Business Vocabulary:
Today we are
going to look at some of the Vocabulary used in the Business profession.
Balance
sheet – details the accounts
of the company at a certain period of time. It is to provide a snapshot of how
the company is doing financially. This can be compared with the goals outlined
in the business plan.
Startup – it is used to describe a new
company, typically in the first few months or years of trading.
Forecasted
– predicts various aspects
of a business’s future movement based on current trading conditions. Three to
five years are common forecast periods.
Marketing – promotion of a product or service.
It can be in the form of advertising, social media, emails, brochures, etc.
HR – Human Resources. This is a department
within the company that deals with staffing issues. EG: Training, hiring,
terminating employment, etc
Recruitment – This is where the HR of company will
look for the best employee. Sometimes companies will pay agencies to find their
ideal employees.
Brand – a unique identity of a company
Feedback – Usually a customer providing their
thoughts of a product or service. Can also be used in the context that the
manager wanted to give feedback to the employee on how to improve their sales
report.
Minutes – when there is a board meeting or other
company meeting, a person (usually a secretary ) will write notes about what
was discussed.
Cold calling – This is where a telemarketer or
employee will call a list of telephone numbers and discuss the latest promotion.
Usually to entice more business.
Stakeholders – a person who is involved in a
project that the company has organised.
Leverage – utilise something to the company’s advantage.
Let’s test your knowledge: –
Fill in the gaps using the following words:
business plan, Balance sheet, startup, forecasted, marketing, HR, brand, minutes, cold calling, stakeholders, leverage.
Can you let the ___________ Department know next year’s budget for advertising?
The Manager wants to use financial _____________ to the company’s advantage.
Helen is the new staff member in our _________ Department. She will start next week.
We must inform all our ____________ of the new changes with our current project.
The bank is wanting our latest financials. Specifically, our current _______________ _________________.
Coca Cola’s ____________________ is worth a lot of weight in the advertising industry.
Our call centre will need to increase the _______________ ___________________ percentage by 2% next month.
Company X needed to create a ___________ in order to get finance from our bank. I have noticed there are a lot of ___ businesses commencing in the tech industry.
Our finance department has _________________ next quarter sales figures.
Is Jane going to attend the next meeting, so she can take the _________for us?
Answers:
Can you let the Marketing Department know next year’s budget for advertising.
The Manager wants to use financial leverage to the company’s advantage.
Helen is the new staff member in our HR Department. She will start next week.
We must inform all our stakeholders of the new changes with our current project.
The bank is wanting our latest financials, in particular our current Balance Sheet.
Coca Colas’ brand is worth a lot of weight in the advertising industry.
Our call centre will need to increase the cold calling percentage by 2% next month.
Company X needed to create a business plan in order to get more finance from our bank.
I have noticed there are a lot of startup businesses commencing in the tech industry.
Our finance department has forecasted next quarter sales figures.
Is Jane going to attend the next meeting, so she can take the minutes for us?