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Question		Answer
recession start learning		a decline on business acitvity lasting several months - officially, two quaters or more
subprime start learning		adjective describing a loan offered to a borrower with poor credit rating
credit crunch start learning		a huge reduction in the amount of credit available for banks to lend
default start learning		failure to repay a loan
go bankrupt start learning		to become insolvent - unable to meet pay debts
securitization start learning		pooling (grouping together) financial assets which produce a cash flow, converting them into securities and selling them to investors, in order to get liquidity
bubble start learning		rapidly rising prices in a particular sector, followed by a rapid collapse
prime rate start learning		the interest rate that commercial banks charge their most creditworthy borrowers
deregulation start learning		the removal of many government controls from an industry or sector
write off start learning		to cancel a worthless asset or a bad debt from an industry
down payment start learning		an amount of money that you pay at the time that you buy something but is only a part of the total cost of that thing
bailout start learning		financial help given to institution eg bank
property ladder start learning		a series of stages in owning houses in which you buy a small house or apartment first and then buy a bigger or more expensive house when you have enough money:
parcel up start learning		to wrap something and make it into a parcel
mortgage-backed securities start learning		is a type of asset-backed security that is secured by a mortgage or collection of mortgages
collaterized debt obligations start learning		a debt security collaterlized by a number of debt obligations including loans and bonds of different credit quality and maturity
repossession start learning		taking back of sth due to debt
revenue start learning		=income, turnover, sales, the top line
cost of goods sold start learning		(=direct costs) includes manufacturing costs, salaries of manual (=blue-collar) workers, etc
operating expences start learning		costs resulting from the day to day activities of the business
non-operating income start learning		includes profits from investments in other companies
EBITDA start learning		stands for Earnings Before Interest Tax, Depreciation and Amortization
Earnings start learning		the bottom line/profit
Depreciation start learning		Depreciation can refer to the loss in value of a tangible asset (eg a vehicle)
Amortization start learning		refers to the loss in value of an intangible asset (eg the purchase of a licence or trademark). This loss over time is treaded as a cost and written off (=subtracted from the profit) over several years
interest start learning		refers to money paid to the bank for loans (or recieved from the bank for cash balances)
dividends start learning		money paid to shareholders
retained profit start learning		is transferred to the Balance Sheet, where it joins the amounts from previous years
accounts receivable start learning		the amount owed to the business by customers (creditors)
inventory start learning		the value of raw materials and stock
current assets start learning		may also include 'marketable securities' (= shares intended for disposal within one year)
fixtures start learning		part of a building that cannot be moved, such as lights
fixed assets start learning		may also include long-term financial investments
intangible assets start learning		include patents, trademarks, 'goodwill' (reputation, contacts and expertise of companies that have been bought)
bank debt start learning		(= loan capital) also includes any overdraft (=temporary negative Balance)
accounts payable start learning		is the money owed to suppliers
accrued items start learning		are those where an expence has been incurred but the money is not yet paid. Accrued salaries typically includes future bonuses
provisions start learning		can appear under current liabilities. These are amounts set aside for anticipated one-time payments that are not part of regular operations - perhaps a lawsuit or a compensation package for employees being laid off
mortgage start learning		long-term bank loan to buy a property
share capital start learning		(=common stock, AmE) amount raised at initial flotation on the stock market
profit and loss account start learning		(=income statement) summarizes business activity over a period of time.
balance sheet start learning		reports the company's finacial condition on a specific date. The basic equation that has to Balance is: assets=liabilities +shareholders equity
asset start learning		anything of value owned by a business
liability start learning		any amount owed to a creditor
shareholders' equity start learning		(=owners' equity) is what remains from the assets after all creditors have theoretically been paid.
cash flow statement start learning		it shows the real cash that is available to keep the business running day to day
trial balance start learning		summary of the ledger information to check whether the figures are accurate
cost centres start learning		discrete business units where budgets are spent
variance analysis start learning		comparing planned costs with actual costs
profit centres start learning		units where profits are generated
variable cost start learning		costs which increase on proportion to any rise in output
direct cost start learning		costs which can be indetified with one particular product
fixed costs start learning		costs which stay the same at all levels of output in the short term
indirect costs start learning		costs which result from the whole business not any particular products
operating costs start learning		costs resulting from the day-to-day activities of the business
capital expenditure start learning		the costs of buying or upgrading physical assets like buildings and machinery, often referred to in business as capex
marginal costs start learning		the costs of increasing output by one more unit
leverage start learning		the extent to which a firm relies on debt financing rather than equity financing
debt financing start learning		money raised has to be paid back to outside creditors (issuing bonds, bank loan/overdraft, trade credits)
equity financing start learning		money raised comes directly or indirectly from the owners of the business (issuing shares, reinvested earnings, sale of assets)
preparation of accounts start learning		ledger, invoices, trial balance
profit and loss account (co) start learning		EBITDA, costs of goods sold, operating expences
Balance sheet (co) start learning		accounts payable, current assets, shareholders' equity
principal start learning		amount raised by issuing the bonds

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