Learn English - Vocabulary
It refers to a condition of the market where only one seller has total
command or control over the sale of a given article. In normal
circumstances such a condition does not exist.
Ad Valorem Duty
It refers to the duty or tax imposed on a commodity depending upon its
It refers to the maximum capital a public limited company can raise
through public subscription by sale of shares.
Statement of account over a specified period of time showing assets and
liabilities under specific heads from which the soundness or otherwise
of an institution or organization is determined.
Purchasing power provided by banks in excess of their cash balances, by
reason of public confidence in their stability.
A promissory note issued by a bank payable to bearer on demand without
interest and acceptable as money
Trade by exchanging one commodity for another
A stock exchange term denoting a falling market when speculators sell
stock in the hope of buying again at lower prices
A cheque that is encashable by bearer (person holding cheque)
Profiteering (usually illegal) by hoarding and selling at exorbitant
prices, without accounting or false accounting
Money accumulated by way of illegal transactions without declaring it
for tax purposes
Payment in addition to wages and salaries for employees, and in
addition to dividend for shareholders
A statement of anticipated revenue and expenditure of a sovereign body
for a given period of time
The difference between all the receipts and the total expenditure
It refers to that sort of a speculator, who stands to gain with a rise
in the price of shares and stocks
A market where goods and services are available in plenty and the
prices are relatively low
A system under which private entrepreneurs have complete freedom to
devise and control production and distribution for their own profits,
competition being the only limiting factor
It refers to the ratio of aggregate bank holdings of cash against its
aggregate liabilities above a particular time
The apex bank which controls, supervises and guides the functioning of
commercial banks in the country
An economy which neither exports nor imports anything
Letter of Credit
A letter from a bank, firm or from one person to another, authorizing
payment of a specified sum to third person for which the sender assumes
A cheque crossed with two parallel lines and "&Co" written in between
them. This is done as a safety measure. A crossed cheque is not to be
paid on the counter. The amount is normally to be credited to the payee
in his own account
Bank account from which withdrawals are allowed without any restriction
on frequency or amount, so long as there is a credit balance
Tax on goods imported into and exported from a country
Also called estate duty. Tax payable on property, after death of the
owner, by his heirs
Bond issued by an organization or undertaking to repay the amount with
a specified interest after a specified period. Debenture holders are
only creditors and not shareholders.
When expenditure exceeds revenue, paper currency is printed to fill the
gap. It is beneficial when it creates greater productivity. If there is
no adequate increase in productivity it will generate serious
It is the fall in prices, increase in unemployment, etc., as a result
of less circulation of currency in the market
It is the government act of depriving metallic coins or paper money of
specified denomination or its status as money. This is resorted to
unearth hidden wealth.
In accounting, this is a percentage reduced from the value of machinery
or fixed assets for wear and tear every year.
It is the deliberate reduction in the value of home currency in
relation to foreign currency
Share of the profits allotted to each share in a joint stock
They are ordinary shares with no guarantee of dividend. Equity shares
gain maximum returns when there are high profits.
It refers to the rate at which the currency of one country exchanges
with the currency of another country.
Tax levied on certain goods produced and consumed in the country
Gift on tax to prevent tax evasion by genuine or fictitious gifts
Gross National Product
It is the total monetary value of all final goods and services produced
in a country during one year
Foreign exchange which is difficult to get.
Undue increase in quantity of money in proportion to purchasing
An economic system where public and private sectors exist side by
Government take-over of business, industrial or public utility
Net National Product
It is the gross national product minus allowance for depreciation of
It is a tax charged by municipality or local body on the goods and
commodities brought into town.
Economy that has trade relationships with other countries
Per Capita Income
It is the average income of an individual wage earner in a country in
It is the sector of the national economy which deals with the
production of primary or raw materials, i.e., agriculture, mining etc.
Undertakings financed and operated by a government
It is the sector of the national economy which comprises manufacturing
and processing industries
A guarantee in the form of cash, bonds, property etc., kept as pledge
for repayment of debt or protection against financial loss
It is a form of loan given either at a low rate of interest or without
The total value of the sales made by a company or firm in one
accounting year is called the turnover.
A tax imposed on the wealth possessed by individuals in a country