Unit 11: Vocabulary

To pass this unit, please study the 20 vocabulary words below.
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accrue
to be added over a given period
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Interest on the loan accrues over the 10 year term
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acquire
to come into possession or ownership of, to buy, to purchase
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The company has acquired several buildings on the island.
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barter
to trade by exchanging goods rather than money
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Before money was common, people often bartered with animals like goats or cows.
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bond
a certificate of ownership of a specified amount which can be redeemed
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Treasury bonds are a popular form of saving in the US.
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charge
a fee, cost or expense which has to be paid
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Going over ones overdraft usually incurs a small charge.
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cryptocurrency
a currency which is designed around exchanging secure information rather than an actual item
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BitCoin was the world's first cryptocurrency.
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decentralize
to distribute the powers of a central organization over a wider area
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A lot of companies decentralize certain functions like HR as it is more effective to have HR departments in all locations instead of only at the head office.
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designated
previously named or selected for a certain function
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Mr. Smith is the designated representative for your area, so please contact him with any complaints.
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determine
to decide upon.
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We need to determine the best course of action to deal with this problem
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endorse
to sign ones name on a commercial document
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After the accounts manager endorses your payment request, it will be processed.
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fluctuation
constant changes and instability
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Fluctuations in the exchange rate mean that the value of a currency is never predictable.
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freeze
to stop or limit the use of
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After he had been accused of fraud, the government froze his assets to prevent him spending the money.
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incentive
something which provides stimulus or encouragement to do something
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The company offers a range of incentives, such as commission and flexi-time to motivate staff.
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instrument
a means by which something is effected or done
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The government has several instruments for ensuring compliance with tax regulations.
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merchant
a storekeeper, retailed or wholesaler. One who sells products
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More and more merchants accept American Express as a payment option.
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require
to need or have need of
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A lot of companies use e-invoicing nowadays and don't require a paper copy.
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seizure
taking possession of an item or monies legally or by force
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The government's seizure of his estate came as a surprise to his wife.
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third Party
a person or organization who is involved in a legal matter by chance or to a small degree
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The contract is between the bank and you, it doesn't take account of any possible third parties.
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transaction
an item of business which has been carried out or conducted
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The acquisition of K&M was the largest transaction in the history of the firm.
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variable
something which does not remain fixed or stable
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An uncertain exchange rate, unknown order quantity and indefinite payment terms are all variables which make doing business with them problematic.
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