popular and visible in the 21st century, whereby users or other interested people are involved as investors at project inception, and therefore agree and commit to support a development of one sort or another. A good example of crowdfunding is the raising capital and support from a local community for the construction of nearby wind turbines, which generally otherwise encounter local hostility instead of support. The concept of crowdfunding provides a clear illustration of the benefit of involving people as stakeholders, rather than positioning people as 'reluctant customers' or obstacles to be confronted and overcome. See 'Crowdsourcing', which like 'Crowdfunding' embodies similar progressive, open, inclusive, non-authoritarian management philosophy.

Drum-Buffer-Rope

A method, usually in manufacturing, which ensures an efficient flow of work in a production process by taking into consideration any possible delays or problems which may occur.

Pawnbroker

A money lender who lends cash at a high rate of interest in exchange for the borrowers personal possessions, such as jewellery, as security, which is returned when the loan is fully paid. If the loan is not repaid the Pawnbroker sells the item.

Screensaver

A moving image on a computer screen which appears when there has been no screen activity for a specific time. Screensaver programs were originally used to prevent damage to the screen.

Conflict of Interest

A much overlooked, under-estimated, yet highly prevalent factor in the execution of any responsibility or activity, where an organization/group/individual is subject to incompatible demands, opportunities, incentives, or responsibilities, etc., and especially where there is potential for one demand to distort the proper honest diligent execution of responsibility in achieving the second demand, i.e.., the incompatibility is competing and mutually unhelpful. A conflict of interest produces divided loyalties, for example where a person represents two different competing businesses, or an employee is responsible for managing family members or personal friends. Nepotism unavoidably involves a conflict of interest, regardless of intent. Politicians being paid to give advice to corporations also unavoidably involves a conflict of interest, even where there appears to be no direct connection between the politician's political responsibilities and the nature of the advice and corporate 'client'. In this respect, and elsewhere, denial of conflict of interest generally ignores the value and influence of indirect connections, obligations, 'quid-pro-quos', especially via friends and associates. Similarly where advisors work for a government or regulatory authority, and also have external commercial interests, there is always and unavoidably some conflict of interest. Any form of organizational self-regulation or self-investigation almost always entails a conflict of interest. Common commercial conflicts of interest arise where a provider is able to benefit in the supply of one service as a direct result from the provision of another related service and whose overall effect is typically to the disadvantage of the 'client' organization.

Unilateral Contract

A one-sided agreement in which one party promises to do something (or refrain from doing something) in return for an action, not a promise, from a second party.

Leading Indicator

A particular measure of a country's economic activity, used to predict near future economic trends.

Precedent

A past act or decision which is used as an example to decide the outcome of similar subsequent acts.

Reverse Billing

A payment method used for messaging on mobile phones in which the recipient pays for the text message.

Piece Rate

A payment system in which employees are paid a fixed rate for each item they produce.

Off-the-Books

A payment which is not officially recorded, usually to avoid tax.

Superannuation

A pension, for which regular sums are deducted from a person's salary while they are working, which is paid by an employer when the person retires from their job.

Sabbatical

A period of leave which is granted to an employee, sometimes up to a year, in order for them to study, travel, rest, etc.

Cooling-Off Period

A period of time after the exchange of contracts, purchasing agreements, etc., during which the purchaser can change their mind and cancel the contract, and usually get any deposit paid reimbursed.

Appellant

A person appealing to a higher court against a decision of a lower court or other decision-making body.

Director

A person appointed to oversee and run a company or organisation along with other directors, In the entertainment industry, the person who directs the making of a film, TV program, etc.

Intrapreneur

A person employed by a large company to work independently to develop new projects and business within the company.

Public Employee

A person employed by the government.

Press Agent

A person employed to arrange publicity for an individual or organisation, for example in newspapers, on television, etc.

Mystery Shopper

A person hired by market research companies or manufacturers, etc., to visit or telephone shops or service providers anonymously in order to assess the quality of goods, helpfulness of staff, layout of premises, etc.

Registrar

A person in a company or organisation who is in charge of official records.

Gatekeeper

A person in an organisation who controls access to the people in the organisation, and/or controls access to information or goods, or even a market. Microsoft could be described as a gatekeeper to the computer industry. Google could be described as a gatekeeper to the internet industry.

Project Sponsor

A person in an organization who instigates or proposes a project, and creates/establishes/agrees the necessary executive approval, funding, resourcing, etc., typically extending to the appointment of the project manager. A project sponsor is usually and crucially responsible for developing and presenting the financial justification for the project, which generally entails outcomes and timescales, and assuming personal accountability for the success of the project.

Team Player

A person in any type of profession who works well as a member of a team.

Polymath

A person of great knowledge and varied learning. Loosely from Greek poly, many, and manthanein, learn.

Vendee

A person or business who buys goods, property, etc.,

Tax Exile

A person or business who chooses to leave a country to reside or operate in another country, usually called a Tax Haven, where taxes are much lower or there aren't any.

Vendor

A person or business who sells goods, property, etc.

General Creditor

A person or company that lends unsecured money, so that the creditor is unlikely to recover much of the loan if the debtor goes bankrupt or does not pay it back.

Stockbroker

A person or company who buys and sells shares, bonds, etc., on behalf of others, in return for a fee.

Stakeholder

A person or group, such as shareholders, customers, employees, suppliers, etc., with a vested interest in, and can affect the success of, a company or organisation, or successful completion of a project, e.g

Leadership

A person or number of people responsible for leading a team or group of people, usually in some sort of organized body or company, or the direction of a smaller team in a specific project or situation. See the leadership theory section for clarifications of leadership and the many theories which seek to explain and teach it. And see the leadership tips page for a more general guide to modern ethical progressive leadership.

Third Party

A person or organisation not principally involved with the other two parties but who has an interest in an agreement or contract. In an insurance policy, the third party is the person whose car, etc is damaged by you in an accident.

Free Rider

A person or organisation that enjoys benefits and services provided by others, and doesn't pay their fair share of the costs.

Watchdog

A person or organisation that monitors the practices of companies to ensure they are nor acting illegally.

Litigant

A person or party who is involved in a court action or lawsuit.

Vexatious Litigant

A person or party who regularly brings unsustainable lawsuits against another party in order to harass or annoy them.

Counterpart

A person or position which has a corresponding function in a different organization, country, etc. The corresponding function naturally is also a counterpart. Also a copy of a legal document.

Project Manager

A person responsible for planning and delivering a large stand-alone task, objective, venture, etc., (a large and complex 'project') or a professional who is skilled in doing this, which generally includes using suitable project management tools and systems, and people-management skills where appropriate. N.B. A person who is instructed to plan and manage a project within his/her conventional work duties is not necessarily, in the usual meaning of the term, a 'project manager'. The term 'project manager' usually refers to a person whose primary responsibility is to manage a stand-alone project which by definition falls outside of conventional and normal operational work duties.

Underwriter

A person who assesses the risk and eligibility of an insurance company's potential client. On the Stock Market, an organisation, such as a bank, that agrees to purchase any unsold shares which are offered for sale by a company.

Libertarian/Libertine

A person who believes in the freedom of speech and thought, and that people should be able to do whatever - within reason - they wish with minimal interference from government. The words derive from the Latin root liber, meaning free, like the word liberty, meaning freedom.

Commission Broker

A person who buys and sells shares, bonds, etc., on a commission basis on behalf of their clients.

Courier

A person who carries and delivers messages, documents, packages, etc., often between companies. A person employed by a travel company as a tourist guide.

Off-the-Grid

A person who does not wish to be in 'the system' (for example has no bank account, employment or tax identification, no fixed address, etc). May instead refer to a person who lives self-suffiently in terms of gas, electric, water, sewerage services, etc. Or someone not connected to the internet.

Self-Employed

A person who earns their income by operating their own business, rather than working for an employer and receiving a salary.

Generalist

A person who has a broad general knowledge at a high level, and/or many skills.

Proxy

A person who has been given the authority to act for another person, e.g., a proxy can vote on behalf of a shareholder.

Undischarged Bankrupt

A person who has officially been declared bankrupt but has not yet been given permission to start another business, and must not stop paying debts which are still owed.

Easy Monetary Policy

A policy which enables the public to borrow money easily, at low interest rates, in order to expand the economy by investing the money in business activities.

Whistleblower/Whistle-blower

A person who informs the public (usually via websites or news media) and/or relevant authorities (watchdogs, government, ombudsman, standards body, etc) about wrong-doings, failings, corruption, or other illegal activities within an organization. The wrong actions might be of a colleague, superior, workgroup, or any number of individuals working in the organization, or otherwise working with the organization. Often the wrong-doing is directly or indirectly a consequence of inadequate corporate governance. Typically, but not essentially, the whistleblower is or was employed by the organization concerned, or becomes quickly unemployed or at least suspended. Following a few high profile cases in the late 1900s when whistleblowers were wrongfully dismissed and persecuted and/or subject to legal action by their employers, laws were introduced (UK Public Interest Disclosure Act 1998) to increase protections and safeguards for whistleblowers. Similar safeguards have been enacted in different laws internationally, although legislation is often inconsistent; adherence among employers is patchy, and enforcement by governments is patchy too. Not all whistleblowing is rightly motivated - some can be vengeful, inaccurate, or otherwise unjustified, although the term 'whistleblowing' is generally considered to refer to justified reporting/publicizing of clearly seriously wrong and usually illegal organizational activities. Famous examples of whistleblowing cases include scandals in major industries such as banking, oil, mining, and media, involving some of the world's biggest corporations, as well as in government and state agencies.

Barista

A person who is a professional speciality coffee maker, for example, cappuccino, latte, espresso, etc.

Product Evangelist

A person who is committed to a promoting a product through demonstrations, talks, blogging, etc.

Contract Worker

A person who is hired by a company (but not as an employee), often through an employment agency, for a specific period of time to work on a particular project.

Manager

A person who is in charge of a project, department, group, team, etc.

Fixer

A person who makes arrangements for someone else, usually for a fee, by using their influence and often underhand, illegal methods.

Racketeer

A person who makes money through illegal business or crime, such as extortion, bribery, fraud, etc.

Industrialist

A person who owns or runs a large industrial enterprise. They are often referred to as a Business Magnate.

Patron

A person who purchases goods or services, often on a regular basis, from a shop or company. A benefactor or sponsor who supports and/or gives money to an individual or an organisation, such as a charity.

Stress Puppy

A person who seems to thrive on stress, but is always complaining about it.

Arbiter

A person who settles a dispute or has the ultimate authority to decide the outcome of a matter.

Blatherskite

A person who talks at great length without saying anything useful. Originally a Scottish 16thC expression adopted into American slang from the song Maggie Lauder during the US War of Independence.

Turntablist

A person who uses vinyl records, a turntable of a record player and a DJ mixer all together as an instrument to create sounds.

Creative Director

A person who usually works in the advertising or entertainment industry and is responsible for planning and managing the creative aspects of an advertising or promotional campaign.

Secretary

A person who works for another person , usually in an office, dealing with correspondence, filing, phone calls and other clerical duties.

Eponym/eponymous

A person's name or another sort of name which is used as the name or title or brand for something such as a business or brand or book or other product or concept. The word 'eponymous' also describes any name which features in a concept/book/etc and is actually the name of the concept/book/etc. For example, a story written about a man called John, which is called 'John' or 'John's Adventures', or 'A Story of John', etc., could be described as 'eponymously titled', and the character John could be referred to as the 'eponymous character'. Many eponymous names have become very well-known and entered language to the extent that the origins of the word are not widely appreciated, or largely forgotten altogether. Many have become genericized tradenames. There are thousands of famous eponyms (eponymous names) in business and life in general. Here are a few varied examples, starting with some very big examples of words which have acquired genericized descriptive meanings far beyond their original eponyms:

Creditor

A person, business, etc., to whom money is owned.

Picket

A person, or persons, posted at the entrance of a place of work which is affected by a strike, in order to stop people entering the premises.

Notary

A person, usually a solicitor, officially authorised to witness signatures and certify legal documents.

Filofax

A personal organiser (and the name of the company which makes it), which was very popular in the 1980s, with pages which can be easily removed or added. This product was associated with 'Yuppies'.

Race To The Bottom

A phrase said to be coined by US Supreme Court Justice Louis Brandeis. A situation in which competition between nations could result in lower standards, cheaper wages, poorer working conditions, etc.

Patent Pending

A phrase sometimes printed on goods to show that a patent has been applied for but not yet granted.

Xerox Machine

A piece of equipment which makes paper copies of documents, etc.

Port Of Entry

A place in a country where people and/or goods can officially leave or enter.

Sweatshop

A place, often a clothing factory, where people work long hours in poor conditions for low wages.

Photocall

A planned and announced occasion during which celebrities, politicians, products launches, etc., have photographs taken by the press and other media for publicity purposes.

Dividend

A portion of profits paid by a company to its shareholders. Shareholders of commercial private and public limited companies generally receive a return/profit from their investment in two ways: firstly the increasing value of the business is reflected in an increasing value of the shares held; secondly the value of a dividend paid (typically annually), based on a per-share rate, normally determined by the board of directors, which represents a proportion of the profit made by the business for the year. For smaller owner-managed and family businesses a dividend usually offers a more tax-efficient way to extract profit from a business by its owners, compared to salaries/bonuses subject to high personal taxation rates. For larger corporations, especially big public corporations providing essential services such as utilities, transport, communications, etc., shareholder dividends can be highly controversial, because dividends are paid from profits of a which a portion must also be reinvested in the business for improvements, efficiences, growth, future liabilities, etc., and which also customers can argue could be used to contain or reduce prices. Within modern free market economics, shareholder dividends are a major and neglected aspect of the psychological contract.

Direct Overhead

A portion of the overheads, e.g. lighting, rent, etc., directly associated with the production of goods and services.

Infographic

A portmanteau word (made from information and graphic) referring to a picture or diagram which conveys information. The term is relatively new but the concept of conveying information via graphics is very old indeed. Many prehistoric cave paintings are infographics, for example which depict hunting or record other activities. The Bayeux Tapestry is an infographic, telling the story of the 1066 Norman Conquest of England. Some infographics become very iconic, such the map of the London Undergound railway. More recently infographics feature strongly in computer media, especially on the internet, because technology enables easier design of infographics, and audiences which have grown up surrounded by visual media, increasingly seek and respond to data presented in ways that can be absorbed and understood very quickly.

Glamping

A portmanteau word meaning 'glamorous camping', for example staying in a posh serviced yurt (a large Mongolian-style nomadic tent) and eating luxury hamper foods.

Competitive Advantage

A position a business gains over its competitors.

Recorded Delivery

A postal system for which an extra fee is charged in addition to postage. The sender is given a receipt at the time of posting and the recipient signs a form to confirm delivery.

Feasibility Study

A preliminary assessment of a new project, including costs, risks, etc., to determine whether the project will be successful and practical.

Voice-Over

A presenter or actor in a TV commercial or program who is heard but who is not seen on the screen.

Criterion

A principal or standard by which other things or people may be compared, or a decision may be based.

Rate Card

A printed list of charges and details regarding advertising costs on television, radio, websites, newspapers, etc.

Extranet

A private computer network to which a company's customers and suppliers can link and communicate using the Internet.

Pension

A private or government fund from which regular payments are made to a person who has retired from work, or who is considered too ill to carry on working.

Decision ConsequenceAnalysis

A process for helping decision makers, usually in the pharmaceutical and petroleum exploration industries, decide where resources such as time, money, etc., should be invested.

Finite CapacityScheduling

A process in which a computer program organises tasks, matching the resources available to the most efficient way of production.

Skunkworks

A production development program in a company which has the freedom to work outside the usual rules, without the restrictions of company procedures and policies.

Structural Engineer

A professional who researches, plans and designs structures, such as buildings, bridges, etc.

Paper Profit

A profit which has been made but has not yet been realised until a share, etc., has been sold.

Iron Triangle

A project management term (also called the Project Management Triangle, Triple Constraint, and variations of these), the Iron Triangle refers to (according to the concept) the three main inputs and the output of most projects, namely: inputs - 1. Scope (or activities), 2. Budget/cost (or human resources), 3. Time (or timescale or completion date), and the output of Quality (or performance). The concept is commonly shown as a triangle with an input item on each corner, and 'quality' or 'performance' in the middle of the triangle. The concept asserts that none of the three corner items may be changed without an effect on the other two corner items, assuming quality/performance outcomes are to be preserved. For example where a reduction in project time (e.g., bringing forward the completion date) typically requires more budget/resource; or where a reduction in project cost/resource will generally require an increase of time (project duration). Broadening the project scope (commonly caused by 'project creep', i.e., failure to adhere to project scope/activity limits by adding new activities, diversions, opportunities, etc) tends to require additional budget/resources, or an extension of the project timescale. Typically however in many projects one of the three corner inputs is altered (usually disadvantageously), and where no adjustment is made/permitted to any other input, the outcome quality is weakened. Among other variations, the Iron Triangle concept is alternatively adapted as a 'project diamond', by which the 'quality' outcome is shown as a fourth point of a diamond, and this version of the model tends to encourage a more flexible approach to the project outcome, viewing it as a variable alongside the other three Iron Triangle inputs. It should be noted that the Iron Triangle (or Diamond) model addresses project management from a very fundamental standpoint. The success of most projects however, especially those with big workgroups, also depends on and can be greatly influenced by 'softer' less tangible inputs such as leadership, team motivation/commitment, and communications, etc., which should not be ignored, and in some situations should be considered just as seriously as the 'hard' Iron Triangle factors.

Fulfilment House

A provider of order-processing fulfilment services to a 'selling' company, typically processing sales/orders of the selling company, through to the delivery of products to the purchaser. Specific activities of a fulfilment house generally include warehousing, stock control, order picking, packaging, distribution/delivery to the customer (and confirmation thereof), and typically a degree of direct customer communications, and potentially handling returns.

Grandfather Clause

A provision in a new law which allows the person or business already engaged in the activity, which may have been made illegal, to continue to be so engaged.

Spin Doctor

A public relations official or press/media spokesperson, in government or corporate work.

Conditional Sale

A purchasing arrangement, usually where the buyer pays in instalments but does not become the legal owner of the goods until the full purchase price has been paid.

Auditor

A qualified person who officially examines the financial records of a company to check their accuracy.

Spot Check

A random inspection or examination, often with no warning, of a sample of goods or work performance to check for quality.

Double-dip Recession

A recession during which there is a brief period of economic growth, followed by a slide back into recession, before final recovery. Also called a W-shaped recession. See recession shapes.

Triple-dip Recession

A recession during which there is are two brief periods of economic growth, each followed by a slide back into recession, before final recovery. See recession shapes.

Credit History

A record of an individual's or company's debt repayment, used by lenders to asses a borrowers ability to repay a loan, mortgage, etc.

Clickstream

A record of an internet user, including every web site and web page which have been visited, and e-mails sent and received.

Magic bullet

A simple effective solution to a serious or complex problem, especially in medicine, for example a cure for a disease. The simplicity is for users, not necessarily for the developers. See also Silver Bullet, basically the same meaning.

Cash Call

A request by a company to its shareholders to invest more money.

Ordinary Resolution

A resolution accepted and passed by a company's shareholders by a simple majority, i.e., more than 50%, at a shareholders meeting or by a signed postal resolution which has been sent to the shareholders.

Dark Store

A retail store adapted or designed for the main or whole purpose of fulfilling online orders. Customers generally do not visit 'dark stores', except where policy/processes allow the collection of pre-ordered goods. The 'dark store' feature of retailing began to emerge seriously in the early 2000s, in which an existing retail store or a purpose-built facility - notably in the supermarkets sector - would be adapted/designed chiefly or entirely for distributing orders placed online, i.e., website sales. Dark stores typically contain similar warehousing/shelving/aisles arrangements to conventional retail stores, but store staff physically pick the products, rather than customers. Orders are then delivered to customers, or (subject to the policy if the retailer) may be collected. It is easy to foresee a time when generally the product picking and packaging for delivery/collection is automated. The word 'dark' in this context alludes to the notion of a store not requiring the bright environment and highly visible presence and that we normally associate with traditional retailing. The word also alludes to the fact that much of the activity in dark stores can happen at night. This terminology and retailing strategy reflects a substantial fundamental shift in society, far beyond the logistics of shopping. Dark stores signify a dramatic reorganization of the 'developed world', by which the nature of consumer and commercial consumption, and the uses of buildings and entire commercial/retail development sites, are becoming very different, with many big implications for societies, infrastructures, and how people live within and relate to them. Incidentally the word fulfillment may instead be spelled fulfilment, although the former is more common. (I'm keen to clarify the precise origin of the 'dark store' term. If you know please contact me.)

Tied Agent

A sales agent or business who represents or sells and/or offers advice only on one company's products, such as insurance.

Standing Room Only

A sales technique in which a company or individual selling a product gives the impression that many people wish to buy the product, encouraging people to purchase it immediately in case it sells out and they don't get another chance.

Inertia Selling/Inertia Marketing

A sales/marketing method which assumes a prospective customer's agreement or 'opt-in' to a sales proposition or contract unless the prospective customer actively refuses or 'opts-out'. Usually this sort of marketing is illegal, especially where a commercial supply of this nature is explained in 'small print', or not at all, although many organizations flout the law, which places the onus on the customer to seek redress/recovery/escape. The technique applies to privacy and personal rights, as well as purchasing and contract extensions, and especially conversion of free or low-cost trials into chargeable contracts. See nudge theory, which explains the power of inertia in decision-making, and potentially acceptable use of such techniques, for example organ donation automatic opt-in.

Sales Pitch

A salespersons attempts to persuade a potential customer to buy something, often using demonstration and argument.

Sequential Sampling

A sampling method in which an unfixed number of samples are tested and enough data is collected before a decision can be made.

Performance-Related Pay

A scheme set up in the workplace in which the employees get paid according to how well they perform in their job.

Trade Secret

A secret device or formula used by a company in the manufacturing of a product which gives it an advantage over the competition.

Flash Mob

A secretly-planned (usually via modern computerised social networking technology), quickly-formed, organized group of people, assembled to engage in a quirky activity, typically for the amusement and entertainment of the participants. Potentially the term may be applied to similar gatherings organized for more conventional promotional, protest or other publicity/pressure purposes, although this strays somewhat from the usual concept, in which the flash mob event is an aim in itself, rather than part of a wider campaign with a specific purpose. The expression is not new. It originated in the 1940s US underworld when it referred to a gang of thieves or confidence tricksters. The word flash has been used in various criminal contexts since the 1600s and in the original 1940s phrase flash mob, flash literally meant criminal. The modern use of the flash mob expression naturally fits the notion of flash photography, a fast or fleeting appearance, a 'flash of inspiration', and especially the recent understanding of flash in relation to quick technology such as flash memory and flash drives. See also mob.

Objects Clause

A section in a company's Memorandum Of Association which sets out the objectives of the company.

Silver Bullet

A simple extremely effective solution to a very challenging and serious problem. A metaphor alluding to the mythical method of killing a werewolf or similar monster. See also Magic Bullet, which basically means the same.

Single-Entry Bookkeeping

A simple system of recording a company's finances in which transactions are recorded only once in one account.

Vertical Integration

A situation in which a company acquires one or more of the companies which are involved in the production or distribution processes of its goods/services, for example a brewer which buys a pub chain, or a clothing retailer which buys a knitwear factory.

Profit Squeeze

A situation in which a company or business makes less profit over a period of time because of rising costs and/or falling prices.

Vertical Disintegration

A situation in which a company that previously produced parts and materials is now buying them from other suppliers.

Boilerplate

A section of standard text, especially a contract clause, inserted into legal documents, or instead increasingly referring to a standard section of code inserted into computer programs or other digital applications. The main sense of the 'boilerplate' meaning is that the text/code is already existing and available to use, is quite fixed, needing little or no alteration, and by implication has a proven and trusted validity or suitability, and is therefore an aid to saving effort and cost compared with originating an equivalent clause or section of code from nothing. Usage and origins of the term boilerplate have become varied and confused, which perhaps helped popularize the term itself because this has made its meanings more flexible and widely applicable. The term 'boiler plate' or 'boiler-plate' seems to have two main original meanings: Firstly, plates of pre-cut/pre-formed metal used in constructing industrial boilers, and scondly, a much smaller plate or metal label attached to a boiler to identify the maker and other important details about the boiler. This latter sense is more iconically meaningful because of the visibility and imagery of steam engines and old industrial machinery. There is also a theory (not especially well-proven) that the term was initially applied metaphorically in traditional printing to the occasional use of hard durable steel printing plates for repeatedly used text/graphic sections, to save time and wear compared with the 'hot metal' and related methods of assembling printing plates from individual print blocks made from much softer metal.

Roaming

A service which enables a person to connect to the Internet, or use their mobile phone, while they are travelling.

Sychophant

A servile person or follower, not necessarily of low rank, who tries to please a (more) powerful or influential person by using flattery, and often by informing on others, from which the word is derived in its original Greek meaning (sykophantes is ancient Greek for informer).

Netiquette

A set of informal rules and regulations that govern Internet etiquette, i.e., the acceptable behaviour of people on the World Wide Web.

Marketing Mix

A set of marketing tools used by a company to sell its products and/or services to a target market.

Package Deal

A set of several products which are offered for sale and must be bought in a combined package.

Paid-Up Share

A share for which the shareholder has paid the full amount, as stated in the contract.

Nikkei Index

A share price index for the 225 stocks traded on the Tokyo Stock Exchange in Japan.

Value Share

A share, etc., which is considered to be underpriced and is therefore a good investment prospect.

Carload

A shipment of goods which, typically by weight, qualifies for a lower shipping rate. The term 'Less than carload' refers to a shipment which is below the given size/weight necessary to qualify for such a rate. The term originated from USA railway freight car transportation and also applies to other methods of freight transport, notably shipping containers, hence similar terms containerload and 'less than containerload'.

Power Nap

A short nap. usually lasting about 20 minutes, taken during the day, that refreshes a person so they can carry on working.

Bridging/Bridging loan/Bridge

A short term loan, normally at high rates of interest calculated daily, which 'bridges' a period when funds are unavailable, typically when payment has to be made before finance can be released from elsewhere to cover the transaction.

Bankers Hours

A short working day, often with a long lunch break.

Stenographer

A shorthand typist. From Greek: Stenos (narrow) and Graphie (writing)

Non-Disclosure

A signed formal agreement in which one party agrees to keep certain information secret. Often used in business when products or projects are being developed.

Bitcoin

A significant digital currency, divided into 100 million units called satoshis, created by the pseudonymous developer Satoshi Nakamoto, first described by the creator(s) in 2008, broadly as an anonymous, peer-to-peer, electronic payments system. The Bitcoin currency is increasingly traded and as treated as seriously as conventional fiat (national or state-issued) currencies by the world's major financial merchants and institutions. The Bitcoin currency is scheduled to attain a finite total volume. It is 'mined' using a time-linked computerised generation process, via linked mutually/self-protecting computer servers including equipment belonging to 'members' who in return receive payment in Bitcoins in return for the use of computer processing power. The Bitcoin is part of the future of money perhaps, which does not rely on state or federal constitution, operating instead peer-to-peer (rather than through an institutional issuer), and instead relying on computing and internet or equivalent means of administration and connection. The Bitcoin name is a pun or double-meaning alluding to computing and coinage, i.e., a bit in computing is a single unit of data expressed as either 0 or 1 in binary notation; and separately a bit is a very old slang word for a coin (see bit coin slang). Reports following media investigations into and cross-linking encryption patents, Bitcoin white paper documentation, and registration of the bitcoin domain name, suggested the identity of the 'developer' to be three people, Neal King, Vladimir Oksman and Charles Bry, although each (at 2013) deny the assertion.

Scorched-Earth Policy

A situation in which a company tries to prevent a hostile take-over by selling off its most valuable assets, thereby making the company unattractive to a potential buyer. Derives from a military strategy of 'leaving nothing for the enemy' by burning crops, buildings, etc.

Voluntary Bankruptcy

A situation in which a debtor voluntary files for bankruptcy because they cannot pay their creditors.

Job Lock

A situation in which a person feels they cannot leave their job because they are afraid of losing benefits connected to the job.

Redundancy

A situation in which an employer intends to cease business, so therefore the workforce lose their jobs, or an employee is made redundant because their job no longer exists in the company they work for. Employees in these situations often qualify for redundancy pay.

Long Position

A situation in which an investor or dealer holds onto shares, etc., which they have purchased, expecting them to rise in value in the future.

External Equity

A situation in which an organisation's employees receive similar pay for the same type of work as employees in other organisations, i.e., pay which is equal to market rates.

Market Economy

A situation in which businesses operate in a free market, i.e., they are in competition with each other and are not under government control.

Freeconomics

A situation in which companies provide certain goods and services for free, and those businesses who don't follow suit are likely to fail.

Monopoly

A situation in which one company or organisation has complete control of all, or nearly all, of the market for a particular type of product or service.

Contango

A situation in which the price of a commodity to be delivered in the future exceeds the immediate delivery price, often due to storage and insurance costs.

Overmanned

A situation in which there are more workers than are needed for a job.

Fiscal Drag

A situation in which wages rise because of inflation but income tax thresholds are not increased, which can push people into higher tax brackets and therefore makes them pay an increased proportion of their wages in tax.

Zero-Sum Game

A situation in which what is lost by one person, company, etc., is matched by a gain by another/others. Used in economics and Game Theory to describe the relatively simple 'strictly competitive' situation whereby all the losses and gains balance each other to zero. Potential gains are finite; what is gained by one must be lost by another, and vice-versa.

Free Collective Bargaining

A situation in which workers and union members meet with employers to discuss working conditions, pay, etc., in talks that are not limited by law or government.

Wage Drift

A situation when basic rates of pay are not as high as levels of wages actually paid. This is often because of increases in overtime, bonuses, profit share, etc.

Negative Inventory

A situation where a mistake in the ordering system or transactions of a business shows the stock to be less than zero. Sometimes this is done deliberately to reduce costs.

Scarcity Value

A situation where the more scarce an item is, the more its worth.

Voluntary Liquidation

A situation where the owners/directors of a solvent company decide to cease business, sell the company's assets and pay all the creditors.

Overtrading

A situation which occurs when a company expands its business too quickly and does not have enough capital to pay expenses, such as debts, wages, etc., which often results in liquidation.

Third Line Forcing

A situation which occurs when a supplier will only sell a product or service to a customer on condition that it is purchased from a third party nominated by the supplier.

Vigorish

A slang term, also abbreviated to vig, for the commission or fee charged by a bookmaker or casino on a wager. Also the interest on a loan from a loan shark or unregulated loan provider. The term is Yiddish (Jewish) deriving from the Russian word vyigrysh, meaning winnings.

Petty Cash

A small amount of cash kept by a business to pay for small purchases.

Cottage Industry

A small business in which production of goods or services are based in the home rather than in a factory or on business premises.

Investment Boutique

A small company which offers specialist advice about investments and business.

Palm Top

A small computer which fits into the palm of the hand.

Boutique Hotel

A small individual hotel, commonly within a historic building, with luxurious stylish themed and furnished rooms, typically independently owned.

Boomlet

A small period of rapid growth in trade and economic activity.

Flash Drive

A small portable device such as a 'pen drive' which connects to a USB port on a computer and is used to store data which can then be transferred to another computer. The term flash drive derives from 'flash' memory, invented by Dr Fujio Masuoka of Toshiba around 1980. The name flash (apparently, according to Wikipedia, 2010) was suggested by Masuoka's colleague, Shoji Ariizumi, who likened the memory erasure function to a camera flash.

Handbill

A small printed advertisement, usually on one sheet, often given out to people by hand.

Widget

A small program which is run by certain computers. A small device, switch, gadget, etc., whose name is not known.

Microsite

A small separate part of a larger website which is designed to be used for a particular purpose, e.g., advertising or selling. Often co-branded or 'white label', i.e., run by a larger website organisation for a smaller website acting as an agent or affiliate.

Boutique

A small shop or outlet typically selling fashionable and expensive items such as clothing. The term 'boutique' is also now increasingly applied as a descriptive word in various other sectors and products to denote an outlet/supplier of small-scale, highly individual, bohemian, quirky, or hand-made quality, for example Boutique Hotels, below.

Oligarchy

A small, elite group of usually wealthy people or families who control a government or organisation, and who are unwilling to share their power.

Peer Group

A social group of equals, for example, in age, social class, education, etc. A group of products or businesses which are similar.

Niche Market

A specialised market in which a specific product is sold to a particular type or group of customers. A product or service for which there is sometimes little demand and often little or no competition.

Conveyancer

A specialist lawyer who is an expert in conveyancing, i.e., legal work carried out connected to the selling and buying of property.

Target Market

A specific group of people with similar characteristics, needs, lifestyle, etc., at which a company markets its products or services.

Qualified Opinion

A statement written by an independent auditor which accompanies a business's financial statements, saying that the audit has been limited, e.g., because the auditor may not have been able to collect all the information required to carry out a full audit.

Cash Cow

A steady dependable source of income which provides money for the rest of a business.

Technical Analyst

A stock market analyst who uses charts and computer programs to study investments in order to predict the future of share prices, etc.

Rogue Trader

A stockbroker who makes unauthorised, usually high risk, trades on behalf of their employer, often resulting in huge losses.

Wall Street

A street in Lower Manhattan where the New York Stock Exchange and financial centre is situated.

Correspondence Course

A study course using written correspondence, books, etc., which are sent to you by post from learning institutes.

Ratio Analysis

A study of a company's financial statements which show the relationships between items listed on a balance sheet and gives an indication as to whether the company can meet its current obligations.

Market Segment

A subgroup within a larger market in which people share certain characteristics and require similar products or services.

Nosedive

A sudden drop or plunge in prices, values, etc.

Dawn Raid

A sudden planned purchase of a large number of a company's shares at the beginning of a days trading on the stock exchange.

Lightning Strike

A sudden strike by workers, with little or no warning. These strikes are often short in duration and usually without official union backing.

Affidavit

A sworn signed statement of fact used as evidence in court whose signature has been witnessed by a commissioner of oaths or other authorised officer, for example a notary. Medieval Latin for 'he has stated on oath', from affidare, meaning to trust.

Chain Of Command

A system in a business, or in the military, in which authority is wielded and delegated from top management down through every level of employee. In a chain of command instructions flow downwards and accountability flows upwards.

Firewall

A system in a computer which prevents unwanted or unauthorised access, but allows the authorised user to receive information.

Price Support

A system in which a minimum price is set by a government, and sometimes subsidised, for a product or commodity.

Pyramid Selling

A system in which people buy the rights (often a franchise) to sell a company's products to other distributors who have been recruited, who then sell the products on to other recruits. This type of selling often ends up with no final buyer for the products. The few people at the top of the pyramid commonly make a lot more money than the many people at the bottom.

Cafeteria Plan

A system which allows employees to choose from a selection of benefits which may be tax-advantaged, such as retirement plan contributions, health benefits, etc., in addition to their salary.

Giro

A system, used in some countries, of transferring money from one bank or post office account into another using a central computer.

Phablet

A tablet computer that is also a phone. Or a phone that is also a tablet computer. This term emerged 2012/13 with the launch of the technology to which it refers. A word formed like this (i.e., a combination of parts of the two words/things it refers to - in this case, phone and a tablet) is called a portmanteau.

Screen-Based Activity

A task which is carried out using a computer.

Mnemonic

A technique or mechanism, popularly called a 'memory-aid', for helping to remember something (a rule, process, concept, theory, etc., or simply a job to do or mental note). Examples of types of mnemonics are acronyms (including 'bacronyms') stories, quotes and rhymes. A knotted handkerchief is a traditional and iconic mnemonic (because it served to remind the owner that he/she should remember something, although amusingly gives no clue as to what exactly should be remembered). The phrase 'Richard Of York Gave Battle In Vain' is a mnemonic for the colours/colors of the rainbow in order, matching the first letters to Red Orange Yellow Green Blue Indigo Violet. The word is pronounced 'nemonic' and is commonly misspelled ('numonic'). It's from Greek mnemon, mindful. The study of the development and assistance of memory is called mnemonics or mnemotechnics. Most mnemonic devices operate by association, i.e., by linking the thing to be recalled (which is typically lacking in memorability or pattern or imagery) with something such as an acronym, phrase or rhyme (which ideally contain strong memorability, pattern, imagery, etc) and which correlates or matches the key words in some way. Some mnemonics can become very deeply embedded into the brain, especially those which are learned in formative childhood years, so that they can be recalled effortlessly after several decades of not being used.

Conference Call

A telephone call which allows three or more people to take part at the same time.

Yellow Pages

A telephone directory, usually printed on yellow paper, which lists businesses, organisations, retailers, etc., in alphabetical order in categories according to the service they provide.

Trial Offer

A temporary offer by a company usually aimed at first-time buyers in which a customer can try a product or service free or at discounted rates for a short period of time.

Tenant At Will

A tenant who continues to rent land, property, etc., past the expiration of the lease. Also a tenant who rents property without a written lease, therefore they can be forced to leave without notice from the owner.

Mediagenic

A tendency (for a person or activity, etc) to convey a favourable impression when reported by the media.

Mainstream

A term applied to activities, ideas, products/services, etc., that are used/followed/supported by most people. Mainstream basically means 'commonly used by people'. Mainstream as a marketing term is the opposite to 'niche' or specialised. Interestingly while 'mainstream' seems like a relatively modern word, it's actually existed in this sense since about 1830.

Prune Juice

A term attributed to 'showbusinessman' Alan Sugar, which refers to revenues which come into a business and are lost very quickly and unavoidably as costs, and so do very little if anything to actually improve trading profits. Sugar used this term referring to the vast TV revenues paid to top soccer clubs, which flushes through their businesses as similarly vast payments to players. A business which benefits (or suffers) from the prune juice effect tends to give the impression of being much bigger and more solvent and profitable than it actually is. Prune juice revenues also tend to dictate business expediture models which dilute real strategic and management control of the business owners, so that the providers of revenues exert a very high level of influence.

Negative Equity

A term commonly used in the property market during a recession when a property is worth less in value than the outstanding balance of the loan with which it was purchased. This usually only affects the borrower if they need to sell the property during this time.

Get All Your Ducks In A Row

A term for getting organised, having everything in order and making sure all the small details are accounted for before embarking on a new project.

Dark Net

A term for online private websites and networks concealed from and inaccessible to unauthorised users in which materials are shared, normally illegally and anonymously.

Feather-Bedding

A term often used in industry describing the practice of hiring more workers than is necessary to carry out a job, often because of a contract with a union.

Generation X

A term used for people born during the 1960s and 1970s, who are often described as disaffected and irresponsible.

Permission Marketing

A term used for the advertising of products or services on the Internet, for which the marketing company obtain the consent of prospective customers to send them information about certain products or services.

Low Hanging Fruit

A term used in business for something which is easily obtainable and highly visible, and provides a quick easy way to making a profit.

Check The Gate

A term used in the film industry after a shot is taken on a film set. The gate, or opening in front of the camera, is checked to make sure that there is no dirt, hair, etc., present.

Graveyard Market

A term used on the Stock Exchange to describe a Bear Market in which share owners are reluctant to sell because they face substantial losses, and buyers are reluctant to buy because the financial outlook is poor. Those who are in it can't get out, and those who are on the outside have no desire to get in.

Orphaned Technology

A term which refers to computer products, programs, etc., which have been abandoned or not marketed by their developers.

Corporate Veil

A term which refers to the fact that a company's shareholders are not liable for the company's debts, and are immune from lawsuits concerning contracts, etc.

Expectancy Theory

A theory of motivation developed by Canadian Victor Vroom, Yale professor of management and psychology, established in his 1964 book, Work and Motivation, which essentially states that motivation necessarily comprises and is determined by three elements of belief:

Grey Knight

A third person, or company, who makes an unsolicited bid in a corporate takeover, and who takes advantage of any problems which arise between the first bidder (White Knight) and the company being acquired.

Concept

A thought or notion. An idea for a new product, advertising campaign, etc.

Genericized Trademark/Brand

A trademark or brand which has become a generally used word in common language in referring to all versions/makes/types of the product class, for example Hoover, Sellotape, Durex, etc. Corporations whose trademarks develop in this way try to reduce the commercial threat (to the protectable status and asset value of the brandname as intellectual property) typically by legal action against anyone exploiting or misusing the name, especially competitors. Where a court decides that the name has been substantially genericized for many years, or its protections in adequate or undermined, then these legal actions and effective trademark registration/protection may be lost. In terms of language used by the general public, resistance/action by the name owner is basically hopeless, given that the cause is societal/cultural/language-change on a vast scale. Below is a list of famous genericized trademarks; some are no longer registered/protected, and protections may vary in different parts of the world. The registration/protection status is interesting for publishing/reference reasons because technically registered trademarks should be shown with the TM or R symbol. Quite separately the effect of genericized trademarks demonstrates the power of big brands to enter public consciousness at a generic and fundamental level of language and culture. Some people argue that a genericized trademark is by definition one that has lost its official protected 'trademark' status. The counter-argument is that in such circumstances the term 'genericized trademark' is contradictory, as it would no longer be a trademark. Whatever, here is a list of trademarks (which may be current, expired, or legally overturned) that can reasonably be considered genericized to a lesser or greater degree , i.e., the word is used sometimes or almost always by ordinary people to refer to similar products and variants regardless of manufacturer and actual brandname

Restrictive Practice

A trading agreement between businesses or industries which prevents free competition. The practice of workers, often trade unions, of protecting their jobs in a manner which limits the freedom of other workers.

Wayzgoose

A traditional August outing or party for printers, typically around St Bartholomwe's Day, 24th August, marking the end of summer, when work by candlelight began each year. The term persisted in the print industry in more general use referring to a company party, although its use is now rare since large-scale automation and workforce reduction.

Employee Buyout

A transaction in which employees purchase all or most of a company's shares, thereby gaining control of the company.

Probation

A trial period during which an individual's suitability for a job or membership to a club, etc., is tested.

Blind Trial

A trial, with two groups of people, to test the effect of a new product, especially in medicine. One group is given the real product while the other group is given a placebo or 'sugar pill', which does not contain any medication.

Managed Hosting

A type of Internet hosting in which the hosting supplier deals with technical issues and problems related to the website, in addition to the basic hosting of the website.

Reverse Auction

A type of auction in which there are several sellers and only one buyer. The buyer usually purchases the goods or service from the seller who offers the lowest price.

Dutch Auction

A type of auction which opens with a high asking price which is then lowered until someone accepts the auctioneers price, or until the sellers reserve price has been reached.

Microblogging

A type of blogging allowing users to post or broadcast pictures and/or short messages or articles typically in the range of 140-200 characters.

Agile Development Method

A type of business development which gets things moving quickly and adapts during the development, as distinct from conventional planning and project management implementation.

Personal Action

A type of court case in which an individual claims damages for personal injury, damage to his property, etc.

Revolving Credit

A type of credit agreement, e.g., a credit card, in which a person is given a specified credit limit which can be paid in full or in part, usually on a monthly basis. If the amount owing is paid in full in the first month then usually no interest is charged. When the full credit limit has been reached a payment must be made before the credit card can be used again.

Phishing

A type of fraud carried out on the internet by sending people legitimate-looking e-mails asking for their personal information, such as bank account details, passwords, etc., and using them to steal their money.

Hedge Fund

A type of investment fund, which is unregulated and usually very high risk, used by individuals and organisations (not the general public) with large amounts of money to invest.

Non-Recourse Debt

A type of loan or debt in which the borrower is not personally liable to the lender. If the borrower fails to make repayments the lender can only take back what was bought with the loan and none of the borrowers other assets.

Motivational Research

A type of market research used to investigate the reasons why people buy specific products or brands.

Electronic Purse

A type of microchipped smartcard which stores small amounts of money to enable payment for purchases, especially on the Internet, instead of having to use cash.

Mutual Company

A type of organisation, business, etc., which is owned by members and has no shareholders. The members usually have a share of the profits.

Sickout

A type of organised strike in which the employees refuse to work by staying away from the workplace and claiming they are ill.

ParticipatingPerformance Share

A type of share/stock which gives a company's shareholder the right to receive dividends and also extra payments relating to the company's profits.

Hashtag

A type of tag (here a prefix used with a word/term/reference/etc via electronic keypads, computing, smartphones, etc) in the social networking website Twitter and similar short messaging systems, so that a word preceded by the hash symbol (#) may be found subsequently or otherwise organized, analyzed, displayed, etc. The symbol is generally called the pound sign in the US, since it is used commonly instead of the traditional British £ symbol in referring to sterling currency.

Brand

A unique identifying symbol, trademark, company name, etc., which enables a buyer to distinguish a product or service from its competitors.

Product Portfolio

A variety of products which are manufactured or distributed by a company or organisation.

Project

A very general term for a task or objective of some complexity and duration, such that it needs properly planning, organizing, resourcing and managing. A small project can easily be part of a person's usual work duties. A large project can be as big as starting a new business, or constructing a skyscraper, or putting a spacecraft on Mars. Typically large projects are established as being separate to usual operational duties and responsibilities of workers, although any job can at any time be extended to include responsibility for the management of a project within it. A project differs from conventional 'work' mainly in being far more firmly structured, scheduled, resourced, and proactive, etc., whereas conventional 'work' is less predictable and tends to be of a more passive, responsive, reactive and flexible nature. Projects may be opportunistic and proactive (such as new product developments, or building something new, or some sort of exploratory research), or a necessary response/reaction to problems, emergencies, failures, etc., (for example a product recall, or a disaster recovery or investigation, or a re-training requirement). Large projects almost inevitably involve a degree of people-management. Projects may require that people/labour resources are provided internally/'in-house' or externally/'contracted-out' and commonly a mixture of both, especially if the project is large compared to the size of the organization which owns and instigates the project.

Shoestring

A very tight, barely adequate budget.

Reference Pricing

A very widely used and highly controversial marketing/advertising/promotional tactic, by which a selling company advertises a product (or less commonly a service) at a (usually heavily) discounted price compared to a (typically unfeasibly high) previous selling price, commonly described by the seller as the 'usual' or 'normal' price (the 'reference price'). For (real) example a major supermarket chain advert/packaging offer: "Strawberries - normal price £3.99 - NOW HALF-PRICE AT JUST £1.99!!" when in fact the strawberries were on sale in one branch at the high £3.99 'reference price' for just one week, and the 'reduced' price is available generally and for several months in all other branches (Tesco was fined £300,000 for this breach of trading standards in 2013). The practice of reference pricing when it is a genuine reduction is perfectly legitimate, however in very many situations the tactic is used cynically and misleadingly, particularly in consumer marketing by major retailers, notably in groceries, homeware, electricals, computers, furniture, etc. The domestic furniture/sofa/bed/carpets retail sectors are traditionally deeply committed to reference pricing tactics which commonly breach legal and ethical trading standards. The misleading use of reference pricing is an example of poorly developed and/or inadequately operated Corporate Governance.

Aggregate

A whole consisting of the combination of smaller separate elements.

Portmanteau Word

A word formed from parts of two separate words, whose combined meanings generally produce the new meaning also. Many new management and business words, especially slang and jargon, enter the language in this way, and some become popular and well-established. See portmanteau words in the cliches and expressions origins page.

Neologism

A word or expression which has been newly invented but is not yet in common use, or an old word which has a new meaning. There are a few in this very dictionary listing.

Buzzword

A word or phrase which has become fashionable or popular, or sounds technical or important and is used to impress people.

Stop Word/Stopword

A word or term excluded from a word listing or index, notably from a computer-generated concordance in publishing where the exclusion of common words enables time-consuming cross-referencing processes to move faster.

Tag

A word or words assigned to or associated with electronic data, usually on a website, to aid searching, finding, analysis, display, organization, etc., of the data. Used as a verb also, for example, to tag or tagging articles, content, etc., when posted onto a website.

Covenant

A written promise, sometimes part of a contract, to perform, or not to perform, a particular action.

Resume

A written summary of a person's education, employment record, qualifications, etc., which is often submitted with a job application.

Tort

A wrongful act, other than a breach of contract, which is not criminal but harmful to another person, against which legal action for damages may be taken.

GDP

Acronym for Gross Domestic Product, a significant measure of economic performance. Gross Domestic Product (GDP) is the market value of national final goods/services. GDP per capita (per head) is generally considered an indicator of national standard of living.

Crisis Management

Actions taken by a company to deal with an unexpected event which threatens to harm the organisation, such as a loss of a major customer, bad publicity, etc.

Eyeballs

Advertising term. A name given to the number of people who visit a website advertisement, which can be counted by the number of click-throughs.

Budget

Allocation of funds or the estimation of costs for a department, project, etc., over a specific period. The management of spending and saving money.

Master Franchise

Allows companies or individuals the right to purchase a sub-franchise business which can be developed in a particular area or country.

Job Protected Leave

Allows people to officially take time off from their work for a longer period without the fear of losing their job, often because of illness or pregnancy.

Employee Stock Option

Allows specified employees the right to purchase shares in the company at a fixed price.

Benefits Realisation

Also Benefits Realisation Management, or if you prefer the US English it would be Benefits Realization. This refers to the translation of projects into real and perceived positive effects, seemingly a concept devised originally in the field of IT and ICT (Information and Communications Technology) project management, where projects are notoriously difficult to manage successfully and generate clear end-user appreciation. The term, abbreviated to BRM, is increasingly applied more widely to change management and project management of all sorts, representing an additional final stage of project management process, for which a manager is sometimes specifically responsible.

Residual Value

Also Called Salvage Value. The market value of an asset which is no longer in use or has reached the end of its useful life.

Fill or kill

Also FOK, on the stock exchange, an instruction received by a broker from a client to buy or sell specified shares immediately or not at all.

Peer-To-Peer

Also abbreviated to P2P, this describes computer systems which act as servers and are connected to each other via the internet, allowing people to share share files, so there is no need for a central computer, or traditional authority/body/agent. The concept now extends more widely to business models in various areas. See P2P acronym.

Registered Capital

Also called Authorised Capital. The maximum value of shares which a company can legally issue.

Shadow Economy

Also called Black Economy. Business activities, including illegal activities, which are carried out without government approval or regulations.

Safety Stock

Also called Buffer Stock. Extra stock kept by a company or business in case of extra demand or late deliveries of new stock.

Cash Flow Forecast

Also called Cash Flow Projection. An estimate of the amounts of cash outgoings and incomings of a company over a specific time period, usually one year.

Competitor Analysis

Also called Competitive Analysis. A company's marketing strategy which involves assessing the performance of competitors in order to determine their strengths and weaknesses.

Retail Banking

Also called Consumer Banking. Banking services provided directly to the public, such as savings accounts, credit/debit cards, mortgages, etc.

Inheritance Tax

Also called Death Duty in the UK. Known as Death Tax in the US. A tax imposed by the government which much be paid on the total value of the estate of a deceased person.

Transfer Deed

Also called Deed Of Transfer. A legal document which shows that the ownership of property, land, etc., has been changed from its legal owner to another party who now legally owns it.

Secondary Research

Also called Desk Research. The collating and analysis of existing data which has already been collected for another purpose often by an outside source.

Dispatch Note

Also called Dispatch Advice. A document giving details of goods which have been dispatched or are ready to be dispatched to a customer.

Green Taxes

Also called Ecotax. Taxes which are levied on companies, businesses, etc., to discourage activities which will harm the environment.

Product Placement

Also called Embedded Marketing. A type of advertising where a company pays a fee to have one or more of its products used as props in a film or television show.

Green Audit

Also called Environmental Audit. An official assessment which shows the effect that an organisation or a company has on the environment.

Forex

Also called FX, refers to Foreign Exchange, in which foreign currencies are bought and sold.

Primary Research

Also called Field Research. The collection of new or primary data through questionnaires, telephone interviews, etc., for a specific purpose.

Post-Fordism

Also called Flexible Modernity. An industrial production system which has changed from mass production in large factories, such as Ford Motors, and moved towards smaller flexible, more specialised manufacturing systems.

Garden Leave

Also called Gardening Leave. Term used when an employee's contract has been terminated but they are instructed by the company to stay away from work, on full pay, during their notice period. Often to prevent them from working for competitors during that time.

Exit Strategy

Also called Harvest Strategy. A plan by an investor to dispose of an investment, such as shares in a company, to make a profit, or a business owner to dispose of their company, e.g., by selling the business, floating it on the stock market, ceasing to trade, handing it over to another family member, etc.

Private Brand

Also called House Brand. A product which is owned by a retailer, and therefore has its own brand label on it, rather than the manufacturer or producer.

360 Degree Feedback

An appraisal method typically entailing feedback about a manager given by fellow workers. See appraisals.

Purchasing Power

Also called spending power, the amount of goods or services which can be purchased with a particular currency, or more generally, the amount of money a person or group has available to spend on goods and services. The term may also emphasise a group or organization's ability to achieve heavily discounted prices or rates due to the high buying volumes.

Yarnstorming

Also called yarnbombing, an intriguingly specialised type of peaceful demonstration and activism in which objects such as works of art, sculpture, railings, phone boxes, considered unattractive by the activists, are covered by knitting or crochet, usually at night, and mainly by young women.

Mainframe

Also known as 'Big Iron'. A large powerful central computer to which a network of smaller computers are connected, used commonly by large organisations.

Stealth Marketing

Also known as Buzz Marketing. A method of advertising a product where customers don't realise they are being persuaded to buy something, e.g., people recommending a product on Internet Chat Forums, without others realising that the person actually works for the company or manufacturer selling the product.

Cooperative Marketing

Also known as Cooperative Advertising. When two companies work together to promote and sell each others products. A manufacturer or distributor who supports, and often pays for, a retailers advertising.

Cost Of Sales

Also known as Cost Of Goods Sold (COGS). The cost of providing a service or manufacturing a product, including labour, materials and overheads.

Credit Crunch

Also known as Credit Squeeze. This usually precedes a recession. A situation in which loans for businesses and individuals are difficult to obtain, when a government is trying to control inflation, because of the fear of bankruptcy and unemployment. The term 'Credit Crunch' also became a specific informal name for the 2008 global financial crisis and subsequent prolonged recession, which affected western economies particularly, mainly because of their highly leveraged and indebted nature, and the convoluted inter-dependent chains of credit arrangements between banks, some of which failed completely resulting in their effective nationalization or absorption into larger competitors.

Predatory Pricing

Also known as Destroyer Pricing. A situation where a company charges very low prices for goods or services in order to put its competitors out of business, after which prices will be raised.

Channel Of Distribution

Also known as Distribution Channel. A means of distributing a product from the manufacturer to the customer/end user via warehouses, wholesalers, retailers, etc.

Payout Ratio

Also known as Dividend Payout Ratio. The percentage of a company's net earnings paid to shareholders in dividends.

Matrix Management

Also known as Dotted Line Responsibility. A system of management in which people from different departments in an organisation work together, so that each individual employee has two bosses, one functional and one operational. This is common in project management.

Labour Law

Also known as Employment Law. Legislation which defines the legal rights and obligations of employees in the workplace.

Open Offer

Also known as Entitlement Issue. An offer to existing share holders of a company, which entitles them to purchase new shares at a fixed price, usually lower than the current market price, in order to raise money for the company.

Fidelity Bond

Also known as Fidelity Insurance. Protects an employer against any losses incurred because of dishonesty, or damage caused, by an employee.

External Debt

Also known as Foreign Debt. Money that is owed by the government, organisations or individuals to creditors in other countries.

Exchange Rate

Also known as Foreign Exchange Rate. The rate, which can vary from day to day, at which a country's currency can be exchanged for another country's currency.

Junk Bond

Also known as High Yield Bonds. A high risk bond with a high interest rate, often used by companies to raise finances in order to take over other companies.

Information Technology

Also known as IT. The study and use of computers and communications systems.

Cross Guarantee

Also known as Inter Company Guarantee. A guarantee by a group of companies to be responsible for the debts, etc., of another company in the group if it fails to repay them. The group also use the guarantee to raise capital or take out multiple loans.

Employment Law

Also known as Labour Law. The branch of the law that deals with the legal rights of employees, e.g. workplace safety, discrimination, compensation, etc.

Machine Code

Also known as Machine Language. A computer language, which consists only of numbers, that can be read and interpreted by a computer's central processing unit (CPU).

Monetary Base

Also known as Narrow Money in the UK. The total amount of a country's currency which is in circulation, for example, coins, notes, etc. - held by individuals and in bank deposits.

Public Debt

Also known as National Debt. The total amount of money owed by a country's national and local governments.

Working Capital

Also known as Net Current Assets. The amount of funds which are available to a company for everyday running costs, such as wages, rent, etc.

Outdoor Advertising

Also known as Out-Of-Home Advertising. Advertising which consumers can see while they are outside, e.g. billboards, newsstands, skywriting, advertising blimps, etc.

Business Angel

Also known as Private Investor. A, usually wealthy, individual who invests money in developing (often high risk) companies, and who provides their advice, skills, knowledge and contacts in return for an equity share of the business.

Moderator

An arbitrator or mediator. Someone who presides over a debate. On the Internet - a person who presides over a website forum to make sure that rules and guidelines are adhered to.

Non-Departmental Public Body

Also known as Quangos (Quasi-Autonomous Non- Governmental Organisations) In the UK, organisations which are not government departments but are accountable to Parliament and are financed by the government to deal with public matters, e.g., Health Trusts.

Recognition Test

Also known as Readership Test. A test carried out after people have read a newspaper, magazine, etc., to see if they have remembered or read a particular advertisement.

Salvage Value

Also known as Residual Value. The estimated value of an asset, for example a piece of machinery, which is to be scrapped or removed.

Shelf Talker

Also known as Shelf Screamer. A sign hung on the edge of a shelf in a shop to attract peoples attention to a product.

Soft Loan

Also known as Soft Financing. A loan which has attractive terms for the borrower, such as low or no interest rates and/or a long repayment period, often made by banks to developing countries.

Share Buyback

Also known as Stock Repurchase. A situation in which a listed company buys back its own shares from shareholders.

Telemarketing

Also known as Telesales. The selling of goods or services by contacting potential customers by telephone.

Fixed Term Contract

Also known as Temporary Contract. A contract of employment which ends on a specific date, or on completion of a task or project. Fixed term employees have the rights to the same pay, conditions and benefits as full-time employees.

Dear Money

Also known as Tight Money. When money is difficult to borrow, and if a loan is secured then it would be paid back at a very high rate of interest.

Naked Debenture

Also known as Uncovered Debenture. A company's loan or debt which is not backed by any security, i.e., the company's assets.

Route 128

Also known as Yankee Division Highway. A highway encircling Boston , Massachusetts, which is associated with the technology industry.

Flyback

Also known as a Callback. A series of screening interviews for a job during which a person, usually a student, is interviewed several times, often on the same same day, by the prospective employer.

Insurance Adjuster

Also known as a Claims Adjuster. An independent person who investigates insurance claims for an insurance company and evaluates the damage caused and decides whether the claims are valid, and if they are, how much should be paid in settlement to the insured party.

Economic Union

Also known as a Common Market. An agreement between a group of countries which allows the free flow of goods, services, labour, etc., between the member countries and usually has a common currency.

Floor Trader

Also known as a Local. An investor who is allowed on the trading floor of a stock exchange, to buy and sell shares, etc., for their own account.

Tax Abatement

Also known as a Tax Holiday. An exemption or reduction of taxes by a government for certain companies for a specific period of time, often as an incentive for industrial development.

Unofficial Strike

Also known as a Wildcat Strike. A form of industrial action which does not have the approval or permission of a trade union.

Knowledge Worker

Also known as an Intellectual Worker. A person who is employed by a company to use their brain and intellect to work with information, rather than performing manual tasks.

Open Cheque

Also known as an Uncrossed Cheque. A cheque which does not have to be paid into an account, and can be cashed at the bank of the person who wrote it. Also means a cheque which has been signed but no amount has been filled in.

Pareto Principle

Also known as the 80-20 Rule, e.g., 20% of employees perform 80% of the work. Or 20% of customers produce 80% of revenue. Or more generally, often situations whereby 80% of the consequences result from 20% of the causes. Commonly the ratio is (surprisingly) even more extreme. See Pareto Principle in more detail.

Euroland

Also known as the Eurozone. All the countries in the EU (European Union) that use the Euro as currency.

Deep Web

Also known as the Invisible Web, said to contain about 500 times more information than the generally accessible world-wide web, the Deep Web comprises data held by secure organizations, for example military and government.

Motherboard

Also known as the Logic Board. The main circuit board of a computer which has all the components to make everything in the computer work together, such as the monitor, keyboard, mouse, DVD drive, etc.

Lean

Also known as the Toyota Production System or Just-In-Time Production. A system used in management, production, manufacturing, etc., to decrease waste and increase efficiency, especially with the use of automated assembly lines in the motor industry.

Base 2

Also known as the binary system, which is the basis of computer logic. Normal counting is based on 0-9. Binary just has 0-1, which means a new column is started after two, not nine. Binary counting does not go 1, 2, 3, 4, etc. It goes 0, 1, 10, 11, 100, 101, etc. Other than for computing it's not very practical.

Lay (people/person/member)

Also layman, or laywoman - Lay means non-professional, non-expert - ordinary member(s), of the public or of an organization, typically referring to religious communities, often relating to professions such as law and medicine, but potentially in any situation where non-professionals/experts are differentiated from qualified/professionals. The term may have an arrogant or patronising implication where expert, qualified, learned professionals discuss the general public or members who lack expertise.

Silicon Alley

An area in Manhattan, New York, which is known for its Internet and multi-media companies.

Free Zone

An area in a country where importers can store foreign goods, prior to further transportation, without having to pay customs duties or taxes on them.

FTSE

An abbreviation of the Financial Times Stock Exchange (Index), commonly referred to verbally as 'footsie'. There are various FTSE indices (indexes), including most notably the FTSE 100, which is the index of the top 100 shares on the London Stock Exchange, whose movement is regarded as an important indicator of national (and wider) economic health and buoyancy. The FTSE 100 represents about 80% of the market capitalization of all shares listed on the London Stock Exchange, which is interesting considering over 3,000 companies are listed in total. For Pareto enthusiasts (the '80-20 Rule') that's 3.3% of listed companies, accounting for 80% of total market value of companies listed on the London Stock Exchange, which is even by Pareto standards an extreme ratio of concentration. When economic commentators say the "...the footsie is up/down (a number of points)..." this is a reference to the relative movement of share prices among the companies listed in (usually) the FTSE 100. The 'footsie' is owned and operated by FTSE Group, which is basically a provider of economic information and data services, especially about stock and commodity exchanges. FTSE Group was until 2012 50% owned by Pearson Group (owners of the Financial Times newspaper group) and 50% by the London Stock Exchange, the latter buying full ownership from Pearson in 2012. It is not likely that the 'Financial Times' origins of the FTSE abbreviation will be strongly acknowledged in future, given its change of ownership.

Number Cruncher

An accountant or person who's job is working with numbers, and who is able to do large calculations. A computer which can perform complex calculations in a short time.

Double-Entry Bookkeeping

An accounting method which results in balanced ledgers, i.e., for every transaction a credit is recorded in one account and a debit is recorded in another.

Activity-Based Costing

An accounting/business term and method of profitability analysis which calculates and includes all business costs attributable to (used by) a particular business activity (typically a service provision of one sort or another for a given market). Conventional accounting tends not to allocate fixed/indirect costs per activity, which creates risks of overheads not being adequately recovered, or overheads being drained or over-burdened by one activity or another (the activity concerned thereby seeming a lot more profitable than it actually is, quite aside from the negative effects on other activities which may be starved of essential indirect support). The Activity-Based Costing (ABC) method analyses and allocates fixed/indirect costs according to usage by services, and so brings far greater transparency and clarity to inform strategic decision-making. In large organizations Activity-Based Costing tends to require quite complex computerized systems, and in very large organizations the allocation of overheads implicit within the ABC approach may generate significant political/departmental conflict, especially where staff productivity/profitability targets and rewards depend on the outcomes.

Cost To Serve

An accounting/business/strategy term and method of analysis which calculates the total costs of product/service provision for a particular customer, or potentially for a broader customer grouping. This method of profitability analysis shifts all indirect costs to be directcosts (directly attributable, as used, per customer), and thereby enables greater clarity in assessing strategy and priorities than relying merely on gross margin indicators.

Countervailing Duty

An additional tax imposed on certain imported goods which have been produced very cheaply in their country of origin, in order to bring the price of the goods up to the true market price to protect the importing country's producers.

Renewal Notice

An advanced notice of payment required to renew insurance cover, subscription, etc., by a certain date.

Inside Track

An advantageous position in a company or organisation. To know about something before others get to hear about it.

Advertorial

An advert in a magazine or newspaper that is written like an article giving facts rather than appearing as an advertisement for a product.

Island Position

An advertisement or commercial which is surrounded by text, or placed between TV programs, with no other advertisements, so it has no competition.

Drip Advertising

An advertising campaign in small amounts over a long period of time to ensure that the public is continually aware of a product or service.

Infomediary

An agent who works on behalf of a business, collecting information on, and developing profiles of, individual customers.

Paying Agent

An agent, usually a bank, that makes dividend payments to shareholders on behalf of the issuing company.

Hard Selling

An aggressive type of selling which puts a lot of pressure on a prospective customer to buy a product or a service.

Giveback

An agreement in which employees accept a wage reduction or fewer benefits as a gesture of goodwill, usually because of an economic downturn. The employees are often offered wage rises and new benefits at a later date.

Sale Or Return

An agreement in which unsold goods can be returned to the supplier without the goods having to be paid for.

Sweetheart Deal

An agreement or contract which offers very favourable deals to one or both parties, but is often not in the best interest of others, such as shareholders.

Trade Agreement

An agreement, usually between countries, to limit or change their policies when trading with one another.

Weighting

An allowance paid to workers who live in certain areas of the country, such as London, to compensate for higher living costs.

Entrepreneur

An ambitious person who starts new business ventures in order to make a lot of money, often taking financial risks.

Rider

An attachment which makes amendments or provisions to an original contract or official document. In the entertainment industry, a rider is a list of demands made by a performer, usually before a show, sometimes including particular foods and drinks, hotels and transport, free tickets for friends and family, etc.

Deleveraging

An attempt by a company to reduce its debts, for example by selling off assets, laying off staff, etc.

Quality

An attribute or level of excellence. The standard of a product, service, etc., as measured against similar products, services, etc. A distinctive characteristic or attribute possessed by someone or something.

Franchise/Franchising

An authorization or licence - effectively a business methodology, which can be bought - enabling someone (franchisee) to use the franchisor's company name and trademarks to sell their products services, etc., and usually to receive certain support, in a particular town, area of a country, or international region. A franchise for a whole country is typically called a master franchise, and typically may include rights to operate as a sub-franchisor responsible for developing and managing a franchise network. The term derives from the term franc, Old French for free, which was adopted into English corporate law in the late middle-ages to signify a grant of legal immunity, which in turn grew in legal application and technical meaning to become franchising, whereby a franchisor grants licence to a franchisee to make use of its business methods, products, brands, technologies, innovation, purchasing power, marketing, etc. Some extremely well-known large corporations have grown using the franchise model, for example, Mcdonald's, Subway, Avis, and Hilton Hotels. While franchising can theoretically be applied to any market sector, it typically entails reliable replication of high quality products/services, supported by clever/protected technology, patents, branding, together with proven training, marketing and business support. Most franchises emerge at the beginning of their respective product life-cycle, when innovation and novelty is significant, and barriers to market entry are challenging. As such, many entrepreneurs decide that franchising offers an appealing option compared to starting up a business completely independently from nothing. When innovation and novelty has declined in major established franchise organizations, market appeal and position is subsequently maintained by exploiting strengths of brand(s), marketing, and financial strength.

Unemployment

An economic situation in which jobless people, often those who have been made redundant from their jobs, are actively seeking employment.

Free Enterprise

An economic system in which private businesses have the freedom to compete with each other for profit, with minimal interference from the government.

Managed Economy

An economy in which goods, allocation of resources and prices are determined by the government.

Webzine

An electronic magazine which is published on the Internet.

Paternity Pay

An employee benefit paid to partners of pregnant women so they can take time off from their job after the birth of the baby to give support to the mother. Entitlement to Paternity Pay depends on how long the partner has been with their employer.

Maternity Pay

An employee benefit paid to pregnant women when they take time off from their job to have their baby. Entitlement to Maternity Pay depends on how long they have worked for their employer and varies from country to country.

Concierge

An employee of e.g. an hotel who provides a service to guests, such as handling luggage, delivering mail and messages, making tour reservations, etc.

Pen-Pusher

An employee with a boring job whose work consists of dealing with unimportant documents, paperwork, etc.

Rainmaker

An employee, often an executive, who brings a lot of business and income to a company.

Salary

An employees wages which are paid on a regular basis for performing their job.

Post Cessation Covenant

An employment contract clause/provision which seeks to prevent an employee from exploiting his/her knowledge/contacts/relationships after leaving the employment and to compete with the previous employer, or to work for a competing organization. Such covenants typically apply for six months, or a year, or longer, and are also defined according to market sectors and geographical territories. Post cessation covenants are difficult to enforce, notably in small consumer businesses identifying and proving the loss and acquisition of clients, and balancing actions against 'restriction of trade' obligations, but in some cases employers recover substantial damages from previous employees who breach their terms. See 'poaching'.

Consultant

An expert who is paid by a company, individual, etc., to give advice on developing plans and achieving goals.

White Paper

An explanatory document produced by a political group or government or business or other organization. Originally a white paper (early 1900s UK) was a governmental document which explained and justified a matter of law or legislation which was shortly to be introduced for debate and parliamentary vote. A white paper is highly persuasive by nature - it 'sells' a particular proposition or change using (in print) debating techniques, evidence, statistics, cause-and-effect arguments, facts and figures, etc., so as to build a convincing case aimed at securing the approval of represented interests or an affected/targeted audience. White papers tend to contain elevated and technical language and to adopt an official tone, so as to appear expert, wise and authoritative. Not surprisingly therefore sometime towards the late 1900s commercial organizations began adopting the white paper concept/instrument as a marketing tool, as a means of introducing a topic to an audience in a way that reflects a sense of importance and authority on the subject and advocating (selling) body, and which seeks to minimize challenge, objection, etc., and maximize and accelarate acceptance and support. There is often an educational aspect, and a need/opportunity to convince influential opinion-formers and commentators, media, etc The commercial purpose is similar to the political purpose, and there may be overlap anyway since many big commercial issues are also political too. In governmental situations a white paper is often preceded by a green paper, which by nature is less firm and specific and is more of a discussion document, but which is nevertheless usually formulated with a particular outcome or poposition in mind. Precise meanings vary in different parts of the world for these terms and caution/clarification is recommended, especially in non-government situations, where people use the terminology vaguely.

Bonus

An extra sum of money given to an employee on top of their salary, often for achieving targets.

Hyperinflation

An extraordinarily high rate of economic inflation during which a country's prices rise and currency loses its value uncontrollably in a vicious cycle, usually occurring during severe political instability or war. Normally inflation is measured in terms of a few percentage points increase per year - typically below 10% and sometimes approaching 20%. By contrast hyperinflation may be at a rates of tens of percentage points increase per month, and in extreme rare cases hundreds of percentage points per month. In this event, where prices can be doubling and currency values halving every few weeks (or days, in very rare situations), a country is forced to issue new banknote denominations of ludicrously high values, and within living memory news stories have featured workers collecting their wages in wheelbarrows.

Avatar

An identity, often in cartoon form, which can be chosen from a selection or created by the person using it to represent themselves in a website chatroom, etc.

White Collar Crime

An illegal act such as fraud, embezzlement, bribery, etc., committed by a worker in business or administrative function.

Subliminal Advertising

An illegal form of advertising. An image which is flashed onto a screen, usually for about one second, or a message played at low volume, that can influence the person watching or listening but they are not aware of what they have seen and/or heard.

Glass Wall

An imaginary barrier in the workplace which prevents women and minority groups from being employed in other sectors of business or industry.

Utopia/Utopian

An imaginery society or world or situation which is ideal and everyone has everything they want, from the highly revered English statesman, scholar, lawyer and writer, Sir Thomas More's 1516 century book Utopia, whose full Latin title loosely translates to mean 'On the Best State of a Republic and on the New Island of Utopia'. The opposite term Dystopia, was devised two centuries later.

Profit Sharing

An incentive scheme in which a business shares some of its profit , usually in cash or shares, with its employees.

Economic Growth

An increase in a region's or nation's production of goods and services.

Industrial Tribunal

An independent judicial body which deals with disputes between employers and employees.

Consumer Watchdog

An independent organization that protects the rights of individual customers and monitors companies to check for illegal practices.

Receiver

An independent person appointed by a court to manage and control the finances, property, etc., of a bankrupt company, who usually sells the company's assets in order to pay the creditors.

Arbitrator

An independent person or body officially appointed to settle a dispute.

Maverick

An independent thinker who does not conform to accepted opinion on certain matters and takes a stand from other people.

Tenant

An individual or business who pays a fee for the use of land, property, etc., to the owner. An occupant.

Distributer

An individual or company who buys products, usually from manufacturers, and resells them to retail outlets or direct to customers. A wholesaler.

Shark Watcher

An individual or company who monitors the stock market for another company and warns them of a potential takeover, e.g., if a lot of their shares are being bought by one person or one company.

Legal Entity

An individual or organisation who has the legal right to enter into a contract or an agreement, is responsuble for its actions, and can sue or be sued if the terms of the contract are broken.

Trustee

An individual or organisation who is legally responsible for managing the financial affairs or another person or company.

Legalese

An informal term for technical legal language, especially in documents intended for public/consumer readership, such as house conveyancing contracts, insurance policies, financial documents, especially loan arrangements, all sorts of terms and conditions, employment contracts, and general 'small print' in contracts. A cynical view asserts that much legalese is wholly intentional by the document writers, who are typically lawers and solictors, so as to dissuade customers/users from reading and understanding contractual details which may commonly be disavantageous or even highly onerous or potentially damaging. Incidentally, many contracts are produced entirely in upper case (capital letters), supposedly for emphasis, although in many cases this intends to worsen readability and accessibility still further.

Gagging Clause

An informal term which has become generally used in formal business/employment language, a 'gagging clause' is a clause in an employment contract, or more commonly a termination contract, which prevents an employee from disclosing certain information about the company or employing organization (typically extending to related organizations/interests) to the press, union officers, authorities, etc., and by implication also extending to the police. Often an employer agrees or enforces a payment with/upon the employee to secure the signature to the gagging clause or contract which contains it. While the contract may in some instances be mutually fair and agreeable, often the mechanism is used unjustly and forcibly by employers against departing 'whistleblowers' because the organization fears exposure of faults, problems, liabilities, and potentially criminal behaviour/behavior, etc. A 'gagging clause' is commonly instead and euphemistically called a 'compromise agreement' by employers keen to obscure their operational failings and the shame of using such an instrument.

Antediluvian

An interesting and humorous metaphorical description of something (for example a product or service or concept) that is obsolete, old-fashioned or primitive, or devised a long time ago. 'Ante' is Latin for 'before', and 'diluvian' is from Latin 'diluvium' meaning 'deluge', so the overall literal meaning is 'before the flood', being the biblical flood and Noah's Ark, etc. Antediluvian is therefore a clever way to say that something is (so old as to be) 'out of the Ark'.

Carnet

An international official permit which allows you to take certain goods, e.g. for display or demonstration, into another country, duty free, for a specific period - usually 12 months.

Hushmail

An internet service offering encypted email, file storage, etc.

Value Investor

An investor who buys shares, etc., which they believe to be underpriced, in order to make a profit by selling them when they price rises.

Stock

An investor's share of ownership in a company which entitles them to equity in the company, dividends, voting rights, etc.

Tender Offer

An offer, usually above the market price, made to the shareholders of a company by another company or individual as part of a takeover bid.

Paper-Pusher

An office worker who has a boring job dealing with paperwork all day.

Quota

An official allocation of something, or a limited amount of people allowed. A fixed amount of something, e.g. sales, which must be reached.

Injunction

An official court order which demands that someone must refrain from carrying out certain actions.

Patent

An official document which grants an inventor or manufacturer sole rights to an invention or product.

Subpoena

An official summons which requires a witness to attend a court case and testify at a specific time and place. Failure to do so may result in them being punished for contempt of court.

Requisition

An official written request or demand for something.

Silver Surfer

An older person who uses the Internet.

Cube Farm

An open office which is divided into cubicles.

Sell Limit Order

An order to a stock broker to sell a specific number of shares at or above a specified price.

Cooperative

An organisation or business which is owned and run by its employees, customers and/or tenants, who share the profits.

Federation

An organisation which has been formed by the joining together of a group of companies, clubs, etc.

Pressure Group

An organised group of people, or lobbyists, who campaign to influence businesses, governments, etc., to change their policies, e.g. regarding the environment, or to change laws.

Stock Exchange

An organised market place where shares in companies are traded by professional stockbrokers.

Secondary Boycott

An organised protest to prevent or persuade a company from doing business with another company which is involved in a dispute.

Prototype

An original design or working model of something, often used in demonstrations.

E-Tailer

An retailer who uses the internet to sell goods and/or services to the public.

Loophole

An unintentional mistake in a contract or a law which allows people to evade an obligation in the contract, or to get round the law without actually breaking it.

Commercial Paper

An unsecured and unregistered short-term agreement in which organizations can borrow money from investors who cannot take the assets from the organization if the loan is not repaid.

Bubble Economy

An unstable boom when the economy experiences an unusually rapid growth, with rising share prices and increased employment.

Stress/Stress Management

Area of study and corporate/employer responsibility relating to workers' health, well-being, productivity. See stress management.

AIDA

Attention, Interest, Desire, Action - an early and fundamentally useful model/process for effective communications. Also called the 'hierarchy of effects' - we all buy things, and decide to change something, after passing through these four key stages. (See AIDA in sales training materials)

Turd Polishing

Australian equivalent of not being able to make a silk purse out of a pigs ear. An engineering term for fixing the defects in a product, process, system, etc., then repeating as new defects appear, rather than re-engineering it with fewer defects.

British Standards Institution

BSI. An organisation which sets out formal guidelines to help businesses, etc., produce or perform more efficiently and safely. The BSI operates in more than 25 countries, and represent UK interests in other organisations, such as the ISO - International Organisation For Standardization.

Below The Line

BTL. Describes marketing which has a short-term duration, such as non-media advertising, direct-mail, e-mail, exhibitions, incentives, brochures, etc., which is targeted directly at the consumer/customer. Often used by companies on a limited budget.

Onshore Accounts

Bank accounts or investments held in countries which have normal rates of tax and strict government control.

Tax Bracket

Based on income levels, the higher the income the higher the tax bracket, therefore people earning more money have to pay a higher rate of tax on the part of their income which is below the lower tax bracket allowance.

Reciprocity

Based on the notion of mutuality or return in the term 'reciprocal', reciprocity means give-and-take, such as to achieve a mutually agreeable balance.

Absolute Advantage

Being able to produce goods more cheaply than other countries.

External Competitiveness

Being able to sell goods and services to customers in foreign countries at a competitive price.

Bossnapping

Believed to have started in France, the unlawful imprisonment of a boss, in the offices of a company or on the site of a corporation, by employees who are protesting against redundancy, closure of the company, etc.

Culpability

Blame or liability for harm or damage to others, from Latin culpa meaning fault.

B2B

Business-To-Business, or in normal communications 'business to business'. This refers to a commercial trading model by which a business supplies other businesses, and by implication does not generally supply consumers, i.e., domestic private customers (which would be B2C). A B2B provider is therefore a provider of business services or products, for example: company auditors, manufacturers of industrial machinery, conference organizers, corporate hospitality, advertising agencies, trade journals, wholesalers, warehousing and logistics, management consultancies, mining, farming, industrial chemicals, papermills, etc. More detail at B2B in the acronyms glossary.

Corporate Social Responsibility

CSR. An obligation of a company to adhere to legal guidelines in order to meet the needs of its employees, shareholders and customers, and also to be concerned about social and environmental issues.

Press Conference

Called A News Conference in the US. A meeting held by a business, organisation, individual, etc., to which journalists are invited to hear a public announcement, and usually to ask questions.

Private Company

Called A Private Corporation in the US. A company whose shares are not offered to the general public on the open market.

Postage And Packing

Called Postage and Handling in the US. The cost of wrapping an item and sending it by post. Often used for mail order goods.

Stamp Duty

Called Stamp Tax in the US. A stamp which must be put onto certain documents, contracts, etc., to show that he tax has been paid when property, land, etc., has been sold.

Voting Shares

Called Voting Stock in the US. A company share which gives the shareholder the right to vote on matters regarding company policy, etc.

Viable

Capable of being done or working successfully.

Rental Fleet

Cars, vans, etc., which a business leases from a vehicle leasing company for its workers to use, usually sales teams, executives, service engineers, etc.

Rebrand

Change the name, packaging, etc., of an existing product or business and advertise it as new and improved.

Mom-and-Pop/Mom-and-Pop Shop

Chiefly and originally an American term for a small shop or business (e.g., Mom-and-Pop Business) that traditionally was and frequently nowadays still is run by a married couple, who are often the main staff too. These small businesses are characterized typically as being small in economic terms, and usually old-fashioned, slow to adapt, resistant to change and new technology, ideas, etc., with little or no ambition to grow. As such, marketing executives, managers and sales people of much larger organizations tend to regard 'mum-and-pop' businesses with a degree of disdain. While plentiful in numbers across many sectors and therefore overall accounting for potentially big market shares, mom-and-pop businesses are extremely difficult to profile, assess, and target in sales and marketing, which combined with a reputation for stubbornness (based often on mom and pop having very good knowledge and experience of their own industries), makes them very challenging for suppliers to reach, engage in dialogue, and to convert to new products and services. Small order values and high maintenance expectations commonly associated with mom-and-pop businesses add to the difficulties faced by corporations attempting to sell and serve them. Many mom-and-pop shops/businesses might in more modern times also be described as 'lifestyle businesses', where the owners quite intentionally maintain a small simple and easily manageable scale of operation, so as to fit with a happier work-life balance. Some suggest this adds to the (arguably envy-driven) resentment which can be felt and displayed by large corporations and staff trying to market to mom-and-pop shops.

Perfect Storm

Coincidentally arising circumstances combining to produce a disastrous effect. This is an allusion to weather factors, commonly applied to economic or trading situations, but applicable to any disaster or chaotic outcome resulting from forces or effects whose combination and timing has not been thought likely or anticipated at all.

Glitterati

Combination of Glitter and Literati. Glamorous, rich, famous people, often connected to show business.

Kudos

Common management term meaning positive recognition, praise or fame - from the Greek word kydos, meaning glory.

Gross Domestic Product

Commonly abbreviated to GDP, Gross Domestic Product is a very frequently used term in business and economics, and basically refers to a nation's total production at market values. GDP is however not easily explained or understood at a detailed and precise level. GDP may be calculated in different ways. Each method requires some qualification of precise definition, and then comprises quite complex formulae, mainly to ensure there is no double-counting, and no ommissions. The main methods seem to be as follows, although each nation has its own rules, and various institutional bodies produce other rules and standards for calculations and definitions. Ordinary people can reasonably regard fully detailed definitions of GDP very confusing. Lots of experts do too. Here is a very simple guide: Simply, and firstly, GDP may be calculated by totalling the market (sales) values of all products and services. GDP may instead be expressed as the combined total spending on products and services by consumers, industry and state. Alternatively, GDP may be expressed in terms of a population's total incomes, plus other items such as corporate profits and taxes on products/services. Each of these methods contains several and variable minor additional factors and caviats. Other methods exist as well, as if the basic two or three methods were not confusing enough.

Intellectual Property

Commonly abbreviated to IP, an idea or creation, e.g., artwork, writing, etc., that belongs to an individual or organisation, which has commercial value and therefore cannot be copied or sold without the owner's permission.

Information Superhighway

Communications network, notably the Internet, which provides high speed access to information in the form of sound, text, images, etc.

Market Sector

Competing businesses which produce or buy similar goods and/or services. The customers for which certain goods and services are marketed.

Macro

In a computer, a single instruction which results in a complete series of more detailed instructions being put into effect.

Portfolio Career

Concept attributed to guru Charles Handy in the 1990s. A career in which a person pursues several jobs at the same time, rather than working full-time for one particular company.

Abram's Law

Construction industry theory relating to concrete strength as determined by the ratio of water to cement.

C2C

Consumer-To-Consumer, a marketing/business model (compare with B2B, B2C, etc) illustrated by 'car-boot' sales, yard sales, small private ads, and more significantly E-Bay, Amazon and other big C2C internet portals, which by the end of the first decade of the 2000s had become a substantial aspect of global economics and human society, and a real threat to the long-term future of some very large corporate industries. See also the broadly equivalent P2P (big explanation of P2P [Peer-To-Peer] in the acronyms section).

Primary Demand

Consumers demand for a generic product rather than a particular brand.

Encrypt

Convert data into code which cannot be easily understood by people who have no authorisation to view it.

Shareware

Copyrighted computer software which is available for a free trial, after which a fee is usually charged if the user requires continued use and support.

CPI

Cost-Per-Impression (cost per view) - an advertising method/term, commonly used in online advertising, by which advertising costs are based on the number of times an advert is displayed or viewed. See also PPC/CPC (Pay per Click/Cost per Click)

Fixed Costs

Costs, or overheads , which are incurred by a business whether or not it is operating or generating income, such as wages, rent, insurance, utilities (for example electricity, gas, water), etc.

Misery Index

Created by economist Arthur Okun, an economic indicator of a country which adds the inflation rate to the unemployment rate.

Ad hoc

Created or done for a particular purpose as necessary and not planned in advance.

Bona Fides

Credentials showing someone's true identity. (Latin - with good faith)

Punitive Damages

Damages awarded, over and above general damages, by a court of law against a defendant who has committed a malicious act which has resulted in injury to a person or damage to property, in order to deter the defendant from committing similar acts in future.

Primary Data

Data which is collected by a company, business, etc., itself for its own use, using questionnaires, case studies, interviews, etc., rather than using other sources to collect the data.

Liabilities

Debts which are owed to someone, obligations or responsibilities which are legally binding.

Derived Demand

Demand for a service or goods which is created by the demand for another service or goods, such as the demand for steel to make cars.

Yuppie

Derives from Young Urban Professional. Term used since the 1980s to describe a young person who has a well-paid job and an affluent lifestyle.

Gone To The Wall

Describes a business which has failed.

Top-Heavy

Describes a company or business which has too many managers and/or administrators in comparison to the number of workers.

Undermanned

Describes a company, business, etc., which does not have enough workers to function properly. Understaffed.

Balloon

Describes a long term loan in which there is a large final payment when the loan matures.

Perfect Competition

Describes a market in which no one can influence prices because there is enough information about a product to prevent control by an individual or a single organisation.

Unique Visitor

Describes a person who visits a website, as one unit, even if they have made several visits to the same site in a particular period of time, usually 24 hours.

One-Stop

Describes a retail establishment which provides an extensive range of goods and services, so the customer can purchase everything they need without having to go elsewhere.

Win-Win

Describes a situation or arrangement in which all parties benefit or profit.

With Profits

Describes an insurance policy which pays the sum assured plus any bonuses which may have accumulated over the term of the policy.

Fiduciary

Describes an organisation or individual who manages money or property for a beneficiary.

Ready-To-Wear

Describes clothing that is produced in standard sizes and designs and sold as finished products in retail outlets.

Private Equity

Describes companies shares which are not available for investors to buy and sell on the Stock Market, because the company is unlisted.

Open Source

Describes computer software for which the original source code is freely accessible to everyone, so that anyone can modify or copy the program without paying a fee.

Passing Trade

Describes customers who go into a shop, public house, etc., because they notice it as they are passing by.

Perishables

Describes food, such as fruit, meat, fish, dairy products, etc., which will decay or spoil rapidly.

Negotiating Table

Describes formal discussions where agreements are trying to be reached.

Fungible

Describes goods or commodities which can be exchanged for something of the same kind, of equal value and quality.

Zero-Rated

Describes goods or services on which the buyer pays no value-added-tax.

Pink Collar

Describes jobs which were once traditionally done by women, such as nursing, secretarial, teaching, etc.

Tranche

Describes part of a loan, investment, etc., which is a portion of the whole amount.

Mass Market

Describes products or services which have mass appeal and are aimed at large numbers of people or a whole population.

Penny Share

Describes shares which have a very low value and therefore appeal to speculators.

Upwardly Mobile

Describes someone who is moving towards a higher social and/or economic position.

Ad Rotation

Describes the rotation of advertisements on a web page - each time a user clicks on a different page or returns to a page they've viewed previously in the same session, a different advert appears on the screen.

Price Mechanism

Describes the way prices for goods and services are influenced by the changes in supply and demand. Shortages cause a rise in prices, surpluses cause a fall in prices.

Customer Loyalty

Describes when a customer prefers to buy a particular brand or type of product, who prefers a particular shop, or who stays with the same company, such as a bank, insurance company, phone company, etc.

Didactic

Describes works of literature or art which are intended to be be informative or instructional, especially morally, rather than entertaining. From the ancient Greek word didaskein, which means to teach.

Maslow's HierarchyOf Needs

Developed by Abraham Maslow in 1943. A fundamental motivational theory describing five stages of human needs which must be met in a particular order.

Theory X

Developed by Douglas McGregor in the 1960s, a theory which states that most people in the workplace do not enjoy work and will take every opportunity to avoid doing their job because they are lazy and need to be closely supervised, threatened and disciplined by management.

Theory Y

Developed by Douglas McGregor. The opposite to Theory X, a method of managing people in the workplace based on the idea that most workers enjoy their job, are self-motivated and want responsibility, and the managers role is to help the workers realise their full potential by giving them more responsibility, including them in decision-making, etc.

Embezzlement

Dishonestly appropriate goods or money from one's employer for personal gain; steal from one's employer, typically by electronic administrative methods, thus abusing a position of trust or responsibility.

European Union

EU. Previously called the European Community. An international, economical and political organisation which brought the nations of Europe together so that people, goods, money, services, etc., can move freely between member nations.

User Friendly

Easy to learn or use by people who are not experts.

Deflation

Economic decline typified by falling costs of goods and services; falling levels of employment; limited money supply or credit; reduced imports; lower wage increases, often caused by lower personal spending or investment, and/or a reduction in government spending. Deflation is broadly the opposite of inflation.

E-Business

Electronic Business. Using the internet to conduct business or enable businesses to link together.

E-Commerce

Electronic Commerce. The buying and selling of products and services over the Internet.

E-Currency

Electronic currency. Used on the Internet for making and receiving payments. Companies which provide this service include Paypal and E-Gold.

E-Procurement

Electronic procurement. Businesses using the internet to purchase from, or sell goods and services to, other businesses.

Emotional Capital

Emotional experiences, values and beliefs of a company's employees that make good working relationships and a successful business. Low emotional capital can result in conflict between employees, low morale and poor customer relations.

Gap Analysis

Enables a company to assess the gap between its actual performance and its potential performance, by comparing what skills, products, etc. are available to what is required to improve performance, output, etc.

Fault Tolerance

Enables a system, especially in computing, to continue to operate properly even though a component in the system has failed.

Corporate Hospitality

Entertainment provided by companies in order to develop good relationships with its employees, customers, other businesses, etc.

Securities Market(s)

Exchange(s) where investments such a stocks and shares, etc., are traded. Traditionally and originally these exchanges were buildings containing traders and brokers, etc., whereas nowadays such trading is conducted virtually using modern communications and IT systems, usually online, so that markets and exchanges are virtual, i.e., existing mostly through connections between people and organizations and systems, rather than necessarily requiring a physical grouping in a building.

Stop List/Stoplist

Excluded people, organizations, or other items, typically for reasons of disqualification for failing to meet standards or terms stipulated by the organization responsible for the exclusion. This might be customers excluded from a supply by a provider, or people prevented from membership or involvement with an organisation. Often a stoplist refers to customers 'on stop' because of poor credit rating or payment history, and notably payment default. More technically a stoplist may refer the words excluded ('stopwords') in computerized generation of a concordance, which in publishing refers to a detailed cross-referenced index of key words from a text or book or report, etc. Another example might be a schedule of banned substances or ingredients. Basically a stoplist may refer to a roster or schedule of potentially acceptable items/entities/people excluded or barred for reasons of not meeting qualifying standards.

Gross Profit Margin

Expressed as a percentage, what is left from a company's sales after cost of goods sold is paid out. Gross profit margin is obtained by dividing gross income by net sales.

E-Lance

Freelance working using the Internet to sell services or goods anywhere in the world.

Nonfeasance

Failure to perform a duty or carry out an act when under legal obligation.

Agribusinesss

Farming industry on a large corporate scale.

Golden Handcuffs

Financial incentives or benefits given to a valued employee to ensure that they continue working for a company, and to discourage them from wanting to leave to work for another company.

Self-Supporting

Financially independent. Being able to operate without the help of others.

Per Capita

For each person in the population. Per head. An expression of something (for example car ownership, consumption, etc) in relation to the population of a particular city, nation, etc.

Coercion

Forcing someone, by some method or other, to do something or abstain from doing something against their will.

Pink Sheets

Formally known as Pink Quote. In the US, a system displaying over-the-counter shares, which is published every day. Most companies listed on the Pink Sheets are very small and do not meet the minimum requirements for trading on the Stock Exchange.

Peter Principle

Formulated by Canadian author Laurence J Peter (1919-1990): 'In a hierarchy, every employee tends to rise to his level of incompetence'. The theory that employees rise in rank in an organisation until they are finally promoted to a level, and remain there, at which they do not have the ability to do their job.

Moore's Law

Founder of Intel Gordon Moore's theory that the power of computing has the potential to double every two years (often quoted as every 18 months).

4/4

Four beats to the bar, the most common rhythm in music.

Gofer

From 'Go for'. An employee who runs errands, as well as doing their normal job, usually in an office or on a film set. A dogsbody.

Bodhisattva

From Buddhism, a person who seeks enlightenment for the good of, and motivated by a compassion for, other people. In Western thinking we could see this to be similar to Maslow's notion of 'trancendence' in the pursuit of self-actualization, notably helping others to self-actualize. Not an easy concept to explain; in the spectrum of human behaviour it's about as far away that can be imagined from the pursuit of a merchant banker's bonus or the Presidency of Europe, if you'll forgive the clichés.

SIM Card

From the full meaning, Subscriber Identification/Identity Module. A small removable card which stores personal information on a mobile phone or other small personal computerized device. There are other less serious interpretations of the SIM acronym.

Get Go

From the start, the earliest stage of something. Used in the phrase 'From the get go.'

Share Capital

Funds raised by a company from shares sold to investors.

Contraband

Goods prohibited by law from being exported or imported. Smuggling.

Six Thinking Hats

Group dynamics and decision-making concept devised by Dr Edward De Bono, from the book so named, based on De Bono's theory of how people look at things/situations from different perspectives.

Accretion

Growth or increase in the value or amount of something. See financial terms.

Hire Purchase

HP. A contract between a buyer and seller in which the buyer takes possession of an item and then pays for it in regular instalments, usually monthly, and does not become the owner of the item until the final payment has been made. Also referred to as 'Buying on the never-never'.

Human Resources

HR. The people who are employed by and operate a business or organisation. The department within a company which deals with recruitment, training, employee benefit, etc.

Health And Safety At Work Act

HSWA. In Britain, a 1974 act of Parliament which regulates and reinforces the health, safety and welfare of employees in the workplace.

Callipygian

Having well-shaped beautiful buttocks. This fascinating obscure term (thanks S Marcus, PhD) - indeed the OED categorises the adjective as 'rare' - deserves wider exposure. Callipygian is pronounced 'Kallipijian' with the emphasis on the 'pij' syllable. A more recent variation is Callypygous ('kallipijus'). The word came into English in the late 1700s from Greek, kallipugos, which was used to describe a statue of Venus (the 1922 OED says it was actually the name of a statue of Venus), from kallos meaning beauty, and puge, meaning buttocks. Kallos is also a root of the word calligraphy (decorative handwriting/lettering), and callisthenics (graceful gymnastics).

Constructive Spending

Helping the local economy by buying home produced goods, holidaying in your own country, etc., rather than buying imported goods and holidaying abroad.

Homeostasis/homoeostasis

Homeostasis is a powerful and illuminating concept. Technically, yet somewhat unhelpfully, the OED (Oxford English Dictionary) defines homeostasis as "The tendency towards a relatively stable equilibrium between interdependent elements, especially as maintained by physiological processes". Homeostasis is perhaps more easily understood initially via its Greek roots, meaning 'similar' and 'standing still'. Homeostasis refers scientifically to the act of 'self-balancing' or 'internally self-compensating' in ecological/biological systems. For example, the notion that planet Earth tends to balance itself, adjusting life-forms in response to environmental conditions. On a smaller scale a detailed instance is offered in the natural and eventually balanced re-population of life-forms on Krakatoa island after devastating earthquake in 1883. Many argue that planet Earth naturally self-balances its life and atmospheric situation over quite short periods, and particularly millennia, thus ensuring survival/continuity. Humankind's survival is not guaranteed within this; but the planet's survival, and life of one sort or another, probably is. Such self-balancing of a system is called homeostasis. Even more fascinatingly the term homeostasis refers to human life generally where people/societies tend to adjust risk/consumption according to consequences, driven by resistance to change. 'Reaction to feedback' is crucial in homeostasis, whereby a system or relationship reacts to a change in one element of the relationship/system, by making a compensating change in another part, or other parts, of the relationship/system, so as to mainatin continuity and balance. In human terms this is very typically seen as avoidance of overall system change, which is usually felt to be threatening. We can see this and other sorts of homeostatic theory acting in practice for example where: *****Players of dangerous/contact sports tend to increase their exposure to risk in response to increasing the wearing of protective padding/equipment. Boxing gloves, for example, enable/encourage the tolerance/exposure to far more punches than would be the case in bare-knuckle fighting; similarly rugby and other contact sports see greater exposure to impact risk when more protective gear is worn.

Brown Goods

Household electrical entertainment appliances such as televisions, radios and music systems.

Murphy's Law

Humorous saying: Anything that can possibly go wrong will go wrong.

Sneakernet

Humorous term describing the transfer of electronic information, such as computer files, by physically taking the disk, cd, etc., from one computer to another.

International Monetary Fund

IMF. Established in 1944 by the United Nations to monitor foreign exchange systems and encourage trade between member nations. It also lends money to developing countries with economic problems.

International Organisation For Standardization

ISO. A non-government organisation with over 150 member nations, which promotes international standards in trade, technology, science, economy, etc.

Counterclaim

In a court of law, a claim made against you (plaintiff) by the person (defendant) you are making a claim against.

Thrift

In the US, a savings or loan association. The practice of not spending too much money or using up too many resources.

Sandbagging

In a court of law, the practice by a lawyer of not mentioning a possible error which has occurred during a trial in the hope that it goes unnoticed and the lawyer can then use it as a basis for appeal.

Contra Entry

In accounting, an amount entered which is offset by another entry of the same value, i.e., a debit is offset by a credit.

Equal Pay Act

In Britain, a government Act of 1970 which gives women the right to earn the same money and to receive the same benefits as men for performing the same job.

Sex Discrimination Act

In Britain, legislation passed by Parliament in 1975, mainly related to employment in the workplace, which makes it unlawful to discriminate against an individual because of their gender.

Minimax Strategy

In Game Theory and strategy generally, a method which seeks to minimise the maximum potential losses, which usually equates to 'playing safe'.

Keiretsu

In Japan, an alliance of companies or organisations which own shares in one another as a means of security, but each individual company operates independently.

Reporting Line

In a business or organisation, employees, managers, etc., who report to the next person higher up, usually their boss.

Knowledge Base

In a computer system, a database with a store of information, facts and rules which can be used for problem-solving.

Legal Tender

In day-to-day language the term generally refers to coinage or banknotes which have not been withdrawn or demonetised by the Bank of England and so are valid, but technically the term the UK refers to forms of currency which by law must be accepted by a creditor in payment of a debt. See the detailed technical definition of legal tender.

Looping

In films, TV programs, etc., the process of dubbing the original film footage by synching (lining it up) with new or replacement dialogue.

Commission

In finance, a payment based on percentage of transaction value, according to the local interpretation of value (e.g., based on total revenue, or gross profit, etc).

Principal

In finance, principal (the principal, or the principal sum/amount) refers to an amount of money loaned or borrowed. The term is used particularly when differentiating or clarifying an amount of money (loaned/borrowed/invested) excluding interest payments. Separately, more generally, in business the term 'the principal' refers to the owner of a business or brand, as distinct from an agent or representative, such as a franchisee.

Fixed Parity

In foreign exchange, when the currency of one country is equal in value to the currency of another country.

Laid-Off

In industry, etc., when workers lose their jobs, sometimes temporarily, because there is no work for them.

Usance

In international trade, the period of time allowed, which varies between countries, for the payment of a bill of exchange.

Contingency Fee

In law, a fee that is payable to the lawyer out of any damages which have been awarded to the client by a court. There is no payment if the case is unsuccessful.

Conservator

In law, a guardian or protector appointed by a court to manage the affairs, finances, etc., of someone who is too ill or incapable of doing so themselves.

Limited Liability

In law, the owners and/or shareholders of a limited company only lose the amount they have invested if the company gets into debt.

Value Engineering

In manufacturing, a method of producing a product at the lowest price but without sacrificing quality, safety, etc., and at the same time meeting the customers needs.

Prime Cost

In manufacturing, etc., the cost of direct materials and labour required to make a product.

Make To Stock

In manufacturing, products which are made and stocked before customers orders have been received.

Economies Of Scale

In manufacturing, the more units being made the cheaper each unit costs to produce.

Diversion/Product Diversion

In marketing and business 'diversion' refers to the unofficial distribution/availability of branded consumer products. In other words this is the supply of branded products through unautorized stockists or retailers or other suppliers, notably via the web. Diversion does not refer to pirated or counterfeit or 'fake' goods. Diversion refers to official goods being sold through unofficial channels. Also called a 'grey market'.

Grey Market/Gray Market

In marketing and business a grey market (gray market in US-English) is the supply of official goods through unofficial channels, for example the availability of branded consumer products on the internet from unauthorized stockists. Also called a parallel market or product diversion. These terms do not refer to counterfeit goods. The reference is to the unofficial, sometimes illegal, distribution and availability of official branded original goods. The term alludes to the older expression 'black market', and is used or analysed most commonly from the standpoint of manufacturers, who generally regard grey markets as threatening to their marketing distribution and pricing strategies. The term grey market extends widely and includes notably the substantial availability of products which have been diverted from one international marketing territory to another.

Test Market

In marketing, a product or service which is tested in a particular area of the country before it is launched nationally.

Orphan Product

In medicine, a test, device, drug, etc., which may be useful for certain rare diseases or disorders but is not financially viable, so is therefore not developed for commercial use.

Ethics Committee

In medicine, an independent body which is appointed to examine and consider the rights and safety of people taking part in clinical trials.

Middle Management

In organisations and business, managers who are in charge of small departments and groups of people while reporting to upper management.

Four-Colour Process

In printing, the use of four ink colours - yellow, magenta, cyan and black - which are combined together to produce the whole spectrum of colours.

Push System

In production, a system in which the demand for goods is predicted by the company, so more goods are made to keep up with pre-set levels rather than customer demand.

Pro Rata

In proportion to. Refers to the division of costs, profits, income, etc., depending on the size of each persons share in the whole amount.

Concordance

In publishing, a concordance is an alphabetical list of the key words from a text showing their meanings. Concordances are rare in old large books because of the time and effort required to compile them, but more commonly arise in modern computer-generated applications. A concordance is a sort of cross-referenced index, but in (sometimes very much) more detail than the standard index of chapters and subjects typically shown before the main content. There are other more complex and different meanings of the word concordance relating to various technical applications (mathematics, genetics, etc) where often the meanings concern duality or cross-referencing of some sort.

Cyber Monday

In recent times, the busiest online shopping day of the year, in the USA typically the Monday after Thanksgiving Day (the fourth Thursday of November); in the UK typically the first Monday in December.

Bait-and-Switch

In retail sales, when customers are lured by advertisements for a product at a low price, then find that the product is not available but a more expensive substitute is.

Loss Leader

In retail, a product which is offered at a very low price to attract customers who will then buy other goods which will produce more profit for the retailer.

Planogram

In retailing, a drawing or diagram which shows when and how products should be displayed in a store.

Floor Limit

In retailing, the highest amount of money for a sale for which a debit or credit card can be used by a customer without authorisation from the customer's bank.

Gazump

In selling and buying property, a term used to describe when a purchaser has an offer accepted by the vendor but is then gazumped because someone else makes the vendor a higher offer which the vendor then accepts instead of the first person's offer.

Limited Company

In the UK, a company that has a name ending in 'Ltd.' The owners of these companies have limited liability if the company gets into debt.

Unlimited Company

In the UK, a company whose owners have unlimited liability, e.g. if the company goes into liquidation the owners are required to raise the funds to pay the company's debts.

Positive Discrimination

In the UK, a company's policy of favouring a disadvantaged (because of race, sex, etc.,) group by making sure that jobs are given to people in these groups.

Scheme Of Arrangement

In the UK, a legal agreement between a company and its shareholders and/or creditors in which the company will pay what debts it can as an alternative to bankruptcy.

Refer To Drawer

In the UK, a phrase used by banks when someone's account does not have sufficient funds to clear a cheque which they have written, or the cheque has been written incorrectly.

Status Enquiry

In the UK, a request made to a bank asking for a report on a person's financial status, i.e., whether they can repay a loan, mortgage, etc.

Golden Formula

In the UK, a term used to describe industrial action, or strikes, which are legal, i.e., about matters connected to working conditions and employment, rather than political matters, and that workers striking for legal reasons should not lose their jobs.

Peppercorn Rent

In the UK, a very low or nominal payment, which was originally a single peppercorn, made to secure a lease.

Sandwich Course

In the UK, an educational course, sometimes lasting three or four years, which involves alternate periods of study, e.g. at university, and periods of work experience in business or industry.

State Benefit

In the UK, money given by the government to people who don't have enough funds to live on and need financial assistance, often because they are unemployed or too ill to work.

Special Commissioners

In the UK, special commissioners are present at appeals concerning disputes between the Inland Revenue and tax payers.

Output Tax

In the UK, the amount of VAT (Value Added Tax) a company or business adds to the price of its products or services.

Kitemark

In the UK, the official mark of approval by the British Standards Institution, to show that a product or service is safe, reliable and of good quality.

Standing Order

In the UK. an instruction given to a bank to debit a fixed amount of money from an account, usually every month on the same date, to pay a bill, mortgage, etc.

Registered Company

In the US, a company which has filed an SEC (Securities and Exchange Commission) registration, and may issue new shares. In the UK, a company which is listed on the Companies Register as a limited private company, a public limited company, or an unlimited company.

Sheriff's Sale

In the US, a forced sale of property ordered by a law court, the proceeds of which settle unpaid debts.

Truth In Lending Act

In the US, a law which protects consumers by requiring companies which offer loans, credit and charge cards, etc., to disclose full information regarding terms and interest rates.

Blue Law

In the US, a law which regulates and limits activities for religious reasons, such as Sunday working or shopping.

Registration Statement

In the US, a legal document containing details about a company's activities, financial status, etc., which must be submitted to the SEC (Securities and Exchange Commission) before the company can issue shares.

Green Card

In the US, a legal document which allows an immigrant to become a permanent resident, to work legally and to become eligible for citizenship.

Treasury Bond

In the US, a long term security issued by the government which pays regular interest.

Fulfillment/fulfilment

In the context of business and retailing, fulfilment refers to the processing of a (consumer or commercial) customer's purchase/order - i.e., a 'sale'. Fulfilment is generally considered to happen after the order is placed and usually payment is made, completing on confirmation of safe and correct delivery to the customer. Payment/invoicing is generally separate from the fulfilment process/provider. In most cases fulfilment entails the warehousing, stock management, product 'picking', order assembly/compiling, packaging and delivery, then confirmation of safe delivery, of products/orders for which payment has already been made. Fulfilment may be an internal activity of the selling organization, or may instead be contracted to an external provider of fulfilment services. Fulfilment has an entirely different meaning in the context of human emotional wellbeing, in which it refers to feelings/situations of personal happiness and life-balance, achievement and wellbeing itself, without stress, pressure or other negative effects.

Diversity

In the context of work/organizations, diversity is a business/employment term originating in the late 1900s, referring to the quality of a workforce (and potentially a group of users/customers or audience) as defined by its mixture of people according to ethnicity, race, religion, disability, gender, sexuality, age, etc. The use of the term diversity assumes that an equal non-discriminatory approach to employment produces positive effects, for staff, working environment, society, etc., and is an extremely healthy and ethical principle. As such the term 'diversity' has become a strongly symbolic principle, rather like other big progressive movements in organizational and societal/economic thinking such as 'green', 'sustainability', 'ethics', 'governance', etc.

Gaffer

In the entertainment industry, a member of a film crew who handles the lighting equipment.

Dolly

In the entertainment industry, a piece of equipment on wheels which allows the camera to move smoothly for long walking shots.

Day Player

In the entertainment industry, actors, etc., who are hired by the day.

Flats

In the entertainment industry, these are painted canvas sheets fixed onto wooden frames used on film sets, etc. for scenery.

Grip

In the film and TV industry, a member of the film crew who makes sure that the lighting is right for a scene. They also move scenery and set up large pieces of equipment.

Double

In the film and TV industry, a person who stands in, or is substituted, for a principal actor.

Average Daily Rate

In the hotel industry a calculation of the average price at which a hotel room is booked each night based on total daily revenue divided by the number of rooms sold. The term may have more general meanings in other contexts.

Class A Spot

In the media, commercials which are run on a prime time network.

Bear Market

In the stock market a period of declining prices in which investors continue selling shares, expecting the prices to fall further.

Shoulder Season

In the travel industry, the time between high and low season.

Hunt and Peck

Inexpert slow typing on a keyboard using only one or two fingers.

Hothouse/Hothousing

Informal term for an intense development environment or method, or the verb equivalent, typically applied to training people or developing ideas or ventures; a metaphor alluding to a heated greenhouse for growing plants.

Bold-Faced Names

Informal term for celebrities, used mostly in the USA.

Backscratching

Informal term for reciprocity or returning favours, as in the term 'you scratch my back and I'll scratch yours'.

Credit Rating

Information (based on interpretation by an official credit rating agency or similar financial services data provider) of a person's or company's or other entity's financial history and circumstances, which assesses and indicates their ability to repay debts, loans, etc. Lenders use this information when making a decision regarding a loan approval, and in larger cases will adjust levels of interest and other financial credit terms according to the perceived risk of the loan situation and client, which may be an individual or a whole country or international federation.

Inside Information

Information about a company which is known only by the owners, management and/or employees, and not the general public. The use of Inside Information for the buying and selling of shares is usually illegal.

Empirical

Information derived from experience, observation or experiment rather than from theory or subjective opinion. From Greek - empeiros, meaning skilled - in turn from peira, meaning trial or experiment.

Brown-noser

Insulting slang term for a sychophant, originally 1930s US military slang (brown-nose). Brown-nosing describes crawling or creeping to please a boss; an amusingly disturbing interpretation of various expressions which juxtapose the head of the follower with the backside of the boss, as in the rude slang metaphors: kissing arse/ass, arse-licking, bum-licker, etc.

Ordinary Interest

Interest paid which is calculated based on a 360 day year, or 12 months of 30 days.

Capped-Rate

Interest rate, usually on a loan, which cannot rise above the upper set level but can vary beneath this level.

Compound Interest

Interest which is calculated on not only the the initial loan, but also on the accumulated interest.

Simple Interest

Interest which is calculated on the original amount of money deposited or borrowed, and not on any interest which may have accrued.

Plasma

Interestingly, in physics, plasma is the often overlooked fourth state of matter, aside from solid, liquid and gas. Plasma is ionized gas containing free electrons, making it responsive to electromagnetism, and conductive of electricity, in turn enabling it to take a very visible physical shape unlike other forms of gas. The stars are made of plasma; so is lightening and the Northen Lights (Aurora Borealis). Plasma display screens also basically employ this effect.

Set-Aside Scheme

Introduced in 1988 in the UK to reduce the overproduction of arable crops. Farmers are paid to keep land fallow rather than use it to grow produce.

Multilateral

Involving or agreed upon by three or more groups, nations, companies, etc. See Bilateral and Unilateral.

Just-In-Time

JIT. A manufacturing system in which materials and components are delivered immediately before they are required, in order to increase efficiency, reduce waste and minimise storage costs.

Kaizen

Japanese for 'improvement'. When implemented in the workplace, Kaizen activities help to improve the running of a business.

Kanban

Japanese for 'visible record'. In industry, a manufacturing system which is regulated by the use of cards or boards which contain specifications and instructions for the production process of goods.

Sequester

Keeping a jury in isolation, under close supervision and away from the public and media, during a trial.

Spider Food

Key words or phrases which are placed, usually invisibly, on a web page in order to attract search engines.

List Price

Known as 'Sticker Price' in the US. The advertised or recommended retail price (RRP) of a product.

Competition Law

Known as Antitrust law in the US, regulates fair competition between companies, including the control of monopolies and cartels.

Own Brand

Known as House Brands in the US and Home Brands in Australia. Products which are sold by a retailer under the retailer's own name, rather than the name of the manufacturer.

Personal Allowance

Known as Personal Exemption in the US. The amount of income an individual can earn in a year before paying tax.

Sales Tax

Known as VAT (Value Added Tax) in the UK. A tax based on the cost of a product or service which must be paid by the buyer. This tax does not apply to all goods or services.

Weighbridge

Known as a Weigh Station in the US. A vehicle weighing system which consists of a metal plate set into a road which vehicles, usually trucks with loads, are driven onto to be weighed to check if they are overladen.

Dollar-Cost Averaging

Known in the UK as Pound-Cost Averaging. The practice of investing a fixed amount of money at fixed times in particular shares, whatever their price. A higher share price means less shares are purchased and a lower share price means more shares can be purchased.

Off-the-Peg

Known in the US as Off-the-Rack. Describes merchandise, usually clothing, which is made in standard designs and sizes, rather than made-to-measure, and is available in stock at retail outlets.

Part Exchange

Known in the US as Trade-In. A payment method, usually when purchasing a car, in which the buyer gives something they own, for example a car, as part payment to the vendor for the more expensive item. The balance is usually paid in cash or with a loan.

Merchant Bank

Known in the US as an Investment Bank. A financial institution which offers financial advice and services to large businesses and wealthy individuals.

Telecommunications

Known informally as Telecoms. Communicating over long distances by telephone, e-mail, etc.

Corruption

Lack of honesty or integrity. Illegal behaviour, such as bribery, by people in positions of authority, e.g. politicians.

Non-pc

Language or an action which is considered not to be politically correct, i.e., potentially offensive, especially to a minority group of some sort.

Category Killer

Large companies that put smaller and less efficient competing companies out of business.

White Goods

Large domestic electrical appliances, such as cookers, washing machines, fridges, etc.

De Facto

Latin - Existing in reality or fact, with or without legal right.

Ultra Vires

Latin for 'Beyond The Powers'. Legal term which refers to actions or deeds, especially performed by a corporation, that exceed official powers.

Veto

Latin for 'I Forbid'. To vote against. The right to block a law, etc.

Per Diem

Latin for 'Per Day'. Often refers to money paid to employees for daily expenses or reimbursements.

Inter Alia

Latin for 'among other things' - a traditional term which typically precedes a list of examples, and is found in official or formal text or various sorts. Inter alios means 'among other people', but is much less used.

Stet

Latin for 'let it stand', a term from printing, which extends to proof-reading and copy-checking, editing, etc., to indicate that a word or section marked for deletion (crossed through) within a document or other media is to be retained.

Sic

Latin for 'thus; in such a manner', used when quoting a passage to show that the original spelling or grammar, typically incorrect, has been retained.

Consumer Protection

Laws which protect consumers against unsafe or defective products, deceptive marketing techniques, dishonest businesses, etc.

Legal Aid

Legal assistance provided , usually by the state, for people or organisations who cannot afford to pay for solicitors or legal advice.

Tax Avoidance

Legal ways of paying the minimum amount of tax possible by making use of allowances and exemptions.

Valid

Legally or formally acceptable or binding. Unexpired, e.g. a passport.

Overallotment

On the Stock Market, the offering for sale of more shares, etc., than are actually available, in the anticipation that some orders will be cancelled.

Reciprocal

Loosley meaning 'in return', based on the stricter mathematical sense of the word, found in financial and scientific theories, where reciprocal refers to the number or fraction which when multiplied by a specified other number or fraction will produce the number one. For example a half is the reciprocal of the number two; and a fifth is the reciprocal of the number five. The word derives from Latin 're' (back) and 'pro' (forward).

Management Buy-Out

MBO. The purchase of all or part of a company by the company's existing managers.

Multinational Corporation

MNC. Also known as Transnational Corporation. A company which operates in several countries outside the country in which it is based.

Memorandum Of Understanding

MOU. A, sometimes informal written agreement between two or more parties which establishes each party's responsibilities and requirements.

Mojo

Magical or special power, referring to a charismatic person, or a product with unusually seductive qualities. Such people can be said to have their 'mojo working', an expression popularised by blues singer Muddy Waters in his 1957 hit song 'Got My Mojo Working'.

Snail Mail

Mail which is delivered in the traditional way by postal service, rather than e-mail.

Surface Mail

Mail which is transported over land or sea, not by air.

Wheeling And Dealing

Making a profit, sometimes dishonestly, buy buying and selling things, or acting as a go-between for two parties.

Pre-Market

On the Stock Market, trading which takes place between members before the official opening time.

Mass Marketing

Marketing a product or service to the general public through the mass media, for example, TV, radio, newspapers and magazines.

Above The Line

Marketing and advertising through mass-media, such as television, radio, newspapers, magazines, Internet, etc., which is less personal than Below The Line Marketing. Companies usually use advertising agencies for ATL marketing. See marketing.

Packaging

Materials used to wrap a product. The way in which something, such as a product, person, proposal, etc., is presented, usually to the public.

Price Control

Maximum and minimum price limitations, often during periods of inflation, which a government puts on essential goods and/or services.

Shark Repellent

Measures taken by a company, such as creating different voting rights concerning shares, or requiring certain shareholders to waive rights to capital gains resulting in a takeover, etc., in an attempt to keep a hostile bid from succeeding.

Meta/Metatags/Metadata

Meta means an additional useful part of the whole thing, usually data or communication of some sort, and usually hidden or underlying and coded. The original sense is from the Greek word meta, loosely meaning 'with' and arises now commonly as a prefix in computing and communications terminology, for example referring to meta tags (increasingly 'metatags') within website or computer code, which are typically hidden in normal use but which carry useful or vital information about the material or functionality concerned - specifically useful for computerised automated functions and analysis, data search, retrieval, organization and display, etc. The similar term meta data (increasingly 'metadata') refers more generally to information or code which is usually hidden in normal use or communications but which carries important meaning towards understanding or using the whole message or instruction, or other form of data.

Ochlocracy

Mob rule. Also known as Mobocracy. Ocholocratic groups are typically prone to extreme actions and not very clever decisions, which may be a reflection of vengeful motivation, weak intelligence, lack of organization, or any/all of these. An ochlocracy is usually an example of ineffective democracy, and of the so called 'wisdom of crowds' not working very well. Often mob rule results from a reaction against oppressive leadership. A popular metaphor which criticizes mob rule is: 'the lunatics have taken over the asylum'. Ochlocracy derives from the Greek word okhlos meaning mob. An ochlocrat is one who advocates or participates in mob rule. See the word mob, which is interesting in its own right.

Black Economy

Money earned in private cash transactions, which is untraceable, and therefore untaxable.

Venture Capital

Money invested in a new business which is expected to make a lot of profit but which also involves considerable risk.

Dirty Money

Money made from illegal activities which needs 'laundering' so that it appears to be legitimate.

Seedcorn

Money or assets set aside by a business in order to generate more profit or benefit in the future.

Investment

Money or capital that is invested in a business or in an account with a financial institution in order to make a profit or earn interest.

Consumer Debt

Money owed by people in the form of loans from banks or purchase agreements from retailers, such as 'buy now pay later'.

Debt

Money owed to another person or organisation, such as a loan, mortgage, etc., which is required to be paid back, usually with interest.

Restitution

Money paid by an offender in compensation for loss, damages or injury. To give something back to its rightful owner.

Earnest Money

Money paid in good faith as a deposit, usually for a property, to show that the buyer is serious about doing business with the vendor.

Sinking Fund

Money set aside on a regular basis by a company, that is used for paying debts, taxes, etc., which are due at a later date.

Capital Allowance

Money spent by a company on fixed assets, such as buildings, vehicles, machinery, which is deducted from its profits before tax is calculated.

Debt Exposure

Money that a lender risks losing if the borrower fails to pay it back.

Capital Outlay

Money which is spent for the acquisition of assets, such as land, buildings, vehicles, machinery.

72 Rule

More commonly known as the Rule of 72, with variations 69 and 70, these are standard figures used by financial folk in calculating quickly the years required for an investment to double (or to halve) at a given interest rate. Typically 72 is divided by the compound interest rate to give the approximate years. 72 is more popular than 69 or 70 because it is quite reliable and easily divisible quickly by lots of different numbers.

Brainstorming

Problem solving in small groups, contributing ideas and developing creativity.

Porter's Generic Strategies

Named after economist Michael Porter. Describes strategies used by companies to achieve a strong advantage against competitors.

NVQ

National Vocational Qualification. In the UK, a qualification with no age limits, that does not have to be completed in a specified time, which reflects the skills and knowledge required to perform a particular job competently.

Ecotourism

Nature based travel to unspoilt places in the world with a view to conservation and to bring economic benefit to the local people. Also known as Ecological Tourism.

Unregulated

Not governed or controlled by laws or rules.

Insolvency

Not having enough finances or assets available to pay all your debts.

Unsolicited

Not requested or invited, for example junk mail.

Hacker

Nowadays the word hacker commmonly refers to a person who breaks into or 'hacks' into the secure computer systems of an organization, especially websites and online systems, using online connection, often just as a technical challenge, or potentially with intent to steal, destroy, vandalise information, websites, etc. Originally however the terms hack and hacker referred to a person who enjoyed exploring and experimenting - perfectly legitimately and legally - with computer code and related computing systems, out of curiosity or for purposes of technical challenge and improvement, discovery, etc. This is an example of how language and meanings evolve over time, particularly when a term becomes distorted for dramatic effect by mass media. Be aware in this case therefore, that some people - especially original 'old-school' hackers and computer code enthusiasts could be offended and unjustly maligned by the criminal implication of the common illicit hacking interpretation. Incidentally among coding enthusiasts the original technical term for a criminal 'hacker' was a 'cracker'. (Thanks to Vit Kavan, an 'old-school' hacker, for help in for clarifying this entry.)

Big Bang

Occurred (UK) on 27th October 1986, when major technology changes took place on the London Stock Exchange chiefly to replace manual systems with electronic processes.

Autocratic

Offensively self-assured or given to exercising unwarranted power. Expecting to be obeyed and not caring about the opinions and feeling of others. See X-Y Theory.

Numbered Account

Often called a Swiss Bank Account. An account, offered by certain banks, which can only be identified by a number, so the account holder is known only to a restricted number of the bank's employees.

Layaway

Often referred to as Lay-By. A means of purchasing an item by paying a small deposit to reserve it and then paying the balance in installments. When the total purchase price has been paid the customer can then take delivery of the goods.

Random Sample

Often used in research, a method of sampling members of a large group, such as a population, in which everyone has an equal chance of being selected.

Annuity

Often used to provide a pension. An annuity is a fixed regular payment payed over a number of years to a person during their lifetime.

Page Break

On a computer screen, a mark which indicates where a new page will be printed in a document.

Toolbar

On a computer screen, a set of icons or symbols, usually under the menu bar, which allow you to perform different tasks on your computer, such as print documents, change font size, use a paintbrush , etc.

Pop-Up

On a computer screen, a small window containing an advertisement, etc., which appears on a page on top of the content which is being viewed.

Menu Bar

On a computer screen, the strip at the top of each open window that contains pull down menus with functions, for example file, edit, etc.

Spreadsheet

On a computer, a program used for entering, calculating and storing financial or numerical data.

Virtual Memory

On a computer, a technique of simulating additional memory by moving data between the computers memory and a hard disk.

Pop-Under

On a computer, an advertisement, etc., which comes up on the screen behind the web page which is being viewed, and does not appear until the page is closed.

Cookie

On a computer, coded information that an Internet website you have visited sends to your computer which contains personal information, such as identification code, pages visited, etc., so that the website can remember you at a later time.

Unzip

On a computer, to return files to their original size after they have been compressed.

Clapper Boy

On a film or TV set, the person who holds the clapperboard (which has information on it, for example film title, shot number, etc) in front of the camera for about one second at the start of each shot after the camera starts rolling.

Portal

On the Internet, a website, usually a search engine, which is the point of entry to other websites, and offers services such as e-mail, news, shopping, etc.

Mirror Site

On the Internet, an exact copy of a popular website. This is done so that some of the traffic can be diverted from the original website to the Mirror Site when the original site becomes very busy. Alternatively a copy website whose purpose is to attract and direct additional visitors towards the original site, regarded as unacceptable SEO (search engine optimisation) or 'cheating' by most search engines.

Social Networking

On the Internet, online communities which are built for people who share interests and activities, or to make and/or contact friends and family, e.g., Facebook, Twitter, etc. The practice of making business and/or social contacts through other people.

Landing Page

On the Internet, the first page that visitors to a website arrive at after they've clicked on a link to the site.

Large Cap

On the Stock Exchange, a company that has a large market capitalisation, i.e., a high total value of shares.

Raid

On the Stock Exchange, a situation where an individual or company makes a hostile bid to take over another company by buying a controlling interest in the company's shares.

Issue Price

On the Stock Exchange, the price at which a new share, stock, etc., is offered to the public.

Secondary Market

On the Stock Exchange, the purchasing of shares from another investor rather than from the issuing company.

Primary Market

On the Stock Exchange, when shares, securities, etc., are issued for the first time.

Bull Market

On the Stock Market, a prolonged period in which share prices are rising and investors are buying.

New Issue

On the Stock Market, a share or bond which is offered to the public for the first time.

Program Trading

On the Stock Market, the buying and selling of large amounts of shares by computer, the program of which is triggered when trading reaches a certain level of volume.

Meme

Originally a biological term referring to a behavioural characteristic which transfers non-genetically between people, meme increasingly refers more widely to other non-human characterstics or examples which arise as imitations of or variations on a particular theme.

Above The Fold

Originally a newspaper editorial/advertising term referring to the upper-half of the front page ('above the fold') in terms of its immediate and optimal viewing viewing position. More recently 'above the fold' has been adopted and adapted for use in internet terminology, where it refers to the upper section of a webpage that is viewable without scrolling down the page. 'Above the fold' is therefore a reference to the best (most read) position in online/printed media such that it commands highest demand/prices for editorial/advertising. It is by its nature a rather loose term, dependent on the publication itself, and especially given the different screen sizes and page layouts for content viewable online using PCs, smartphones, tablets, etc.

Mission Creep

Originally applied to military operations, a gradual expansion of a project that goes beyond original aims, so things turn out differently than planned, often resulting in undesirable consequences.

Quality Circle

Originating in Japan, a group of workers in a company who meet regularly to discuss ways in which to improve working conditions for employees and productivity for the company.

Majority Interest

Owning more than 50% of the total shares in a company, and therefore more than 50% of the voting interest.

Personal Assistant

PA. A person who works for one person, often an executive, in an organisation, performing secretarial and administrative duties.

Performance (Project/Program) Evaluationon Review Technique

PERT. A management scheduling tool which charts the tasks involved in a project, showing the sequence of the work, the time needed for each task, etc.

Personal Information Manager

PIM. Computer software which handles personal information, such as names, addresses, memos, lists, e-mails, etc.

Public Relations

PR. The promotion of an organisation or person with the aim of creating a favourable relationship with the public.

Ping

Packet INternet Groper. An Internet program which is used to check if another computer on a network is working. To contact someone on a computer.

Cost-centre

Part of a business or organisation such as a marketing department, or quality assurance department, which is a cost to operations and does not produce external customer revenues or profit through trading. See Profit-centre, which trades with external customers and is responsible for producing profit.

Third Sector

Part of a country's economy which is non-profitmaking, such as voluntary work, charities, etc.

Service Economy

Part of a country's economy which provides services, such as banking, tourism, education, retail, etc., rather than manufacturing or production.

Residual Income

Part of a person's income which is left over after taxes and living expenses, for example mortgage, bills, etc., have been deducted.

PAYE

Pay As You Earn. In the UK, a system of paying income tax, which is deducted from an employees salary by an employer and paid to the government.

PPC

Pay-Per-Click (also called CPC, Cost-Per-Click) - A method of internet/website/electronic advertising by which an advertiser pays according to the number of visitors/users who click on an advert. This compares with the main alternative method, CPI - Cost-Per-Impression (or 'cost per view') - by which advertisers pay according to the number of times an advert is displayed/viewed, and which is used analytically/statistically beyond electronic advertising. The non-electronic/non-internet equivalent of PPC/CPC is loosely 'cost per enquiry/inquiry' or 'cost per lead'. CPO - Cost-Per-Order (cost per transaction) - is a less common variation, by which advertising cost is calculated/charged according to numbers or values of orders placed (purchases or sales revenues), which is a further step in the buying/selling process. The cost-effectiveness of PPC (pay per click) is easier to predict and manage than CPI (cost per impression/view), but less easy to predict and manage than CPO (cost per order/transaction/sale). See sales and selling for detailed explanation of the sales and selling process.

Digerati

People who consider themselves to be experts of the Internet and computer industry.

Ancillary Staff

People who provide necessary support to the primary activities and work of an organization, e.g: schools, hospitals.

Unilateral

Performed by one person, group, side, party, etc - basically 'going alone'. For example a unilateral decision is one made without dependence or condition upon others who might have interests in the matter in question. See Bilateral and Multilateral.

Discretionary Order

Permits a broker to buy or sell shares on behalf of an investor in order to get the best price.

PDA

Personal Digital Assistant. A small hand-held electronic device that is used for storing information and can serve as a telephone, diary, alarm clock, fax, etc.

PIN

Personal Identification Number. A number given by a bank to a customer so the customer can access their bank account using an ATM (cash machine), or use their credit/debit card in retail outlets.

Unearned Income

Personal income which has not come from employment but from investments, dividends, interest, etc.

3.14159

Pi, normally represented by the Greek letter pi (P) symbol π. Pi is typically used for calculating the area (π x radius squared) or circumference (π x diameter) of a circle. Pi has an infinite number of decimal places, and fascinates mathematicians in calculating pi itself, and memory experts too in memorizing as much of it as possible.

Plenary/Plenary session

Plenary essentially means full or complete. In the context of formal organized gatherings it means fully attended by everyone together. The term 'plenary session' is very commonly used in business and management to refer to a session which all attendees attend at a conferences or other event, notably to differentiate from smaller sessions of sub-groups concerened with different topics and held in different locations/rooms. Separately plenary refers to something or someone having a complete or absolute quality, such as an official with plenary (full and complete) power.

Cost Effective

Producing a product, offering a service, etc., in the most economical way to the benefit of the company and the customer.

Desktop Publishing

Producing printed documents, magazines, books, etc., using a small computer and printer.

Poaching/Poacher

Poaching refers to an employee who targets and wins customers of a previous employer, typically by exploiting knowledge and contacts accumulated from the previous employment. The term most commonly refers to sales people, but is applied to any employee who approaches and wins customers from a previous job by exploiting his/her previous knowledge or records of customers and related information. The behaviour/behavior is extremely common in all types of business, and at all levels, especially where customer loyalty is strongly based on contact/skills/service/relationship on a personal basis rather than an impersonal organizational loyalty. Employers in industries vulnerable to such activity (basically all businesses which entail strong personal relationships between employees and customers) seek to limit the risks of poaching via 'post cessation covenants' in employment contracts, although enforcing such terms is often very difficult for employers due to contra-obligations protecting employees from 'restriction of trade'. See the related term 'gamekeeper to poacher'.

PEST Analysis

Political Economical Social and Technological Analysis. A business tool which is used in strategic planning and helps to understand the environmental influences on a business or orgasnisation.

Agitprop

Political propaganda (published ideas designed to motivate people into certain political views or actions) typically in art, music, literature, etc., a portmanteau word combining the original Russian words agitsiya (agitation) and propoganda, where the term grew from the state department responsible for disseminating communist ideas and information to its people in the 1930s. In the west the term is more associated with publication of left-wing or socialist ideas, often targeted against a governing right-wing authority.

Propaganda

Politically motivated publication or writing designed to influence thinking or action, usually in a misleading way. When carried out by a government or other authority this may also be referred to in more modern terms as 'spin'. The word derives from the Latin name of a Roman Catholic committee responsible for 'propagation of the faith' in the 1600s.

Blamestorming

Portmanteau term contrived from Brainstorming and Blame, referring to meetings or discussions seeking to allocate responsibility for a failure or disaster. Popularised in the late 1990s by viral emails which listed amusing office terminology.

P and P (P&P)

Postage and Packing. In the UK, The cost of packing and sending goods, usually added to the price of mail-order goods.

Prohibitive

Preventing or discouraging something, for example people are discouraged from buying a product because the price is prohibitive, i.e., too high.

Fast Moving Consumer Goods (FMCG)

Products (and the related industry) which are sold in big volumes by big retailers at low profit margins, at keen prices, to domestic consumers - traditionally foods and groceries, household consumables, etc., and nowadays extending to any products of short life and disposable/consumable nature. See FMCG in the acronyms section.)

Edutainment

Products or media which both educate and entertain at the same time, such as TV, books, computer software.

Demerit Goods

Products or services such as as alcohol, gambling, drugs, prostitution, etc., which are considered unhealthy or undesirable, and are often subject to extra taxes in order to reduce consumption and potentially to fund remedial actions in response to consumption. See Sin Tax.

Prosumer

Profession/Producer Consumer. A consumer who is involved in the specification of products, or has professional tools and is involved in the the design and manufacture of products.

Seigniorage

Profit made by a government from printing and minting banknotes and coins. The profit being the difference between the cost of issuing the money and the face value of the money.

PROM

Programmable Read Only Memory. In a computer, a permanent memory chip which can only be recorded on once, by the computer user, not the manufacturer, after which the data is stored and cannot be changed.

Employment Equity

Promotes equal employment opportunities for everyone, regardless of gender, race, ability, etc.

Philanthropy/Philanthropist

Promotion of the welfare of others, typically through financial provision (a philanthorpist is one who does this). From the Greek philanthropos, meaning man-loving.

Pseudo

Pronounced 'sudo', this is a prefix which can be put before many different words to represent a fake or false quality which often attempts to imitate or behave as the real thing. From Greek pseudos, meaning falsehood.

Trust Fund

Property or funds which are legally held in control of a trustee on behalf of an individual or organisation.

Yellow Sheets

Published every day in the US by the National Quotation Bureau, a list which shows information and prices of corporate bonds.

Buy-in

Purchase of a company where outside investors buy more than 50% of the shares, so they can take over the company.

PMI

Purchasing Managers Index. Published every month, an economic measure relating to manufacturing. A PMI over 50 indicates industry is expanding.

Quality Assurance

QA. A system in which the delivery of a service or the quality of a product is maintained to a high standard, especially by means of attention to every stage of the process.

Fast Track

Quick route in a career to success and promotion, associated with high ambition.

Return On Investment

ROI. Also known as Rate Of Return. The percentage of profit earned by an investment in a business, etc.

Retail Price Index

RPI. An inflation indicator, usually calculated on a monthly basis, reflected in the retail price of everyday goods, such as food, fuel, fares, etc.

RAM

Random Access Memory. In computing, the place where current data is stored while a computer is being used. The data is removed when the computer is switched off.

Time and a Half

Rate of pay which is 50% more than the regular rate, usually for overtime work.

Clip-Art

Ready made pictures of computerised graphic art which can be copied by computer users to add to their own documents.

Actuals

Real costs, sales, etc., that have occurred, rather than estimations or expectations.

Ethnic Monitoring

Recording and evaluating the racial origins of employees in a company to ensure that all races are represented fairly.

Cost Cutting

Reducing an individual's, company's, etc, expenditure.

RAID

Redundant Array of Independent Disks. On a computer, a way of storing data by spreading it across multiple disks, therefore providing greater security, faster access, etc.

Overcapitalised

Refers to a business which has been provided with more money than it needs. To overestimate the capital value of a business.

Physical Capital

Refers to a company's assets which are used in a production process, such as machinery, buildings, materials, etc.

Offline

Refers to a computer which is not connected to the Internet.

Pay-As-You-Go

Refers to a method of paying for a service as you use it, such as mobile phone credit. Also can be used to pay debts as they are incurred.

Convertible

Refers to a security (bonds or shares) which can be exchanged for another type of security in the same company.

Online

Refers to a service or product which is available to use or buy on the Internet. A computer which is connected to the Internet.

24-hour Society

Refers to a way of life available to many in the modern world in which people can work socialize, shop, bank, etc., 24 hours a day. The phenomenon has caused significant new thinking in business, management, marketing, etc., and continues to do so.

R-Value/U-Value

Refers to insulation effectiveness in buildings, and to materials used in construction. Either term may be used. U-Value is the reciprocal of R-Value. The higher the R-Value the better the insulation. The lower the U-Value, the better the insulation.

Third World

Refers to poor, underdeveloped nations in South Africa, Asia and South America.

Five Nines

Refers to the 99.999% of the time that some companies claim their computer systems work properly.

Overdraft

Refers to the amount of money that is owed to a bank because withdrawals from an account exceed deposits. An arrangement in which a bank extends credit to a customer, usually up to a maximum amount.

Accessibility

Refers to the ease by which an audience is able to receive, understand and act upon communications and services from businesses, big corporations, agencies, local and central government. Accessibility is a relatively modern concept, becoming increasingly prominent from the late 1900s, especially concerning state services, and particularly for disadvantaged, disabled, or minority groups of people. The concept and central principles of accessibility are however very relevant and important for all communicators, on a personal and organizational level. Major factors of accessibility include: language and grammar style, translation (where required), font/print size, typeface/font style, design, technical ease (relating to electronic media), media types/versions (web, print, audio, video, as required), timings and availability of information, detail and complexity, esoterica, gobbledegook, legalese. See writing tips.

Quantitive/Quantitative

Related to or measured in numbers. Comparison based on quantity rather than quality.

Pan-European

Relating to all, or most of, the countries in Europe.

Vocational

Relating to an occupation for which a person has undergone special training or has special skills.

Internesia

Relating to the Internet. Being unable to locate a particular website which you found interesting or on which you saw a useful piece of information.

Mercantile

Relating to trade or commerce.

Pecuniary

Relating to, or involving money.

Industrial Relations

Relations between the management and the workers, especially those in unions, in industry.

RSI

Repetitive Strain/Stress Injury. Damage caused to hands, arms and neck due to continual computer use, or by repetitive movements while performing a task.

Plain Language

Represented notably by the Plain Language Movement, and the Plain Language Information and Action Network (PLAIN), in the late 1900s Plain Language became a generally recognized technical term for the advocation and use of clear explanations, descriptions, instructions, etc., in official documents and other communications, which frequently use goobledegook or 'officialese', i.e., language which is overly complex and/or containing confusing jargon and abbreviations, etc. See gobbledegook.

R&D

Research and Development. Investigative work carried out by a business to improve and develop products and processes.

Blind Test

Research method in which people are asked to try a number of similar products which are not identified by brand name, to decide which product is the best.

Roll-On Roll-Off

Ro-Ro. In the UK, describes ferries which vehicles can be driven onto at one end and driven off at the other end on reaching their destination.

Proctor

Someone who supervises students, etc., taking exams to prevent cheating. Also a person or agent employed to manage the affairs of another person.

Working Time Directive

Rules set by the European Union which limits the maximum number of hours in a working week, the minimum amount of annual leave and the minimum amount of rest period in a working day to which an employee is entitled.

Cut-Throat

Ruthless and intense competition. An unprincipled, ruthless person.

Sick Building Syndrome

SBS. Ailments, such as headaches, fatigue, nose and throat irritations, etc., experienced by workers or residents in certain buildings, often believed to be caused by poor ventilation, air conditioning, heating, cleaning chemicals, or the materials from which the building has been made.

Securities and Exchange Commission

SEC. In the US, a government agency which is responsible for protecting investors against fraudulent and dishonest practices in the securities market.

Securities and Futures Authority

SFA. Now part of the Financial Services Authority. In the UK, an organisation which regulates the trading in stocks and shares, bonds, etc., and protects investors against dishonest practices.

Share Incentive Plan

SIP. A way for employees to invest in the company for which they work. The company gives the employees shares or offers shares for them to buy, enabling the employees to receive some of the company's profit, i.e. in dividends.

Service Level Agreement

SLA. A contract, which can be legally binding, between a service supplier and a user, in which the terms of service are specified.

Trade Name/Trading Name

See also Business Name, which is loosely interchangeable. These are vague terms and care needs to be taken if deciding serious matters based on interpretation. Precise interpretation may depend local state/national company law definitions. Generally business names and trade/trading names may be registered and licensed. A lot depends on the interpretation of the term 'Business name' which could refer to a legal/parent/holding company, or merely to a branded product or division. A trade name could be a brand or a division or branded operation/service within/of a (legally titled) business. Avoid applying a strict definition to these terms, and if there are serious implications then seek expert local clarification, or a ruling from your legal department/advisor.

Business Name

See also Trade Name/Trading Name, which are loosely interchangeable. These are a very vague terms indeed. Precise interpretation may depend on the actual legal definitions of these terms in the territory/state/country concerned. And also the way a business perceives and interprets the terms, and whether they fill in the forms/checkboxes correctly.. Generally business names and trade/trading names may be registered and licensed. A lot depends on the interpretation of the term 'Business name'. Business name can refer to a trade/trading name, or also could refer to the the over-arching or parent or holding company, which is ultimately responsible for a trade/trading name within or of the business. A trade name is normally a division or branded operation/service, or product brand, within/of a (legally titled) business, but the terms are very broad and it's difficult to be specific because circumstances and legal interpretations vary. Be careful to avoid applying a strict definition to such loose terms and certainly if serious implications stem from interpretation then seek expert local clarification.

SMS

Short Message Service. Allows a text message to be sent from one mobile phone to another.

Killer App

Short for Killer Application. Derives from the computer industry. A new product or service which is the first in its category and therefore dominates that particular market, creating huge returns on the initial investment.

Pixel

Short for Picture Element. The smallest element of an image displayed on a computer screen. The quality of the image depends on the number of pixels per square inch, i.e., the more pixels the higher the resolution.

Pro Bono

Short for Pro Bono Publico (Latin for 'The Public Good'). Work carried out in the public interest for no fee or compensation, e.g. by a lawyer.

Receivables

Shown as assets on a balance sheet, money which is owed to a company by customers who have purchased goods or services on credit.

Well-being/wellbeing/well being

Significant term and consideration concerning personal health and happiness in the workplace, with implications for performance, quality, organizational effectiveness and profitability. Well-being, and specifically the promotion and strategic improvement of personal well-being in the workplace, is a major extension of earlier principles and issues of stress and stress management. See workplace well-being.

Rat

Slang term for an informer, or to inform, typically for personal gain. Rat is also a verb, meaning to inform or betray.

Bracket Creep

Slowly moving into a higher tax bracket with small pay increases over a period of time.

SWIFT

Society for Worldwide Interbank Financial Telecommunication. Founded in Brussels in 1973, a system for transmitting payments, share transactions and other financial messages safely between financial institutions all over the world.

Enterprise Application Integration

Software technology that links computer programs, data bases, etc., within an organisation, so that information can be shared.

Ex Officio

Someone who has a right to be included because of their job or position, e.g. to sit on a committee. (Latin - by virtue of office or position)

Unhappy Camper

Someone who has complaints about their employers. An unsatisfied customer.

Mentor

Someone who is experienced and gives guidance and support to a person less experienced to help them develop and grow and achieve their goals.

Subordinate

Someone who is lower in rank than another person, and is subject to the authority of a manager, etc. Less important.

Leader

Someone who leads, sets example, inspires, motivates, etc - technically having the personal qualities which attract followers for given situations. See the leadership theory section for lots more definitions and explanations, including differences between leadership and management. And see the leadership tips page for a more general guide to modern ethical progressive leadership.

SIG

Special Interest Group. On the Internet, a place where people can discuss and exchange information about a particular subject. A group or organisation whose aim is to influence political decisions by trying to persuade government officials to act or vote in the group's interest.

Hawthorne Effect

Specifically the inclination of a group of workers to change their behaviour positively because they were being studied, irrespective of whether they were subjected to 'positive' or 'negative' conditions. First observed in studies by Elton Mayo at the Western Electric plant in Chicago, beginning 1928. The Hawthorne Effect basically established that attitude was more influenced by emotional rather than economic factors. See Hawthorne Effect summary.

SEAQ

Stock Exchange Automated Quotation system. In the UK, a system used on the London Stock Exchange which continuously updates share prices and shows the information on computer screens around the world.

SKU

Stock Keeping Unit. A unique number which identifies the price, size, manufacturer, etc., which is assigned to a product by a retail store.

Pants

Street slang now mainstream, referring to anything of very poor quality. Interestingly the term first appeared in the late 1800s, based on the word 'knickers' as an expression of contempt or ridicule.

Supply And Demand

Supply is the amount of a product or service which is available, and demand is the amount which people wish to buy. When demand is higher than supply prices usually rise, when demand is less than supply prices usually fall.

Bell Curve

Survey/sample distribution term. 'Bell curve' is the common informal term for a graph with a large rounded peak in the middle, sloping sharply to the right and left and then tapering more gently at the extreme ends of the graph. It's a bell-shape, hence the name. The term 'bell curve' refers also to this sort of statistical distribution, even if it is not actually graphed. Technically in probability theory, mathematics and marketing, etc., the 'bell curve' is 'normal' distribution or Gaussian distribution (after German mathematician ohann Carl Friedrich Gauss). The bell curve is very commonly exhibited in sampling and surveys, where the vast majority of results/subjects/data tend to concentrate towards the average score, with incidence of variation above and below the average (shown graphically right and left) being roughly equal to each other, and much less than the incidence/results towards the average and majority. Business people often refer to a 'bell curve' when anticipating/explaining a situation where the vast majority of members of an audience or market are very similar, and only a very small minority is outside of the 'norm' or average. This terminology is helpful in emphasizing the needs or tendencies of the big majority, and avoiding distraction by or over-estimating the effect of minority interests/needs, which can cause projects to be distorted unnecessarily. There is a broad correlation between the notion of a 'bell curve' and Pareto theory, also known as the '80-20 Rule', i.e., both concepts highlight the significance of concentration and distribution when assessing opportunity, risk, effectiveness, and the targeting of communications, resources, etc. (Separately note for interest, the contrast between 'bell curve' and 'bathtub curve' graphs and what they mean)

Top-Level Domain

TLD. The last part of a domain address on the Internet, for example .com (commerce), .gov (government), etc.

Trademark

TM. A symbol, logo, word or phrase which is used exclusively by a company, individual, etc., so their products or services can be easily identified, A Trademark cannot legally be used by anyone else.

Total Quality Management

TQM. A company management system which seeks to improve the quality of products and services and to improve customer satisfaction by giving everyone in the organisation the responsibility of achieving and keeping high standards.

Merlin

TV/Movie term for a visual mistake in a film or TV show, derived from the accidental inclusion of a beer can in a TV drama scene featuring Merlin, in the days of King Arthur and the Knights of the Round Table.

Unfair Dismissal

Term used when a person's employment is terminated by their employer without a good reason.

Hands-Free

Term used when a telephone can be used without having to be held in the hand.

Consumption Tax

Tax paid which is based on the price of services or goods, e.g. value added tax.

Capital Gains Tax

Tax payable on profits made on the sale of certain types of assets by a company or individual.

Long Term Liability

Taxes, leases, loans, etc., which are payable over a period greater than one year.

Geek Speak

Technical language often used by computer experts which doesn't make sense to non-technical people.

Table d'Hote

Technically 'table d'hôte' - a food menu which offers a full meal with set courses and limited choices at a fixed price, from French 'host's table'.

Mandate

Technically a legal or official document giving an order or instruction. More loosely it refers to a permission or approval. In politics or democratic situations such as trade unions it refers to an authorisation for leadership to act based on election or vote. Derived from Latin mandatum meaning 'something commanded', from manus (hand) and dare (give). Mandate is also a verb, meaning to empower someone to take action.

A la Carte

Technically à la carte, an eating-place menu from which individual dishes at separate prices can be ordered, or less commonly where a side dish may be ordered at no extra charge, from the French phrase meaning 'to the menu'. Increasingly now applied to non-food services in which individual selections are offered rather than fixed provisions.

T-Commerce

Television Commerce. The purchasing and selling of products and services using interactive television.

Smoke And Mirrors

Term based on a magician's illusions. To cover something up by drawing attention away from it.

Petrodollar

Term coined by professor of economics Ibrahim Oweiss in the 1970s which describes the large amounts of money earned by oil production in OPEC (Organisation of the Petroleum Exporting Countries) countries.

Cyberspace

Term credited to author William Gibson in 1984 which describes the imaginary place where e-mails, web pages, etc., go to while they are being sent between computers.

Crowdsourcing

Term first coined by Jeff Howe in 2006 in Wired magazine. Crowdsourcing refers to an organisation, group or individual delegating a task to a large number of people via the internet, thereby using the general public or a community of followers, users, experts, etc., to do research, make suggestions, solve a problem, etc., usually without being paid. Their reward is mainly a sense of ownership and real involvement, which is proven to be a very powerful and meaningful force for motivation. (See the theories of Herzberg and McGregor, or at a glance the diagram illustrating XY-Theory.) Crowdsourced projects can be very big indeed. Wikipedia is effectively built and maintained using crowdsourcing. The term is a 'semi-portmanteau' in that it combines the words crowd and outsourcing. See also Crowdfunding.

Paradigm Shift

Term first used by Thomas Kuhn in 1962 to describe when an important or significant change occurs in the perception of things. A sudden change in point of view.

Self-Actualization

Term introduced by Kurt Goldstein in 1934, describing the need to realise one's full potential, being a basic life force, and later re-interpreted and popularised by Abraham Maslow as the highest order of needs in his Hierarchy of Needs theory.

Lead User

Term introduced by economist Eric von Hippel in 1986. Lead users are individuals or companies who greatly benefit from being the first to use or adapt a product for a particular need, often months or years before the general public or other businesses are aware of the need for the product.

Pure Play

Term that relates to a company which deals in one specific line of business, rather than a range of products, services, etc.

Fallen Angel

Term used in finance to describe bonds which once had a good investment value, but have now dropped in value to a much lower rating.

Outgoings

Term used in the UK to describe money being paid out on a regular basis by an individual or a company.

Cattle Call

Term used in the entertainment industry for a large number of actors, etc., who are all auditioning for the same job.

Test Case

Term used to describe a court case which establishes legal rights and serves as a precedent for future similar cases.

Sweat Equity

Term used to describe a person's investment in a project, etc., by the contribution of their time and effort, rather than their money.

Next-Generation

Term used to describe a product or technology which has been improved or upgraded so that the newest version is much more advanced than previous versions.

Terrestrial

Term used to describe broadcasting systems, such as television, which operate on land, rather than from a satellite.

Vapourware

Term used to describe computer software which is advertised before it has been, and may never be, developed, often to damage sales of a competitor's product which has already been launched.

Settlement Date

Term used to describe the date by which shares, bonds, etc., must be paid for by the buyer, or a sold asset must be delivered by the seller.

Positioning

Term used to describe the way a company, product, service, etc., is marketed in order to make it stand out from the competition by choosing a niche according to brand, price, packaging, etc.

Sub Judice

Term used when a legal case is currently under trial or is being considered by a judge, and any information about the case must not be disclosed to the public.

1.6180

The Golden Number (to four decimal places). Also known as the Golden Section, Divine Proportion, and phi (pronounced 'fy' as in the word 'fly') the twenty-first letter of the Greek alphabet. Also loosely referred to as Golden Ratio (1:1.618). Phi is used intentionally or instinctively in many different areas of design, for example architecture, music, and art. Phi is also an easy 'secret' to achieving aesthetically pleasing positioning and proportions. The Golden Ratio is found in diverse designs such as Stradivarius violins, the Pyramids, Notre Dame Cathedral, and in nature, for example the human face.

Advertising Standards Authority (ASA)

The UK self-regulatory body funded by the advertising industry for ensuring that all advertising adheres to ASA standards, notably not to offend or mislead people. Equivalents named the same exist in other countries.

Scalability

The ability of a computer network, software, etc., to expand and adapt to increased demands of users. A system which can work on a small or large scale according to demand.

Emotional Intelligence

The ability or skill of a person to understand and control their emotions, and to understand and assess and respond appropriately to the feelings and situations of others. Commonly abbreviated to EQ (Emotional Quotient, alluding to the concept of IQ - Intelligence Quotient), Emotional Intelligence theory seeks to enable a sophisticated practical appreciation and application of the concept of intelligence, especially in work, management, leadership and human relationships.

Diversification

The act or strategy of growing a business/brand by developing its range of products, services, investments, etc., into new market sectors, horizontally or vertically. The term diversification is not generally used in referring to the development of new greographical markets. The vastly diversified Virgin business and brand is a good example of diversification, from from its music mail-order origins in the 1970s, into recording, aviation, rail, holidays/hotels, health clubs, internet/broadband, communications/telephony, TV, radio, books/publishing, events/festivals, banking, insurance, charity, cola, bridal services, condoms, etc. Diversification may make use of an existing brandname (Virgin is a good example of this), or new brandnames, and may entail various business structures, including acquistion. Partnering and joint-ventures are common structural approaches to diversification (so as to work with people/businesses who have existing market presence/expertise). Much simpler examples of diversification are: a butcher's shop which starts a hog-roast service; a bakers shop which opens a cafe; a builder who starts a property development business. Diversification strategies, especially of large scale, typically involve considerable risk and investment because by implication the organization is seeking to become successful in a new unfamiliar field. Risk affects the existing business as well as the new one, in terms of finances, resources, time-management, and brand/reputation, particularly where branding is similar between existing and new activities, all of which are often overlooked. Failures are often characterized by under-funding, poor-planning, inadequate resourcing, and over-optimism/arrogance of leaders, believing that success or dominance in one sector will automatically enable easy success in a new sector; a dangerously faulty assumption.

Intrinsic Value

The actual or real value of a business, commodity, asset, etc., rather than the market value or share price.

Marginal Productivity

The additional output of a product, etc., which is produced as a result of adding one unit of a resource, for example labour input, in the production process.

Mark-up

The amount a producer, retailer, etc., puts on the price of the goods or services they are selling in order to make a profit. To raise the price of an item which is for sale.

Cost Overrun

The amount by which the actual cost of a project, etc., exceeds the original budget.

Sales And Marketing

The business of promoting and selling a company's products or services. The department of a business which carries our these activities.

Proprietary Trading

The buying and selling of shares, bonds, etc., by a securities firm with its own money for its own profit, rather than for its customers.

Trade

The buying and selling or exchange of goods and services. The buying and selling of shares on the Stock Market. A skilled occupation such as builder, carpenter, plumber, electrician, etc.

38 Ways of Persuasion

The classic semi-serious guide to winning arguments featuring in The Art of Always Being Right, by German philosopher Arthur Schopenhauer (1788-1860).

Market

The commercial activity of buying and selling goods and services. The customers who buy goods and services.

Commercial Monopoly

The control of a commodity or service by one provider in a particular market, virtually eliminating competition.

Perjury

The criminal offence of knowingly telling a lie (with intent to influence the outcome of the hearing) in a court of law after having taken an oath or affirmation. It closely relates to and is often implicit within the offence of perverting the course of justice, which in the UK technically carries a maximum penalty of life imprisonment. The word perjury derives from Latin perjurium, meaning false oath, similar to jury which comes from jurare, meaning to swear.

The Daily Official List

The daily record setting out the prices of shares that are traded on a stock exchange.

Running Cost

The day to day running costs of a business, for example wages, rent, utilities, etc.

Casting Vote

The deciding vote cast by the presiding officer to resolve a deadlock when there are an equal number of votes on both sides.

Recession

The decline of the economy of a country (or other region) over a period of time, resulting in increased unemployment, reduced productivity, reduced GDP (Gross Domestic Product), falling household income and livings standards, etc. Different nations and financial institutions, bodies, etc., have different definitions of a recession. Many economists and business commentators use the term very loosely without regard to a particular definition, other than it being a period of economic contraction with related factors. A common official definition at national/governmental level is broadly that a recession is: "Two consecutive quarters (i.e., total 6mths) of 'negative growth' (or contraction or reduction) in GDP (Gross Domestic Product)". Aside from the euphemistically unhelpful term 'negative growth' (used by UK governments notably) this definition of recession is open to debate because it is calculated over such a short period and is therefore very finely balanced. This definition tends to increase instances of 'double-dip' or 'triple-dip' recessions (i.e., two or three recessions in very close succession, according to this particular definition of 'recession') when in fact many such 'ups and downs' may be due to seasonal effects and adjustments rather than being actually different recessions. By more general (and some would say sensible and realistic) definitions of a recession, a 'double-dip' or 'triple dip' recession may instead be plainly and simply one long recession, and is historically seen as such. See recession shapes below.

1.4142

The diagonal (approximate, to four decimal places) of a 1 x 1 square, also known as Pythagoras's Constant, and therefore also the ratio (1:1.4142) for calculating the diagonal side of a right-angled triangle in which the two short sides are of equal length.

Wage Differential

The difference in wage rates between different types of worker, often those with similar jobs but who work in different regions of a country, have different skills, hours of work, etc.

Goodwill

The difference or premium which a purchaser pays, or which a seller asks, for a business or company compared to the 'book value' of its assets, typically representing intangibles such as brand value, intellectual property, talent, market relationships, etc., and which tend to reflect the overall value and appeal with which the purchaser regards the target acquisition. Over-estimating goodwill value, sometimes to an extraordinarily stupid degree, is a surprisingly common downfall of many big corporate takeover deals, when arrogance and blindness to market trends of the acquiring CEO and takeover team can lead to a reckless waste of shareholder funds and ruthless cost-cutting, post-acquisition, when performance, synergies and return on investment fail to reach required levels.

Articles Of Association

The document which lists the regulations which govern the running of a company, setting out the rights and duties of directors and stockholders, individually and in meetings.

Retained Earnings

The earnings of a business or company which is used for reinvestment, rather than being distributed to shareholders as dividends.

Stockholm Syndrome

The effect in which hostage victims form emotional attachment or fondness towards their captors. The Syndrome is named after the 1973 'Norrmalmstorg Robbery' - an armed raid on Kreditbanken at Norrmalmstorg in Stockholm, Sweden. The bank's employees were held hostage from 23-28 August, during which time some of the victims became emotionally attached to their captors, even defending them after being freed. The term Stockholm Syndrome was first used by criminologist/psychiatrist Nils Bejerot, when assisting police during the siege, referring to the Syndrome in a news broadcast. It was defined in more detail by psychiatrist Frank Ochberg to aid the management of hostage situations. While Stockholm Syndrome chiefly and originally refers to hostage situations the term extends to other forms of 'traumatic bonding', not necessarily dependent on a hostage situation, more broadly describing the somewhat counter-intuitive tendency among certain folk for strong emotional connections to develop within an abusive relationship. At a slightly milder but nevertheless still very worrying level we see the same principle extending to abusive employment situations and other 'working' relationships, where badly-treated and exploited workers can develop strangely positive feelings towards abusive bosses/employers. Whether driven by fear, dependence, gratitude (for limiting the level of abuse), survival impulse, or various other possible factors, the Stockholm Syndrome remains puzzling and paradoxical at any level, and yet a very real human tendency in certain situations.

Environmental Impact Assessment

The effect that a proposed project, such as a new building or development, will have on the environment.

Extrapolation

The estimation or determination of what will happen in the future by extending (extrapolating) known information or data. The verb usage 'extrapolate' is common and means using mathematics or other logical process to extend a proven trend or set of data. 'What if?..' scenarios and business modelling generally involves some sort of extrapolation. It's a way of predicting something by assuming a historical pattern will continue into the future.

Footfall

The extent or measure of numbers of people who visit a business or shop or other retail/leisure/entertainment venue during a given period of time. Footfall is a crucial factor in retailing methods, and also in promotion and advertising which focuses on the physical presence - on foot - of consumers at a particular location.

Drayage

The fee charged for, or the process of, transporting goods by lorry or truck.

Advertising

The promotion and selling of a product or service to potential customers. To announce publicly or draw attention to an event, etc.

Bond

The financial meaning of a bond is normally a debt/investment instrument issued by a company or country for a period of more than a year, with fixed interest rates and a firm and full repayment date. Typically a bond will pay a stipulated rate of interest at fixed times, and the debt is repaid at a specified time, i.e., the investor is guaranteed to be repaid the amount loaned/invested in full. More loosely the word bond can refer to a mortgage in some parts of the world, for example South Africa. A bond may also refer to a legal deed or agreement by which one person or party is bound to make payments to another; or to an insurance contract; or (notably in the US) to a sum of money paid as bail. The specific and more general meanings of bond logically derive from the older and original sense of bond, meaning fasten together, or the tie/festening itself.

Anchor Tenant

The first and most prestigious tenant, typically a store in a shopping centre, that will attract other tenants or shoppers.

Alpha Test

The first stage of testing a new product, especially computer software or hardware, carried out by a developer under controlled conditions.

Rack Rate

The full price of something before discounts have been offered, especially hotel rooms.

Research

The gathering of information, facts, data, etc., about a particular subject.

Operating Income

The gross earnings of a company minus operating costs, excluding taxes and interest.

Pecking Order

The hierarchy in businesses, organisations, etc, i.e., the order of people at different ranks.

State Of The Art

The highest level of development and/or technology applied to a product or service which is currently available.

Cybersquatting

The illegal activity of buying and registering a domain name which is a well-known brand or someone's name, with the intent of selling it to its rightful owner in order to make a profit.

Pump And Dump

The illegal practice of artificially boosting share prices by false and misleading statements in order to sell the originally cheap shares at much higher prices.

Wow Factor

The instant appeal of a product, property, etc., which impresses and surprises people the first time they see it.

Innovation

The introduction of new ideas, goods, etc., or new methods of production. A new way of doing something.

Across The Board

The involvement of, or affect on, everyone or everything in an industry or company.

Rights Issue

The issuing of new shares which are offered to a company's existing shareholders at a fixed price, usually lower than the market price.

Merger

The joining of two or more companies, organisations etc.

Horizontal Integration

The joining together of businesses which produce similar goods or offer similar services, or are involved in the same stage of activities, such as production or selling.

Capital

The net worth of a business, including assets, cash, property, etc., which exceeds its liabilities (debts). The amount of money invested in a business to generate income.

Opportunism

The practice of exploiting and taking advantage of opportunities which present themselves, with no regard for other people or eventual consequences.

Merchandising

The practice of promoting and selling goods. Commercial products which are associated with a film, pop group, TV show, celebrity, etc., such as toys, clothing, food products, household items, etc.

Red-Circling

The practice of protecting the salary of employees whose jobs have been downgraded because of the restructuring, etc., of the company.

Market-To-Market

The process of valuing a security, share, etc., on a daily basis to assess its current price, rather than its acquisition price or book value.

64,000 dollar/pound question

The key or crucial question in a particular issue, deriving from an old US radio quiz game show called Take It Or Leave It, in which $64 was the top prize (it was an old show..). The show first aired in 1940 (ending in 1947), in which up to seven progressively more difficult questions were asked of each contestant, beginning with a one dollar prize, doubling each time a question was successfully answered and the option to 'leave it' rather than 'take it' (the prize money) was preferred. Giving a wrong answer ended the game and the potential prize money was lost. During the 1940s the expression "sixty-four dollar question" became popular in the US referring to a very challenging question. The show relaunched on radio in 1950 as "The $64 Question" and ran for two more years. Reflecting inflation, and more notably the growing power of commercial TV, the show's next relaunch was in 1955 as "The $64,000 Question". The expression adapted accordingly and has endured and spread, despite the short life of the new 1955 TV show and a couple of subsequent relaunch attempts and name variations. More recently the expression is frequently adapted to refer to a sum of 64-million dollars or pounds, which is not wildly disproportionate with big money prizes in modern times. It is incredible to think that $64 dollars was once - within living memory - a big money game show prize.

Professional Liability

The legal liability of a professional, such as a doctor, accountant, lawyer, etc., who causes loss, harm or injury to their clients while performing their professional duties.

Qualifying Period

The length of time an employee must serve in a job before being entitled to various benefits, or being able to make a claim against unfair dismissal.

Microcredit

The loaning of very small sums of money to entrepreneurs, especially in the developing world, typically enabling the start-up of small business activities, especially social enterprise. See small business start-ups.

Brain Drain

The loss of highly skilled people to another region, country or industry, where they can work in a better environment and/or earn more money.

Reserve Price

The lowest fixed price at which a seller will sell an item at auction. If the bidding does not reach the reserve price then the item is not sold unless the highest bidder comes to an arrangement with the seller.

Bread and Butter

The main source of income of a company or an individual.

Economy

The management of money, currency and trade of a nation. The efficient management of resources.

Direct Marketing

The marketing of products, services, etc., directly to individual potential customers by sending them catalogues, leaflets, brochures, etc., by mail (including e-mail), calling them on the telephone or calling door-to-door.

Ratings Point

The measure of a size of an audience, i.e., one point equals one per cent of all households watching a television program or listening to a radio station at a particular time.

Elasticity Of Demand

The measure of whether people require more or less of a product or service after a price change.

Critical Mass

The minimum amount of customers, resources, etc., needed to maintain or start a business, venture, etc. The point at which change occurs e.g., when a company is able to continue in business and make a profit without any outside help.

Legal Reserve

The minimum amount of money, required by law, that a bank, insurance company, etc., must set aside in order to be able to operate.

Quorum

The minimum number of people who must attend a meeting in order for valid business to be conducted. The term is from the 15th/16th century and the earliest use of English, specifically from the Latin phrase used at the start of commissions for committee members, "quorum vos ... unum esse volumus," loosely meaning, "of whom we specify that ... be one."

Solvency Margin

The money a business requires in the form of cash or saleable assets, which must exceed the amount needed to pay bills, debts, etc.

Top Brass

The most important people in a company or organisation.

Linchpin

The most important person or thing in a business or organisation.

First Order Of Business

The most important task to be dealt with.

13

The most superstitious number, 13 affects business in surprising ways through absenteeism, cancellations, and design. Western airlines, for example, tend not to have seats and rows numbered 13. Friday 13th is a particularly superstitious date. Friday and the number 13 derive their superstitious reputations mostly from Christian beliefs and Norse folklore.

Crown Jewel

The most valuable and profitable asset of a company or business.

Flight Capital

The movement of large sums of money from one of investment to another, or from one country to another, to avoid high taxes or financial instability due to political unrest.

Cash Flow

The movement of money into and out of a company, organisation, etc.

Damage Limitation

The process of trying to limit or curtail the amount of damage or loss caused by a particular situation or event.

Unlimited Liability

The obligation of a company's owners or partners to pay all the company's debts, even if personal assets have to be used.

Incentive Marketing

The offering of rewards or gifts to sales people as an incentive to get more orders from dealers or customers. To offer customers rewards for buying products or services.

Predatory Lending

The often illegal practice of lending money to people who the lender knows are unable to pay back the loan, such as low-income house-owners, who subsequently may lose their homes which they have used as security against the loan.

Presenteeism

The opposite of Absenteeism. A situation where employees work very long hours or come to work when they are ill and their performance is below standard, which can have a negative effect on the business.

Dystopia

The opposite of Utopia, a society in which conditions are characterised by human misery, depirvation, squalor, disease, etc. The term is said to have been coined by by John Stuart Mill in 1868 in a UK House of Commons speech criticizing the government's Irish land policy.

Corporate Ladder

The order of rank, position, etc., in a company from junior to senior, which can be progressed or 'climbed' by employees.

Rank And File

The ordinary members of a group, such as enlisted troops in an army, or members of a union, who have no power.

Grass Roots

The ordinary people in a business or organisation, rather than the management or the decision-makers.

Provenance

The origins and history/development/movement of a created work (originally referring to art work, but now extending to any created work, such as writings, computer programs, etc) such as to provide record and evidence of the creator, reliability, ownership, adaptation, etc., of the work, thereby demonstrating or supporting the work's authenticity and quality. The term is from Latin pro, forth, and venire, come.

Financial Equity

The ownership of interest in a company, usually in the form of shares.

Controlling Interest

The ownership of more than 50% of the voting shares in a company, which enables the owner of these shares to make decisions, direct operations, etc.

Private Sector

The part of a country's economy which is owned and run for profit by private businesses rather than being government controlled.

Rush Hour

The peak periods at the beginning and end of the day, usually longer than an hour, when people are travelling to and from work.

Personnel

The people who work for a business or organisation. An administrative department in an organisation which deals with employees and often liaises between departments.

Agio

The percentage charged by a bank for exchanging one form of currency or money, into another that is more valuable.

Vacancy Rate

The percentage of unoccupied rental space or units, e.g hotel rooms, compared to total available rental area at a given time.

Economic Life

The period of time during which an asset, e.g. property, vehicle, machinery, etc., is expected to be usable, including repairs and maintenance, before a replacement is required.

Notice Period

The period of time during which an employee must work between resigning from and leaving their place of work.

Uptime

The period of time which a computer, piece of machinery, etc., is operational and available for use.

Leave Of Absence

The period of time which a person is permitted by their employer to be absent from their job.

Top Dog

The person who has the highest authority and is in charge of a whole operation, business, etc.

Protectionism

The policy of a country protecting its own industries against foreign competition by imposing taxes, etc., on imported goods.

Interventionism

The policy of a government to intervene and manipulate a country's (often its own) affairs and/or economy.

Price Discrimination

The practice of a provider to charge different prices for the same product to different customers.

Penetration Pricing

The practice of charging a low price for a new product for a short period of time in order to establish a market share and attract customers.

Tokenism

The practice of doing the minimum required, especially by law, by making small token gestures, such as employing or including a single person who represents a minority or ethnic group.

Brinkmanship

The practice of pursuing a tactic or method to the point of danger or damage, typically employed in competitive situations in which it is felt that the tactic will unsettle or cause the withdrawal of the adversary/ies. Dervies from the word brink, meaning the edge of a cliff or other dangerously high point.

Reinsurance

The practice of sharing insurance risk among several insurance companies, in case of major disasters such as floods, hurricanes, etc.

Financial Engineering

The practice of solving financial problems or creating financial opportunities in a company, by changing the way money is borrowed, debts paid, etc.

Bear Raid

The practice, in the stock market, of attempting to push the price of a stock lower by selling in large numbers and often spreading unfavourable rumours about the company concerned.

Double-dipping

The practice, usually regarded as unethical, of receiving two incomes or benefits from the same source, for example receiving a pension and consultancy income from the same employer.

Spin

The presentation of news/reports/information by politicians, business-people, etc., (typically cynically, dishonestly, unethically) in a highly positive way, or in a way designed to support a particular position. The term derives from the sense of putting a 'spin' on a story, so as to distort the truth to suit a particular purpose. This entail the use of euphemisms (unreasonably optimistic interpretations) in referring to one's own performance/effects, and dysphemisms (unreasonably negative interpretations) in referring to critics and competitors and their actions, effects, etc.

Equilibrium Price

The price at which the demand of a particular product or service is equal to the quantity supplied.

Factory Price

The price charged for goods direct from the factory, not including transport costs, etc. Factory Price is often quoted by retailers or in advertisements to show that products are for sale at a very low price.

Net Price

The price payable for goods or services after any deductions, discounts, etc., have been taken off.

Proof Copy

The printed pages of a book, magazine, etc., which is read and corrected (e.g. spelling mistakes) by a Proof Reader before the final printing of all the copies.

Socio-Economic Grouping

The process if identifying and dividing people into groups according to their social, economic and/or educational status.

Credit Analysis

The process of analysing a company's financial records and assessing its ability to repay a loan, etc.

Resource Allocation

The process of assigning available finances, materials, labour, etc., to a project.

Mail Merge

The process of automatically personalising a customised letter or document by using a list of individual names and addresses, so the same letter can be sent to many people.

Salami Slicing

The process of carrying out small actions or removing something in very small amounts so that it goes unnoticed, i.e., stealing money.

Merge-Purge

The process of combining two or more lists or files of names and addresses etc., typically databases, and removing duplicated and/or unwanted items, to produce one new clean list or database.

Flotation

The process of financing a company by selling shares on the stock exchange for the first time.

Market Research

The process of gathering and analysing information about customers, competitors, etc., in order to make decisions and solve problems connected with selling products or services.

Credit Repair

The process of helping to improve a person or company's credit rating, sometimes by disputing or correcting credit history discrepancies.

Psychographic Segmentation

The process of identifying and dividing consumers into groups according to their interests, attitudes, social class, values, personality, etc.

Market Segmentation

The process of identifying and dividing consumers into groups according to their purchasing behaviour.

Demographic Segmentation

The process of identifying and dividing consumers into groups according to their race, age, gender, religion, etc.

Succession Planning

The process of identifying suitable employees who can be trained and prepared to replace senior staff when their positions become vacant.

Globalisation

The process of integrating nations, economically and socially, through free trade, international business activities, technology (for example the Internet), etc.

Stocktaking

The process of listing all the items, materials or goods which a shop, company, etc., has in stock. An inventory of merchandise.

Project Management

The process of managing and planning a successful project from start to finish, which includes controlling, organizing, managing resources, people, budgets, etc. See project management.

Aggregate Planning

The process of planning and developing the best way of producing the right amount of goods, at the right time and at the minimum cost, based on the total number of items which need to be produced, and the amount of materials, equipment and workers necessary for production.

Strategic Management

The process of predicting and assessing a company's opportunities and difficulties, and making decisions so the company can achieve its objectives and gain a competitive advantage.

Attrition

The process of reducing the number of employees in an organisation by not replacing people who leave their jobs.

Marketing

The promotion and/or selling of a company, product, service, etc.

Bookkeeping

The recording of a business's transactions, such as sales, purchases, payments, income, etc.

Deregulate

The reduction or removal of government regulations from an industry or business.

Sales Resistance

The refusal of a potential customer to buy a product or service, often as a result of aggressive selling practices.

Customer Relations

The relationship a company has with its customers and the way it deals with them. The department in a company which is responsible for dealing with its customers, for example complaints, etc.

List Rental

The renting, from an organisation, of a mailing list which has potential customer names and addresses, for a one-off mailing.

Product

The result of a manufacturing or natural process (such as food) which is offered for sale to the general public, usually by a retailer.

Premium Income

The revenue recieved by an insurance company from its customers.

Tax Lien

The right of a tax authority to claim assets belonging to a company or individual who default on tax payments.

Subrogation

The right of an insurer, who has paid out a claim to an injured party, to sue the person, company, etc., who caused the injury.

Paternity Leave

The right of employees, male or female, to take time off from their job following the birth of their partner's baby. Entitlement to Paternity Leave depends on how long they have been with their employer.

Freedom Of Association

The right of individuals to join together to form, or join an existing, group or organisation, including a union.

Execution Risk

The risk that a company's plans, or a project, will fail because of changes being made, e.g. entering a new market, bad management, etc.

Law Of One Price

The rule that without trade barriers and transportations costs, identical products would cost the same worldwide using the appropriate exchange rate of currency.

Wholesale

The sale of goods in large quantities, usually to retailers who then sell them for a profit.

Short Selling

The sale of shares, etc., which are not owned by the seller but borrowed from a broker, on the understanding that they must be bought back, hopefully at a lower than what they were sold for in order to make a profit, and returned to the broker.

Xenology

The scientific study and/or research of alien cultures and biology.

Beta Test

The second test of a product, such as computer hardware, software, or even a website, under actual usage conditions, before the final version is used by or sold to the public. See Alpha Test.

Bancassurance

The selling of both insurance and banking services, usually by a major bank.

Moral Hazard

The situation in businesses and organisations when people are protected, e.g. by insurance cover, so they are more likely to take risks.

Intellectual Capital

The skills and knowledge of a company's employees, which can be used to make the company more successful than its competitors.

Target Audience

The specific group of people that an advertisement, product, TV program, etc., is aimed at.

Cost Of Living

The standard cost of basic necessities which people need to live, such as food, housing and clothes.

Security/Securities

The strict financial meaning of a security is a document that proves ownership of stocks, shares, bonds, etc., or other investments or financial derivatives. More loosely the term securities refers to investments generally, for example in the term 'securities market'.

Time and Motion Study

The study and analysis of a specific job within an organisation, the results of which are used to improve efficiency and production.

Graphology

The study of handwriting, often used as a way of analysing a person's character. See graphology.

Dysphemism

The substitution of a neutral or positive word/phrase with a replacement word/phrase that has a more negative/pesimistic effect. The opposite or inverse of a dysphemism is euphemism. Both are widely used in press and public relations communications. Extreme examples are unethical at best, and criminally dishonest at worst.

Capital Flight

The sudden movement of money from one country or investment to another in order to reduce risk, such as high inflation, or to increase profit.

The Big Three

The three largest credit ratings agencies: Standard and Poor's; Moody's, and Fitch. There are hundreds of smaller credit rating agencies, but historically 95% of the market is served/controlled by these three companies. As at 2013 their ownership is all American, except 50% of Fitch in French ownership. These companies have an enormous and controversial influence over corporate and international debt and the workings of credit and debt markets, banking, investments, etc., and consequently also on economies and societies around the world. 'The Big Three' are particularly controversial because of their considerable market dominance, considered by most commentators to be monopolistic (or at least a duopoly, given S&P/Moody's 80% market share), together with potential for conflict of interest in the way that the credit ratings industry operates: Credit rating agencies provide extensive high-value advisory services to the same markets/clients that are subject to the ratings issued by the agencies. Despite the heavy reliance on their assessments and pronouncements, the Big Three agencies failed to identify the toxic nature of the mortgage and related derivative debt 'products' prior to and regarded central to the 2008 global financial collapse, and in some cases awarded very positive ratings for these debts which subequently proved largely valueless and irrecoverable.

Maternity Leave

The time a pregnant employee is entitled to take off from her job before and after the birth of her baby. Entitlement to Maternity Leave depends on how long the woman has been with her employer.

Net Lending

The total amount of funds lent by a bank or building society over a certain period, minus any repayments made by borrowers.

Paid-Up Capital

The total amount of money which has actually been paid in full by shareholders for their shares.

Outlay

The total amount of money which has to be spent to acquire an asset or start a project, including costs, taxes, delivery charges, etc.

Net Assets

The total assets of a company or individual minus all liabilities (debts).

Cap And Collar

The upper and lower limits of interest rates on a loan, usually fixed for a specific period of time.

Promotion

The use of marketing and/or advertising to bring attention to a product, brand, service, company, etc., usually in order to increase sales. The raising of an employee to a higher rank in an organisation.

Verbal Judo

The use of voice tone and body language to diffuse a potentially aggressive or violent situation without being confrontational. Described as Tactical Communications, Verbal Judo was developed in 1983 by American literary professor, martial arts expert and later serving policeman, Dr George ('Doc Rhino') Thompson, initially for the US police. Verbal Judo has since become a more widely applicable training program for handling conflict for all sectors, alongside the popularity of Thompson's books, notably Verbal Judo (1993) and the Verbal Judo Institute.

Uncalled Capital

The value of shares which have been issued by a company but which have not yet been paid for by the shareholders.

Top Dollar

The very highest price paid for a product, service, worker, etc.

Tare

The weight of packaging used in wrapping and protecting goods which is deducted from the total weight of a product in order to ascertain the actual weight of the goods. The deduction in weight of a vehicle used to transport goods in order to determine the actual weight of the goods.

(in) Lieu

The word lieu rarely appears outside of the expression 'in lieu of', which means 'instead of', or 'in place of'. For example, 'time off in lieu' means (and is a shortening of) time given off work instead of payment for extra hours worked. The word lieu is from French, 'lieu' and earlier 'leu', place, which came into English in the 1500s, originally from Latin locum/locus, place.

Synergy

The working together of two or more individuals, groups, companies, etc., to produce a greater effect than working individually.

Price Fixing

The, often illegal, practice of prices being fixed, by agreement, by competing companies who provide the same goods or services as each other.

Theory Of Constraints

Theory originally developed by Dr Eliyahu Goldratt, which states that every organisation must have at least one constraint that should be overcome by recognising and dealing with the cause of the 'bottleneck', thus enabling the company to achieve its goals.

Esoteric/Esoterica

These words (adjective/noun) refer to language, communications or concepts which are understood only by people of expertise or good knowledge of the subject concerned. Advertising and other communications intended for the general public should not be esoteric, although much of this sort of language is highly esoteric, for example instruction manuals for technical products, and most corporate terms and conditions - usually because these materials are written by specialists who are unable to translate complex terminology into everyday recognizable language. Professional communicators such as advertisers, trainers, leaders, writers of manuals and instructions, etc., should aim instead to be exoteric, which refers to communications which are inclusive, and simple to understand by everyone. This relates strongly to the concept of accessibility. The words are respectively from Greek esotero, within, and exotero, outer. The less commonly used noun forms of the words are esoterica and exoterica, i.e., materials that are respectively inaccessible and accessible.

Bikeshed Colour effect/Colour of the Bikeshed Law/The Bicycle Shed Law/Parkinson's Law of Triviality

This was originally a concept or 'law' proposed by C Northcote Parkinson in his (1957/8) book Parkinson's Law: The Pursuit of Progress, which also gave us Parkinson's Law itself. The revived Triviality Law was popularized in 1999 by Poul Henning Kamp, a computer developer, effectively and accidentally renaming it the Bikeshed Colour effect. Essentially the law contends that people in organizations (due to human nature and organizational behaviour) inevitably spend a disproportionately large amount of time and effort on trivia matters - especially attempting to apply personal influence - while neglecting the really important issues because they are difficult to understand, and consequently more difficult to influence. See Parkinson's Law and Parkinson's Law of Triviality, which includes more explanation about the Bikeshed Colour effect and its derivation.

Overtime

Time worked in addition to normal working hours. The pay received, usually charged at a higher rate, for working outside regular working hours.

Long Grass

To 'Kick something into the long grass' means to push a problem aside in the hope that it will be ignored or forgotten.

Countersign

To add a second signature, where required, to a document or cheque, in order to make it valid.

Recall

To ask customers to return a product which they have bought because it has been found to be faulty or dangerous.

Carey Street

To be heavily in debt or bankrupt. Originates from Carey Street in London where the bankruptcy court was situated.

Specialised

To be highly skilled in a particular branch of a profession, occupation, activity, etc. Developed or adapted for a particular job or task.

Shadow

To be with someone in the workplace as they perform their job so that you can learn all about it.

Prosecute

To bring a criminal charge against someone in a court of law.

Conciliation

To bring two disputing sides together to discuss the problem with the aim of reaching an agreement.

Sight Unseen

To buy something which has not been available for inspection before the purchase.

Rebadge

To change the name , brand or logo of an existing product or business, especially cars.

Impeach

To charge somebody, usually a government official, with serious misconduct. To cast somebody out of public office, for example a president or courtroom judge because of a serious crime or misdemeanor.

Retrench

To cut down on spending, economise, for example to reduce a workforce.

Filibuster

To delay or obstruct legislation by giving long speeches in a parliamentary debating process, so as to 'talk out a bill', i.e., ensure that the debate is prolonged beyond the deadline for passing a bill which would otherwise have been approved. The noun filibuster refers to a person who does this, or to the act of filibustering, which is commonly done by more than one person acting together. There are occasional cases of lone filibusters standing and talking for several hours without a break. Filibustering may be used for purposes that have lots of popular support, or virtually no popular support. The term entered US politics from American-Spanish but ultimately is from Dutch vrijbuiter, pirate.

Sabotage

To deliberately destroy or damage property, tools, or machinery in order to hinder production. To cause an obstruction to something in order to make it unsuccessful.

Gratis

To do or give something without payment. Free of charge.

Pricing

To evaluate the price of a product by taking into account the cost of production, the price of similar competing products, market situation, etc.

Undershoot

To fall short of reaching a goal or target.

Headhunt

To find a person who is specialised in a particular job, usually for a senior position in a company, and then persuade them to leave their present employment.

Indict

To formally charge someone with a crime.

Convene

To gather together for an official or formal meeting.

Optimise

To get the most out of something. To use something in the best possible way.

Amortize

To gradually reduce and write off the cost of an asset in a company's accounts over a period of time.

Subcontract

To hire someone to carry out some of the work that you have been contracted to do.

Troubleshoot

To identify and solve problems which arise in the workplace.

Post-Date

To insert a future date on a cheque or document at the time of writing, so it becomes effective at that later date.

21-Gun Salute

Traditional honour given to royalty and heads of state, derived from the old signal of peaceful intent, when multiple firing practically removed capability for immediate threat due to re-loading time.

Business To Consumer

Transactions in which businesses sell goods and/or services to end consumers or customers.

Duopoly

Two companies, or a situation, in which both companies control a particular industry.

Frictional Unemployment

Unemployment of people who are temporarily between jobs, changing careers, changing location, etc.

Ageism

Unfair prejudice or discrimination on the grounds of a person's age.

URL

Uniform/Universal Resource Locator - The address of a web page on the Internet.

UPC

Universal Product Code. A bar code, using thick and thin vertical lines, which is printed on labels, packets, etc., to identify a specific product, and is used for stock control.

USB

Universal Serial Bus - A device on a computer which is used for connecting other devices, such as telephones, scanners, printers, etc. Bus is derived from busbar, a metal conductor strip within a switchboard.

Debenture

Unsecured certified loan over a long period of time with a fixed rate, based on the trust that payment will be made in the future.

Menial (work, job, task)

Unskilled typically poorly paid work.

Spam

Unsolicited e-mail which is sent to numerous recipients.

Laity

Usage is typically 'the laity' ('lay-ity'), an old traditional alternative word for lay people/members, typically used in relation to church organization and council, but applicable widely to ordinary people, as distinct from professional or qualified folk.

End Marker

Used at the end of a take in a film, TV program or audition to cover a mistake or to remind people who the person auditioning was during auditions.

Emoticon

Used in e-mails, internet chat rooms and text messages, symbols which represent facial expressions, e.g. :-) = smile.

Storyboard

Used in films, TV programs, etc., drawings or photographs which are illustrations of the scenes which are to be shot.

Apple Box

Used in films, TV, etc. Wooden boxes of various sizes which are used to elevate actors and celebrities.

Operation Process Chart

Used in manufacturing, a chart which shows each stage of a production process, including when materials are needed, how much time is to be allocated for each job, how many people are required to carry out the work, etc.

Pull Strategy

Used in marketing to create a demand for a product by means of advertising and promoting to the end consumer, rather than through the marketing channel. To 'pull' the product through from distributor to final consumer.

Keyword Advertising

Used on the Internet. When a user types in a particular 'keyword', an advertisement which is linked to a business relevant to that word, is displayed alongside the search engine results.

Econometrics

Using mathematics and statistics to study the economy.

Callable

Usually applies to bonds or convertible securities which can be bought back, at an agreed price, before maturity, by the company or government which sold them.

Idea Showers

Usually called Brainstorming. A method of problem solving involving members of a group meeting and sharing ideas.

Net Profit Margin

Usually expressed as a percentage, in business, the money earned after costs, expenses, taxes, etc., have been deducted.

Golden Handshake

Usually offered to high-ranking executives in a large company. A clause in their contract which provides them with a large sum of money and/or other benefits in the event of them losing their job or retiring.

Retail Park

Usually situated on the outskirts of a large town, a large retail development consisting of shops, stores, car parking, and often cinemas and restaurants.

Memo

Usually used for communication within an organisation. Memos can be formal letters or informal notes to colleagues.

Value-Added Reseller

VAR. A company which purchases a product and modifies or enhances it before reselling it to the consumer. This practice is common in the computer industry.

VAT

Value Added Tax. A tax paid by consumers which is added to the price of certain goods and services.

VDU

Visual/Video Display Unit. A computer screen or monitor which displays text and/or pictures.

World Economic Forum

WEF. Based in Geneva, Switzerland, an non-profit, international organisation which brings together politicians, business and education leaders from all over the world to discuss ways to improve economic and social growth, health and environment issues, etc.

World Trade Organisation

WTO. An international organisation, established in 1995, with more than 150 member nations, based in Geneva, Switzerland. The WTO monitors international trade, helping importers and exporters conduct their business, and provides assistance to developing countries.

World Wide Web

WWW. Also known as The Web, a computer network system in which documents are inter-linked using hypertext computer code, and allows information to be accessed using the Internet.

Shop Floor

Workers, usually in a factory, as opposed to managers. The area in a factory where production of goods takes place.

Credit Rationing

When a bank or money lender limits the amount of funds available to borrowers, or interest rates are very high.

Marketing Myopia

When a business is being shortsighted regarding the needs of its customers, only focusing on its products or short range goals and missing marketing opportunities.

Straight Rebuy

When a business or individual orders the same goods, in the same quantity from the same supplier.

Exchange Rate Exposure

When a business risks losing money because of the need to change one currency for another of lower value.

Capitalization Issue

When a company converts its spare profits into shares, which are then distributed to existing shareholders in proportion to the amount of shares they already hold.

Involuntary Liquidation

When a company is forced into bankruptcy by its creditors, so that its debts can be paid.

X-Inefficiency

When a company is not using its employees, machinery, resources, etc., effectively, often because of lack of competition.

Public Issue

When a company offers shares for sale to the public for the first time.

Equity Accounting

When a company records, in its financial records, profits which can be claimed from an affiliated company which they part own.

Brand Loyalty

When a consumer repeatedly buys a particular brand of product and is reluctant to switch to another brand.

Deficit Financing

When a government borrows money because of a shortage of funds from taxes. This usually results in pushing up interest rates.

Management Buy-In

When a management team from outside a company acquires more than 50% of the company, so they become the majority shareholders, and then manage the company themselves.

Click-Through/Clickthrough/'Clickthru'

When a person clicks on an advertisement on a web page which takes them to the advertisers website. See PPC.

Reverse Merger

When a private company acquires the majority of a public company's shares, therefore enabling the private company to get a public listing on the stock exchange.

Undersubscribed

When a product, service, etc., is not being bought by enough people.

Capitialism

When an economic system of a country is controlled and profited by private individuals and corporations, rather than the government.

Personal Day

When an employee is permitted to have time off work to deal with personal matters.

Vested Interest

When an individual, business or group has a special interest in something, such as property, an activity, etc., from which there is a personal or financial gain.

Compulsory Purchase

When an organisation has the legal right to force the sale of land, property, etc., usually to build motorways or railways.

Caveat Emptor

When the buyer takes the risks and is responsible for checking the condition or quality of the item purchased. (Latin - Let the buyer beware)

Public Liability

When the owner of a business, etc., is responsible for any injury or harm inflicted on a member of the public because of negligence or unsafe products, etc., against which an insurance policy can be obtained by the business.

Local Content Measure

Where a business or investor is required to purchase a certain amount of locally sourced materials to be used in the manufacturing, etc., of their product.

Halo Effect

Where the image or reputation of a person (or group or organization or brand or other entity) is enhanced by influence from or association with the quality of another situation. A halo effect typically refers to an unreliable indicator of good quality (ethics, goodness, honesty, value, benevolence, etc) but might rarely instead refer to an unreliable indicator of negative quality.

WAN

Wide Area Network. A communications network which covers a wide area of a region or country, connecting computers, phones, etc.

WATS

Wide Area Telecommunications Service. In the US and Canada, a long distance telephone service which provides discounted calls for companies that place large volumes of long distance telephone calls.

General Strike

Widespread withdrawal of labour by a nation's workforce, which aims at bringing the country to a standstill because of a disagreement over pay and/or working conditions. -

WAP

Wireless Application Protocol. An open network communications system which enables information to be sent between hand-held devices such as mobile phones, pagers, etc.

Wi-Fi

Wireless Fidelity. A wireless technology which enables computers, mobile phones, video games, etc., to be operated by using radio frequency.

Bluetooth

Wireless technology which allows data to be transferred over short distances between laptop computers, mobile phones, digital cameras, etc.

Intestate

Without leaving a will, as used in the phrase, 'to die intestate'.

Uncontested

Without opposition or competition. A lawsuit which is not disputed by the person against whom it has been filed.

Labour

Work, especially manual/physical work, for wages.

Peripatetic

Working or travelling from place to place, staying at different locations for a short period, such as, and especially as a teacher does, in working at more than one school. The teacher analogy is apt since the word derives from the Greek peripatetikos, and the earlier peripatein, which referred specifically to the teaching style of Aristotle (384-322 BC, Greek philosopher, student of Plato, teacher of Alexander the Great), who walked about while he talked. The ancient Greek prefix peri means around, or round, and patein means to tread.

Without Prejudice

Written on a document in legal proceedings, negotiations, etc., meaning that any information contained in the document does not affect the legal rights of a party involved in a dispute.

Zero-Based Budgeting

ZBB. A system in which a yearly budget for a department in a company starts at zero with no pre-authorised funds, and the department has to justify its budget requests.

Occam's Razor/Ockham's Razor

a guiding principle or maxim for theorists, writers, communicators, etc., which asserts that the most effective (and arguably most reliable) explanations and theories employ minimal assumptions. In other words, in choosing between competing theories or explanations for uncertain things, the most reliable theory will be that which entails the least use of assumptions and other unknowns. More generally the term is used in reminding/guiding us of a need for prudence, economy and simplicity in describing, justifying, or explaining ideas and concepts, etc. The 'razor' term seems first named and recorded by Sir William Hamilton in 1852, after the 14th-century English logician and Franciscan friar Father William of Ockham (c.1285-1349), who was a notable early advocate of the principle. Philosophers and scientists throughout history (including Einstein, Russell, Newton) have described similar and basically supportive versions of the Occam's Razor principle, moreover many great thinkers have also demonstrably put the principle into practice in their own work, from which we can derive a reasonable degree of confidence in the validity of the concept itself. It's a very memorable and teachable idea - the theme itself, its Ockham derivation, and the metaphorical allusion to 'shaving' away unnecessary or unsubstantiated aspects of a written or spoken theory or explanation.

Memorandum and Articles Of Association

a legal document drawn up when a company is formed containing details such as company name, type, objectives, and number and value of shares, etc.

Grey Swan/Gray Swan

a marketing/economics/probability expression inspired by Nassim Taleb in his books about random events with big consequences, a 'grey swan' refers to a major predicted or known event of national or more usually international significance, which has uncertain outcomes and unquantifiable effects on society, economics, etc. See also the main expression, Black Swan.

Nudge Theory

a modern concept and 'instrument' of social influence, used by governments, state organizations and commercial corporations, chiefly attributed to US professor of economics/behavioral science Richard Thaler, popularized by the 2008 book 'Nudge: Improving Decisions About Health, Wealth, and Happiness', by R Thaler and Cass R Sunstein. Nudge theory, or simply 'Nudge', employs principles/techniques of suggestion, positive accentuation, situational/environmental adjustment, support, reward, etc., in altering behaviour/behavior of social groups, populations, audiences, etc. Methods are based on the careful design of communication and relationship between the influencer and the target group, often applied with great subtlety and sophistication. Many of the tactics are hardly noticeable, and target groups will commonly not perceive remotely that their actions and attitudes have been influenced at all. The sense is one of achieving a big beneficial/advantageouos change by exerting often a tiny but crucial influence at a crucial point in the decision-making process, or at a pivotal stage, so as to produce a major change-effect. Nudge theory is to an extent counter-intuitive because it seeks to achieve influence more effectively than traditional strategies involving forceful instruction, threat, legal action or other enforcement. Simple examples of Nudge theory methods: *Breaking a challenging process down into easier-to-achieve smaller steps. *Re-wording an official application form so that it is easier to read. More complex examples are: *Organizing of road-sweeping and other litter-cleaning/chewing-gum removal at highly visible times, to maximize public awareness of litter problems/effects, thereby reducing littering. *Offering loft-clearance services to enable and increase acceptance/uptake of loft-insulation improvements. Both examples encourage potentially large behavioural shifts towards a specific challenging aim by using a related indirect stimulus of a less challenging, appealing, or non-threatening nature. Freedom of choice and absence of pressure are two important aspects of nudge theory. So is ethical purpose/philosophy. Nudge principles were also originally based firmly on being ethical and helping people, rather than exploiting them. Essentially nudge theory works because it provides easier ways for people to make and implement change decisions. It's achieved through 'choice design' rather than direct enforcement/compulsion. See Nudge theory.

Haircut

a percentage subtraction from the market value of an asset, typically on a large scale, enforced by a powerful institution or authority in response to debt/liabilities incurred by the asset owners/investors, producing an effective devaluation of the asset. The 'haircut' term became a more general description for a tax or levy imposed on ordinary savings accounts with reference to the EU-imposed tax on Cyprus bank deposits in 2013, although the underpinning principle/cause was consistent with the technical meaning of the term.

Icon

a symbol or image which represents a more complex thing, such as a person, or a concept. Icon has come also to mean a role-model or leading example (i.e., symbolically representative of the best of its class). Icon also refers to computerized symbols or other small symbols which are used to convey a meaning, especially in signage and designs of electronic devices intended to be intuitive and self-explanatory in operation. Icon is from Greek, eikon, meaning likeness or image, which originally was used to refer to religious devotional paintings, notably of Christ. The word and modern meaning of icon features popularly now in the portmanteau computer/internet/phone term 'emoticon' (emotion and icon) which is a symbol for conveying mood in electronic messages.

Anthropomorphic / anthropomorphism / anthropomorphous

also called personification - this refers to giving human characteristics to an non-human thing, such as an animal, or a tree, or the Sun, Moon, a god, cartoon character, etc., for dramatic, visual, metaphorical, and amusing effect, etc. It's a very very old concept. Anthropomorphic characterizations have been found on ancient scuptures dating back more than 30,000 years. The word is Greek, originally from athropos, human, and morphe, form.

Thermos/Dewar (vacuum) flask

alternatively named after James Dewar its 1892 inventor, and the German company Thermos, which exploited Dewar's failure to patent his innovation and first produced the product commercially.

Dotcom

an internet business, or the internet business sector.

Political Correctness/pc/non-pc

commonly abbreviated to pc or PC, and more usually in the negative form 'non-pc'. 'Political correctness' is the practice of not using words, expressions, actions, etc., which could cause offence to (especially) minority groups, or in fact to any group which might reasonably be offended by the words or actions concerned. PC is sometimes alternatively ironically interpreted to mean 'Political Claptrap/Claptrappers', referring to over-zealous application or expectation of political correctness.

Showrooming

emerging in the popular media in 2012 the term 'showrooming' refers to the 21st century practice of shoppers visiting retail stores to inspect/handle/assess products, especially electronic/technology equipment and gadgets, which the shoppers (quite intentionally as part of a buying method) subsequently purchase online, thereby achieving a lower price than offered by the retail store. Increasingly shoppers are able to use smartphones to scan or otherwise check/confirm/record precise product types/codes, etc. On a wide scale, in certain product sectors, the practice undermines the retail store business model, through stock wear/damage, wasted staff time, etc., although product susceptibility varies greatly. Some products, e.g., standardized mass-market goods, are hugely prone, whereas others, e.g., high quality musical instruments and jewellery, hardly at all.The behaviour is extremely common and part of a significantly and globally changing retailing economic system. Showrooming is a factor driving retail exclusivity deals, and notably 'dark store' strategy and development, in which collection warehouses are replacing conventional retail outlets.

Homeostasis is very significant in mating/family relationships, where the relationship is defined far more by the nature of the people involved, rather than any interventions or changes, which tend to produce compensating reactions, fundamentally driven by the need to preserve the essential relationship, which may commonly contain outwardly undesirable features, but nevertheless are satisfying a need within the relationship, perverse or otherwise. *****The development of political empires and dominant economic regions tend to be self-limiting/balancing over time because absolute global superiority is not a 'balanced' system. Economic/political expansion therefore tends always to produce counter-effects, such as ethnic unrest/rebellion, and irresistible economic or cultural advantage/opportunity elsewhere, ensuring that power shifts geographically over time, rather than keeps growing indefinitely. *****The balance between work and leisure in life does not significantly alter despite massive technological advancement. As technology improves theoretical efficiency, and potentially creates more time for leisure, so work, driven by competition, expands to use the all available capacity. *****Roads are excellent examples of homeostatic systems. As capacity increases, so does traffic to fill it. As traffic increases, so does inefficiency, which provides a counter-effect, so that counter-intuitively, the best way to reduce traffic congestion is to reduce road capacity, not increase it. Increasing capacity in all systems inevitably increases demand, and means simply that when problems arise they are bigger. This is why optimizing traffic flow in cities only ever encourages greater traffic use, thereby offsetting any time/space gains offered potentially by the improved traffic system design. *****Homeostasis is a very good pointer to the significance of counter-intuitive effects. We imagine that changing a system will produce a benefit, but actually very many such changes

especially when designed to address a perceived major problem - produce overall negative effects.

Non Sequitur

in communications/debate, logic, and notably the law, non sequitur basically refers to a conclusion which is false or unsupported by its argument. In literature or comedy non sequitur refers more specifically to a statement which does not relate to what precedes it in a bizarre and often amusing way - a funny example of non sequitur humour/humor is Monty Python's Holy Grail 'Burn the witch' sketch in which a series of non sequitur conclusions are used: (paraphrased) "...You burn witches; wood also burns; so witches are made of wood. Wood floats; a duck also floats; so a witch weighs the same as a duck..." In politics we frequently hear non sequitur arguments and justifications routinely used by politicians and disguised to seem like logical rational reason, when in fact the argument/justification completely fails to support the conclusion, and bluff with force/confidence/arrogance of delivery is effectively the most persuasive factor.

Laffer Curve

named after US economist Arther Laffer (b.1940), the Laffer Curve refers graphically to notional/optimal government revenues according to changing levels levels of taxation, on the basis that at each extreme, i.e., 0% and 100% taxation, government revenues are zero, and that somewhere in between, a certain taxation % level (for which no general standard exists or can be applied) will produce optimal government revenues. The expression was popularized in the mid-1970s after reported discussions between Laffer and government officals Don Rumsfeld and Dick Cheney, seemingly in which Laffer sought to advance the counter-intuitive argument that lower taxation would increase tax revenues. Laffer attributed the underpinning curve concept theory to Ibn Khaldun and John Maynard Keynes.

Gobbledegook

or Gobbledygook or Gobbledegoo - Incomprehensible jargon. Official language, spoken or printed or online, which is intended to explain or justify or inform or clarify or instruct, but which actually confuses people instead, because it is phrased in a stupid or unnecessarily complex way. Alternatively called 'Officialese', or 'Bureaucratese', gobbledegook is common in marketing, product instructions (especially for electronic products), contracts, training manuals, official communications, and certainly in politics, and local government. Here below is a short example in which a 2012 UK tax form (SA1035) attempts to instruct users how to complete a section requiring a profit figure.

Horizontal Sector/Horizontal Market

or horizontal market sector - Often called simply a 'horizontal' - this refers to products/services which can be supplied to or 'across' a number of 'vertical' sectors, for example, office cleaning services to various industries (verticals), or transport services to different industries (verticals). See 'vertical' sectors for more detailed explanation of the matrix that is formed by horizontal and vertical markets/sectors, and especially the switchable nature of the terminology depending on situation, notably who is selling to whom.

Vertical Market/Vertical Sector

or vertical market sector - Often shortened to 'vertical' - this refers to an industrial activity or trade comprising producers, manufacturers, makers, providers and users, etc - basically the supply chain or all the linked purchasers - of the same products/services, for example media, coal production, healthcare, automotive, education, retail, etc. Imagine a bar chart in which each vertical bar is an industry; or imagine a series of vertical lines, each one connecting suppliers and customers in a supply chain for a single industry. A sub-section of a vertical market sector, such as car magazines (within the media vertical), or private schools (within education), or shoe-shops (within retail) is typically called a niche or a niche market. Often used with the term Horizontal Sector, these two structural ways (vertical and horizontal) of viewing the entire market-place form a matrix. The nature of this matrix and the horizontal and vertical sectors within it mean that every niche (for example office cleaning services, or a manufacturer of nuts and bolts, or dentistry practices, or anything else you might imagine) is both a part of a vertical sector and a horizontal sector. The application of 'vertical' or 'horizontal' terminology depends often on the situation and context, and especially who is selling/marketing what to whom, (or who is acquiring whom). For example a supplier of IT services which is selling to the automotive vertical would refer, again for example, to 'vertical marketing'; to the 'vertical market'; the automotive 'vertical', etc. A supplier of IT services which sells to finance departments across several verticals (i.e., industries, e.g., automotive, media, local government, education, etc) would instead refer to selling or marketing 'horizontally' (to different verticals), and having a 'horizontal' strategy. And to illustrate the switchable nature of the matrix, an automotive supplier which sells/markets to IT organizations would refer to the IT 'vertical market', as would any other seller targeting the IT 'vertical'. (N.B. I have mentioned 'education' and 'local government' above, which are wholly/largely/partly considered as state/public services activities. Traditionally such sectors are not regarded as involved in marketing or selling, but actually increasingly such 'providers' can easily be represented as sellers or marketers or providers of products/services, albeit in a figurative sense. As such it is perfectly possible and reasonable to show such sectors as being sellers/providers of products/services to vertical sectors and even to horizontal sectors, should the need arise; and we should expect over time for the nature of horizontal/vertical marketing terminology - and other marketing terminology - to become increasingly widely applicable and inclusive. Every type of organization is both a 'supplier' and a 'customer' of some sort.)

Omnishambles

severe chaos, typically in several areas of organizational responsibility, and typically where a person or organization is expected to be well-organized (see omnishambles in the cliches origins page).

Euphemism

the replacement of a strong/offensive word or phrase with an alternative word or phrase considered to be milder/inoffensive. Euphemisms are used widely and very wrongly by politicians and business people attempting to avoid responsibility and personal acknowledgment of mistakes, bad decisions and unjustifiable actions, etc. Euphemisms in such situations are part of 'spin', or spinning a story.

Credit Rating Agency

this is fascinating and significant... a credit rating agency is a company which analyses and issues an official recognized assessment of the quality of a debt or debtor, including corporate, institutional or state debt or debt/credit products (specifically the reliability of repayment/recoverability), such as bonds and tradable securities (debts, equities, mortgages, and derivative complex financial credit contracts), and significantly also of organizations, bodies, and entire countries, by virtue of their credit-worthiness (ability to repay their debts). Ratings are visible, published and officially/internationally recognized, especially for countries. Ratings strongly influence interest rates applied to rated organizations, i.e., poor ratings mean that the low-rated organizations/bodies/nations are charged higher rates of interest by lenders, due to the higher perceived level of risk, and the overall market's response to the rating/risk. Conversely, positively-rated organizations/countries enjoy the lowest possible interest rates when borrowing. The same principle applies to debt products, mindful that many debt products are sold from one lender to another, commonly entailing seriously vast sums of money. Ratings are typically expressed on a scale of AAA ('triple A') as the top/best, which equates to the most reliable and secure debt/debtor, down through AA, A, BBB, BB, etc., to CCC with the lowest being C, although there are variations, including lower case letters, numbers, and + and - symbols. This is a highly significant, pivotal, and controversial area of corporate/global finance, economic management, extending to life and society, because:

Psychological Contract

usually expressed as 'the Psychological Contract', this is the understanding between employee(s) and employer as to their mutual expectations arising from the employment relationship. The expectations involve a complex balance of inputs and rewards, including contractually clear elements such as hours and pay, and extend to implications and assumptions about security, loyalty, and other highly subjective factors. The Psychological Contract is a two-way notional agreement between employee and employer, typically analysed from the employee perspective. Psychological Contract theory potentially extends to relationships between suppliers and customers, and between the state and its people. More detailed explanation is in the Psychological Contract section of this website.