Word Meaning Example
retail the selling of goods to consumers; usually in small quantities and not for resale Go into any retail store, and you’re in the thick of sales activities.
salary something that remunerates Mercedes Benz offered Mr. Hamilton a higher salary.
calculate make a mathematical calculation or computation The total wages and salaries earned by every employee every pay period, which are called gross wages or gross earnings, have to be calculated.
personnel group of people willing to obey orders Based on detailed private information in personnel files and earnings-to-date information, the correct amounts for income taxes and several other deductions from gross wages have to be determined.
deduction the act of subtracting (removing a part from the whole) Lower deductions may mean higher tax bills, which would increase government revenue.
withhold hold back; refuse to hand over or share The total amounts of withheld income taxes, pension plan contributions, and employment insurance premiums imposed on the employee and employer have to be paid to the government on time.
pension a regular payment to a person that is intended to allow them to subsist without working Until recently, Greek public employees were paid pensions that equalled nearly a full salary for life beginning at age 57.
benefit a payment made or an entitlement available in accordance with a wage agreement, an insurance policy, or a public assistance program Retirement, vacation, sick pay, and other benefits that employees earn have to be updated every pay period.
specialize become more focus on an area of activity or field of study Many businesses outsource payroll functions to companies or banks that specialize in this area.
record anything (such as a document or a phonograph record or a photograph) providing permanent evidence of or information about past events All cash received from sales and from all other sources has to be carefully identified and recorded.
disbursement the act of spending or disbursing money Disbursements incurred in the month will also be included on the bill.
signature your name written in your own handwriting The accounting department prepares all these cheques for the signatures of the business officers who are authorized to sign cheques.
procurement the act of getting possession of something Procurement software is business software that automates purchasing.
inventory a detailed list of all the items in stock Accountants usually are responsible for keeping track of all purchase orders that have been placed for inventory (products to be sold by the business) and all other assets and services that the business buys.
assets anything of material value or usefulness that is owned by a person or company Elementary accounting is all about assets and liabilities.
liability the state of being legally obliged and responsible This area of responsibility includes keeping files on all liabilities that arise from purchases on credit so that cash payments are processed on time.
depreciation a decrease in price or value Except for relatively small-cost items, a business maintains detailed records of its property, both for controlling the use of the assets and for determining the appropriate amount of depreciation for accounting and tax calculations.
source the place where something begins, where it springs into being All cash received from sales and from all other sources has to be carefully identified and recorded, not only in the cash account but also in the appropriate account for the source of the cash received.
balance harmonious arrangement or relation of parts or elements within a whole (as in a design) Accountants balance the business’s chequebook and control access to incoming cash receipts.
processed subjected to a special process or treatment This area of responsibility includes keeping files on all liabilities that arise from purchases on credit so that cash payments are processed on time.

Exercise

Open the exercise to begin the activity. Follow the instructions in the document.

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