Business Vocabulary – Glossary of Terminology for Business Correspondence Part-3

Business Vocabulary – Glossary of Terminology for Business correspondence Part-2

Contract – Witnessed agreement, usually in writing, the terms of which are legally enforceable.

Comptroller – Auditor with the rank of executive.

Contractor – One who specializes in a certain type of work e.g. building contractor.

Sub-Contractor – one who performs part of a piece of work e.g., plumbing sub-contractor.

Consign – To send or address goods by bill of landing, etc., to an agent in another place to be stored, sold or otherwise cared for.

Cooperative – A business enterprise or association with the object of producing, purchasing, selling, or occupying quarters at common savings to members by eliminating middle-man fees and profits.

Consignee – One to whom goods are shipped.

Copy – Text of advertising duplicate of an original letter or of an article of commerce. Ordinary carbon copy duplication of typing.

Consignment – Transaction in which purchase is not final, unsold goods may be returned to consignor.

Copyright – Exclusive publication rights, other pieces of creative work are copyrighted after publication.

Corporation – A business association operating on a state franchise and with liability limited to the amount of the investment.

Consumer – Ultimate purchaser or uses of merchandise.

Corner – To secure such control of stock or commodities as to be able to dictate quotation prices.

Dock Receipt – Signed by steamship company for freight delivered to dock.

Debenture – Synonym for debt documentary evidence of debt.

Dividend – Money paid to shareholders or depositors as share of profits.

Debit and Credit Memoranda – Issued by companies to effect necessary adjustments in the course of business transactions.

Distributor – Person or company through whom goods reach the consuming public Wholesale Distributors supply Retail Distributors who serve the public directly.

Decontrol – Removal of government restrictions on prices, rents, etc.

Deposit – Money or equivalent entrusted for safekeeping with another, as in a bank money given as partial payment in a transaction or as a binder in a contract.

Deduction – Sum or money subtracted from amount to be paid for goods or services.

Deposition – Testimony given by witness unable to appear in court.

Deed – Contract by which real estate is conveyed by one party to another.

Depreciation – Decline in value, usually as a result of loss through wear, neglect, exposure, etc. Machinery is usually calculated to suffer an annual depreciation of 10% in value through wear.

Defalcation – Misappropriation of money placed in trust the sum misappropriated.

Depression – Deep and prolonged decline of industrial and general business activity

Default – To fail in fulfilling a contract or other financial obligation.

Deteriorate – To spoil or lose quality with time, e.g., food and certain manufactured articles such as photographic film.

Deficit – Amount by which expenses exceed income, liabilities exceed assets, production falls below expectation.

Detriment – Damage by intangible cause, such as injury to a firm’s reputation through rumors.

Deflation – Decline to purchase commodity together with capacity to pay for it.

Devise – To will property in real estate.

Demand – Desire to purchase commodity together with capacity to pay for it.

Director – person entrusted with determining policies and decisions of a firm.

Demand Bill or Draft – A bill payable at sight, or on demand.

Disbursements – Payments to meet bills.

Demand Item – Article in constant demand, which must be carried in stock constantly.

Discount – Allowance for cash or quick payment Trade Discounts are discounts from wholesale prices allowed to customers and scaled according to amount of purchases and other considerations.

Demand Loan – Loan payable on demand.

Damage – Loss in merchandise, machinery, service, productive capacity or trade standing. Compensation for such damage may be claimed depending on the circumstances, in a court of law.

Demand Note – Note payable on demand.

Dead Stock – Unsaleable merchandise.

Demurrage – Charge by transportation, company for detention of carrier beyond allotted time.

Duty – Payment imposed by the government on goods imported, exported, or consumed, such as customs duties, excises, etc.

Draft – Paper by which one party, usually the seller, orders another party usually the buyer, to deliver to a third party, usually a bank, a sum to be credited to the account of the first party. Used to assure payment and to secure settlement of unpaid accounts, since rejection of a draft when presented by the bank is recorded and affects credit standing.

Duplicate – Copy or identical likeness, e.g., duplicate of bill.

Drawee – Bank on which check or draft is drawn.

Dummy – Sample of proposed book, magazine, or booklet to show size, formal and sample pages.

Drawer – Person who draws money from his bank account by check.

Due Bill – In brokerage business, a type of IOU by broker, promising to deliver certain stocks not available at time of sale also used for promised future delivery of dividends, etc.

Dry Goods – Commodities made from fabrics.

Expediter – One whose job it is to expedite or facilitate business and other transactions.

Execution – Carrying out of terms of a will or a court order.

Expedite – To accelerate production or distribution of goods or rendering of service.

Earned Income – Income derived from wages, salary, or fees in return for labour, advice or management services.

Economy – Organization of the production, distribution, and consumption of goods in a community.

Executor (Executrix) – One designated to carry out terms of a will.

Efficiency Engineer – A person whose profession is to plan or change production methods to secure greater economy and efficiency.

Earned Surplus – Balance of profits and income remaining after deducting losses, dividends, and transfers to capital stock, etc.

Exchange – Transfer of goods place where business interests of a certain sort meet for transaction, e.g., stock exchange, cotton exchange, etc.

Earnest Money – Deposit or binder a sum of money paid to seal a bargain and to be deducted from purchase payment.

Embezzle – To fraudulently appropriate to one’s own use property entrusted to him.

Estimate – Statement of amount of goods to be produced or stored or of sum for which certain work will be done.

Endorse (also Indorse) – To sign one’s name as a payee or to indicate co-responsibility for payment on a check, bill, note, or other document.

Estate – Property in lands or tenements, sometimes inaccurately used for properly other than lands or tenements total properly left by a deceased person.

Enterprise – In association with the word “free” or “private” has come to replace “capitalism” to differentiate the non-socialist from the socialist type of economy.

Escrow – Papers or money in keeping of responsible third party such as bank, held until certain conditions are fulfilled.

Entrepreneur – One who takes commercial risks enterpriser.

Equity – In real estate, difference between value of property and owner’s debt on it. In margin buying difference between market value of a stock and customer’s indebtedness for its purchase.

Entry – Item in a business record.

Futures – In commodity exchange, contracts for subsequent delivery, as of a crop not yet harvested.

Facimile – Exact copy not necessarily of same size, photostate can serve as satisfactory fascimile.

Fund – Dash or specified assets set aside for a specific purpose.

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