Unit 16: Vocabulary

Please study the 20 vocabulary terms below. Then press the Mark Complete button to continue.
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ad hoc
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For a particular purpose or need.
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As well as regular reports the CFO often demands ad hoc reports when the need arises.
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check
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A printed form, used instead of money to make payments from a bank account.
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John didn’t provide his bank details in time for the transfer to be made, so he was paid by check instead.
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commission
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A system of payment or compensation based upon earning a percentage of completed sales.
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Commission is a common incentive in the sales sector as it encourages employees to sell more.
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compensation
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The combination of payments and other benefits which employees receive.
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Large multinational companies can usually offer better compensation packages than small companies.
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curb
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Reduce or limit.
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The company is trying to curb spending, so all salaries have been frozen.
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cutoff
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A fixed point, date or level at which you stop including things.
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The cutoff date for registration is the 30th of September, so make sure you apply before then.
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fringe benefits
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An extra thing which is given to you by an employer.
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The company's package of fringe benefits includes: company car, pension plan and private health insurance.
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garnishment
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Deduction of income or property from someone who owes a debt.
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After garnishment for alimony and child support, he was left with just enough to pay his rent.
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overtime
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Time worked in addition to your usual job hours.
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Approval must be given for all overtime worked.
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reimbursement
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The act of paying back money which is owed.
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Remember to keep all receipts for fuel purchased with your own money for reimbursement at the end of the month.
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requisite
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Needed for a particular purpose or result.
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A masters degree is requisite to apply for the job.
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ROI (return on investment)
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The yearly or monthly profit on an activity when compared to the invested capital.
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Most companies require a 20% yearly return on investment for the investment to be considered.
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rigorous
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Detailed and careful.
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I want a rigorous financial analysis of the budget.
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salary
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The fixed amount of money regularly paid to an employee, regardless of actual hours worked.
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His basic monthly salary is $1700 but this is subject to bonuses.
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state
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To say or write something officially.
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The regulations state that all employees must hold a valid driving license.
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statutory
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Decided, controlled or required by law.
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All companies are obliged to pay statutory sick pay, but many pay above this.
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tax code
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A set of numbers and letters used to show the amount of income tax that an individual should pay.
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The higher the numbers in your tax code, the more tax-free income you have.
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tied to
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Closely connected with, or reliant on.
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The bonus system is tied to company profits, so if we have a bad year there won’t be any bonuses.
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wages
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The agreed amount of money received, per time-unit worked (normally hourly), by a worker.
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Most countries have minimum wages but there are still companies paying less than that.
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work out
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Calculate, find the answer to.
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One of the advantages of the computerized system is that it works out the tax due automatically.
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