Dictionary_of_Banking_and_Finance

rises to a lower peak before falling again, looking similar to a person’s head and shoulders when shown on a graph

head buyer /hed ba ə/ noun the most important buyer in a store

head for / hed fɔ / verb to go towards

the company is heading for disaster the company is going to collapse

headhunt / hedh nt/ verb to look for managers and offer them jobs in other companies she was headhunted she was approached by a headhunter and offered a new job

headhunter / hedh ntə/ noun a person or company whose job is to find suitable top managers to fill jobs in companies

heading / hed ŋ/ noun the words at the top of a piece of text Items are listed under several headings. Look at the figure under the heading ‘Costs 2001–02’.

headlease / hedli s/ noun a lease from the freehold owner to a tenant

headline inflation rate / hedla n

n fle ʃ(ə)n/ noun a British inflation figure which includes items such as mortgage interest and local taxes, which are not included in the inflation figures for other countries. Compare underly-

ing inflation rate

head of department / hed əv d -

pɑ tmənt/ noun a person in charge of a department

head office /hed ɒf s/ noun an office building where the board of directors works and meets

headquarters /hed kwɔ təz/ plural noun the main office, where the board of directors meets and works The company’s headquarters are in New York. to reduce headquarters staff to have fewer people working in the main office. Abbreviation HQ

heads of agreement / hedz əv ə-

ri mənt/ plural noun 1. a draft agreement with not all the details complete 2. the most important parts of a commercial agreement

head teller /hed telə/ noun US a main teller in a bank

health /helθ/ noun 1. being fit and well, not ill 2. to give a company a clean bill of health to report that a company is trading profitably

‘…the main US banks have been forced to pull back from international lending as nervousness continues about their financial health’ [Financial Times]

‘…financial health, along with a dose of independence, has largely sheltered Japan’s pharmaceutical companies from a global wave of consolidation. Those assets, however, are expected to soon lure foreign suitors too powerful to resist’ [Nikkei Weekly]

health insurance / helθ n ʃυərəns/ noun insurance which pays the cost of treatment for illness, especially when travelling abroad

health warning / helθ wɔ n ŋ/ noun a warning message printed on advertisements for investments, stating that the value of investments can fall as well as rise (this is a legal requirement in the UK)

healthy / helθi/ adjective a healthy balance sheet balance sheet which shows a good profit

heavily / hev li/ adverb he is heavily in debt he has many debts they are heavily into property they have large investments in property the company has had to borrow heavily to repay its debts the company has had to borrow large sums of money

‘…the steel company had spent heavily on new equipment’ [Fortune]

heavy / hevi/ adjective 1. large or in large quantities a programme of heavy investment overseas He suffered heavy losses on the Stock Exchange. The government imposed a heavy tax on luxury goods. heavy costs or heavy expenditure large sums of money that have to be spent 2. referring to a share which has such a high price that small investors are reluctant to buy it (in which case the company may decide to split the shares so as to make them more attractive: in the UK, a share price of £10.00 is considered ‘heavy’, though many shares have higher prices than this) 3. having too many investments in the same type of share His portfolio is heavy in banks.

‘…heavy selling sent many blue chips tumbling in Tokyo yesterday’ [Financial Times]

heavy industry / hevi ndəstri/ noun an industry which deals in heavy raw materials such as coal or makes large products such as ships or engines

heavy machinery / hevi mə ʃi nəri/ noun large machines

heavy market / hevi mɑ k t/ noun a stock market where prices are falling

heavy share price / hevi ʃeə pra s/ noun a price on the London Stock Exchange which is over £10.00 per share, and so discourages the small investor

hectic / hekt k/ adjective wild, very active a hectic day on the Stock Exchange After last week’s hectic trading, this week has been very calm.

hedge /hed$/ noun a protection against a possible loss (which involves taking an action which is the opposite of an action taken earlier) a hedge against inflation investment which should increase in value more than the increase in the rate of inflation He bought gold as a hedge against exchange losses. verb to protect oneself (against the risk of a loss) to hedge your bets to make investments in several areas so as to be protected against loss in one of them to hedge against inflation to buy investments which will rise in value faster than the increase in the rate of inflation

‘…during the 1970s commercial property was regarded by investors as an alternative to equities, with many of the same inflation-hedge qualities’ [Investors Chronicle]

‘…the move saved it from having to pay its creditors an estimated $270 million owed in connection with hedge contracts which began working against the company when the price of gold rose unexpectedly during September’ [Business in Africa]

hedge fund / hed$ f nd/ noun a partnership open to a small number of rich investors, which invests in equities, currency futures and derivatives and may produce high returns but carries a very high risk

‘…much of what was described as near hysteria was the hedge funds trying to liquidate bonds to repay bank debts after losing multi-million dollar bets on speculations that the yen would fall against the dollar’ [Times]

‘…hedge funds generally have in common an ability to sell short (that is, sell stocks you do not own), and to increase growth prospects – and risk – by borrowing to enhance the fund’s assets’ [Money Observer]

‘…the stock is a hedge fund – limited by the Securities and Exchange Commission to only wealthy individuals and qualified institutions’ [Smart Money]

COMMENT: Originally, hedge funds were funds planned to protect equity invest-

ments against possible falls on the stock market. Nowadays the term is applied to funds which take speculative positions in financial futures or equities, and are usually highly-geared: in other words, they do nothing to ‘hedge’ their holdings.

hedging / hed$ ŋ/ noun the act of buying investments at a fixed price for delivery later, so as to protect oneself against possible loss

Helsinki Stock Exchange /hel-

s ŋki stɒk ks tʃe nd$/ noun the main stock exchange in Finland. Abbreviation HEX

hemline theory / hemla n θ əri/ noun the theory that movements of the stock market reflect the current fashionable length of women’s skirts (the shorter the skirt, the more bullish the market)

hereafter /h ər ɑ ftə/ adverb from this time on

hereby /h ə ba / adverb in this way, by this letter We hereby revoke the agreement of January 1st 1982.

hereditament /her d təmənt/ noun a property, including land and buildings

herewith /h ə w ð/ adverb together with this letter Please find the cheque enclosed herewith.

HEX abbreviation Helsinki Stock Exchange

Hex Index / heks ndeks/ noun an index of share prices on the Helsinki stock exchange

hidden / h d(ə)n/ adjective which cannot be seen

hidden asset / h d(ə)n set/ noun an asset which is valued much less in the company’s accounts than its true market value

hidden reserves / h d(ə)n r z% vz/ plural noun 1. reserves which are not easy to identify in the company’s balance sheet (reserves which are illegally kept hidden are called ‘secret reserves’) 2. illegal reserves which are not declared in the company’s balance sheet

high /ha / adjective 1. large, not low

High overhead costs increase the unit price. High prices put customers off.They are budgeting for a high level of expenditure. High interest rates are crippling small businesses. high sales a large amount of revenue produced by

sales high taxation taxation which imposes large taxes on incomes or profits highest tax bracket the group which pays the most tax high volume (of sales) a large number of items sold

2. the highest bidder the person who offers the most money at an auction

The tender will be awarded to the highest bidder. The property was sold to the highest bidder. adverb prices are running high prices are above their usual level noun a point where prices or sales are very large Prices have dropped by 10% since the high of January 2nd. highs and lows on the Stock Exchange a list of shares which have reached a new high or low price in the previous day’s trading sales volume has reached an all-time high the sales volume has reached the highest point it has ever been at

‘American interest rates remain exceptionally high in relation to likely inflation rates’ [Sunday Times]

‘…faster economic growth would tend to push US interest rates, and therefore the dollar, higher’ [Australian Financial Review]

‘…in a leveraged buyout the acquirer raises money by selling high-yielding debentures to private investors’ [Fortune]

high finance /ha fa n ns/ noun the lending, investing and borrowing of very large sums of money organised by financiers

high flier /ha fla ə/ noun 1. a person who is very successful or who is likely to rise to a very important position 2. a share whose market price is rising rapidly

high gearing /ha ər ŋ/ noun a situation where a company has a high level of borrowing compared to its share price

high-grade bond / ha re d bɒnd/ noun a bond which has the highest rating (i.e. AAA)

high-income /ha nk m/ adjective which gives a large income high-income shares a high-income portfolio

high-income bond /ha nk mbɒnd/ noun bond which aims to pro-

duce a high income. Abbreviation HiB

highly / ha li/ adverb very she is highly thought of by the managing director the managing director thinks she is very competent

highly-geared company / ha liəd k mp(ə)ni/ noun company which

has a high proportion of its funds from fixed-interest borrowings

highly-paid / ha li pe d/ adjective earning a large salary

highly-placed / ha li ple st/ adjective occupying an important post The delegation met a highly-placed official in the Trade Ministry.

highly-priced / ha li pra st/ noun with a large price

high pressure /ha preʃə/ noun a strong insistence that somebody should do something working under high pressure working very hard, with a manager telling you what to do and to do it quickly, or with customers asking for supplies urgently

high-risk /ha r sk/ adjective which involves more risk than normal

high-risk investment / ha r sk n-

vestmənt/ noun an investment which carries a higher risk than other investments

high security area /ha s kjυər tieəriə/ noun a special part of a bank

with strong doors where cash can be kept safely

high street / ha stri t/ noun the main shopping street in a British town the high street shops a high street bookshop

High Street banks / ha stri tb ŋks/ plural noun the main British banks which accept deposits from individual customers

high-tech /ha tek/ adjective high-tech companies companies in advanced technological fields, such as computers, telecommunications or scientific research high-tech share or stock a share in a technology sector such as software or biotechnology

high yield /ha ji ld/ noun a dividend yield which is higher than is normal for the type of company

high-yield /ha ji ld/ adjective which gives a very high return on investment

high-yield bond / ha ji ld bɒnd/ noun same as junk bond

hike /ha k/ US noun an increase verb to increase The union hiked its demand to $5 an hour.

hire / ha ə/ noun 1. an arrangement whereby customers pay money to be able to use a car, boat or piece of equipment owned by someone else for a time 2. to work for hire to work freelanceverb 1. to employ someone new to work for you to hire staff to employ someone new to work for you 2. to hire out cars or equipment or workers to lend cars, equipment or workers to customers who pay for their use

COMMENT: An agreement to hire a piece of equipment, etc., involves two parties: the hirer and the owner. The equipment remains the property of the owner while the hirer is using it. Under a hire-purchase agreement, the equipment remains the property of the owner until the hirer has complied with the terms of the agreement (i.e. until he or she has paid all monies due).

hire and fire / ha ər ən fa ə/ verb to employ new staff and dismiss existing staff very frequently

hire car / ha ə kɑ / noun a car which has been rented He was driving a hire car when the accident happened.

hire purchase / ha ə p% tʃ s/ noun a system of buying something by paying a sum regularly each month to buy a refrigerator on hire purchase (NOTE:

The US term is installment credit, in-

stallment plan or installment sale.) to sign a hire-purchase agreement to sign a contract to pay for something by instalments

hire purchase agreement / ha ə

p% tʃ s ə ri mənt/ noun a contract to pay for something by instalments

hire-purchase company / ha ə

p% tʃ s k mp(ə)ni/ noun a company which provides money for hire purchase

hiring / ha ər ŋ/ noun the act of employing new staff Hiring of new personnel has been stopped.

historic /h stɒr k/, historical /h -

stɒr k(ə)l/ adjective which goes back over a period of time

‘…the Federal Reserve Board has eased interest rates in the past year, but they are still at historically high levels’ [Sunday Times]

‘…the historic p/e for the FTSE all-share index is 28.3 and the dividend yield is barely 2 per cent. Both indicators suggest that the stock markets are very highly priced’ [Times]

COMMENT: By tradition, a company’s accounts are usually prepared on the his-

toric(al) cost principle, i.e. that assets are costed at their purchase price. With inflation, such assets are undervalued, and current-cost accounting or replace- ment-cost accounting may be preferred.

historical cost accounting /h -

stɒr k(ə)l kɒst/ noun the preparation of accounts on the basis of historical cost, with assets valued at their original cost of purchase. Compare replace-

ment cost accounting

historical cost depreciation /h -

stɒr k(ə)l kɒst d pri ʃie ʃ(ə)n/ noun depreciation based on the original cost of the asset

historical figures /h stɒr k(ə)lf əz/ plural noun figures which were current in the past

historical trading range /h -

stɒr k(ə)l tre d ŋ re nd$/ noun the difference between the highest and lowest price for a share or bond over a period of time

historic cost /h stɒr k kɒst/, historical cost /h stɒr k(ə)l kɒst/ noun

the actual cost of purchasing something which was bought some time ago

hit /h t/ verb 1. to reach something

He hit his head against the table. The strong dollar which hit a seven-year high against the yen last week. 2. to hurt or to damage someone or something

The company was badly hit by the falling exchange rate. Our sales of summer clothes have been hit by the bad weather. The new legislation has hit the small companies hardest. (NOTE:

hitting – hit)

hive off / ha v ɒf/ verb to split off part of a large company to form a smaller subsidiary, giving shares in this to its existing shareholders The new managing director hived off the retail sections of the company.

H.M. Customs and Excise / a tʃ em k stəmz ən eksa z/ noun 1. a

UK government department which deals with taxes on imports and on products such as alcohol produced in the country. It also deals with VAT. an Excise officer 2. an office of this department at a port or airport

hoard /hɔ d/ verb 1. to buy and store goods in case of need 2. to keep cash instead of investing it

hoarder / hɔ də/ noun a person who buys and stores goods in case of need

hoarding / hɔ d ŋ/ noun hoarding of supplies the buying of large quantities of goods to keep in case of need

‘…as a result of hoarding, rice has become scarce with prices shooting up’ [Business Times (Lagos)]

hold /həυld/ noun the action of keeping something these shares are a hold these shares should be kept and not sold verb 1. to own or to keep something He holds 10% of the company’s shares. 2. to make something happen

The receiver will hold an auction of the company’s assets. 3. not to sell You should hold these shares – they look likely to rise.

‘…as of last night, the bank’s shareholders no longer hold any rights to the bank’s shares’ [South China Morning Post]

hold back / həυld b k/ verb to wait, not to do something at the present time

investors are holding back until after the Budget investors are waiting until they hear the details of the Budget before they decide whether to buy or sell he held back from signing the lease until he had checked the details he delayed signing the lease until he had checked the details payment will be held back until the contract has been signed payment will not be made until the contract has been signed

holdback / həυlb k/ noun a part of a loan to a property developer which is not paid until the development is almost finished

hold down / həυld daυn/ verb 1. to keep at a low level We are cutting margins to hold our prices down. 2. to hold down a job to manage to do a difficult job

‘…real wages have been held down; they have risen at an annual rate of only 1% in the last two years’ [Sunday Times]

holder / həυldə/ noun 1. a person who owns or keeps something holders of government bonds or bondholders holder of stock or of shares in a company holder of an insurance policy or policy holder 2. a thing which keeps something, which protects something

holder in due course / həυldə n dju kɔ s/ noun a person who holds a negotiable instrument, such as a bill of

exchange, in good faith, without knowing of any other claim against it

holder of record / həυldə əvrekɔ d/ noun the person who is regis-

tered as the owner of shares in a company

holding / həυld ŋ/ noun a group of shares owned He has sold all his holdings in the Far East. The company has holdings in German manufacturing companies.

holding company / həυld ŋ

k mp(ə)ni/ noun 1. a company which owns more than 50% of the shares in another company. subsidiary company 2. a company which exists only or mainly to own shares in subsidiary companies. subsidiary (NOTE: The US

term is proprietary company.)

hold on / həυld ɒn/ verb to wait, not to change the company’s shareholders should hold on and wait for a better offer they should keep their shares and not sell them until they are offered a higher price

hold out for / həυld aυt fɔ / verb to wait and ask for something you should hold out for a 10% pay rise you should not agree to a pay rise of less than 10%

hold to / həυld tu / verb not to allow something or someone to change we will try to hold him to the contract we will try to stop him going against the contract the government hopes to hold wage increases to 5% the government hopes that wage increases will not be more than 5%

hold up / həυld p/ verb 1. to stay at a high level Share prices have held up well. Sales held up during the tourist season. 2. to delay something The shipment has been held up at customs. Payment will be held up until the contract has been signed. The strike will hold up dispatch for some weeks. The workers are holding up production as a form of protest against poor conditions.

hologram / hɒlə r m/ noun a three-dimensional picture which is used on credit cards as a means of preventing forgery

home /həυm/ noun the place where a person lives

home address /həυm ə dres/ noun the address of a house or flat where a

person lives Please send the documents to my home address.

home banking /həυm b ŋk ŋ/ noun a system of banking using a personal computer in your own home to carry out various financial transactions (such as paying invoices or checking your bank account)

home equity credit / həυm ekw tikred t/ noun a loan made to a home-

owner against the security of the equity in his or her property (i.e. the value of the property now less the amount outstanding on any mortgage)

home improvement loan / həυm

m pru vmənt ləυn/ noun a loan made to a homeowner to pay for improvements to his or her home

home income plan /həυm nk m pl n/ noun a method of releasing equity from an unmortgaged property so that a homeowner has income or cash without actually leaving the property

home loan / həυm ləυn/ noun a loan by a bank or building society to help someone buy a house

home market /həυm mɑ k t/ noun the market in the country where the selling company is based Sales in the home market rose by 22%.

home office /həυm ɒf s/ noun an office organised inside your own home

Home Office / həυm ɒf s/ noun a ministry dealing with the internal affairs of the country

home trade / həυm tre d/ noun trade in the country where a company is based

honorarium / ɒnə reəriəm/ noun money paid to a professional person such as an accountant or a lawyer when a specific fee has not been requested

(NOTE: The plural is honoraria.)

honorary / ɒnərəri/ adjective not paid a salary for the work done for an organisation He is honorary president of the translators’ association.

honorary secretary / ɒnərərisekrət(ə)ri/ noun a person who keeps

the minutes and official documents of a committee or club, but is not paid a salary

honorary treasurer / ɒnərəritre$ərə/ noun a treasurer who does not receive any fee

honour / ɒnə/ verb to pay something because it is owed and is correct to honour a bill The bank refused to honour his cheque. (NOTE: The US spelling is honor.) to honour a signature to pay something because the signature is correct

horizontal integration /hɒr -

zɒnt(ə)l ntə re ʃ(ə)n/ noun the process of joining similar companies or taking over a company in the same line of business as yourself

horizontal spread / hɒr zɒnt(ə)lspred/ noun the buying and selling of

two options at the same price but with different maturity dates

horse trading / hɔ s tre d ŋ/ noun hard bargaining which ends with someone giving something in return for a concession from the other side

hostile / hɒsta l/ adjective unfriendly, showing dislike

hostile bidder / hɒsta l b də/, hostile suitor / hɒsta l su tə/ noun

a person or company making a hostile bid

hostile takeover bid / hɒsta lte kəυvə b d/ noun a takeover where

the board of the company do not recommend it to the shareholders and try to fight it

hot card /hɒt kɑ d/ noun a stolen credit card

hot money /hɒt m ni/ noun money which is moved from country to country to get the best returns

hot stock /hɒt stɒk/ noun a stock (usually in a new issue) which rises rapidly on the Stock Exchange because of great demand

hour /aυə/ noun 1. a period of time lasting sixty minutes to work a thirty-five hour week to work seven hours a day each weekday we work an eight-hour day we work for eight hours a day, e.g. from 8.30 to 5.30 with one hour for lunch 2. sixty minutes of work He earns £14 an hour. We pay £16 an hour. to pay by the hour to pay people a fixed amount of money for each hour worked 3. outside hours or out of hours when the office is not open

He worked on the accounts out of hours.

hourly wage / aυəli we d$/ noun the amount of money paid for an hour’s work

house /haυs/ noun 1. the building in which someone lives 2. a company the largest London finance house a broking house a publishing house

housecleaning noun a general reorganising of a business She has mainly been performing housecleaning measures.

household goods / haυshəυldυdz/ plural noun items which are used in the home

house insurance / haυs n-

ʃυərəns/ noun insuring a house and its contents against damage

house journal / haυs d$% n(ə)l/, house magazine / haυs m ə zi n/

noun a magazine produced for the employees or shareholders in a company to give them news about the company

house property / haυs prɒpəti/ noun private houses or flats, not shops, offices or factories

house starts / haυs stɑ ts/, housing starts / haυz ŋ stɑ ts/ plural noun

the number of new private houses or flats of which the construction has begun during a year

house telephone /haυs tel fəυn/ noun a telephone for calling from one room to another in an office or hotel

housing authority bond / haυz ŋ

ɔ θɒrəti bɒnd/ noun a bond issued by a US municipal housing authority to raise money to build dwellings

HP abbreviation hire purchase

hryvnia / hr vniə/ noun a unit of currency used in the Ukraine

human resources department

/ hju mən r zɔ s z d pɑ tmənt/ noun the section of the company which deals with its staff

human resources officer

/ hju mən r zɔ s z ɒf sə/ noun a person who deals with the staff in a company, especially interviewing candidates for new posts

hurdle rate / h% d(ə)l re t/ noun 1. the rate of growth in a portfolio required to repay the final fixed redemption price of zero dividend preference shares 2. a minimum rate of return needed by a bank to fund a loan, the rate below which a loan is not profitable for the bank

hyper- /ha pə/ prefix very large

hyperinflation / ha pər n fle ʃ(ə)n/ noun inflation which is at such a high percentage rate that it is almost impossible to reduce

hypothecation /ha pɒθə ke ʃ(ə)n/ noun 1. an arrangement in which property such as securities is used as collateral for a loan, but without transferring legal ownership to the lender (as opposed to a mortgage, where the lender holds the title to the property) 2. an action of earmarking money derived from certain sources for certain related expenditure, as when investing taxes from private cars or petrol sales solely on public transport

IBO abbreviation institutional buyout

IBRD abbreviation International Bank for Reconstruction and Development (the World Bank)

ICAEW abbreviation Institute of Chartered Accountants in England and Wales

ICAI abbreviation Institute of Chartered Accountants in Ireland

ICAS abbreviation Institute of Chartered Accountants in Scotland

ICCH abbreviation International Commodities Clearing House

idle / a d(ə)l/ adjective not working

2,000 employees were made idle by the recession.

idle capital / a d(ə)l k p t(ə)l/ noun capital which is not being used productively

IFA abbreviation independent financial adviser

IFC abbreviation International Finance Corporation

IHT abbreviation inheritance tax

illegal / li (ə)l/ adjective not legal or against the law

illegality / li l ti/ noun the fact of being illegal

illegally / li əli/ adverb against the law He was accused of illegally importing arms into the country.

illicit / l s t/ adjective not legal or not permitted the illicit sale of alcohol trade in illicit alcohol

illiquid / l kw d/ adjective referring to an asset which is not easy to change into cash

ILO abbreviation International Labour Organization

IMF abbreviation International Monetary Fund

IMM abbreviation International Monetary Market

IMMA abbreviation insured money market account

immovable / mu vəb(ə)l/ adjective which cannot be moved

immovable property / mu vəb(ə)lprɒpəti/ noun houses and other build-

ings on land

immunisation / mjυna ze ʃ(ə)n/, immunization noun US arrangements to protect the income from a portfolio of investments against any risk in a volatile stock market

impact / mp kt/ noun a shock or strong effect the impact of new technology on the cotton trade The new design has made little impact on the buying public.

‘…the strong dollar’s deflationary impact on European economies as governments push up interest rates to support their sinking currencies’ [Duns Business Month]

impaired / m peəd/ adjective not certain, not perfect

impaired credit / m peəd kred t/ noun US a situation where a person becomes less creditworthy than before

impaired loans / m peəd ləυnz/ plural noun US doubtful loans

implement / mpl ment/ verb to put into action to implement an agreement to implement a decision

implementation / mpl men-

te ʃ(ə)n/ noun the process of putting something into action the implementation of new rules

import / m pɔ t/ verb / m pɔ t/ to bring goods from abroad into a country for sale The company imports television sets from Japan. This car was imported from France.

‘European manufacturers rely heavily on imported raw materials which are mostly priced in dollars’ [Duns Business Month]

importation / mpɔ te ʃ(ə)n/ noun the act of importing The importation of arms is forbidden. The importation of livestock is subject to very strict controls.

import ban / mpɔ t b n/ noun an order forbidding imports The government has imposed an import ban on arms.

import duty / mpɔ t dju ti/ noun a tax on goods imported into a country

importer / m pɔ tə/ noun a person or company that imports goods a cigar importer The company is a big importer of foreign cars.

import-export / mpɔ t ekspɔ t/ adjective, noun (referring to) business which deals with both bringing foreign goods into a country and sending locally made goods abroad Rotterdam is an important centre for the import-export trade. He works in import-export.

importing / m pɔ t ŋ/ adjective which imports oil-importing countriesan importing company noun the act of bringing foreign goods into a country for sale The importing of arms into the country is illegal.

import levy / mpɔ t levi/ noun a tax on imports, especially in the EU a tax on imports of farm produce from outside the EU

import licence / mpɔ t la s(ə)ns/, import permit / mpɔ t p% m t/ noun

an official document which allows goods to be imported

import quota / mpɔ t kwəυtə/ noun a fixed quantity of a particular type of goods which the government allows to be imported The government has imposed a quota on the importation of cars. The quota on imported cars has been lifted.

import restrictions / mpɔ t r -

str kʃ(ə)nz/ plural noun actions taken by a government to reduce the level of imports (by imposing quotas, duties, etc.)

imports / mpɔ ts/ plural noun goods brought into a country from abroad for sale Imports from Poland have risen to $1m a year. (NOTE: Usually used in

the plural, but the singular is used before a noun.)

import surcharge / mpɔ ts% tʃɑ d$/ noun the extra duty charged on imported goods, to try to stop them from being imported and to encourage local manufacture

impose / m pəυz/ verb to give orders for something, e.g. a tax or a ban, which other people have to pay or obey to impose a tax on bicycles The unions have asked the government to impose trade barriers on for They tried to impose a ban on smoking. The government imposed a special duty on oil.

imposition / mpə z ʃ(ə)n/ noun the act of imposing something

impound / m paυnd/ verb to take something away and keep it until a tax is paid customs impounded the whole cargo

impounding / m paυnd ŋ/ noun an act of taking something and keeping it until a tax is paid

imprest system / mprest s stəm/ noun a system of controlling petty cash, where cash is paid out against a written receipt and the receipt is used to get more cash to bring the float to the original level

imprinter / m pr ntə/ noun a hand-operated machine for printing the details of a customer’s credit card on a sales voucher

improve / m pru v/ verb to make something better, or to become better

We are trying to improve our image with a series of TV commercials. They hope to improve the company’s market share. We hope the cash flow position will improve or we will have difficulty in paying our bills. export trade has improved sharply during the first quarter export trade has increased suddenly and greatly in the first period of the year

‘…we also invest in companies whose growth and profitability could be improved by a management buyout’ [Times]

improved offer / m pru vd ɒfə/ noun an offer which is larger or has better terms than the previous offer

improvement / m pru vmənt/ noun

1. the process of getting better There is no improvement in the cash flow situation. Sales are showing a sharp improvement over last year. Employees have noticed an improvement in the

working environment. 2. something which is better an improvement on an offer an act of making a better offer

‘…the management says the rate of loss-making has come down and it expects further improvement in the next few years’ [Financial Times]

improve on / m pru v ɒn/ verb to do better than she refused to improve on her previous offer she refused to make a better offer

impulse / mp ls/ noun a sudden decision to do something on impulse to do something because you have just thought of it, not because it was planned

impulse buyer / mp ls ba ə/ noun a person who buys something on impulse, not because he or she intended to buy it

impulse buying / mp ls ba ŋ/ noun the practice of buying items which you have just seen, not because you had planned to buy them

impulse purchase / mp lsp% tʃ s/ noun something bought as soon as it is seen

imputation system / mpju -

te ʃ(ə)n s stəm/ noun a system of taxation of dividends, where the company pays advance corporation tax on the dividends it pays to its shareholders, and the shareholders pay no tax on the dividends received, assuming that they pay tax at the standard rate (the ACT is shown as a tax credit which is imputed to the shareholder)

impute / m pju t/ verb to pass the responsibility for something to someone else

imputed value / m pju t d v lju / noun a value which is given to figures, for which an accurate value cannot be calculated

IMRO abbreviation Investment Management Regulatory Organisation

inactive / n kt v/ adjective not active or not busy

inactive account / n kt v ə-

kaυnt/ noun a bank account which is not used (i.e. no deposits or withdrawals are made) over a period of time

inactive market / n kt v mɑ k t/ noun stock market with few buyers or sellers

Inc abbreviation US incorporated

incentive / n sent v/ noun something which encourages a customer to buy, or employees to work better

‘…some further profit-taking was seen yesterday as investors continued to lack fresh incentives to renew buying activity’ [Financial Times]

‘…a well-designed plan can help companies retain talented employees and offer enticing performance incentives – all at an affordable cost’ [Fortune]

‘…the right incentives can work when used strategically’ [Management Today]

‘…an additional incentive is that the Japanese are prepared to give rewards where they are due’ [Management Today]

incentive bonus

bəυnəs/, incentive payment / n-

sent v pe mənt/ noun an extra payment offered to workers to make them work better

incentive scheme / n sent v ski m/ noun a plan to encourage better work by paying higher commission or bonuses

Incentive schemes are boosting production.

inchoate / n kəυət/ adjective referring to an instrument which is incomplete (i.e. where some of the details need to be filled in)

incidental / ns dent(ə)l/ adjective which is not important, but connected with something else

incidental expenses / ns dent(ə)l

k spens z/ plural noun small amounts of money spent at various times in addition to larger amounts

incidentals / ns dent(ə)lz/ plural noun same as incidental expenses

include / n klu d/ verb to count something along with other things The charge includes VAT. The total is £140 not including insurance and freight. The account covers services up to and including the month of June.

inclusive / n klu s v/ adjective which counts something in with other things inclusive of tax not inclusive of VAT inclusive of including inclusive of taxnot inclusive of VAT

inclusive charge / n klu s vtʃɑ d$/, inclusive sum / n klu s v

s m/ noun a charge which includes all items or costs

income / nk m/ noun 1. money which a person receives as salary or dividends lower income bracket, upper