Unit 11: Vocabulary

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