You are on page 1of 211

COLOR $49.90 B/W $39.





• UNIT 1 Business Loyalty PAGE 3 Company Organization Functions and tasks Human Resources BUSINESS CONVERSATION STARTERS UNIT 2 Supply & Demand PAGE 14 • International Introduction and Dialog Network BUSINESS MESSAGES ADMIN LINES • UNIT 3 Jobs & Responsibilities PAGE 26 Writing a Resume... • UNIT 4 email & letter writing PAGE 39 • UNIT 5 Business Deals & More PAGE 52 • UNIT 6 Export import PAGE 62 • UNIT 7 Incoterms as of 2012 PAGE 85 • UNIT 8 Finance & Law PAGE 96 • UNIT 9 Essay and Email Writing PAGE 100 • UNIT 10 Business, Marketing and Stock Market Lines and Terms PAGE 119 • UNIT 11 Human Resources & Admin PAGE 152


Capta este código QR con tu teléfono móvil para ver las webs, recursos de business, entrevistas y videos.


YOU’LL HAVE A 15% DISCOUNT ON MEMBERSHIP FEES AND MATERIALS IF YOU HAVE THIS VOUCHER OR SEND IT TO US. YOU CAN GIVE IT AWAY TO A FRIEND OR FAMILY MEMBER _____________________________________________________________ _____________________________________________________________


Business Loyalty Unit 1


loyalty in business is backed by an almost religious fervor. Mac worshippers aggressively defend Apple and its new legion of fans, especially those now with iPads, are almost evangelistic in the way they talk about the device, show it off to their friends, and attempt to convert them.

Company Terms and Breakdown
marketing finance (PR) public relations es (HR) es uman R ourc Personnel or H evelopment Research & D , ers. Employer ag CEO, Line Man , ts se As ompany Employees, C Catering... s, ie ilit Liab


Company Organization

The Structure of Corporations

Assets = Liabilities + Owners' Equity Assets, liabilities and owners' equity are the three components that make up a company's balance sheet. The balance sheet, which shows a business's financial condition at any point, is based on the equation above.



DEPARTMENT DIRECTOR --> FUNCTIONS / TASKS • Look after • Responsible for • Deal With • In Charge of • Take care of

• Work Closely with each other • Be at the same level as

Fill in the gaps by using the words below shareholders, management, workforce, board of directors, CEO, managing director, middle managers.




Name of Positions = “ THE” the production manager Departments “with or without THE” Eg., Production reports to the Managing Director The Production Department reports to the Managing Director

Despite America’s individualist ethos, American managers appear to have an insatiable appetite for information about teams. Since the mid-1980s, there has been an exponential growth in the number of articles published on teams in the workplace. The internet reveals endless numbers of consultants offering techniques to create teams out of "ordinary" workers or enhance the productivity of existing teams. Many of these articles on teams only advocate the use of teams as a solution to the new challenges confronting organizational leaders, and most authors fail to explain how leaders can successfully create teams. Creating and managing teams in the workplace can lead to effective outcomes, but the success and longevity of teams in organizations will depend on how thoroughly organizational leaders understand how to extract the gains teams can provide. If leaders don’t understand the skills they need to possess, as well as the group processes that are required to create and maintain teams, then teaming will be destined only to be the management fad of the 90’s.

TEAMS ARE COMPLEX Most of us have been members of a group that we’ve labeled a team, whether it was a sports team, a committee, a task force at work, or an advocacy group in the community. Essentially the label of team is given to a group of people who interact well. Groups are "an expression of the needs and aspirations of the people who comprise them" (Walton and Hackman). Teams, on the other hand are a special kind of group, with three additional characteristics. First, teams are typically formed by management directive. Second, team members share

responsibility for the specific outcomes and operations. Third, teams typically exist in an empowering work context. That is, teams are found in organizations that "emphasize the mutuality of interests between employers and employees . . . [where] all members, not just managers, have means to influence work related decisions . . . [where] there is open information and two way communication about organizational policies and practices; and hierarchical differences are minimized in ways that encourage all to feel that they are full members working together toward shared objectives"(Walton and Hackman). rewards leaders use to manage individual performance in the organization: (1) Visibly and verbally reward productivity and innovation (2) Downplay status differences between management and nonmanagement employees (3) Consistently demonstrate how organizational membership is instrumental to employees achieving their own goals. Effective teams do not exist because leaders hope they will exist. They exist because leaders possess the ability to analyze accurately when teams can be effective in the organization, and because leaders know how to manage team processes to produce high-quality results.

By Colin Rivas

How do leaders encourage collective action? Leaders need to establish a set of fundamental standards: individual commitment, motivation, and self-esteem. Leaders must establish team norms that require team members to be accountable to the group for their performance. Leaders must require the team to exert pressure on itself to constantly monitor its performance against goal achievement and to adjust their team processes when warranted.

The team’s loyalty to the organization and identification with organizational objectives are essential. Without loyalty to the organization, the team will fragment as team members pursue their individual interests. Also, teams that lack identification with their organization’s objectives are not likely to produce outcomes of value. Team loyalty to the organization is a consequence of the


Work in pairs and discuss the organizational Structure of a British and an American Company then Speak up about their differences!


FASHIONMONTHLY February 6, 2012

Human Resources Useful Expressions
Estoy preparando un discurso para mi jefe I’m preparing a speech for my boss A veces creo que mi jefe mi infravalora Sometimes I feel my boss takes me for granted ¿En qué le puedo servir? How may (can) I help you? El señor Rivas no está en estos momentos Mr Rivas is not in at the moment ¿Quiere dejar un recado? May I take a message? ¿Quisiera dejar un recado? Would you like to leave a message? Está fuera de la oficina (pero está en la empresa o ciudad) He is out of the office Está fuera de la oficina (pero está en viaje de negocios) He’s away on business Está fuera de vacaciones He’s away on holiday (vacation) Volverá la semana próxima He’ll be back next week Volverá en dos horas He’ll be back in two hours (time) Devolverá su llamada en cuanto regrese He’ll return your call as soon as he gets back Está hablando por otra línea en este momento She/He’s on the other line at the moment Le diré que Usted ha llamado I’ll tell him you called ¿Le puedo pasar con otra persona? Would you care to talk to someone else? Creo que se equivoca de número I believe you reached/ got the wrong number Disculpe pero tengo otra llamada ahora Excuse me, but I have another call on hold Disculpe pero me está entrando otra llamada Excuse me but I have another call coming in Perdone pero debo atender una visita Excuse me, but I must see a visitor Veré si hay alguien en departamento jurídico que le pueda ayudar I’ll see if there’s someone in the legal department who can help you Manténgase en espera un momento por favor Please hold on the line for a moment Estaré en seguida con Usted (desviando la atención) I’ll be right with you Volveré en seguida (ausentándose físicamente) I’ll be right back ¿De parte de quién? May I ask who’s calling? ¿Con quién hablo por favor? To whom am I speaking please? ¿Me puede poner con el señor Eric por favor? Can you put me through to Mr Eric please? ¿Me puede decir cuándo volverá? Can you tell me when he’ll be back? ¿Puedo dejar un recado por favor? Can I leave a message please? Creo que le han pasado mal I think you’ve been transferred to the wrong number or extension Le paso I’m putting you through...


Correct the sentences. 1. Can you explain me this again, please? _______________________________________________________________ 2. Could you, please, suggest me a solution to this problem? _______________________________________________________________ 3. Would you mind me to call you back in a few minutes? _______________________________________________________________ 4. Ellen recommended me to call Tom to get an estimate for this job. _______________________________________________________________ 5. I don’t hear from you for a while. How have you been? _______________________________________________________________ 6. Could you, please, send us some informations about this product? _______________________________________________________________ 7. I will like to begin the meeting at nine instead of ten. _______________________________________________________________ 8. I suggest us to leave earlier because there will be a lot of traffic. _______________________________________________________________ 9. Can you, please, sign in on the front desk? _______________________________________________________________ 10.He sent for us the schedule for the first day of the trade show. _______________________________________________________________ 11. I have already appointment at three next Tuesday. Can we make it for 12:30? _______________________________________________________________


Write the correct words in the space to complete the sentence.

1) I suggest ____________________ reserve a conference room one week in advance. A) for you to B) you to C) that you 2) Would you mind ____________________ this to me again? A) explaining B) to explain C) explain 3) Could you ________________________________________, please? A) explain me the new contract terms B) explain the new contract terms to me 4) ______________________________ with these companies now for six months. A) I’ve been working B) I’m working C) I work 5) Can you tell me when _________________________ meet with the project manager? A) are we going to B) we are going to C) we go to 6) I suggested ____________________ reschedule the meeting. A) them to B) that they C) they are to 7) I would like to ____________________ the details of the upcoming conference. A) discuss B) discuss about C) discuss for 8) I am going to speak ____________________ eighty people next week. A) for B) in front of C) to 9) We are ____________________a meeting on the new project Tuesday morning at 9:30. A) having B) making C) doing 10) Please, call ___________________________________ to schedule a pick-up. A) the freight company B) freight company C) to the freight company 11) I recommended ____________________ send the package overnight. A) him to B) that he C) for him to




1. Listen and decide whether these statements are true (T) or false (F). 1. Mike asks Gavin for his version of how the dispute started. 2. Gavin has been working on a special project for the past six months. 3. Gavin and Craig accuse each other of being unfriendly. 4. Gavin doesn’t think his colleagues are dynamic enough. 5. Mike wants to hear Gavin’s and Craig’s opinions of each other. 6. Craig wanted to make some changes, but Gavin was opposed to them. 7. Mike says it’s more a problem of job descriptions than of personalities. 8. He says they need to review everyone’s roles and responsibilities. 2. Complete the second sentence with 2 to 4 words so that it means the same as the first sentence. Example: I realise that you have had some problems recently. I realise that there have been some problems between you recently. 1. I’d like to try and solve them right now. I’d like to try and sort ____________________ right now. 2. Why has this problem arisen now? Can you tell me why ________________________________________ now? 3. I always feel as if I’m unwelcome here. I’ve ________________________________ as if I’m welcome here. 4. All the other people here seem half asleep. ________________ ________________ seems half asleep. 5. I could see that we needed to make some changes here. I could see that ________________________________________________ making here. 6. Can we just avoid personal comments? Can we just keep ________________________________ personal comments? 3. Complete this summary of the conversation using the correct form of the following reporting verbs. (Sometimes there is more than one answer.) accuse agree ask claim complain deny explain suggest Mike wanted to try and sort out the problems between Gavin and Craig. He started by 1__________________ how the dispute had arisen. Gavin 2__________________ that Craig had tried to block his progress on the special project but Craig strongly 3__________________ it. Gavin went on to 4__________________ Craig and the others of being unfriendly and not wanting to make any changes. Craig, in turn, 5__________________ that Gavin didn’t respect the limits of his job description and that he had tried to change the way everyone else worked. Gavin tried to 6__________________ that this was unavoidable as his project involved everyone else and the way they worked. At this point, Gavin and Craig both 7___________________________ with Mark that personality issues were crucial to the problem, so Mark 8___________________________ reviewing everyone’s roles and responsibilities and trying to come to some agreement.



AUDIOSCRIPT Mike (Mild Northern English accent): OK, Craig and Gavin, I realise that there have been some problems between you recently, and I’d like to try and sort them out right now. Gavin, can you tell me why you think this problem has arisen now? Gavin: You’re asking me!? I really have no idea. I mean I came into this job a year ago with a special project to do… I had a very positive attitude, I was excited about it, and Craig’s just blocked me all along… Craig (Welsh accent): Well, that’s not fair at all, that’s just not true! Mike: OK, OK, one second. Can everyone speak one at a time, please! Gavin, go on… Gavin: Well, that’s about it, really. I’ve never felt as if I’ve been welcomed here. I mean, when I walk in to the office, the others don’t even say hello to me… Craig: That’s just not true!!! It’s you who doesn’t say hello!! Mike: Craig, please! Gavin, can you tell me why you think this situation may have arisen? Gavin: Well, as I said, I’ve really no idea. Perhaps it’s just my style – I’m very positive, energetic and outgoing, while everyone else here seems to be half-asleep… Mike: Erm, listen, I don’t think that personal, judgmental comments like that help. Can we just stick to facts, rather than opinions? Gavin: Ok, well, I could see right away that some changes needed making here, so I set about making those changes… Mike: And was that part of your job description? Gavin: Job description! Job description! That’s all I ever hear round here, that’s the problem with this place, there’s no initiative, no energy… Mike: Hmm, OK, Craig, would you like to tell us what you feel the problem is? Craig: Well, I think it’s quite clear, isn’t it? Him! That’s it! Mike: OK, as I said, can we keep away from personal comments here, and stick to talking about the workplace…? Craig: Well, I am talking about the workplace! He doesn’t respect the limits of what he’s supposed to do.

He came in here for a one-year project, but has then tried to change the way everyone else works as well… Mike: Gavin? Can you respond to that? Gavin: Well, my project involved everyone else! It was impossible to do what I had to do without getting other people to rethink the way they work. Mike: OK, I think that personality issues are crucial here. Gavin/Craig: Right! Absolutely! Mike: Personality issues are the most difficult things to change. Perhaps we’ll never be able resolve them. You are different people with different personalities and different ways of working. Gavin: And so? Mike: Well, that doesn’t mean the problem can’t be solved. We have to be flexible, accept change and be tolerant of difference. Craig: Easy to say!! Mike: Well, yes, it is easy to say… but difficult to do! I don’t deny that. However, what we need to do is review your project, and look at everyone’s roles and responsibilities in the project and in this organisation as a whole. If everyone sticks to and respects other people’s roles and responsibilities, then we can at least settle on a good, constructive working atmosphere.


ANSWERS 1. T 2. F – He has been working on it for a year. 3. T 4. T 5. F – He wants them to stick to facts rather than opinions. 6. F – Gavin wanted to make some changes. 7. F – He says personality issues are more important. 8. T 2. 1. them out 2. this problem has arisen 3. never felt 4. Everyone/Everybody else here 5. some changes needed 6. away from 3. 1. asking 2. claimed/complained/explained 3. denied 4. accuse 5. complained/claimed 6. explain 7. agreed 8. suggested

Supply & Demand Unit 2

The four basic laws of supply and demand are:[1] If demand increases and supply remains unchanged, then it leads to higher equilibrium price and quantity. If demand decreases and supply remains unchanged, then it leads to lower equilibrium price and quantity. If supply increases and demand remains unchanged, then it leads to lower equilibrium price and higher quantity. If supply decreases and demand remains unchanged, then it leads to higher price and lower quantity. The Apple ipad demand has remained unchanged and quality products made by Apple have granted the company with sky rocketing revenues and leading market share!

Circle the word that doesn’t fit the group


FASHIONMONTHLY February 6, 2012

Match the words you circled before with the definitions below
EXAMPLE Salary : Monthly payment in exchange for work _______ : an item that has been made or manufactured _______ : a plan of action _______ : a non-profit-making organization _______ : a person or business which has an agreement to sell goods of another firm _______ : putting parts together ............................................................................. VOCABULARY FACTURACION, FILIAL, PRODUCTOS, UBICADO, SUCURSALES, MARGEN DE MERCADO.....

Turnover In a human resources context, turnover or staff turnover or labour turnover is the rate at which an employer gains and loses employees.


BUSINESSENGLISH February 6, 2012

International Introduction and Dialog Network
By Colin Rivas

Part One: Stand up and walk around the room and introduce yourself to your classmates. After you finish talking to one classmate, choose another one to talk to. ␣ Use this dialog guide: o Introduce yourself. What’s your name? o Where are you from? o What company do you work for? o What do you do? Express interest in what the other person does so that he or she will continue talking. o Ask a couple specific questions about his or her job. o How long have you been in (this city)? o How long are you going to be here? o So what do you think of (this city)? o What have you done here? Where have you gone? What places have you seen? Express interest in something and develop the conversation. Part Two: Your introduction to the class 1. Greeting 2. Name 3. Country 4. Company 5. Jobtitle or position 6. jobdescription

Short Presentations for Business Presentation and Speaking Practice Speak one to two minutes for each presentation.
o Presentation 1 – Talk about what your company does in general. o Presentation 2 - Talk about a specific product or a service your company provides. o Presentation 3 - Talk about why a product or service your company provides is a good. o Presentation 4 - Talk about why you like the business field you are in, and talk about why you like your job. o Presentation 5 - Talk about what makes your job challenging. o Presentation 6 - Introduce a work colleague or a business colleague and talk about him or her.

Presentation a) Introduce yourself. b) Say what field of business you are in and for how long. c) Say what company you work for. d) Say what your title or position is. e) Talk about what you do for your company.



_____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________


Name at least 3 Bic Products

Google up the words you cannot understand...

BIC history has followed the footsteps of changing needs. Each time BIC identifies a specific need, it responds with technical ingenuity to optimize performance, thanks to its ongoing research and development.









HOLLYWOOD ADMIN LINES Le ayudo a preparar los borradores I help him prepare rough drafts Me delega la elaboración de ciertos informes He delegates the drawing up of certain reports to me Una vez le escribi un discurso Once I wrote a speech for him Tengo que manejar muchos datos cada día I have to handle a lot of data every day Mi jefe no sabe establecer prioridades My boss doesn’t know how to establish priorities Nunca he tenido una jefa I’ve never had a female boss Esa mujer posee un buen dominio administrativo That woman has a good command of office skills Realizo muchas tareas que consumen mucho tiempo I perform a lot of time consuming tasks Ayudo a mi jefa a realizar su declaración de la renta I help my boss prepare her income tax return Tengo que tratar con muchos compañeros de trabajo I have to deal with a lot of co-workers ¿Me puede corregir esto por favor? (un escrito) Can you proofread this for me please? Tengo dos secretarias más a mi cargo I have two more secretaries under me Tengo que supervisar su trabajo I have to oversee (supervise) their work Tengo que ser cortés con todo el mundo I have to be courteous to everybody Todo el mundo cree que soy sumamente educado Everyone thinks I’m extremely polite No hay suficientes horas en el día There aren’t enough hours in the day Tengo dos secretarias más a mi cargo I have two more P.A.’S under me Tengo que supervisar su trabajo I have to oversee (supervise) their work Tengo que ser cortés con todo el mundo I have to be courteous to everybody Todo el mundo cree que soy sumamente educado Everyone thinks I’m extremely polite Planifico y organizo las tareas I plan and organise work assignments Mi jefe recibe muchas visitas cada día My boss receives a lot of visitors every day Sé bastante de la contabilidad I know quite a lot (bit) about accounting Tenemos que fijar una fecha para la reunion We need to schedule a meeting We need to set a date for the meeting


Receiving Visitors Meetings & Offers

Commenting on business cards Ah, so your office is in... ... department? Does that mean you work with...? Sorry, how do you say your family name/ middle name/ company name/ street name? Do you have an extension number?

Starting conversations

Ending conversations (Well, it was really) nice meeting you. There are one or two other people who I should introduce myself to, so... I’d better get to the next workshop before it starts. I’ll contact you next week. I hope we have the chance to meet again soon/ at the next meeting. It’s been really interesting talking to you. I’ll contact you for more details about...

I don’t think we’ve met./ I don’t think we’ve been introduced. Sorry to interrupt, but... suggested I should come over and introduce myself. Are you new?/ Is this your first day?/ Have you just started (here)? Introducing new members of staff I’ll take you round and introduce you to a few people I think you need to know. This is Steve Smith. He starts tomorrow./ He is the replacement for.../ He’ll be taking...’s position. You two both... Now I’ll take you over to meet... Questions about the other person How about you?/ What about you? That’s interesting. So, do you...?

Talking about your job and company We mainly... I work for.../ I work in the ... branch/ office/ department of... I’m (presently/ currently) working on... Phrases after giving your name Nice/ Good/ Pleased/ Delighted to meet you Hi/ Hello/ How are you?/ How’s it going? Exchanging business cards Here’s my business card. Perhaps we should exchange business cards./ Do you have a business card (on you)? It’s (all) written on my business card. I have a business card with me (somewhere). Let me just get my business cards./ Just a moment while I find my business cards. My mobile number is written here.


Which nationalities do you do business with? How are those things similar or different in their countries, What do you think?
_________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________

Meeting people in business cultural differences and phrases
Here are some descriptions of introducing yourself and meeting people in Japan. Which ones are true of your typical business dealings? ! “I’d like to introduce myself ” is quite often the very start of the conversation ! New employees often stand up in front of the whole department and give a “self-introduction” speech ! Japanese people often have a ready prepared introductory speech to use whenever the meet people ! People often mention their company name before their own name ! It is more common to mention your company than your job title ! “Nice to meet you” often goes before hearing the other person’s name ! Bowing is obligatory ! Eye contact is brief ! The phrases when you meet someone are quite fixed, and the replies are exactly the same ! If you meet a large group of people you say the same things to each person ! There isn’t much difference between formal and informal introductions ! Exchanging business cards tends to be early on ! Business cards should be handed over with both hands and with the text the right way up for the other person to read ! Business cards should be examined carefully ! Comments on business cards are often just be confirming their name or commenting on where their office is ! Business cards should be placed on the table during the meeting and then put in a dedicated business card holder ! Never write anything on another person’s business card ! It is fairly easy to signal the end of a conversation ! Conversation endings are fairly short





Listen to part of an interview in which business diversity-related risks some companies face.

1. As you listen, number the topics in the order in which you hear them. a. Some less-known forms of discrimination. b. How companies can protect themselves against the risks of complaints. c. The widening concept of diversity and discrimination. d. The example of security firms. e. The cost of insurance. f. The number of complaints received by the Equal Opportunities Commission. g. The law regarding a job applicant with a criminal record. h. The increase in complaints of ageism. 2. Match a verb in column A with a word or phrase in column B to form some common collocations used in the recording.
A 1. to deal 2. to discriminate 3. to file 4. to take out 5. to turn away 6. to bear 7. to serve 8. to address 9. to build up 10. to invest B a. insurance b. a direct relation to something c. a complaint d. an applicant e. with a problem f. a sentence g. a reputation h. time and effort in doing something i. an issue j. against a person

3. Complete the second sentence with 2 to 4 words so that it means the same as the first sentence. Example: They are a matter of great importance. They are very much an issue. 1. Companies don’t only have a person’s skin colour or gender to consider. Companies have a lot more __________________________ a person’s skin colour or gender 2. They should think carefully about how they recruit people. They should think carefully about their ____________________________________. 3. Insurance is cheaper than you might think. Insurance isn’t _______________________________ you might think. 4. The cost of insurance is lower than it was some years ago. The cost of insurance ______________________________ over the years. 5. How many people actually carry out their threats to sue a company? How many people actually ________________________ with their threats to sue a company? 6. There’s a much higher probability that you’ll be sued by an employee. You’re much more _____________________________________ by an employee.



AUDIOSCRIPT Interviewer: Tell me, Mr. Griffin, are diversity risks really still an issue? Aren’t companies these days dealing with diversity? AG (Welsh accent): Oh yes, they are very much an issue. We have come a long way since those days when employers were allowed to discriminate against job candidates just because of their race or their sex. The trouble is, the boundaries of diversity and discrimination are widening. Companies have a lot more to consider than a person’s skin colour or a person’s gender. Interviewer: So can you give listeners an example of what kind of things you are referring to here? AG: OK, let’s see. Well, one growing area of discrimination is ageism. In 1998, companies in the United States had to pay out more than 55 million dollars to employers who had filed age-related discrimination complaints against their companies. That’s a lot of money. Interviewer: Phew! So how should companies protect themselves from this kind of thing? AG: Well, first of all, they should think carefully about their recruitment policies and then they should take out insurance to cover themselves. Interviewer: Well, isn’t that expensive? For the companies, I mean. AG: No, not as expensive as you might think. These days most small- and medium-sized organisations take out EPLI, that’s Employment Practices Liability Insurance. The cost of the insurance has fallen over the years and, if a company isn’t covered and loses a discrimination case, well, let’s just say this is the cheaper option! Interviewer: You’ve mentioned ageism as a growing concern, but what other kinds of diversity should managers be aware of? AG: Well, you’d probably be surprised to hear about some: discrimination against single people, against married parents, against people who are too tall, too short, too heavy! Interviewer: Really? AG: Oh, yes! Security firms are a good example here. They typically state that their employees need to be over or under a certain height or weight. They claim it’s necessary for the job, but there have been cases where people have claimed discrimination.

Interviewer: And won? AG: Sometimes, yes. Then there are people with a criminal background. Employers used to feel justified in turning away job applicants just because they’d been in trouble with the law. Interviewer: Isn’t that still the case? AG: No, not exactly. The law states that employers can only reject a job applicant with a criminal record if the crime bears a direct relation to the job in question. So somebody who has served a sentence for – let’s say – stealing cars, would be all right in a job as a kitchen porter. Interviewer: And Mr. Griffin, tell me, how many people actually go through with their threats to sue a company for discrimination? AG: Well, I... haven’t got the latest figures for the UK but in the United States the Equal Opportunities Commission receive around 85,000 complaints every year and that figure is rising. Race and sex account for most of the complaints that are filed, but age discrimination is on the increase, too. Interviewer: So, any words of advice for risk managers? AG: Well, first of all, make sure that you have adequate insurance. Then address the issues of diversity from within the organisation. Get the employees involved. Celebrate the differences and try to build up a reputation as a fair employer. And remember, it is worth investing time and effort in addressing these issues because statistics have shown that you’re much more likely to be sued by an employee than a third party.


ANSWERS 1. 1. c 2. h 3. b 4. e 5. a 6. d 7. g 8. f 2. 1. e 2. j 3. c 4. a 5. d 6. b 7. f 8. i 9. g 10. h 3. 1. to consider than 2. recruitment policies 3. as expensive as 4. has fallen 5. go through/ahead 6. likely to be sued

Jobs & Responsabilities Unit 3

A new study from the University of Maryland says that Facebook’s “app economy” is responsible for some 182,000 US jobs and has put somewhere between $12.19 billion and $15.71 billion in wages and benefits into our economy this past year.

Describing Jobs Company Posts (Positions)

Including a cover letter with your resume. A concise, wellwritten cover letter with the right information will make a good first impression. The Basics: • Learn about the company or organization you are applying to. If your cover letter is tailored to the company and job, you'll show the employer that you can be a good fit. • Refer to the job that you are interested in. If there is a competition/job number, include it in your cover letter. • Address your letter to the appropriate contact.Use their name and title, and doublecheck the spelling. • If the ad doesn't supply a contact, phone and get the right name.— check out if a person is male or female. • Refer to how you heard about the job. • Refer to what the company does, and how your skills, abilities and experience can be a valuable addition to their team. • Make sure the employer knows what action to take — will you call the employer or should the employer call you, and when? • Provide your name, number and address. • Keep your letter to one page. Type or print it out on good quality, 8 1/2 x 11 inch paper. • Proofread your letter, and ask someone else to read it as well. Correct the errors, and print a clean copy. • E-mail, mail or hand-deliver your cover letter and resume.. • Allow plenty of time for delivery. Don't wait until the last day before a deadline.

Writing a Resume What should you tell employers about yourself? A resume is a short, point-form document that you give to employers to tell them about your work experience, education and skills. Employers will expect you to have one. Don't worry! There are lots of experiences, skills and interest areas that you can put on your resume, even if you don't have a lot of work experience. Below are some tips to help you prepare your resume. The Basics: • Before writing your resume, it is important to identify your interests and skills. • Keep it short! One or two pages usually works well. • Most resumes include information such as: Personal Information to Include • Your name, written in full and typed in title case (skip the nickname). • Your address, written out in full, without abbreviations. In fact, it's better to avoid abbreviations anywhere in your resume. • Your home or cell phone number with area code and a contact number for messages if you don't have an answering service. Job Goals • In one sentence, describe your job goals. This tells the employer exactly what type of work you're looking for. Try to link your job goals to the job you're applying for. • Related Skills

•List the special abilities and skills that relate to the job you're applying for. They can be from paid or unpaid work, volunteer experience and even hobbies. You likely have more skills than you think even if you've never worked at a job like the one you're applying for. Education • List your education, starting with the most recent diploma or training course and working backwards. Include the name and city or town of each school you attended (secondary and beyond), the type of programs, your areas of interest and the years you have completed. • Certificates or diplomas should also be listed, including those for mini courses like a computer or software course, first-aid, small engine repair, or any other training that might be useful in the job you are applying for. Work Experience • List the companies you have worked for, with the locations (city, province) and the dates (month, year) you worked for each job or volunteer position. Duties • Outline the type of duties you carried out, starting from the one that took most of your time, or involved the most responsibility. Provide no more than 5 duties for each job. Additional Experience • Use this section to include such things as the languages you speak, software programs...

References A reference is someone that an employer can contact to find out more about you and your work ethic. References are not included in your resume, but you should have them ready. Think carefully about who can act as a reference, then get their permission to use them as a reference before you give their names. Type the names, addresses, and phone numbers of up to three references on a separate piece of paper. If you can, give your reference an idea of the type of job you are applying for, and whenever possible, let them know when you think an employer will be calling them, so that they can be available and will have some time to think about what to say. Who can you ask to be a reference? Someone from your school (teacher, guidance counsellor, coach); Someone you've worked for (summer, part-time or full-time employer); Employers don't like a resume that: • Is messy; • Has misspelled words; • Is too long; • Is on colored paper; • Includes inappropriate information; • Is accompanied by a photograph; • Looks as if it's a copy instead of an original; • Sounds as if it's been sent out to everyone; • Says the applicant has skills but doesn't prove it; and • Doesn't show any achievements.




Write out the addressee on the left top of the letter and always make your personal info well displayed and available.

Cover Letter Response to an Ad
June 12, 2007 Ms. Holly Peters Manager Cool Threads Clothing Store 25 Main St. Cooksville, Ontario A1B 2C3

Re: APPLICATION FOR SALESPERSON Dear Ms. Peters: I am interested in applying for the position of salesperson at the Cool Threads Store, which was advertised in the June 10 edition of the Cooksville News.

As a high school student, I have developed organizational and communication skills through my involvement in school sports and by coaching junior soccer. I also understand how business operates through my specialization in economics and accounting. I have enclosed my résumé with further details. I would enjoy being a part of your company and am available for an interview at your convenience. You can contact me at 555-1212 or leave a message at 555-1234.

I look forward to hearing from you.

Sincerely, (sign your name)
Jane Morriseau 78-A Pine Street East Cooksville, Ontario P7A 5X3 Enclosure (your résumé)


BUSINESSENGLISH 2.0 February 6, 2012

• UNIT 1 Business Loyalty PAGE 3 Company Organization Functions and tasks Human Resources BUSINESS CONVERSATION STARTERS • UNIT 2 Supply & Demand PAGE 14 International Introduction and Dialog Network BUSINESS MESSAGES ADMIN LINES • UNIT 3 Jobs & Responsibilities PAGE 26 Writing a Resume... UNIT 4 email & letter writing PAGE 39 • UNIT 5 Business Deals & More PAGE 52 • • UNIT 6 Export import PAGE 62 • UNIT 7 Incoterms as of 2012 PAGE 85 • UNIT 8 Finance & Law PAGE 96 • UNIT 9 Essay and Email Writing PAGE 100 • UNIT 10 Business, marketing and Stock Market Lines and Terms PAGE 119

Back up your qualities and strengths Instead of creating a long (and boring) list with all your qualities (e.g., disciplined, creative, problem solver) try to connect them with real life and work experiences. In other words, you need to back COMOqualities USAR LOS these and CODIGOS up, else it will strengths Capta este appear that you are just código trying to inflate things

QR con tu teléfono móvil para ver las webs, recursos de business, entrevistas y videos.



YOU’LL HAVE A 15% DISCOUNT ON MEMBERSHIP FEES AND MATERIALS IF YOU HAVE THIS VOUCHER OR SEND IT TO US. YOU CAN GIVE IT AWAY TO A FRIEND OR FAMILY MEMBER _____________________________________________________________ _____________________________________________________________



Interview Tips
By Colin Rivas

Types of interviews and rehearsing questions
Types of interview - Deal with various interview types, from telephone to panel interviews. • Competency/criteria-based interviews - these are structured to reflect the competencies or qualities required by the job. The interviewers are looking for evidence of your skills and abilities and expect you to support your answers with examples of your experience from your life to date. • Technical interviews - if you have applied for a job that requires technical knowledge, it is likely that you will be asked technical questions or have a separate technical interview. Questions may focus on your final year project or on real or hypothetical technical problems. Don’t worry if you don’t know the exact answer - interviewers are interested in your thought process and logic. • Portfolio-based interviews - if the role is within the creative, media or communications sectors, you may be asked to bring a portfolio of your work to the interview and to have an in-depth discussion about the pieces you have chosen to include. Case study interviews - in these you may be presented with a hypothetical or real business problem. You will be evaluated on your analysis of the problem, how you identify the key issues, how you pursue a particular line of thinking and how you organize your thoughts. Preparing yourself - Steps you can take to ensure your interview goes smoothly.Remember that the interviewer wants every candidate to be a great one. Remember also these key points: get a good night’s sleep the night before; eat properly and drink plenty of water practise breathing deeply; think positive thoughts; remember that, if properly harnessed, nerves can sharpen your performance. Making an impression - How to present yourself in the best possible light in graduate recruitment interviews. What to take : On the day, make sure you have the interview invitation letter and a copy of your CV, cover letter and application form if you used one. You will need notes of the key points you want to make and the questions you want to ask during the interview. Take some cash in case you need to get a taxi at the last minute or some other unforeseen expenditure. What to wear : Decide on your outfit well in advance; ideally it should be a suit or equivalent business wear. Interview questions - Prepare your answers but avoid sounding as if you have rehearsed them. Most interviews will contain questions about your competencies and skills, personality, interests and values. Interviewers will expect you to support your answers with evidence from your life to date. A useful strategy for providing that evidence and for answering competency-based questions concisely is to use the STAR technique: Situation - briefly describe the where/when/who; Task - outline the task or objective (what you hoped to achieve). Action - describe what you did - focus on your role and your input. Result - what the outcome was and what skills you developed.

Your questions Have a list of questions in mind to ask. You may feel that all your questions have been answered at some point during the interview but try to ask some, if only to show enthusiasm and interest. These might include questions concerning progression opportunities, support for further study or any plans that the company has to expand. Avoid asking questions for the sake of it or asking very basic questions that you should already know the answer to.












Phoning for a job interview Follow the role play and the QR code


Internet Job Ad Human Resources Manager and Office Administrator



1. Listen and tick the topics the journalist talks about.
1. The importance of preparing for the interview. 2. How to dress for the interview. 3. The best time of day for conducting an interview. 4. The order of the questions. 5. Where to have the interview. 6. How to start the interview. 7. The interviewer’s manner. 8. How to interrupt an interviewee politely. 9. Summing up what has been said. 10. What to do after the interview.

2. Listen again and write in the missing words.
1. ______________ ______________ as much as you can about the person you’re going to interview, and the ______________ ______________ of the interview. 2. Most people find questions about ______________ much easier to answer, so they start to feel more ______________ ______________. 3. Be ______________ and courteous. Start by ______________ reason for the interview. 4. During the interview, you should be ______________ but ______________. 5. Ask ____________ questions. Ask for evidence to _________ any claims made by the interviewee. 6. But never ask _______________ questions. _____________ the person say what they want to say. 7. When ending the interview, you should ______________ ______________ ______________ the main things that have been said. This gives you a _____________ to ______________ your notes. 8. You should then ask the ______________ if they want to ______________ anything else. And finally, ask if you can ______________ them again, should you need to. ______________ and stating the

3. Complete these definitions with words or phrases from the audioscript.
1. The ________________ rules for something are the fundamental principles on which it will be based. 2. A rule of ________________ is a practical rule based on experience. 3. Another word for polite is ________________. 4. If you say something off the ____________, you don’t want it to be reported or attributed to you. 5. If you are ________________, you are sure of your abilities and qualities. 6. A ______________ ________________ is a question that suggests what the answer should be. 7. If you make a ________________, you say something is true without giving any proof. 8. If you do something in ________________, you do it before a particular event or date.


Hollywood Club is about just that! Real people having totally real and natural conversations. ʻʼHi! hollywoodclub was set up by American native speakers to help you FOR MORE EXERCISES ON THIS PODCAST, PLEASE VISIT speak to, and understand native speakers.ʼʼ

AUDIOSCRIPT I know it sounds obvious, but you really must prepare before the interview. Find out as much as you can about the person you’re going to interview, and the subject matter of the interview. Prepare your questions in advance. Think about the order you will ask them. A rule of thumb is to ask questions about facts first, leaving opinion questions until later. Most people find questions about facts much easier to answer, so they start to feel more at ease. Spend a little time imagining how you hope the interview will go. Visualise yourself in the situation, introducing yourself, asking the first question. Think about where the interview will take place. Try to interview the person in a place which is appropriate to the interview – their place of work, for example. Interviewing a person on their territory can put them at ease, and also provide you with colour for your story. How you start the interview can influence how successful it will be. Be confident and courteous. Start by introducing yourself and stating the reason for the interview. Set your ground rules. For example, you may want to insist that the interviewee says in advance if they want what they say to be off the record.

During the interview, you should be polite but firm. Ask your questions in a confident manner, and listen carefully to the answers. Very often an inexperienced interviewer will simply go through their list of questions, not realising that some of them have already been answered. Use your list of questions as a base for the interview, not a rigid script. Ask follow-up questions. Ask for evidence to support any claims made by the interviewee. Don’t be afraid to ask ‘How do you know that?’ But never ask leading questions. Let the person say what they want to say, not what you want them to say. When ending the interview, you should go back over the main things that have been said. This gives you a chance to review your notes. You should then ask the interviewee if they want to add anything else. And finally, ask if you can contact them again, should you need to. OK, so the interview is over, but you have one last task. As soon as possible, sit down and look at your notes. Are they clear? Is there anything else you can add to them? Do this while you can still remember what was said. And write down all the colour you can remember – about the person and the place.

ANSWERS 1. The topics mentioned by the journalist are: 1, 4, 5, 6, 7, 9, 10. 2. 1. Find out – subject matter 2. facts – at ease 3. confident – introducing yourself 4. polite - firm 5. follow-up – support 6. leading – Let 7. go back over – chance – review 8. interviewee – add – contact 3. 1. ground 2. thumb 3. courteous 4. record 5. confident 6. leading question 7. claim 8. advance


email & letter writing Unit 4


Always finish your email, with Kind Regards, Best Regards, Looking forward to meeting or seeing you soon!

Corresponding with Managers Executives, people and officers...
STARTING AND FINISHING A LETTER Dear SIR/MADAM/ OFFICER.... Sincerely, Looking Forward to hearing from you Dear MR/MRS/MS .... Yours Sincerely, Dear John / Mary/ Colin etc... Best/ kind Regards Dear Managing Director/ Executive Officer/ President... yours faithfully/ cordially etc... THE REFERENCE TO PREVIOUS EMAILING/ CORRESPONDENCE/LETTER Thank you for your letter of April 15th, in which you requested/ enquired about I am writing to you about... With reference to our telephone conversation We / I have recently written to you about... Thank you for your email/letter/ manuscript/ regarding, in regards to /concerning Thank you for your inquiry of March 14th/ in which you asked about... We were/ delighted/pleased/happy/glad to hear from you.... I would like to thank you We would be able to supply / provide with In reply to your letter of / enquiry/ request TELLING OR STATING WHAT KIND OF COMPANY/FIRM YOU ARE We are a.... and would like some further/more info about We are a cooperative whole sale society based in Vigo... We are one of the main producers/manufacturers Our company is a subsidiary/branch/outlet of TNT and we specialize in.... OTHER TYPES AND STYLES OF BRIDGES ENDING AN EMAIL OR LETTER Should you require further info or details.... Feel free to contact/get in touch/ call or fax us... Do not hesitate to contact/ get in touch/ reach us...



How To address emails and letters to companies
REASONS WHY YOU ARE WRITING After having seen your notice/ad... i would like After having received your email/letter from... I I am writing to enquire about/apologize/confirm/inform you that/ express my satisfaction/ dissatisfaction... we were advised by.../ that you were interested in supplying... The Spanish/American consulate has brought to our attention/ told us that you are seeking/looking for an agent in ... We were impressed by the selection of... that were displayed on your stand at this years’...held in Bolonia/Madrid/Los Angeles. Our associates/ the industry speak highly of your... and we would like to have more info about them... Can you / Could you send/email/fax us some more..? REQUESTING GOODS/STUFF According to your catalog/website/prospectus/price-list/magazine/newsletter/blog... Could you possibly...? Would / could you please send/email your current catalog/price/ Can you send us a quote/your best / most competitive quote? We are particularly interested.... We have heard about your latest equipment/merchandize/etc... I would appreciate if you can/could send us an FOB price/quote for a 20 or 40 HQ container... Please send the goods by registered/recorded/ express mail CONFIRMING AND AGREEING TO REQUESTS I would be pleased /delighted to... I confirm that the product you require is one of ours but since we are not currently dealing with wholesalers only retailers I would like to confirm the order and accept 15% deposit in advanced GIVING GOOD NEWS We are pleased to confirm that your order has been dispatched We are pleased to announce new discount for clients... We are pleased to say that we can deliver by Dec 2, 2014... We are pleased to let you know that we can supply stock/ meet your delivery date/ we can offer doorto-door delivery service... GIVING BAD NEWS Unfortunately,... I am afraid that.. We regret to inform you that the goods have been delayed due to... I regret to tell you that we no longer deliver door to door... I am sorry I cannot be of any help at the moment , however... I am sorry we must decline/ turn down your offer. order.. etc... As there is a heavy demand at the moment we are completely overwhelmed and out of stock... ENCLOSING DOCUMENTS Please find attached document... I am enclosing document below As requested I am forwarding attached copy of exported goods We have enclosed all details here...


More Helpful Tips


What else? Business notes



Sample Emails Complains

Task Email Put the following lines into the right order



Estimado Sr: Smith: por sucartadel lO de agosto Gracias paranuestros referente a cursos de formaciLn vendedores. Desde hace tresaños,llevamos contratando losservicios de unaempresa de consultoríapara estepropósito y estamos bastante contentos con losresultados obtenidos hasta lafecha. No obstante, agradecemos su ofertay la mantendremos parafuturareferencia. en nuestros archivos Atentamente,
Dear lYr: Smith, Thankyou for your letterof August l0 with regard courses for our salespeople. Forthe past to trarning havebeencontractingthe three years,we services of a consulting frm forthis purpose and are quite satisfed with the results obtarned to date.

Nevertheless, yourofferandwill keepit in our files we appreciate for futurereference. yours, Sincerely

Estimada Srta. Tres consejos de oro: Johnson. Enprimerluga¡quieroexpresar mi agradecimiento por el excelente servicio quesuempresa nosprestó durante lareciente campaña de ventas.TieneVd. un excelente y la información equipo de profesionales quenosproporcionaron fuemuyvaliosa. Comosabe,los preparativos paralacampaña de invierno comenzarán a mediados de septiembre y,por supuesto, queremos quesuequipo vuelva a ayudarnos conel f n de asegurar el mismo nlvel de éxitode que hemos disfrutado esteverano. Atentamente,
DearMiss.Johnson, gaveus duringthe Firstof all,I want to expressmy gratitudefor the excellentserviceyour comPany us they provided information the professionals and team of havean excellent campaign.You recentsales was very valuable ¡¿ith and,of will beginin the middleof September for the winter campaign As you know the preparatrons this enjoyed success we the samelevelof in order to ensure course, we want your teamto helpus again summen Verytruly yours,



Estimado Juan: En líneacon nuestraconversación telefónica de estamañana,te confrmo por la presentenuestra asistencia al curso de formaciónde profesores. Mi idea, de momento,es mandaral equipo-núcleo solamente, por lo que necesitarás hacerreservas de hotel y curso para nuevepersonas. Me gustael formato del curso que me mandaste por fa< y estoysegurode que mis profesores se beneficiarán del mismo.Tengo intención de asistir pero a unade lassesiones del últimodía volveréa ponerme en contactocontigopara confirmarlos detalles. Saludos,


DearJohn on the teacher confrm our attendance I hereby this morning, conversation lr lrnewith our telephone onlywherebyyou will needto make isto sendthe core-staff My idea, at the moment, course. training people. nine for hoteland coursereservations I lrkethe courseformat that you faxed me and I'm sure my teacherswill benefitfrom it. I pianto attend you again to confrm the details. but I will contact on the lastday, one of the sessions Bestregards,


Estimado David: por quisiera añadir algoque por lo visto pasamos a nueslra conversación telefónica, Como continuación que que teníamos problemas precisamente la cantidad de energía recuerdas, de los era alto.Si uno podremosbajara la vez el Si bajamos la presión, producirparaelevar la sustancia al punto de ebullición. y másrentable punto de ebullición, el procesoen su totalidad. haciendo menoscaralaoperación

de ofo: consejos Tres

Se para decir "por la presente'. "hereby'': que empleamos Eladverbio l, realizar que costará pero menosbalar la la modifcación, estoyseguro de No soy muy experto en cómo y después es no auxiliar el verbo y cuando verbo entre sujeto coloca presiónque elevarla temperaturabajo condiciones atmosféricas normales. delverbocuando ésteesauxiliar:
no nos quedamucho y avísame cuandotengasalgo. Como bien sabes, Pontecon esto en seguida tiempo. Un saludo,


Dear Davrd,

'Attendance": pusiste "assistance", hascaídoen la típicatramPa Si "Assistance" "ayuda" significa que pillaa tantos de tus compatriotas.


-=" :.i.,..;


As a follow-up I would liketo add somethrng to ourtelephoneconversation, that we apparently lf you rememben one of the problems the amountof energy we hadto o'leriooked. was precisely produceto raise the substance point. lf we lowerthe pressure, we can in turn lowerthe to boilrng point and makethe operationless process more proftable. Dorlrng costlyandthe overall

lr}* i-:t

'faxed": que ocurrecon sus Pués sí,"fai'también es un verbo,igual I am not very expert in how3. to performthis modification, but l'm sureit will cost less to lowerthe "Sent rne by ñ*" suenaun poco torpe. "phone" y "e-mail". hermanas pressure thanto raise the temperature undernormalatmospheric conditions.
Get onto this right awayand let me know when you havesomething. As you well know,we don't have muchtime left Regards,

si: -= .:a'.T. ,":.:



Tres consejos de oro: 45

Translate into English Email and Letter writing activity


EMAIL February 6, 2012

Email Work out Translate a bit more...


Nunc vel HOLLYWOOD purus rhoncus BUSINESS LINES magna laoreet vestibulum
By Trenz Pruca





1. As you listen, number the topics in the order in which you hear them.
a. A definition of viral marketing b. The difference between viral marketing and spam c. A presentation of today’s guest d. Examples of companies using viral marketing e. Some recent negative developments in viral marketing. f. The initial advantage of viral marketing for companies

2. Listen again and mark these statements true (T) or false (F).
1. The website keeps an eye on what’s happening on the internet. 2. Some internet email providers are well-known for their use of viral marketing. 3. Michael MacAulay thinks less money is being spent on this form of marketing nowadays. 4. This kind of marketing is called ‘viral’ because the games and animations that are received often contain hidden viruses. 5. Tony says many of his listeners are worried about computer viruses. 6. He wonders whether there is much difference between viral marketing and spam. 7. Michael admits that in some cases the dividing line between the two is unclear. 8. He cites the case of a UK firm that effectively encouraged people to send unwanted emails.

3. Complete these definitions with words or phrases from the radio programme.
1. If something is worrying you, you are __________________ about it 2. A __________________ is a change or development in a situation or in people’s behaviour. 3. If something is very inexpensive, you can say it costs __________________________ to __________________. 4. A __________________ is a fashionable word or expression that is used a lot, especially by the media. 5. If an image is __________________, you can’t see it clearly because its outline isn’t distinct. 6. A __________________ is a new project or enterprise that involves an element of risk. 7. Your __________________ is the amount of money that you have available for a particular project or for your day-to-day expenses. 8. If something happens at __________________, it takes place without a definite plan or method and can happen to anybody.




AUDIOSCRIPT Presenter: Now, one of the latest buzzwords in e-commerce is ‘viral marketing’ – using the power of the internet to advertise a product or service. I’m joined in the studio today by Michael MacAulay of the website, which monitors internet trends. Michael, what exactly is ‘viral marketing’? Michael (Northern English accent): Hi, Tony. The idea of viral marketing is basically that the internet does your advertising for you. A good example is internet email providers like Hotmail or Yahoo. Every time someone sends you an email using a Yahoo address you get that little ‘Do you Yahoo?’ message at the end, basically advertising what Yahoo does, while still providing you with the service – the message you’ve received. Presenter: But it’s not limited to internet email providers, is it? Michael: Not at all. Hotmail is perhaps the most famous example, but there’s lots and lots of stuff on the web that can be seen as viral marketing. You might get sent, for example, a little game to play on your PC or a funny animation, something like that. More often than not, they’re advertising a product or an event. The initial idea of viral marketing was that it cost next to nothing – great for ventures without a huge start-up budget – but I suspect there’s quite a

lot of money spent on this sort of thing now. Presenter: And presumably the idea is that people like the game, or animation, or whatever and send it on to their friends... Michael: Exactly. It spreads like a virus. Presenter: So far so good, but the word ‘virus’ is quite a negative one. I know from the emails we receive on the programme that a lot of our listeners are very concerned about the amount of unwanted emails – ‘spam,’ as it’s known – they already receive. Isn’t viral marketing just another form of spam? Michael: It’s a good point, Tony. The vital difference between viral marketing and spam is that one is providing a service and the other isn’t. Viral marketing relies on people sending things on to their friends and family. Spam is sent to thousands of people at random. (Interviewer: Right) So they’re very different. Having said that, the line does begin to get a bit blurred in places. There’s the example of the company in the US that paid people (50 cents an hour, I think) to let the company’s viewbar display advertisements on their screens. However, the company also paid people 10 cents an hour if they sent the viewbar to another person who allowed the ads onto their screen. Now that can be seen as encouraging people to send unwanted emails.


ANSWERS 1. 1. c 2. a 3. d 4. f 5. b 6. e 2. 1. T 2. T 3. F – It used to cost very little but now he suspects there’s quite a lot of money spent on it. 4. F – It’s called ‘viral’ because it spreads by passing from one person to another, like a virus. 5. F – He says they’re worried about the amount of spam they get. 6. T 7. T 8. F – He cites the case of a US company. 3. 1. concerned 2. trend 3. next to nothing 4. buzzword 5. blurred 6. venture 7. budget 8. ran-

Business Deals & More Unit 5

Mr. Woodrow tells us of a good CV and the shortlisting process...
So we’re going to look at a couple of CVs now... Yes – these are a couple that arrived just this morning, so let’s take a look...(sound of paper unfolding)...ok, I can see straight away that we have a good one and a bad one here... (laughs) How can you tell so soon? Well, as I just said, this one here, two, three, four pages long, it’s written in tiny type, I can hardly read it...and, wait, yes, there’s a photograph attached to the front! Too much information? Yes...just leafing through it, I can see he’s written about where he went to primary school – that’s just not relevant... What kind of educational background should be included? Perhaps your high school, but it’s mostly further education we’re interested in, university or college, then any professional qualifications you may have, as well as work experience of course... That’s important? Oh yes – placements or internships all count! for? Well, English, obviously – as we’re a UK-based company and English is still the language of global business, and then, well, anything really – Spanish is useful, Russian, Mandarin Chinese too... Ok, we’ll get studying! Thanks John! collecting society in secondary school...! Not interested... What about the other CV? Ok, again, I can see right away this looks more promising...only two and a half pages, lots of space on the page, easy to read, wellorganised. Hmmm, a couple of impressive looking references, that’s good. And, yes, they’ve included language skills – very important... What languages are you looking

English is still the language of global business

4.Woodrow’s company keeps lists of potential employees on a computer. ____ /____ 5.Woodrow will ignore a CV which is

too long. ____ /____ 6.He thinks the first CV he looks at is too short. ____ /____ 7.One problem with the first CV is that it includes irrelevant information. ____ /____ 8.Woodrow suggests that placements are not important when describing your experience. ____ /____ 9.The second CV has too much space on it. ____ /____ 10. The second CV includes information about the languages the person can speak. ____ /____ 11. Woodrow is only interested in people who can speak Spanish. ____ /____

Comprehension task : True or false
Decide if the following statements are true or false.
1.Part of John Woodrow’s job is deciding which new people his company will employ. ____ /____ 2.Woodrow reads hundreds of CVs every month. ____ /____ 3.His company does not accept CVs. ____ /____

What about personal information?
A bit is necessary...but look, this guy has written he was a member of the stamp

Language Task
Fill in the gaps
Pronunciation: weak forms in connected speech. Look again at the transcript and complete the text by writing the missing words into the gaps below.

1. 2.

John, ____________ about your It’s good to know what ____________ people are out there.

4. Anything longer ____________ pages will automatically go into the bin. 5. it. 6. We don’t need ____________ what people look like. Make sure it’s clearly written and ____________ no spelling mistakes in


3. What advice ____________ give us on writing a CV?



Why is a business plan so vital to the health of your business? A business plan is a written description of your business's future. That's all there is to it. They're used by investment-seeking entrepreneurs to convey their vision to potential investors.

Facebook is perfect example of a social networking service and website launched in February 2004, operated and privately owned by Facebook, Inc.[1] As of January 2012, Facebook has more than 800 million active users.

Online magazines that are part of the World Wide Web, that is, all or part of a website, are sometimes called webzines. An ezine is a more specialized term applied to small magazines and newsletters distributed by any electronic method. Some social groups may use the terms cyberzine.



Sample Conversation:
Bank Transactions
A = Bank Teller B=Customer A: Good Afternoon. How may I help you today?

B: Hi. I’d like to cash this check. deposit this money into my account withdraw $500.00 from my account. change this into American money. pay this bill. A: Can I have your bankcard please? B: Ok. Here you are. A: And, I’ll need some picture ID as well. B: Is my driver’s license OK? A: That’ll be fine. Thanks. …Teller Counts money… A: Here is your ID and here is your money and your receipt A: Will there be anything else for you today? B: No, that’s all thank you. A: Have a nice day. B: You too.



You are a teller in a bank. Bank clients are going to enter your bank and make transactions at your window. Write down their name, the transaction, the amount, and their ID in the table below.





Asset, lender, loan, depositor
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower. Asset Simply stated, assets represent ownership of value that can be converted into cash (although cash itself is also considered an asset)

Borrow : Take and use (money) from a person or bank under an agreement to pay it back later: "I borrowed money".



Business Speech (Presentation)
Did You Know? Tom Cruise wanted the part of Bud Fox, but Oliver Stone had already agreed to Charlie Sheen.

Wall Street
(Drama) ( 1987) © 2000 Oliver Stone Writers: Stanley Weiser, Oliver Stone. Charlie Sheen, Michael Douglas, Tamara Tunie, Daryl Hannah

Charlie Sheen is Bud Fox, a young, smart and very motivated stock broker (seller) who dreams of making millions of dollars. Gordon Gekko played by, Michael Douglas, is a very rich, ruthless and immoral stock trader and “corporate raider,” which is a person who buys and sells companies, often with horrible results for company workers. Daryl Hannah is Darien, a young and beautiful interior decorator with very expensive taste, who is a friend of Gekko’s, and who soon becomes Bud’s girlfriend.
This movie is the story of a young and ambitious Wall Street stock broker named Bud Fox, who is determined to become rich like his hero, a stock trader and corporate raider named Gordon Gekko. Gekko is one of the richest, 1most ruthless and immoral businessmen in the country, who routinely uses inside (secret) corporate information to make deals, even though this is completely illegal. He also buys companies cheap, only to destroy them and their workers’ jobs in order to sell off the company’s assets (such as planes, land, office buildings, etc). For Gekko, “greed is good.” After trying for several weeks, Bud gets to meet Gekko, and with a little luck, he is soon working with him, making investments with an account Gekko has set up for him. Gekko promises Bud lots of “perks” (benefits) if he does well with the money, and those benefits soon arrive. He also meets Darien at a party that Gekko is throwing, and now that he is starting to make so much money, he can afford to go out with her, despite her very expensive taste. Unfortunately, though Bud soon learns the dark side of Gekko’s trading world, including his willingness to break any law, or for that matter, destroy any company, to make more and more money. This includes even the company where Bud’s father is the leader of the labor union, and for Bud, that is a bad deal that is just too close to home.

Speech Activity
1. Watch and listen to the video (right below) at least 5 times (all the way through). 2.Then watch and listen another 5 times and write the speech (you can stop and start the video if you need to). 3.I then want you to dictate the speech and double-check it with your HC session leader

'Greed is good' ! Please stream the link above and listen carefully to it. Start by writing down what Michael Douglas is saying.



“The point is, ladies and gentleman, that greed, for lack of a better word, is good.” “Greed is right, greed works.” “Greed clarifies, cuts through, and captures the essence of the evolutionary spirit.” “Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA.”

Answer the following questions 1. What’s wrong with money? 2. Is certainly money the root of all evil? 3. Who would disagree with greed when applied to knowledge? To life? To love? 4. Is marriage a greedy institution? 5. What do you think clarifies, cuts through, and captures the essence of the evolutionary spirit? Love? Money? Family? 6. What do you think ‘greed’ means for Mr Gekko?

“Greed is right, greed works.”

“Greed is good.” Where does that famous quote come from? ________________________

7. Would you say government making decisions for you with your money is a terrible or awesome idea?

Match the column on the right with the definitions:

HOLLYWOOD ENGLISH ________ mortgage
Sales Manager
________ default Venezuela Street, 11


(a) Money. (b) Stays the same over time. (c) Guarantee a loan for somebody else. (d) Money that you borrow on a credit card. (e) A check to see how well you can pay back a loan. (f) The maximum you can borrow.

Vigo, 36203 ________ Spain
________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________ ________

funds variable fixed co-sign cash advance credit rating credit evaluation credit limit annual savings checking afford interest net income gross income

Your Name Here address (g) A loan toStreet buy a house or property. Anytown, State ZIP (h) A bank account you use to save money. Country
(i) Be able to pay for goods or pay back a loan. (j) Changes over time. (k) Not pay back a loan.

(l) The cost of borrowing money.

(m) An opinion on how well you can pay back a loan. (n) Your income after you pay income taxes and expenses. (o) The basic interest rate that banks use. (p) A bank account you use for day to day expenditures. (q) Yearly. (r) Your income before you pay taxes.




Finance Vocabulary
Match the words with their opposites:
________ ________ ________ ________ ________ ________

spend variable withdraw borrow default purchase

(a) deposit (b) lend (c) save (d) sell (e) fixed (f) pay back

Fill in a preposition to complete the sentence:

(1) If you owe money, you are ___ debt. (2) If you have a savings account, you are keeping your money ___ the bank. (3) If you take money out of your bank account, you are withdrawing funds ____ your account. (4) If you move money from a savings account to a checking account, you are transferring funds ___ checking. (5) When you give back money that you borrowed you are paying ___ your debts or paying ____ your debts.

Explain the difference using whereas: (1) A savings account usually has a high interest rate, whereas a checking account has a low interest rate. (2) A fixed interest rate doesn’t change with time,

(3) Your gross income is your income before you pay taxes,

(4) A deposit is when you put money into your account,


Stock Market & Legal Jargon
We are in the middle of the biggest bull market that our generation or any other has ever witnessed. A “bull market” is a stock market in which prices are going up (A “bear market” is when prices are going down). “To witness” something is to see or observe it. I’ll discuss that with the account executive and get back to you. An “account executive” is a prestigious or fancy way of referring to a salesman, or in this case, stock broker. You tell me that he’ll DK you for a lousy 1/4 point? Here, to “DK” a broker is to claim you “don’t know” them, so that you don’t have to pay for a stock that has gone down in price since you bought it! “Lousy” is a good word for bad, or here, insignificant. I’ve got to cover his losses to the tune of about seven grand. “To cover a person’s losses” is to pay for them. “To the tune of” is a way of saying “that are equal to...” A “grand’ is $1,000. What do I got? A c-note? :: Thanks, Marv. I’ll make it up to you. A “c-note” is a $100 bill. “To make it up” to somebody is to pay them back for a favor they have done.

50K doesn’t get you to first base in the big apple. “50 K” is $50,000. In this case, “first base” is the most minimum amount of money needed to live decently in New York. “The big apple” is a common nickname for New York City. That’s Queens, dad. A 5% mortgage and you rent the top room. “Queens” is a borough (section) of New York City, not on the island of Manhattan, which is where Wall Street is located. A “mortgage” is the monthly amount that a home owner pays a bank on a home loan. Can you spare $300? A common verb meaning to lend or give away, most frequently heard on American streets in the question “Can you spare a quarter?” “Preferred stock” is a type of company stock, while “livestock” is another word for cows! They got a favorable ruling on a lawsuit. Even the plaintiffs don’t know about it. A “favorable ruling” in a lawsuit means that a judge has agreed with your side. A “plaintiff” is a person who sues for damages in court. We got close to half a million shares in the bag. : A “share” is a unit of stock, and in this case, if they are “in the bag,”


I look at 100 deals a day. I close one. A “deal” is a business agreement, and to “close” a deal is to agree to it.

Stake, Quota and give the boot!
The stakes are going up. No mistakes. The “stakes” are the risks and rewards of a situation. Lynch is giving him the boot. Not pulling his quota. When an employer “gives an employee the boot,” he fires him. If a salesman is not “pulling his quota,” he is not making the number of sales he is expected to make each month.



We are gonna bring out a new line of products at Hollywood English soon !! hehehehe! ( Vamos a estrenar una nueva gama de productos pronto !! jejejejeje! )



BIZNOTES October 18, 2012

Telephone Conversations Business Notes


Telephone Conversations Business Notes


Telephone Conversations Business Notes


Telephone Conversations Business Notes




1. adj. The exciting new scheme offers investors not only a steady income stream, but also many …………… benefits. a. indifferent b. intricate c. intangible d. improved 2. n. Unfortunately, it appears that the ………….. has fallen out of the retail sector. Many department store workers are now without work. a. bottom b. side c. rise d. ceiling 3. n. A recent ………….. in clothing sales has caused many people to worry about the future of the textile industry. a. stimulus b. slump c. promotion d. termination 4. v. According to one CEO, companies which borrowed heavily last year may soon come to ………….. this decision as their profit margins continue to shrink. a. lament b. enjoy c. worry d. succeed 5. adj. Several leading economists have voiced their concerns over the continued use of …………… marketing models. No two companies are alike, claim these economists. It is much better for each company to develop its own distinctive marketing strategy. a. robust b. unlikely c. generic d. competitive 6. v. The Promotions Manager had to work hard on her sales …………. for the new product. She wanted her presentation to be as effective as possible. a. demonstration b. test c. advertising d. pitch 9. n. The price …………. between the older model and the more recent one is only small. This is because the original design was so advanced that it has changed very little in over twenty years. a. expense b. trade-off c. differential d. advancement 10. v. As punishment for his involvement in serious fraud, the financial director was ………… of his job title. a. rewarded b. divested c. exculpated d. denounced 8. adj + n. In several industry sectors, women are unable to reach the top ranks of their companies due to the so-called ……….. …………….. factor. Men with equal skills are often promoted ahead of their female counterparts. a. hidden wall b. glass ceiling c. steep climb d. level playing-field 7. adv. According to recent figures, the number of people seeking assistance from financial advisors has risen ………….. in recent months. a. hopefully b. riskily c. astronomically d. hardly

Get on with your work! My Boss said.




1. adj. Knowing the company was in trouble, the CEO suggested


7. adj. The client’s plans were very easy to understand, as she gave very ……… explanations. a. lucid b. fluid c. flaccid d. loquacious 8. n. In broad terms, the agreement made sense. The devil, however was in the ……… a. account b. detail c. subsidy d. document 9. n. The computer technician’s colleagues blamed him unfairly for the spread of the email virus. The poor technician was very unhappy to have been made a ……………. a. laughing stock b. scapegoat c. town crier d. beneficiary 10. adj. The computer hacker paid his fellow worker …………… money to not speak to anyone about his criminal activities. a. silence b. quiet c. hush d. calm 11. v. By day, the accountant went about his work in a professional manner. No-one suspected that at night, he was ………….. the books. a. drawing b. overturning c. logging d. cooking 12. v. The PR company hoped that by …………….. potential employees to personality profiling tests, they would discover if any candidates were untrustworthy. a. introducing b. submitting c. demanding d. attending 13. adj. …………. wisdom holds that one should upload new files only if they have been checked with virus-detection software. a. concise b. convivial c. conventional d. correctional

several key employees go before they were asked to leave. He said their best option might be to consider taking a ………………. redundancy package. a. compulsory b. financial c. voluntary d. minimal 2. adj. Many workplaces now offer ……………… leave to mothers of new babies. a. maternity b. paternity c. mandatory d. perfunctory 3. n. Many women across several sectors are still paid less than their male co-workers. Thus the fight for pay …………. continues. a. partiality b. reinforcement c. parity d. victory 4. adj. Those workers fighting for more pay went on strike. Those who wanted no part in the strike crossed the union ………….. line and headed to their offices as usual. a. painted b. fine c. picket d. border 5. adj. The line-graph depicting the company’s profits over the last ten years resembled a roller-coaster – highlighting the firm’s …………… fortunes. a. advancing b. reticent c. profitable d. fluctuating 6. adj. The chairperson hired a well-known fashion designer to create new suits. Now she looks like a picture of………… perfection every day. a. satirical b. substantial c. subsequent d. sartorial




LearnEnglish Professionals

LearnEnglish Professionals
Listen to this excerpt from a conference call organised byCONFERENCE Softcell Incorporated and led by their Senior CALLS AUDIOSCRIPT Director of Investor Relations, Marie Tascon. Optional activity: Listen to this excerpt from a conference call organised by Softcell Incorporated and led by their Senior While you try the following Director of listen, Investor Relations, Marie general Tascon. comprehension questions. The answers are below the script. 1) The main purpose of this conference call is: Optional activity: a) To discuss trends in the market While you listen, try the following generalabout comprehension questions. The answers are below the script. b) To inform market analysts a company 1) The main purpose of this conference call is: c) To market a company’s products call?

a) To discuss trends in the market b) To inform market analysts about a company 2) c) How describe the representatives of Softcell as they respond to questions during the conference Towould marketyou a company’s products 2) How would you describe the representatives of Softcell as they respond to questions during the conference a) Confident call? b) Nervous a) Confident c) Embarrassed b) Nervous c) Embarrassed 3) You hear five questions during the call. Circle the topic areas covered in the questions from the list below.

3) You hear five questions during the call. Circle the topic areas covered in the questions from the list below. economic recession losses economic recession losses comparison of sales in competitors comparison of sales in competitors Europe and the US Europe and the US
seasonal changes product sales outlets in Asiamargins product sales margins

seasonal changes

outlets in Asia

Operator: Good morning. Welcome to the to Softcell Incorporated first quarterfirst 2008 quarterly results conference Operator: Good morning. Welcome the Softcell Incorporated quarter 2008 quarterly results conference call. At this time, all participants are in listen-only mode, but the floor will be open for your questions following call. At this time, all participants are in listen-only mode, but the floor will be open for your questions following the introductory remarks. I’d now like to turn the conference over to Ms. Marie Tascon, Senior Director of the introductory remarks. I’d now like to turn the conference over to Ms. Marie Tascon, Senior Director of Investor Relations. Please go ahead, madam. Investor Relations. Please go ahead, madam. COO Jim W. BrookGood for themorning. Q&A session with analysts. Marie Tascon: Thanks for joining us. Speaking today is Softcell’s CFO Peter Goody, joined by Please note that the information you’llsession hear during our discussion today may consist of forward-looking COO Jim W. Brook for the Q&A with analysts. statements regarding revenue and margins. Actual results differ materially from our forecast. Please note that the information you’ll hear during could our discussion today may consist of forward-looking To view the supporting slides while listening, log on to statements regarding revenue and margins. Actual results could differ materially from our forecast. With that, I’ll turn the call over to Peter Goody. To view the supporting slides while listening, log on to With I’ll turn the call overIt’s to good Peter Peterthat, Goody: Thank you, Marie. to Goody. be on this call to report our best quarter ever, with the highest revenue and earnings in Softcell’s history. Revenue grew 35% year over year to $9.6 of almost $2.5 billion over thequarter previousever, December Peter Goody: Thank you, Marie. It’sbillion, goodan to increase be on this call to report our best with the highest quarter’s record-breaking results. [Fade] Marie Tascon: Good morning. Thanks for joining us. Speaking today is Softcell’s CFO Peter Goody, joined by

revenue and earnings in Softcell’s history. Revenue grew year year to outstanding $9.6 billion, an increase almost $2.5 over the previous December Peter Goody: In 35% closing, we over believe these results reflect theof excellence of ourbillion innovative products. quarter’s record-breaking results. [Fade] We are very enthusiastic about our announcements for 2008, including new SoftTalk software and an updated

Peter Goody: In closing, we believe these outstanding results reflect the excellence of our innovative products. Marie Tascon: With that, I’d about like to open the call to questions. Please limit yourselves to one question only. and an updated We are very enthusiastic our announcements for 2008, including new SoftTalk software SoftPro.
[Question-and-Answer Session]

Marie Tascon: With that, I’d like to open theof call to Bratworth questions. Please yourselves to one question only. Operator: Our first question will come from the line Jane with Morganlimit Stanley.
Jane Bratworth: On the SoftTalk expectations for 2008, are you guys providing any type of update today? [Question-and-Answer Session]

Operator: Our first question will come from the line of Jane Bratworth with Morgan Stanley. Jane Bratworth: On the SoftTalk expectations for 2008, are you guys providing any type of update today? Jim W. Brook: We remain very sure about hitting the 10 million goal for 2008. 66
Operator: The next question comes from Ahmed Jamal with Merrill Lynch.

Jim W. Brook: We remain very sure about hitting the 10 million goal for 2008.

Ahmed Jamal – Merrill Lynch: Jim, in terms of the SoftTalk rollout internationally, there’s been a lot of talk about China -- anything specific relative to the China market? Jim W. Brook: We open our first stores in China this year. We’ll also be rolling out additional European countries during 2008. Operator: Next question from Kurt Abramsky with Deutsche Bank. Kurt Abramsky – Deutsche Bank: Could you give us any, either quantitative or qualitative, commentary on how European Softtalk uptake is faring versus your U.S. experience? Jim W. Brook: Kurt, you know, we just launched in France in November and in the U.K. and Germany a bit earlier so we have very limited experience but we are very happy with all the launches so far. Operator: The next question comes from Jeanne Beauvoir with Credit Suisse. Jeanne Beauvoir - Credit Suisse: Peter, is it too early to offer a little more colour on the SoftTalk seasonality question. Your guidance obviously implies seasonality for the whole company, Peter Goody: We’ve not yet been through a March quarter with SoftTalk so we don’t have any history to go by as we do with other products. We can report in April. Fade Marie Tascon: Time for just one final question. Operator: And that will come from Tim Lu with Goldman Sachs. Tim Lu - Goldman Sachs: I’d like to ask you, Peter, about your overall market guidance. It’s good to hear you are not seeing any weakness. I understand your products are unlikely to be in the most economically exposed segment, but is there likely to be some exposure if we see, for example, a recession in Europe as well as the U.S. In your 10% growth forecast have you assumed some kind of economic weakening within Europe specifically? Peter Goody: The 10% is based pretty much on a very concrete situation, how we see the trends. It’s something that we feel is quite solid. Marie Tascon: Thanks very much, Tim and thanks to everyone. A replay of today’s call will be available as a webcast on and via telephone. The number for the telephone replay is 989-313-2111 and the passcode is 5237883. Replays will be available at 5:00 p.m. Pacific Time today. Operator: Ladies and gentlemen, this concludes today’s presentation. We thank everyone for your participation and have a wonderful day.
Answer key:

Answer1key: b ; 2 a; 3 product sales, outlets in sales, Asia, 1 b ; 2 a; 3 product outlets in Asia, comparison of sales in Europe and the US, seasonal changes, comparison of sales in economic recession Europe and the US,
seasonal changes, economic recession
© The British Council, 2008 The United Kingdom’s international organisation for educational opportunities and cultural relations. We are registered in England as a charity.


Unit 6



Export/Import Business Describing terms & more




Write 3 Short emails Follow instructions below,



Read the email below about importing a chair Reply the email in the next page


FOREIGNTRADE February 6, 2012

Write your reply here

__________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________


Read the emails below and put them in the order they were sent


confirming orders dispatching and shipping info



Match the words below with their definitions (there are some extra words!!!!)
documentary credit statement of account current account protest due date remittance balance bank transfer sight draft debit note savings account





Terms of Foreign trade



Glossary of Foreign Trade Terms Impounding Goods : Confiscar las mercancias




Jobs related to Import Export



The Incoterms rules or International Commercial terms are a series of pre-defined commercial terms published by the International Chamber of Commerce (ICC) widely used in international commercial transactions. A series of three-letter trade terms related to common sales practices, the Incoterms rules are intended primarily to clearly communicate the tasks, costs and risks associated with the transportation and delivery of goods.


a. The number of women in full-time work. b. The need to put some trends into perspective.


Listen to an interview with Nicola Bailey, a social

1. As you listen, number the topics in the order in which Nicola Bailey talks about them.

c. The proportion of permanent job contracts today compared to the past. d. The number of people with flexible working hours. e. The percentage of temporary jobs. f. The working week in the UK compared to that in the rest of Europe.

2. Listen again and decide whether these statements are true (T) or false (F).
1. The interviewer thinks working patterns are considerably different from those of previous generations. 2. Nicola Bailey doesn’t entirely agree with the interviewer. 3. Bailey says the media are creating an accurate picture of the present situation. 4. The number of British people with permanent jobs has fallen dramatically. 5. The number of working women with dependent children is the same as before. 6. In the rest of Europe there is less part-time work than in the UK. 7. Two thirds of British workers do over 46 hours a week. 8. Only one worker in five has a contract that foresees flexible working or job sharing.

3. Complete the sentences using some of the following words from the interview. account for patterns agreement permanent borne out perspective clerical compared employment work engaged job redundancy research

1. In order to find a solution to this problem, we need to look at it from a different ______________________. 2. The prime minister’s claim that unemployment in this country is falling is not _________ _________ by the latest statistics. 3. At present, women ____________________________ 60 per cent of our company’s workforce. 4. The changes in working _________ _________ aren’t as great as the media often make out. 5. Hundreds of employees will face __________________ if the merger of the two large banks goes ahead. 6. It was predicted that most of us would soon be __________________ in flexible working instead of 9 to 5 jobs. 7. When I was a student, I used to do a temporary __________________ during the summer. 8. The proportion of women in __________________, secretarial and sales jobs has changed little.



AUDIOSCRIPT Interviewer: We have with us in the studio Nicola Bailey, our social affairs commentator, to give us some perspective on the changes that have taken place in our working lives over the last 20 years or so. Good morning, Nicola. NB: Good morning. Interviewer: Now, we hear an awful lot these days about the end to a job for life, the rise of flexible working, the numbers of women now engaged in employment and so on. It’s very different from our parents’ day, isn’t it? NB: Well, it’s true there’s a lot more terminology around these days. Anyone would think from listening to the media that some kind of social revolution was going on. Interviewer: And are you saying that these are not real trends for the future? NB: I’m not saying these phenomena are not present today, but I just think we need to put them into some kind of perspective. Traditional 9 to 5 working is not going to disappear quite as fast as some analysts would like to believe. Interviewer: I think you have some interesting figures from recent research on the subject. NB: That’s right, if you look at the proportion of working people in Britain today who have a permanent contract of employment, for example, you’ll find it’s not very much different from 20 years ago. It’s still around 80 per cent. And around 30 per cent of us have had the same job for more than 10 years, which is also little changed from the past. Interviewer: That doesn’t mean that people necessarily feel more secure, though… NB: Oh no, employers still retain the right to use redundancy as a way of reducing their labour force, for example, but the idea that most of us are moving from one temporary job to another is not borne out by the figures. Temporary employment only accounts for about 6 per cent of all jobs. Interviewer: Well, let’s talk about women’s employment. Isn’t it true that there are far more women in the workplace today? NB: Oh yes, there are certainly more women with de-

pendent children in the workforce than before, but the overall proportion of women in full-time work hasn’t really changed in 25 years, especially in the more traditional sectors: clerical, secretarial and sales jobs. Interviewer: And what about specific patterns of working? Is it true there’s more part-time work in the UK, compared to the rest of Europe? And aren’t we working longer hours than before? NB: Well, yes, both of these are unfortunately true. A third of us work more than 46 hours a week, while for other European countries it’s not much more than 10 per cent. Interviewer: So much for new technology liberating us to do other things! And how about the golden future, where we’re all engaged in ‘flexible working’? Is this a reality today? NB: Again, if you look at how many people have some formal agreement, for example, to annualise their hours or job share, it’s only about 20 per cent of us. The old working patterns persist…


ANSWERS 1. 1. b 2. c 3. e 4. a 5. f 6. d 2. 1. T 2. T 3. F – She says they give the impression that a social revolution is taking place. 4. F – It’s not much different from 20 years ago. 5. F – There are more today. 6. T 7. F – A third work more than 46 hours. 8. T 3. 1. perspective 2. borne out 3. account for 4. patterns 5. redundancy 6. engaged 7. job 8. clerical

IMPORTEXPORT February 6, 2012

Unit 7Incoterms as of 2012


FOREIGNTRADE February 6, 2012


FOREIGNTRADE February 6, 2012

'Bill Of Exchange'
A non-interest-bearing written order used primarily in international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date. Bills of exchange are similar to checks and promissory notes. They can be drawn by individuals or banks and are generally transferable by endorsements. The difference between a promissory note and a bill of exchange is that this product is transferable and can bind one party to pay a third party that was not involved in its creation. If these bills are issued by a bank, they can be referred to as bank drafts. If they are issued by individuals, they can be referred to as trade drafts. Leo Praesen

Documentary Credit Financing international Trade
A standard, commercial letter of credit (LC[1]) is a document issued mostly by a financial institution, used primarily in trade finance, which usually provides an irrevocable payment undertaking. The letter of credit can also be payment for a transaction, meaning that redeeming the letter of credit pays an exporter. Letters of credit are used primarily in international trade transactions of significant value, for deals between a supplier in one country and a customer in another. In such cases, the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits applies (UCP 600 being the latest version).[2] They are also used in the land development process to ensure that approved public facilities (streets, sidewalks, storm water ponds, etc.) will be built. The parties to a letter of credit are usually a beneficiary who is to receive the money, the issuing bank of whom the applicant is a client, and the advising bank of whom the beneficiary is a client. Almost all letters of credit are irrevocable, i.e., cannot be amended or canceled without prior agreement of the beneficiary, the issuing bank and the confirming bank, if any. In executing a transaction, letters of credit incorporate functions common to giros and Traveler's cheques. Typically, the documents a beneficiary has to present in order to receive payment include a commercial invoice, bill of lading, and documents proving the shipment was insured against loss or damage in transit.


Sample of Letter of Credit




Documents Used in F.T.

Bill of Lading, Commercial Invoice, Insurance Certificate
Certificate of Origin, Quality and Weight Certificate, export License



Read the text Complete with the words below
Agreement bargaining compromise concessions deadlock gain offers priorities reactions


the article;

BUSINESSENSGLISH 2.0 February 6, 2012

Going Global
a comprehension task

While you listen
Listen to the podcast and decide who the question is about.

Nicola Melizzano

Derek Chalmers

Heike Zweibel

1. Going global changed the fortunes of which person? 2. Which person changed their FRPSDQ\¶VRULHQWDWLRQ" 3. Which person has a changing workforce? 4. Which person has changed their mind about going global? 5. Which person has made the greatest use of new technology to go global? 6. Which person is content not to change? 7. Which person thinks they make the right product for a global market?



8. Which person works for a family company? Professional Podcast ± Going Global 9. :KLFKSHUVRQ¶VH[SHULHQFHRIJRLQJJOREDOEHJDQXQH[SHFWHGO\"

Going global: a solution for everyone?
Presenter: The much talked about 'global market' is seen by nearly everyone in the business community today as being the only market. We know that advances in technology mean you could be offering your products and services to people in Brighton, Beijing or Buenos Aires at the same time. But is it really that easy? And is it really the solution that everyone is looking for, or needs? We talk to three very different companies about their very different experiences of trying to go global. Nicola Melizzano of Caffè Perfetto: Nicola: ,GLGQ¶WWKLQNLWZDVIRUXVDWDOO:H¶Ue a small family company, founded by my grandfather. We produce small amounts of high quality coffee, and supply mostly to bars ± ZHGRQ¶WGRPXFKLQWKH way of direct retail at all. Yet things changed very quickly for this small company after an unexpected offer. The local chamber of commerce had invited a group of Japanese investors to the area. They saw our factory, tasted our product ± and wanted to buy as much of it as we could produce! This was followed up by a trip to Japan. It was great, people loved our coffee ±mostly (I think!) because of the retro 50s style packaging...! The Japanese contacts just grew and grew, and now we export all over south east Asia, and ZH¶UHPRYLQJLQWR&KLQDWRR7ZR\HDUVDJRZHGLGQ¶Weven have a website! Presenter: Nicola: 1LFRODDGPLWVKH¶VEHHQLQWKHULJKWSODFHDWWKHULJKWWLPH 7KHUH¶VEHHQDZRUOGZLGHJURZWKLQFRIIHHVDOHVRYHUWKHODVWWHQ\HDUVLW¶VDUHDOO\IDVKLRQDEOH thing to drink, all these coffee chains. Plus, coffee LVVRPHWKLQJWKDW¶VGUXQNDOORYHUWKHZRUOGLQ pretty much every culture. I think luck helped us as much as the changing global situation. 'Going global' happened in a completely different way for AKZ Engineering, a medium sized company based in the English midlands. Derek Chalmers, their MD explains. In the mid1990s things were looking bad for us. The global recession hit badly, many other firms round here were closing down or shipping out to China. We were forced to downsize, but then saw the changing situation as an opportunity, rather than a threat. We concentrated on our strengths ± manufacturing small size metal objects, anything from paper clips to staples up to parts for computers and televisions. Using web technologies, we managed to expand our turnover by around 300%, and now we export to Europe principally, but also the Americas and south east Asia, even... A success story, then. Our third guest, however, has a different story to tell... ,¶P+HLNH=ZHLbel, and I design lighting systems ± though I prefer to think of them as 'light VFXOSWXUHV 
Page 1 of 3

Presenter: Nicola:

© The British Council, 2011



Presenter: Derek:

Presenter: Heike:

To read or listen to the article online, go to:

Presenter: Heike:

6R\RX¶GQHYHUJRJOREDl? podcasts/going-global

:HOOQR,ZRXOGQ¶WVD\WKDWH[DFWO\,KDYHDJUHDWZHEVLWHDQGWKDWOHDGVWRRUGHUVIURPWKH United States, or ± more recently ± Russia, a lot. I design, perhaps, two or three systems every \HDUIRURYHUVHDVFOLHQWVVR,GRQ¶WUHDOO\NQRZ if that counts as 'global' or not! The advice, then, is to find the market that suits your company ± ZKHWKHULW¶VRQ\RXUGRRUVWHSRU the other side of the planet!


© The British Council, 2011

Page 2 of 3

Professional Podcast ± Going Global


Language task
Fill in the gaps
The following sentences are all taken from the podcast. Can you fill in the gaps with the words from the podcast? You may have to listen or read again.

1. We know that advances in technology mean you could be offering your _______ and services to people in Brighton, Beijing or Buenos Aires at the same time. 2. We're a small family company, _______ by my grandfather. 3. The local chamber of _______ had invited a group of Japanese investors to the area. 4. There's been a worldwide _______ in coffee sales over the last ten years. 5. The global _______ hit badly, many other firms round here were closing down or shipping out. 6. We were forced to downsize, but then saw the changing situation as an opportunity, rather than a _______. 7. Using web-technologies, we managed to expand our _______ by around 300%. 8. Each one is built to _______ depending on exactly what the client wants. 9. I could _______ but wouldn't want to compromise the quality of the work. 10. I design, perhaps, two or three systems every year for overseas _______. 11. The advice, then, is to find the market that _______ your company.



Page 3 of 3



Unit 8

crime, bullying, lawsuit, arson, harassment, shoving, stealing, robbing...
The American rap star Eminem has won a court case brought against him by an old school bully. The bully, DeAngelo Bailey, sued Eminem for $1 million because of the lyrics in a song called “Brain Damage”. He said the words in the song damaged his name and hurt his dream of becoming a rock star. The lyrics said Eminem “was harassed daily by this fat kid named D’Angelo Bailey”. In the song, Eminem raps about Mr Bailey bullying him: “so everyday he’d shove me in the lockers/One day he came in the bathroom…/And had me in the position to beat me into submission/He banged my head against the urinal ‘til he broke my nose,/Soaked my clothes in blood, grabbed me and choked my throat”. Bailey said he did bully Eminem, but only with a “bump” or “little shove”. He said the actions in the song were not true. The court judges decided the lyrics did not show Mr Bailey in a false light. They said the important thing in this case was that Mr Bailey bullied Eminem, not how truthful the lyrics were. wall Grab you Choke you Tease you and call you names Take or break your things Steal your money Harass you Shove you Beat you Break your nose Bang your head against the

Eminem sued for 1 million at high court !
(a)won a court (b)school (c)sue Eminem for (d) beat me into (e)he broke (f)soaked my clothes (g)court (h)the important thing

Look at the headline and guess whether these sentences are true or false:
Someone said in court that Eminem bullied him/her .! T / F Eminem wrote a song about someone that bullied him at school.! T / F Eminem was harassed by a kid named DeAngelo Bailey.! T / F Mr Bailey broke Eminem’s toes.! T / F Bailey said he never bullied Eminem.! T / F Judges decided the lyrics showed Mr Bailey in a false light.! T / F

BULLYING: In pairs / groups, talk about bullying.
Were you bullied at school? What kind of bullying did you see? Who was the biggest bully? Did you bully a younger brother or sister? Is there bullying in your office? What should happen to bullies? Eminem describes being bullied in his song “Brain Damage”. What would you do if a bully did these things (some from Eminem’s song)?

PHRASE MATCH: Match the following phrases from the article (sometimes more than one combination is possible):

bully / my nose/ in blood/$1 million / in this case / judges / submission /case

• Did you like this article? • How did you feel after reading this article? • What are your feelings about bullies? • What do you think of Eminem? • Do you rap music? • What’s your favorite kind of music? • What do you think really happened between Eminem and DeAngelo Bailey?

• Do you think Eminem is happy he can write a rap song about his old bully? • Was it wrong of Eminem to name Mr Bailey in his song “Brain Damage”? • Was the judges’ decision correct? • Were you a bully / Were you bullied … at school? • What kind of bullying did you experience / see?

• Who was the biggest bully at your school? • Are boys bigger bullies than girls? • Does bullying stop after you become an adult? • Is bullying a crime?









Unit 9 Unit 10


An essay can have many purposes, but the basic structure is the same no matter what. You may be writing an essay to argue for a particular point of view.

• Decide on your topic. • Prepare an outline or diagram of your ideas. • Write your thesis statement. • Write the body. • Write the main points. • Elaborate points • Write the introduction. • Write the conclusion.

The thesis statement tells the reader what the essay will be about, and what point you, the author, will be making.



6WDUWZULWLQJHDUO\WKHHDUOLHUWKHEHWWHU your ideas. XUH XFW Look for a strong thesis statement with subpoints 6WU municate essay. Once you have a draft, you can work on writing well. WR¿QLVK ctive way to com DQHVVD\IURPVWDUW Need? ay in the most effe de the 'RQ¶WWU\WRZULWH Structure your ess essays should inclu All or ideas that support negatively or positively your n. e - a stio que the are ready to writ you t wha r ideas and answercuts Starting down on anxiety, beats you with Begin y and work ␣␣ An essay aims to persuade readers thesis. e: Start with the bod following structur plan, a sentence. 6WUXFWXUH procrastination, and gives you time para to grap develop of an idea based on evidence. h by paragraph. DON’T WRITE 1. Introduction U WKH ’ of your  FRQFOXVLRQ DIWH LQWURGXFWLRQ DQG mary or ‘road map WKH sum H a ide :ULW your ideas. ␣␣ An essay should answer a question prov Structure your essay in the most effective way communicate t stion and the que Answer Greg Dyke transformed the BBC, changing it talk about and wha • to body you are going to t wha er r you read mention all or task. essay. Tell the is about, then ‡ your which evidence andanswer examples youquestion. will use Keep it brief, but what your essay ideas and the All essays should include to be. what so that it was the altogether different from it Once you know eve the answer beli 'RQ¶WWU\WRZULWHDQHVVD\IURPVWDUWWR¿QLVK you ion. tion and conclus ␣␣ It should have an argument. write the introduc ideas. n ‡ following whether you have enough information mai structure: G been like before. TWO MORE EXAMPLEShad OF BAD WRITING OOSXUSRVHLQPLQ 7LSVIRU(IIHFWLYH:ULWLQJ SWKHHVVD\¶VRYHUD ␣␣ It should try to present or discuss Begin what you aretheready to .HH write - a Body 2. task. Keep it :ULWH D ¿UVW GUDIW WR WU\ RXW WKH VWUXFWXUH DQG IUDPHZRUN RI \RXU Some people feel that he is a with megalomaniac question by • of the question or k wer trac ans lose you ’t re r Don whe something: develop ‘thesis’ or awriting set of 6WDUWZULWLQJHDUO\WKHHDUOLHUWKHEHWWHU Badyou thing: What’s wrong with it?: and and work out you of your essay is wledge body a essay. Once have a draft, a you can work on well. The 1. Introduction your kno you draft and edit show with plan, sentence. Start the body and work mind as in Here, you who wants to take over the world, whilst at the ussion. ence. evid and ion developing a disc osit closely related points - by reasoning and argument. read. Offer exp have beats r cuts down on anxiety, erial you of gras paragraph by paragraph. The film was “iStarting t’s” w here other you arpeople e usin g ip t asmat athat n abb res evia ta io n orita of tive quotes to support eyou ! You only put an apostrophe insame time feel he is IWH[WHQVLYHO\ auth and 6WUXFWXUH evidence. exampl 5HYLVH\RXU¿UVWGUD vanttime structur the Answer the question and provide a summary or ‘road map’ of your Use rele procrastination, and gives you tostio develop e than one part, mor ÀRZVDQG criticised for it’s “it isI ”n ( . “i t ’ s a g r ea t fi l m ”). has n HVXUHLW PDNbe r que D\ s u bjec t l ike Co mm u n ica t io n s S t ud s , m u c h of yo u r u n ive r s i t y wo r k wi ll a ssessed by HVV n. If you ROH fundamentally weak man who lacks strength. stio ZK men que WKH argu the NDW of h part ␣␣ drug-taking, An essay should include relevant your ideas. that deal with eac :ULWH WKH DQG FRQFOXVLRQ/RR DIWHU WKHhs are in a logical order. Structure your essay the most effective way to communicate tionsLQWURGXFWLRQ sec essay. Tell the in reader what you are going to talk about and what body into that the paragrap h e w r i t e r s h o u l d r ea ll y h ave p u t “…c r i t ici s e d fo r i ts d epic t io n s of d r u g! Te Nevertheless, we can certainly see that he ss ay – w h e t h e r t h a t ’ s a n e ss ay yo u p r epa r e i n yo u r ow n t i m e ove r a pe r io d of d ay s or weeks, • s examples, supporting evidence and day violence, etc. the question. your ideas and answer All essays include the e for a few on usi aki n g …” – oshould ther wi s e the r ea demention r m'RQ¶WWU\WRZULWHDQHVVD\IURPVWDUWWR¿QLVK ight wro ngl y infer thabody t3. th e ncl pro du ction of the film Put the essay asid Co you believe the answer tto be. Keep it brief, but all your to your main ay with a ess clearly wields a considerable and substantial backa r ll te itof r you information texts or credible Rela side following structure: from academic o r o n e yo u co n coc t i n a n e x a m i n a t io n h a ll i n t h e s pace n h o u r . I t t h e r efo r e fo ow s that if ay. con ess to the you off ws involved actual drug-taking and violence, for example. This allo clusion rounds stion. NEVER The con Begin of with whatpower, you are ready to and write - a main ideas. r answer to the que you rate . reite sources. degree direct influence the ion fresh eye ts and Once you know what your essay is about, then conclus or poin Thewi sd idea ion. ck clus yo u l ea r n h ow t o p r epa r e, o r g a n i s e a n p r e s e n t e ss ay s , yo u ll d o m u c h be tt e r i n yo u r degree con Che r . you riter a wa nted to su ggest that the fiinfo lmrma ha d work bee IXOO\ ! The use of ‘etc.’ shows that the w in n tion 1. Introduction plan, sentence. Start with the body and ¿QDO GUDIW FDUH e new duc intro 3URRIUHDG \RXU So now it’s time to write th ess ay. uer st it ability change around within UDO WRJ crie tici s ed fo rYo ot. h hit nh gs ,s bu toc had nparagraph ’t g on t to a cm luby eiw h at t things ta he swrite e we re.the I t’VSH sll be tt e: r HQH tothe introduction and conclusion. FL¿F punctuation. URP HVI and PRY lling ove r a ll So i d u m e t g h ls o be ca e d spe paragraph. 2. Body sisummary m plyas ay:or “T h e fi lmap’ m wa s: c riticisorganization. ed for its depictions of drug-taking and vio lence”. Answer question and provide a ‘road of your dowthe n in front of th e keyboa rd nd st a rt typi ng V D\3DUDJUDSK (VV 6.and Editing Your Essay :ULWH WKH LQWURGXFWLRQ DQG FRQFOXVLRQ DIWHU WKH essay should contain: .HHSWKHHVVD\¶VRYHUDOOSXUSRVHLQPLQG essay. Tell the reader what you are going to talk about what WRITE THEN in the body of the h yo u p ut th e t i tl e, yo u tr y t o gr o u p s o m e s i m i l a r grap para h The body of was your essay is where you the 4XHVWLRQVWRDVN\RXUVHOI The theory states your point; unibut ts of meananswer in g –your parts thbody atquestion could standby alone as sEac entences, such as “T he !T that you believe the answer to be. Keep itwo brief, mention all n idea sentence) Greg Dyke transformed the BBC. c sentence (or mai topi a • 1. very popular, t h eo r y wa s ve r y pop u l a r ” – ca nn o t j u st be st r u n g t o g e t h e r wi t h a co mm a i n t h e bi ts of i n fo rm a t io n o r a rgum e nt t o g e th e r , a nd Don’t lose track of the question or task. Keep it 0RVW HVVD\V DUH GUDPDWLFDOO\ LPSURYHG E\ FDUHIXO or by an ing; developing a discussion. Here, you show your knowledge and main ideas. your reading, point you’re mak ence from of the ‰ Have I answered the question as fully as you know what your essay about, then of evid an 2. middle. In this case, the commGood a co uOnce ld be r eplace d wi th af ulla st op, oexp r is alana s etion mico lon Some people feel he is megalomaniac; others Foucault was ported by some form • be sup t should editing. essays are the product of writing and poin r th e n yo u p ut a co n c lus io n o n th e e nd s ayi ng in mind as you draft and edit and work out your you , time the grasp ofto material read. Offer exposition and evidence. t ofec write the introduction Mos possible? ence. evid (which repres ents a m ore emphatcontend ic pause th a n ahe comm a,and and conclusion. su gg ests aweak. conn tion said be ‘more you have 3. 2. Body DFW DQG¿QLVKRII that is fundamentally subject area. LRQVLJQL¿FDQFHLPS e drawn from the UHZULWLQJ,I\RXKDYHWLPHSXW\RXUHVVD\DVLGHIRUD exa HQW RQWKHLPSOLFDW that popular th ere arthan em athe ny interebe st iwee ngauthoritative poi view t n thnts e maof teria l befo re and to aft.HHSWKHHVVD\¶VRYHUDOOSXUSRVHLQPLQG esupport r it). Or add a connecargument. ting wor d:mpl “T he theory Use relevant examples and quotes your DQDO\VHLW&RPP H WKHU LQJ DQJ GHQFHK ‰ Is my essay Nevertheless, he has a considerable evidence. the WKHtl • twa DYH from VWOH draw The body ofsu your essay is ? where answer the question by wayou s ve r y pop la r, a nm dF out ca u lt s sai to be ‘mo re clearly pop la t h¶WMX an th e Bea s ’”. IHZGD\VEHIRUH\RXEHJLQWRHGLW7KLVJLYHV\RXWLPH 'RQ Beatles’. you W e’ ll ua ss u e h a yo ud ’ve rea d wiu d erl y abo u t HYL te h e pa rion tic uhav laer sn u bjec t ofclearly yourstructured? essay, and have a clus on th is bjec t, right h with a critical con argument. If your question show has more than one part, structure the the paragrap Don’t lose track of the 5HYLVH\RXU¿UVWGUDIWH[WHQVLYHO\ question or task. Keep it degree of direct power within the organization. developing a discussion. Here, you your knowledge and WRJDLQDSHUVSHFWLYHRQZKDW\RXKDYHZULWWHQDQGWR ‰ Does my argument make Isd it d well Yo u wa n t a r efe r e n ce fo r t h a t qu o t e, of co u r s e, t oo. ! g oo d u n d e r st a n d i n g of t h e b r oa d e r a r ea wi t h i n w h ic h t h a t t opic i s l oca t e d . Brsense? oad an eep N o, of co urs e yo u d o n ’ t . Yo u ’ve g o t t o st a rt off body into sections deal eachand part of further the question. in mind as you draft and edit and workcin outg your HULRXV grasp of material you havethat read. Offerwith exposition evidence. Your Essay References think about your answer and arguments. WSODJLDULVP DV feren LQV balanced and researched? Re DJD 5. GV XDU JJ FLQ /RRNDWWKHZKROHHVVD\PDNHVXUHLWÀRZVDQG UHQ HIH r e s ea r c h i s t h e e ss e n t ia l ba s i s of a n e ss ay. Yo u wi ll h ave l o ts of n o t e s o n t h e s u bjec t – s ee the 5 argument. FHV wi th a n e ss ay p l a n . By d e s i gn i ng th i s yo u ’ ll UHQ Use relevant examples and authoritative quotes to support your As you may know, there are a rDFD ang e of different67FRQWDLQUHIH GHPLFHVVD\V 08 $OO with ‰ Are my paragraphs and arguments clearly 3. Conclusion are familiar that the paragraphs are in a logical order. argument. Ifp your question has more than one you 'RQ¶WGHVSDLUZKHQ\RX¿QGIDXOWVLQ\RXUHVVD\WKLVLVSDUWRI sure . e IC S tpart, u dystructure Sk lls the G u i d e t o N o t e M a k i n g fo r t ip s o n h ow t o d o t h i s . nce com eu with the structure .A we llS th oughtoi ut Mak . offe 5HYLVH\RXU¿UVWGUDIWH[WHQVLYHO\ ic them involve dem ways of writing references. So m e of as your own aca

I n s t i t u t e o f C o mm u n i c a t i o n s S t ud i es - St udy Sk i l l s you will use e and examples :ULWLQJ ‡ which evidenc 7LSVIRU(IIHFWLYH tion rma info ugh ESSAY-WRITING-THE ESSENTIAL GUIDE The ideas and KHEHWWHU ther you have eno Thesis ‡ whe ‡ whether you have enough information HZRUN RI \RXU HDUO\WKHHDUOLHUW IUDP  LWLQJ DQG WZU H 6WDU FWXU WU\ RXW WKH VWUX beats . H D ¿UVW GUDIW WR :ULW7LSVIRU(IIHFWLYH:ULWLQJ n on anxiety, work on writing well dow can you cuts t, draf ea Starting to develop Statement. and gives you time :ULWH D ¿UVW GUDIWa WRGood WU\ RXW WKH VWUXFWXUH DQG IUDPHZRUN RI \RXU essay. Once you hav What Does Essay procrastination,
‡ which evidence and examples you will use


and pres cifying the ’s words or ideasconnected body into sections that deal with each part of the question. and coherent? have guides spe ulties the /Fac ying someone else is the case, use m structure is at the heart of every good essWKHHGLWLQJSURFHVV,I\RX¿QGWKDW\RXQHHGPRUHLQIRUPDWLRQRU ay iaris ires. Most Schools Plag using footnotes, or having sepa rat e is licop sts ca lle d ool requ /RRNDWWKHZKROHHVVD\PDNHVXUHLWÀRZVDQG schfew or a is consistent. If this it lty Put the essay aside for days as facu r long you as The rounds off Relate it rback to your main ing As conclusion you may kn ow, the re the are essay. a range of diffe ent way s of w riting are refe r elogical nrefe cerenc s. order. Sostyle m e/Fac of ts hdon em h system you use the \RXUDUJXPHQWKDVKROHVLQLWNHHSFDOPDQGFRQFHQWUDWHRQ¿[LQJ ’t mind whic‰ ultie Are my examples and quotes relevant to and 3. Conclusion that a ools ‘Refe renthe cesparagraphs ’ and ‘Biblio grin ap h y’, a nd g e n e r a ll y g ive Sch n prefer. Ofte


enting them

system they

Outline with ble forta involor vepoints using and footreiterate notes, op ryour ht avi ne gt si epa r a tthe eu lists ca ll ed ‘R efe e n ce s’e a n ‘Bib g rap hy’, afo n d ideas answer to question. NEVER t com any problems. mos are u th tl e, yo try t o g r o upr s o m s id m i la rlio bi ts of in r.mation o r argu ea n t togethe rall , wor an d then you em This allows essay with supportive ofm my answer? you a hea dac he. W e the refo resyst reco mmeyou nd thto e consider your ks cited in Put the essay aside for a few days The conclusion rounds off the essay. Relate it back to your main . This is a list of Put your ideas by brainstorming them. For g e n e r a ll y g ive yo u a h ea d ac h e. W e t h e r efo r e r eco mm e n d t h e ‘ H a r va r d ’ s y st e m of r efe r e n ci n g ,many in LVWV H/ HQF a Reference List IHU in introduce new information yo in u your conclusion. The conclusion 5H ay ess the for p u t a co n c l u s io n o n t h e e n d s ayi n g t h a t t h e r e a r e t e r e st i n g poi n ts of view o n this use fresh eye. Once you ‘ have ard well-organised and fairly complete draft: articles you Hla rva ’allows sn yst m of r efe e.n cing , wh ic h iswith ‰ Have I used a consistent referencing ideas or and reiterate your answer the question. the boo to list all w hpoints ich is strai ghtfor wanightlife, r d, andto wi de lypeople, -used NEVER by pub is he rs a de aca de m icrs This you to consider your essay a ks and example, Vigo, Seafood, great ember Rem PRYHVIURPVSHFL¿FWRJHQHUDO EHWKH¿QDOSDJH XOG VKR DQG s u bjec t , r i g h t ? VD\ introduce new information in your conclusion. The‡conclusion aight foeye. rwa rd, and wid ely-us eUHV d by pu blish ers and \RX style? Have I referenced all my quotes and Revisestr sentences. Make sure the words you use mean what fresh cheap and great food, beaches and bucolic coasts. 3URRIUHDG \RXU ¿QDO GUDIW FDUHIXOO\ . Check PRYHVIURPVSHFL¿FWRJHQHUDO acad emic s. (See paraphrases? you think they mean. A chart good below) dictionary is a useful tool. THE HARVARD REFERENCEN SYSTEM ¿QDO Check and o, of course you d3URRIUHDG on’t. Yo\RXU u’ve gspelling oGUDIW t toFDUHIXOO\ st art.punctuation. off with an essay plan. By designing this you’ll (VVD\3DUDJUDSKV ‡ Check transition signals. Be sure that a reader can follow the spelling and punctuation. ‰ Have I remained within the set word limit? (VVD\3DUDJUDSKV co m e u p wi t h t h e s t r uc t u r e . A we ll t h o u g h to u t st ra u c ture is at the heart of every good essay. It’s qu ite simple. W he n you qu ote or pashould rap hrascontain: e som thing,from you sentence cite the a utsentence, hor’s last and n m e, sequences of eideas to from Each paragraph in the body of the essay Each paragraph in the body of the essay should contain:
1. a sentence topic sentence (or sentence) main idea sentence) thatwas states your point; 1.The a topic main idea that states point; popularity of (or baked beans soared when Elvisyour Presley seen to eat six whole tins on Entertainment
Six really awful ways to begin the essay ‘Why have baked beans 3. evidence. of time, your point should be supported by some form of evidence from yourbecome reading, or popular by an in twentieth so example drawn from subject area. yo u’ve refe rred tMost o the in t hethe ess ay. I f t h e r e a r e t wo o r m o r e wo r k s by a n a u t h o r p u b l i s h e d i n t h e introduction at the start, a conclusion at the end, and century Britain?’: example drawn from the subject area. same year, distinguish them as 2000a, 2000b, and so on. References are written in the 5($'WKHDVVLJQPHQWJXLGHOLQHVLQ\RXUFRXUVHRXWOLQHVDQG¿QGRXWKRZ\RXUOHFWXUHUWXWRUZRXOG 'RQ¶WMXVWOHDYHWKHHYLGHQFHKDQJLQJWKHUHDQDO\VHLW&RPPHQWRQWKHLPSOLFDWLRQVLJQL¿FDQFHLPSDFWDQG¿QLVKRII
in 1959 of (Heinz, 2000: 34). 2.Tonight an explanation the point making; 2. an explanation ofyou’re the point you’re making;
punctuation and spelling. What is ‡ a Check good structure?

So now it’s time to write the essay. You sit down in front of the keyboard and start typing: you

the year of publication, and the page refereparagraph nce, in bracke ts. For example: to paragraph.

the end of t he ess ay your you in clud esupported aHanding ‘R e cesm ’s ectio m st c lud eve ryan ita em 3.At evidence. Most of the time, should be some form ofn evidence your reading, or by Ipoint tthein s n ’t e n o u gefe h rby tn o ake sw uh ric e h from t hu a t in yo ue h ave n 7. Your Essay In

“The question of why baked beans 'RQ¶WMXVWOHDYHWKHHYLGHQFHKDQJLQJWKHUHDQDO\VHLW&RPPHQWRQWKHLPSOLFDWLRQVLJQL¿FDQFHLPSDFWDQG¿QLVKRII know when handed 1. You do nee d adrawn sand olidwhere intr oyour du ctessay ion. Ishould t will be probab ly in. have become so popular in twentieth theT paragraph with a critical conclusion you have from the evidence. ype of reference : ExEssay ample of reference: century Britain is an interesting…” 5. Referencing Your contain something about how you have interpreted the ,Q*HQHUDO Heinz, Edward ,d London: Beans Book qu estio(2000) n, anA dHistory it is of ofBaked ten a goo idea Arnold. to state a thesis “The Oxford English Dictionary $OODFDGHPLFHVVD\V0867FRQWDLQUHIHUHQFHV5HIHUHQFLQJJXDUGVDJDLQVWSODJLDULVPDVHULRXV 5.AReferencing Your Essay ‰ Make sure you know when, where or to whom your assignment should be handed in. Most schools defines ‘baked beans’ as…” have a box for academic offence. (a n a r g u m e n t ) w h ic h yo u a r e g oi n g to illust(ed.) rate or Johnson, Sarah (1998a) ‘The Cornflake in History’ in Norman Jennings rticle in book
Plagiarism is copying someone else’s words or ideas and presenting them as your own. Make sure you are familiar with “In this essay I will explore the $OODFDGHPLFHVVD\V0867FRQWDLQUHIHUHQFHV5HIHUHQFLQJJXDUGVDJDLQVWSODJLDULVPDVHULRXV ‰ Don’t hand in your the essay in a plastic folder or system sleeve (unless you are asked to do so). the referencing style your or school requires. Most Schools/Faculties have guides specifying the they Johnson, Sarah (1998b) ‘Deconstructing pre-millennial diet: Special K and Article in jour nal faculty question of why baked beans have academic offence. postmodernism’, 11, 1: 32–44. Cultural Studies prefer. Often Schools/Faculties don’t mind which system you use as long as it is consistent. If this is font the case, the ‰ Use double-line spacing and a readable (size use 12 at least) become so popular in twentieth…” system you are most comfortable with. Explanation: This means that an article by Sarah Johnson called ‘Deconstructing the prevolume 11, umberevery 1, orequires. n pa ges 32 toline. 44. This issue of the journal was phave ublishedguides in 1998. specifying second the referencing style your faculty ornschool Most Schools/Faculties the system they defines ‘popular’ as…” The piece is list ed the hereessay as ‘(1998b)’ since it’s the secoThis nd of is two rtic lesall byworks Sarah Jo hnso n, Remember to list all the books and articles you use for in a Reference List. aa list of cited in prefer. Often Schools/Faculties don’t you use as long as it is consistent. If this is the case, use the ‰ which we aremind refe rr8VHDFRYHUVKHHW DYDLODEOHIURP\RXUVFKRRORI¿FH  inwhich g to, pubsystem lished in 1998. \RXUHVVD\DQGVKRXOGEHWKH¿QDOSDJH “The twentieth century has

followin g st ycritical le: conclusion you have drawn OLNH DVVLJQPHQWV the paragraph with a from the evidence. SUHVHQWHG 0DNH VXUH \RX KDYH FRPSOLHG ZLWK WKHLU UHTXLUHPHQWV DQG WKDW \RX

the other stuff in between. So what do you need?


you may prefer to save the ‘findings’ of your exploration to the end, in which case you have to introduce the question Plagiarism is copying someone else’s words orst ideas presenting them as your own. Make sure you arePenguin familiar with ca reef ll tt h rst t.mand ‰ Essays should be your is type your essay. If not, write neatly on mill nnu ial dy iet:a Specia le Ka nda po od ernlegible ism’ was so pubmake lished isure n the jo urnaessay l Cultura l Seasy tudies, to read. If possible, “The English Dictionary

students to submit University their essays. ,n Edinburgh: Food e for Thought xp lore i the boEdinburgh dy of the essayPress. – although

2. And you need a tight, powerful conclusion which is been going the lowith. gical consequence of everything that has gone before. system you are most comfortable ‰e Number pages andlove use feud’, wide margins. for quite a while now and…” Ratner, Clifford (2000) ‘Magazine sparks Article in The Independent, T h e g oo d ss ay h a s d eve l ope d a n u m be r of r e l a t e d 10 October 2000, Thursday Review section: 14. newspaper 5HIHUHQFH/LVWV Print on side of the strands w‰ hic h th eone con clu sio npage tiesonly. together. It may also “The Collins English Dictionary Wherever possible, identify the author, so you can have a reference like this: Article from the defines ‘twentieth century’ as…” ‰e Make sure you have an t extra copy. co n t ai n a n xt r a, s u r p r i s i n g h i n g w h ic h yo u s ave d t o Remember to list all the books and articles you use for the essay in a Reference List. This is a list of all works cited in internet Holmes, Amy (2000), ‘Greenpeace wins media war’, at http://www.independent. t h r ow i n a t t h e e n d wi t h a f l o u r i s h . \RXUHVVD\DQGVKRXOGEHWKH¿QDOSDJH ! Why are these awful? Because (accessed: 25 November 2000).
Always state the date you visited the site. If you can’t state the author, have a reference like this:

3. So what happens in between? Well…

BBC Online (2000) ‘Radical autumn shake-up’, at 10276.htm (accessed: 8 December 2000).

they are so predictable, uninspiring and limp. What should you do instead? Something else.

4I 1998, $6KRUW*XLGHWR:ULWLQJ$ERXW6RFLDO6FLHQFH, Harper Collins. Cuba,

Oshima, A & Hogue, A 1991, :ULWLQJ$FDGHPLF(QJOLVK, Addison-Wesley. [110] WWW.HOLLYWOODENGLISH.ES University of Toronto Writing Centre, 6RPH*HQHUDO$GYLFHRQ$FDGHPLF(VVD\:ULWLQJ, University of Toronto, accessed 1999, <>.

101 purposes and adapted with proper acknowledgement. Email:

Prepared by The Learning Centre, The University of New South Wales © 2009. This guide may be distributed for educational

TWO TYPES OF MODERN ESSAY : Argument Essay Argument Essay
Paragraph 1 - Introduction Dissection of argument (i.e., name the parts of the argument: premises, conclusions, assumptions) Thesis statement: the argument that ... is flawed because (paragraph 2 overview) and (paragraph 3 overview) Paragraph 2 - First Point (i.e., First Reason Argument is Flawed) Transition Phrase: First, Statement of Point Example Relate the Example Paragraph 3 - Second Point (i.e., Second Reason Argument is Flawed) Transition Phrase: Second, Statement of Point Example Relate the Example
ESSAYWRITING February 6, 2012


Paragraph 4 - How to Fix Argument Transition Phrase: Moreover, How to Fix Argument Paragraph 5 - Conclusion Transition Phrase: In conclusion, Recap of Thesis Statement Summary of Outline


ESSAYWRITING February 6, 2012

Analysis of An Argument
"The recent surge in violence in the southern part of the city is a result of a shortage of police officers and an absence of leadership on the part of the city council. In order to rectify the burgeoning growth of crime that threatens the community, the city council must address this issue seriously. Instead of spending time on peripheral issues such as education quality, community vitality, and job opportunity, the city council must realize that the crime issue is serious and double the police force, even if this action requires budget cuts from other city programs." In the argument above, the author concludes that the city council is not doing its job well and needs to focus on expanding significantly the police force in order to combat recent growth in the level of crime. The premise of the argument is that crime is expanding while the city council focuses on ostensibly unrelated matters such as education reform. However, the argument is flawed because it falsely assumes that the city council’s efforts to improve quality of life are entirely unrelated to levels of violence and it assumes that the crime problem can be solved by merely increasing the police force. First, the argument wrongly assumes that issues of educational opportunity, community vitality, and job availability have no bearing on crime. However, the author fails to support this assumption. It is entirely possible that the crime level spiked due to a recent and sizeable layoff at a major nearby factory that pushed countless citizens out of work and onto the streets. With individuals struggling to survive, it should come as no surprise that people are turning to crime. Second, the reasoning in the editorial is flawed because it erroneously assumes that increasing the police force will directly address the root of the crime problem and reduce the level of crime. Yet, a landmark study published in early 2008 showed that increasing the size of a police force beyond a certain point provides extremely small marginal returns in the reduction of crime. Given the fact that the local police force is already above this threshold, the editorial’s author wrongly assumed that a doubling of the police force will materially decrease the crime rate. Moreover, the argument could be improved by appealing to the city’s history with fighting crime and managing the size of its police force. In particular, approximately 25 years ago, the city council faced a situation very similar to the one it faces today: a rising crime rate and growing spending on community development. The city council decided to increase the size of its after- school programs’ budget by about 75% and this reduced crime dramatically. Faced with the same situation today, the city council should follow the path it took 25 years ago. In conclusion, the argument in the newspaper editorial is flawed because it assumes that educational opportunity, job availability, and community vitality are not related to the level of crime a community experiences. Moreover, the argument wrongly concludes that an increase in the police force will address the root issue behind the crime, which the argument assumes is an inadequate number of police officers.



ESSAYWRITING February 6, 2012

TWO TYPES OF MODERN ESSAY : Template - Analysis of an Issue Analysis of an Issue
Paragraph 1 - Introduction Acknowledge the complexity of the issue Thesis statement: I agree/disagree with the statement that ... because (paragraph 2 overview) and (paragraph 3 overview) Paragraph 2 - First Point Transition Phrase: First, Statement of Point Example Relate the Example Paragraph 3 - Second Point Transition Phrase: Second, Statement of Point Example Relate the Example Paragraph 4 - Rejection of Counter-Point Transition Phrase/Statement of Counter Point: On the other hand, some may argue that... Rebuttal of Counter Point Example Supporting Rebuttal Relate the Example Paragraph 5 - Conclusion
Transition Phrase: In conclusion, Recap of Thesis Statement Summary of Outline



Analysis of An Issue
ESSAYWRITING February 6, 2012
"What really matters in the leadership of business and organizations is getting results, reaching benchmarks, and achieving success." Although the issue of what constitutes success is not black and white and some experts object to the statement that what really matters in organizational leadership is getting results, I agree with the above statement because achieving results benefits stakeholders and failing hurts both stockholders and stakeholders. First, achieving results is the most important aspect of leadership because they benefit the owners and stakeholders. For example, stockholders in struggling companies are adamant that new management be found that can produce better financial returns and deliver gains in the stock price. Just as it is unfair to pay for a service that is being poorly rendered, so it is unfair for a business and its leaders to be compensated and viewed as achieving what really matters while they fail to meet the objectives of the owners. Second, when a business or organization adopts a mentality that what matters are not results, it often fails and hurts stakeholders. For example, in Hurricane Katrina, the American people saw a government that paid little attention to achieving results and succeeding in its job. As a result of a mindset that what mattered were not results, the government demonstrated considerable apathy and the victims of the hurricane suffered. As New Orleans Mayor Ray Nagin and Louisiana Governor Kathleen Blanco said, the Federal government’s lack of focus on results mattered in a significantly negative way for the people of New Orleans and Louisiana. On the other hand, some may argue that a focus on results and success breeds corruption. These individuals may point to examples of corporate fraud such as Enron or WorldCom. However, a crucial benchmark of success that every business should meet is acting socially responsible and delivering long-term growth in its stock price. Consequently, the leaders at businesses such as Enron failed to deliver true success for the stockholders since the value of the company evaporated. If the leaders of the company had focused on results, they would have avoided making unethical decisions that led to the company’s subsequent collapse. In conclusion, the aspect of business leadership that matters most is achieving results because stakeholders benefit and avoid painful consequences that arise from an organization or business that fails to deliver results. Although some may argue that this mindset leads to corruption, it is actually a lack of focus on reaching benchmarks and becoming successful that causes leaders to make decisions that produce painful consequences for both stakeholders and stockholder



BUSINESSENGLISH 2.0 February 6, 2012

Questions that may appear in exams and interviews alike How to handle and prompt an essay



Writing e-mails , letters and shorter essays





Tips on letters, emails and writing Diction too! More tips about writing and diction
By Colin Rivas
Ans w e r th e q u e stio n. A cl e a r, lo gic a l str uctu r e is e s s e n t i a l. B ase your essa y o n e xt e nsiv e r ele v a nt r e a ding a n d r e s e a rch. We w ant to se e e vid e nc e of ind e p e nd e nt t h o u g h t. D o n’t a llu d e t o a nythin g yo u’v e r e a d w ith o ut givin g a r e f e r e n c e f o r it. Giv e yo u r o w n a n a lysis, n o t m e r e d e scriptio n. In d e cisiv e ‘it’s a bit of b o th’ essa ys a r e dis a p p ointin g. Tr y t o a v o i d f o r m ul a s, clic h é s, a n d th e o bvio us a p p r o a c h e s. Avoid a p u r e ly ‘jo u r n a listic’ styl e, in a c a d e m ic e ss a ys. We w ant to se e a fr e sh, o rigin a l a p p r o a ch. Argu e your c a s e, w ith yo u r o w n point of vi e w . H a v e a cl e a r, r elevant intr o d uctio n a n d co nclusio n. Do n’t w a ffl e. It ’ s n o t c u n n i n g , it just su g g e sts y o u’v e g o t lit tl e t o s a y.

Cl e a r, co nsist e nt r efer ences ar e e s s e n t i a l. Us e co m m a s p r o p e rly. Le a r n ho w to d e ploy s e m i - c olo n s. It ’ s i m p o r t a n t t o kno w the diff e r e nc e b e t w e e n “it’s ” a n d its a lt e r e g o, “its ”. Il l u s t r a t e y o u r p oints w ith up -to - date e x a m pl e s. Us e e l e ctr o nic r esources to fin d m a t e ri a l (s e e lib r a r y w e bsit e ).

Construct your sentences c a r e f ully.

Us e th e int e rn e t — b ut w ith care and discri m in a tio n. Ensur e your e ss a y is th e r e q uir e d l e n gth.

D o n’t fill a n e ss a y w ith irr ele v a nt h i s t o r i c a l d e t a i l. B ring th e s u bj e ct t o lif e !

Ch eck your s p e llin g a n d p u nctu a tio n. Se rio u sly.



MOREDICTION February 6, 2012

OU AU and Other sounds Diction goes on baby!



SLANGINTERNET February 6, 2012

Internet slang Slang Quiz intermediate-advanced part of our IT lives
How well do you know internet slang? Select the most common defintion for each term. Already Taken This Quiz? 1. LOL a) !Laugh Out Loud b) !Laugh On Line c) !Lots Of Love d) !Love Of Laughs 2. POS a) !Piece Of Sh*t b) !Parent Over Shoulder c) !Pop Or Soda d) !Porn On Screen 3. BRB a) !Burp! (excuse me) b) !Barely Breathing c) !Bell Rub d) !Be Right Back 4. GF a) !Good Friend b) !Get F*cked c) !Girlfriend d) !Good Food 5. NOOB a) !No Boobs b) !new person c) !idiot d) !none of our business 6. l33t a) !One Thousand Three Hundred thirty-seven b) !Thirteen Thirty c) !I thirty three'd d) !Elite
By Trenz Pruca



© Macmillan Publishers Limited 2004. This page may be photocopied for use in class.

INTERNETSLANG February 6, 2012

Leet (or "1337"), also known as eleet or leetspeak,
the Internet.

Slang intermediate-advanced is anQuiz alternative alphabet for the English language that is used primarily on

7. Less than three a) !a small number b) !A popular band c) !Love d) !Bad Odds 8. PAW a) !A Dog or Cat's Foot b) !Parents Are Watching c) !Partnership For Animal Welfare d) !Father 9. BCNUL8R a) !Because You're Late b) !Be Seeing You later c) !Binocular d) !This Doesn't Mean Anything. 10. adiem a) !All Day I Eat Meat b) !And I Am c) !10 Cents d) !This Doesn't Mean Anything
LLO An abbreviation for laughing out loud,[1][2] or laugh out loud,[3] is a common element of Internet slang. It was used historically on Usenet but is now widespread in other forms of computermediated communication, and even face-to-face communication.




We are gonna bring out a new line of products at Hollywood English soon !! hehehehe! ( Vamos a estrenar una nueva gama de productos pronto !! jejejejeje! )





Dymon Publications 2201 South Maple Street Salt Lake City, UT 84797 U.S.A. April 21, 2001 Trent Chang 56 Somerset Lane Kai Tak, Kowloon Hong Kong

11 Complete the letter with a suitable word or words. Sometimes no word is required and sometimes more than one answer may be possible. Example Did you like the present I sent you?

Dear All,

Well, here I am in Spain in (1) ____ first week of my stay. I’m very wel (2) ______ used to being away from home. Life is very different here bit strange to me, but all in all I’m quite happy.

Dear Mr. Chang,

Thank you for your ________ of Touchy Situations: A Conversation Text for Elena is a brilliant cook and I’m trying lots of different types of food. ESL St______. I S____ the books ____ RedFex ____ 20TH. ____ to yet is not (11) s_______ that I’mThey (10) ____ the one April too. But taste them home we (13) ____ hours later than be arriv___ within a f____ days if they not there a_______y. Please l__atme two or three _ meal _____ (12) are g! starvin know if there ___ any problems withI’m the sh_______. A_ req_________, I __ enclos____ a bro______, which prov_____ city much, but I’m s to explore the information opportunity had (14) ____ I haven’t north c ____ on (17) _______ our other products. You may also c_____ck ____t web site __ ____ port is (16) our ____ . Santander to (15) hours beautiful countryside around it. Juan and Elena take a trip to (18) ___ with them have said I can goto – and was little when Id__ like we (19) ____ Sh______ you _______ fu_____r questions, please n_t he_______ contact me _ anytime. School is fine and I’m learning a lot. I’m getting more confident in Sp B___ R_______,

My host family are very nice. The parents, Juan and Elena, are so kind a always ____ if I’m OK and offering advice and help. They have two sons Enrique. Felipe is very talkative, while his brother is quite (5) ____ , b fun. Fortunately, (7) ____ of the boys speak much English, so I have to (8) ____ .

(20) __________ in my stomach the first time I had to ask for someth the people in my class are more advanced than me, though, so I wish I Spanish before coming. (22) ____ I find most difficult is understandin quickly, but they are all very patient.

Alan Gordon Dymon Publications Enc: brochure

I’ve got some homework to do now, so I’ll have to go. Write to me soon (23) ____ phone because it makes me homesick! Lots of love Emily PS Please don’t worry about me. I’m fine and I’m quite enjoying (24) real adventure!

1 point each


(1 point for each correct answer)


Your . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Your . . . . .First . . . . Name . . . . . .: .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Your e-mail Name :: .. .. . Your Name : . . . . . . . . . . . . . . . . . . . . . Your First Name Tel : . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ad : . . . . . . . . . . .: .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Tel : . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ad : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Complete each sentence with the BEST answer. Only one answer is correct Complete each sentence with the BEST answer. Only one answer is correct Example: Anne isn’t here today : she’s …………. Description sommaire de votre projet : Example: Anne isn’t here today : she’s …………. Description sommaire de votre projet : London. Complete eachto sentence with the BEST answer. Only one answer is correct (date début, lieu, durée) to (date début, lieu, durée) A London. went B gone C been D go Objectifs… B today gone : she’s C been D go Objectifs… Example: Anne isn’t ............. to London. You choose :A went B here You choose : B A went B gone C been D go You choose : B [ ] 1 I plan to buy a few things. [ ] 1 I plan to buy a few things. A A B B C C D D Are you going to go buy milk ? Are to go Will you you going buy milk ? buy milk ? Will you buy milk ? You are buying milk ? You are buying milk Are you going to buy?milk ? Are you going to buy milk ?


[ ] 2 Jim lives in Spain, ……………………….. [ ] 2 Jim lives in Spain, ……………………….. A A C C doesn’t he ? doesn’t is he ? he ? is he ? B B D D isn’t he ? isn’t liveshe he?? lives he ?

[ ] 3 Every morning the baby cries for his breakfast [ ] 3 Every morning the baby cries ……………….. he wakes up. for his breakfast ……………….. he wakes up. A now that A now that B until B until C as soon as C as soon as D before D before

[ ] 4 I am very ……… in the information you have given me. [ ] 4 I am very ……… in the information you have given me. A interesting A interesting B interested B interested C concerned C concerned D concerning D concerning

[ ] 5 If you have a washing machine, you ………….. spend all day washing cloths. [ ] 5 If you have a washing machine, you ………….. spend all day washing cloths. A have to A have to B don’t have to B don’t have to C must C must D mustn’t D mustn’t

[ ] 6 The questions in this test are concerned with ……………… use of correct English. [ ] 6 The questions in this test are concerned with ……………… use of correct English. A A B a B a C the C the D an D an

[ ] 7 ……………… you pay the supplement they want, they won’t give us the tickets. [ ] 7 ……………… you pay the supplement they want, they won’t give us the tickets. A Unless A Unless B In case B In case C If C If D If not D If not

[ ] 8 I went to a party …………………….. my friend’s house. [ ] 8 I went to a party …………………….. my friend’s house. A inside A inside B by B by C at C at D to D to


%&'("()*"+,-".'/0-1%"%2'+"/-34"5''67"8"7777777777777777"6930:5".'*+"';"0+7% <"()*"='30:5 >"()*";--?0:5"='30:5 @"()*"='3-6 A"()*"*9B,"='3-6

1/11 1/11

!""#"CD 2-/-3"B)334")"?'+"';".':-4"':"4'9"=-B)9*-"4'9"7777777777777777"?'*-"0+7 <"('9?6"" >"'95,+"+'"" @".05,+"" A"*,'9?6""


!""#"CC 2'='64"=-?0-/-6",-3"=9+"*,-"+93:-6"'9+"7777777777777777





!""#"CC 2'='64"=-?0-/-6",-3"=9+"*,-"+93:-6"'9+"7777777777777777 <"+'"=-0:5"B'33-B+7 >"=-"B'33-B+7 @"=-0:5"B'33-B+7 A"+'"=-"B'33-B+7 !""#"CE F,)+"G9-*+0':"()*"-)*4"+'"):*(-37"77777777777777777777777777"):*(-3-6"=4")"+-:"4-)3"'?67 <"8+"('9?6"=>"8+"B'9?6",)/-"=--: @"8+".05,+"+'"=A"8+"()*"+'",)/-"=--: !""#"CH A'"4'9";--?"=-++-31"I-*J"8"K9*+"7777777777777777"+,-";?97 <"5'+")B3'**"" >"5'+"=4"" @"5'+"+,3'95,"" A"5'+"'/-3""

!""#"CL M,'N*"30:50:5"+,-"6''3=-??1"77777777777777777777777777777777"+,-"O'*+.):7 <"F,-3-N*"" >"8+N*"" @"&-N*"" A"F,0*"0*""

!""#"CP F,)+".):"0*")".0??0':)03-7""7777777777777777",-N*":'+"/-34",)OO47 <"8:"*O0+-"';"+,0* >"<='/-")?? @"8:"B)*-"';"+,0* A"<?+-3:)+0/-?4 !""#"CQ 8"O3-60B+"+,)+"=4"+,-"4-)3"EJDDDJ"R'*"<:5-?-*"7777777777777777 <"(0??",0+"):"-)3+,G9)S-7 >"(0??",)/-",0+"):"-)3+,G9)S-7 @"(0??"=-",0++0:5"=4"):"-)3+,G9)S-7 A"(0??",)/-"=--:",0+"=4"):"-)3+,G9)S-7
!""#"$% &"'()*+",+(-. /"&"01,+"+2"34(54. 6"&"'()"01,+"34(54. 7"&"8(54"92+"+2"34(54. :"&"34(54.

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


!""#"G$ &+*,"0-"=C<4*,"BC?+8>(-"+202??2="()>"=4"................"("A(?+-. /"(?4"8(5C)9"" 6"=C33"8(54"8(>"" 7"=C33"8(54"" :"8(54"" [106] WWW.HOLLYWOODENGLISH.ES



!"#$%&'&(')&(*&+'&+,&(-.(,)""*/+0(')&(1234(5+*6&78((9+%.("+&(5+*6&7(/*(,"77&,'8 !"#$%&'( ?99(",+93-"'(*("-.)5;K"+'(3+"))))))))))))))))"-."R.9).91 !"D(9-"""""0.9(""""#"/((9""""$"0. *+,-./++0'(""" !""#"$S E"D5+"-.4)"-'("9(D+";(+-(*)5;1"E"5==*(@,5-("-'5-1"E"5==*(@,5-(111111111111-'("9(D+1 ?"'56,90"-.4) N"'56,90"/((9"-.4) T"-(44,90 H"'56("/(,90"-.4) !""#"$U 1111111111111111"V(-(*"@.F("'.F(";(-Q ?"H.(+93-"" N"25+93-"" T"E+93-"" H"I5+93-""

!""#"$W E"@593-"F57("-'5-")(@,+,.91"1111111111111111A"E3)"+((7"'(4=1 ?"2(*("E";.> N"I5)"E"/((9";.> T"E:"E3)"'5)";.> H"E:"E"D.>4)"/(";.> !""#"$X E+";.>*"111111111111111111111111111111111111111111111111 ?")5>0'-(*"/(5>-,:>4"4,--4(Q N"4,--4(")5>0'-(*"/(5>-,:>4Q T"4,--4("/(5>-,:>4")5>0'-(*Q H"/(5>-,:>4"4,--4(")5>0'-(*Q
!""#"$% &'()"*))+",--./+0"1-2"34/5"*--."1-2"6-+345"7+8"9999999999999999"&'()"1-:+8"/39 !"#$%&'($)* ;"/+"3/6)"" <"73",753"" ="73"34)")+8"" >"73",)753""

!""#"$? @4/5"34)-2A"475+'3"*))+"7BB)C3)8"*A"34)"C:*,/B9 ;"D4)2)75"5-6)"5B/)+3/535"47()"8-:*35"7*-:3"/39 <";,34-:04"5-6)"5B/)+3/535"47()"8-:*35"7*-:3"/39 ="E-F)()2G"5-6)"5B/)+3/535"47()"8-:*35"7*-:3"/39 >"H:234)26-2)G"5-6)"5B/)+3/535"47()"8-:*35"7*-:3"/39 !""#"$I &+"-28)2"3-"*)"9999999999999999"7B3/-+"54-:,8"*)"37.)+"73"-+B)9 ;"7B3:7,"" <"-11/B/7,"" ="/+)11)B3:7,"" >")11)B3/()""

!""#"$J @4)"F-2.67+"F4-"F)+3"4-6)")72,A"9999999999999999"1/+/54)8"34)"K-*9 ;"47()"+-3"67A*)"" <"67A"47()"+-3"" ="67A*)"+-3"" >"67A"+-3"47()""

!""#"$L M-6)"C)-C,)"67A"47()"6-2)"8/11/B:,3A"347+"-34)25"9999999999999999",7+0:70)59 ;"/+",)72+/+0"" <"-1",)72+/+0"" ="3-",)72+"" >"73",)72+/+0""

!""#"$$ N@4)"02755"/5"()2A"F)39N"NO)5G"999999999999999999999999999999999999999999999999 ;"/3"27/+5"7,,"6-2+/+09N <"/3"478"*))+"27/+/+0"7,,"6-2+/+09N ="/3'5"0-/+0"3-"27/+"7,,"6-2+/+09N >"/3'5"*))+"27/+/+0"7,,"6-2+/+09N

117 !""#"$P NO-:"72)")QC)B3)8"3-"*)"34)2)"73"+--+N"34)"*-55"3-,8"R72.9"E)"57/8"R72.99999999999999


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`[ BIZ REVIEW
!"#$%&'($)* +,--


Unit 10





Active : A market in which there is much trading
Abandonment option::The option of terminating an investment earlier than originally planned. Abnormal returns:Part of the return that is not due to systematic influences (market wide influences). In other words, abnormal returns are above those predicted by the market movement alone. Related: excess returns. Absolute priority :Rule in bankruptcy proceedings whereby senior creditors are required to be paid in full before junior creditors receive any payment. Accelerated cost recovery system (ACRS):Schedule of depreciation rates allowed for tax purposes. Accelerated depreciation:Any depreciation method that produces larger deductions for depreciation in the early years of a project's life. Accelerated cost recovery system (ACRS), which is a depreciation schedule allowed for tax purposes, is one such example. Accounting exposure:The change in the value of a firm's foreign currency denominated accounts due to a change in exchange rates. Accounting earnings:Earnings of a firm as reported on its income statement. Accounting insolvency:Total liabilities exceed total assets. A firm with a negative net worth is insolvent on the books.

The Author
‘’Colin Rivas is a lecturer in English as a Foreign Language and he has considerable expertise in the field of Overseas Trade, having designed and taught a number of classes at Citroen, JPMorgan, Acciona related to International Law and Overseas Trade. ‘’

Accounting liquidity:The ease and quickness with which assets can be converted to cash. Accounts payable:Money owed to suppliers. Accounts receivable:Money owed by customers. Accounts receivable turnover:The ratio of net credit sales to average accounts receivable, a measure of how quickly customers pay their bills. Accretion (of a discount) :In portfolio accounting, a straight-line accumulation of capital gains on discount bond in anticipation of receipt of par at maturity. Accrual bond :A bond on which interest accrues, but is not paid to the investor during the time of accrual. The amount of accrued interest is added to the remaining principal of the bond and is paid at maturity. Accrued interest :The accumulated coupon interest earned but not yet paid to the seller of a bond by the buyer (unless the bond is in default).

Act of state doctrine :This doctrine says that a nation is sovereign within its own borders and its domestic actions may not be questioned in the courts of another nation.


BUSINESSENGLISH February 6, 2012

Agent The decision-maker in a principal-agent relationship.

Active portfolio strategy :A strategy that uses available information and forecasting techniques to seek a better performance than a portfolio that is simply diversified broadly. Related: passive portfolio strategy Actuals :The physical commodity underlying a futures contract. Cash commodity, physical. Additional hedge :A protection against borrower fallout risk in the mortgage pipeline. Adjustable rate preferred stock (ARPS) :Publicly traded issues that may be collateralized by mortgages and MBSs. Adjusted present value (APV) The net present value analysis of an asset if financed solely by equity (present value of un-levered cash flows), plus the present value of any financing decisions (levered cash flows). In other words, the various tax shields provided by the deductibility of interest and the benefits of other investment tax credits are calculated separately. This analysis is often used for highly leveraged transactions such as a leverage buy-out. Administrative pricing rules IRS rules used to allocate income on export sales to a foreign sales corporation. Advance commitment A promise to sell an asset before the seller has lined up purchase of the asset. This

‘’Alternative mortgage instruments Variations of mortgage instruments such as adjustable-rate and variable- rate mortgages, graduated-payment mortgages, reverse-annuity mortgages, and several seldom-used variations.’’

seller can offset risk by purchasing a futures contract to fix the sales price. Adverse selection A situation in which market participation is a negative signal. Affirmative covenant A bond covenant that specifies certain actions the firm must take. After-tax profit margin The ratio of net income to net sales. After-tax real rate of return Money after-tax rate of return minus the inflation rate. Agencies Federal agency securities. Agency bank A form of organization commonly used by foreign banks to enter the U.S. market. An agency bank

cannot accept deposits or extend loans in its own name; it acts as agent for the parent bank. Agency basis A means of compensating the broker of a program trade solely on the basis of commission established through bids submitted by various brokerage firms. agency incentive arrangement. A means of compensating the broker of a program trade using benchmark prices for issues to be traded in determining commissions or fees. Agency costs The incremental costs of having an agent make decisions for a principal. All or none Requirement that none of an order be executed unless all of it can be executed at the specified price. All-equity rateThe discount rate that reflects only the business risks of a project and abstracts from the effects of financing. All-in cost Total costs, explicit and implicit.

All-in cost Total costs, explicit and implicit.

American Depositary Receipts (ADRs) Certificates issued by a U.S. depositary bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. One ADR may represent a portion of a foreign share, one share or a bundle of shares of a foreign corporation. If the ADR's are "sponsored," the corporation provides financial information and other assistance to the bank and may subsidize the administration of the ADRs. "Unsponsored" ADRs do not receive such assistance. ADRs carry the same currency,

Aggregation Process in corporate financial planning whereby the smaller investment proposals of each of the firm's operational units are added up and in effect treated as a big picture. Aging schedule A table of accounts receivable broken down into age categories (such as 0-30 days, 30-60 days, and 60-90 days), which is used to see whether customer payments are keeping close to schedule. AIBD Association of International Bond Dealers. All equity rate The discount rate that reflects only the business risks of a project and abstracts from the effects of financing.


Asset Any possession that has value in an exchange.
American option An option that may be exercised at any time up to and including the expiration date.

Annuity A regular periodic
payment made by an insurance company to a policyholder for a specified period of time.

Related: European option American shares Securities certificates issued in the U.S. by a transfer agent acting on behalf of the foreign issuer. The certificates represent claims to foreign equities. American Stock Exchange (AMEX) The second-largest stock exchange in the United States. It trades mostly in small-to medium-sized companies. American-style option An option contract that can be exercised at any time between the date of purchase and the expiration date. Most exchangetraded options are American style. Amortization The repayment of a loan by installments. Amortization factor The pool factor implied by the scheduled amortization assuming no prepayemts. Amortizing interest rate swap Swap in which the principal or national amount rises (falls) as interest rates rise (decline). Analyst Employee of a brokerage or fund management house who studies companies and makes buy-and-sell recommendations on their stocks. Most specialize in a specific industry. Angels Individuals providing venture capital. Announcement date Date on which particular news concerning a

given company is announced to the public. Used in event studies, which researchers use to evaluate the economic impact of events of interest. Annual fund operating expenses For investment companies, the management fee and "other expenses," including the expenses for maintaining shareholder records, providing shareholders with financial statements, and providing custodial and accounting services. For 12b-1 funds, selling and marketing costs are included.

Annual percentage rate (APR) The periodic rate times the number of periods in a year. For example, a 5% quarterly return has an APR of 20%. Annual percentage yield (APY) The effective, or true, annual rate of return. The APY is the rate actually earned or paid in one year, taking into account the affect of compounding. The APY is calculated by taking one plus the periodic rate and raising it to the number of periods in a year. For example, a 1% per month rate has an APY of 12.68% (1.01^12).

Appraisal ratio The signal-to-noise ratio of an analyst's forecasts. The ratio of alpha to residual standard deviation.

Appraisal rights A right of shareholders in a merger to demand the payment of a fair price for their shares, as determined independently. Appropriation request Formal request for funds for capital investment project.

Arbitrage The simultaneous buying and selling of a security at two different prices in two different markets, resulting in profits without risk. Perfectly efficient markets present no arbitrage opportunities. Perfectly efficient markets seldom exist. Arbitrage Pricing Theory (APT) An alternative model to the capital asset pricing model developed by Stephen Ross and based purely on arbitrage arguments. Arbitrage-free option-pricing models Yield curve option-pricing models.

Arbitrageurs People who search for and exploit arbitrage opportunities. Arithmetic average (mean) rate of return Arithmetic mean return. Arithmetic mean return An average of the subperiod returns, calculated by summing the subperiod returns and dividing by he number of subperiods. Arms index Also known as a trading index (TRIN)= (number of advancing issues)/ (number of declining issues) (Total up volume )/ (total down volume). An advance/decline market indicator. Less than 1.0 indicates bullish demand, while above 1.0 is bearish. The index often is smoothed with a simple moving average. ARMs Adjustable rate mortgage. mortgage that features predetermined adjustments of the loan interest rate at



Auditor's report A section of an annual report containing the auditor's opinion about the veracity of the financial statements.

Asset Any possession that has value in an exchange.
Ask This is the quoted ask, or the lowest price an investor will accept to sell a stock. Practically speaking, this is the quoted offer at which an investor can buy shares of stock; also called the offer price. Ask price A dealer's price to sell a security; also called the offer price. Asset Any possession that has value in an exchange. Asset/equity ratio The ratio of total assets to stockholder equity. Asset/liability management Also called surplus management, the task of managing funds of a financial institution to accomplish the two goals of a financial institution: (1) to earn an adequate return on funds invested and (2) to maintain a comfortable surplus of assets beyond liabilities. Asset activity ratios Ratios that measure how effectively the firm is managing its assets. Asset allocation decision The decision regarding how an institution's funds should be distributed among the major classes of assets in which it may invest. Asset-backed security A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate. Asset-based financing Methods of financing in which lenders and equity investors look principally to the cash flow from a particular asset or set of assets for a return on, and the return of, their financing. Asset classes Categories of assets, such as stocks, bonds, real estate and foreign securities. Asset-coverage test A bond indenture restriction that permits additional borrowing on if the ratio of assets to debt does not fall below a specified minimum. Asset for asset swap Creditors exchange the debt of one defaulting borrower for the debt of another defaulting borrower. Asset pricing model A model for determining the required rate of return on an asset. Asset substitution A firm's investing in assets that are riskier than those that the debtholders expected.



Stockholder Holder of equity shares in a firm.
Average maturity The average time to maturity of securities held by a mutual fund. Changes in interest rates have greater impact on funds with longer average life. Average (across-day) measures An estimation of price that uses the average or representative price of a large number of trades. Average rate of return (ARR) The ratio of the average cash inflow to the amount invested. Average tax rate Taxes as a fraction of income; total taxes divided by total taxable income. Away A trade, quote, or market that does not originate with the dealer in question, e.g., "the bid is 98-10 away from me." Back fee The fee paid on the extension date if the buyer wishes to continue the option. Back officeBrokerage house clerical operations that support, but do not include, the trading of stocks and other securities. Includes all written confirmation and settlement of trades, record keeping and regulatory compliance. Back-end loan fund A mutual fund that charges investors a fee to sell (redeem) shares, often ranging from 4% to 6%. Some back-end load funds impose a full commission if the shares are redeemed within a designated time, such as one year. The commission decreases the longer the investor holds the shares. The formal name for the back-end load is the contingent deferred sales charge, or CDSC. Back-to-back financing An intercompany loan channeled through a bank. Back-to-back loan A loan in which two companies in separate countries borrow each other's currency for a specific time period and repay the other's currency at an agreed upon maturity. Back-up (1) When bond yields and prices fall, the market is said to back-up. (2) When an investor swaps out of one security into another of shorter current maturity he is said to back up. Backwardation A market condition in which futures prices are lower in the distant delivery months than in the nearest delivery month. This situation may occur in when the costs of storing the product until eventual delivery are effectively subtracted from the price today. The opposite of contango. Baker Plan A plan by U.S. Treasury Secretary James Baker under which 15 principal middle-income debtor countries (the Baker 15) would undertake growth-oriented structural reforms, to be supported by increased financing from the World Bank and continued lending from commercial banks. Balance of payments A statistical compilation formulated by a sovereign nation of all economic transactions between residents of that nation and residents of all other nations during a stipulated period of time, usually a calendar year. Balance of trade Net flow of goods (exports minus imports) between countries. Balance sheet Also called the statement of financial condition, it is a summary of the assets, liabilities, and owners' equity. Balance sheet exposure See:accounting exposure. Balance sheet identity Total Assets = Total Liabilities + Total Stockholders' Equity


FASHIONMONTHLY February 6, 2012

Bar Slang for one million dollars. also the lawyers exam
Bankruptcy view The argument that expected bankruptcy costs preclude firms from being financed entirely with debt. Barbell strategy A strategy in which the maturities of the securities included in the portfolio are concentrated at two extremes. Bargain-purchase-price option Gives the lessee the option to purchase the asset at a price below fair market value when the lease expires. Barrier options Contracts with trigger points that, when crossed, automatically generate buying or selling of other options. These are very exotic options. Base interest rate Related: Benchmark interest rate. Base probability of loss The probability of not achieving a portfolio expected return. Basic balance In a balance of payments, the basic balance is the net balance of the combination of the current account and the capital account. Basic business strategies Key strategies a firm intends to pursue in carrying out its business plan. Basic IRR rule Accept the project if IRR is greater than the discount rate; reject the project is lower than the discount rate. Basis Regarding a futures contract, the difference between the cash price and

Benchmark = Sp. Baremo. The performance of a predetermined set of securities, for comparison purposes. Such sets may be based on published indexes or may be customized to suit an investment strategy.

the futures price observed in the market. Also, it is the price an investor pays for a security plus any out-of-pocket expenses. It is used to determine capital gains or losses for tax purposes when the stock is sold. Basis point In the bond market, the smallest measure used for quoting yields is a basis point. Each percentage point of yield in bonds equals 100 basis points. Basis points also are used for interest rates. An interest rate of 5% is 50 basis points greater than an interest rate of 4.5%. Basis price Price expressed in terms of yield to maturity or annual rate of return.

Basis risk The uncertainty about the basis at the time a hedge may be lifted. Hedging substitutes basis risk for price risk. Basket options Packages that involve the exchange of more than two currencies against a base currency at expiration. Basket trades Related: Program trades. Bear An investor who believes a stock or the overall market will decline. A bear market is a prolonged period of falling stock prices, usually by 20% or more. Related: bull.

Before-tax profit marginThe ratio of net income before taxes to net sales.

Bellwether issues Related:Benchmark issues.

Bearer bond bonds that are not registered on the books of the issuer. Such bonds are held in physical form by the owner, who receives interest payments by physically detaching coupons from the bond certificate and delivering them to the paying agent. Bear market Any market in which prices are in a declining trend. Bear raid A situation in which large traders sell positions with the intention of driving prices down. Beggar-thy-neighbor An international trade policy of competitive devaluations

and increased protective barriers where one country seeks to gain at the expense of its trading partners. Beggar-thy-neighbor devaluation A devaluation that is designed to cheapen a nation's currency and thereby increase its exports at other countries' expense and reduce imports. Such devaluations often lead to trade wars.


BUSINESSDICT February 6, 2012

Bill of exchange General term for a document
Benchmark errorUse of an inappropriate proxy for the true market portfolio. Benchmark interest rate Also called the base interest rate, it is the minimum interest rate investors will demand for investing in a nonTreasury security. It is also tied to the yield to maturity offered on a comparable-maturity Treasury security that was most recently issued ("on-therun"). Benchmark issues Also called on-the-run or current coupon issues or bellwether issues. In the secondary market, it's the most recently auctioned Treasury issues for each maturity. Best-efforts sale A method of securities distribution/ underwriting in which the securities firm agrees to sell as much of the offering as possible and return any unsold shares to the issuer. As opposed to a guaranteed or fixed price sale, where the underwriter agrees to sell a specific number of shares (with the securities firm holding any unsold shares in its own account if necessary). Best-interests-of-creditors test The requirement that a claim holder voting against a plan of reorganization must receive at least as much as he would have if the debtor were liquidated. Beta (Mutual Funds) The measure of a fund's or stocks risk in relation to the market. A beta of 0.7 means the fund's total return is likely to move up or

‘’Big Bang The term applied to the liberalization in 1986 of the London Stock Exchange in which trading was automated with the use of computers.’’

down 70% of the market change; 1.3 means total return is likely to move up or down 30% more than the market. Beta is referred to as an index of the systematic risk due to general market conditions that cannot be diversified away. Beta equation (Mutual Funds) The beta of a fund is determined as follows: [(n) (sum of (xy)) ]-[ (sum of x) (sum of y)] [(n) (sum of (xx)) ]-[ (sum of x) (sum of x)] where: n = # of observations (36 months) x = rate of return for the S&P 500 Index y = rate of return for the fund Biased expectations theories Related: pure expectations theory. Bid price This is the quoted bid, or the highest price an investor is willing to pay to buy a security. Practically speaking, this is the available price at which an investor can sell shares of stock. Related: Ask , offer.

Bill of lading A contract between the exporter and a transportation company in which the latter agrees to transport the goods under specified conditions which limit its liability. It is the exporter's receipt for the goods as well as proof that goods have been or will be received.


Black market An illegal market.

Boning Charging a lot more for an asset than it's worth.
Binomial option pricing model An option pricing model in which the underlying asset can take on only two possible, discrete values in the next time period for each value that it can take on in the preceding time period. Black-Scholes option-pricing modelA model for pricing call options based on arbitrage arguments that uses the stock price, the exercise price, the risk-free interest rate, the time to expiration, and the standard deviation of the stock return. Blanket inventory lienA secured loan that gives the lender a lien against all the borrower's inventories. Block houseBrokerage firms that help to find potential buyers or sellers of large block trades. Block tradeA large trading order, defined on the New York Stock Exchange as an order that consists of 10,000 shares of a given stock or a total market value of $200,000 or more. Block votingA group of shareholders banding together to vote their shares in a single block. Blocked currency A currency that is not freely convertible to other currencies due to exchange controls. Blow-off topA steep and rapid increase in price followed by a steep and rapid drop. This is an indicator seen in charts and used in technical analysis of stock price and market trends. Blue-chip company Large and creditworthy company. Blue-sky laws State laws covering the issue and trading of securities. Bogey The return an investment manager is compared to for performance evaluation. Bond Bonds are debt and are issued for a period of more than one year. The U.S. government, local governments, water districts, companies and many other types of institutions sell bonds. When an investor buys bonds, he or she is lending money. The seller of the bond agrees to repay the principal amount of the loan at a specified time. Interest-bearing bonds pay interest periodically. Bond agreement A contract for privately placed debt.


FASHIONMONTHLY February 6, 2012

Book A banker or trader's positions. Also in Sp. Libro de registro
Book cash A firm's cash balance as reported in its financial statements. Also called ledger cash. Book profit The cumulative book income plus any gain or loss on disposition of the assets on termination of the SAT. Book runner The managing underwriter for a new issue. The book runner maintains the book of securities sold. Book value A company's book value is its total assets minus intangible assets and liabilities, such as debt. A company's book value might be more or less than its market value. Book value per share The ratio of stockholder equity to the average number of common shares. Book value per share should not be thought of as an indicator of economic worth, since it reflects accounting valuation (and not necessarily market valuation). Book-entry securities The Treasury and federal agencies are moving to a bookentry system in which securities are not represented by engraved pieces of paper but are maintained in computerized records at the Fed in the names of member banks, which in turn keep records of the securities they own as well as those they are holding for customers. In the case of other securities where a

Break A rapid and sharp price decline.
Bull market Any market in which prices are in an upward trend.

book-entry has developed, engraved securities do exist somewhere in quite a few cases. These securities do not move from holder to holder but are usually kept in a central clearinghouse or by another agent. Bootstrapping A process of creating a theoretical spot rate curve , using one yield projection as the basis for the yield of the next maturity. Borrow To obtain or receive money on loan with the promise or understanding that it will be repaid. Borrower fallout In the mortgage pipeline, the risk that prospective borrowers of loans committed to be

closed will elect to withdraw from the contract. Bought deal Security issue where one or two underwriters buy the entire issue. Bourse A term of French origin used to refer to stock markets. Bracket A term signifying the extent an underwriter's commitment in a new issue, e.g., major bracket or minor bracket. Brady bonds Bonds issued by emerging countries under a debt reduction plan. Branch An operation in a foreign country incorporated in the home country. Sp. Afiliado o sucursal Breakout A rise in a security's price executes orders on the floor of the exchange, or an upstairs broker who handles retail customers and their orders. Broker loan rate Related: Call money rate. Brokered market A market where an intermediary offers search services to buyers and sellers. Bubble theory Security prices sometimes move wildly above their true values. Budget A detailed schedule of financial activity, such as an advertising budget, a sales budget, or a capital budget. Budget deficit The amount by which government spending exceeds government revenues. Bull An investor who thinks the market will rise. Related: bear.

Buck Slang for one or a million dollars.

Bull An investor who thinks the market will rise. Related: bear.

Bretton Woods Agreement An agreement signed by the original United Nations members in 1944 that established the International Monetary Fund (IMF) and the post-World War II international monetary system of fixed exchange rates. Bridge financing Interim financing of one sort or another used to solidify a position until more permanent financing is arranged. British clearers The large clearing banks that dominate deposit taking and short-term lending in the domestic sterling market. Broker An individual who is paid a commission for executing customer orders. Either a floor broker who


FASHIONMONTHLY February 6, 2012

Bull market Any market in which prices are in an upward trend.
Bull spread A spread strategy in which an investor buys an out-of-the-money put option, financing it by selling an out-of-the money call option on the same underlying. Bulldog bond Foreign bond issue made in London. Bulldog market The foreign market in the United Kingdom. Bullet contract A guaranteed investment contract purchased with a single (one-shot) premium. Related: Window contract. Bullet loan A bank term loan that calls for no amortization. Bullet strategy A strategy in which a portfolio is constructed so that the maturities of its securities are highly concentrated at one point on the yield curve. Bullish, bearish Words used to describe investor attitudes. Bullish refers to an optimistic outlook while bearish means a pessimistic outlook. Bundling, unbundling A trend allowing creation of securities either by combining primitive and derivative securities into one composite hybrid or by separating returns on an asset into classes. Business cycle Repetitive cycles of economic expansion and recession. Business failure A business that has terminated with a loss to creditors.

Bullish, bearish Words used to describe investor attitudes. Bullish refers to an optimistic outlook while bearish means a pessimistic outlook.
Business risk The risk that the cash flow of an issuer will be impaired because of adverse economic conditions, making it difficult for the issuer to meet its operating expenses. Busted convertible Related: Fixed-income equivalent. Butterfly shift A non-parallel shift in the yield curve involving the height of the curve. Buy To purchase an asset; taking a long position. Buy in To cover, offset or close out a short position. Related: evening up, liquidation. Buy limit order A conditional trading order that indicates a security may be purchased only at the designated price or lower. Related: Sell limit order. Buy on close To buy at the end of the trading session at a price within the closing range. Buy on margin A transaction in which an investor borrows to buy additional shares, using the shares themselves as collateral. a price within the opening range. Buy-and-hold strategy A passive investment strategy with no active buying and selling of stocks from the time the portfolio is created until the end



Capital market The market for trading long-term debt instruments (those that mature in more than one year).

Call An option that gives the right to buy the underlying futures contract.

Calendar effect The tendency of stocks to perform differently at different times, including such anomalies as the January effect, month-of-the-year effect, day-of-the-week effect, and holiday effect. Call an option To exercise a call option. Call date A date before maturity, specified at issuance, when the issuer of a bond may retire part of the bond for a specified call price. Call money rate Also called the broker loan rate , the interest rate that banks charge brokers to finance margin loans to investors. The broker charges the investor the call money rate plus a service charge. Call option An option contract that gives its holder the right (but not the obligation) to purchase a specified number of shares of the underlying stock at the given strike price, on or before the expiration date of the contract. Call premium Premium in price above the par value of a bond or share of preferred stock that must be paid to holders to redeem the bond or share of preferred stock before its scheduled maturity date. Call price The price, specified at issuance, at which the issuer of a bond

may retire part of the bond at a specified call date. Call protection A feature of some callable bonds that establishes an initial period when the bonds may not be called. Call price The price for which a bond can be repaid before maturity under a call provision. Call provision An embedded option granting a bond issuer the right to buy back all or part of the issue prior to maturity. Call risk The combination of cash flow uncertainty and reinvestment risk introduced by a call provision.

Call swaption A swaption in which the buyer has the right to enter into a swap as a fixed-rate payer. The writer therefore becomes the fixed-rate receiver/floating rate payer. Callable A financial security such as a bond with a call option attached to it, i.e., the issuer has the right to call the security. Canadian agencies Agency banks established by Canadian banks in the U.S. Cap An upper limit on the interest rate on a floating-rate note. Capital Money invested in a firm. Capital budget A firm's set of planned capital expenditures. Cash The value of assets that can be converted into cash immediately, as reported by a company. Usually includes bank accounts and marketable securities, such as government bonds and Banker's Acceptances. Cash equivalents on balance sheets include securities (e.g., notes) that mature within 90 days. Cash budget A forecasted summary of a firm's expected cash inflows and cash outflows as well as its expected cash and loan balances. Cash and equivalentsThe value of assets that can be converted into cash immediately, as reported by a company. Usually includes bank accounts and marketable securities, such as government bonds and Banker's Acceptances.

Cash and carry. Purchase of a security and simultaneous sale of a future, with the balance being financed with a loan or repo

Cash flow In investments, it represents earnings before depreciation , amortization and non-cash charges. Sometimes called cash earnings. Cash flow from operations (called funds from operations ) by real estate and other investment trusts is important because it indicates the ability to pay dividends.

Car A loose quantity term sometimes used to describe a the amount of a commodity underlying one commodity contract; e.g., "a car of bellies." Derived from the fact that quantities of the product specified in a contract used to correspond closely to the capacity of a railroad car. Carry Related:net financing cost. Carring costs Costs that increase with increases in the level of investment in current assets. Carrying value Book value.



Clear A trade is carried out by the seller delivering securities and the buyer delivering funds in proper form. A trade that does not clear is said to fail.
Churning Excessive trading of a client's \ account in order to increase the broker's commissions. Circle Underwriters, actual or potential, often seek out and "circle" investor interest in a new issue before final pricing. The customer circled basically made a commitment to purchase the issue if it comes at an agreedupon price. In the latter case, if the price is other than that stipulated, the customer supposedly has first offer at the actual price. Circus swap A fixed rate currency swap against floating U.S. dollar LIBOR payments. Claim dilution A reduction in the likelihood one or more of the firm's claimants will be fully repaid, including time value of money considerations. Claimant A party to an explicit or implicit contract. Clean opinion An auditor's opinion reflecting an unqualified acceptance of a company's financial statements. Clean price Bond price excluding accrued interest. Clear A trade is carried out by the seller delivering securities and the buyer delivering funds in proper form. A trade that does not clear is said to fail. Clear a position To eliminate a long or short position, leaving no ownership or obligation. Clearing House Interbank Payments System (CHIPS) An international wire transfer system for high-value payments operated by a group of major banks.

‘’Joint account An agreement between two or more firms to share risk and financing responsibility in purchasing or underwriting securities.’’

Clearing member A member firm of a clearing house. Each clearing member must also be a member of the exchange. Not all members of the exchange, however, are members of the clearing organization. All trades of a nonclearing member must be registered with, and eventually settled through, a clearing member. Clearinghouse An adjunct to a futures exchange through which transactions executed its floor are settled by a process of matching purchases and sales. A clearing organization is also charged with the proper conduct of delivery procedures and the adequate financing of the entire operation. Clientele effect The grouping of investors who have a preference that the firm follow a particular financing policy, such as the amount of leverage it uses. Close, the The period at the end of the trading session. Sometimes used to refer to closing price. Related: Opening, the. Closed-end fund An investment company that sells shares


BUSINESSENGLISH February 6, 2012


A commodity is food, metal, or another physical substance that investors buy or sell, usually via futures contracts.
Collection float The negative float that is created between the time when you deposit a check in your account and the time when funds are made available. Collection fractions The percentage of a given month's sales collected during the month of sale and each month following the month of sale. Collection policy Procedures followed by a firm in attempting to collect accounts receivables. Collective wisdom The combination of all of the individual opinions about a stock's or security's value. Comanger A bank that ranks just below a lead manager in a syndicated Eurocredit or international bond issue. Comanagers may assist the lead manger bank in the pricing and issue of the instrument. Combination matching Also called horizon matching, a variation of multiperiod immunization and cash flow matching in which a portfolio is created that is always duration matched and also cash-matched in the first few years. Combination strategy A strategy in which a put and with the same strike price and expiration are either both bought or both sold. Related: Straddle Commercial draft Demand for payment. Commercial paper Short-term unsecured promissory notes issued by a corporation. The maturity of commercial paper is typically less than 270 days; the most common maturity range is 30 to 50 days or less. Commercial risk The risk that a foreign debtor will be unable to pay its debts because of business events, such as bankruptcy. Commission The fee paid to a broker to execute a trade, based on number of shares, bonds, options, and/or their dollar value. In 1975, deregulation led to the creation of discount brokers, who charge lower commissions than full service brokers. Full service brokers offer advice and usually have a full staff of analysts who follow specific industries. Discount brokers simply execute a client's order -and usually do not offer an opinion on a stock. Also known as a round-turn. Commission broker A broker on the floor of an exchange acts as agent for a particular brokerage house and who buys and sells stocks for the brokerage house on a commission basis. Commission house A firm which buys and sells future contracts for customer accounts. Related: futures commission merchant, omnibus account. Commitment A trader is said to have a commitment when he assumes the obligation to accept or make delivery on a futures contract. Related: Open interest Commitment fee A fee paid to a commercial bank in return for its legal commitment to lend funds that have not yet been advanced. Commodities Exchange Center (CEC) The location of five New York futures exchanges: Commodity Exchange, Inc. (COMEX), the New York Mercantile exchange (NYMEX), the New York Cotton Exchange.... Commodity A commodity is food, metal, or another physical substance that investors buy or sell, usually via futures contracts. Common market An agreement between two or more countries that permits the free movement of capital and labor as well as goods and services. Common stock These are securities that represent equity ownership in a company. Common shares let an investor vote on such matters as the election of directors. They also give the holder a share in a company's profits via dividend payments or the capital appreciation of the security. Common stock/other equity Value of outstanding common shares at par, plus accumulated retained earnings. Also called shareholders' equity. Common stock equivalent A convertible security that is traded like an equity issue because the optioned common stock is trading high. Common stock market The market for trading equities, not including preferred stock. Common stock ratios Ratios that are designed to measure the relative claims of stockholders to earnings (cash flow per share), and equity (book value per share) of a firm. Common-base-year analysis The representing of accounting information over multiple years as percentages of amounts in an initial year. Common-size analysis The representing of balance sheet items as percentages of assets and of income statement items as percentages of sales. Company-specific risk Related: Unsystematic risk Comparative credit analysis A method of analysis in which a firm is compared to others that have a desired target debt rating in order to infer an appropriate financial ratio target. Comparison universe The collection of money managers of similar investment style used for assessing relative performance of a portfolio manager.


BUSINESSENGLISH 2.0 February 6, 2012

Corporate charter A legal document creating a corporation.
Controller The corporate manager responsible for the firm's accounting activities. Convenience yield The extra advantage that firms derive from holding the commodity rather than the future. Convention statement An annual statement filed by a life insurance company in each state where it does business in compliance with that state's regulations. The statement and supporting documents show, among other things, the assets, liabilities, and surplus of the reporting company. Conventional mortgage A loan based on the credit of the borrower and on the collateral for the mortgage. Conventional pass-throughs Also called private-label pass-throughs, any mortgage pass-through security not guaranteed by government agencies. Compare agency pass-throughs. Conventional project A project with a negative initial cash flow (cash outflow), which is expected to be followed by one or more future positive cash flows (cash inflows). Convergence The movement of the price of a futures contract toward the price of the underlying cash commodity. At the start, the contract price is higher because of the time value. But as the contract nears expiration, the futures price and the cash price converge. Conversion factors Rules set by the Chicago Board of Trade for determining the invoice price of each acceptable deliverable Treasury issue against the Treasury Bond futures contract. Conversion parity price Related:Market conversion price Conversion premium The percentage by which the conversion price in a convertible security exceeds the prevailing common stock price at the time the convertible security is issued. Convertibility The degree of freedom to exchange a currency without government restrictions or controls. Convertible price The contractually specified price per share at which a convertible security can be converted into shares of common stock. Conversion ratio The number of shares of common stock that the security holder

will receive from exercising the call option of a convertible security. Conversion value Also called parity value, the value of a convertible security if it is converted immediately. Convertible bonds Bonds that can be converted into common stock at the option of the holder. Convertible eurobond A eurobond that can be converted into another asset, often through exercise of attached warrants. Convertible exchangeable preferred stock Convertible preferred stock that may be exchanged, at the issuer's option, into convertible bonds that have the same conversion features as the convertible preferred stock. Convertible preferred stock Preferred stock that can be converted into common stock at the option of the holder. Convertible security A security that can be converted into common stock at the option of the security holder, including convertible bonds and convertible preferred stock.

Counter trade The exchange of goods for other goods rather than for cash; barter.
Corporate finance One of the three areas of the discipline of finance. It deals with the operation of the firm (both the investment decision and the financing decision) from that firm's point of view. Corporate financial management The application of financial principals within a corporation to create and maintain value through decision making and proper resource management. Corporate financial planning Financial planning conducted by a firm that encompasses preparation of both longand short-term financial plans. Corporate processing float The time that elapses between receipt of payment from a customer and the depositing of the customer's check in the firm's bank account; the time required to process customer payments. Corporate tax view The argument that double (corporate and individual) taxation of equity returns makes debt a cheaper financing method. Corporate taxable equivalent Rate of return required on a par bond to produce the same after-tax yield to maturity that

the premium or discount bond quoted would. Corporation A legal "person" that is separate and distinct from its owners. A corporation is allowed to own assets, incur liabilities, and sell securities, among other things. Correlation See: Correlation coefficient. Correlation coefficient A standardized statistical measure of the dependence of two random variables, defined as the covariance divided by the standard deviations of two variables. Cost company arrangement Arrangement whereby the shareholders of a project receive output free of charge but agree to pay all operating and financing charges of the project. Cost of capital The required return for a capital budgeting project. Cost of carry Related: Net financing cost Cost of funds Interest rate associated with borrowing money. Cost of lease financing A lease's internal rate of return. Cost of limited partner capital The discount rate that equates the after-tax inflows with outflows for capital raised from limited partners.

Cramdown The ability of the bankruptcy court to confirm a plan of reorganization over the objections of some classes of creditors.
Cost-benefit ratio The net present value of an investment divided by the investment's initial cost. Also called

the profitability index. Counter trade The exchange of goods for other goods rather than for cash; barter. Counterpart items In the balance of payments, counterpart items are analogous to unrequited transfers in the current account. They arise because the double-entry system in balance of payments accounting and refer to adjustments in reserves owing to monetization or demonetization of gold, allocation or cancellation of SDRs, and revaluation of the various components of total reserves. Counterparties The parties to an interest rate swap. Counterparty Party on the other side of a trade or transaction.



Currency Money. Sp. Divisa

Currency arbitrage Taking advantage of divergences in exchange rates in different money markets by buying a currency in one market and selling it in another market. Currency basket The value of a portfolio of specific amounts of individual currencies, used as the basis for setting the market value of another currency. It is also referred to as a currency cocktail. Currency future A financial future contract for the delivery of a specified foreign currency. Currency option An option to buy or sell a foreign currency. Currency risk Related: Exchange rate risk Currency risk sharing An agreement by the parties to a transaction to share the currency risk associated with the transaction. The arrangement involves a customized hedge contract embedded in the underlying transaction. Currency selection Asset allocation in which the investor chooses among investments denominated in different currencies.Current issue In Treasury securities, the most recently auctioned issue. Trading is more active in current issues than in off-the-run issues. Current maturity Current time to maturity on an outstanding debt instrument. Current / noncurrent method Under this currency translation method, all of a

Default Failure to make timely payment of interest or principal on a debt security or to otherwise comply with the provisions of a bond indenture.
Sp. Lo que le pasaria a Grecia o Espana sis e salieran del Euro zona.

foreign subsidiary's current assets and liabilities are translated into home currency at the current exchange rate while noncurrent assets and liabilities are translated at the historical exchange rate, that is, the rate in effect at the time the asset was acquired or the liability incurred. Current rate method Under this currency translation method, all foreign currency balance-sheet and income statement items are translated at the current exchange rate. Current ratio Indicator of short-term debt paying ability. Determined by dividing current assets by current

liabilities. The higher the ratio, the more liquid the company. Current yield For bonds or notes, the coupon rate divided by the market price of the bond. Current-coupon issues Related: Benchmark issues Cushion bonds High-coupon bonds that sell at only at a moderate premium because they are callable at a price below that at which a comparable noncallable bond would sell. Cushion bonds offer considerable downside protection in a falling market. Custodial fees Fees charged by an government and mortgage-backed securities dealers. Debenture bond An unsecured bond whose holder has the claim of a general creditor on all assets of the issuer not pledged specifically to secure other debt. Compare subordinated debenture bond, and collateral trust bonds. Debt/equity ratio Indicator of financial leverage. Compares assets provided by creditors to assets provided by shareholders. Determined by dividing long-term debt by common stockholder equity. Debt capacity Ability to borrow. The amount a firm can borrow up to the point where the firm value no longer increases. Debt displacement The amount of

Dealer An entity that stands ready and willing to buy a security for its own account (at its bid price) or sell from its own account (at its ask price).
Dealer loan Overnight, collateralized loan made to a dealer financing his position by borrowing from a money market bank. Dealer market A market where traders specializing in particular commodities buy and sell assets for their own accounts. Dealer options Over-the-counter options, such as those offered by

Debt Money borrowed.


HOLLYWOODENGLISH 2.0 February 6, 2012

Devaluation A decrease in the spot price of the currency.
Deferred taxes A non-cash expense that provides a source of free cash flow. Amount allocated during the period to cover tax liabilities that have not yet been paid. Deferred-annuities Tax-advantaged life insurance product. Deferred annuities offer deferral of taxes with the option of withdrawing one's funds in the form of life annuity. Deficit An excess of liabilities over assets, of losses over profits, or of expenditure over income. Defined benefit plan A pension plan in which the sponsor agrees to make specified dollar payments to qualifying employees. The pension obligations are effectively the debt obligation of the plan sponsor. Related: defined contribution plan Defined contribution plan A pension plan in which the sponsor is responsible only for making specified contributions into the plan on behalf of qualifying participants. Related: defined benefit plan Delayed issuance pool Refers to MBSs that at the time of issuance were collateralized by seasoned loans originated prior to the MBS pool issue date. Deliverable instrument The asset in a forward contract that will be delivered in the future at an agree-upon price. Delivery The tender and receipt of an actual commodity or financial instrument in settlement of a futures contract. Delivery notice The written notice given by the seller of his intention to make delivery against an open, short futures position on a particular date. Related: notice day Delivery options The options available to the seller of an interest rate futures contract, including the quality option, the timing option, and the wild card option. Delivery options make the buyer uncertain of which Treasury Bond will be delivered or when it will be delivered. Delivery points Those points designated by futures exchanges at which the financial instrument or commodity covered by a futures contract may be delivered in fulfillment of such contract. Delivery price The price fixed by the Clearing house at which deliveries on futures are in invoiced; also the price at which the futures contract is settled when deliveries are made. Delivery versus payment A transaction in which the buyer's payment for securities is due at the time of delivery (usually to a bank acting as agent for the buyer) upon receipt of the securities. The payment may be made by bank wire, check, or direct credit to an account. Delta Also called the hedge ratio, the ratio of the change in price of a call option to the change in price of the underlying stock. Demand deposits Checking accounts that pay no interest and can be withdrawn upon demand. Demand line of credit A bank line of credit that enables a customer to borrow on a daily or ondemand basis. Demand master notes Short-term securities that are repayable immediately upon the holder's demand. Demand shock An event that affects the demand for goods in services in the economy. Dependent Acceptance of a capital budgeting project contingent on the acceptance of another project. Depository transfer check (DTC) Check made out directly by a local bank to a particular firm or person. Depository Trust Company (DTC) DTC is a userowned securities depository which accepts deposits of eligible securities for custody, executes bookentry deliveries and records book-entry pledges of securities in its custody, and provides for withdrawals of securities from its custody. Depreciate To allocate the purchase cost of an asset over its life. Depreciation A non-cash expense that provides a source of free cash flow. Amount allocated during the period to amortize the cost of acquiring Long term assets over the useful life of the assets. Depreciation tax shield The value of the tax writeoff on depreciation of plant and equipment. Derivative instruments Contracts such as options and futures whose price is derived from the price of the underlying financial asset. Derivative markets Markets for derivative instruments. Derivative security A financial security, such as an option, or future, whose value is derived in part from the value and characteristics of another security, the underlying security. Detachable warrant A warrant entitles the holder to buy a given number of shares of stock at a stipulated price. A detachable warrant is one that may be sold separately from the package it may have originally been issued with (usually a bond). Deterministic models Liability-matching models that assume that the liability payments and the asset cash flows are known with certainty. Related: Compare stochastic models Detrend To remove the general drift, tendency or bent of a set of statistical data as related to time. Devaluation A decrease in the spot price of the currency.


BUSINESSENGLISH February 6, 2012

Earning what a company or individual makes in assets, cash or equity...
By Trenz Pruca

Dividend discount model (DDM) A model for valuing the common stock of a company, based on the present value of the expected cash flows. Dividend growth model A model wherein dividends are assumed to be at a constant rate in perpetuity. Dividend limitation A bond covenant that restricts in some way the firm's ability to pay cash dividends. Dividend payout ratio Percentage of earnings paid out as dividends. Dividends per share Amount of cash paid to shareholders expressed as dollars per share. Dividend policy An established guide for the firm to determine the amount of money it will pay as dividends. Dividend rate The fixed or floating rate paid on preferred stock based on par value. Dividend reinvestment plan (DRP) Automatic reinvestment of shareholder dividends in more shares of a company's stock, often without commissions. Some plans provide for the purchase of additional shares at a discount to market price. Dividend reinvestment plans allow shareholders to accumulate stock over the Long term using dollar cost averaging. The DRP is usually administered by the company without charges to the holder. Dividend rights A shareholders' rights to receive per-share dividends identical to those other shareholders receive. Dividend yield (Funds) Indicated yield represents return on a share of a mutual fund held over the past 12 months. Assumes fund was purchased 1 year ago. Reflects effect of sales charges (at current rates), but not redemption charges. Dividend yield (Stocks) Indicated yield represents annual dividends divided by current stock price. Dividends per share Dividends paid for the past 12 months divided by the number of common shares outstanding, as reported by a company. The number of shares often is determined by a weighted average of shares outstanding over the reporting term. DM Deutsche (German) marks. Doctrine of sovereign immunity Doctrine that says a nation may not be tried in the courts of another country without its consent. Documented discount notes Commercial paper backed by normal bank lines plus a letter of credit from a bank stating that it will pay off the paper at maturity if the borrower does not. Such paper is also referred to as LOC (letter of credit) paper.

Dollar bonds Municipal revenue bonds for which quotes are given in dollar prices. Not to be confused with "U.S. Dollar" bonds, a common term of reference in the Eurobond market. Dollar duration The product of modified duration and the initial price. Dollar price of a bond Percentage of face value at which a bond is quoted. Dollar return The return realized on a portfolio for any evaluation period, including (1) the change in market value of the portfolio and (2) any distributions made from the portfolio during that period. Dollar roll Similar to the reverse repurchase agreement - a simultaneous agreement to sell a security held in a portfolio with purchase of a similar security at a future date at an agreed-upon price. Earning power Earnings before interest and taxes (EBIT) divided by total assets. Earnings Net income for the company during the period. Earnings before interest and taxes (EBIT) A financial measure defined as revenues less cost of goods sold and selling, general, and administrative expenses. In other words, operating and nonoperating profit before the deduction of interest and income taxes. Earnings per share (EPS) EPS, as it is called, is a company's profit divided by its number of outstanding shares. If a company earned $2 million in one year had 2 million shares of stock outstanding, its EPS would be $1 per share. The company often uses a weighted average of shares outstanding over the reporting term. Earnings retention ratio Plowback rate. Earnings surprises Positive or negative differences from the consensus forecast of earnings by institutions such as First Call or IBES. Negative earnings surprises generally have a greater adverse affect on stock prices than the reciprocal positive earnings surprise on stock prices. Earnings yield The ratio of earnings per share after allowing for tax and interest payments on fixed interest debt, to the current share price. The inverse of the price/earnings ratio. It's the Total Twelve Months earnings divided by number of outstanding shares, divided by the recent price, multiplied by 100. The end result is shown in percentage. Economic assumptions Economic environment in which the firm expects to reside over the life of the


COLINRIVAS February 6, 2012

The Exchange A nickname for the New York stock exchange

Embedded option An option that is part of the structure of a bond that provides either the bondholder or issuer the right to take some action against the other party, as opposed to a bare option, which trades separately from any underlying security. Emerging markets The financial markets of developing economies. Employee stock fund A firm-sponsored program that enables employees to purchase shares of the firm's common stock on a preferential basis. Employee stock ownership plan (ESOP) A company contributes to a trust fund that buys stock on behalf of employees. Endogenous variable A value determined within the context of a model. Endowment funds Investment funds established for the support of institutions such as colleges, private schools, museums, hospitals, and foundations. The investment income may be used for the operation of the institution and for capital expenditures.

of countries, and (3) issued outside the jurisdiction of any single country. Eurocredits Intermediate-term loans of Eurocurrencies made by banking syndicates to corporate and government borrowers. Eurocurrency deposit A short-term fixed rate time deposit denominated in a currency other than the local currency (i.e. US$ deposited in a London bank). Eurocurrency market The money market for borrowing and lending currencies that are held in the form of deposits in banks located outside the countries of the currencies issued as legal tender. Eurodollar This is an American dollar that has been deposited in a European bank or an U.S. bank branch located in Europe. It got there as a result of payments made to overseas companies for merchandise. Eurodollar bonds Eurobonds denominated in U.S.dollars.

Equity Represents ownership interest in a firm. Also the residual dollar value of a futures trading account, assuming its liquidation at the going market price.

Erosion An innovation that has a negative impact on one or more of a firm's existing assets. Ethics Standards of conduct or moral judgement. Euro CDs CDs issued by a U.S. bank branch or foreign bank located outside the U.S. Almost all Euro CDs are issued in London. Euro lines Lines of credit granted by banks (foreign or foreign branches of U.S. banks) for Eurocurrencies. Euro straight A fixed-rate coupon Eurobond. Eurobank A bank that regularly accepts foreign currency denominated deposits and makes foreign currency loans. Eurobond A bond that is (1) underwritten by an international syndicate, (2) offered at issuance simultaneously to investors in a number

Equilibrium rate of interest The interest rate that clears the market. Also called the market-clearing interest rate. Equipment trust certificates Certificates issued by a trust that was formed to purchase an asset and lease it to a lessee. When the last of the certificates has been repaid, title of ownership of the asset reverts to the lessee. Equity cap An agreement in which one party, for an upfront premium, agrees to compensate the other at specific time periods if a designated stock market benchmark is greater than a predetermined level. Equity claim Also called a residual claim, a claim to a share of earnings after debt obligation have been satisfied. Equity collar The simultaneous purchase of an equity floor and sale of an equity cap. Equity contribution agreement An agreement to contribute equity to a project under certain specified conditions. Euroclear One of two Equity floor An agreement in which one principal clearing systems in the Eurobond party agrees to pay the other at specific time periods if a specific stock market market. It began benchmark is less than a predetermined operations in 1968, is located in Brussels, and level. Equity kicker Used to refer to warrants is managed by Morgan because they are usually issued attached Guaranty Bank. to privately placed bonds. Equity market Related:Stock market End-of-year convention Treating cash flows as if they occur at the end of a year Equity multiplier Total assets divided as opposed to the date convention. Under by total common stockholders' equity; the amount of total assets per dollar of the end-of-year convention, the present stockholders' equity. is time 0, the end of year 1 occurs one Equity options Securities that give the year hence, holder the right to buy or sell a specified etc. number of shares of stock, at a specified Enhanced indexing Also called price for a certain (limited) time period. indexing plus, an indexing strategy whose objective is to exceed or replicate Typically one option equals 100 shares of stock. the total return performance of some Equity swap A swap in which the cash predetermined index. Enhancement An innovation that has a flows that are exchanged are based on the total return on some stock market positive impact on one or more of a index and an interest rate (either a fixed firm's existing products. Equilibrium market price of risk The rate or a floating rate). Related: interest rate swap. Equityholders Those holding slope of the capital market line (CML). shares of the firm's equity. Event risk Since the CML represents the return The risk that the ability of an issuer to offered to compensate for a perceived make interest and principal payments level of risk, each point on the line is a will change because of rare, balanced market condition, or discontinuous, and very large, equilibrium. The slope of the line determines the additional return needed unanticipated changes in the market environment to compensate for a unit change in risk.



Extinguish Retire or pay off debt.
Expectations hypothesis theories Theories of the Exchange of assets Acquisition of another term structure of interest rates which include the company by purchase of its assets in exchange for pure expectations theory, the liquidity theory of the cash or stock. Exchange of stock Acquisition of term structure, and the preferred habitat theory. another company by purchase of its stock in These theories hold that each forward rate equals exchange for cash or shares. the expected future interest rate for the relevant Exchange offer An offer by the firm to give one period. These three theories differ, however, on security, such as a bond or preferred stock, in whether other factors also affect forward rates, and exchange for another security, such as shares of how. common stock. Expectations theory of forward exchange rates Exchange rate The price of one country's currency A theory of foreign exchange rates that holds that expressed in another country's currency. Exchange the expected future spot foreign exchange rate t Rate Mechanism (ERM) The methodology by periods in the future equals the current t-period which members of the EMS maintain their forward exchange rate. currency exchange rates within an agreed upon Expected future cash flows Projected future cash range with respect to other member countries. flows associated with an asset of decision. Exchange rate risk Also called currency risk, the Expected future return The return that is expected risk of an investment's value changing because of to be earned on an asset in the future. Also called currency exchange rates. the Exchange risk The variability of a firm's value that expected return. results from unexpected exchange rate changes or Expected return The return expected on a risky the extent to which the present value of a firm is asset based on a probability distribution for the expected to change as a result of a given currency's possible rates of return. Expected return equals appreciation or depreciation. some risk free rate (generally the prevailing U.S. Exchangeable Security Security that grants the Treasury note or bond rate) plus a risk premium (the security holder the right to exchange the security for difference between the historic market return, based the common stock of a firm other than the issuer of upon a well diversified index such as the S&P500 the security. and historic U.S. Treasury bond) multiplied by the Exclusionary self-tender The firm makes a tender assets beta. offer for a given amount of its own stock while Expected return on investment The return one can excluding targeted stockholders. expect to earn on an investment. See: capital asset Execution The process of completing an order to pricing model. buy or sell securities. Once a trade is executed, it is Expected return-beta relationship Implication of reported by a Confirmation Report; settlement the CAPM that security risk premiums will be (payment and transfer of ownership) occurs in the proportional to beta. U.S. between 1 (mutual funds) and 5 (stocks) days Expected value The weighted average of a after an order is executed. Settlement times for probability distribution. Expected value of perfect exchange listed stocks are in the process of being information The expected value if the future reduced to three days in the U. S. uncertain outcomes could be known Execution costs The difference between the minus the expected value with no additional execution price of a security and the price that information. would have existed in the absence of a trade, which Face value See: Par value. Que es un hecho o es can be further divided into market impact costs and verdad absoluta. market timing costs. Exercise To implement the Factor A financial institution that buys a firm's right of the holder of an option to buy (in the case accounts receivables and collects the debt. of a call) or sell (in the case of a put) the underlying Factor analysis A statistical procedure that seeks to security. explain a certain phenomenon, such as the return on Exercise price The price at which the underlying a common stock, in terms of the behavior of a set of future or options contract may be bought or sold. predictive factors. Exercise value The amount of advantage over a Factor model A way of decomposing the factors current market transaction provided by an in-thethat influence a security's rate of return into money common and firm-specific influences. option. Exercising the option The act buying or Factor portfolio A well-diversified portfolio selling the underlying asset via the option contract. constructed to have a beta of 1.0 on one factor and a Exogenous variable A variable whose value is beta of zero on any other factors. determined outside the model in which it is used. Factoring Sale of a firm's accounts receivable to a Also called a parameter. financial institution known as a factor. Fail A trade


MONEYMATTERS February 6, 2012


money Nonconvertible paper money.
The Federal Home Loan Banks play a role analogous to that played by the Federal Reserve Banks vis-à-vis member commercial banks. Federal Reserve System The central bank of the U.S., established in 1913, and governed by the Federal Reserve Board located in Washington, D.C. The system includes 12 Federal Reserve Banks. Federally related institutions Arms of the federal government that are exempt from SEC registration and whose securities are backed by the full faith and credit of the U.S. government (with the exception of the Tennessee Valley Authority). Fedwire A wire transfer system for high-value payments operated by the Federal Reserve System. FHA prepayment experience The percentage of loans in a pool of mortgages outstanding at the origination anniversary, based on annual statistical historic survival rates for FHA-insured mortgages. Fiat money Nonconvertible paper money. Financial planning The process of evaluating the investing and financing options available to a firm. It includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against that plan. Financial press That portion of the media devoted to reporting financial news. Financial ratio The result of dividing one financial statement item by another. Financial risk The risk that the cash flow of an issuer will not be adequate to meet its financial obligations. Also referred to as the additional risk that a firm's stockholder bears when the firm utilizes debt and equity. Financing decisions Decisions concerning the liabilities and stockholders' equity side of the firm's balance sheet, such as the decision to issue bonds. Firm Refers to an order to buy or sell that can be

Feasible portfolio A portfolio that an investor can construct given the assets available. Feasible set of portfolios The collection of all feasible portfolios. Feasible target payout ratios Payout ratios that are consistent with the availability of excess funds to make cash dividend payments. Federal agency securities Securities issued by corporations and agencies created by the U.S. government, such as the Federal Home Loan Bank Board and Ginnie Mae. Federal credit agencies Agencies of the federal government set up to supply credit to various classes of institutions and individuals, e.g. S&Ls, small business firms, students, farmers, and exporters. Federal Deposit Insurance Corporation (FDIC) A federal institution that insures bank deposits. Federal Financing Bank A federal institution that lends to a wide array of federal credit agencies funds it obtains by borrowing from the U.S. Treasury. Federal funds Non-interest bearing deposits held in reserve for depository institutions at their district Federal Reserve Bank. Also, excess reserves lent by banks to each other. Federal funds market The market where banks can borrow or lend reserves, allowing banks temporarily short of their required reserves to borrow reserves from banks that have excess reserves. Federal funds rate This is the interest rate that banks with excess reserves at a Federal Reserve district bank charge other banks that need overnight loans. The Fed Funds rate, as it is called, often points to the direction of U.S. interest rates. Federal Home Loan Banks The institutions that regulate and lend to savings and loan associations.
Figuring the tail Calculating the yield at which a future money market (one available some period hence) is purchased when that future security is created by buying an existing instrument and financing the initial portion of its life with a term repo.



Forward delivery

A transaction in which the settlement will occur on a specified date in the future at a price agreed upon on the trade date.
Fixed-dates In the Euromarket the standard periods for which Euros are traded (1 month out to a year out) are referred to as the fixed dates. Fixed-dollar obligations Conventional bonds for which the coupon rate is set as a fixed percentage of the par value. Fixed-dollar security A nonnegotiable debt security that can be redeemed at some fixed price or according to some schedule of fixed values, e.g., bank deposits and government savings bonds. Fixed-exchange rate A country's decision to tie the value of its currency to another country's currency, gold (or another commodity), or a basket of currencies. Fixed-income equivalent Also called a busted convertible, a convertible security that is trading like a straight security because the optioned common stock is trading low. Fixed-income instruments Assets that pay a fixed-dollar amount, such as bonds and preferred stock. Fixed-income market The market for trading bonds and preferred stock. Fixed price basis An offering of securities at a fixed price. Fixed-price tender offer A one-time offer to purchase a stated number of shares at a stated fixed price, usually a premium to the current market price. Fixed-rate loan A loan on which the rate paid by the borrower is fixed for the life of the loan. Fixed-rate payer In an interest rate swap the counterparty who pays a fixed rate, usually in exchange for a floating-rate payment. Flat benefit formula Method used to determine a participant's benefits in a defined benefit plan by multiplying months of service by a flat monthly benefit. Flat price risk Taking a position either long or short that does not involve spreading. Flat trades (1) A bond in default trades flat; that is, the price quoted covers both principal and unpaid, accrued interest. (2) Any security that trades without accrued interest or at a price that includes accrued interest is said to trade flat. Flattening of the yield curve A change in the yield curve where the spread between the yield on a long-term and shortterm Treasury has decreased. Compare steepening of the yield curve and butterfly shift. Flat price (also clean price) The quoted newspaper price of a bond that does not include accrued interest. The price paid by purchaser is the full price. Flight to quality The tendency of investors to move towards safer, government bonds during periods of high economic uncertainty. Flip-flop note Note that allows investors to switch between two different types of debt. Forward interest rate Interest rate fixed today on a loan to be made at some future date. Forward market A market in which participants agree to trade some commodity, security, or foreign exchange at a fixed price for future delivery. Forward premium A currency trades at a forward premium when its forward price is higher than its spot price. Forward rate A projection of future interest rates calculated from either the spot rates or the yield curve. Forward rate agreement (FRA) Agreement to borrow or lend at a specified future date at an interest rate that is fixed today. Forward sale A method for hedging price risk which involves an agreement between a lender and an investor to sell particular kinds of loans at a specified price and future time. Forward trade A transaction in which the settlement will occur on a specified date in the future at a price agreed upon the trade date. Fourth market Direct trading in exchange-listed securities between investors without the use of a broker. Freddie Mac (Federal Home Loan Mortgage Corporation) A Congressionally chartered corporation that purchases residential mortgages in the secondary market from S&Ls, banks, and mortgage bankers and securitizes these mortgages for sale into the capital markets. Free cash flows Cash not required for operations or for reinvestment. Often defined as earnings before interest (often obtained from operating income line on the income statement) less capital expenditures less the change in working capital. Free float An exchange rate system characterized by the absence of government intervention. Also known as clean float. Free on board Implies that distributive services like transport and handling performed on goods up to the customs frontier of the economy from which the goods are classed as merchandise. Free reserves Excess reserves minus member bank borrowings at the Fed. Free rider A follower who avoids the cost and expense of finding the best course of action and by simply mimicking the behavior of a leader who made these investments. Future A term used to designate all contracts covering the sale of financial instruments or physical commodities for future delivery on a commodity exchange. Future investment opportunities The options to identify additional, more valuable investment opportunities in the future that result from a current opportunity or operation. Future value The amount of cash at a specified date in the future that is equivalent in value to a specified sum today. Futures A term used to designate all contracts covering the sale of financial instruments or physical commodities for future delivery on a commodity exchange. Futures contract multiple A constant, set by an exchange, which when multiplied by the futures price gives the dollar value of a stock index futures contract. Futures market A market in which contracts for future delivery of a commodity or a security are bought or sold. Futures option An option on a futures contract. Related: options on physicals. Futures price The price at which the parties to a futures contract agree to transact on the settlement date.Gamma The ratio of a change in the option delta to a small change in the price of the asset on which the option is written.


BUSINESSMANUAL2.0 February 6, 2012

Globalization Tendency toward a worldwide investment environment, and the integration of national capital
Generic Refers to the characteristics and/or experience of the total universe of a coupon of MBS sector type; that is, in contrast to a specific pool or collateral group, as in a specific CMO issue. Geographic risk Risk that arises when an issuer has policies concentrated within certain geographic areas, such as the risk of damage from a hurricane or an earthquake. Geometric mean return Also called the time weighted rate of return, a measure of the compounded rate of growth of the initial portfolio market value during the evaluation period, assuming that all cash distributions are reinvested in the portfolio. It is computed by taking the geometric average of the portfolio subperiod returns. Gestation repo A reverse repurchase agreement between mortgage firms and securities dealers. Under the agreement, the firm sells federal agency-guaranteed MBS and simultaneously agrees to repurchase them at a future date at a fixed price. Gilts British and Irish government securities. Ginnie Mae See:Government National Mortgage Association. Give up The loss in yield that occurs when a block of bonds is swapped for another block of lower-coupon bonds. Can also be referred to as "after-tax give up" when the implications of the profit or loss on taxes are considered. Glass-Steagall Act A 1933 act in which Congress forbade commercial banks to own, underwrite, or deal in corporate stock and corporate bonds. Global bonds Bonds that are designed so as to qualify for immediate trading in any domestic capital market and in the Euromarket. Global fund A mutual fund that can invest anywhere in the world, including the U.S. Globalization Tendency toward a worldwide investment environment, and the integration of national capital markets. Go-around When the Fed offers to buy securities, to sell securities, to do repo, or to do reverses, it solicits competitive bids or offers from all primary dealers. Going-private transactions Publicly owned stock in a firm is replaced with complete equity ownership by a private group. The shares are delisted from stock exchanges and can no longer be purchased in the open markets. Gold exchange standard A system of fixing exchange rates adopted in the Bretton Woods agreement. It involved the U.S. pegging the dollar to gold and other countries pegging their currencies to the dollar. Gold standard An international monetary system in which currencies are defined in terms of their gold content and payment imbalances between countries are settled in gold. It was in effect from about 1870-1914. Golden parachute Compensation paid to top-level management by a target firm if a takeover occurs. Good delivery A delivery in which everything - endorsement, any necessary attached legal papers, etc. - is in order. Good delivery and settlement procedures Refers to PSA Uniform Practices such as cutoff times on delivery of securities and notification, allocation, and proper endorsement. Good 'til canceled Sometimes simply called "GTC", it means an order to buy or sell stock that is good until you cancel it. Brokerages usually set a limit of 30-60 days, at which the GTC expires if not restated. Goodwill Excess of the purchase price over the fair market value of the net assets acquired under purchase accounting. Government bond See: Government securities. Government National Mortgage Association (Ginnie Mae) A wholly owned U.S. government corporation within the Department of Housing & Urban Development. Ginnie Mae guarantees the timely payment of principal and interest on securities issued by approved servicers that are collateralized by FHA-issued, VA- guaranteed, or Farmers Home Administration (FmHA)-guaranteed mortgages. Government sponsored enterprises Privately owned, publicly chartered entities, such as the Student Loan Marketing Association, created by Congress to reduce the cost of capital for certain borrowing sectors of the economy including farmers, homeowners, and students. Government securities Negotiable U.S. Treasury securities. Grantor trust A mechanism of issuing MBS wherein the mortgages' collateral is deposited with a trustee under a custodial or trust agreement. Gray market Purchases and sales of eurobonds that occur before the issue price is finally set. Greenmail Situation in which a large block of stock is held by an unfriendly company, forcing the target company to repurchase the stock at a substantial premium to prevent a takeover. Gross domestic product (GDP) The market value of goods and services produced over time including the income of foreign corporations and foreign residents working in the U.S., but excluding the income of U.S. residents and corporations overseas. Gross interest Interest earned before taxes Growth rates Compound annual growth rate for the number of full fiscal years shown. Haircut The margin or difference between the actual market value of a security and the value assessed by the lending side of a transaction (ie. a repo). Handle The whole-dollar price of a bid or offer is referred to as the handle (ie. if a security is quoted at 101.10 bid and 101.11 offered, 101 is the handle). Traders are assumed to know the handle. Hard capital rationing Capital rationing that under no circumstances can be violated. Hard currency A freely convertible currency that is not expected to depreciate in value in the foreseeable future. Harmless warrant Warrant that allows the user to purchase a bond only by surrendering an existing bond with similar terms. Head & shoulders In technical analysis, a chart formation in which a stock price reaches a peak and declines, rises above its former peak and again declines and rises again but not to the second peak and then again declines. The first and third peaks are shoulders, while the second peak is the formation's head. Hedge A transaction that reduces the risk of an investment. Hedge fund A fund that may employ a variety of techniques to enhance returns, such as both buying and shorting stocks based on a valuation model.



streamlining Design or provide with a form that presents very little resistance to a flow of air or water, increasing speed and ease of movement. Make (an organization or system) more efficient and effective by employing faster or simpler working methods.
Hit A dealer who agrees to sell at the bid price quoted by another dealer is said to "hit" that bid. Holder-of-record date The date on which holders of record in a firm's stock ledger are designated as the recipients of either dividends or stock rights. Also called date of record. Holding company A corporation that owns enough voting stock in another firm to control management and operations by influencing or electing its board of directors. Holding period Length of time that an individual holds a security. Holding period return The rate of return over a given period. Homemade dividend Sale of some shares of stock to get cash that would be similar to receiving a cash dividend. Homemade leverage Idea that as long as individuals borrow (or lend) on the same terms as the firm, they can duplicate the affects of corporate leverage on their own. Thus, if levered firms are priced too high, rational investors will simply borrow on personal accounts to buy shares in unlevered firms. Homogeneity The degree to which items are similar. Homogeneous Exhibiting a high degree of homogeneity. Homogenous expectations assumption An assumption of Markowitz portfolio construction that investors have the same expectations with respect to the inputs that are used to derive efficient portfolios: asset returns, variances, and covariances. Horizon analysis An analysis of returns using total return to assess performance over some investment horizon. Horizon return Total return over a given horizon. Horizontal acquisition Merger between two companies producing similar goods or services. Horizontal analysis The process of dividing each expense item of a given year by the same expense item in the base year. This allows for the exploration of changes in the relative importance of expense items over time and the behavior of expense items as sales change. Horizontal merger A merger involving two or more firms in the same industry that are both at the same stage in the production cycle; that is two or more competitors. Horizontal spread The simultaneous purchase and sale of two options that differ only in their exercise date. Host security The security to which a warrant is attached. Hot money Money that moves across country borders in response to interest rate differences and that moves away when the interest rate differential disappears. Hubris An arrogance due to excessive pride and an insolence toward others. Human capital The unique capabilities and expertise of individuals. Hurdle rate The required return in capital budgeting. Hybrid A package containing two or more different kinds of risk management instruments that are usually interactive. Hybrid security A convertible security whose optioned common stock is trading in a middle range, causing the convertible security to trade with the characteristics of both a fixed-income security and a common stock instrument. Idiosyncratic Risk Unsystematic risk or risk that is uncorrelated to the overall market risk. In other words, the risk that is firm specific and can be diversified through holding a portfolio of stocks. Immediate settlement Delivery and settlement of securities within five business days. Immunization The construction of an asset and a liability that are subject to offsetting changes in value. Immunization strategy A bond portfolio strategy whose goal is to eliminate the portfolio's risk against a general change in the rate of interest through the use of duration. Implied call The right of the homeowner to prepay, or call, the mortgage at any time. Implied repo rate The rate that a seller of a futures contract can earn by buying an issue and then delivering it at the settlement date. Related: cheapest to deliver issue Implied volatility The expected volatility in a stock's return derived from its option price, maturity date, exercise price, and riskless rate of return, using an optionpricing model such as Black/Scholes. Import-substitution development strategy A development strategy followed by many Latin American countries and other LDCs that emphasized import substitution - accomplished through protectionism - as the route to economic growth. Imputation tax system Arrangement by which investors who receive a dividend also receive a tax credit for corporate taxes that the firm has paid. Income beneficiary One who receives income from a trust. Income bond A bond on which the payment of interest is contingent on sufficient earnings. These bonds are commonly used during the reorganization of a failed or failing business. Income fund A mutual fund providing for liberal current income from investments. Income statement (statement of operations) A statement showing the revenues, expenses, and income (the difference between revenues and expenses) of a corporation over some period of time. Income stock Common stock with a high dividend yield and few profitable investment opportunities. Incremental cash flows Difference between the firm's cash flows with and without a project. Incremental costs and benefits Costs and benefits that would occur if a particular course of action were taken compared to those that would occur if that course of action were not taken. Incremental internal rate of return IRR on the incremental investment from choosing a large project instead of a smaller project. Indenture Agreement between lender and borrower which details specific terms of the bond issuance. Specifies legal obligations of bond issuer and rights of bondholders.



Inflation the result of the rising value of money and available goods which raises the rate of general level of prices for goods and services. This is caused by printing too much money...
Index fund Investment fund designed to match the returns on a stockmarket index. Index model A model of stock returns using a market index such as the S&P 500 to represent common or systematic risk factors. Index option A call or put option based on a stock market index. Index warrant A stock index option issued by either a corporate or sovereign entity as part of a security offering, and guaranteed by an option clearing corporation. Indexed bond Bond whose payments are linked to an index, e.g. the consumer price index. Indexing A passive instrument strategy consisting of the construction of a portfolio of stocks designed to track the total return performance of an index of stocks. Indicated dividend Total amount of dividends that would be paid on a share of stock over the next 12 months if each dividend were the same amount as the most recent dividend. Usually represent by the letter "e" in stock tables. Indicated yield The yield, based on the most recent quarterly rate times four. To determine the yield, divide the annual dividend by the price of the stock. The resulting number is represented as a percentage. See: dividend yield. Indifference curve The graphical expression of a utility function, where the horizontal axis measures risk and the vertical axis measures expected return. The curve connects all portfolios with the same utilities according to γ and σ . Indirect quote For foreign exchange, the number of units of a foreign currency needed to buy one U.S.$. Inductive reasoning The attempt to use information about a specific situation to draw a conclusion. Industry The category describing a company's primary business activity. This category is usually determined by the largest portion of revenue. Industrial revenue bond (IRB) Bond issued by local government agencies on behalf of corporations. Inflation The rate at which the general level of prices for goods and services is rising. Inflation risk Also called purchasing-power risk, the risk that changes in the real return the investor will realize after adjusting for inflation will be negative. Inflation uncertainty The fact that future inflation rates are not known. It is a possible contributing factor to the makeup of the term structure of interest rates. Inflation-escalator clause A clause in a contract providing for increases or decreases in inflation based on fluctuations in the cost of living, production costs, and so forth. Institutionalization The gradual domination of financial markets by institutional investors, as opposed to individual investors. This process has occurred throughout the industrialized world. Instruments Financial securities, such as money market instruments or capital market insturments. Insurance principle The law of averages. The average outcome for many independent trials of an experiment will approach the expected value of the experiment. Insured bond A municipal bond backed both by the credit of the municipal issuer and by commercial insurance policies. Insured plans Defined benefit pension plans that are guaranteed by life insurance products. Related: non- insured plans Intangible asset A legal claim to some future benefit, typically a claim to future cash. Goodwill, intellectual property, patents, copyrights, and trademarks are examples of intangible assets. Integer programming Variant of linear programming whereby the solution values must be integers. Intercompany loan Loan made by one unit of a corporation to another unit of the same corporation. Intercompany transaction Transaction carried out between two units of the same corporation. Interest The price paid for borrowing money. It is expressed as a percentage rate over a period of time and reflects the rate of exchange of present consumption for future consumption. Also, a share or title in property. Interest coverage ratio The ratio of the earnings before interest and taxes to the annual interest expense. This ratio measures a firm's ability to pay interest. Interest coverage test A debt limitation that prohibits the issuance of additional long-term debt if the issuer's interest coverage would, as a result of the issue, fall below some specified minimum. Interest equalization tax Tax on foreign investment by residents of the U.S. which was abolished in 1974. Interest payments Contractual debt payments based on the coupon rate of interest and the principal amount. Interest on interest Interest earned on reinvestment of each interest payment on money invested. See: compound interest. Interest-only strip (IO) A security based solely on the interest payments form a pool of mortgages, Treasury bonds, or other bonds. Once the principal on the mortgages or bonds has been repaid, interest payments stop and the value of the IO falls to zero. Interest rate agreement An agreement whereby one party, for an upfront premium, agrees to compensate the other at specific time periods if a designated interest rate (the reference rate) is different from a predetermined level (the strike rate). Interest rate cap Also called an interest rate ceiling, an interest rate agreement in which payments are made when the reference rate exceeds the strike rate. Interest rate ceiling Related: interest rate cap. Interest rate floor An interest rate agreement in which payments are made when the reference rate falls below the strike rate. Interest rate on debt The firm's cost of debt capital. Interest subsidy A firm's deduction of the interest payments on its debt from its earnings before it calculates its tax bill under current tax law. Interest tax shield The reduction in income taxes that results from the tax-deductibility of interest payments. Intermarket sector spread The spread between the interest rate offered in two sectors of the bond market for issues of the same maturity. Intermarket spread swaps An exchange of one bond for another based on the manager's projection of a realignment of spreads between sectors of the bond market.



Investor The owner of a financial asset
International diversification The attempt to reduce risk by investing in the more than one nation. By diversifying across nations whose economic cycles are not perfectly correlated, investors can typically reduce the variability of their returns. International finance subsidiary A subsidiary incorporated in the U.S., usually in Delaware, whose sole purpose was to issue debentures overseas and invest the proceeds in foreign operations, with the interest paid to foreign bondholders not subject to U.S. withholding tax. The elimination of the corporate withholding tax has ended the need for this type of subsidiary. International Fisher effect States that the interest rate differential between two countries should be an unbiased predictor of the future change in the spot rate. International fund A mutual fund that can invest only outside the United States. International market Related: See external market. International Monetary Fund An organization founded in 1944 to oversee exchange arrangements of member countries and to lend foreign currency reserves to members with shortterm balance of payment problems. International Monetary Market (IMM) A division of the CME established in 1972 for trading financial futures. Related: Chicago Mercantile Exchange (CME). In-the-money A put option that has a strike price higher than the underlying futures price, or a call option with a strike price lower than the underlying futures price. For example, if the March COMEX silver futures contract is trading at $6 an ounce, a March call with a strike price of $5.50 would be considered inthe-money by $0.50 an ounce. Related: put. Intramarket sector spread The spread between two issues of the same maturity within a market sector. For instance, the difference in interest rates offered for five-year industrial corporate bonds and five-year utility corporate bonds. Intrinsic value of an option The amount by which an option is in-the-money. An option which is not in-the- money has no intrinsic value. Related: in-the-money. Intrinsic value of a firm The present value of a firm's expected future net cash flows discounted by the required rate of return. Inventory For companies: Raw materials, items available for sale or in the process of being made ready for sale. They can be individually valued by several different means, including cost or current market value, and collectively by FIFO, LIFO or other techniques. The lower value of alternatives is usually used to preclude overstating earnings and assets. For security firms: securities bought and held by a broker or dealer for resale. Inventory loan A secured short-term loan to purchase inventory. The three basic forms are a blanket inventory lien, a trust receipt, and field warehousing financing. Inventory turnover The ratio of annual sales to average inventory which measures the speed that inventory is produced and sold. Low turnover is an unhealthy sign, indicating excess stocks and/or poor sales. Inverse floating rate note A variable rate security whose coupon rate increases as a benchmark interest rate declines. Investment bank Financial intermediaries who perform a variety of services, including aiding in the sale of securities, facilitating mergers and other corporate reorganizations, acting as brokers to both individual and institutional clients, and trading for their own accounts. Underwriters. Investment income The revenue from a portfolio of invested assets. Investment management Also called portfolio management and money management, the process of managing money. Investment manager Also called a portfolio manager and money manager, the individual who manages a portfolio of investments. Investment product line (IPML) The line of required returns for investment projects as a function of beta (nondiversifiable risk).Investment tax credit Proportion of new capital investment that can be used to reduce a company's tax bill (abolished in 1986). Investment trust A closed-end fund regulated by the Investment Company Act of 1940. These funds have a fixed number of shares which are traded on the secondary markets similarly to corporate stocks. The market price may exceed the net asset value per share, in which case it is considered at a "premium." When the market price falls below the NAV/share, it is at a "discount." Many closed-end funds are of a specialized nature, with the portfolio representing a particular industry, country, etc. These funds are usually listed on US and foreign exchanges. Investment value Related:straight value. Investments As a discipline, the study of financial securities, such as stocks and bonds, from the investor's viewpoint. This area deals with the firm's financing decision, but from the other side of the transaction. Investor fallout In the mortgage pipeline, risk that occurs when the originator commits loan terms to the borrowers and gets commitments from investors at the time of application, or if both sets of terms are made at closing. Investor relations The process by which the corporation communicates with its investors. Investor's equity The balance of a margin account. Related: buying on margin, initial margin requirement. Invoice Bill written by a seller of goods or services and submitted to the purchaser. Invoice billing Billing system in which the invoices are sent off at the time of customer orders are all separate bills to be paid. Invoice date Usually the date when goods are shipped. Payment dates are set relative to the invoice date. Invoice price The price that the buyer of a futures contract must pay the seller when a Treasury Bond is delivered. Issue A particular financial asset. Issued share capital Total amount of shares that are in issue. Related: outstanding shares. Issuer An entity that issues a financial asset. Joint account An agreement between two or more firms to share risk and financing responsibility in purchasing or underwriting securities. Jumbo loan Loans of $1 billion or more. Or, loans that exceed the statutory size limit eligible for purchase or securitization by the federal agencies. Junk bond A bond with a speculative credit rating of BB (S&P) or Ba (Moody's) or lower is a junk or high yield bond. Such bonds offer investors higher yields than bonds of financially sound companies. Two agencies, Standard & Poors and Moody's investor Services, provide the rating systems for companies' credit.


BOOKIESBETS February 6, 2012

Letter of credit (L/C) A form of guarantee of payment issued by a bank used to guarantee the payment of interest and repayment of principal on bond issues.
Ledger cash A firm's cash balance as reported in its financial statements. Also called book cash. Legal capital Value at which a company's shares are recorded in its books. Legal bankruptcy A legal proceeding for liquidating or reorganizing a business. Legal defeasance The deposit of cash and permitted securities, as specified in the bond indenture, into an irrevocable trust sufficient to enable the issuer to discharge fully its obligations under the bond indenture. Legal investments Investments that a regulated entity is permitted to make under the rules and regulations that govern its investing. Lend To provide money temporarily on the condition that it or its equivalent will be returned, often with an interest fee. Lessee An entity that leases an asset from another entity. Lessor An entity that leases an asset to another entity. Letter of comment A communication to the firm from the SEC that suggests changes to its registration statement. Letter of credit (L/C) A form of guarantee of payment issued by a bank used to guarantee the payment of interest and repayment of principal on bond issues. Letter stock Privately placed common stock, so-called because the SEC requires a letter from the purchaser stating that the stock is not intended for resale. Level pay The characteristic of the scheduled principal and interest payments due under a mortgage such that total monthly payment of P&I is the same while characteristically the principal payment component of the monthly payment becomes gradually greater while the monthly interest payment becomes less. Level-coupon bond Bond with a stream of coupon payments that are the same throughout the life of the bond. Leverage The use of debt financing. Leverage clientele A group of shareholders who, because of their personal leverage, seek to invest in corporations that maintain a compatible degree of corporate leverage. Leverage ratios Measures of the relative contribution of stockholders and creditors, and of the firm's ability to pay financing charges. Value of firm's debt to the total value of the firm. Leverage rebalancing Making transactions to adjust (rebalance) a firm's leverage ratio back to its target. Leveraged beta The beta of a leveraged required return; that is, the beta as adjusted for the degree of leverage in the firm's capital structure. Liability A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation. Liability funding strategies Investment strategies that select assets so that cash flows will equal or exceed the client's obligations. Liability swap An interest rate swap used to alter the cash flow characteristics of an institution's liabilities so as to provide a better match with its assets. LIBOR The London Interbank Offered Rate; the rate of interest that major international banks in London charge each other for borrowings. Many variable interest rates in the U.S. are based on spreads off of LIBOR. There are many different LIBOR tenors. Lien A security interest in one or more assets that is granted to lenders in connection with secured debt financing. LIFO (Last-in-first-out) The last-in-first-out inventory valuation methodology. A method of valuing inventory that uses the cost of the most recent item in inventory first. Lifting a leg Closing out one side of a long-short arbitrage before the other is closed. Limit order An order to buy a stock at or below a specified price or to sell a stock at or above a specified price. For instance, you could tell a broker "Buy me 100 shares of XYZ Corp at $8 or less" or to "sell 100 shares of XYZ at $10 or better." The customer specifies a price and the order can be executed only if the market reaches or betters that price. A conditional trading order designed to avoid the danger of adverse unexpected price changes. Limit order book A record of unexecuted limit orders that is maintained by the specialist. These orders are treated equally with other orders in terms of priority of execution. Limit price Maximum price fluctuation. Limitation on liens A bond covenant that restricts in some way a firm's ability to grant liens on its assets.Load-to-load Arrangement whereby the customer pays for the last delivery when the next one is received.Loan amortization schedule The schedule for repaying the interest and principal on a loan. Loan syndication Group of banks sharing a loan. See: syndicate. Loan value The amount a policyholder may borrow against a whole life insurance policy at the interest rate specified in the policy. Local expectations theory A form of the pure expectations theory which suggests that the returns on bonds of different maturities will be the same over a short-term investment horizon. Lockbox A collection and processing service provided to firms by banks, which collect payments from a dedicated postal box that the firm directs its customers to send payment to. The banks make several collections per day, process the payments immediately, and deposit the funds into the firm's bank account. Locked market A market is locked if the bid = ask price. This can occur, for example, if the market is brokered and brokerage is paid by one side only, the initiator of the transaction. Lock-out With PAC bond CMO classes, the period before the PAC sinking fund becomes effective. With multifamily loans, the period of time during which prepayment is prohibited. London International Financial Futures Exchange (LIFFE) A London exchange where Eurodollar futures as well as futures-style options are traded. Long One who has bought a contract(s) to establish a market position and who has not yet closed out this position through an offsetting sale; the opposite of short. Long bonds Bonds with a long current maturity. The "long bond" is the 30-year U.S. government bond.



Naked cash or assets Sp. al desnudo o al descubierto
Lag Payment of a financial obligation later than is expected or required, as in lead and lag. Also, the number of periods that an independent variable in a regression model is "held back" in order to predict the dependent variable. Lag response of prepayments There is typically a lag of about three months between the time the weighted average coupon of an MBS pool has crossed the threshold for refinancing and an acceleration in prepayment speed is observed. Lambda The ratio of a change in the option price to a small change in the option volatility. It is the partial derivative of the option price with respect to the option volatility. Last split After a stock split, the number of shares distributed for each share held and the date of the distribution. Last trading day The final day under an exchange's rules during which trading may take place in a particular futures or options contract. Contracts outstanding at the end of the last trading day must be settled by delivery of underlying physical commodities or financial instruments, or by agreement for monetary settlement depending upon futures contract specifications. Last-In-First-Out (LIFO) A method of valuing inventory that uses the cost of the most recent item in inventory first. Lead Payment of a financial obligation earlier than is expected or required. Lead manager The commercial or investment bank with the primary responsibility for organizing syndicated bank credit or bond issue. The lead manager recruits additional lending or underwriting banks, negotiates terms of the issue with the issuer, and assesses market conditions. Leading economic indicators Economic series that tend to rise or fall in advance of the rest of the economy. Leakage Release of information to some persons before official public announcement. LEAPS Long-term equity anticipation securities. Long-term options. Lease A long-term rental agreement, and a form of secured long-term debt.Lend To provide money temporarily on the condition that it or its equivalent will be returned, often with an interest fee. Lessee An entity that leases an asset from another entity. Lessor An entity that leases an asset to another entity. Letter of comment A communication to the firm from the SEC that suggests changes to its registration statement. Letter of credit (L/C) A form of guarantee of payment issued by a bank used to guarantee the payment of interest and repayment of principal on bond issues. Letter stock Privately placed common stock, so-called because the SEC requires a letter from the purchaser stating that the stock is not intended for resale. Level pay The characteristic of the scheduled principal and interest payments due under a mortgage such that total monthly payment of P&I is the same while characteristically the principal payment component of the monthly payment becomes gradually greater while the monthly interest payment becomes less. Level-coupon bond Bond with a stream of coupon payments that are the same throughout the life of the bond. Leverage The use of debt financing.Make a market A dealer is said to make a market when he quotes bid and offered prices at which he stands ready to buy and sell. Making delivery Refers to the seller's actually turning over to the buyer the asset agreed upon in a forward contract. Majority voting Voting system under which each director is voted upon separately. Related: cumulative voting. Managed float Also known as "dirty" float, this is a system of floating exchange rates with central bank intervention to reduce currency fluctuations. Management/closely held shares Percentage of shares held by persons closely related to a company, as defined by the Securities and exchange commission. Part of these percentages often is included in Institutional Holdings -- making the combined total of these percentages over 100. There is overlap as institutions sometimes acquire enough stock to be considered by the SEC to be closely allied to the company. Management buyout (MBO) Leveraged buyout whereby the acquiring group is led by the firm's management. Management fee An investment advisory fee charged by the financial advisor to a fund based on the fund's average assets, but sometimes determined on a sliding scale that declines as the dollar amount of the fund increases. Management's discussion A report from management to the shareholders that accompanies the firm's financial statements in the annual report. This report explains the period's financial results and enables management to discuss other ideas that may not be apparent in the financial statements in the annual report. Managerial decisions Decisions concerning the operation of the firm, such as the choice of firm size, firm growth rates, and employee compensation. Mandatory redemption schedule Schedule according to which sinking fund payments must be made. Manufactured housing securities (MHSs) Loans on manufactured homes that is, factory-built or prefabricated housing, including mobile homes. Margin This allows investors to buy securities by borrowing money from a broker. The margin is the difference between the market value of a stock and the loan a broker makes. Related: security deposit (initial). Margin call A demand for additional funds because of adverse price movement. Maintenance margin requirement, security deposit maintenance Margin requirement (Options) The amount of cash an uncovered (naked) option writer is required to deposit and maintain to cover his daily position valuation and reasonably



Merger (1) Acquisition in which all assets and liabilities are absorbed by the buyer. (2) More generally, any combination of two companies.
Merchandise All movable goods such as cars, textiles, appliances, etc. and 'f.o.b.' means free on board. Merchant bank A British term for a bank that specializes not in lending out its own funds, but in providing various financial services such as accepting bills arising out of trade, underwriting new issues, and providing advice on acquisitions, mergers, foreign exchange, portfolio management, etc. Mimic An imitation that sends a false signal. Minimum price fluctuation Smallest increment of price movement possible in trading a given contract. Also called point or tick. The zero-beta portfolio with the least risk. Minimum purchases For mutual funds, the amount required to open a new account (Minimum Initial Purchase) or to deposit into an existing account (Minimum Additional Purchase). These minimums may be lowered for buyers participating in an automatic purchase plan Minimum-variance frontier Graph of the lowest possible portfolio variance that is attainable for a given portfolio expected return. Minimum-variance portfolio The portfolio of risky assets with lowest variance. Minority interest An outside ownership interest in a subsidiary that is consolidated with the parent for financial reporting purposes. Mismatch bond Floating rate note whose interest rate is reset at more frequent intervals than the rollover period (e.g. a note whose payments are set quarterly on the basis of the one-year interest rate). Modeling The process of creating a depiction of reality, such as a graph, picture, or mathematical representation. Modern portfolio theory Principles underlying the analysis and evaluation of rational portfolio choices based on riskreturn trade-offs and efficient diversification. Modified pass-throughs Agency pass-throughs that guarantee (1) timely interest payments and (2) principal payments as collected, but no later than a specified time after they are due. Related: fully modified pass- throughs Modigliani and Miller Proposition I A proposition by Modigliani and Miller which states that a firm cannot change the total value of its outstanding securities by changing its capital structure proportions. Also called the irrelevance proposition. Monetary gold Gold held by governmental authorities as a financial asset. Money base Composed of currency and coins outside the banking system plus liabilities to the deposit money banks. Money center banks Banks that raise most of their funds from the domestic and international money markets , relying less on depositors for funds. Money management Related: Investment management. Money manager Related: Investment manager. Money market Money markets are for borrowing and lending money for three years or less. The securities in a money market can be U.S.government bonds, treasury bills and commercial paper from banks and companies. Money market demand account An account that pays interest based on short-term interest rates. Money market fund A mutual fund that invests only in short term securities, such as bankers' acceptances, commercial paper, repurchase agreements and government bills. The net asset value per share is maintained at $1. 00. Such funds are not federally insured, although the portfolio may consist of guaranteed securities and/or the fund may have private insurance protection. Money market hedge The use of borrowing and lending transactions in foreign currencies to lock in the home currency value of a foreign currency transaction. Money market notes Publicly traded issues that may be collateralized by mortgages and MBSs. Money purchase plan A defined benefit contribution plan in which the participant contributes some part and the firm contributes at the same or a different rate. Also called and individual account plan. Money rate of return Annual money return as a percentage of asset value. Money supply M1-A: Currency plus demand deposits. Monitor To seek information about an agent's behavior; a device that provides such information. Mortality tables Tables of probability that individuals of various ages will die within one year. Mortgage A loan secured by the collateral of some specified real estate property which obliges the borrower to make a predetermined series of payments. Mortgage bond A bond in which the issuer has granted the bondholders a lien against the pledged assets. Collateral trust bonds Mortgage pass-through security Also called a passthrough, a security created when one or more mortgage holders form a collection (pool) of mortgages sells shares or participation certificates in the pool. The cash flow from the collateral pool is "passed through" to the security holder as monthly payments of principal, interest, and prepayments. This is the predominant type of MBS traded in the secondary market. Mortgage pipeline The period from the taking of applications from prospective mortgage borrowers to the marketing of the loans. Mortgage rate The interest rate on a mortgage loan. Mortgage-Backed Securities Clearing Corporation A wholly owned subsidiary of the Midwest Stock Exchange that operates a clearing service for the comparison, netting, and margining of agency-guaranteed MBSs transacted for forward delivery. Mortgagee The lender of a loan secured by property. Mortgager The borrower of a loan secured by property. Most distant futures contract When several futures contracts are considered, the contract settling last. Related: nearby futures contract Multicurrency clause Such a clause on a Euro loan permits the borrower to switch from one currency to another currency on a rollover date.



Multinational corporation A firm that operates in more than one country.
Municipal notes Short-term notes issued by municipalities in anticipation of tax receipts, proceeds from a bond issue, or other revenues. Mutual fund Mutual funds are pools of money that are managed by an investment company. They offer investors a variety of goals, depending on the fund and its investment charter. Some funds, for example, seek to generate income on a regular basis. Others seek to preserve an investor's money. Still others seek to invest in companies that are growing at a rapid pace. Funds can impose a sales charge, or load, on investors when they buy or sell shares. Many funds these days are no load and impose no sales charge. Mutual fund theorem A result associated with the CAPM, asserting that investors will choose to invest their entire risky portfolio in a market-index or mutual fund. Mutual offset A system, such as the arrangement between the CME and SIMEX, which allows trading positions established on one exchange to be offset or transferred on another exchange. Naive diversification A strategy whereby an investor simply invests in a number of different assets and hopes that the variance of the expected return on the portfolio is lowered. NASDAQ National Association of Securities Dealers Automatic Quotation System. An electronic quotation system that provides price quotations to market participants about the more actively traded common stock issues in the OTC market. About 4,000 common stock issues are included in the NASDAQ system. Nationalization A government takeover of a private company. Natural logarithm Logarithm to the base e (approximately 2.7183). Nearby The nearest active trading month of a financial or commodity futures market. Related: deferred futures Nearby futures contract When several futures contracts are considered, the contract with the closest settlement date is called the nearby futures contract. The next futures contract is the one that settles just after the nearby futures contract. The contract farthest away in time from settlement is called the most distant futures contract. Negative carry Related: net financing cost Negative covenant A bond covenant that limits or prohibits altogether certain actions unless the bondholders agree. Negative duration A situation in which the price of the MBS moves in the same direction as interest rates. Neglected firm effect The tendency of firms that are neglected by security analysts to outperform firms that are the subject of considerable attention. Net worth Common stockholders' equity which consists of common stock, surplus, and retained earnings. Netting Reducing transfers of funds between subsidiaries or separate companies to a net amount. Netting out To get or bring in as a net; to clear as profit. Neutral period In the Euromarket, a period over which Eurodollars are sold is said to be neutral if it does not start or end on either a Friday or the day before a holiday. New-issues market The market in which a new issue of securities is first sold to investors. New money In a Treasury auction, the amount by which the par value of the securities offered exceeds that of those maturing. Noise Price and volume fluctuations that can confuse interpretation of market direction. No-load fund A mutual fund that does not impose a sales commission. Related: load fund Nominal In name only. Differences in compounding cause the nominal rate to differ from the effective interest rate. Inflation causes the purchasing power of money to differ from one time to another. Nominal annual rate An effective rate per period multiplied by the number of periods in a year. Nominal cash flow A cash flow expressed in nominal terms if the actual dollars to be received or paid out are given. Nonmarketed claims Claims that cannot be easily bought and sold in the financial markets, such as those of the government and litigants in lawsuits. Nonrecourse Without recourse, as in a non-recourse lease. Nonredeemable Not permitted, under the terms of indenture, to be redeemed. Nonrefundable Not permitted, under the terms of indenture, to be refundable. Nonsystematic risk Nonmarket or firm-specific risk factors that can be eliminated by diversification. Also called unique risk or diversifiable risk. Systematic risk refers to risk factors common to the entire economy. Normal annuity form The manner in which retirement benefits are paid out. Objective (mutual funds) The fund's investment strategy category as stated in the prospectus. There are more than 20 standardized categories. Odd lot A trading order for less than 100 shares of stock. Compare round lot. Odd lot dealer A broker who combines odd lots of securities from multiple buy or sell orders into round lots and executes transactions in those round lots. Offbalance-sheet financing Financing that is not shown as a liability in a company's balance sheet. Offer Indicates a willingness to sell at a given price. Related: bid Offer price See: offer. Offering memorandum A document that outlines the terms of securities to be offered in a private placement. Official reserves Holdings of gold and foreign currencies by official monetary institutions. Official statement A statement published by an issuer of a new municipal security describing itself and the issue...Offset Elimination of a long or short position by making an opposite transaction. Offshore finance subsidiary A wholly owned affiliate incorporated overseas, usually in a tax haven country, whose function is to issue securities abroad for use in either the parent's domestic or its foreign business. Old-line factoring Factoring arrangement that provides collection, insurance, and finance for accounts receivable. Omnibus account An account carried by one futures commission merchant with another futures commission merchant in which the transactions of two or more persons are combined and carried in the name of the originating broker, rather than designated separately. Related: commission house. On the run The most recently issued (and, therefore, typically the most liquid) government bond in a particular maturity range. One man picture The picture quoted by a broker is said to be a one-man picture if both the bid and offered prices come from the same source.



Partnership Shared ownership among two or more individuals, some of whom may, but do not necessarily, have limited liability.
Overshooting The tendency of a pool of MBSs to reflect an especially high rate or prepayments the first time it crosses the threshold for refinancing, especially if two or more years have passed since the date of issue without the WAC of the pool having crossed the refinancing threshold. Oversubscribed issue Investors are not able to buy all of the shares or bonds they want, so underwriters must allocate the shares or bonds among investors. This occurs when a new issue is underpriced or in great demand because of growth prospects. Oversubscription privilege In a rights issue, arrangement by which shareholders are given the right to apply for any shares that are not taken up. Pairoff A buy-back to offset and effectively liquidate a prior sale of securities. Paper Money market instruments, commercial paper and other.Partnership Shared ownership among two or more individuals, some of whom may, but do not necessarily, have limited liability. Passive portfolio strategy A strategy that involves minimal expectational input, and instead relies on diversification to match the performance of some market index. A passive strategy assumes that the marketplace will reflect all available information in the price paid for securities, and therefore, does not attempt to find mispriced securities. Related: active portfolio strategy Pass-through rate The net interest rate passed through to investors after deducting servicing, management, and guarantee fees from the gross mortgage coupon. Pass-through securities A pool of fixed-income securities backed by a package of assets (i.e. mortgages) where the holder receives the principal and interest payments. Related: mortgage pass-through security Pass-through coupon rate The interest rate paid on a securitized pool of assets, which is less than the rate paid on the underlying loans by an amount equal to the servicing and guaranteeing fees. Passive investment strategy See: passive management. Passive investment management Buying a well-diversified portfolio to represent a broad-based market index without attempting to search out mispriced securities. Paydown In a Treasury refunding, the amount by which the par value of the securities maturing exceeds that of those sold. Payment date The date on which each shareholder of record will be sent a check for the declared dividend. Payment float Company-written checks that have not yet cleared.



Payback The length of time it takes to recover the initial cost of a project, without regard to the time value of money.

Performance evaluation The evaluation of a manager's performance which involves, first, determining whether the money manager added value by outperforming the established benchmark (performance measurement) and, second, determining how the money manager achieved the calculated return (performance attribution analysis). Performance shares Shares of stock given to managers on the basis of performance as measured by earnings per share and similar criteria. A control device used by shareholders to tie management to the self-interest of shareholders. Perpetual warrants Warrants that have no expiration date. Perpetuity A constant stream of identical cash flows without end, such as a British consol. Perquisites Personal benefits, including direct benefits, such as the use of a firm car or expense account for personal business, and indirect benefits, such as up-to-date office décor. Personal tax view (of capital structure) The argument that the difference in personal tax rates between income from debt and income from equity eliminates the disadvantage from the double taxation (corporate and personal) of income from equity. Personal trust An interest in an asset

Peak The transition from the end of an economic expansion to the start of a contraction. Poison pill Anit-takeover device that gives a prospective acquiree's shareholders the right to buy shares of the firm who acquires the firm. at a deep discount to their fair market value. Named after the cyanide pill that secret agents are instructed to swallow if capture is imminent. Samurai market The foreign market in Japan.

held by a trustee for the benefit of another person.Pickup The gain in yield that occurs when a block of bonds is swapped for another block of higher-coupon bonds. Picture The bid and asked prices quoted by a broker for a given security. Pit A specific area of the trading floor that is designed for the trading of commodities, individual futures, or option contracts. Pit committee A committee of the exchange that determines the daily settlement price of futures contracts. Pivot Price level established as being significant by market's failure to penetrate or as being significant when

a sudden increase in volume accompanies the move through the price level. Plug A variable that handles financial slack in the financial plan. Point The smallest unit of price change quoted or, one one-hundredth of a percent. Related: minimum price fluctuation and tick. Premium (1) Amount paid for a bond above the par value. (2) The price of an option contract; also, in futures trading, the amount the futures price exceeds the price of the spot commodity.

Purchase To buy, to be long, to have an ownership position.

Proxy Document intended to provide shareholders with information necessary to vote in an informed manner on matters to be brought up at a stockholders' meeting. Includes information on closely held shares. Shareholders can and often do give management their proxy, representing the right and responsibility to vote their shares as specified in the proxy statement.

Purchase accounting Method of accounting for a merger in which the acquirer is treated as having purchased the assets and assumed liabilities of the acquiree, which are all written up or down to their respective fair market values, the difference between the purchase price and the net assets acquired being attributed to goodwill. Purchase agreement As used in connection with project financing, an agreement to purchase a specific amount of project output per period. Purchase and sale A method of securities distribution in which the securities firm purchases the securities from the issuer for its own account at a


stated price and then resells them, as contrasted with a best-efforts sale. Purchase fund Resembles a sinking fund except that money is used only to purchase bonds if they are selling below their par value. Pyramid scheme An illegal, fraudulent scheme in which a con artist contrives victims to invest by promising an extraordinary return but simply uses newly invested funds to pay off any investors who insist on terminating their investment.Range The high and low prices, or high and low bids and offers recorded during a specified time. Red herring A preliminary prospectus containing information required by the SEC. It excludes the offering price and the coupon of the new issue. Redeemable Eligible for redemption under the terms of the indenture.


Settlement When payment is made for a trade.
Shareholders' equity This is a company's total assets minus total liabilities. A company's net worth is the same thing. Shareholders' letter A section of an annual report where one can find jargon-free discussions by management of successful and failed strategies which provides guidance for the probing of the rest of the report. Shares Certificates or book entries representing ownership in a corporation or similar entity Shark repellant Amendment to company charter intended to protect it against takeover. Sharpe benchmark A statistically created benchmark that adjusts for a managers' index-like tendencies. Short sale Selling a security that the seller does not own but is committed to repurchasing eventually. It is used to capitalize on an expected decline in the security's price. Short selling Establishing a market position by selling a security one does not own in anticipation of the price of that security falling. Short squeeze A situation in which a lack of supply tends to force prices upward. Short straddle A straddle in which one put and one call are sold. Shortage cost Costs that fall with increases in the level of investment in current assets. Shortfall risk The risk of falling short of any investment target. Size Large in size, as in the size of an offering, the size of an order, or the size of a trade. Size is relative from market to market and security to security. Context: "I can buy size at 102-22," means that a trader can buy a significant amount at 102-22. Skewed distribution Probability distribution in which an unequal number of observations lie below and above the mean. Skip-day settlement The trade is settled one business day beyond what is normal. Slippage The difference between estimated transaction costs and actual transaction costs. The difference is usually composed of revisions to price difference or spread and commission costs. Small-firm effect The tendency of small firms (in terms of total market capitalization) to outperform the stock market (consisting of both large and small firms). Soft currency A currency that is expected to drop in value relative to other currencies. Soft dollars The value of research services that brokerage houses supply to investment managers "free of charge" in exchange for the investment manager's business/ commissions. Span To cover all contingencies within a specified range. Spin-off A company can create an independent company from an existing part of the company by selling or distributing new shares in the so-called spinoff. Split Sometimes, companies split their outstanding shares into a larger number of shares. million shares did a two-for-one split, the company would have 2 million shares. Spreadsheet A computer program that organizes numerical data into rows and columns on a terminal screen, for calculating and making adjustments based on new data. Stakeholders All parties that have an interest, financial or otherwise, in a firm - stockholders, creditors, bondholders, employees, customers, management, the community, and the government. Stockholder Holder of equity shares in a firm. Takeover General term referring to transfer of control of a firm from one group of shareholder's to another group of shareholders. Tax haven A nation with a moderate level of taxation and/or liberal tax incentives for undertaking specific activities such as exporting or investing. Trading Buying and selling.

Bonos del Estado Treasury bonds debt obligations of the U.S. Treasury that have maturities of 10 years or more. Underwriter A party that guarantees the proceeds to the firm from a security sale, thereby in effect taking ownership of the securities. Or, stated differently, a firm, usually an investment bank, that buys an issue of securities from a company and resells it to investors.

Wholesale & retail price = precio de coste y precio de tienda.


it Un 11


Who is this book for?
This book has been written for anyone working, or planning to work, in human resources and personnel management, and who wants to develop their vocabulary for this line of work. The various exercises throughout the book focus on the key vocabulary that you would expect to understand and use on a day-to-day basis.


The book is also useful for anyone working in other business-related areas (secretarial, administrative, accountancy, sales, business law, business management, etc) who wants to broaden their knowledge of business vocabulary.

Rawdon Wyatt

How should you use the book?
When you use this book, you should not go through the exercises mechanically. It is better to choose areas that you are unfamiliar with, or areas that you feel are of specific interest or importance to yourself. The exercises are accompanied by a full answer key at the back of the book. This key also gives you lots of other information that might be useful to you, as well as providing other words (synonyms, opposites, alternative words, etc) that are not covered in the exercises themselves. It is important to record new words and expressions that you learn. Try to develop your own personal vocabulary 'bank' in a notebook or file. Review the words and expressions on a regular basis so that they become an active part of your vocabulary.
WWW.HOLLYWOODENGLISH.ES You will find it very helpful to use a dictionary when you do the exercises in this book. A good dictionary will give a clear definition of words and expressions, show you how they are pronounced, and give sample sentences to show how they are used in context. Many of the words, expressions and examples in this book have been taken or adapted from the Bloomsbury Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2). You will also find the Bloomsbury Easier English Dictionary for Students (ISBN 0 7475 6624 0) a useful reference source.

152 Further recommended reading and reference:

answer key

Nouns 1 (page 1)


1. peak 2. session 3. facilities 4. retirement 5. assessment 6. mismanagement 7. experience 8. objective 9. mediation 10. potential 11. predecessor 12. supervision 13. ceiling 14. stipulation 15. interview 16. budget 17. forecast 18. motivation peak, experience, interview, budget and forecast can also be verbs

Nouns 2 (page 2)
The words in the box are: course dissatisfaction escalation expertise feedback ratification retainer technique temp weighting friction misconduct performance placement quality range

The answers are: 1. quality 2. ratification (from the verb to ratify ) 3. temp (this can also be a verb: to temp) 4. performance 5. range (this can also be a verb: to range) 6. expertise 7. dissatisfaction 8. misconduct 9. friction 10. course 11. placement 12. retainer 13. weighting 14. feedback 15. escalation (from the verb to escalate)

Verbs 1 (page 3)
1. recruit 2. empower 10. review 3. consult 4. object 5. negotiate 6. supervise 7. institute / instigate 8. delegate 9. evaluate

delegate and review can also be nouns The word in the shaded vertical strip is reconsider.

Verbs 2 (page 4)
1. process 2. sponsor 3. research 4. headhunt 5. transfer 6. recommend 11. reward 12. disregard 13. direct 14. terminate 15. encourage 7. discipline 8. exploit 9. target 10. tender

process, sponsor, research, transfer, discipline, target, tender and reward are also nouns.

Verbs 3 (pages 5 + 6)
1. violated (we can also say broken or abused) 2. minimise 3. appointed (we can also say employed, hired or taken on) 4. validate 5. accusing 6. justifying 7. collaborating 8. claimed 9. fund (this can also be a noun) 10. assume 11. questioning 12. observe 13. erode 14. qualified 15. invited

Adjectives 1 (page 7)
1. formal 2. unfilled 3. self confident 4. professional 5. disciplinary 6. stressful 10. constructive 11. autonomous 12. unanimous 13. successful 14. enterprising 17. consultative 18. staggered 7. groundless 8. optional 9. slack 15. salaried 16. continuous

Adjectives 2 (page 8)
1. impartial 2. capable 3. steady 4. irregular 5. discriminatory 6. eligible 7. casual 10. punctual 11. minimal 12. affiliated 13. voluntary 14. generous 15. acting 8. aggrieved 9. able-bodied

Wordbuilding 1: Adjectives (page 9)
1. continual 2. continuous 3. constructive 4. creative / competitive 5. quantifiable 6. comparative 7. boring / repetitive 8. decisive 9. dependable 10. satisfactory 11. preferential 12. admirable 13. apologetic 14. doubtful 15. hopeful 16. careful 17. careless 18. agreeable 19. active 20. obligatory 21. occupational 22. consultative 23. attractive 24. suitable 25. reliable

Wordbuilding 2: Nouns 1 (pages 10 +11)
1. compensation 2. motivation 3. classifications 4. argument 5. replacement 6. signature 7. agreement 8. promotion 9. application 10. authorisation 11. appointment 12. successor 13. qualification(s) 14. permission 15. attendance 16. satisfaction 17. failure 18. negotiation 19. acceptance 20. intervention 21. dismissal 22. consumer 23. contention 24. insurance 25. improvement 26. enticement

Wordbuilding 3: Nouns 2 (page 12)
1. responsibility 2. confidence 3.  4. incompetence 5. flexibility 6. exemption 7. disability 10. convenience 11. sympathy 12. accuracy 13. capabilities 14. intelligence 15.  8.  9. difference

© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2) 153

answer key

Wordbuilding 4: Opposites (page 13)


1. Indirect 2. unfair / unjustified 3. Inefficient 4. incompatible 5. inadequate 6. irregular 7. unconditional 8. incapable 9. unofficial / illegal 10. indecisive 11. irrecoverable 12. ineligible 13. dissatisfied 14. inexperienced 15. Ineffective 16. unacceptable 17. incompetent 18. insolvent 19. intangible 20. unauthorised 21. impossible 22. unreasonable

Prepositions (page 14)
1. ...sponsored by their companies. 2. ...abroad on business. 3. ...redundant during the recession. 4. ...background is in the electronics... 5. ...will meet to your expenses. 6. ...of complaint to the manager. 7. ...other companies by offering them... 8. ...threatened to dismiss him... 9. at the discretion... 10. ...granted with compassionate... 11. ...a degree in Business Studies 12. ...ten hours for every day. 13. ...away on maternity leave. 14. overcome on several obstacles... 15. equivalent to that of... 16. ...have noticed on an improvement... 17. He is in full-time employment, 18. grounds for dismissal. 19. is also against the law. 20. ...the day after tomorrow. 21. Under the terms of... 22. We rely on our suppliers... 23. ...responsible for causing... 24. ...can't work under pressure,... 25. ...she took out a job... 26. I look forward to hearing...

Working words (page 15)
1. with / from / This / on 2. which / one / the 3. ago / used / These / to / or 4. of / manages or seems 5. the / where 6. Between / by 7. of / most or many / near 8. to / no / of 9. not / even / at or over 10. on / be 11. Unless / will / a 12. at / knowing / would / in 13. what / from / was 14. At / more / since or as or because / had 15. as / anyone or anybody or everybody 16. who / just 17. with / made 18. from / until / that / off 19. by / had 20. in / to / of / which

Formal words 1 (page 16)
1. analyse (spelt analyze in American English) 2. assessed at 3. averted 4. administer 5. assigned 6. annulled 7. audit 8. appealed to 9. addressed 10. award 11. admonished 12. awaiting 13. adjusted 14. adjourned 15. appointed 16. apportioned 17. attend 18. advised 19. assist 20. amalgamated

Formal words 2 (pages 17 + 18)
Across: 2. retain 6. briefed 7. consented 8. sequestered (we can also say sequestrated ) 12. settle 15. outlined 17. reinstated 18. tender 19. dismissed 20. engage (we can also say employ or hire) 21. upgraded Down: 1. waived 3. notified 4. present (note the pronunciation: / pr zent /) 5. undertaken 7. consulted 8. specify 9. elected 10. redeployed 11. indexed (this is usually used in passive constructions - is / are indexed ) 13. inquiring (also spelt enquiring) 14. licensed 16. enter

Word association 1 (page 19)
1. cost (usually used in the plural - costs - after marginal ) 8. employment 9. insurance 10. income 11. private 2. minimum 12. pension 3. salary 13. staff 4. strike 5. shift 6. medical 14. contract 15. personal 7. labour

curriculum vitae should appear in the shaded vertical strip (usually abbreviated to CV. A CV is known as a résumé in the USA). For more information on CVs, see the note under the answers for ‘Job advertising’.

Word association 2 (page 20)
1. work (these verbs can also be followed by a job) 2. instructions 3. qualifications 4. redundancy (announce is usually followed by the plural redundancies; receive and take are usually followed by redundancy payment ) 5. a salary (these verbs can also be followed by a wage or wages) 6. a contract 7. a job (these verbs can also be followed by work. Note that job is countable and work is uncountable: we cannot say a work) 8. an appointment 9. a tax (or taxes) 10. accounts 11. resignation (these verbs are followed by pronouns such as your, his, her, etc) 12. a pension 13. complaint (be cause for is not usually followed by an article We have no cause for a complaint ) 14. rules 15. a post (not work or a job, because fill or be appointed to cannot be used with these words. Be appointed to is usually followed by the : He was appointed to the post of senior executive)

Word association 3 (page 21)


Part 1: The words in the box are: computer, staff, tax, management, business, self-, labour, pay, career, company, sales, job, industrial Part 2: 1. pay 2. tax 3. management 4. job 5. labour 6. industrial 7. company 8. sales 9. staff 10. computer 11. career business 13. self-


Word association 4: Expressions with salary and wage (page 22)
1. liveable living basic nominal minimum monthly average annual yearly (although annual and yearly would not normally come before wage, as wages are usually paid weekly, often in cash, and tend to be for manual or short-term work. Wage can also be preceded by daily and weekly) 2. (a) + (b): draw / earn (in either order) (c) + (d) + (e) + (f) + (g): pay / raise / reduce / cut / offer (in any order) (h) dock (i) + (j): fall / rise (in either order) (k) command continued on next page

© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


answer key

Word association 4: salary and wage (page 22) continued
3. (a) True (b) False. It is called a wage formula (c) False. Price rises encourage higher wage demands, and these make prices rise even more. (d) True (e) False. Wages are not allowed to increase. (f) False. They are called wage differentials. (g) False. It is the lowest legal wage for a particular class of worker. (h) True 4. (a) deductions (b) structure (c) drift (also called earnings drift) ceiling (we can also say wage ceiling) (g) bands (h) cut (d) expectations (e) review (also called a pay review) (f)

Word association 5: work and working (page 23)
A. work: ethic experience flow load (usually written as one word: workload ) measurement out (a phrasal verb: to work out a period of notice) overload (we also say overwork) rage (an informal expression) sampling schedule shadow sharing standard stoppage structuring team working: conditions day hours lunch (also called a power lunch) practices supervisor (this is a unisex word which has a similar meaning to foreman) week B. 1. work overload 2. working conditions 3. work measurement 4. work experience 5. working hours 6. working supervisor 7. work out 8. Work rage 9. working practices 10. work schedule 11. working lunch 12. work stoppages

Two-word expressions 1 (page 24)
Exercise 1: accession rate bonus scheme childcare provision disciplinary action employer's liability freelance worker grievance procedure human capital incentive plan job satisfaction know-how line manager milk round needs assessment occupational mobility promotion ladder quality time replacement rate shift differential team spirit upward communication voluntary redundancy wrongful dismissal yes-man Exercise 2: 1. disciplinary action 7. promotion ladder

2. voluntary redundancy 3. milk round 4. needs assessment 8. know-how 9. wrongful dismissal 10. replacement rate

5. occupational mobility

6. accession rate

Two-word expressions 2 (page 25)
The following two-word expressions can be found in the two boxes: adverse action advisory arbitration age discrimination allowed time ancillary staff appraisal interview attendance time body language career path collaborative working collective bargaining corporate climate dress code earnings drift fast track gross negligence group dynamics health screening hot desking immediate dismissal incremental scale ineffective time information overload job opportunities negligent reference notice period official dispute problem solving racial discrimination reward package restrictive covenant result driven selection procedure severance pay sex discrimination skills inventory tertiary sector track record value mesh You can find all of these expressions, together with their definitions and sample sentences, in the Bloomsbury Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

Phrasal verbs 1 (pages 26 + 27)
Across: 3. closing 22. fallen Down: 1. handed 13. sort 15. opt 5. make 6. get 8. dragged 12. fighting 14. follow 16. went 17. set 18. turned 10. fill 21. held 11. phased

2. working 4. weed 19. run 20. back

7. carried

9. cancelled (spelt canceled in American English)

Phrasal verbs 2 (page 28)


1. held back 2. gearing up for 3. build into 4. standing in for 5. brought up 6. fill in 7. held down 8. burn out 9. gave way to (we can also say gave in to) 10. break off 11. get across 12. stand off (compare this with lay off, which is used in a different way) The phrasal verb in the shaded vertical strip is bring forward.

Phrasal verbs 3 (page 29)
1. D 2. I 3. M 4. O 5. H 6. A 7. E 8. J 9. L 10. B 11. G 12. N 13. F 14. C 15. K

Phrasal verbs 4 (page 30)
1.  2.  3. get ahead 4.  5.  6. broke down 7.  8. handed over 9.  10. called off in 13.  14. took up 15. backed out 16. give up 17.  18. put out 19.  20.  11. give in to 12. phased

© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


answer key

Idioms 1: The people you work with (page 31)
1. a happy camper (the opposite is an unhappy camper) 2. a whizz-kid 3. a toxic employee 4. a seagull manager 5. a spear carrier 6. a workaholic 7. a plug-and-play employee 8. a pilot fish 9. a self-made man 10. a free worker 11. a nethead 12. a mover and shaker 13. a yes-man 14. a moonlighter (the verb is to moonlight ) 15. a Man Friday (a woman who does the same thing is called a Girl Friday. We often say Person Friday to avoid sexism) 16. an idea hamster 17. a heavy hitter 18. a boomerang worker 19. an empty suit 20. a goldbricker 21. a digithead 22. a hip shooter

Idioms 2 (page 32)

6. (d) 7. (d) 8. (b) 9. (d)

1. (d) 2. (c) 3. (b) 4. (a) 5. (a) (this is a rather sexist expression, which you should avoid using) 10. (a) (in the USA, it is known as a gravy job) 11. (c) 12. (d)

Idioms 3 (page 33)
1. leaky reply 2. shape up or ship out 3. graveyard shift 4. kiss up to 5. dead wood 6. glad-hand (= to shake hands with people) 7. dress-down day 8. ear candy 9. eye service 10. dumbsizing (an idiomatic word derived from downsizing - the act of reducing the number of employees in a company. Dumb has a similar meaning to stupid ) 11. sweetener (for example, a salary increase, more perks, etc) 12. helicopter view Remember that these are informal expressions, and you would only use them in informal, spoken situations. You should not use them in formal or semi-formal letters.

Changes (pages 34 + 35)
Exercise 1: Verbs 1. streamline 2. promoted 3. renovated 4. increased (we can also say risen) 5. renewed 6. release 7. retire 8. redeployed (this is similar to transferred ) 9. expanded / increased 10. relax 11. decreased (we can also say fell or dropped ) 12. enforce (we can also say tighten up) 13. demoted (we can also say downgraded, but this is less common) 14. replace 15. deteriorated 16. adjusted / increased 17. reduce 18. phased in (the opposite is phased out ) 19. adapt / adjust 20. lay off (the opposite is take on, hire, appoint or employ ) 21. relocated 22. downgraded 23. downsize 24. alter (we can also say amend, revise or modify ) Exercise 2: Nouns 1. E 2. B 3. A 4. D 19. E

5. D

6. A

7. C

8. E

9. F

10. A

11. D

12. E

13. G

14. B

15. A

16. D

17. D

18. E

Over and under (pages 36 + 37)
1. underworked 2. overrun 3. overmanned / overstaffed 4. overpaid 5. underachiever (the opposite is overachiever) 6. understudy (this can also be a verb: to understudy ) 7. undertaking 8. overqualified 9. overheads (American English is usually overhead ) 10. overworked (the noun is overwork: ‘She is suffering from overwork’) 11. undermine 12. overturn 13. overrule 14. underutilised 15. overhaul 16. undertaking 17. overtime (useful expressions with overtime include: overtime ban; overtime pay; overtime rate) 18. undermanned 19. overrated 20. understanding

A career case history (page 38)
1. apply 2. filled in (we can also say filled out ) 3. application form 4. attend 5. interview 6. offered 7. commute 8. high achiever 9. promoted (the opposite is demoted ) 10. dismissed (we can also say fired or sacked - these are less formal) 11. embezzlement 12. sack 13. absenteeism 14. resigned 15. walked out 16. lay off 17. shop floor 18. retire (we can also say take early retirement ) 19. hand in 20. notice 21. unemployed 22. job hunting 23. vacancy 24. salesman (we often use the word salesperson to avoid sexism) 25. candidates 26. qualifications 27. experience 28. shortlist 29. applicants (applicant and candidate are very similar in meaning) 30. appointed (we can also say hired ) 31. salary (a salary is usually paid monthly in the form of a cheque: compare this with wage, which is often paid weekly, in cash) 32. per annum 33. increment 34. commission 35. perks 36. pension 37. promotion 38. prospects

Abbreviations and acronyms (pages 39 + 40)
Across: 1. tax 2. methods 4. minimum 6. results 9. Director 11. Equal 12. training 15. working 17. research 20. resources 21. pension 23. thousand 26. possible 28. incapacity 30. period 31. vitae 33. opportunities 36. first 38. earn 41. appeal 42. Administration 43. technical Down: 1. time 3. earnings 5. meeting 7. Labour 8. relations 10. public 13. ownership 14. analysis 16. insurance 18. save 19. assistance 22. quality 24. development 25. Vocational 27. identification 29. contributions 32. evaluation 34. maternity 35. officer 37. health 39. sick 40. annum (p.a. = per annum. PA = personal assistant )

© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

answer key

Company positions (pages 41 + 42)
1. I 2. Q 3. H 4. U 19. B 20. P 21. C 5. T 6. G 7. O 8. D 9. K 10. N 11. R 12. F 13. M 14. A 15. S 16. E 17. J 18. L

Recruitment advertising (page 43)
1. leading 2. vacancy 3. post 4. applicant 5. qualified 6. experience 7. team 8. drive 9. motivate 10. colleagues 11. attractive 12. rewards 13. package 14. basic 15. salary 16. annum (per annum = in a year) 17. commission 18. increment 19. benefits (also called perks) 20. CV* (= curriculum vitae. Plural = curriculums vitae. A CV is known as a résumé in American English) 21. covering (a covering letter is a letter sent with other documents to say why you are sending them. It should be brief and to the point. For example, when applying for a job, you should explain that you are interested in the job and that you are attaching or enclosing your CV.) *A CV is a summary of your work experience (current and previous places of work, job title, duties, dates) and qualifications (school, university, college; academic, professional and vocational). It should also include your contact details (address, telephone number, email, etc). You could also include your date of birth, your hobbies and interests (if you think these might be relevant or useful) and current salary. Some people also include their references on their CV. A CV should be updated on a regular basis.

Job description (page 44)
1. title 2. Location 3. Branch 4. Reports 5. Head 6. Hours 7. Full time 8. Leave (we can also say Holiday) 9. accountability (Main accountability is also called Summary of position or Job purpose summary ) 10. supervise (we can also say oversee) 11. Key 12. responsibilities (Key responsibilities are also called Main activities) 13. agree 14. ensure 15. inspect 16. produce 17. negotiate 18. visit 19. deal 20. Responsible Many unions insist on clear demarcation for their members: this is a clear definition of the responsibilities of each employee in a company.

Application forms (page 45)
1. employment 2. surname (we can also say family name) 3. first name (we can also say forename or given name) 4. address 5. postcode (called ZIP code in American English) 6. contact 7. home (job application forms may also ask for the applicant's mobile phone number and fax number) 8. email (also written e-mail ) 9. education / training 10. training / education 11. attended 12. university / college 13. college / university 14. examinations / qualifications 15. qualifications / examinations 16. Degree (BA = Bachelor of Arts, a first university degree in Britain) 17. Diploma (RSA = the Royal Society of Arts, an examining body in Britain which usually provides professional / vocational qualifications) 18. history 19. present (we can also say current ) 20. dates (we can also say period ) 21. title 22. duties 23. reason(s) 24. leaving (note that a real job application form would also ask applicants for details of their previous employer(s) - the company they worked for before their present company) 25. referees 26. assessment 27. suitability 28. employer (compare employer with employee: an employee works for an employer) 29. approach 30. offer 31. illness 32. absence 33. absent 34. information 35. false (we can also say untrue) 36. dismissal (from the verb to dismiss)

The recruitment process (pages 46 + 47)
Part 1: 1. vacancy 2. internally (an internal appointment ) 3. externally 4. appointments / situations vacant (informally called the jobs pages or jobs section) 5. situations vacant / appointments 6. journals 7. recruitment agency 8. institutional agency 9. job centres 10. private recruitment agency 11. description 12. applicants (from the verb to apply ) 13. qualifications 14. experience 15. personal qualities 16. rewards (sometimes called remuneration) 17. increments 18. benefits 19. leave (or holiday ) 20. discrimination 21. equal opportunities 22. affirmative recruitment 23. disabilities Note: In Britain, the Equal Opportunities Commission (EOC) is the government body set up to make sure that no sex discrimination exists in employment. The Commission for Racial Equality (CRE) is the statutory body set up to monitor racial matters in companies, and to issue guidelines on best practice. Official legislation ensures that nobody is discriminated against (for example, the Sex Discrimination Act of 1975, the Race Relations Act of 1976, and the Disability Discrimination Act of 1995). Companies have a vicarious liability to ensure that discrimination is not a feature of the workplace. Part 2: 1. CV (= curriculum vitae) 2. covering 3. introduction 4. application 5. pre-selection 6. turn down 7. short-list 8. candidates 9. one-to-one 10. board 11. psychometric 12. aptitude (compare this with an ability test, which only tests the candidates current skills and knowledge) 13. group-situational 14. in-basket 15. medical (sometimes just called a medical ) A test should have face validity - it should be relevant, useful and give accurate results that indicate how well the employee will perform. continued on next page

© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


answer key

The recruitment process (pages 46 + 47) continued


Part 3: 1. seven-point plan 2. potential 3. appearance 4. intelligence 5. skills 6. interests 7. disposition 8. circumstances 9. references 10. offered 11. induction programme 12. temporary 13. probationary 14. open-ended / fixed-term 15. fixedterm / open-ended 16. follow-up

Personal qualities (page 48)
1. popular 2. decisive (verb = to decide) 3. rapport 4. punctual 5. willing 6. reliable (verb = to rely on) 7. critical (verb = to criticise) 8. sensitive 9. sensitive (note the differences in meaning of sensitive in these two sentences. The opposite of sensitive in sentence 9 is insensitive) 10. practical 11. judgement (spelt judgment in American English) 12. reserved (this is similar in meaning to shy) 13. impulsive 14. obstinate (we can also say stubborn) 15. selfish 16. sociable 17. industrious (this is not the same as industrial ) 18. professional 19. conceited 20. ambition (adjective = ambitious) 21. motivation (verb = to motivate. A good worker is self-motivated ) 22. relationship 23. confidence (adjective = confident ) 24. abrasive 25. confrontational (verb = to confront ) Other qualities are also considered during interviews and appraisals. These may include neatness of appearance, general attitude and approaches to the job, knowledge of the organisation and / or field of work, knowledge of colleagues' work (the adjective is knowledgeable), the ability to communicate clearly, effectively and appropriately (verbally and on paper), the ability to follow instructions, the ability to inform managers and colleagues of problems and / or progress, body language and general intelligence.

Contract of employment (page 49)
1. Term = Terms, conditionals = conditions 2. employ = employer 3. employed = employee 4. titel = title 5. descriptive = description, duty = duties 6. locally = location 7. Celery = Salary, anum = annum, rears = arrears 8. Started = Starting (or Start) 9. labour = work, until = to (Monday through Friday in American English) 10. Undertime = Overtime, rat = rate 11. enticement = entitlement, anum = annum 12. Absent = Absence (or Absenteeism from work) 13. sceme = scheme (x2) 14. Dissiplinary = Disciplinary, grieving = grievance, handybook = handbook, police = policies 15. Probbation = Probation (x2), subjective = subject, employees = employment, note = notice 16. Terminator = Termination, probbation = probation (or probationary), note = notice 17. Referrals = References (x2) (a person who writes a reference is called a referee), apointments = appointments 18. singed = signed Contracts of employment can be temporary, permanent, short term, long term, fixed-term or open-ended . Contracts contain express terms (those that both the employer and the employee agree on), and implied terms (these are not stated in the contract, but impose obligations on both the employer and the employee). Some contracts may contain a restrictive covenant (a clause which prevents an employee from doing something. For example, it may prevent the employee working for another similar company when s/he finishes work in his / her current company). Contractual liability is a legal responsibility for something as stated in a contract.

Working hours (pages 50 + 51)
Across: 1. punctual (the opposite is unpunctual or late) 5. clock off (we also say clock out. When we arrive for work we clock on or clock in) 8. double 9. transfer 12. Regulations 13. time-keeping 15. allowed 17. half 18. graveyard 19. differentials 21. roster 24. entitlement 25. overtime 26. fixed 27. rotating Down: 2. twilight 3. job-share 4. homeworking 6. full 7. part 10. flexileader 11. unsocial 14. core 16. flexilagger 20. flexitime 22. sheet 23. rotation Note: The four main types of shift work are: 1. double day 2. day and night alternating or discontinuous) 3. permanent night 4. 3-shift (continuous

In Britain, the Working Time Directive of 1998 (based on guidelines set by the European Union) sets out the following regulations: Employees should work no more than 48 hours a week, and should receive a minimum of 4 weeks' paid leave a year. They should have a weekly rest period of at least 24 consecutive hours, a daily break of at least 20 minutes for every six hours worked, and a daily rest period of 11 consecutive hours. There are different directives for some groups (e.g., pilots, bus drivers, doctors, etc) whose jobs are more stressful, demand greater concentration, or whose performance might affect other people.

Appraisals (page 52)
The questions in this exercise are typical questions that might be asked at an appraisal / assessment interview (sometimes informally called job chats). 1. standards 2. knowledge 3. quality 4. objectives 5. improvement 6. strengths / weaknesses 7. training 8. schedule 9. progression 10. challenging 11. encouragement 12. least 13. workload 14. description 15. defined 16. advancement 17. improving 18. morale 19. relationships 20. discipline 21. treatment 22. promptly 23. complaints 24. progress 25. praise 26. facilities 27. provisions 28. benefits 29. recommend 30. comments Normally before an appraisal, employees fill in a self-appraisal form. Note that appraisals / assessments are normally knowledge-based (what the employee knows), and performance-based (how well the employee has worked, and the results s/he has achieved). Appraisals can be two-way, with the employee telling the company how s/he feels about it, and his / her role in it. A good company will always listen to the feedback it receives from its employees. Performance-based appraisals often use a method known as BARS (behaviourally-anchored rating scales), where performance is based on a typical performance criteria set for each individual employee. continued on next page


© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

answer key

Appraisals (page 52) continued
Many companies have adopted the practice of 360-degree appraisals. Colleagues above, below and at the same rank as the employee being appraised are asked to contribute their views on that employee before the interview takes place. If an employee is not performing well in his / her current position, s/he might be given a remedial transfer. This means that s/he is transferred to a more suitable job. The informal expression is a turkey trot. Note that many of the questions in this exercise might also be asked at an exit interview, when an employee is interviewed before s/he leaves the company. The questions would normally be expressed in the past tense, e.g., Did you think...?, Were you happy...?, etc. In addition to the questions in the exercise, exit interviews might also ask the employee how s/he felt about the rewards, benefits and services offered by the company (holiday pay, sick pay, pension scheme, health insurance, life assurance, loan facilities, educational assistance, sports and social facilities, refreshment facilities, HR services, etc).

Rewards and benefits 1 (pages 53 + 54)


Exercise 1 1. danger 2. dock 3. overtime 4. double 5. deduction 6. gross / net (net pay is often called take-home pay ) 7. increment 8. minimum 9. salary 10. index 11. raise (we can also say increase or hike) 12. pension (also called a superannuation scheme or plan) 13. sub (also called an advance - employees can ask for an advance on their wages / salary ) 14. bonus 15. payslip 16. payroll 17. deposit 18. package (also called a rewards package. This is not the same as a pay packet, which is an envelope containing an employee's wages) 19. arrears 20. weighting 21. income (the opposite of income is expenditure. Compare this with expenses, which is the money paid to someone to cover the costs of doing something in particular, e.g., paying for a hotel on a business trip). Exercise 2 1. dock 2. gross / deductions 10. arrears / sub

3. package

4. bonus

5. double

6. payslip

7. deposit

8. payroll

9. increment / index

Rewards and benefits 2 (pages 55 + 56)
Exercise 1 1. direct / extrinsic 2. extrinsic / direct 3. basic 4. performance-related 5. commissions 6. recognition 7. Gainsharing 8. motivation 9. production bonus 10. premium bonus 11. attendance bonus 12. acceptance bonus (informally called a golden hello) 13. Profit sharing 14. benefits 15. extras 16. pensions 17. share 18. insurance 19. duvet days 20. fixed 21. flexible (also known as a cafeteria-style benefits plan) 22. Incentive 23. indirect / intrinsic 24. intrinsic / indirect 25. status 26. satisfaction 27. growth / development 28. skill 29. development 30. security 31. comradeship Exercise 2 1. direct or extrinsic 2. indirect or intrinsic 3. performance-related 5. attendance bonus 6. extras 7. (d) 8. true 9. (c) 10. (a)

4. false - it is extra money paid for increased productivity

Here are some other words and expressions that you might find useful: salaried (the adjective of salary) earnings real earnings take-home pay well-paid low-paid pay packet pension contributions occupational / company pension (scheme) portable pension (scheme) accrual rate remuneration hourly / daily rate per day / per diem a year / per annum wage / salary review increments on-target earnings parity to erode wage differentials incentive basic / flat rate broadbanding compensation package benefit in kind reward management reward review exploding bonus holiday pay sick pay health insurance life assurance perks

Holidays and other time off work (pages 57 + 58)
1. medical (also called a doctor's certificate) 2. statutory (SSP = statutory sick pay) 3. maternity 4. unpaid 5. gardening 6. sabbatical (this word is especially used for teachers, university professors, etc, who take time away from their school or college) 7. absenteeism 8. public holiday (called a bank holiday in the UK, and a legal holiday in the USA) 9. long-service 10. entitlement 11. unauthorised (also spelt unauthorized. An employee who takes unauthorised leave is or goes AWOL: absent without leave) 12. waiting 13. absence 14. in lieu (usually abbreviated to TOIL) 15. paternity 16. casual 17. vacation 18. benefit

Letters (pages 59 + 60)
Note that the sentences for each letter are in the same order as they would appear in real letters. 1. B 2. D 3. E 4. B 5. C 6. D 16. A 17. F 18. G 19. E 20. G 33. G 34. G 35. C 36. F 7. A 8. C 9. B 10. F 11. B 12. C 13. D (this could also be used in E) 14. D 15. E 21. C 22. E 23. A 24. A 25. B 26. - 27. D 28. G 29. E 30. F 31. F 32. A

Usage notes: ț Letters that begin with a name (e.g., Dear Mr Brown, Dear Ms Smith) end with Yours sincerely. Letters that begin with Dear Sir / Madam end with Yours faithfully. ț Ordinal numbers (for dates, e.g., the first of November, the seventh of April) are sometimes followed by letters (e.g., 1st November, 7th April ), but this is less common now than it used to be. 1 November, 7 April, etc, is more common. ț You should avoid using abbreviated dates (e.g., 12/11/05) in formal and semi-formal letters. ț Note that modern formal /semi-formal letters should be as brief as possible. (KISS: Keep it short and simple) Management. 159 You will find complete sample letters in the supplement of the Bloomsbury Dictionary of Human Resources and Personnel



answer key

Industrial relations (pages 61 + 62)
1. e (verb = to unionise) 2. c 3. d 4. a 5. b 6. a 7. a (free collective bargaining = negotiations between management and trade unions about wage increases, etc) 8. b (compare this with a go-slow, where workers slow down production as a protest against the management) 9. c 10. e (workers will down tools and stage a walkout. This can also be a verb: to walk out ) 11. d 12. c (when an arbitrator is appointed by the government, s/he is called an official mediator) 13. d (strike can also be a verb: to strike. A worker who strikes is called a striker) 14. e (when a strike is approved by a trade union, it is called an official dispute) 15. b 16. d (a flying picket is a picket who travels around the country to try to stop workers going to work) 17. d (also called a strikebreaker. Scab can also be used, although this is an offensive word) 18. c When unions and management cannot settle a dispute, we say that negotiations have reached deadlock.

Health, safety and welfare (pages 63 + 64)
A. 1. offence 2. precautions (or measures) 3. officer (or inspector) 8. representative 9. legislation 10. feature 4. audit 5. committee 6. irregularities 7. regulations

B. emergency exit emergency access (on a door which must be kept clear in case somebody needs to get into the building in an emergency) fire alarm fire blanket fire bucket fire door (on a door which must be kept closed at all times to stop a fire spreading through a building) fire escape fire extinguisher fire hose first aid kit fire officer first aid officer first aid post assembly point (an area outside a building where people must go when there is a fire or other emergency in a building) smoke detector C. 1. d (stress management is a way of coping with stress-related problems at work) 10. c

2. c

3. a

4. b

5. b

6. d

7. b

8. a

9. b

Other words and expressions that you might find useful include: accident book accident frequency rate accident prevention accident report criminal liability employer's liability hazard hazardous substances health and safety policy hygiene occupational disease industrial accident positive health programmes protective clothing protective equipment public health inspector / environmental health officer Health and Safety at Work Act 1974 (HASAWA)

Discipline and problems at work (pages 65 + 66)
A. 1. timekeeping 2. absenteeism (from the adjective absent ) 3. misconduct (this is a general word which refers to any illegal act carried out by an employee. Gross misconduct is very bad behaviour which is fair reason for dismissal) 4. negligence 5. breach of safety 6. sleeping 7. disobedience (from the verb to disobey) 8. fraud (when you use money that does not belong to you for a purpose which it is not supposed to be used, this is called fraudulent conversion or conversion of funds) 9. theft (we can use the verb to embezzle when an employee steals money from his / her company. The noun is embezzlement ) 10. smoking / drinking (of alcohol) 11. dealing / using 12. bullying 13. intimidation 14. violence (bullying, intimidation and violence can also be called aggressive behaviour) 15. racial abuse (we can also say racial harassment or racism) 16. sexual harassment 17. damage B. 1. dock (money that is removed as a result of misconduct is sometimes called a financial penalty. We can also use the verb to fine) 2. grievance (a legitimate grievance is a grievance based on a violation of a contract of employment) 3. hostile work environment 4. ultimatum 5. verbal warnings (a warning in the form of a letter is called a written warning. Employees usually receive two verbal warnings and one written warning before further action is taken) 6. sackable offence 7. letter of dismissal 8. appeal / unfair dismissal 9. insubordination 10. allegation (from the verb to allege) 11. aggrieved / down tools / walk-out 12. sexual discrimination 13. suspend 14. grievance procedure 15. job dissatisfaction 16. disciplinary board / disciplinary action (if an employee is unhappy with the decision made by a disciplinary board, s/he can appeal against the decision. Most companies have an appeals procedure to deal with this. Discipline can be a noun or a verb) 17. alienation (alienation, intimidation, poor working conditions, etc, can have an adverse impact on productivity) 18. instant dismissal (dismissal is from the verb to dismiss. Discharge, sack and fire are synonyms of dismiss.)

Personnel training and development (pages 67 + 68)
1. continuous personal development (also called continual personal development, or abbreviated to CPD) 2. assertiveness training 3. experiential learning (also called learning by doing) 4. adventure training 5. in-tray learning 6. team-building (an employee who works well as part of a team is called a team player) 7. carousel learning 8. sales training 9. modern apprenticeship 10. an induction course 11. off-the-job training (training which takes place on the company premises during work time is called on-the-job training or in-house / in-company training) 12. open learning 13. training needs analysis (sometimes abbreviated to TNA) 14. total quality management 15. online learning (also called e-learning) 16. action learning Note: a trainer is somebody who trains staff, a trainee is somebody who learns how to do something. Here are some other words and expressions that you might find useful: adult education correspondence course distance learning training needs performance appraisal staff appraisal team learning individual learning autonomous learning learning curve learning style evaluation and assessment work-based learning INSET (in-service training) Investor in People (a national programme for employee development sponsored by the UK government) managerial grid



general vocabulary


Nouns 1

There are 18 words connected with human resources in the box below. Use them to complete the sentences. The first one has been done for you as an example. assessment ț budget ț ceiling ț experience ț facilities ț forecast interview ț mediation ț mismanagement ț motivation ț objective ț peak potential ț predecessor ț retirement ț session ț stipulation ț supervision

1. 2. 3. 4. 5. 6. 7.

He has reached the


of his career.

This morning's staff development ____________________ will be held in the conference room. There are very good sports ___________________ on the company premises. Older staff are planning what they will do in ____________________. They made a complete ____________________ of each employee's contribution to the organisation. The company failed because of the chairman's ____________________ of capital assets. The applicant was pleasant and had the right qualifications, but unfortunately he did not have any relevant ____________________. Our main recruitment ____________________ is to have well-qualified staff. The dispute was ended through the ___________________ of union officials. Employees showing leadership ____________________ will be chosen for management training. He took over the job from his ____________________ last May. She is very experienced and can be left to work without any ____________________ What ___________________ has the government put on wage increases this year? The contract has a ____________________ that the new manager has to serve a three-month probationary period. I am going for an ____________________ for a new job next week. We need to draw up a ____________________ for salaries for the coming year. We believe that the sales manager's ____________________ of higher turnover next year is a bit optimistic. I think our sales staff lack ____________________. They don't seem very keen and haven't been working well recently. Nouns 2 on page 2 Wordbuilding 2 + 3 on pages 10, 11 and 12

8. 9. 10. 11. 12. 13. 14.

15. 16. 17.


Also see:

© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

general vocabulary

Nouns 2 Unit 0000
Starting in the top-left corner, separate the letters below into 15 different words. You will find the words by reading from left to right and from right to left, following the directions of the arrows. When you have done this, use the words to complete sentences 1 - 15 below. There is one word you will not need. The first one has been done as an example. Ö ª ª ª c f c c o s e l e t h u i e p r n r t d e e i s r b c n n q e e a n t i u d p c a q a e i x k u t t s e f a e e s n r o l r a o i f i n t i c r t o w i t t e y i e s a i p r t i f l o t a a g a a n c n c h c c u g i t t s d e f i i e s n r i n o n c o a t ° © ° © ° ©

¯ e ¯ a ¯ e

m i

m r

m e

m p

g End

1. 2. 3. 4.

The poor


of the service led to many complaints.

The agreement has to go to the board for ______________. We have had a ______________ working in the office this week to clear the backlog of letters. His overall _______________ has improved considerably since he went on a management training course. The salary _______________ for this sort of job is between £17,000 and £19,000. We hired Mr Smith because of his financial _______________. Although the work itself was interesting, there was a lot of _______________ with the organisation and its rules. When he disobeyed the orders he was given, he was dismissed for gross _______________ . There is a lot of _______________ between the sales and accounts staff which we need to resolve as soon as possible. The company sent her on a management _______________ to help her develop her managerial skills. She has finished university and is now looking for a _______________ with a design agency. Although he is a freelance worker, we don't want him to work for anyone else, so we pay him a __________ of £2,000. London is an expensive city, so people working for our company there receive a £2,000 London _______________ in addition to their salary. The management received a lot of _______________ on how popular the new pay scheme was proving. The union has threatened an ______________ in strike action.

5. 6. 7.

8. 9.


11. 12. 13. 14.




© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

general vocabulary


Verbs 1

Look at these dictionary definitions and the sample sentences which follow them, decide what words are being described and use them to complete the grid at the bottom of the page. To help you, some of the letters are already in the grid. If you do this correctly, you will reveal a word in the shaded vertical strip which means ‘to think again about a decision which has already been made’. 1. 2. To search for and appoint new staff to join a company (We need to _____ staff for our new store.) To give someone the power to do something (Her new position will _____ her to hire and fire at will.) To ask an expert for advice (Why don’t you _____ your accountant about your tax?) To refuse to do something or to say that you do not accept something (A lot of staff _____ to working on Saturdays.) To discuss a problem or issue formally with someone, so as to reach an agreement (Before I accept the job, I’d like to _____ my contract.) To monitor work carefully to see that it is being done well (I _____ six people in the accounts department.) To start a new custom or procedure (We plan to _____ a new staff payment scheme.) To pass authority or responsibility to someone else (He thinks he can do everything himself, and refuses to _____.) To calculate a value (We need to _____ the experience and qualifications of all the candidates.) To examine something generally, usually before making changes (We will _____ your salary after you have been with us for six months.)

3. 4.



7. 8.

9. 10.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. O




163 © Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)



general vocabulary

Verbs 2
Rearrange the letters in bold in these sentences to make verbs (the dictionary definitions after each sentence will help you to decide what the verb is), and write the answers in the grid on the right. The last letter of one verb is the first letter of the next verb. The first one has been done for you as an example.


It usually takes about two weeks to sorpsce an insurance claim (to deal with something in the usual routine way) The company has offered to osonrsp three employees for a management training course (to pay for someone to go on a training course) She has been asked by her company to hereracs the effectiveness of bargaining structures (to study a subject in detail) If our advertisement for a manager is unsuccessful, I suggest we aedunhht elsewhere (to look for managers and offer them jobs in other companies) We would like to ratsenrf you to our Scottish branch (to move someone or something to a new place) I would certainly emredconm Ms Smith for the job (to say that someone or something is good) The manager had to cenpisilid three members of staff for their bad attitude at work (to punish an employee for misconduct) The directors peltoxi their employees, who have to work hard for very little pay (to use something to make a profit, usually used in a negative way) This company sells products that gttrea the teenage market (to aim to sell to somebody) When his mistake was discovered, he offered to nerted his resignation (to give / hand in: a formal word) If you accept the job, we can wrerda you with a generous remuneration package (to give a person something in return for effort or achievement) Problems began when the workers decided to gaisdrder the instructions of the shop stewards (to take no notice of, or not to obey) Mr Lee has been asked to tirdce our South-East Asian operations (to manage or organise) I'm afraid we have no option but to rmetintea your contract with immediate effect (to end something, or bring something to an end) The company is trying to renugecoa sales by giving large discounts (to make it easier for something to happen)



3. 4.



7. 8.

9. 10.






Also see: Changes on pages 34 and 35



© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

general vocabulary


Verbs 3

Look at these mini-dialogues. For each one, decide what has happened, is happening or will happen. Use the verbs from the box. In most cases, you will need to change the form of the verb. appoint ț accuse ț assume ț claim ț collaborate ț erode ț fund ț invite ț justify minimise ț observe ț qualify ț question ț validate ț violate 1. Ms Jameson: Michael: Did you know that this company has a no smoking policy? Put that cigarette out, please. Sorry, Ms Jameson. I won't do it again.

Michael has just _______________ one of the company rules. 2. Rick: Jan: We need to keep our labour costs as small as possible. In that case, we should only hire workers when we need them.

The company wants to _______________ its labour costs. 3. Mr Harrison: Ms Withers: How's business with you at the moment? It's very good. In fact, we're so busy, we've had to increase our sales staff.

Ms Withers' company has recently _______________ some new staff. 4. Ms Jones: Mr Allen: Could you check these sales figures to make sure they're correct? Of course. I'll get back to you later with the results.

Ms Jones wants Mr Allen to _______________ the sales figures. 5. Richard: Mark, we have reason to believe that you've been selling confidential company information to another company. Mark: That's ridiculous. I would never do such a thing. Richard is _______________ one of his colleagues of doing something illegal. 6. Mr Hendrik: Ms Newman: I don't think the sales department should have got such a large bonus this year. I disagree. They're worked extremely hard and achieved excellent results.

Ms Newman is _______________ the sales department's bonus. 7. Eric: Mary: I think it's great that our two companies are working together on this project. Me too. Between us, we've got some real expertise.

Eric and Mary's companies are _______________ with each other on a project. 8. Lisa: Laurence: Did you break your arm at work? Yes, and because it was the company's fault, I've asked for some money for compensation.

Laurence has just _______________ damages from his company.

© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

general vocabulary


Adjectives 1

In each of these sentences, you are given the first two letters of an adjective. Complete each adjective by using the other letters in the box. The first one has been done for you as an example.

-nstructive ț -tonomous

-ccessful ț -animous ț -aggered ț -laried ț -oundless ț -tional ț -ntinuous ț -nsultative ț -ressful ț -terprising ț -lf confident -ofessional ț -filled ț -rmal ț -sciplinary ț -ack rmal job offer?

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18.

Is this a fo

There are still four un__________ places on the training course. The trainee was se__________ to the point of arrogance. We had to ask our lawyer for pr__________ advice on the contract. The union complained that the di__________ action was too harsh. Psychologists claim that repetitive work can be just as st__________ as more demanding but varied work. The complaint was proved to be gr__________. Attendance at staff meetings is op__________, although the management encourages employees to attend. The foreman decided to tighten up on sl__________ workers who were costing the company money. She made some co__________ suggestions for improving management-worker relations. The workforce in the factory is made up of several au__________ work groups. There was a un__________ vote against the proposal. The su__________ candidates for the job will be advised by letter. An en__________ sales representative can always find new sales outlets. There are 12 sa__________ members of staff here, and the rest work on a commission-only basis. She was in co__________ employment for the period 1998 - 2002. The co__________ committee was able to keep senior management in touch with feelings in the organisation. We have a st__________ lunch hour so that there is always someone on the switchboard.


general vocabulary

Adjectives Unit 0000 2


Complete each of these sentences with an adjective from the box. There is a dictionary definition of the word you will need after each sentence. able-bodied discriminatory ț ț acting ț affiliated ț eligible ț generous ț punctual ț steady aggrieved ț impartial ț ț voluntary capable ț casual irregular ț minimal

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.

The arbitration board's decision is completely


(not biased or not prejudiced)

She is a very _____________ departmental manager. (efficient) There is a _____________ demand for experienced computer programmers. (continuing in a regular way) This procedure is highly _____________. (not correct, or not done in the correct way) The appointment of only males to the six posts was clearly _____________. (referring to the treatment of people in a different way because of race, age, sex, etc) Staff are only _____________ for paid leave when they have been here for more than three months. (allowed, or can be chosen) During our busy summer period, we employ _____________ workers to deal with our extra orders. (not permanent or regular) _____________ workers should initially take any complaints to the Human Resources manager. (upset and annoyed) The work is strenuous and only suitable for the young and __________. (with no physical handicap) He's a very _____________ employee who works extremely hard. (tending to arrive at a place at the right time) The head office exercises _____________ control over the branch offices. (the smallest possible) Smiths Ltd is one of our ____________ companies. (connected with or owned by another company) We can use _____________ workers to help in fund raising for charity. (without being paid) If you leave now, we can offer you a _____________ redundancy payment. (referring to an amount that is larger than usual or expected) While Ms Henderson is on maternity leave, Mr Mullet will be _____________ manager. (working in place of someone for a short time)

Also see:

Wordbuilding 1: Adjectives on page 9 Wordbuilding 4: Opposites on page 13

© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


general vocabulary

Wordbuilding 1: Adjectives
Complete these sentences with an adjective formed from the verb in bold. Do this by adding a suffix (e.g. -able, -ous, -ful, etc) to the verb. In some cases, you will also need to remove letters, or add other letters. The first one has been done for you. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. Production has been slow because of continual machine breakdowns on the shop floor. continue To qualify for paid leave, you need to have been in __________ employment for at least three months without a break. continue During my appraisal, my manager made some very __________ comments. construct To do well in this line of work, you need to be __________ and __________. create / compete The effect of the change in our discount structure is not __________. quantify If you look at the company's poor performance last year, this year has been a __________ success. compare His main complaint is that he finds the work __________ and __________. bore / repeat It's very important to be __________ in a job like this. decide I wouldn't like to offer them a contract because I don't think they're very __________. I'm afraid your work hasn't been very __________ this year. satisfy He gets __________ treatment because he's the MD's son. prefer The work she does is extremely __________. admire The agency was __________, but refused to refund our fee. apologise Because of excessive down time, it's __________ whether we'll achieve our production targets this month. doubt We are __________ that the company will accept our offer. hope Work-related injuries often occur because workers aren't __________ enough. care There are a lot of __________ mistakes in this report. care He's a very __________ person to work with. agree Although she retired last year, she still plays an __________ role in the company. act Each member of staff has to pass an __________ medical test. oblige Heart attacks are one of the __________ hazards of directors. occupy She doesn't work here full-time, but plays a __________ role in the running of the company. consult This post offers an __________ salary and a large benefits package. attract We had to readvertise the job because there were no __________ candidates. suit The sales manager is completely __________. rely depend

23. 24. 25.

168 © Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


general vocabulary

Wordbuilding 2: Nouns 1
Look at the verbs in bold in the first sentence of each pair, and change them to nouns in the second sentence by changing the end of the word. There is an example at the beginning.


The company will compensate the worker for the burns he suffered in the accident. The worker will receive compensation for the burns he suffered in the accident. The company tried to motivate its employees by promising bonus payments. The company tried to increase its employees __________ by promising bonus payments. How are the jobs in this organization classified? What are the job __________ in this organization? They argued about the price. They had an __________ about the price. My secretary leaves us next week, so we will need someone to replace her. My secretary leaves us next week, so will need to find a __________ for her. The personnel director has to sign the contract of employment. The personnel director's __________ has to go on the contract of employment. We have agreed the terms of the contract. We have come to an __________ on the terms of the contract. He told us that he had been promoted from salesman to sales manager. He told us about his __________ from salesman to sales manager. You should apply for the post as soon as possible. You should get your __________ for the job in as soon as possible. No one has authorised him to act on our behalf. No one has given him __________ to act on our behalf. Everyone congratulated him when he was appointed to the post of manager. Everyone congratulated him on his __________ to the post of manager. Mr Smith was succeeded as chairman by Mrs Jones. Mr Smith's __________ as chairman was Mrs Jones. Last year she qualified as an accountant. Last year she received her accountancy __________.













© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

general vocabulary

Wordbuilding 3: Nouns 2 WWW.HOLLYWOODENGLISH.ES
Look at the adjectives in bold in the first sentence of each pair, and decide if the word in bold in the second sentence is the correct noun form of that adjective. If it is wrong, change it so that it is correct. The first one has been done as an example.


I am responsible for the welfare of the workers in my department. I have overall responsibleness for the welfare of the workers in my department. Wrong. The correct word is responsibility


The managing director is totally confident that the turnover will increase rapidly. The managing director has total confidentiality in the turnover increasing rapidly. The chairman questioned whether she was eligible to stand for re-election. The chairman questioned her eligibility to stand for re-election. They remarked that the sales director was incompetent. They remarked on the incompetential of the sales director. The company's pricing policy is not flexible. There is no flexibleness in the company's pricing policy. As a non-profit making organisation, we are exempt from paying taxes. As a non-profit making organisation, we can claim tax exemptiality. Being physically disabled is not considered a disadvantage in this company. Physical disablence is not considered a disadvantage in this company. The report criticized the sales staff as being inefficient. The report criticized the inefficiency of the sales staff. In what way is a junior manager different from a managerial assistant? What's the differention between a junior manager and a managerial assistant? Could you call us as soon as it is convenient for you? Could you call us at your earliest convenientity. The manager wasn't sympathetic to her staff who complained of being overworked. The manager had no sympatheticness for her staff who complained of being overworked. Everybody said how accurate the plans were. Everyone commented on the accuration of the plans. She's a very capable manager. She has very good managerial capablence. This test will help us to assess how intelligent the candidates are. This test will help us to assess the candidates' intelligentness. The aim of the advertising campaign is to keep customers loyal. The aim of the advertising campaign is to keep customer loyalty.
















© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


general vocabulary

The prefixes you will need are:

Wordbuilding 4: Opposites








Change the adjectives in bold to their opposite form using a prefix. The first one has been done as an example. 2. The manager's treatment of the clerk was fair and completely justified.
Efficient waste disraw materials and fail tasks on schedule. The3. prefixes you willworkers need are: il- imin-to complete ir- un. 4. Her views and those of the department manager were compatible.

Direct taxes are taxes that are not paid direct to the government. = Indirect

1. 5. 2. 3.
6. 7. 8.

Direct taxes arewas taxes that are paid direct to the government. The company criticized fornot operating with adequate cover. = Indirect The manager's treatment of the clerk was fair and completely justified.
The job offer was conditional, and he accepted it immediately. This procedure is highly regular, and you mustn't do it again.

Efficient workers waste raw materials and fail to complete tasks on schedule.
She seems to be capable of arriving on time.

4. 9.

Her views and those of , the department manager were . . The strike was official and according to management itcompatible was also legal

5. 10. The company was criticized for operating He is too decisive to be a good manager. with adequate cover.
The debt is recoverable , so we,have to write 6. 11. This procedure is highly regular and decided you mustn't do it itoff. again. You eligible for paid sick leave you have it worked here for three months. 7. 12. The jobare offer was conditional , and until he accepted immediately.

8. 9.

13. 14.

She seems to be capable of arriving on time.

I'm afraid we're rather satisfied with your work. The negotiating team was quite experienced in dealing with management negotiators. production.

The strike was official, and according to management it was also legal.

10. 15. He ‘is too decisive to betime a good manager. Effective time’ is the spent by a worker which does not contribute to 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.
18. 16. 17.

The debt is recoverable, so we have decided to write it off.
The terms of the contract are quite acceptable.

You are eligible for paid sick leave until you have worked here for three months.
The sales manager is competent and we should consider looking for someone The company was declared solvent when it could no longer pay its debts.

I'mnew. afraid we're rather satisfied with your work. The negotiating team was quite experienced in dealing with management 19. negotiators. The company has several tangible fixed assets, including copyrights and ‘Effective time’ is the time spent by a worker which does not contribute to 20. production. You are authorised to make major decisions without first consulting the directors.
21. 22. trademarks.

The terms of the contract are quite acceptable.
Getting skilled staff is becoming possible.

The sales manager is competent and we should consider looking for someone Under the terms of your contract, you can be dismissed for reasonable behaviour. new. The company was declared solvent when it could no longer pay its debts. The company has several tangible fixed assets, including copyrights and trademarks. You are authorised to make major decisions without first consulting the directors.

21.© Bloomsbury Getting skilled staff is becoming . Publishing Plc. For reference see Dictionarypossible of Human Resources and Personnel Management (ISBN 0 7475 6623 2) 22. Under the terms of your contract, you can be dismissed for reasonable behaviour.




general vocabulary



The sentences in this exercise contain mistakes. The mistakes are all in the prepositions and there are three types: 1. A missing preposition Example: I spoke him about this last week = I spoke to him about this last week. 2. A wrong preposition Example: We’re meeting again in Tuesday = We’re meeting again on Tuesday. 3. An unnecessary preposition Example: I’ll telephone to you tomorrow = I’ll telephone to you tomorrow. Find the mistakes and correct them. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. Six of the management trainees have been sponsored their companies. The chairman is abroad in business. Several members of staff were made redundant under the recession. His background is the electronics industry. The company will meet to your expenses. She wrote a letter of complaint the manager. The company enticed staff from other companies through offering them higher salaries. Although they threatened dismiss him, his performance at work didn't improve. Membership is by the discretion of the committee. I have been granted with compassionate leave to visit a sick relative. The new assistant manager has a degree on Business Studies. Some of our staff work up to ten hours for every day. She is away with maternity leave. We still have to overcome on several obstacles in our negotiations with the union. My salary is equivalent that of far less experienced employees in other organisations. Employees have noticed on an improvement in the working environment. He is under full-time employment. There are no grounds of dismissal. Insider trading is not only immoral, but it is also the law. We're meeting the sales reps in London the day before tomorrow. On the terms of your contract, you can't work for another company. We rely our suppliers to make sure deliveries are made on time. I would like to know who is responsible about causing all these problems. If you can't work pressure, you will probably find the work very difficult. After three years at university, she took out a job in a small printing firm. I look forward hearing from you soon.

© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


general vocabulary

Working words
This exercise lets you review some of the more common uses of ‘grammar’-type words (prepositions, conjunctions, pronouns, prepositions, etc) in context. Use one word to complete each gap in the sentences. In some cases, more than one answer may be possible. There is an example at the beginning. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. I enjoy working with people who come ________ a wide range of backgrounds. ________ is the reason why I'm so keen ________ working in Human Resources. ‘Hands On’, ________ is in the city centre, is ________ of the biggest employment agencies in ________ country. A few years ________, people ________ to have the same career for life. ________ days, they can reasonably expect ________ change careers two ________ three times. In spite ________ being rather lazy, he always ________ to get good results. He spent ________ second year of his contract working in the Melbourne office, ________ he helped to double the sales figures. ________ 2001 and 2005, the accession rate in this company increased ________ about 20% each year. One ________ two of our employees commute from London, but ________ of them live ________ the office. I'm afraid ________ say he has absolutely ________ chance ________ getting the job. Staff are ________ allowed to leave early, ________ if they promise to work overtime ________ the weekend. Please come ________ time to the meeting, and ________ prepared to stay late. ________ you do really well in your attainment test, you ________ be asked to attend ________ retraining course. We discussed holding the interviews ________ our Bristol branch, but ________ how many people ________ apply for the position, we decided to use our bigger offices ________ Birmingham. In most respects he was a typical employee, but ________ made him different ________ everybody else in the company ________ his enthusiasm for working at weekends. ________ least 60 people turned up for the presentation, which was far ________ than the organisers expected, and ________ there were only 20 chairs, most of us ________ to stand. Managers are ________ capable of making mistakes as ________ else. Pauline Halmsworth, a production manager ________ works in our Chicago department, has _______ received an ‘Employee of the Year’ award. He approached the training course ________ enthusiasm, and ________ excellent progress as a result. She worked for the company ________ the age of 26 ________ she retired, and during ________ time she only took one or two days ________ sick. Her sudden change of heart took everyone ________ surprise, since previously she ________ been very interested in the project. Reduction ________ demand has led ________ the cancellation ________ several new projects ________ we had hoped to implement.

© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


general vocabulary

Formal words 1
In a business / office environment, we often use ‘formal’ words, especially in our written English (letters, reports, etc). For example, instead of ‘asked for advice’, we might use ‘consulted’. We asked our accountant for advice about our tax. becomes: We consulted our accountant about our tax. These ‘formal’ words are often verbs. Change the ‘neutral’ verbs and expressions in bold in these sentences to more ‘formal’ words using the verbs / expressions in the box. Each sentence requires only one word or expression. In most cases, you will need to change the form of the verb. address ț adjourn ț adjust ț administer ț admonish ț advise amalgamate ț analyse ț annul ț appeal to ț appoint ț apportion assess at ț assign ț assist ț assure ț attend ț audit ț avert await ț award 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. We need to examine in detail the market potential of these new products. The value of the business was calculated to be £5 million. The management increased their offer in the hope of stopping the strike happening. It will be the HR manager's job to organise the induction programme. He was given the job of checking the sales figures. The contract was cancelled by the court. Our accountants have been asked to examine the accounts for the last quarter. When he was dismissed, he asked his union for support. The chairman spoke to the sales team. At the meeting it was decided to give middle management a salary increase. The workers were given a warning by the manager for careless work. We are waiting for the decision of the planning department. Prices will be changed according to the current rate of inflation. The chairman stopped the meeting until 3 o'clock. We have chosen a new distribution manager. Production costs are shared according to projected revenue. The chairman has asked all managers to come to the meeting. We have been told that the shipment will arrive next week. Can you help me with these income tax returns? The different unions have joined together to make one main union.
© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)



general vocabulary


Formal words 2

The words and expressions in bold in the first of each pair of sentences can be replaced by a more ‘formal’ verb in the second sentence. These verbs can be found in the box below, but in most cases you will need to change their form. Write your answers in the crossword grid on the next page. brief ț consent ț consult ț dismiss ț elect ț engage ț enter index ț inquire ț license ț notify ț outline ț present ț redeploy reinstate ț retain ț sequester ț settle ț specify ț tender undertake ț upgrade ț waive

Across (‘)
2. 6. 7. 8. 12. 15. 17. The management agreed to measures to keep experienced staff in the company. The management agreed to measures to _____ experienced staff. The sales people were told about the new product in detail. The sales people were _____ about the new product. The management agreed to the union's proposals. The management _____ to the union's proposals. The union has had its funds taken away by order of the courts. The union has had its funds _____. The insurance company refused to pay his claim for storm damage. The insurance company refused to _____ his claim for storm damage. The chairman gave a general description of the company's plans for the coming year. The chairman _____ the company's plans for the coming year. The union demanded that the sacked workers should be allowed to return to the jobs from which they were dismissed. The union demanded that the sacked workers should be _____. After a lot of thought, he decided to hand in his resignation. After a lot of thought, he decided to _____ his resignation. The court refused to accept his claim for compensation. The court _____ his claim for compensation. If we increase production, we will need to take on more staff. If we increase production, we will need to _____ more staff. Her job has been increased in importance to senior manager level. Her job has been _____ to senior manager level.

18. 19. 20. 21.

Down (Ķ)
1. 3. 4. 5. He has given up his right to early retirement. He has _____ his right to early retirement. The management were formally told of the union's decision. The management were _____ of the union's decision. The HR director will talk about the new staff structure to the Board. The HR director will _____ the new staff structure to the Board. The union has agreed not to call a strike without further negotiation. The union has _____ not to call a strike without further negotiation.

© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


general vocabulary


Word association 1

The four words in italics in each of these sentences can be linked by one other word. All these words have human resources connections. What are they? Write your answers in the grid at the bottom of the page (the first and last letters of each word have been done for you). If you do this correctly, you will reveal something in the shaded vertical strip that all candidates should have or prepare when they apply for a job.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.

This word can come before accounting, analysis and factor, and after marginal. This word can come before age, pay, wage and salary. This word can come before review and structure, and after annual and basic. This word can come before call and notice, and after unofficial and wildcat. This word can come before transfer and work, and after evening and day. This word can come before cover, examination, insurance and report. This word can come before force and dispute, and after skilled and manual. This word can come before agency and law, and after full-time and temporary. This word can come before policy and cover, and after national and medical. This word can come before tax and support, and after earned and net. This word can come before enterprise, ownership, secretary and sector. This word can come before scheme and contributions, and after occupational and portable. This word can come before agency and appointment, and after senior and skeleton. This word can come before work and law, and after fixed-term and under. This word can come before allowance, assistant, contract and development.

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 C P P S I P M L E I M S S S




176 © Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


general vocabulary

Word association 2
Link the verbs in sentences 1 - 15 with a noun from the box to make word ‘partnerships’. The first one has been done as an example.

accounts ț an appointment ț a complaint ț a contract ț instructions a job ț a pension ț a post ț qualifications ț redundancy ț resignation rules ț a salary ț a tax ț work 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. You can start, be in or out of, look for, offer or return to work .

You can follow, carry out, give, issue or receive __________. You can acquire, gain, hold, lack or need __________. You can announce, avoid, face, receive or take __________. You can draw, earn, offer, pay, raise, review or reduce __________. You can offer, negotiate, sign, break, terminate or renew __________. You can apply for, offer, create, accept, leave or turn down __________. You can make, arrange, schedule, confirm, keep or cancel __________. You can levy, impose, lift, deduct, raise or introduce __________. You can pay, settle, keep or falsify __________. You can announce, tender, demand, hand in, offer or accept __________. You can collect, pay into, draw, take out, qualify for or invest in __________. You can make, resolve, respond to, uphold, deal with, investigate or be cause for __________. You can break, enforce, obey, disobey, violate, bend, relax or comply with __________. You can apply for, offer, take up, hold, fill, be appointed to or accept __________.



© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

general vocabulary

Unit 0000 Word association 4: salary and wage
1. Rearrange these letters to make adjectives that can come before wage and salary. The first letter of each word has been underlined. balelevi ginilv cabis moinnla iuimmmn honymtl graevea alnuan eyyrla


Complete this paragraph with verbs from the box. command ț fall ț offer cut ț ț pay dock ț ț raise draw ț earn ț ț rise ț reduce

An employee can (a) ________ or (b) ________ a wage or salary. An employer can (c)________, (d)________, (e)________, (f)________ or (g)________ salaries or wages. If an employee is persistently late or does something wrong, the employer can (h)________ his wages. Wages and salaries can (i)________ or (j)________. An experienced worker who is in great demand can (k)________ a high wage or salary from a new employer. 3. Decide whether these statements are true or false:

(a) Changes made to wages are called wage adjustments. (b) The basis on which an employee is paid is called a wage formation. (c) A wage-price spiral occurs when prices fall, and so wages fall as well. (d) The act of keeping increases in wages under control is called a wage restraint. (e) A wage freeze is a period during which a company doesn't pay any wages. (f) The differences in wages between employees in similar types of jobs are called wage differences. (g) A wages floor is the department in a company which is responsible for paying the employees (h) A financial benefit offered as a reward to employees who perform very well is called a wage incentive.


Complete these dictionary definitions with words from the box. bands ț ceiling ț cut ț expectations ț review deductions ț ț structure drift

(a) Salary ________ refers to money which a company removes from salaries to pay to the government as tax, National Insurance, etc. (b) A salary ________ is the organisation of salaries in a company with different rates of pay for different jobs. (c) Salary ________ is a situation where an increase in pay is greater than that of officially negotiated rates. (d) Salary ________ are the hopes of an employee that their salary will increase. (e) A salary ________ is a re-examination by an employer of an employee's pay. (f) A salary ________ is the highest level on a pay scale that an employee can achieve under his or her contract. g) Salary ________ are all the salaries at different levels in a company. (h) A salary ________ is a sudden reduction in salary.



© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

general vocabulary

Unit 0000 expressions 1 Two-word
Exercise 1
Complete the words in the grid to make two-word expressions connected with Human Resources. You have been given the first letter of each word, and you can find the rest of each word in the box below the grid. The first one has been done as an example. a ccession rate d________ action g________ procedure j________ satisfaction m________ round p________ ladder s________ differential v________ redundancy b________ scheme e________ liability h________ capital k________-how n________ assessment q________ time t________ spirit w________ dismissal c________ provision f________ worker i________ plan l________ manager o________ mobility r________ rate u________ communication y________-man

_ccession ț _ccupational ț _eam ț _eeds ț _eplacement ț _es _hift ț _hildcare ț _ilk ț _ine ț _isciplinary ț _mployer's ț _ncentive ț _now ț _ob ț _oluntary ț _onus ț _pward ț _reelance _rievance ț _romotion ț _rongful ț _uality ț _uman

Exercise 2
Complete these sentences with a two-word expression from above. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. _____ _____ had to be taken to prevent further disputes between workers and managers. In return for a large payment, several of our employees have offered to accept _____ _____. We will begin the recruitment drive with our annual _____ _____, beginning at North London University. We have to carry out a _____ _____ so that we can decide which of our employees should go for further training, and which should be transferred. These days, it is not enough to be able to do one job well. You need to have _____ _____ so that you can more from job to job effectively. Our _____ _____ is £7.50 an hour, but this rises to £10.50 an hour after the employee has been with us for six months. By being appointed sales manager, she moved several steps up the _____ _____. If you want to be successful in this company, it's important to acquire a bit of computer _____ _____ and other IT skills. When she was sacked for sending personal emails when she should have been working, she complained of _____ _____ to her union. This company has a very high _____ _____, which many of our employees are blaming on poor management.



© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

general vocabulary

Unit 0000 Phrasal verbs 1


Complete the sentences with a verb so that each sentence contains a phrasal verb. Use these verbs to complete the crossword grid on the next page. The sentences in italics explain what each phrasal verb means. The verbs you need are in the box, but in many cases you will need to change their form (past simple, past participle or present participle). All of the phrasal verbs can be found in the Bloomsbury Dictionary of Human Resources and Personnel Management. back ț cancel ț carry follow ț get ț go ț run ț set ț ț close ț drag ț fall ț fight ț fill hand ț hold ț make ț opt ț phase sort ț turn ț weed ț work

Across ( ‘ )
3. The company is _____ down its London office. (to shut a shop, factory or service for a long period or for ever) We'll pay you half now, and _____ up the difference next month. (to pay extra so that a loss or difference is covered) She doesn't _____ on with her new boss. (to be friendly or work well with someone) Negotiations _____ on into the night. (to continue slowly without ending) The unions are _____ against the proposed redundancies. (to struggle to try to overcome something) I'll _____ up your idea of targeting our address list with a special mailing. (to examine something further) Two months later, they _____ back on their agreement. (not to do what has been promised) The company was _____ up in 1994. (to begin something or to organise something new) He _____ down the job he was offered. (to refuse) Discussion of item 4 was _____ over until the next meeting. (to postpone or put back to a later date) In the last six months we have _____ behind our rivals. (to have fewer sales or make less profit)


6. 8. 12.


16. 17. 18. 21.


Down ( Ķ )
1. 2. He decided to resign, so _____ in his notice. (to deliver a letter by hand) He resigned last week, and is now _____ out his notice. (to work during the time between resigning and actually leaving the company)



© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

general vocabulary


Phrasal Unit verbs 0000 3

Match the questions on the left with the most appropriate answers on the right. The answers contain a definition or an explanation of the phrasal verbs in bold on the left. The first one has been done for you. 1. Would you advise against moving the head office to Edinburgh? Did you manage to turn the company round? Do you think the staff will walk out when they hear the news? Did you manage to get through to the complaints department? Shall we put back the meeting until everyone can come? Were the management willing to improve on their previous offer? Would you be prepared to hold out for a 10% pay rise? Will we be able to hold him to the contract? H. 9. 10. 11. 12. Can we clock off yet? Have you taken over the company? Are they hoping to build up a profitable business? Do you think you'll have to let Mr Walton go? Have our reps called in to give us their sales figures? Have the managers agreed to take on more staff for the Witney office? Can we get along all right with only half the staff we had before? I. C. A. Yes, they thought they might be able to do a bit better as long as we were prepared to work harder. Well, we haven't actually bought it yet, but we've made an offer to buy most of the shares. No, I don't think we're going to employ anyone else for the time being. Yes, I don't think we should do that. Possibly, but we're not sure we'd want to wait too long before asking. Yes, I've had three phone calls already this afternoon. Well, there has already been some gradual expansion, but it's going to take time. Well, I certainly think it's a good idea to move it to a later date. Yes, it was making a loss, but now it's a very profitable organisation. I hope so. I don't want to allow any changes to be made at this stage. We should manage, although everyone will have to work a bit harder. Yes, it's time to leave. Let's go home. Probably, and we really don't want everyone to stop working and leave in protest. We don't like making people redundant, but it looks like it's our only option. No, they weren't answering the phone.

2. 3. 4. 5.


D. E. F. G.


7. 8.

J. K.

13. 14.

L. M.




© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


general vocabulary

Unit 0000 Phrasal verbs 4


The following sentences each contain a phrasal verb in bold. However, half of them use the wrong phrasal verb. Decide which ones are wrong and replace them with the correct phrasal verb, which you will find in the other sentences. The phrasal verb you need for each sentence is explained in italics at the end of each sentence. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. If you complain, you might get your money back. (to receive something which you had before) The company was broken up and separate divisions sold off. (to split something large into small sections) If you want to put out in your job, you'll need to show more commitment. (to advance in your career) Payment will be held up until the contract has been signed. (to delay) We have installed networked computers to cut down on paperwork. (to reduce the amount of something used) Negotiations between management and the unions backed out after six hours. (to stop a negotiation, usually because no agreement has been made) We plan to bring out a new model of the car for the motor show. (to produce something new) She decided to take early retirement, so took up her responsibilities to her deputy. (to pass your work responsibilities to someone else) The accounts department got out the draft accounts in time for the meeting. (to produce something) After an agreement was reached, the union phased in the strike. (to ask for something to stop) The management have refused to give up pressure from the unions. (to yield or to surrender) The new system of pension contributions will be called off over the next two months. (to introduce or bring something in gradually) We may decide to bring down the price of some of our brands to help increase demand. (to reduce) After several years with the company, she handed over a new post with one of our competitors. (to start a new job) We had to cancel the project when our German partners broke down. (to stop being a part of a deal or arrangement) Workers refused to give in to any of their rights. (to hand something to someone, or to lose something, often as the result of pressure from someone) The meeting has been put off for two weeks. (to arrange for something to take place later than planned) We are planning to get ahead most of our work to freelancers. (to send or give a job to someone else, usually not in your company) He got on well in his new job, and was soon promoted. (to succeed) It's very important to carry out your duties to the best of your ability. (to do what is necessary for your job)


© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

general vocabulary

Idioms 1: The people you work Unit 0000 with
There are a lot of informal, idiomatic and slang words that we can use to talk about different types of people who work in a company. Many of them are used in a humorous way. Some of them are not very complimentary, so you should be careful how you use them! Read the descriptions of these different people, then match them with the idiomatic noun in the box at the bottom of the page that best applies to them. The first one has been done for you. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. Alice enjoys her work, and has no grievances against her employer. = a happy camper Brian is a brilliant young man who has quickly become very successful. Clarice is an angry worker who is always spreading discontent in the office. Daniel was brought in to deal with a big project, made a lot of fuss, achieved nothing and then left. Elizabeth is a second-level manager who is responsible for carrying out commands and communicating messages from the top-level executives. Frank works all the time, and is unhappy when he's not working. Gary is new to our company, but he didn't need to be trained for the job as he was already experienced in his line of work. Harriet is a junior executive who assists a senior executive, and is always following him around the building. Ian is rich and successful because of all the hard work he has done. Janine often moves from one job to another because she has skills that a lot of companies value. Kevin is obsessed with the Internet, and spends all his time on the computer. Louise is an influential and dynamic woman who makes things happen. Martin always agrees with everything his boss says. Nora secretly has a second job which she goes to in the evening, and which pays cash. Oliver does a large variety of small jobs in the office. Penelope always appears to have an endless supply of good ideas. Richard is a senior executive who performs extremely well. Sally left the company last year, but returned to work for us again last month. Tom is an executive who dresses well and follows procedure, but doesn't actually contribute much to the company. Ursula is a lazy employee who tries to get away with doing the least possible amount of work. Vic is very knowledgeable about technology and mathematics, but is not very good at relating to people. Wendy always follows her instincts when responding to a question rather than considering it rationally.

a boomerang worker ț a digithead ț an empty suit ț a free worker a goldbricker ț a happy camper ț a heavy hitter ț a hip shooter ț an idea hamster a Man Friday ț a moonlighter ț a mover and shaker ț a nethead ț a pilot fish a plug-and-play employee ț a seagull manager ț a self-made man ț a spear carrier a toxic employee ț a whizz-kid ț a workaholic ț a yes-man All of the words and expressions in this box can be found in the Bloomsbury Dictionary of Human Resources and Personnel Management.

183 © Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


general vocabulary

Unit 0000 Idioms 2


Choose the correct idiomatic word or expression in (a), (b), (c) or (d), for each of these sentences. You will find all the correct expressions in the Bloomsbury Dictionary of Human Resources and Personnel Management. 1. Boring and detailed work, such as examining documents for mistakes, could be described as: (a) hammer and chisel work (b) nut and bolt work (c) bucket and spade work (d) pick and shovel work 2. We sometimes say that people who compete for success in business or in a career are working for the: (a) horse race (b) dog race (c) rat race (d) camel race

3. The practice of transferring a difficult, incompetent or non-essential employee from one department to another is known informally as a: (a) weasel waltz (b) turkey trot (c) cat calypso (d) rabbit rumba

4. We might refer to a bad employer with a reputation for losing talented staff as a: (a) people churner (b) people mixer (c) people stirrer (d) people beater 5. A job that is normally done by a woman, especially a young one, is sometimes referred to as: (a) a pink-collar job (b) a woolly-jumper job (c) a fluffy-slipper job (d) a furry-mule job 6. If you do a lot of different types of work in an office for very low pay, you could be referred to as a: (a) catsbody (b) pigsbody (c) ratsbody (d) dogsbody 7. When an employee telephones to say that s/he is not coming to work because s/he is ill, but in fact is only pretending to be ill, we say that s/he is taking or throwing a/an: (a) unwellie (b) illie (c) horriblie (d) sickie

8. If an employee gets very angry at work because of something bad or unpleasant that happens, we can say that they are experiencing: (a) office anger (b) work rage (c) shopfloor strops (d) workplace wobblies 9. If an employee is deliberately or accidentally excluded from decision-making processes, they might complain that they are being left: (a) out of their mind (b) out of the blue (c) out of their head (d) out of the loop 10. Work that offers the same money for less effort than another similar job is often known as: (a) a cushy number (b) a doddle (c) a pushover (d) child's play 11. When somebody is dismissed from their job, we can say that they have: (a) got the shoe (b) got the sandal (c) got the boot (d) got the slipper 12. If you criticize somebody in writing, we can say that you ________ them. (a) pencil-smack (b) pencil-thrash (c) pencil-punch (d) pencil-whip



© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

general vocabulary


Unit Idioms 0000 3

Look at these mini-dialogues, and complete each one with an idiomatic expression from the box. You do not need to use all of the expressions. cherry pick ț dead wood ț dress-down day ț dumbsizing ț ear candy exploding bonus ț eye service ț glad-hand ț graveyard shift ț helicopter view kiss up to ț leaky reply ț marzipan employee ț mushroom job shape up or ship out ț sweetener ț three-martini lunch 1. A. Oh no! Elaine sent me an email complaining about Mr Jones, and I wrote her a reply. I agreed that I thought Mr Jones was stupid and incompetent, and I've accidentally sent it to him! B. Oh well, don't worry. We all send a __________ now and then. A. I've told Tom that unless he improves his performance at work, he'll be fired. B. Good. It's about time somebody told him to __________. A. A lot of our factory employees are happy to work at night because the money is good. B. Yes, working the __________ can be a good way of making more money. A. The only way to get promoted in this job is to flatter and be very attentive to the senior managers. B. That's terrible! You shouldn't have to __________ people to get ahead in your job. A. We need to get rid of some of our older and less productive staff. B. I agree. The __________ has to go as soon as possible. A. Ms Rigden met a lot of people at the conference, didn't she? B. She certainly did. I think I saw her __________ almost everyone there. A. On Wednesdays, we're allowed to wear informal clothes to work. B. Us too. Our __________ is Friday. A. My boss always compliments me and tells me how well I'm doing, but he never offers me a pay rise. B. Well, I suppose a bit of _________ is better than nothing. A. A lot of people in out company only do any work when the supervisor is watching them. B. It's the same in our company. In fact, __________ is more common than you think. A. We need to reduce the size of the company but we need to make sure it doesn't become unprofitable or inefficient. B. That's true. __________ is something we need to avoid at all costs. A. Alan says he's thinking of leaving the company to work for someone else. B. That's not good news. Offer him a _________ and see if he can be persuaded to stay. A. Do we need to look at all the problems in detail? B. No, not really. A _________ should be enough for now. We just need the main ideas.












185 © Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


general vocabulary

Unit 0000 Changes
Exercise 1: Verbs


Complete these sentences with a verb from the box. In some cases, more than one answer may be possible. You will need to change the form of the verb in many cases. The first one has been done as an example. adapt ț adjust ț alter ț decrease ț demote ț deteriorate ț downgrade downsize ț enforce ț expand ț increase ț lay off ț phase in ț promote redeploy ț reduce ț relax ț release ț relocate ț renew ț renovate replace ț retire ț streamline 1. In order to streamline distribution services, we are installing a new, more efficient computer system. Because of her excellent work, she will be ________ from salesperson to manager. The company will close for two weeks while the offices are being ________. The good news this year is that company profits have ________ faster than the rate of inflation. His contract was initially for five years, but it has recently been ________ for another three years. When I wanted to leave the company early, the management refused to ________ me from my contract. Older staff are being encouraged to ________ early. We closed the design department and ________ the workforce to the publicity department. We have ________ our sales force in order to cope with the extra demand for our products. The company has decided to ________ the company rules on dress codes: from now on, office staff are not required to wear suits. Our share of the domestic market has been much bigger since imports ________. The company has decided to ________ the rules on smoking: from now on, anyone caught smoking on company premises will be fined. He was ________ from manager to salesperson because of his poor handling of the department. Over the next two years, we will ________ all our salaried staff with freelancers. The quality of work in the office has ________ badly since the old manager left. Salaries will be ________ to bring them in line with the higher rate of inflation.

2. 3. 4. 5. 6.

7. 8. 9. 10.

11. 12.

13. 14. 15. 16.



© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

general vocabulary

Unit 0000 Over and under


Look at these mini-dialogues and complete each one with a word from the box. These words all include over or under. The first one has been done as an example for you. One word can be used twice.

overhaul ț overheads ț overmanned / overstaffed ț overpaid overqualified ț overrated ț overrule ț overrun ț overtime ț overturn overworked ț underachiever ț undermanned ț undermine understanding ț understudy ț undertaking ț underutilised ț underworked


A. The directors think that our staff are underworked . B. Well, they are at the moment, but that's because demand for our products is so low. A. The workers have __________ the time limit set by the production manager. B. That's not good. They shouldn't go beyond the limits that set for them. A. We're rather __________ at the moment. B. Right. And unless the market improves, we might need to lay off some of our casual workers. A. Do you think our staff are __________? B. No, I don't. They work very hard for the money they receive. A. Everyone says that Elizabeth works hard, but in my opinion she's a bit of an __________. B. I agree. She doesn't do as much as she is capable.






A. I'm learning how to do the production manager's job in case he needs to take some extended time off. B. Oh, I thought you were the __________ for the accounts manager.


A. Does this business make a lot of money? B. Yes, it's a very profitable __________. A. Robert has a degree in business studies, doesn't he? B. Yes, so he's rather __________ to be an ordinary shop floor worker.



A. Our sales revenue covers the manufacturing costs, but not the day-to-day running costs of the company. B. Right. We need to make sure we have enough to cover our __________.


A. Our staff are always complaining that they're __________. B. I don't know why. They get plenty of breaks, and most of them clock off before three o'clock.



© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

general vocabulary

Unit A career 0000 case history
Part 1


In this text, you have been given the first two letters of some missing words and expressions. You will find the other parts of the words in the box. The first one has been done for you.

—lked out ț —tire ț —senteeism ț —bezzlement ț —gh achiever —nd in ț —ck ț —smissed ț —tice ț —fered ț —lled in —op floor ț —omoted ț —ply for ț —terview ț —signed —mmute ț —plication form ț —y off ț —tend

Ian Woodham left college and decided to 1. ap ply for a job which he saw advertised in the local paper. He 2. fi________ the 3. ap________ that the company sent him, and a week later he was asked to 4. at________ an 5. in________. He was 6. of________ the job that same day. As he lived in a small town outside the city, he had to 7. co________ every day. He was a 8. hi________ and so very soon was 9. pr________ to a better position. However, the company he worked for was having problems. Two people were 10. di________ for 11. em________ from the petty cash box, three got the 12. sa________ for continual 13. ab________, two of their friends 14. re________ in sympathy and then most of the workforce 15. wa________ in support. A few weeks later, the directors decided to 16. la________ fifteen 17. sh________ workers because there wasn't enough work, and the managing director decided to 18. re________ early. The atmosphere was so bad that Ian eventually decided to 19. ha________ his 20. no________.

Part 2
In this text, the first letter of each word in bold is in the correct place, but the other letters have been mixed up. Rearrange the letters to make words.

Ian couldn't afford to be 21. upedmloyen, however, so he started 22. jbo hgnnuti again. A computer company had a 23. vnyaacc for position of 24. smlesana. A lot of 25. cidnteadsa with good 26. qnafsuliictioa and 27. eeerinepcx applied, and Ian was one of them. After all the interviews had finished, the directors made a 28. striotlsh of the best 29. anpipctlsa, then invited them back for another interview. After a lot of discussion, they 30. apndoipet Ian. Ian was delighted. After all, he would receive a 31. slyraa of £25,000 32. pre amunn, with a 5% 33. iteenmncr twice a year, a 34. csnmioiosm for each computer he managed to sell, excellent 35. psrke such as private health insurance and a company car, a company 36. pnosnie plan to make sure he would be well-off when he retired, and the chance of 37. pmotoonir to the position of sales manager. All in all, his future 38. psocrsept looked excellent.



© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


topic vocabulary

Abbreviations and Unit acronyms 0000
Test your human resources abbreviations. Look at these abbreviations, then complete the crossword puzzle on the next page with the words that are missing from their complete forms. You will find all of these, together with their definitions, in the Bloomsbury Dictionary of Human Resources and Personnel Management. The first one has been done for you.

1. VAT = Value Added _____. 2. O and M = organisation and _____. 4. GMP = guaranteed _____ pension. 6. PBR = payment by _____. 9. MD = Managing _____. 11. EOC = _____ Opportunities Commission. 12. INSET = in-service _____. 15. QWL = quality of _____ life. 17. R and D = _____ and development. 20. HR = human _____. 21. SERPS = state earnings-related _____ scheme. 23. In £25K, K means _____. 26. ASAP = as soon as _____. 28. PIW = period of _____ for work. 30. MPP = maternity pay _____. 31. CV = curriculum _____. 33. SWOT analysis = strengths, weaknesses, _____ and threats analysis. 36. LIFO = last in, _____ out. 38. PAYE = pay as you _____. 41. EAT = employment _____ tribunal. 42. MBA = Master of Business _____. 43. PEST = political, economic, social and _____.

1. TOIL = _____ off in lieu. 3. OTE = on-target _____. 5. AGM = annual general _____. 7. ILO = International _____ Organisation. 8. PR = public _____. 10. PLC = _____ limited company. 13. ESOP = employee share _____ plan. 14. TNA = training needs _____. 16. NI = national _____. 18. SAYE = _____ as you earn. 19. EAP = employee _____ programme. 22. TQM = total _____ management. 24. CPD = continuing personal _____. 25. NVQ = National _____ Qualification. 27. PIN = personal _____ number. 29. AVC = additional voluntary _____. 32. PERT = programme _____ and review technique. 34. SMP = statutory _____ pay. 35. CEO = Chief Executive _____. 37. EHO = environmental _____ officer. 39. SSP = statutory _____ pay. 40. p.a. = per _____.

189 © Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


topic vocabulary

Company Unit positions 0000
Read this text in which someone is describing the different people who work in her company, then match the names of the different people with their positions on the next page. The first one has been done for you.


Welcome to the Bristol division of Compuflop plc. My name is Marion Smith, and I am responsible for the company's productive use of its workforce. This is Alice Ranscombe, who works in my department typing letters, filing documents, arranging meetings and so on. And this is Jessica Hopkins, who does lots of small jobs in and around the office. If you need some filing done, some letters posted, or want a cup of tea, she's the one to ask. The man in the office over there wearing the Versace suit and the Rolex is Eddie Rolfe. He controls the company finances. You probably saw his Ferrari parked outside when you arrived. The man over there sweeping the floor is Reg McEnery. Reg, when you've finished, could you empty the bins please? Let me tell you about some of the other people who are currently working in my company. First of all, there's Anne Kennedy, who is appointed by the shareholders to help run the company. She spends a lot of time working with Ronald Anderson, who makes sure the company is running efficiently, and he has to answer to Elizabeth Watkins, who is the most important director in charge of the company. Susie Farraday works for Ms Watkins, and she performs various secretarial and administrative duties for her. Alan Johnson presides over the company's board meetings, and Brian Larrs attends the board meetings only to give advice. Our company makes computer components, and we need to make sure that production keeps up with demand. Stephen Bird is the man who supervises the production process, and he is helped in this job by Ray Harrison. In addition to our Bristol office and factory, we also have an office in Birmingham: Mary Myers is responsible for the company's work there. Richard Giddings is the one who makes sure people know about our products and services. To tell you the truth, I don't think he's doing a very good job; the company doesn't seem to have made much money for quite a long time now. On the factory floor we have Harry Rampling. He's a highly skilled worker, so he's in charge of all the workers on the factory floor. Andy Kelly represents the workers in discussions with the managers about things like wages and conditions of employment. At the moment, there is a dispute between the workers and the management about money. The workers want more, and the management say the company can't afford to give a pay rise. Anyway, the company has brought in Jennie Wilkinson to help sort things out (she doesn't work for our company and isn't concerned with the dispute, so hopefully she will be able to settle it - the last time we had a dispute, we had to bring in Jack Langsdale from the government to make the two sides agree). I do hope the workers don't go on strike again. We've lost a lot of business because of industrial action recently.

190 © Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


topic vocabulary


We also have a few other people who are here on a temporary basis. Tabitha Bradley is one of them. She finished university last month, and she's learning a bit about the company. She's hoping to work with us in the future. I'm sorry, I didn't catch your name. Tony Preston. Nice to meet you Mr Preston. And why are you here? You're here to take over the company and close it down?! Oh dear, I didn't realise we were in that much trouble!
1. Marion Smith 2. Alice Ranscombe 3. Jessica Hopkins 4. Eddie Rolfe 5. Reg McEnery 6. Anne Kennedy 7. Ronald Anderson 8. Elizabeth Watkins 9. Susie Farraday 10. Alan Johnson 11. Brian Larrs 12. Stephen Bird 13. Ray Harrison 14. Mary Myers 15. Richard Giddings 16. Harry Rampling 17. Andy Kelly 18. Jennie Wilkinson 19. Jack Langsdale 20. Tabitha Bradley 21. Tony Preston A. area manager B. official mediator C. official receiver D. chief executive officer E. foreman F. production manager G. company director H. Girl Friday I. human resources manager J. trade union representative K. personal assistant L. arbitrator M. assistant manager N. chairman O. managing director P. graduate trainee Q. secretary R. non-executive director S. advertising manager T. caretaker U. accountant



© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

topic vocabulary

Recruitment advertising Unit 0000
Complete this job advertisement with appropriate words from the box. The first one has been done for you.

annum ț applicant ț attractive ț basic ț benefits ț colleagues ț commission covering ț CV ț drive ț experience ț increment ț leading ț motivate package ț post ț qualified ț rewards ț salary ț team ț vacancy

(1) Leading

manufacturing company APB has a (2)___________ for the (3)___________ of

Sales manager
to begin work in our busy Manchester office from this September. The successful (4)___________ will be suitably (5)___________ and should have had extensive (6)___________ in sales management. They will be able to work as part of a (7)___________, and should have (8) ___________ and the ability to (9)___________ and inspire their (10)___________. In return, we can offer an (11)___________ (12)___________ (13)___________, which includes a (14)___________ (15)___________ of £20K per (16)___________, 10% (17)___________ on all sales, a guaranteed annual (18)___________ of £1K, and other (19)___________ such as a company car and free meals. If you are interested in working for this us, send your (20)___________ with a (21)___________ letter to: APB Ltd, Norton Towers, Blackberry Way, Whittersley, WH8 4RT APB is an equal opportunities employer


© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


topic vocabulary

Unitdescription Job 0000
Complete this job description with words from the box. There are three words that you do not need. The first one has been done for you.

accountability ț agree ț Benefits ț Branch ț deal ț ensure ț Full time ț Head Hours ț Key ț Leave ț Location ț negotiate ț inspect ț Part time ț produce Reports ț responsibilities ț Responsible ț Shift ț supervise ț title ț visit

Job Description
Job (1) title (2)________: (4)________ to: (6) ________ (8) ________ entitlement: Main (9)________: (11)________ (12)________: : Regional Production manager Ealing (3)________, West London Production Manager, (5) ________ Office. (7)________. Monday to Friday 9.00 - 5.30 21 days per annum, + bank holidays. To (10)________ the work of the production department. ½ To (13)________ product specifications with sales departments and time schedules with stock control department. To (14)________ product is manufactured according to agreed specifications and within time schedules. To (15)________ quality of finished product. To (16)________ sales reports for Head Office. To (17)________ with suppliers on base material prices. To (18) ________ suppliers on a regular basis to check quality of base materials. To (19)________ with problems as they rise on a day-to-day basis.


½ ½ ½ ½ ½

(20)________ for managing:

1 sub-manager, 10 machinists, 3 trainees, 2 cleaners.



© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


topic vocabulary

Application Unitforms 0000
Complete this job application form with appropriate words from the box. The first one has been done for you as an example. absence ț absent ț address ț approach ț assessment ț attended ț college ț contact dates ț Degree ț Diploma ț dismissal ț duties ț education ț email ț employer employment ț examinations ț false ț first name ț history ț home ț illness ț information leaving ț offer ț present ț postcode ț qualifications ț reason ț referees ț suitability surname ț title ț training ț university Application for (1) employment as: (2)________: (4)________: (5)________:

Telesales Manager


Eric John

136 Wrenhouse Street, Endham, Berkshire. RG87 6GH 01988 879910

(6)________ details (7)________ telephone:

(9)________ and (10)________: Last school(11) ________: (12)________ or (13)________: (14)________ and (15)__________:

Briarwood Secondary, Endham North London University, Holloway Road, London. Central Business School, Addingsbury

A-Levels: Economics, History, Geography BA (16)________ in Business Administration (Upper second with Honours) RSA (17)________ in Business IT.
Safenet Insurance, Unit 7b Millsfarm Estate, Tottenham, London N17 8YT 2002 - Present. Job (21)________: Assistant telesales manager and coordinator. Cold-calling potential clients for Insurance scheme. Monitoring other telesales operatives as (22)________: part of quality control.
(19)________ employer and (20)________ of employment: (23)________ for (24)________: Employment (18)________.

I would like to develop my potential in sales and marketing, and have more responsibility.

(25)________. Please give the names of two people who can give an (26)________ of your (27)________ for this job (one of whom should be your present (28)________):

1. Mr Boyd Walton (Manager) Safenet Insurance (Address above)

2. Alice Waugh (Ex-colleague) Burrett and Dowling Insurance 15A Searle Street Rigdenbury HB2 9TY

No (29)________ will be made to your present employer before an (30)________ of employment is made to you. If you have had an (31)________ in the last two years which has caused you (32)________ from work, please give details with the number of days you were (33)________. I confirm that the above (34)________ is correct to the best of my knowledge. I accept that deliberately providing (35)________ information could result in my (36)________.

© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


topic vocabulary

Unit recruitment The 0000 process
This text about the recruitment process below has been divided into three parts. Complete each part with the words and expressions in the boxes. The first answer for each part has been done for you.

Part 1
affirmative recruitment ț applicants ț appointments ț benefits description ț disabilities ț discrimination ț equal opportunities experience ț externally ț institutional agency ț increments internally ț job centres ț journals ț leave ț personal qualities private recruitment agency ț qualifications ț recruitment agency rewards ț situations vacant ț vacancy

When a company or organisation has a 1. vacancy

for a new member of staff, it usually advertises the

post. It does this 2._____________ (for example, in the company magazine or on a company notice board) or 3._____________, either in the 4._____________ or 5._____________ section of a newspaper, in specialist trade 6._____________ or through a 7._____________ which helps people to find employment. There are two main types of agency. The first of these is the 8._____________, usually found in a school or university. These work closely with employers to let potential employees know about the jobs that are on offer (also included in this category are 9._____________, which are provided by the state, and which can be found in most main towns in Britain and other countries). The second is the 10._____________, which are independent companies, and employers have to pay these agencies for each employee they successfully provide.

A job advertisement has to give an accurate 11._____________ of the job and what it requires from the 12._____________ (the people who are interested in the post). These requirements might include 13._____________ (academic, vocational and professional), work 14._____________ in similar lines of work, and certain 15._____________ (for example, it might say that you need to be practical, professional and have a sense of humour). The advertisement will also specify what 16._____________ (basic salary, commission, regular 17._____________, etc) and 18._____________ (paid 19._____________, free medical insurance, company car, etc) the company can offer in return. The advertisement must be careful it does not break employment laws concerning sex and racial 20._____________: some companies emphasise in their job advertisements that they are 21._____________ employers (or 22._____________ employers in the USA), which means that they will employ people regardless of their sex, skin colour, religion, 23._____________, etc.


© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

topic vocabulary

Unit 0000 Personal qualities
At job interviews, candidates are assessed on their suitability for the job they are applying for. In addition to their qualifications and experience, interviewers have to look at the other qualities that make a candidate suitable for a job or not. The same qualities are also considered when staff receive appraisals and assessments. Use the nouns and adjectives in the box to complete the sentences. One word can be used twice. The first one has been done for you. WWW.HOLLYWOODENGLISH.ES abrasive ț ambition ț conceited ț confidence ț confrontational ț critical decisive ț impulsive ț industrious ț udgement ț motivation ț obstinate ț popular practical ț professional ț punctual ț rapport ț relationship ț reliable ț reserved sensible ț sensitive ț selfish ț sociable ț willing 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. She's very popular : everybody likes her, and enjoys working with her.

She isn't very good at making decisions. She's not very ________. He works well with everyone: he has excellent ________ with his colleagues. He always arrives on time. He's very ________. He's always ________ to cover for others when they need to take time off. If you ask her to do something, you know she will do it because she's so ________. She's always pointing out people's faults. She's so ________. He quite ________, and gets upset when people point out his faults. She's very ________ to the needs of others, and will always help people if they have problems. She deals with problems well and makes good decisions, and in that respect she's very ________. He shows excellent ________ when making difficult decisions. She seems to be rather ________ and doesn't mix well with other members of staff. His main problem is that he is extremely ________, and rarely thinks carefully before making important decisions. He's extremely ________, and almost never takes others' advice. He never shares information, and never helps others. I think he's basically ________. She's a very ________ worker, and really enjoys spending time with her colleagues both inside and outside the office. He's very ________ , and always works steadily and hard. He has a very ________ approach; he's clearly well-trained and good at his work, and always does a good job. She's rather ________: she thinks she's much better than everybody else. He clearly has ________, and is keen to move up the company ladder. I think he lacks sufficient ________; he doesn't seem very keen, and always has to be told what to do. She's always arguing with everyone. She has a very poor ________ with her colleagues. One of his main problems is that he lacks ________: he always seems worried and nervous, and always has to check that he's doing the right thing. He has a very ________ manner when you speak to him, and as a result people don't go to him with their problems. People complain that he's very ________, and is always starting arguments or making people angry.



© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

topic vocabulary

Contract of employment Unit 0000
In this contract there are 31 vocabulary mistakes. Either a word is spelt incorrectly, the form of the word is wrong, or a wrong word has been used. Identify and correct these words. Some of the mistakes occur more than once in the contract.


1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Name of employ: Name of employed: Job titel: Job descriptive: Job locally: Celery: Started date: Hours of labour: Undertime: Holiday enticement: Absent from work: Pension sceme: Dissiplinary and grieving procedures: Probbation:

Term and conditionals of employment Avicenna Holdings plc Martha Jennings Personal Assistant to the Managing Director. To perform various secretarial and administrative duty for the MD. Head Office, Truro. £22,000 per anum (payable monthly in rears) 1 April 2005. Full time. 9.15am - 5.45pm Monday until Friday, 1 hour lunch. Extra hours worked will be paid at the normal hourly rat. Saturdays will be paid at time x 1 ½, Sundays at time x 2. 20 days per anum. If for any reason you cannot come to work, you should telephone your manager as soon as possible. The company does not operate a pension sceme. You should arrange this separately. Information on these procedures are provided in the staff handybook, together with information on all company police. All appointments are subjective to three months' probbation, during which time employees may be terminated with two weeks' note on either side. After successful completion of the probbation period, the note period will be three months. All apointments are subject to satisfactory referrals.




17. 18.

Referrals: Singed:

Martha Jennings


21 March 2005

197 © Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


topic vocabulary

Unit 0000hours Working


Complete the sentences with an appropriate word or expression, and write the answers in the crossword grid on the next page. Clue 1 across has been done for you. Several of the sentences refer to shift work (when employees work for a period and then are replaced by others). Some of the sentences refer to flexible work systems, where employees can start or stop work at different hours of the morning or evening, provided that they work a certain number of hours per day or week.

Across ( ‘ )
1. 5. 8. 9. 12. When somebody is always on time for work, we say that they are ________. When you record the time you leave work by putting a card into a special machine, you ________ ________. A time for which work is paid at twice the normal rate (for example, at weekends or on public holidays) is called ________ time. The act of changing an employee's shift or working hours is called shift ________. In Britain, parents who have children under 6, or disabled children under 18, have a legal right to have their working hours arranged to help them with their responsibilities. This right is known as Flexible Work ________. ________-________ is the fact of being on time for work (for example, He was warned for bad ____-____) ________ time is paid time which the management agrees an employee can spend on rest, cleaning or meals, not working. Time and a ________ is the normal rate of pay plus 50% extra (for example, when an employee does overtime or works evenings). The ________ shift is an informal expression for the night shift. Shift ________ are payments made to an employee in addition to their basic pay to compensate them for the inconvenience of the pattern of shift work. A duty ________ is a list of times showing when each employee is on duty at those times. ________ is a person's right to something (for example, for a paid holiday, for a minimum of 30 minutes for lunch, for paid sick leave, etc) Hours worked more than the normal working hours are called ________. If a company does not operate a flexible time system, we say that the employees work ________ hours. ________ shifts refers to a system where employees take turns in working different shifts.

13. 15. 17. 18. 19. 21. 24. 25. 26. 27.

Down ( Ķ )
2. 3. 4. 6. The ________ shift is another name for the evening shift, just before it gets dark. ________-________ is a form of employment in which two or more people share a single job, each person working part-time. ________ is a working method where employees work at home on computer terminals, and send the finished material back to the office by email. Employees who work ________-time work for the normal working time (i.e. about 8 hours a day 5 days a week).



© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

topic vocabulary

Unit 0000 Appraisals


Look at this list of common appraisal questions. Each one has a word in bold in which the letters have been mixed up. Rearrange the letters to make words. The first letter of each word has been underlined. There is an example at the beginning. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. Do you think the work you are doing meets or exceeds the correct dastnadsr? = standards How far do you think you have the skills and negdkwloe to achieve your duties? How would you describe the uqaylit of the work you are doing? Do you feel you have met the work bocjetesiv that were set for you? Do you think you have room for pimoetrenvm? In your opinion, what are your main nestrsgth and seswenasek? Would you benefit from going on a ntrgniai course? Do you feel you are able to manage your work husceled? Are you happy with your career ogrporesnsi at the moment? Would you like to do something a bit more egiclhglnna? Are you given help and meeoncntgurae when you need it? What do you like most and what do you like steal about the job you are doing? How do you feel about your odkaorlw? Is your current job scdeonritip accurate? Are your job duties clearly edendfi? Do you feel that there are enough opportunities for madtanceven? Do you have any suggestions for iniprmgvo your current job? Are you happy with the aemrlo in your department? What are your working shireltoipsan like with your colleagues? Do you feel diceslipin is fair in your department? Does your manager show you fair etetatrnm at all times? Does your manager deal trypopml with problems? Does your manager deal efficiently with staff pacontmlis? Does your manager inform you of your gropesrs? Does your manager give repisa for work well done? How do you feel about the flitaisiec and services provided (for example, office accommodation, security, HR services, etc)? Do you feel that the health and safety ponsrvisoi are adequate? How do you feel about the pay and ntbesefi you are receiving? Would you mermdecon this company as an employer to others? Have you got any other mocstemn you would like to make?



© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

topic vocabulary

Rewards and benefits Unit 0000 1
Exercise 1
Complete these sentences with words which you will find hidden in the box on the next page. The words can be found by reading to the right ( ‘ ) and down (Ķ). The first one has been done as an example. 1. 2. 3. 4. Extra money paid to employees in dangerous jobs is called danger money.

When we remove money from somebody's wages (for example, because they are late), we say that we ________ their wages. When we work for more than the normal working time, we say that we work ________. Time for which work is paid at twice the normal rate (for example, at weekends or on public holidays) is called ________ time. Money that is removed from our wages to pay for tax and national insurance is called a ________. ________ refers to the wages employees receive before tax, insurance, etc have been removed. ________ refers to the wages after tax, insurance, etc, has been removed. An automatic and regular increase in pay is called an ________. The ________ wage is the lowest hourly wage which a company can legally pay its employees. A wage is money that is normally paid to an employee on a weekly basis, and a ________ is money that is normally paid to an employee monthly on a regular basis. When the money that an employee receives rises automatically by the percentage increase in the cost of living, we say that it is ________-linked. When British employees want more money for the work they do, they ask for a rise. When North American employees want more money, they ask for a ________. A ________ plan is a plan to help people save money for when they retire from work. When an employee wants some of his / her wages paid in advance, s/he might ask his / her manager for a ________. An extra payment in addition to a normal payment is called a ________. A ________ shows an employee how much pay s/he has received, and how much has been removed for tax, insurance, etc. A ________ is the list of people employed and paid by a company. When an employer pays an employee his/her wages directly into his / her bank account, we say that it is paid by direct ________. A pay ________ is the money and other benefits offered with a job.

5. 6.

7. 8. 9. 10. 11.

12. 13. 14. 15. 16. 17.


200 © Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


topic vocabulary

Rewards and benefits Unit 0000 2
Exercise 1


Complete the text with appropriate words and expressions from the box. The first one has been done for you. acceptance bonus ț attendance bonus ț basic ț benefits ț commissions ț comradeship development ț direct ț duvet days ț extras ț extrinsic ț fixed flexible ț gainsharing ț growth ț incentive ț indirect ț insurance ț intrinsic motivation ț pensions ț performance-related ț premium bonus ț production bonus profit sharing ț recognition ț satisfaction ț security ț share ț skill ț status

Rewards for work fall into two main groups.

The first, and in many opinions the most important, is that of 1. direct or 2. __________ rewards. These are real, material rewards, and include 3. _________ pay (a guaranteed wage or salary paid by the hour, or on a weekly or monthly basis), and 4. __________ pay, which is linked to how well an employee or a group of employees works. This includes 5. __________ – money paid to a salesperson or group of salespeople which is usually a percentage of the sales made. Some companies also offer 6. __________ pay, usually given only to individual employees who work particularly well, or who make a significant contribution to the company. 7. __________, which is similar to this, is extra money paid to a group or company for increased productivity, and is often offered in order to increase 8. __________: it is also sometimes known as a 9. __________. If an employee takes less than the standard time to finish a task, s/he might receive a 10. __________. Some employers also offer an 11. __________ for employees who are very rarely absent from work. If an employer is particularly keen to recruit somebody, they might offer him / her an 12. __________ when s/he agrees to join the organisation. 13. __________, the practice of dividing profits among the employees, is another reward which is often offered.

In addition to payment, other rewards may be offered. These include 14. __________ (known informally as 15. __________) such as a company car, 16. __________, free meals, 17. __________ option schemes, holidays, health 18. __________ and 19. __________ (a new concept, especially common in the USA, in which an employee can call their office and say they do not feel like coming to work even though they are not ill). Benefits are usually 20. __________, which means that the employee is not able to choose what s/he gets, but some companies offer 21. __________ benefits, where the employee can choose from a menu of benefits on offer. 22. __________ plans, which offer employees increased rewards and benefits for good attendance, behaviour and productivity are becoming increasingly common.

The second group of rewards are 23. __________ or 24. __________. These are non-material, and include 25. __________ (people enjoy being in an important position or a position of authority), job 26. __________, the opportunities for personal 27. __________, the chance to learn a new 28. __________, and career 29. __________ opportunities. Safety and 30. __________ at work can also be included in this group, and for most employees, 31. __________ (being with a group of people you like and get on with) is also a very important reward.

201 © Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)



topic vocabulary

Holidays and other timeUnit off work 0000
Complete these sentences with an appropriate word or words, and write these words in the grid on the next page. If you do this correctly, you will reveal a hidden expression in the shaded vertical strip which means time off work granted to an employee to deal with personal or family problems. Some of the letters have already been put into the grid to help you. Several of the sentences use the word leave. In these cases, leave is a noun for permission to be away from work (e.g. He isn't here, he's on leave). Employees can be or go on leave. 1. 2. 3. 4. 5. A certificate from a doctor to show that an employee has been ill is called a _____ certificate. A holiday from work which is fixed by law is called a _____ holiday. A period when a woman is away from work to have a baby (but is still paid) is called _____ leave. Leave during which an employee receives no money is called _____ leave. A period of leave during which an employee is not allowed into the company offices is known informally as _____ leave. A period of paid or unpaid time off work for the purposes of research, study or travel is called a _____. The percentage of a workforce which is away from work with no good excuse is called the _____ rate. A day when all employees in the country are allowed to take a day off work is called a _____ _____. A period of paid leave given by some companies to staff who have completed several years of service is called _____-_____ leave. A person's right to something (for example, their right to a paid holiday from work) is called an _____. If an employee is away from work without permission and without a good reason, we can say that s/he has taken _____ absence from work. When an employee is sick and has to wait three days before s/he can claim sick pay, these days are known as _____ days. If an employee has permission to be away from work, s/he has leave of _____. When an employee gets time off from work instead of pay (for example, if they work overtime and get some time off work instead of overtime pay), we say that they take time off _____ _____. A short period of leave given to a father to be away from work when his partner has a baby is called _____ leave.








13. 14.


© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2) 202


topic vocabulary


Unit Letters 0000

On the next two pages you will see sentences from seven different types of letter. Look at each sentence carefully, then match it with one of the letter types from the list in the box. Underline the key words or phrases which helped you to decide. Be careful - there is one sentence which does not match any of the letter types. When you have done this, make a list of the useful words and expressions that can be used in these different types of letter.

(A) Invitation to interview (B) Letter of reference (C) Letter of appointment (D) Written warning (E) Letter of dismissal (F) Letter of resignation (G) Acknowledgement of resignation

1. I have known Jan Kelly since she started working with the company in 1999.

2. Following the disciplinary interview which you attended on 12 June, I am writing to confirm the decision taken that you will be given a written reprimand under our Disciplinary Procedure. 4. She came to work for this company as a Trainee in the production department, and rapidly moved up the scale to become Deputy Production Manager three years ago. 6. This will be placed in your personal record file, but will be disregarded for disciplinary purposes after a period of six months, provided your conduct reaches a satisfactory level.

3. On 7 May, following persistent neglect of duties on your part, you were given a written warning in accordance with the Company's Disciplinary Procedure.

5. Following your interview and our conversation yesterday, this letter is to confirm your post as Production Manager commencing 2 October.

7. Thank you for your application for the post of Production Manager at Graffix plc.

8. This letter and the attached terms and conditions form the basis of your contract of employment.

9. She is a very able manager, and is particularly keen on keeping up to date with new technology.

10. As I told you yesterday, I have decided to hand in my notice and this letter is to inform you of my decision to leave the company.

11. She has always worked well with other members of staff, has always been on time and has rarely missed work through illness.

12. I am delighted that you will be coming to work for us.

13. The nature of the unsatisfactory conduct was your continual lateness, persistent absenteeism, and neglect of duties on the shop floor.

14. We expect to see an improvement in your punctuality and attendance, and a more professional approach to your work by 30 June.

203© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


topic vocabulary

Health, safety and Unit welfare 0000
A. Choose the correct words from the box to complete these sentences. Each word comes after safety.



committee ț feature ț irregularities ț egislation ț officer ț precautions ț regulations ț representative


1. 2. 3. 4. 5. 6.

Behaviour at work which can cause a hazard is called is safety ________. Actions to try to make sure something is safe at work are called safety ________. An official who checks places of work and work methods to make sure they are safe is called a safety ________. A check of the workplace to see how safety regulations are being implemented is called a safety ________. A group of people set up to examine the health and safety policy of a particular company is called a safety ________. When a place of work is not safe for its employees, customers and contractors (usually because the management have not made sure it is safe, or have not followed safety rules), we say that it has safety ________. Rules that make a place of business safe for employees, customers and contractors are called safety ________. A union member who checks that a company and its methods are safe is called a safety ________. A government law to make sure that places of work are safe is called safety ________. Something on a tool or machine which prevents it from injuring the person using it is called a safety ________.

7. 8. 9. 10.

B. Match the words in the first box with the words in the second box to make safety features that you should find in a place of work.





first aid





access ț alarm ț blanket ț bucket ț detector ț door ț escape exit ț extinguisher ț hose ț kit / box ț officer ț point ț post

204 © Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


topic vocabulary

C. Answer these questions about health, safety and welfare. 1. Many employees experience tension or worry at work as a result of overwork, problems with managers, etc. What do we call this? (a) strain 2. (b) struggle (c) strife (d) stress

RSI is a pain in the arm or other part of the body felt by somebody who does the same movement many times as part of their job (for example, when keyboarding). What does RSI stand for? (a) regular stress incident (b) repeated self intolerance (d) repressive sickness ignorance (c) repetitive strain injury


A lot of office equipment (for example, chairs, keyboards, etc) is designed to be more comfortable to use and so helps to prevent RSI. What is the adjective we use to describe objects like this? (a) ergonomic (b) erroneous (c) eponymous (c) equivocal


In some places of work, employees are often ill because of problems in the building itself (for example, blocked air-conditioning ducts, poor lighting, poor ventilation, etc) . What is the name of this problem? (a) ill workplace phenomena (d) ailing industrial angst (b) sick building syndrome (c) unwell office experience


Before a company has to do a dangerous job, it needs to consider how dangerous the job is, and what precautions it can take. What is this called? (a) danger analysis (b) risk assessment (c) hazard perception (d) troubleshooting


Safety officers inspect some places of work to make sure that they are safe, but in most cases companies have to make sure that health and safety procedures are being followed in the workplace. What is this called? (a) self-control (b) self-satisfaction (c) self-assessment (d) self-regulation


Employees have to follow company instructions on how to behave in the workplace, especially when they are working with dangerous equipment or substances. What are these rules called? (a) rules of the house (d) laws of the land (b) codes of practice (c) regulations of behaviour


To some extent, a company is responsible for how its employees behave, and the risks they take, while they are at work. What is this called? (a) vicarious liability (b) risk liability (c) limited liability (d) behaviour liability


What do we call an accident which takes place at work? (a) on-the-job accident (b) occupational accident (d) environmental accident (c) working accident


A safety officer might decide that a workplace is too dangerous, and orders everyone to stop working. What is the name of this order? (a) a cancellation notice (b) a closure notice (c) a prohibition notice (d) a barring notice



© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)

topic vocabulary

Discipline and problems Unit at work 0000
Disciplinary action (action to control or punish bad behaviour by employees) sometimes has to be taken at work. How much do you know about discipline in the workplace? Answer these questions. A. Rearrange the jumbled letters in bold to make words and expressions that describe problems at work that may require disciplinary action. The first letter of each word has been underlined.

1. poor kiegimpeten 2. persistent maisseteben 3. numidctocs

4. cegeliengn of duties

5. ebhcar of tafyse regulations 8. afdur (making money by making people believe something that is not true)

6. glipsnee on the job

7. ceisedioednb (failure to obey instructions)

9. hfett of money or work equipment

10. minsgok and / or grindink on the job or on company 11. anedlig or using grusd premises 13. onitindiatim of colleagues 14. enilevco towards or customers colleagues or customers 16. aesulx maashrenst of colleagues or customers

12. lulbigyn of colleagues

15. aarilc suaeb of colleagues or customers

17. intentional gmadae of property or equipment

B. Complete these mini-dialogues with words or expressions from the box. aggrieved ț alienation ț allegation ț appeal ț disciplinary action ț disciplinary board dock ț down tools ț grievance ț grievance procedure ț hostile work environment instant dismissal ț insubordination ț job dissatisfaction ț letter of dismissal sackable offence ț sexual discrimination ț suspend ț ultimatum ț unfair dismissal verbal warning ț walk-out 1. A. Sorry I'm late again, Mrs Johnson. B. So am I Robert. If you do it again, I'm afraid we'll have to _____________ your wages. A. I'm not at all happy with the way the management treat us. B. If you have a _____________, you should talk to the shop steward. A. There have been complaints of bullying and intimidation on the shop floor. B. So I've heard. The workers are all complaining that this is a very _____________. A. That's the third time this week that he's been caught smoking in the office. B. Well, we should give him an _____________: if he does it again, he's out.




© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


topic vocabulary

Personnel training and development Unit 0000
Look at these texts, and decide what each person is talking about. Choose the answers from the box.

action learning an induction course ț ț adventure training in-tray learning ț ț ț assertiveness training ț modern apprenticeship ț ț sales training ț ț ț carousel training off-the-job training continuous personal development online learning open learning experiential learning team-building

total quality management

training needs analysis


This company is committed to helping its employees learn about their jobs and develop their skills for the whole period they are working here, and not just at the beginning of their contract. We run regular courses and workshops in order to achieve this, both inside and outside the company premises. Our employees have to deal with a lot of difficult situations, and they often come in contact with people who can be difficult to work with and do business with. We train them to have more confidence in themselves so that they can deal effectively with any problems and difficulties they encounter. We believe that the best way of learning a skill is through practice. We don't waste time on courses and workshops. We show the employee his duties, give him an outline of how the company operates, and then we just say ‘Get on with it, and good luck’. It's a remarkably effective method. It's very important that our employees develop skills in leadership, problem solving, decision-making and interpersonal communication. The best way to achieve this is to get them involved in group games and physically demanding outdoor activities like sailing and climbing. These also help to build team spirit. When we promote somebody to a management position, the first thing we do is to give them a lot of typical management paperwork and tell them to deal with it. We set them a time limit for this, and monitor them carefully to see how they get on. We then review their performance and show them where they went right or wrong. Our company understands how important it is that our employees work well together in order for the company to be effective. Our training sessions are designed to instil co-operation and solidarity in a group of employees who have to work together. It is our company policy to make sure that our employees know how all the jobs in the company work, not just their own. We find the best way of doing this is to move them from job to job and department to department. They meet colleagues who they might not normally meet, and learn about their jobs and how they operate. New employees in our company need to learn about our products and how they work, how the distribution system operates, how to deal with both suppliers and customers and how to handle complaints. They also study trade and retail laws, and are accompanied on their first customer visits by their trainer.








© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)


topic vocabulary

9. I've been interested in photography since I was very young, so when I finished school I started learning how to be a photographer. I spend my week working with a professional, who teaches me about all the different aspects of photography. At the same time, I receive training in areas such as numeracy, problem-solving and interpersonal skills. First of all I was given a tour of the factory and then I was introduced to my colleagues and was given an outline of the company and its products. After that I was guided through the company's code of practice, taken to my department and was shown my duties. My company can't hold training workshops in the office because we don't have enough space, and of course while we are learning, we aren't actually making money, so the company feels it wouldn't be making the best use of its employees. Instead, they send us to a college in the evening where we develop our skills and knowledge. This company believes that personal development and training should be more flexible. As a result, we have developed a system of flexible training courses that a trainee or employee can start at any time, and which does not require a teacher. Once a year we look at the different skills and abilities of our staff, and we decide if they are enough to help the company fulfil its aims and operate effectively. We then develop a series of classes and workshops to help the staff learn more about their job and how they can operate more effectively. This company has a policy that our managers should be committed to maintaining and improving the quality of their work, and also their skills and knowledge. We run courses, classes and workshops on a regular basis, and ensure that they are kept up to date with all the latest developments. We are a very forward-looking company and we use the most up-to-date methods, so of course all our training is delivered over the Internet or through our company intranet. This means that our trainees and employees can learn during their breaks, at home and even when they are on holiday. Our company trains its management staff by giving them a series of problem-solving activities. The managers from our office work together with those from other departments around the country to solve real or imaginary problems, and their findings are then applied to the overall successful running of the company.








© Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)









High Elementary to Middle Intermediate Manual for Teachers and Students

Higher Intermediate to Advanced High Elementary to Middle Intermediate Manual for Students and Teachers High Elementary to Middle Intermediate Manual for Teachers and Students Manual for Teachers and Students
Fair Use Notice This manual contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. If you wish to use copyrighted material from this manual for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner

Colin Rivas

Colin Rivas Colin Rivas

Copyright ©2011 Colin Rivas PRINTED IN SPAIN RG COPY HollywoodFirst English Publishing Vigo, Spain Edition
Copyright ©2011 Colin Rivas PRINTED IN SPAIN Hollywood English Publishing Vigo, Spain RG COPY Copyright ©2011 Colin Rivas PRINTED IN SPAIN RG COPY

First Edition Hollywood English Publishing Vigo, Spain First Edition

or by any means electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the publisher. First Edition 2011 Revised First Edition October 2011 Revised First Edition, Second Printing December 2011 2011 First Edition August 2011 August Revised First Edition October 2011 Revised First Edition, Second Printing December Revised First Edition, Third Printing January 2012 Revised FirstFirst Edition, Fourth Printing May 2012 Revised First Revised First FirstEdition Edition, Third Printing January 2012 Revised First Edition, Fourth Printing May 2012 Revised First August 2011 Revised First Edition October 2011 Revised Edition, Second Printing December 2011 Edition, Fifth Printing 2012 Sixth Printing March 2012May 2012 Revised First Fifth Printing 2012 Sixth Printing March 2012 Revised First Edition, Edition, Third Printing January 2012 Revised First Edition, Fourth Printing Published by Edition, Fifth Printing 2012 Sixth Published by Printing March 2012 HOLLYWOODENGLISH.ES Published by HOLLYWOODENGLISH.ES CALLE VENEZUELA, VIGO 36302 HOLLYWOODENGLISH.ES CALLE VENEZUELA, VIGO 36302 Art by hollywood english CALLECover VENEZUELA, VIGO 36302 Cover Art by hollywood english Many thanks to The Oubinha Family, all the teachers at hollywood english and for permission to use his artwork. Find out Cover Art by hollywood english more the Family, artist from his teachers website at: or Many thanks to thanks The Oubinha Family, all the teachers at hollywood english permission use artwork. Many to The about Oubinha all the at hollywood englishand and for for permission toto use hishis artwork. Find Find out out

All Rights Reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form All Rights Reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means mechanical, photocopying, recording or otherwise, without the prior written permission of the or electronic, by Reserved any means electronic, mechanical, photocopying, recording or otherwise, without theor prior written permission All Rights No part of this publication may publisher. be reproduced, stored in a retrieval system transmitted in any formof the publisher.

more about the artist from his website at: more about the artist from his website at: or or










Fair Use Notice
This manual contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc.


We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In 211 149 accordance with Title17 U.S.C. Section 107, the material on this manual is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. If you wish to use

copyrighted material from this manual for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. Hollywood English is not liable to any misuse or misinterpretation of the materials, uses, indirect links, streams or downloads which might occur while using the hollywood english 2.0 manual. for further info contact