Wirtschaftsenglisch-Lexikon: Englisch-Deutsch, Deutsch-Englisch [4., völlig überarb. und erw. Aufl. Reprint 2015] 9783486812848, 9783486272802

Table of contents :
VORWORT
FOREWORD
Dictionary
A
Β
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z
Wörterbuch
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z

Citation preview

Werke von Gerd W Goede im Oldenbourg Verlag Bisher erschienene Werke: Goede, Wirtschaftsenglisch-Lexikon, Englisch-Deutsch · Deutsch-Englisch, 4. Auflage (3 Bände im Schuber) Goede, Lexikon des Internationalen Handels, Englisch-Deutsch · Deutsch-Englisch Goede, Marketing-Lexikon, Englisch-Deutsch · Deutsch-Englisch

Wirtschaftsenglisch Lexikon Englisch-Deutsch A-K

Von

Gerd W Goede

4., völlig überarbeitete und erweiterte Auflage

R. Oldenbourg Verlag München Wien

Die Deutsche Bibliothek - CIP-Einheitsaufnahme Goede, Gerd W.: Wirtschaftsenglisch-Lexikon : englisch-deutsch, deutsch-englisch / von Gerd W. Goede. - München ; Wien : Oldenbourg ISBN 3-486-27280-2 Englisch-Deutsch. - A - K. - 4., völlig Überarb. und erw. Aufl. - 2003 Englisch-Deutsch. - L - Z. - 4., völlig Überarb. und erw. Aufl. - 2003 Deutsch-Englisch : A - Z. - 4., völlig Überarb. und erw. Aufl. - 2003

© 2003 Oldenbourg Wissenschaftsverlag GmbH Rosenheimer Straße 145, D-81671 München Telefon: (089) 45051-0 www.oldenbourg-verlag.de Das Werk einschließlich aller Abbildungen ist urheberrechtlich geschützt. Jede Verwertung außerhalb der Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlages unzulässig und strafbar. Das gilt insbesondere für Vervielfältigungen, Übersetzungen, Mikroverfilmungen und die Einspeicherung und Bearbeitung in elektronischen Systemen. Gedruckt auf säure- und chlorfreiem Papier Gesamtherstellung: Druckhaus „Thomas Müntzer" GmbH, Bad Langensalza ISBN 3-486-27280-2

ν

Meinen Eltern / To my parents:

Margarete Ch. H. Goede Walter G. A. Goede

VI

Do your work with your whole heart and you will succeed - there is so little competition. Elbert Hubbard, 1856 -1915 American publisher and author

VII

VORWORT

Das vorliegende Lexikon und Wörterbuch soll dem Leser/der Leserin als treffsicheres Nachschlagewerk für den Bereich Wirtschaftsenglisch dienen. Es soll all denen, die sich mit englischer und deutscher Wirtschaftsterminologie befassen, eine detaillierte und umfangreiche Einführung in diese schwierige, komplexe und sich ständig weiterentwickelnde Materie geben. Das Lexikon wendet sich an Studentinnen/Studenten von Universitäten, Fachhochschulen und Berufsakademien, an fortgeschrittene Schüler/innen an wirtschaftsorientierten Gymnasien, Fachschulen und Berufsschulen, an Fach- und Führungskräfte aus allen Wirtschaftsbereichen, an Übersetzer/innen und Dolmetscher/innen una an alle am Wirtschaftsgeschehen Interessierte. Das Lexikon umfaßt ca. 8.000 Hauptbegriffe. Da viele Begriffe in Mehrfachbedeutungen auftreten, werden ca. 20.000 Definitionen vermittelt. Um das Bild abzurunden, wurde zu möglichst vielen Bedeutungen eine Vielzahl von amerikanischen und englischen Alternativtermini aufgelistet (ca. 45.000). Gebräuchliche Abkürzungen der erklärten Termini werden in Klammern erwähnt. Last not least, soll der Wortschatz intensiviert werden, indem im Text immer wieder Alternativbegriffe aufgeführt werden. Aufgrund der regen Nachfrage enthält die Zweite Auflage eine deutsch-englische Wortliste. Die Dritte Auflage enthält alle Besonderheiten der vorherigen Auflagen. Die Vierte Auflage wurde gründlich überarbeitet, aktualisiert und inhaltlich verbessert. Ferner enthält sie ca. 2.500 neue Hauptbeeriffe und ca. 4.000 neue Definitionen. Auf Unterschiede im amerikanischen und britischen Gebrauch wird hingewiesen. Die deutsch-englische Wortliste enthält ca. 17.000 deutsche Fachtermini und ihre englischen Entsprechungen in einem alphabetischen Register. Für Beratung, Unterstützimg, Aufmunterung und sonstige Aktivitäten möchte ich ganz herzlich danlcen: Herrn Dr. phil. Andrew Hunter Lee (sprachliche Beratung), Herrn Bernd Baumann (DV Berater), Herrn Prof. Dr. Hans Bungert, Herrn Dr. Eckhard Gnädig, Frau Helga Schnur (Sekretärin), Frau Ilka Annegret Böhm, Frau Carmen Baumann, meiner Familie, meinen Freunden und Herrn Dipl.-Volkswirt Martin M. Weigert, Cheflektor beim Oldenbourg Verlag.

Vili Im Lexikon verwendete Abkürzungen / Abbreviations used in this dictionary: AuW BaW Bö DV Man Mk PW Re RW St Stat Vers GB US

Außenwirtschaft / foreign trade Bankwesen / banking Börse / exchange Datenverarbeitung / data processing Management / management Marketing / marketing Personalwesen / human resources management Recht / law Rechnungswesen / accounting Steuerwesen / taxation Statistik / statistics Versicherung / insurance Großbritannien / Great Britain Vereinigte Staaten / United States (of Amercia), USA (von Amerika), USA

Um der Komplexität der Wirtschaftswissenschaften einigermaßen gerecht zu werden, umfaßt das Lexikon u.a. folgende Fachgebiete: • Angebot & Nachfrage • Arbeitgeber-/-nehmer-Beziehungen • Außenwirtschaft • Bankwesen • Beschaffung • Betriebswirtschaftslehre • Börse • Bürowirtschaft • Controlling • Einkauf • Export • Finanzen -Geld • Gewerkschaften • Import • Incoterms • Handel • Industrie • Investition • Kostenrechnung • Management • Marketing • Organisation • Personalwesen • Rechnungswesen • Schriftverkehr • Steuern • Transport • Verkauf • Verschiedenes • Versicherungswesen • Vertrieb • Verwaltung • Volkswirtschaftslehre • Werbung • Wertpapiere • Zollwesen Gerd. W. Goede

supply & demand labo(u)r relations international trade banking usiness economics • stock and commodity exchange • office management • controlling • buying • export • finance/s • money • trade/labor unions • import • incoterms • commerce • industry • investment cost accounting management • marketing • organization • human resources management • accounting correspondence taxes transport selling miscellanea insurance distribution administration economics advertising securities customs

IX

FOREWORD

It is the aim of the present dictionary to serve its user as a reliable work of reference in the field of business English. With it, all those working with English and German economic terminology should obtain a detailed and comprehensive introduction to this difficult and complex material which is in a process of continuous development. The dictionary is intended to serve as a tool for students at universities, universities of applied sciences, universities of cooperative education, for advanced students at all types of commercial schools and business-oriented high schools, for trained staff and managers in all fields of commerce and industry, for translators and interpreters, and for all those interested in economic developments. This dictionary comprises approx. 8,000 principal terms. As many of the terms occur with several meanings, approx. 20,000 definitions are thus given. To complete the picture, a large number of American and/or British alternative terms are also listed to complement as many of the meanings as possible (approx. 45,000). Common abbreviations for the terms explained are given in parentheses. Last not least, it has been the author's aim to give an indepth explanation of the vocabulary by applying the technique of citing alternative terms wherever applicable. Due to the keen demand, the second edition contains a German-English glossary. All the features of previous editions have been retained in the third edition. The fourth edition has been thoroughly revised, updated and improved in content. Finally, it contains approx. 2,500 new head entries, approx. 4,000 new definitions and it covers both American and British usage. The German-English glossai^ lists approx. 17,000 field-related German terms in alphabetical order, together with their English equivalents. I would like to express my deep thanks to the following for their counsel, support, encouragement ana other undertakings of a logistical nature: Andrew Hunter Lee, Ph.D. (language consultant), Mr Bernd Baumann (DP consultant), Prof. Dr. Hans Bungert, Dr. Eckhard Gnädig, Ms Helga Schnur (secretary), Ms Ilka Annegret Böhm, Mrs Carmen Baumann, my family, my friends, and Dipl.Volkswirt Martin M. Weigert, Senior Editor at the Oldenbourg Verlag.

χ

In order to meet the demands of the economic sciences as satisfactorily as possible, the dictionary covers, amongst others, the following fields:

- accounting - administration - advertising - banking - business economics - buying - commerce - controlling - correspondence - cost accounting - customs - distribution - economics - export - finance/s - human resources management - import - industry - incoterms - insurance - international trade - investment - labo(u)r relations - management - marketing - miscellanea - money - office management - organization - purchasing - securities - selling - stock and commodity exchange - supply & demand - taxes - trade/labor unions - transport

Gerd. W. Goede

- Rechnungswesen - Verwaltung - Werbung - Bankwesen - Betriebswirtschaftslehre - Einkauf - Handel - Controlling - Schriftverkehr - Kostenrechnung - Zollwesen - Vertrieb - Volkswirtschaftslehre - Export - Finanzen - Personalwesen - Import - Industrie - Incoterms - Versicherungswesen - Außenwirtschaft - Investition - Arbeitgeber-/-nehmer-Beziehungen - Management - Marketing - Verschiedenes -Geld - Bürowirtschaft - Organisation - Beschaffung - Wertpapiere - Verkauf - Börse - Angebot & Nachfrage - Steuern - Gewerkschaften - Transport

Art has no enemy but ignorance. (Proverb, 1599)

A 1

erstklassig, ausgezeichnet, prima DIN-Norm fur Papier

Lloyd's Register of British and Foreign Shipping at first used this mark to denote ships of the highest class. The letter A indicates the condition of the hull of the vessel, and number 1, indicates the condition of the stores, cables, etc. The combination A 1 signifies perfect condition. A standard international size of paper, eg A 1, A 2, A 3, A 4, A 5. a priori

a priori

A condition known to be true independently of the subject under debate; economists frequently develop their theoretical models by applying the a priori condition. A share

dividendenberechtigte, aber stimmrechtslose Aktie; Aktie dritter Klassifizierung (GB)

Also called nonvoting share. In GB, an ordinary share that does not give the owner the right to vote on company issues but which is entitled to dividend. By issuing "A" shares one can increase a company's capital without diminishing the power of those currently in control of the company, ie the holders of the voting shares. Gradually these shares are being given voting rights as they are regarded as unfair. Note: A shares are quoted at lower prices than Β shares (ie ordinary shares with voting rights) as they are useless to companies attempting to gain control. AAA

Spitzengruppe der Börsenwerte, erstklassiges Wertpapier (AAA)

Also called triple Α. A bond and share/stock rating. A triple-A rating is the highest rating a share/stock, bond or Eurobond can achieve. The top four grades are AAA, AA, A and BBB. These grades mean that the company which issued the bonds is unlikely to default on the payment of interest or principal; in the case of stocks it means that the company is in fine financial shape. The issuers enjoy superior management, have only a moderate amount of debt outstanding and boast a revenue structure that seems more than adequate to meet future spending needs.

-

abandoned option

2

-

nicht ausgeübte Option

A share/stock option not exercised as the price has become unprofitable for the buyer. abandonee

Empfänger/in von abandonierten Gegenständen; Versicherer, dem ein beschädigtes Schiff oder ein sonstiger Gegenstand überlassen wurde

An insurer to whom the subject matter of an insurance contract has been abandoned. In marine insurance, an insurer to whom a ship, usually a wreck, has been abandoned. abandonment

Aufgabe, Verzicht, Abtretung (Vers) Abandon (Vers) Außerbetnebnahme Nichtannahme Patentaufgabe

Surrender by the insured of all proprietary/property rights in the subject matter of insurance. It is then for the insurers to decide whether to take over such subject matter. In marine insurance, the leaving of a ship as dangerous or unseaworthy and beyond recovery by the insured (party). The insured exercises his/her right of surrendering to the underwriters/insurers his/her insured property in order to claim compensation/ indemnity as for a total loss on the insurance policy. The retirement of a fixed asset from service. Also called taking out of operation or retirement. The refusal to accept delivery of a badly damaged consignment. Also called nonacceptance. The cession of patent rights or of similar rights, eg rights to trademarks. Also called abandonment of patent. abatement

(Ausgaben)Kiirzung/Streichung Herabsetzung, Minderung, Nachlaß

In finance, the cancellation of part or all of an expenditure. An allowance or reduction, eg the abatement of the purchase price. abatement of an action

Einstellung eines Verfahrens, Verfahrenseinstellung

The suspension or termination of legal proceedings. abbroachment

Aufkaufen großer Mengen zum Wiederverkauf zu überhöhten Preisen

The buying up of goods at wholesale to control the supply of these goods and then resell them at much higher resale prices.

-

ABC inventory control system

3

-

Lagerhaltung nach ABC-Klassinkation

Also called ABC analysis, ABC classification, ABC method, proportional value analysis, selective inventory control, split inventory method, usage value analysis, or usage value classification. The classification of stocks, for the purposes of stock control, into three groups (according to their usage value): A = very important (A represents the highest usage value); Β = important; C = marginal significance. ability to pay

Zahlungspotential Zahlungsfähigkeit, Solvenz

A pay theory, applied in wage bargainings/pay talks, which implies that wage and salary levels should be based on a company's profitability and financial condition. A company's ability to meet its liabilities/obligations. Also called solvency, capacity (to pay) or debt-paying ability. ability to pay principle (of taxation)

Grundsatz der steuerlichen Leistungsfähigkeit

Also called faculty principle of taxation. The principle that taxation should be based on the financial standing/position of the taxpayer. Thus, persons or companies with higher incomes should pay out a higher percentage of their incomes in taxes than those on low incomes to ensure an equal sacrifice among the different income groups. The tax burden is directly related to a taxpayer's income and wealth. The ability-to-pay approach has been adopted by most countries as the basis of their taxation systems so that progressive tax rates can be imposed/levied, eg on income tax and inheritance tax. above par

über pari, über dem Nennwert

Also called at a premium. The market price of shares/stocks and other securities is higher than the par/nominal/face value. above the line

Verkaufsförderung durch normale Werbemaßnahmen

Also called above-the-line advertising/promotion. This is advertising in media (eg newspapers, magazines, TV) that pay commissions to he ad agencies that provide them with business. The promotional expenses associated with any form of direct advertising, usually the edia used are: press, television, radio, cinema, and posters.

-

4

-

Note: advertising which involves indirect promotion, for example, direct mail, exhibitions, demonstrations, point-of-sale (POS) material, is known as below the line promotion. abrogation

Vertragsaufhebung (ganz oder teilweise) Außerkraftsetzung eines Gesetzes Arbeitsvertragsauflösung

The formal cancellation of a contract or a part of one. The annulling or ending of a former law. In personnel management, the termination of a contract of employment. abscissa

Abszisse, X-Koordinate

The horizontal line (or X-axis) on a two dimensional graph. absentee

Fehlende/r, Abwesende/r, Nichterschienene/r

A person who, sometimes without good cause (eg sickness, public holidays), fails to attend his/her place of employment. In some countries more working time is lost through absenteeism than through strikes. absenteeism

Absentismus, Arbeitsversäumnis Abwesenheitsrate, -quote

The time away from work for sickness or other cause. There are two main types: voluntary absenteeism: there is no acceptable reason for absence and it could have been avoided; involuntary absenteeism: this is the result of sickness, stress, poor working conditions, accident, a breakdown of transport or other cause which is largely outside/beyond the control of an employee. A measure measuring the rate of absence as a proportion of the employee total. Also called absenteesism rate. absolute advantage

absoluter (Kosten)Vorteil

The condition that exists when one producer can produce a given good more efficiently or at a lower cost than another producer. In international trade, the advantage of one country over another in the costs of producing a product or service in terms of used resources. According to the Scottish philosopher and economist Adam Smith (1723-1790) absolute advantage is the basis for trade. He started with the simple truth that for two nations to trade with each other voluntarily, both nations must gain. If one nation gained nothing or lost, it would simply refuse to trade.

-

5

-

In detail, Smith believed that trade between two nations is based on absolute advantage. When one nation is more efficient than (or has an absolute advantage over) another in the production of one commodity but is less efficient than (or has an absolute disadvantage with respect to) the other nation in producing a second commodity, then both nations can gain oy each specializing in me production of the commodity of its absolute advantage and exporting part of its output to the other nation. absolute cost advantage

absoluter Kostenvorteil

Advantages possessed by established firms who are able to sustain a lower average total cost than new entrants regardless of size of output. absolute income hypothesis

absolute Einkommenshypothese

Also called absolute income theory. A theory of the consumption function which states that consumption expenditures (C) are a function solely of current personal disposable income (Yd). C = C (Yd) absolute liability

Gefahrdungshaftung, verschuldensunabhängige Haftung

Also called liability without regard to fault, strict liability or liability based on causation irrespective of fault. In law, liability without fault, ie the legal responsibility one has even if one is not at fault. absolute majority

absolute/einfache Mehrheit/ Majorität

Also called simple majority. A decision adopted by the majority (ie 50% plus one vote) of votes, but not by all. absolute monopoly

reines/vollkommenes Monopol, Angebotsmonopol

Also called perfect/pure monopoly. A situation in which only one producer or supplier has total control over the output of one product or service for which there is no substitute. absolute poor

absolut Arme

Persons whose income is below what is needed to maintain a minimum living standard, ie their income is below subsistence level.

-

6

absolute priority

-

Gläubigervorrecht

Also called full priority. The right of creditors to be satisfied in full before shareholders, eg in liquidations. absolute sale

Kaufvertrag ohne Eigentumsvorbehalt

A sale in which the buyer and seller reach agreement with no conditions or restrictions imposed by either. absolute title

uneingeschränktes Eigentum

In personal/movable or real property/estate, a title without any conditions. absorption

Übernahme rFirmen)Übernahme Gesamtausgaben der Inländer fur Güter und Leistungen

The taking over of something, eg costs, freight charges, etc. Making a smaller business part of a large one, ie a small company merges/ amalgamates with a large one (the absorbing or acquiring company). Also called acquisition or takeover. The total spending of a country's residents on domestic and foreign goods and services. absorption costing

Vollkostenrechnung

Also called full absorption/full/total costing. The charging of all variable and fixed costs to operations, processes or products, whether they can be traced to a product directly or not. Apportionment/allocation of overheads follows some reasonable convention, but is of necessity arbitrary. Thus, stocks and output are valued on a total cost basis. abstinence

Abstinenz, Zurückstellung, (Konsum)Aufschub

The sacrifice of current consumption to increase future consumption. abstinence theory of interest

Abstinenztheorie des Zinses

A theory which states that the rate of interest is the reward for choosing to abstain from consumption. abstract

Auszug, Kurzfassung

Short form, ie a condensed statement of a report or document.

-

abstract of title

7

-

Eigentumsnachweis (Urkunde)

A written outline of the evidence of ownership of property. accelerated depreciation

beschleunigte/steuerbegünstigte/vorzeitige Abschreibung, Sonderabschreibung

Also called accelerated cost recovery system (ACRS). A form of tax relief, ie a business is allowed for tax purposes to write off an asset's value at a faster rate; often with a much heavier depreciation allowance in its first year. accelerated endowment

gemischte (Lebens)Versicherung, aeren Gewinnanteile zur Abkürzung der Versicherungsdauer verwendet werden

Also called accelerated endowment assurance/insurance. An endowment assurance/insurance for which the dividends instead of being paid out/distributed, are applied to the policy, causing it to mature/fall due sooner. accelerating inflation

zunehmende Inflation

An increasingly sharp rise in the rate of inflation. acceleration clause

Fälligkeitsklausel, Klausel über die Vorverlegung der Fälligkeit

A clause in an agreement (eg a mortgage) stating that, if repayments fall into arrears, the whole amount falls due. acceleration principle

Beschleunigungsprinzip, Akzelerationsprinzip

Also called accelerator principle. It measures the relationship between the demand for consumer and producer/capital goods. Changes in consumer demand induce accelerated changes in demand for producer/ capital goods. The theory states that the level of investment depends upon the level of consumption. Note: A rise of 20 percent in consumer demand can increase industrial demand by as much as 200 percent within the immediately following period. A decrease can cause an equally significant decrease. accelerator

Akzelerator

This explains how higher consumption can lead to higher investment. The ratio between the change in the rate of growth of consumption and the change in investment is the accelerator.

-

8

-

accept a bill (of exchange)

einen Wechsel akzeptieren

To accept a bill is to write one's name across the face of it, thereby engaging to pay it when due. acceptable quality level (AGL)

ausreichendes Qualitätsniveau, Gutgrenze

The maximum amount of defectives/faulty units that will be accepted in the output from a production process. acceptance (acc, acce)

Annahme, Vertragsannahme Annahmeerklärung, Annahmevermerk (Wechsel) Akzept, akzeptierter Wechsel Handelswechsel Akzeptanz (Mk) Zuschlag (Waren)Annahme

When a contract is made there must be both offer and acceptance. If one person makes an offer, the contract is not complete until the offer is accepted. Acceptance must be on the same terms as the offer; it may be given orally or in writing, depending on the nature of the contract. Also called acceptance of a contractual offer. The act of the acceptor (normally the drawee) of a bill of exchange when signifying assent to the order of the drawer. By writing "accepted" and signing the front of the bill (a signature is sufficient), the acceptor agrees to hono(u)r the bill on the due/maturity date. A bill of exchange (B/E) that has been accepted by the drawee. There are two kinds: 1. bank(er's) acceptance (called bank bill) and 2. trade acceptance (called trade bill). A time draft/bill drawn by the seller of goods on the buyer, who becomes the acceptor. Also called trade acceptance or trade bill. In marketing, the acceptance of a product in the market. The acceptance of a bid or tender. Also called award of contract or accept a bid/tender. The acceptance of goods delivered by the seller. The acceptance of goods should not be confused with their mere receipt. acceptance against documents

(Wechsel)Akzept gegen Dokumente

Also called documents against acceptance (D/A). A transaction where the seller (the exporter) hands over the shipping documents for a consignment of goods when the buyer (the importer) accepts a bilí of exchange. acceptance certifícate

Übernahmebescheinigung Abnahmebescheinigung

A document issued by a forwarder/forwarding agent to certify that the goods to be dispatched have been handed over for transport.

_ g _

The receipt acknowledged by a shipment's consignee. acceptance credit

Akzeptkredit Rembourskredit

A means of financing a transaction involving the sale of goods. A customer (the borrower) needing finance draws a term/time bill of exchange on the bank (the accepting bank) for the amount which is needed. The bill is accepted by the accepting bank payable at some specified date in the future and is returned to the drawer who can then discount it. Bills accepted by such a bank are known as bank/fine bills and they can be discounted at a lower/fine rate of discount (because of the good name of the acceptor). The borrower must provide the accepting bank with the funds necessary to meet the bill when it falls due. The discounting of trade bills provides short-term finance for commerce; most of these bills are drawn for periods of six months or less. The facility can be used to finance both inland and foreign trade. If the customer is an exporter, the acceptance facility is often related to the processing of a documentary collection. The exporter prepares the shipping documents and hands them to his bank for collection. He then draws a bill of exchange in his own favo(u)r on his bank for an agreed percentage of the value of the documentary collection. This bill falls due for payment slightly later than the bill drawn on the bank has been accepted; it may be discounted providing an immediate source of finance for the exporter. When proceeds of the documentary collection are received from abroad, a proportion will be retained by the bank to meet the amount due under its own acceptance which will be maturing in the near future, the balance being paid over to the exporter. acceptance for hono(u)r

Ehrenakzept, Ehrenannahme eines Wechsels

Also called acceptance by intervention. The acceptance of a bill (of exchange) not yet due for payment by any person not already a party to it to provide security - with the consent of the holder - to satisfy the bill's holder and preserve the good name (ie the honor) of the person liable. acceptance liability

Haftung aus (Wechsel)Akzept Akzeptobligo

The liability assumend by a drawee of a bill of exchange (B/E) after having accepted the B/E. The total liability which a bank assumes when accepting bills of exchange drawn on it by its customers. acceptance notice

Annahmeerklärung

In general, a notification issued by someone to inform someone that something has been accepted.

-

1

0

-

In insurance, a notification issued by an insurer/insurance company, after consideration of an insurance application/proposal, to inform the person seeking insurance (ie the potential insured) that the company has decided to accept the risk ana is prepared to conclude/effect an insurance contract against payment of the premium. acceptance of goods

Warenannahme

The situation when the buyer accepts the goods delivered by the seller and agrees to pay for them; or if after a reasonable time the buyer has done nothing to reftise them, ne/she is considered to have accepted them and must therefore pay for them. In marketing, the willingness of consumers to buy a product. acceptance of offer

Angebotsannahme, Vertragsannahme

Also called acceptance of contractual offer. A declaration of willingness to enter into an agreement/contract and thus the unconditional assent (ie the offeree must accept all the terms) by the offeree of an offer which has been made to him/her by the offerer. acceptance of order

Auftragsannahme

The agreement, either verbally or in writing, to deliver or produce goods or to carry out a service. acceptance of proposal

Annahme eines Vorschlags Vertragsannahme Angebotsannahme Antragsannahme (Vers)

The acceptance of a suggestion or recommendation. A declaration of willingness to enter into an agreement/contract. The acceptance of an offer. In insurance, the insurer's agreement to give insurance cover against payment of the premium. acceptance sampling

Stichprobenentnahme bei (Waren)Annahme

A quality control based on taking a sample from a consignment to test that good quality has been delivered. acceptance supra protest

Ehrenannahme/Ehrenakzept eines Wechsels nach Protest

The assumption of liability to pay a dishonoured and protested bill of exchange by another party to save the name of the drawer or endorser of the bill.

-

11

-

The liability of the acceptor for hono(u)r (the acceptor supra protest) extends to the holder and to all parties to the bill subsequent to the one for whose hono(u)r he/she has accepted. An acceptance for hono(u)r supra protest in order to be valid must: 1. be written on the bill, and indicate that it is an acceptance for hono(u)r; 2. be signed by the acceptor for hono(u)r. accepted bill (of exchange)

(Wechsel)Akzept

Also called acceptance. A bill of exchange (B/E) that has been accepted by the drawee. accepter/acceptor

Abnehmende/r Akzeptant/in (Wecnsel)Akzeptant/in, Bezogene/r

In general, someone who accepts something. In law, the person who accepts the terms of a contract. The person, normally the drawee, accepting a bill of exchange by signing across its face, thereby engaging to pay its face value when due to the li After accepting the bill, the drawee is known as the acceptor. accepting bank

Akzeptbank, Emissionsbank Akzeptbank (auszahlende Bank), Akkreditivbank

Also called acceptance bank or accepting house. A top merchant bank which accepts bills of exchange. A bill that has been accepted by an accepting bank becomes a bank bill or first-class bill (of exchange). Other banking, trade financing and share/stock-issuing activities are also performed. A bank nominated in a letter of credit (L/C) to pay drawings on it or to accept it: also known as the paying bank. Will be either the advising bank or issuing bank. access

Zugang, Zutritt Zugriff(szeit)

The way by which you can reach a place or the right to enter a place, eg a market. The time taken to reach information stored in a computer. Also called access time. access charge

(Telefon)Grundgebühr

The monthly charge/fee per telephone line payable by a telephone subscriber.

-

1 2

access time

-

Zugriffszeit

Also called latency time. In computing, the time taken to retrieve data from a storage device or to obtain data from a peripheral unit. accessible on demand deposit

Sichteinlage

Also called call/demand/sight deposit. Deposits that are accessible for conversion into cash on request. accession

Vermögenszuwachs Einstellung, Wiedereinstellung Beitritt, Anschluß Neuanschaffung

An increase in property. Also called accretion or capital appreciation. In personnel management, an increase in the workforce of an enterprise or industry. The formal acceptance of a treaty, international convention, or other agreement among states. Also called adherence. The act of coming into the possession of something. accessory

Komplize, Komplizin, Mitschuldige/r

Also called accomplice. In law, a person concerned in the commission of a crime/offence but not as a principal. accident and health insurance

Unfall- und Krankenversicherung

Also called accident and sickness insurance. An insurance policy providing cover(age) for accidental injury, accidental death or sickness. accident benefit

Unfallentschädigung (bei Unfalltod) Unfallrente

With some life insurance policies, a benefit added to provide for the payment of a specified amount in the event of the party for parties) insured dying as the result of an accident. Also called accidental death benefit or double indemnity. A payment of money to an employee who has been injured at work. Also called accident pay.

accident insurance

13

Unfallversicherung

Accident insurance consists of a number of different sections. It provides for protection against all risks outside the scope of marine, fire, and life insurance. It deals with personal accidents, accidents to employees and employers, motor accidents and other types of accident. accident prevention

Unfallverhütung

Steps which are taken to increase the safety of employees. Aims are: 1. to make the conditions of work as safe as possible, 2. to provide protection to the employee(s) when some dangers are unavoidable, 3. to encourage employers to adopt safe working methods. accidental loss

Unfallschaden, plötzlich auftretender Schaden

The loss or damage arising out of an accident, eg due to unexpected or unintended negligent conduct or even a deliberate act. accommodating transaction

Ausgleichstransaktion, induzierte Transaktion

Also called accommodating movement or settling transaction. A balance of payments (bop) transaction that is undertaken by governments in order to finance a trade imbalance. In other words, a transaction undertaken to preserve or enforce a price in the market for foreign exchange, ie to keep the exchange rate at a certain level. accommodation

Entgegenkommen Unterbringung Darlehen Überbrückungskredit (USA)

The doing of a favo(u)r or a kindness. A place to live in or sleep in, eg a hotel. A loan, usually unsecured and short-term. In the USA, a bridging loan. accommodation bill (of exchange)

Finanz-, Gefälligkeits-, Proforma-, Keller-, Scheinwechsel, fiktiver Wechsel

Also called accommodation acceptance/note, windbill, windmill, fictitious bill or kite. A bill (of exchange) signed by a person (the accommodation parly) as guarantor to help another person to raise money through the discounting of the bill. The accommodation party becomes liable if the drawee/acceptor fails to pay; but generally he/she does not expect having to pay.

- 14 -

Note: accommodation bills are a means of providing finance without necessarily having an underlying trade transaction, whereas commercial/trade bills are based on specific transactions. accommodation bill of lading

Gefälligkeitskonnossement

A bill of lading (B/L) issued by a common carrier prior to receipt of merchandise for shipment. accord and satisfaction

vergleichsweise Erfüllung, Hingabe erfullungshalber

Also called amicable/voluntary settlement or arrangement before receiving order. Where one party to a contract has fulfilled his/her side of the transaction, but the other has not, the first party may release the second party in consideration of receiving some goods or services other than that stated in the contract. The accord is the agreement to cancel the original obligation, the satisfaction is the consideration. account (A/C, A/c, a/c, acct)

Konto (RW) Rechnung Abrechnungszeitraum (Bö) Bericht; Darstellung Kunde/Kundin Bankkonto Buchhaltung Jahresabschluß Geschäftsbeziehung

A business keeps accounts for all its business transactions. Every different type of transaction neeas an account. Businesses may open accounts such as: bank accounts, cash accounts, sales accounts for goods which the business has sold to customers, purchasing accounts for suppliers of goods to the business, accounts for capital, accounts for liabilities, accounts for assets, etc. The minimum parts of an account are: 1. account title; 2. space for debits (left side); 3. space for credits (right side). A statement showing amounts due by one party to another for goods, services, etc. Also called invoice, bill or sales bill. On the stock exchange, the period between one settlement date and the next. A detailed record in orderly form of business dealings. Also called report. A customer or client. A bank account. Especially in British English, the bookkeeping records of a firm. Also called bookkeeping.

-

15

-

In accounting, the financial statements of a company, ie basically the balance sheet and the profit ana loss account. A business relationship, ie a relationship between one party and another. account balance

Kontostand Saldo

The amount available in a bank account. The difference between the debit side and the credit side of an account, ie the amount required to make one side of the account balance the other. An excess of total debits over total credits results in a debit balance, whereas an excess of total credits over total debits results in a credit balance. account books

Geschäftsbücher

The books, files or computer records where a company's accounts are kept. account class

Kontenklasse

Also called class of accounts. The classification of accounts, ie the major groups/classes into which accounts are divided. There are nominal, personal and real accounts. account code

Kontennummer

Also called account number. The number given to individual accounts. account current (A/C)

Kontokorrentkonto, laufendes Konto, Girokonto Kontoauszug

A form of bank account drawn out in Dr (Dr = debtor or debit sidei and Cr (Cr = creditor or credit side) form, to which a person puts money which he/sne wishes to be able to withdraw on demand either by way of cash withdrawals, through the use of cheques/checks or bank cards, etc. Today, automated teller machines (ATMs), standing orders and direct debit facilities are also available for making payments out of the current/checking account. The banks usually pay no or only low interest rates on money placed in current/checking accounts. Customers receive bank statements and are charged with bank charges. Also called current (GBVchecking (US) account, cheque/check account, or cash/demand deposit/giro/operating/running account. A statement setting out in chronological order the transactions, both debits and credits, that have taken place between two accounting entities.

-

account day

1 6

-

Abrechnungstag, Zahl(ungs)tag, Liquidationstag

On the stock exchange, the day on which all bargains done during a particular account (normally two weeks, 10 working days) are settled. The last day of each account/period is known as account day, settling day, settlement day or payday. There are usually two account days every month. account executive (AE)

(Werbe)Kontakter, Sachbearbeiter/in eines Werbeetats Kontaktgruppenleiter/in Kundenbetreuer/in (BaW)

A person in an advertising agency or department who supervises the planning and preparation of advertising and who is responsible for the overall managing of a client's requirements. Also calied account director/handler/manager/supervisor or clientservice executive. The group head of a number o f account executives, ie the person to whom the account executives report. Also called account manager/supervisor. In banking, an employee who is responsible for a client or a group o f clients, ie he/she advises and handles orders for clients. Also called account representative or financial counsellor. account holder

Kontoinhaber/in

Also called accountee. The holder o f a bank account. account number

Kontonummer (BaW) Kunden- Lieferantennummer Kontennummer ( R W )

The number of a bank account. A number assigned to each customer or supplier for ease in referring to their activities. In accounting, the number given to individual accounts. account payee

Scheck zur Verrechnung (auf Konto des Zahlungsempfängers)

Also called A/C payee (only). A phrase added to a crossed cheque/check to make sure that the cheque is paid into the account of the payee named. Thus, the cheque, so crossed, cannot oe negotiated to a third party. Note: it is now practice of banks to issue crossed cheques in which the words "account payee" are printed within the crossing.

-

account purchase(s) (A/P)

17

-

Einkaufs(ab)rechnung eines Kommissionärs

When a commission agent has purchased goods on the market for his/her principal, he/ she renders to the latter an account purchase, giving details of the quantities bought and the prices paid. Expenses and commission are then added, and the amount is settled. account rendered (AR)

laut erteilter (früherer) Rechnung

Words that often appear on a statement of account to indicate an unpaid previous invoice/account whicn itemized the goods or services for which it had been issued and that has already been dispatched to the customer. account sales (A/S)

Verkaufsabrechnung eines Kommissionärs

A statement of sales rendered by an agent to his/her principal, showing the amounts received by the agent, expenses deducted, his/her commission and the amount due or remitted/transferred. account stated

vom Schuldner bestätigte Forderung anerkannter Rechnungsabschluß

An account of the agreed balance of money due by one party to another. It is legally binding unless it can be shown to be untrue. An account consisting of items that the parties concerned have agreed as being correct; any balance is thereby also agreed. account statement

Kontoauszug

Any record of business transactions during a specific time period. A bank statement. account(s) payable (A/P, a/c pay.)

Verbindlichkeit/en Gläubiger, Kreditor/en

Money owed to someone for goods and services bought but not yet paid for, ie a financial obligation. Accounts payable arise when a business purchases inventory or equipment on a credit basis. Accounts payable is a current liability in the balance sheet. Also called payables. US term equivalent to GB creditor(s). account(s) receivable (A/R, a/c ree.)

Außenstände, Forderung/en Debitor/en, Schuldner

Money owed to someone for goods and services bought but not yet paid for. Accounts receivable arise when a business makes sales on credit.

-

18

-

They are presented as a current asset in the balance sheet. Also called receivables or due from. US term equivalent to GB debtor(s). accountability

Rechenschaftspflicht, Rechnungslegungspflicht

The responsibility (eg of the directors of a company) to explain actions involving financial matters to others, eg shareholders/stockholders. accountancy

Theorie des Rechnungswesens Rechnungswesen, Buchhaltung

This is the name for all the subjects that accountants study and in which they should be experts, eg accounting, bookkeeping, taxation, etc. Also called accountancy theory (GB) or accounting (theory) (US). The work done by an accountant, ie the work of recording money paid, received, borrowed or owed. Also called accounting. accountant

Fachmann/Fachfrau des Rechnungswesens (z.B. Bilanzbuchhalter/in, Rechnungsprüfer/in, Steuerberater/in Wirtschansprüfer/in)

A person who studies the financial information of a business and gives financial advice to the business. He/she checks the books of the business; he/she prepares accounts, the profit and loss account, the balance sheet, etc. There are various types, eg bookkeeper, chief accountant, chartered accountant, certified public accountant (CPA), cost accountant, tax accountant, etc. accounting

Buchhaltung, Rechnungswesen, Rechnungsiegimg

Also called accountancy. The activity of recording and verifying financial data. There are three main kinds of accounting: 1. financial accounting: this is about the proper way to record all the assets and liabilities of a business, and the monetary transactions with the outside world. Also called bookkeeping. Note: accounting mvolves analysis and interpretation as well as recording. 2. management accounting: it provides useful information for the management (eg how much does it cost to make product A ?). Also called managerial accounting. 3. cost accounting: it provides detailed information on the cost of producing goods. accounting change

Buchhaltungsänderung

A change in an accounting principle, eg the use of a different method of depreciation.

-

accounting cycle

19

-

Buchhaltungskreislauf

Also called bookkeeping cycle. The series of chronological steps in recording an accounting event from the time a transaction occurs (the original entry) to making adjusting/correcting entries, closing entries and to the preparation of the financial statement (îe the balance sheet and the profit and loss account). accounting entity

Wirtschaftseinheit mit eigenem Rechnungswesen Anlagenkonto

A business or other economic unit being accounted for separately. A system of accounts is kept for the entity. Also called accounting unit. A fixed asset account. accounting equation

Bilanzgleichung

Also called accounting identity, balance sheet equation, fundamental accounting equation, or double-entry equation. Capital (owner's equity) and liabilities = assets (this expresses that assets are financed bom by owners ana outside creditors) or assets minus liabilities equals capital. An increase (or decrease) in total assets is accompanied by an equai increase (or decrease) in liabilities and capital. accounting error

Buchungsfehler, Falschbuchung

An inaccurate entry in any account not caused by intentional fraud, but due to negligence or misapplication of generally accepted accounting principles (GAAP). accounting event

Buchungs-, Geschäftsvorfall

Also called accountable event, (accounting) transaction, business/external transaction, or commercial transaction. An (accounting) transaction entered in the accounts of a business; it can either be an external transaction (ie one with an outsider), eg the recording of a sale, or an internal transaction, eg an adjusting/correcting entry. accounting machine

Buchungs-, Fakturiermaschine

This is a machine electrically operated, and used primarily for posting to accounts. accounting period

Abrechnungszeitraum, Rechnungsperiode

A period between two successive balance sheets which is suitable for a business to calculate its financial position (eg to prepare its profit and loss account). Usually it is one year.

-

accounting principles

2 0

-

Buchfiihrungsrichtlinien, Grundsätze ordnungsgemäßer Buchführung und Bilanzierung

Also called accounting assumptions/concepts/conventions/postulates. Certain generalizations, rules and guidelines of accounting practices, conventions, and procedures. They may be classified into: 1. basic accounting principles (eg the cost principle, the accruals concept, the consistency concept, the going concern concept, the concept of conservatism); 2. generally accepted accounting principles (GAAP) which are more specific and include detailed principles ana procedures. For example, they prescribe how transactions should be recorded, classified and summarized. accounting profit

Buchgewinn, rechnerischer Gewinn

Also called book profit. Total revenue less explicit costs; it ignores implicit/imputed costs. accounting system

Buchfuhrungssystem

A system which consists of all those policies, procedures, records and reports of a financial nature which assist in managerial administration, planning and control (eg bookkeeping system, balance sheet, profit and loss reports, Budget plans and budget control etc.). The accounting system includes the formal records and original source data. accounts

Konten Jahresabschlußkonten Kunden

All the accounts and accounting records of an enterprise. The balance sheet and the profit and loss account, normally produced at the end of the accounting period. The customers or clients of a firm. accrual accounting Also called accrual system. The accounting method for ledging the revenues and expenses of a period as they are earned or incurred, regardless of the time when cash is received or paid. accrual concept

periodengerechte Rechnungslegung/Bilanzierung

Also called accrual accounting or accrual basis (of accounting). In accounting, a principle which states that the final accounts must show income/revenues and expenditure/expenses relevant to the period, not merely receipts

-

2 1

-

and payments. It is essential that only the benefits actually received must be shown in the accounts, adjustments being made for the payments in advance or in arrears. accrued expense(s)

antizipatorische/antizipative Passiva, passive Rechnungsabgrenzungsposten

Also called accrued charge/liability or accrual. A business expense incurred during an accounting period/financial year which remains unpaid at the end of the period, not being due until some later date; but the business used it before the end of tne accounting period, eg rent due but not payable until a later date. accrued interest

aufgelaufene Zinsen Stückzinsen

Interest earned during a particular period that has not been paid. Interest due/earned but not yet received or paid, eg on fixed-interest securities or other interest-bearing investments. accrued liability

antizipative/antizipatorische Passiva, passive Rechnungsabgrenzungsposten Rückstellung entstandene Verbindlichkeit

An expense that has accumulated/accrued at the end of the reporting period; but not yet paid. The accrued liability is shown under current liabilities in the balance sheet. Also called accrued charge/expense or accrual. A liability reserve. A liability produced. accrued revenue(s)

antizipative Aktiva, aktive Rechnungsabgrenzungsposten

Also called accrued asset(s)/income/receivables or accrual(s). Items of revenue (income or money), other than from sales, earned but due to be received at a future date. Revenue(s) relating to an accounting period but not recorded by the end of the period. accumulated depreciation

akkumulierte, aufgelaufene Abschreibung/en

Also called accrued depreciation. The total/cumulative amount of depreciation on a fixed asset since acquisition.

-

accumulated dividend(s)

2 2

-

Dividendenansammlung, aufgelaufene Dividende, nicht ausgeschüttete Dividende auf kumulative Vorzugsaktien

A dividend, usually to preference shareholders/preferred stockholders, not paid when due. As the dividend is paid at a later time, it becomes a business liability until payment. accumulation

Zuweisung thesaurierter Gewinne an Rücklagen Haussegeschäft (Bö) Aufzinsimg Anlaufen von Zinsen

Profits that are not distributed as dividends to the shareholders/stockholders but are instead added to the company's reserves. The well-controlled purchase of a large number of shares/stocks without bidding/ driving up prices. The process of compounding, ie interest on interest. The periodic addition of interest to the principal amount. Also called accumulation of interest. accusation

Anklage

Also called charge. The act of accusing or the state of being accused. accused

Angeklagte/r

Also called defendant. A person charged with an offense/offence. achievement test

Erfolgstest, Leistungstest

Also called attainment/performance test. In personnel management, a test to measure an individual's level of proficiency in a specific subject or task. Note: the test does not seek to evaluate the whole person but just a small part of his/her abilities. acid test ratio (ATR)

Liquidität ersten Grades

Also called cash ratio, liquid asset ratio, liquid ratio, liquidity ratio, quick (asset) ratio, or short-term liquidity ratio. The measure of the financial solvency of a business regarding its capability of meeting its current liabilities.

-

23

-

The firm's total current liabilities are compared with current assets excluding stock. Thus, ATR is the ratio of quick assets (ie current/liquid assets less stock) to current liabilities. Quick assets are assets which a business can convert into cash within a short period. Note: 1. liquid assets are, for example, cash, accounts receivable and short-term marketable securities; 2. stock is excluded because it may require a longer period to sell it or it can be hard to convert/turn it into cash. The ratio is used as an important indicator of the ability of the business to pay its debts as they become due. It should at least be 1:1, ie 1 or better. That means that there should be about £ 1/$ 1 of liquid assets for every f 1/$ 1 of short-term debt. The ratio is quoted as a number; the formula is, eg acid test ratio

=

current assets - stocks current liabilities

=

150 = 100

intimes

Note: the ratio is used as a guide to creditworthiness and for credit rating. acknowledgement (ACK, acktg)

Bestätigung

Also called confirmation. A report to the sender that the thing (eg the shipment) he/she has sent has arrived. A formal document on which an authorized person acknowledges/certifies something, eg a signature. acknowledgement of debt

Schuldanerkenntnis

An admission in writing signed by a debtor that he/she owes the amount of the debt. acknowledgement of order

Auftragsbestätigung

Also called confirmation of order. The acknowledgement letter follows an order; it lets the customer know the order has arrived safely ana generally indicates the order number and the date, but does not constitute an acceptance, and the legal consequences of an acceptance do not therefore follow. Such letters are usually fairly brief, and in some cases a preprinted postcard or a standard letter may be used, with a few details typed or written in, eg phrases which clarify the legal position - such as "our formal acceptance will follow in a few days". acquiescence

stillschweigende Einwilligung

A silent agreement with someone or to something, without arguing or complaining but remaining or appearing to be satisfied with what is happening.

-

acquirer/acquiror

24

-

Erwerber/in aufnehmende, übernehmende Gesellschaft, Übernahmegesellschaft

A person or company which buys something, ie someone who comes into possession or ownership of something. A company which acquires/buys/takes over another company, ie either directly or indirectly gains control of the acquired company. Also called acquiring/absorbing/ acquisitive company. acquiring company

Übernahmegesellschaft, auf-/übernehmende Gesellschaft

Also called absorbing/acquisitive/purchasing/raider/transferee company. A company which buys/acquires another company. acquisition

Erwerb, Anschaffung Firmenübernahme

Something obtained or acquired, eg a valuable object. A way for companies to "grow"; they acquire existing firms for cash and/or equity which are already operating in the field it is desired to enter. Also called takeover. acquisition cost(s)

Anschaffungs-, Herstellungskosten

Also called original/first/historic(al)/initial cost(s). The price which a person who bought something paid when he/she bought it, or the price a business paid for a self-manufactured product. In accounting, an accountant usually measures the resources acquired by a business in terms of their acquisition cost(s). acquisition fee

Abschlußgebühr

Also called acquisition charge. The total of all fees and commissions paid by any party in connection with the purchase of property. acquisitive society

Erwerbsgesellschaft

A society in which people are constantly encouraged to possess things; some economists argue that this attitude is the driving force for economic activity. acquittal

Schuldenerlaß Freispruch

The release from a financial obligation. Also called bad debt release or remission of debt(s).

- 25 -

A situation where a person (a defendant) is found not guilty and is discharged from a prosecution. acquittance

Quittung Tilgungsbestätigung, Schuldbefreiungsurkunde Schuldernillung

A receipt, ie a written statement showing that you have received money or goods from someone. A written document evidencing the settlement of a debt or the performance of any other obligation. Also called acquittal. The settlement of a debt or other obligation or duty in full. Also called quittance or quietus. acronym

Akronym, Initialwort

A word formed from the first letters of a group of words, eg AIDA. across the board increase

allgemeine Erhöhung

Also called general increase. A general increase equally affecting all, for example, a pay increase, a price or tax increase, etc. The opposite is across-the-board cut. act in law

Rechtsgeschäft

Also called act of the party or legal transaction. An act of a party having legal effect, eg the conclusion of a contract. act of bankruptcy

Insolvenz-, Konkursgrund, Insolvenz-, Konkursvoraussetzung

Any act by which a debtor becomes liable to be made a bankrupt, eg if the debtor gives notice to any of his/her creditors that he/she has suspended payment of his/her debts. act of God

höhere Gewalt

Also called force majeure. A term used in insurance policies and other documents to denote risks and dangers that are beyond human control, ie which could not be foreseen, or if foreseen could not be guarded against, eg lightning or a tidal wave. Other types of force majeure are: earthquakes, strikes, wars, uprisings, declarations of hostility, natural catastrophes, hurricanes, epidemics. Contracts often exclude liability from damages arising from an act of God.

-

2 6

acting partner

-

geschäftsführende/r Gesellschafter/in, tätige/r Teilhaber/in, OHGGesellschafter/in, Komplementär/in

Also called active partner or managing partner. A business partner who is actively involved in the running of his/her business. action for damages

Schadensersatzklage

Also called action to recover damages. A legal case in which someone sues another for compensation/damages - often as the result of a broken contract. action lag

Handlungsverzögerung

The lag between a policy decision and its enforcement; it is often preceded by a decision lag. actionable information

entscheidungsverwertbare Informationen

Information on market characteristics that can be used by a management because it is relevant to decisions they are making, comprehensible, and trustworthy. activation fee

Bereitstellungsprovision, Kreditprovision bei Inanspruchnahme eines Bereitstellungskredits

In banking, a fee charged/levied when a bill or credit line is used. active account

bewegtes, umsatzstarkes Konto

An account with frequent transactions, eg a bank account with frequent deposits or withdrawals during an accounting period. active bond

festverzinsliche Anleihe/Obligation

Also called fixed-interest bearing bond. A bond bearing a fixed rate of interest, payable in full from the date of issue. active circulation (of banknotes)

(Bank)Notenumlauf

Also called banknotes in circulation. The (bank)notes actually issued and in circulation at a given time.

-

active fiscal policy

27

-

aktive Fiskalpolitik, konjunkturorientierte Finanzpolitik

Fiscal measures used frequently and intentionally to achieve a desired level of aggregate/total demand by changes in government spending and taxation. active market

lebhafter Markt lebhafte Umsätze (Bö)

A market in which there is a lot of buying and selling. Heavy volume of trading in a particular share/stock, bond, or commodity. Also, a heavy volume of trading on the exchange as a whole. active money

aktives, arbeitendes Geld umlaufende (Geld)Mittel

Money in circulation, ie money which is used by the public in buying and selling goods and services and not money kept in bank accounts. active partner

OHG-Gesellschafter/in, Komplementär/in, geschäftsführende/r Gesellschafter/in, tätige/r Teilhaber/in

Also called acting/general/managing/ordinary partner. A part-owner in a partnership (general partnership or limited partnership) who takes an active or working part in the business and who is fully liable for tne debts of the partnership. active shares/stocks

gängige Aktien, Aktien mit hohem Umsatz

Shares/stocks in which there have been frequent transactions. active trade balance

aktive Handelsbilanz

Also called favo(u)rable trade balance. A favo(u)rable balance of trade, where the value of a country's exports exceeds the value of its imports. activity charge

Kontoumsatzgebühr

In banking, a fee charged to an account holder to cover servicing costs if there are more than a certain number of transactions - the fee is based on account usage, ie on the number of transactions effected. activity rate

Beschäftigungsgrad, Erwerbsquote

Also called employment rate, labo(u)r force activity, or labo(u)r force participation rate.

-

28

-

This rate compares the number of employed persons (eg male, female, adolescents, etc) and those seeking work with the total adult population between the ages of 16 and 65. Note: the higher the activity rate the larger the supply of labo(u)r. activity ratios

betriebswirtschaftliche Kennzahlen, Aktivitätskennzahlen

Also called operating efficiency ratios or turnover ratios. Measures of management effectiveness, ie of how well a business manages its resources. Examples are the inventory turnover, capital turnover, fixed assets turnover, total assets turnover, etc. activity sampling

Multimomentverfahren, Stichprobenverfahren fur Tätigkeiten

Also called work sampling. A management control system. It enables data to be obtained indicating whether persons or machines are working or not working. It is based on the law of averages and observations are made at randomly selected times. actual cash value

angemessener Marktpreis (Gegenwarts)Barwert

Also called current cash value or fair market value (FMV). The reasonable cash price that something will bring on the open market. In insurance, the cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. actual cost(s)

Istkosten

Also called effective/outlay cost(s). The actual costs of producing a product, and not the budgeted or standard costs. actual investment

Istinvestition

Also called realized investment. The total spending (planned and unplanned) on capital/investment goods that occurs during a given time period, usually a year; the opposite of planned investment. actual price

Bar(zahlungs)preis

Also called cash/physical/spot price. The price of a commodity available for immediate sale and delivery.

-

actual total loss (ATL)

29

-

wirklicher Totalverlust (Vers)

A (marine) insurance term. This occurs when the subject-matter is totally destroyed or made totally unfit for use, as when a ship is lost at sea or a cargo is completely destroyed. actuals

effektive Ware, physische Ware sofort verfugbare Ware

Physical commodities which may be purchased on the commodity exchange and delivered at once. Also called spot goods. Merchandise and other items available for immediate purchase and subsequent sale. actuary

Versicherungsmathematiker/in

A person who \ calculates insurance risks and premiums, using statistical probability techniques. nnii ad interim

zwischenzeitlich, in der Zwischenzeit

In the meanwhile. ad referendum contract

unterzeichneter Vertrag, bei dem noch bestimmte Klauseln auszuhandeln sind

A contract to be further considered, ie the contract is signed but is still subject to further consideration on minor points. ad valorem (AV, ad val)

dem Werte nach

According to the value and not to the weight or quantity. Ad valorem tax, ad valorem duty, etc. is charged on the value of the goods. Valueadded tax (VAT) is the best-known ad valorem tax. ad valorem duty

Wertzoll

This duty is charged "according to value"; the duty is varying with the declared value of the goods. ad valorem freight

Wertfracht

Freight rate based on percentage value of goods shipped. ad valorem stamp duty Also called stock exchange transfer tax.

Börsenumsatzsteuer

-

30

-

Government duties on stock exchange contracts are sometimes charged according to the value of the stocks of the transaction. ad valorem tax

Wertsteuer

A tax imposed/levied on the value of something, eg a product, personal property, real estate, etc. Examples are: import duties, sales taxes and value-added taxes. adaptive inflation

Anpassungsinflation

Also called adjustment inflation. The future rate of inflation is based on the inflationary experience of the recent past. As a result, once under way, inflation feeds upon itself with, for example, wage increases which take into account the expected future inflation rate which, in turn, leads to further price rises. add on clause

Eigentumsvorbehaltsklausel in Teilzahlungsverträgen

A clause in an installment contract/hire purchase agreement which states that nothing is owned free and clear until everything nas been paid for, ie ownership cannot pass before payment of the purchase price. The seller only sells under retention of ownership. add on sale

Anschlußaufitrag

Also called loading. The sale of additional goods or services to a recent buyer. added buyer effect

käuferfreundlicher Kaufanreiz

A sales appeal/incentive - a lower price for a good attracts new buyers into a market, increasing its quantity demanded. added value

Wertschöpfung, Werterhöhung Mehrwert

Also called value added. The increase in value of a good or service as a result of processing. Increase in value acquired by materials, components, labo(u)r, etc. as a result of any input. adding machine

Addiermaschine

A machine used to facilitate addition, subtraction, multiplication, division, etc.

31

additional markon

zusätzlicher (Preis)Aufschlag

A further increase in a retail merchandise price, often done during periods of peak demand. additive

Additiv, Zusatz

Chemical substance which is added, especially to food to improve its appearance, taste or smell, or to prevent it from deteriorating. address (ADD)

Adresse, Anschrift Speicheradresse Absprache, Rede (Form der) Anrede

A writing on a letter or envelope showing where the letter is to be sent, ie the designation or place of delivery, containing details of street, town, district, and country. In computing, the code used to locate a specific piece of data in the computer memory, ie the location where information is stored. A speech made to a meeting. Also called speech. The use of a person's title or of a known form of address. In the address abbreviations are commonly used but they should never be used in the salutation or beginning of a letter. Examples are: Ambassador: address: His Excellency, The German Ambassador; or the Hono(u)rable..., German Ambassador; begin: Sir or Excellency. Consul: address: To the American Consul at...; or Mr...., United States Consul at...; begin: Dear Sir or Dear Madam. Professor: address: Professor...; begin: Dear Sir or Dear Madam; My dear Professor...; Dear Professor...; etc. Note: in the United States "My dear ..." is more formal than "Dear..."; in Great Britain the reverse is true. address coding guide (ACG)

Postleitzahlenbuch

A publication containing post/zip codes. address line

Anschriftenzeile

In an advertisement or other promotional material, the part containing the advertiser's address, or the address to which any inquiries should be sent. addressee

Empfánger/in, Adressat/in

Also called receiver or recipient. The name of the person or company to whom a letter or parcel is being sent. The receiver of merchandise is called consignee; the receiver of money is called payee or remittee/transferee; and the receiver of a loan is called borrower.

-

32

-

addressee unknown

Adressat/in, Empfänger/in unbekannt

A situation where an addressee whose name and address on a letter or parcel is not known by the deliverer (eg postman) and cannot be reached at this particular address. addresser/adressor

Absender/in, Adressant/in Adressiermaschine

A person, company, or the like who sends a piece of mail. An addressing machine. addressing machine

Adressiermaschine

Also called addressor or addressograph. A machine used where regular correspondence has to be made to address envelopes, heading invoices, statements, advice notes, debit and credit notes, etc.; some machines will pnnt a replica of signature on documents. Basically it consists of a master, that is, the address itself, typed or otherwise reproduced. adjudication order

Insolvenz-, Konkurseröffnungsbeschluß

Also called adjudication of bankruptcy order or order for relief (US). An official declaration by the court that a debtor is bankrupt. adjustable peg (system)

künstlich gestützter Devisenkurs

Fixed or "pegged" exchange rates which are basically static, but allowed to vary within certain limits from time to time. adjustable rate mortgage (ARM)

variabel verzinsliche Hypothek

Also called floating rate/variable rate mortgage. A mortgage agreement between a financial institution and a real estate buyer stipulating automatic adjudments of the interest rate by market forces. adjusted gross income (AGI)

berichtigtes Bruttoeinkommen

The income on which income tax is computed. adjuster/adjustor

Schadenssachverständige/r, Schadenschätzer

A person who assesses losses; a term primarily used in marine insurance.

- 33 adjustment

Berichtigung, Korrektur(buchung) (RW) Entschädigungsleistung (Vers) Anpassung

This is a change in the accounts of a business; it is necessary to show a true picture of the financial position. These entries are additions and amendments. Also called adjusting/correcting entry. The process of settling an insurance claim. The act of adjusting. adjustment credit

besonderer Überbrückungskredit (USA)

In the USA, a loan of a few days' duration from the Federal Reserve System (Fed) to banks in order to meet a shortage of reserves. Note: these credits are often used when interest rates are high and money supply is short. admail

Couponwerbung

This service enables advertisers to give a local address in their advertisements and to have replies redirected to their head office. It can be combined with the freepost service. administered inflation

administrierte Inflation

Inflation caused by firms by increasing their profit margin/markup. administered price

Richtpreis, regulierter Preis amtlich festgesetzter, administrierter Preis

A price which is set and kept constant for a period of time. The price tends to be cost determined and is set by "price makers" or "price setters". It assumes that the seller has sufficient control over the market. Also called rigid price. A price for a product, service or foreign currency fixed/set by the government. administration (adm)

Verwaltung Unternehmensfuhrung Administration, Amtsführung

The act of administering. The planning, establishment, implementation, coordination and control of activities, procedures and policies for achieving the goals/objectives of the business. The responsibility for efficient and effective operations. According to the French economist Henri Fayol (1841 - 1925), there are five elements of administration: 1. planning, 2. organizing, 3. commanding, 4. coordinating, 5. controlling. The executive part of a large business organization. Also called management.

-

34

-

A synonym for management, especially in government or public service. Also called public administration. administration expenses

Verwaltungskosten Verwaltungsgemeinkosten

Also called administrative costs/expenses. Expenses/costs incurred in the administration of a business. They include managers' salaries, accounting charges, office expenses etc. They are one of the main types of expenses in the profit ana loss account. The administrative overheads of a business. Also called management overheads. administration lag

Durchführungsverzögerung

Also called administrative lag. The time required to formulate an activity, procedure, economic policy etc, ie the time between recognition that an action is needed and the taking of the action. administrative cost(s)

Verwaltungskosten Steuererhebungskosten

Costs incurred to manage a firm. Also called administrative expenditure/expense(s) or management expense(s). In public finance, the personnel and equipment costs incurred to collect taxes. administrative fee

Verwaltungsgebühr

Also called administrative/management charge. A fee charged to cover the overhead and other fixed costs incurred in connection with performing a customized service for a customer. administrative law

Verwaltungsrecht

That body of legal principles which deals with the impact upon individual organizations and citizens of the executive arm of government in its actual administration of the nation's affairs. Thus the interference of officials in the private circumstances of individuals in the interest of public health, public safety, etc. are aspects of administrative law. administrator/administratrix

Nachlaßverwalter/in Insolvenz-, Konkursverwalter/in Verwaltungsfachmann/frau

A person appointed by law to wind up the estate of a dead/deceased person. Also called executor/executrix or trustee.

- 35 A person appointed to administer the affairs of an insolvent company. Also called bankruptcy trustee. A person who undertakes administration. admission

Eintritt, Zutritt Eintrittsgeld Aufnahme, Zulassimg Aufnahme (als Mitglied) Ein-, Zugeständnis, Geständnis

The act of allowing to enter, ie entrance granted, eg by permission or payment of an admission charge/fee. The price paid for entrance, as to a theater, concert or football match. Also called admission charge/fee or entrance fee. The act or condition of being received or accepted in a specific profession. Permission given to a person to become a member, eg of a club. In law, a confession, express or implied of a charge, error crime or the truth of something. Also called acknowledgement. Statement in which a person admits that something has really happended, is true or that something wrong has oeen done. Also called confession. admitted to dealings

zum Börsenhandel zugelassen

Also called admitted to the list. Official approval by an exchange, for example, the Securities and Exchange Commission, SEC (US) or the Stock Exchange Council, SEC (GB) that the security may now be traded on uie the particular exchange to which it is admitted. adult

Erwachsene/r

A person having attained the age of majority, ie someone who is old enough to be held legally responsible. advance

Darlehen, Kredit Vorauszahlung, Vorschuß(zahlung) Anzahlung (Gehalts-, Lohn)Vorschuß Preisanstieg Beförderung Kursfestigung Handgeld Mehrgebot (Auktion)

A sum of money lent in the form of an overdraft or loan normally short-term. Also called credit or loan. A part-payment for goods or services before the formal commencement or completion of the terms of a contract. Also called deposit.

-

36

-

A part-payment/downpayment to the supplier of goods. A type of lending whereby an employee receives part of his/her salary or wage before the proper time. A price increase. Also called price hike/rise or hike. A promotion/advancement in a person's career. An increase in the market value of shares/stocks. In sports, a transfer fee/earnest money. At a sale by auction, a higher bid. advance against documents

Dokumentenvorschuß

In foreign trade, a loan given on the security of the documents covering the shipment. advance bill

vor Lieferung gezogener Wechsel Vorausrechnung

A bill of exchange (B/E) that has been drawn/issued before the goods have been dispatched by the seller. An invoice issued and dispatched before delivery of the goods. Also called advance invoice. advance deposit on imports A trade control applied by some deficit countries, frequently less developed countries (LDCs). The importer is required to make an advance deposit at a commercial bank of a sum equal to the value or a fraction of the value of the goods he/she wishes to import, for a certain time period and at no interest. This has the effect of increasing import prices by the interest foregone on the sum deposited with the bank, and it also discourages imports. Advance deposits are flexible devices but they can be difficult and costly to administer. advance fixing certificate (AFC)

(Zoll)Vorausfestsetzungsbescheid

A certificate issued by the customs authorities fixing the value of export goods prior to their clearance for export. advance freight (AF, adv.frt.)

Frachtvorauszahlung

Freight paid in advance, ie before delivery of the actual goods.

-

37

-

advance order

Vorausbestellung, Vorbestellung

An order placed ahead of the time when delivery is desired. advance pay

Lohn- oder Gehaltsvorauszahlung, Abschlag(szahlung)

Payment of earnings prior to the regular payday. advance payment bond

Anzahlunesgarantie (Bürgschaft des Auftragnehmers für Vorauszahlungen des Auftraggebers) im Außenhandel

Also called advance payment guarantee, repayment bond/guarantee, or advance security. In the event of a failure to deliver the goods under the contract, an overseas buyer can "call" a bond to recover any advance payments made to an exporter. Many contracts call for an advance payment before the work commences. advanced country (AC)

Industrieland

Also called industrial country. A country which has become industrially advanced and which has a high level of national income per head. advancement

Entwicklung Beförderung, Aufstieg Vorauszahlung

Progress or development in something, eg your level of knowledge. A promotion, ie the movement to a more important job or rank. Money paid in advance. Also called advance payment or prepayment. advances ratio

Kredit-Einlagen-Verhältnis

In banking, the relation between a bank's total lendings and the total amount it holds in deposits and investments. advancing market

feste Börse Markt mit steigendem Preisniveau

A market in which share/stock prices are generally rising. Also called buoyant/firm/ steady market. A market in which demand for a good or service greatly exceeds its supply. Therefore the prices are rising.

-

adventure

38

-

(gewagtes) Unternehmen, Spekulation-, Risikogeschäft

A commercial undertaking of a speculative nature. adverse balance

Verlustsaldo, Defizit Unterbilanz, passive Bilanz Bilanz passive Bua Passivsaldo

A deficit in an account. Also called debit balance. A deficit in a country's balance of payments or balance of trade. Also called negative/unfavo(u)rable balance. Any unfavourable balance. In banking, a deficit, ie a debt amount shown in/on an account. adverse selection

Antiselektion, Gegenauslese

Also called antiselection. A phenomenon noted in 1970, stating that, in certain markets, due to a trader's inability to assess another trader's quality, the poor-quality trader will dominate the market. A well-known example of this phenomenon is the second-hand market. In insurance, particularly in life insurance, the tendency of applicants, who are uninsurable or who bear a greater than average risk, to obtain an insurance policy at a standard premium rate. This can occur if an applicant does not disclose all relevant details. adverse trade balance

passive Handelsbilanz

Also called unfavourable trade balance or adverse/unfavo(u)rable balance of trade. A situation when a country imports more than it exports, ie there is an import surplus. advertisement (ad, advert)

Anzeige, Werbung, Reklame

Also called ad or advert. When an advertisement appears in the broadcast media (TV and radio) it is called commercial or broadcast advertising. An informational notice appealing to a mass audience through the communications media for the purpose of calling attention to a product, service, event or organization in order to inform or arouse a desire to purchase or support a product, service, event or organization or to influence consumer behavio(u)r. advertiser

Anzeigenkunde, Inserent/in Werbeagentur

A person or company who advertises, and who ultimately pays the bill.

- 39 -

An advertising agency. advertising (ad)

Werbung, Reklame

Advertising is non-personal communication directed at target audiences through various media in order to present and promote products, services and ideas. Furthermore, it spreads information or awareness to create, increase, or at least maintain, the sales of a product or service. This can be achieved in two different ways: 1. ad can be used to inform consumers of the existence and location of the product(s) to which it is directed, 2. ad can influence the nature of the consumer's preferences to the benefit of the firm's products. No aspect of the promotion mix affects an individual more than advertising, as each individual is constantly exposed to advertising. Many firms rely heavily on advertising as the primary element in tneir promotion strategy. The primary components of advertising are media and message. Such media as radio, television, magazines, newspapers, direct mail, outdoor, and transit are selected in the light of the message to be communicated, the budget and the target audience. There are numerous reasons why someone advertises. In short, the advertiser wants to make known what he/she has to sell or what he/she wants to buy. Note: the amount that should be spent on advertising depends of course on the strategic objectives of the firm. advertising agency

Werbeagentur

In general, a service firm which will undertake market research for companies wishing to advertise; it will create, produce and distribute ads using suitable media. There are three basic types of agency: 1. the full-service agency: this provides a client with services in copy, media, promotion advice, research, consumer packaging, design, public relations, and publicity; 2. the specialty service agency: this type of agency specializes in one or two services; 3. the in-house agency: it is part of a particular fimi and may perform all or some advertising services. advertising budget

Werbebudget, Werbeetat

Also called advertising appropriation. The amount of money an advertiser sets aside for spending on an advertising campaign, ie the combination of advertisements, run in the various ad media for varying periods. Setting the advertising budget is one of the most difficult decisions in marketing, since the amount of advertising impacts sales while its cost affects profitability. Note: the size of the budget will, in practice, very largely determine the selection of the media.

-

advertising campaign

40

-

Werbekampagne

A coordinated advertising or publicity drive to promote and sell a product or service. A series of advertisements with a common selling theme. advertising copy

Anzeigen-, Werbetext

The text of an advertisement. advertising expenditure

Werbeaufwand, Werbekosten

Also called advertising expense. The amount of money spent on advertising a product on television, in newspapers and journals, on radio and by posters, billboards, etc. advertising medium

Werbeträger, Werbemittel

Also called advertising vehicle. The forms of media used to carry advertisements. The choice of media depends upon the product and the audience the ad is aimed at. The media include radio, television, newspapers, journals, posters, hoardings, etc. Note: the plural is media. advertising novelty

Werbeartikel

Also called giveaway (article) or promotion article. Cheap gift carrying advertising message, brand name or symbol. For tax purposes, it must not exceed a certain value. advertising rate

Werbetarif, Anzeigentarif

Also called adrate or advertisement rate. The ad charges made by media owners for advertising space or advertising time. advertising wearout

Nachlassen, Verfall der Werbewirkung

A situation where an advertisement or advertising campaign is no longer effective. Some ads or campaigns wear out in a relatively short time, while others last for years. advertorial

redaktionell aufgemachte Anzeige

An advertisement in a magazine or newspaper printed in such a way that it looks like an editorial or article. Advertorial is a combmation of advertisement and editorial.

41

advice

Rat, Beratung Mitteilung, Meldung

An official notification, eg a written information on business matters. An opinion or recommendation you give someone on what they should do. advice note (AN)

Versandanzeige, Versandavis Buchimgsanzeige, Gutschriftsanzeige

A document informing a customer that his/her goods are on the way. It usually gives the date of dispatch and the method of transport, and gives details of the goods, but not their price. The customer uses it in the same way as a delivery note to check the goods when they arrive. Also called delivery/dispatch/shipping note, forwarding advice, letter of advice, or advice of dispatch. A document sent by bankers to advise clients that their accounts have been credited. advice of arrival

Eingangsanzeige, Ankunftsanzeige

Notification from the carrier to the consignee informing him/her that a consignment addressed to him/her is being held at his/her disposal at a specified point in the place of destination. advice of duration and charge (ADC)

Telefongespräch mit Gesprächsdauerund Gebührenangabe

Also called ADC call. For a fee the cost of a particular call via the operator and the duration of the call will be notified to the subscriber on its completion provided that the operator is asked to advise the cost and the duration at the time of bookingthe call. When booking the subscriber says "and may I have ADC please". advice of fate

Scheck-, Wechseldeckungsanzeige

Also called "advice fate". A term used in connection with cheques/checks or bills of exchange. A request by a person or collecting bank to a paying bank to inform them whether the drawer of a cheque or bill of exchange has a sufficient balance in his/her current/checking account to meet a particular cheque or bill. Note: when an inquiry is made as to the possibility of a cheque/check or bill being paid on presentation, tne paying bank may answer: "If in our hands now and in order it will be paid." advice of nonpayment

Mitteilung über nicht erfolgte Zahlung

A note informing a buyer or other debtor that the amount due for payment has not yet been received.

-

42

-

advice of payment

Zahlungsanzeige, Bezahltmeldung

A note informing a seller that his/her invoice has been paid. Also called pay advice. In a bank collection, the collecting bank must send without delay advice of payment to the bank from which the collection order was received, detailing the amount(s) collected, charges and other expenses deducted, and the method of disposal of tlie funds. advice of receipt (AR)

Rückschein, Empfangsschein

Also called return receipt or advice of delivery. A note informing the sender that goods which have been dispatched have been delivered and signed for. advised letter of credit

avisiertes Akkreditiv

A letter of credit issued by a bank and forwarded to the beneficiary by a second bank in his/her area. The second bank validates the signatures and attests to the legitimacy of the first bank. adviser/advisor

Berater/in, Ratgeber/in

A person suggesting what should be done or not, eg a person giving advice on financial or management problems. advising bank

avisierende Bank

A bank which advises/notifies the beneficiary (the exporter) under a letter of credit (L/C) that the credit has been issued in his/her/her favo(u)r. advising documentary (letter of) credit

avisiertes, angewiesenes Dokumentenakkreditiv

If the (letter of) credit is irrevocable and unconfirmed, the nominated bank (ie the advising bank) advises the credit to the beneficiary (the exporter) without any engagement on its part. Note: however, the irrevocable credit constitutes a definite undertaking of the issuing/ opening bank, ie the importer's bank. affiant A person who makes an affidavit. affidavit Also called statutory declaration.

(schriftliche) eidliche Versicherung/ Erklärung, Affidavit

-

43

-

A statement made in writing and signed, sworn or affirmed, for use as evidence in a court. affiliated company

Beteiligungsgesellschaft, angegliedertes/verbundenes Unternehmen, Konzernunternehmen

Also called affiliate, affiliated/associated company or related company/entity. A company that is closely connected with another company (by direct or indirect ownership of 5 % or more of the voting shares/stocks but less than 50 %) but without loss of identity. Any holding in another company which exceeds 10 % must be disclosed in the accounts of the investing company. Note: a subsidiary is always an affiliate, but subsidiary is the preferred term when majority control exists. affluent society

Wohlstandsgesellschaft

A society characterized by continuous prosperity, abundance of material goods, surplus, wealth, etc. affreightment

Befrachtungs-, Schiffsfrachtvertrag

This is a contract for the carriage of goods by water. It may be evidenced either by a bill of lading or by a charterparty or by both. afloats

unterwegs befindliche Ware, schwimmende Ware

Also called goods afloat. Commodities already on the way to a destination or about to be dispatched. after acquired property

Zugewinn/Vermögenserwerb nach Insolvenz-/Konkurseröffnung

Property coming to the bankrupt after the date of the adjudication order/order of relief. This property should be reported to the trustee. after date (a/d)

ab dato, ab heute, nach Ausstellungsdatum

Also called from date. Bills of after exchange generally payable at a certain time after the date of the bill; eg 90 days date Iare promise to pay. The bill is called after-date bill of exchange.

-

44

after date bill of exchange

-

Datowechsel

Also called bill (payable) after date, time bill/draft or usance bill. A bill (of exchange) payable for a fixed period after its date of issue. after hours dealings

Nachbörse, Handel nach Börsenschluß

Also called after hours trading, early bargains or street dealings. On stock dealings doneday. after the official close; they count as the first dealsthedone forexchange, the following business The quotations are called after-hours prices or street prices. after hours price

nachbörslicher Kurs

Also called street price. The price of a security that has been traded after the official trading hours on/at the stock exchange are over. after sales service

Kundendienst, After-Sales-Service

Also called customer service or post-sales service. That part of a business's activities devoted to the customer after the sale of goods. This may include provision of replacement parts, repairs, technical assistance, etc. Good after-sales service is an essential component of modern marketing methods. after sight (AS, A/S, a/s)

(Wechsel) nach Sicht

A term written on a bill of exchange to indicate that the period for which the bill is drawn is to be calculated from the date on which the drawee (the acceptor) accepts the bill; ie the bill is payable at a certain fixed time, usually 30, 60 or 90 days after the date on which it is accepted. A bill of exchange drawn after sight is payable after the drawee has written the date of acceptance on it. after sight bill

Nachsichtwechsel, Zeitsichtwechsel

Also called term/time/usance bill or time draft. A bill (of exchange) payable at a fixed period after sight, ie the period of the bill commences from the date on which the drawee is presented with it for acceptance, ie he/she has sight of it. after tax basis

Nachsteuer, nach Abzug von Steuern

A figure reflecting the effects of taxation on an amount of money.

-

after tax profit

45

-

Gewinn nach Steuern

Also called post-tax income or earnings after taxes. Profit after tax has been deducted. after the market transaction

Nachbörse

Also called after-hours dealings/trading, early bargains or street dealings. A transaction of shares/stocks that goes through after the market (ie the stock exchange) has closed for the day. aftermarket/after market

Folgemarkt, Anschlußmarkt Sekundärmarkt, d.h. Markt für bereits im Umlauf befindliche Wertpapiere

After the sale of a product or service, all those efforts which help to consolidate the sale, satisfy the customer, encourage recommendations and, if possible, secure regular or repeat sales. The market for repairs, replacements, upgradings and other needs of equipment buyers. The market for dealings in securities immediately after a new issue. Also called secondary market. against all risks (AAR, aar)

gegen alle Risiken/Gefahren

A marine insurance term, which means "insured against all generally accepted risks". against order

auf Bestellung

When goods are imported on an indent by a customer, one says that they have been entered "against order". Goods which still have to find buyers after they have been imported, are goods entered "on consignment". age of consent

Verfugungs-, Mündigkeitsalter

Also called age of discretion. An age that depends upon legal circumstances to which it refers. For commercial purposes, it is set at 18 years (mil/legal age, majority). age pension

(Alters)Rente

Also called old-age pension. A social security payment based on advanced age and paid periodically, eg to women 60 years and over and men 65 years and over.

-

46

-

agency (agcy, agy)

Vertretung Vertretungsverhältnis Versicherungsagentur Agentur Behörde

A relationship between two parties - the principal and an agent who represents the principal in transactions with a third party. For example, an overseas agent represents the interests of a foreign firm. Also called representation. The legal relation between an agent and his/her principal. In insurance, an office which sells and services insurance. A business and the place of business of an agent. An administrative division of a government. agency agreement

Vertretungsvertrag

Also called agency contract. A contract between a company and an agency stating all the conditions (eg commission, credit terms, etc.) the company grants the agency upon appointment. In marketing, an agreement between customer and advertising agency. In US collective bargaining, an agreement that nonunion employees must pay union fees. agency shop

Unternehmen, das auch von nicht organisierten Arbeitnehmern Gewerkschaftsbeiträge verlangt

A company where nonunion employees, who benefit from any agreements that result from negotiations between employer and union, must pay the labor union a subscription equal to union dues/fees although they may refuse to join the union. This is an attempt to eliminate free riders. agenda

Tagesordnung, Agenda

Also called order of the day or business to be transacted. A list of business to be done, especially at a meeting. agent (agt)

Agent/in, Bevollmächtigte/r, (Handels)Vertreter/in, Beauftragte/r, Makler/in, Kommissionär

A person or firm authorized expressly or impliedly to represent someone or to transact business for another, called the principal. Contracts and arrangements are binding on the principal, provided that they are made in the course of the principal's business and rail within the terms of the authority granted to the agent. His/her reward usually takes the form of a commission.

-

47

-

Types of agent, for example, are: 1. sole agent: is the only person or firm entitled to sell a particular product in a particular area. 2. general agent: has the general authority in all matters of a particular trade or business. 3. special/particular agent: is employed to act only in a particular transaction. 4. universal agent: one with unrestricted authority. 5. del credere agent: he/she guarantees payment for any business he/she arranges. For his/her work ne/she receives a higher rate of commission. 6. commission agent: he/she buys ("Buying agent) and sells (commission salesman) for a principal. He/she buys and sells in his/her own name, receiving a commission for the contracts he/she has arranged. 7. export and import agent: an agent who represents an exporter or importer. Duties to the principal are, eg: 1. observe the agreement, 2. follow the principal's instruction (when not illegal), 3. always act m the interest of the principal, 4. not in any way compete with the principal, 5. account properly to the principal etc. aggregate concentration

;esamtwirtschaftliche Concentration

Also called absolute concentration. The concentration of an industry's economic activities in the hands of a few very large firms. aggregate demand (AD)

Gesamtnachfrage, aggregierter Bedarf

Also called composite/market/overall/total demand. The total demand for goods and services in the economy. It consits of: 1. consumer spending, 2. the investment expenditure of firms, 3. government spending, and 4. expenditure by other nations. Several factors affect total demand, for example: 1. the size of the population, 2. the average age of the population, 3. the structure of the population and 4. the distribution of income within the population. aggregate demand curve

Gesamtnachfragekurve

A curve showing how aggregate/total demand increases when the price level of all goods and services falls. aggregate depreciation The total amount of depreciation.

Gesamtabschreibung

-

aggregate indemnity

48

-

maximale Schadenersatzleistung (eines Versicherers)

The maximum amount of money which may be recovered for any loss or damage under an insurance policy. aggregate liability

Gesamtversicherungssumme

The total amount that an insurer will pay under a policy. aggregate monetary demand (AMD)

monetäre Gesamtnachfrage, Gesamtgeldbedarf

The total demand for the entrepreneurs' goods (Keynes). The public spends all that they receive, so that the total monetary demand for goods and services is the same as the earnings. The entrepreneurs are therefore receiving back all they paid out. aggregate production (AP)

Gesamtproduktion

Also called total production. The total market value of goods and services produced. aggregate savings

volkswirtschaftliche Ersparnisse

Also called total savings. The difference between total disposable income and total consumer expenditure in the economy. aggregate supply (AS)

Gesamtangebot, aggregiertes Angebot

Also called overall/total supply. The total supply of goods and services in the economy at each price level to meet aggregate/total demand. It consists of domestically produced goods and services plus imports. aggregate supply curve

Gesamtangebotskurve

1. In the short run: a curve showing how aggregate/total supply increases in the short run when prices go up but factor costs do not change. 2. In the long run: a vertical curve showing (when costs have adjusted to price changes) that aggregate supply equals the full-employment level of output, no matter what the price level is. aggregated rebate

Treuerabatt

Also called loyalty discount/rebate or fidelity rebate.

-

49

-

A rebate given to a customer who remains loyal to the producer. aging/ageing population

alternde Bevölkerung

A population in which the average age is rising and the proportion of people over 60 - 65 is increasing. This may be caused by a falling birth-rate or a falling death-rate. agio

Agio, Aufgeld

Also called premium. The difference in value between one kind of currency and another. The difference between par/nominal value and a higher price (the real value). agiotage

Agiotage, Effektenspekulation

Speculation in stock exchange securities, particularly when there are price fluctuations (ups and downs of share/stock prices). agreed value insurance

Festwertversicherung

In insurance, the sum to be paid in the event of a total loss under a valued policy. agreement

Vertrag Vereinbarung, Übereinkunft Willensübereinstimmung

Often used commercially as a synonym for contract. A contract duly executed and legally binding. An understanding without legal consequences. A coming into accord, a mutual understanding, ie a meeting/union of minds. agribusiness

Agroindustrie

The combination of the study and practice of agriculture and business. agricultural bank

Landwirtschaftsbank

Also called farm bank. A bank established to grant loans to farms and assist agricultural development. agricultural cooperative

Agrargenossenschaft, landwirtschaftliche Genossenschaft

An organization formed by farmers to achieve some or many of the advantages of large-scale marketing.

-

50

agricultural economics

-

Agrarwissenschaft

A branch of economics focusing on the agricultural sector of the economy. agricultural policy

Agrar-, Landwirtschaftspolitik

Also called agrarian/farm policy. A government policy concerned both with protecting the economic interests of the agricultural community by subsidizing farm prices and farm incomes, and with promoting greater efficiency and competitiveness. agricultural revolution

Agrarrevolution

A period of dramatic change in agriculture in Europe in the sixteenth and seventeenth centuries. Improvements in productivity were brought about by the application of modern science and technology to the cultivation and exploitation of land. agricultural sector

Agrarsektor, landwirtschaftlicher Sektor

That part of an economy covering farming. agricultural subsidy

Agrarsubvention

Also called farm aid/support/subsidy or agricultural aid. Financial government support to farmers to raise their incomes while at the same time maintaining reasonable prices for farm/agricultural products, and to encourage agricultural growth, increase competitiveness, etc. agriculture

Landwirtschaft

Also called farming. The practice or science of farming. agroindustry

Agroindustrie

Agricultural activities on an industrial scale. AIDA-model

AIDA-Modell

The initials stand for: attention, interest, desire and action. Advertisements and mailing shots should always follow the AIDA format. The rule means that the successful salesperson needs to arouse the attention of the customer, make him/her personally interested in the offer, and increase his/her desire to buy the product, in order to stimulate him/her to the action of buying.

-

aide-memoire

51

-

Fragebogen

Also called questionnaire. In marketing, a questionnaire generally used when the questions to be asked are broad and fairly general. aids to trade

Hilfsfunktionen des Handels

Also called ancillaries to trade. Services which support trade, such as banking, insurance, advertising, etc. air carrier

Luftverkehrsgesellschaft Luftfrachtführer

A company furnishing air transport, usually scheduled, between specified points. Also called airline. An individual or company engaged in transporting goods for profit by air. Although air carriers are more expensive, their cost may be offset by quicker delivery times. Also called airfreight forwarder. air charterparty

Luftfrachtvertrag

Also called air charter agreement. A written agreement between an airline (company) and a person or company wishing to transport cargo or passengers by air, and giving details of the airplane, the flight ana the freight charges. air consignment note (ACN)

Luftfrachtbrief

Also called air waybill (AWB). An air waybill, ie a document issued for the carriage of goods by air. air pocket

plötzliche Kursschwäche

A situation where a share/stock has fallen abruptly, usually due to the release of bad news about the company. The share/stock price, ie the quoted price, plummets (ie drops sharply and abruptly) - as does an airplane in an air pocket. air terminal

Flughafenabfertigungsgebäude Flughafenzubringerstation Großflughafen

A large building at an airprot where passengers wait to get on planes. A place in a city where passengers can catch buses to go to the airport. A very large airport.

-

52 -

air traffic

Flugverkehr

The movement of passengers or cargo by air. air transport

Lufttransport

Transportation of goods and passengers by air. Air transport is quick, suitable for perishable foods, lighter goods, flowers, etc and may cut costs on inland transportation and warehousing. On the other hand, air transport is very expensive and unsuitable for bulky or heavy goods. Furthermore, the goods have to be taken to the airport. air waybill (AWB)

Luftfrachtbrief

Also called air consignment note (ACN), air bill or airfreight bill (afb). A document made out for the carriage of goods by air, in at least three copies (copies 1, 2, and 3 are the originals); one for the consignor/shipper, one for the carrier and one for the consignee. Like a sea waybill, it is a contract of carriage and a receipt by the airline for goods received into custody and it is not a document of title or transferable/negotiable instrument. The airline will hand the goods to the consignee at the airport of destination without the consignee having to present an original copy of the air waybill. airfreight charges

Luftfrachtkosten

Also called air freight/airfreight. The cost(s) of transporting cargo by air. airfreight consolidation

Luftfrachtsammelladung

Airfreight consolidation involves a freight forwarder (usually called agent) who has a contract with an airline on specified flight(s) to provide consolidated/general cargo for allocated cargo hold space which the freight forwarder undertakes to fill. airfreight insurance

Luftfrachtversicherung

Insurance which covers the transport of goods by air. airfreight

Luftfracht (sowohl als Ware, als auch als Gebühr)

Freight transported by aircraft. Also called air cargo or air shipment. The cost of transporting goods by air. Also called airfreight charges. The transport of goods by air.

- 53 airfreighter

Frachtflugzeug

Also called cargo/freight plane. Aircraft exclusively carrying airfreight consignments. airmail

Luftpost

A (postal) system of sending mail by airplane. airmail transfer (AMT)

Luftpostüberweisung

In international trade, a remittance purchased by the debtor from his/her bank to make a payment overseas. airspace

Luftraum

The space that lies above a state's land and sea territory and is subject to its exclusive jurisdiction. airtel

Flughafenhotel

The colloquial short form for airport hotel. alarm call

telefonischer Weckdienst

For a fee the local telephone exchange will call a subscriber at a specified time of the day or night. algorithm

Algorithmus, effektives Berechnungsverfahren

A prescribed set of well-defined instructions or procedural steps for the solution of a specific problem. alien corporation/company

ausländische Kapitalgesellschaft

Also called foreign corporation/company. An incorporated company formed and operating under the laws of a foreign country. alienation

(Eigentums)Übertragung, Veräußerung Entfremdung

The transfer of property to others. In psychology and sociology, a state of being estranged and separated from a friendly person, a group, society or the objective world.

54

aligned documents

Dokumentenset, Gruppe von Dokumenten

A complete set of documents of standard size with the same information in the same position. Modern duplicator techniques permit all the documents to be run off from a "master document", and where certain details are not required on a particular form a mask is fitted over the "master" which obliterates the details not required. all in cost

Gesamtkosten

All the costs involved in completing a project. all in price

Inklusivpreis, Gesamtpreis, Preis einschließlich aller Kosten

Also called all-in-rate or all-round price. A price which covers everything in a purchase, ie it includes all extras which are in addition to the basic price, ie the product bought, packing, delivery charge, insurance, shipment, tax etc. all or none (AON, aon)

All-or-none, alles oder nichts (Bö) All-or-none-Emission (Bö)

A securities term used to mark an order to indicate that only the total number of shares/stocks in the order is traded and that no partial transactions are to be executed. The order is not cancel(l)ed, however, unless it is marked fill or kill (FOK). In the latter case, the order to buy or sell is cancel(l)ed, if not executed immediately. In the case of a new issue, the issuer is entitled to cancel the entire offering unless the offering is subscribed. all or none issue

All-or-none-Emission

A securities underwriting method. If the underwriter(s) are unable to place/sell the whole issue, none of the issue is sold. all or none order

All-or-none-Order/Auftrag

A limited price stock market order that is to be carried out completely or not at all. All Ordinaries Index (all ords)

australischer Aktienindex

A barometer of share/stock market performance. The index is based on the market/quoted/listed prices of the ordinary shares/common stocks of a large number of leading companies listed/quoted on Australian stock exchanges. The index is calculated continuously each day and is published daily.

- 55 all risk insurance

Versicherung gegen alle Gefahren, Gesamt-, Globalversicherung

Also called all-in insurance or all risk comprehensive insurance. A form of insurance; the cover is wide and includes loss or damage of almost any kind, including accidental loss, loss by theft, or damage by fire or other causes. all time high

All-Time-High, Rekordhöhe, Höchstkurs

The highest point ever reached, eg the highest price ever paid for a share/stock. all time low

All-Time-Low, Tiefststand, Tiefstkurs

The lowest point ever reached, eg the lowest price ever paid for a share/stock. allocation

Zuweisung, Zufuhrung Umlage, Kontingent

The setting aside of money, materials, etc for a specific purpose or event. The amount of money, materials, etc set aside. allocation function

Verteilungsaufgabe

That part of government tax and expenditure policy which is concerned with influencing the provision of goods and services in the economy. It is necessary because public goods cannot be provided by private markets. allocation of overhead(s)

Gemeinkostenumlage, Gemeinkostenverrechnung

Also called overhead cost allocation or overhead distribution. The distribution of overheads to a particular cost center/cost unit. allonge

Allonge, Verlängerungsstück, Anhang (am Wechsel)

Also called rider. A slip of paper, used as an extension, attached to a bill of exchange to accommodate endorsements for which there is no room on the bill itself. The first endorsement on the allonge is written partly on the allonge and partly on the bill.

- 56 allotment

Zuteilung Aktienanteil eines Zeichners, Zuteilung von Aktien, Stückezuteilung Stück Land

An amount or share of something that is given to someone. The number of shares/stocks granted/allotted to a person (the allottee) who has applied for new shares/stocks in a public limited company (GB)/corporation (US) and paid the required deposit per share/stock. If the share/stock issue has been oversubscribed, various criteria may be used for the allotment. The applicant/subscriber is notified by a letter of allotment/allotment letter. Also called allotment of shares/stocks. A piece of land used for a particular purpose. Also called lot. allowable deduction

(Steuer)Freibetrag, steuerlich absetzbarer Betrag

A personal allowance or other deduction from one's income before tax is calculated. Also called allowance exemption, tax free amount, or tax allowance. An expense that can be counted as a reduction of income or profit for taxation purposes. Also called allowable expense. allowance

Rabatt, Preisnachlaß Steuerfreibetrag Zuschuß, Sozialbeihilfe Taschengeld Rückstellung Zuschlag (PW) Pauschale zur Abgeltung bestimmter Aufwendungen (PW) Erlaubnis, Bewilligung

A deduction from the price charged. Also called discount, deduction, or reduction. A deduction for (income) tax purposes, eg: allowances for children, insurance contributions, etc. The allowance depends upon an individual's status and circumstances. Also called personal/tax allowance or allowable deduction. A sum of money granted monthly by the State. Also called welfare aid. A small sum of money (pocket money) which a person receives regularly. It is a gift. A reserve, or money set aside, for bad debts or for depreciation. The standard/basic time for a job must include an allowance to compensate for necessary rest and relaxation, delays and interruptions in the normal job cycle. Money paid to an employee for business expenses, such as for travel, motorcar mileage, etc. The act of allowing something.

-

57

allowed time

-

Vorgabezeit

Also called basic/standard time. The time allowed (the normal time) to perform a job under specified conditions. The job should be completed within this time and the time should include allowances for necessary rest and relaxation, delays and interruptions in the normal job cycle. alpha stock

Alpha-Aktie, Alpha-Wert

Also called blue chip or alpha share (GB). Shares/stocks of first-class companies quoted on the stock exchange. Alphas are the most actively traded top 70 stocks. Alphas apart, there are three other categories of stocks. In decreasing order of tradability, they are as follows: 1. beta stocks, 2. gamma stocks, 3. delta stocks. alphabetic

filing

alphabetische Ablage

Filing which involves placing material into alphabetical order. alphanumeric

filing

alphanumerische Ablage

A filing system based upon both numbers and letters. altered cheque/check

(ab)geänderter Scheck

A cheque/check on which the date, amount, or payee has been changed. Note: a bank pays/hono(u)rs it at its own risk and thus may be liable for any damages suffered by the drawer as a result of the cheque/check being hono(u)red/paid. alternate demand

Ausweichnachfrage, konkurrierende Nachfrage

Also called alternative/competing/composite/rival demand. A situation in which two products are substitutes for each other, so that a movement in the price of one will affect the demand (and supply and price) of the other. alternate shift

Wechselschicht

Also called alternating/rotating/swing shift. In shiftwork/shift work, a situation where shifitworkers change to a different shift periodically, eg weekly. alternative cost(s)

Alternativ-, Opportunitätskosten

Also called opportunity/real/use cost(s). The cost of a commodity not in money but in terms of the alternative forgone.

-

58

-

Alternative cost(s) can only arise in a world where the resources available to meet wants are limited so that all wants cannot be satisfied. Clearly, in a real world of scarcity alternative cost is positive. It is different alternative costs ratios that give individuals a comparative advantage in one trade or another. Alternative Investment Market (AIM)

Freiverkehrsbörse, geregelter Freiverkehr/Markt (GB)

In GB, a market providing capital for smaller companies by enabling their shares to be traded on the stock exchange. Note: AIM replaced the Unlisted Securities market (USM). amalgamation

Fusion(ierung), (Unternehmens) Zusammenscnluß Zusammenschluß

Also called merger. In general, the act or process of amalgamating/merging and/or the state or result of being amalgamated/merged. The combining of two or more businesses (previously independent) into a new company or an existing company, according to company legislation. There are four main reasons for amalgamations: 1. to increase profits, 2. to achieve large-scale economies, 3. to obtain a larger market share for a commodity or service, 4. to obtain greater diversity of products. The combination of a number of labor/trade unions into one, either by one being absorbed by another, or by the establishment/formation of a new union. ambassador/ambassadress

Botschafter/in

Representative of a foreign state whose duty is to conduct business with the other government on behalf of his/her own government. Note: ambassadress is a female ambassador or the wife of an ambassador. amendment

(Ab)Änderung, Ergänzung, Zusatz

A written addition, deletion, improvement, or change in a document, or the process of doing this. amenities

öffentliche Anlagen/Einrichtungen

Facilities used for public or employee welfare or benefit, including buildings, equipment, etc. American Bankers Association (ABA) National trade association for US bankers.

US Bankenverband

-

59

American Depository Receipt (ADR)

-

Zertifikat über die Hinterlegung ausländischer Aktien

Also called American Depository Share. A negotiable/transferable receipt for a given number of shares of stock in a foreign corporation. An ADR is a bearer security and is bought and sold in the American securities market just as stock is traded. American Federation of Labor (AFL)

amerikanischer Gewerkschaftsverband

Formed in the 1880s, this federation brought together labor unions in the USA. Each union remained autonomous. In 1955 the AFL merged with the CIO (Congress of Industrial Organizations) to form the AFL-CIO. American option

amerikanische Option

An option which can be exercised at or before its due/maturity date. American Selling Price (ASP)

amerikanischer Verkaufspreis (USZollbewertung nach inländischen Verkaufspreis; nicht nach Incoterms)

The value on which the U.S. customs charges import duty on a product. This is the price charged by U.S. producers for similar goods, not the actual cost of the product to an importer. American Stock Exchange (AMEX, ASE)

zweitgrößte amerikanische Wertpapierbörse (in New York)

Also called the Curb. American stock exchange located in New York with the second biggest volume of trading. The Amex mainly trades small to medium-size companies whereas the huge companies are traded on the New York Stock Exchange (NYSE). Note: more foreign shares/stocks are traded on the Amex than on any other US exchange. Americanization

Amerikanisierung

The process of making something American in character, eg the eating habits or the forms of entertainment. amortization/amortisation

Amortisation, (Schulden)Tilgung Abschreibung (USA) Rückzahlung

The gradual extinction of a debt or liability by means of periodic repayment or redemption, usually through the operation of a sinking fund. In the USA, a special kind of depreciation of fixed assets over the life of the assets. Also called depreciation, depletion, writedown, or writeoff.

-

60

-

Redemption of bonds out of a fund specially set aside for that purpose. Also called redemption. amortized/amortised mortgage

Hypothekendarlehen mit regelmäßiger Tilgung

A mortgage repayable in installments, eg monthly, quarterly or semiannually, both as to principal and interest. amount at risk

Risikosumme

In insurance, the amount payable minus the amount covered by reserves. amount due

fällige/r Betrag/Verbindlichkeit

Also called amount owing/payable. Money which a person or business owes to another person or business. amount financed

Finanzierungsbetrag

The amount of credit a customer is actually able to use. amount

Betrag Menge Summe Höhe

The value of something expressed in untis of a currency. The quantity of something such a s money or time. The sum total of two or more quantities or sums. The degree/level to which something, eg a feeling, is present. amounts differ

Vermerk auf Scheck bzw. Wechsel, daß Beträge in Zahl und Worten differieren

The words stamped or written on a cheque/check or bill of exchange by a bank which returns it unpaid because the amount written in words is different from the amount in figures. amounts outstanding

ausstehende Gelder, Außenstände, unbeglichene Rechnungen

The money owed by a business to someone else, and the money owed to a business by someone else.

-

analyst

61

-

Analyst/in, Wertpapieranalytiker/in

A person who studies a number of companies and makes buy or sell recommendations on the securities of these companies. anarchism

Anarchismus

The political doctrine that there should be little or no governmental control and that ordinary people should work freely together. ancestor

Vorfahre

A person preceding another in the line of descent, ie a member of your family who lived some time ago, eg your father or grandmother. anchorage

Ankergebühr, Ankergeld

Also called groundage. A fee charged at certain ports and harbo(u)rs for the right to anchor. ancillary industries

Zuliefer-, Hilfsindustrien

Also called support industries. Industries which are vital for particular producers as these need their components. Interdependence, which is a dominant feature of modern business, means that ancillary organizations will develop around established producers. and Co.

und Co

The full term is "and Company", eg Dean and Company (Dean & Co.). This additon means that Dean is not the only owner of the business, but shares his ownership with others. In GB, if followed by Ltd (Dean & Co. Ltd), the business is a private limited company, if there is no Ltd, the business is usually a partnership. and interest

plus Stückzinsen

A phrase used in quoting bond prices to indicate that, in addition to the price quoted, the buyer will receive accrued interest. announcement

Ankündigung, Bekanntgabe Werbesendung, Werbespot

An important or official statement, eg about a tax increase or decrease. The act of telling something in public. A commercial.

-

announcement effect

6 2

-

Ankündigungseffekt, Signalwirkung

Temporary changes in economic variables as a result of the announcement of some new information. For example, increased fluctuations in share/stock prices as a result of the Central Bank's announcement that it will change the discount rate. annual

Jahrbuch

Periodical which is published once a year, usually in the form of a reference book. annual accounts

Jahresabschluß

Also called final accounts or year-end financial statements (US). The financial statements which a business prepares once eveiy year at the end of the accounting period. Comprising the profit and loss account, balance sheet, directors' report and auditors' report/audit certificate. annual audit

Jahresabschlußprüfung

The yearly examination of a company's accounting books and records by independent auditors. annual general meeting (AGM)

(Jahres)Hauptversammlung, Jahresvollversammlung

A meeting of the members of a business organization to consider the state of the organization. In public limited companies (GB)/stock corporations (US), the shareholders/stockholders meet: to receive the balance sheet and the profit and loss account, to receive a report from the directors and the auditors, to approve the amount of dividend that the company should pay out on its shares/stocks, to choose directors and auditors, to decide the amount of money that the directors and auditors should receive (= remuneration). An AGM must be held every year. At any time an extraordinary general meeting (EGM) of the company may be convened on the requisition of the holders of not less than one-tenth of the issued capital (stock). annual high/low

Jahreshöchststand, -tiefststand

The highest/lowest amount, price, value, etc of something, eg the highest/lowest price for a snare/stock during the past 12 months. annual inventory

Jahresinventur

Also called annual stocktake/stocktaking or year-end inventory. This is the annual physical stock count.

-

63

-

annual percentage rate (APR)

jährliche Gesamtbelastung, Effektivzins(satz)

Also called effective annual rate of interest. The APR expresses the true cost of borrowing in percentage terms, thus enabling borrowers to choose the most favo(u)rable credit terms. Note: lenders must state the APR to be charged. annual report

Geschäftsbericht, Jahresbericht

Also called annual statement or published accounts. A formal financial statement issued yearly. Every limited company sends a copy of its annual profit and loss account, balance sheet, auditor's report and a directors report to shareholders/stockholders and to other interested parties. It gives information about the activities of the company during the year, shows the financial status and operating performance for the calendar or fiscal year, comments on past developments and shows the prospects for the coming year, etc. annual return (AR)

Jahresausweis, Jahresbericht (GB) jährliche Steuererklärung jährliche Rendite, Jahresrendite

In GB, a document which a company must send to the Registrar of Companies each year. It states: details of shares and bonds/debentures, details of share capital and assets, details of mortgages, details of shareholders and directors, etc. Furthermore, it shows a copy of the final accounts and balance sheet, the list of directors, and the address of tne registered office. A form on which a taxpayer enters his/her annual income and reliefs and allowances claimed in order that an assessment of his/her liability can be calculated. The yearly amount of money made on an investment (in the form of interest or a dividend), normally expressed as a percentage of the amount invested. annual sales

Jahresumsatz

Also called annual turnover. A company's total sales within a business year. annuitant

Rentner/in, Rentenempfanger/in

A person who receives an annuity for life or for a specified time period. annuity

Annuität, (Jahres-, Zeit-)Rente

In insurance, a form of pension, whereby, in return for a certain sum of money (paid in a lump sum or by instal(l)ments) the assurer/insurer agrees to pay the annuitant an annual amount (the annuity) for a specified period or for the remainder of the annuitant's life.

-

64

-

Note: 1. the annuity is intended to provide an income for the annuitant's life. 2. Thus, the annuitant can never outlive the income from the annuity. 3. There are various forms of annuity, eg life annuity, annuity certain, etc. annuity certain

zeitlich begrenzte Rente, Zeitrente

Also called temporary annuity. An annuity which is paid for a fixed number of years irrespective of survival of the annuitant. annuity deferred

aufgeschobene Rente

An annuity where payments will commence at some specified future date provided the named beneficiary is still alive at that date. annulment

Annullierung, Nichtigkeitserklärung

Also called cancellation. The act of cancelling, eg a contract. answerphone

Anrufbeantworter

Also called (telephone) answering machine or telephone recorder. A machine answering and recording incoming calls and inviting callers to leave a message which can be played back at any time. ante meridian/meridiem (am)

vormittags

Before noon, the morning. antedate

nachdatieren, (zurückdatieren vor(aus)datieren

To date a document, eg an invoice or letter, earlier than the date on which it is issued. Also called backdate. To date a document, eg an invoice or letter, before the actual time. Also called predate. antenuptial contract

vor der Eheschließung abgeschlossener Ehevertrag

A contract with respect to property, concluded before marriage by the marriage partners.

-

anthropology

65

-

Anthropologie (Lehre vom Menschen)

The science that studies the origins, physical and cultural conditions, biological characteristics, and social customs and beliefs of humankind. anticipated economic upswing

erwarteter (Konjunktur)Aufschwung

An expected increase in the level of economic activity and economic growth. anticipated inflation

erwartete Inflation

An increase in the general price level that is expected by decision-makers; past experience and current conditions are the major determinants. anticipated profit

nicht realisierter Gewinn imaginärer Gewinn

An increase in the value of an asset which has not been sold. Also called unrealized profit. In insurance, the profit which an insured expects to make on a consignment of goods. This profit can be included in an insurance policy, as if the goods are lost the expected profit will also be lost. anticipation

Erwartung Vorwegnahme vorzeitige Rückzahlung zusätzlicher Nachlaß

The expectation of a given transaction or event on a particular time. Also called expectation. The act of anticipating, eg in anticipation of your order, we have reserved stock for you. Repayment of a debt obligation before the actual due/maturity date. An additional allowance/reduction. anticipation stock

vorgekaufte Lagerware, Antizipationslager

Also called anticipation inventory. Raw materials, semifinished products or finished products purchased or produced in advance of rising demand or in anticipation of rising costs and prices. anticyclical policy

antizyklische (Konjunktur)Politik

Government policy in monetary, budgetary, incomes, and external sectors aimed at controlling cyclical fluctuations in the level of economic activity to keep the inflation rate and/or the rate of unemployment within certain limits.

-

antidumping duty

6 6

-

Antidumpingzoll

Also called antidumping tariff. A tax levied on certain imported goods to prevent them from being sold at too attractive prices. The aim is to protect home-produced goods. antiinflation policy

antiinflationäre Politik

Also called antiinflationary policy. A monetary or fiscal policy designed to curb the inflation rate, ie to prevent prices (and wages) from rising too fast. antitrust law

Antitrustgesetz, Antitrustrecht, Kartellgesetz (USA)

A (US) law to control the growth of market power exercised by firms, to encourage competition, to suppress monopolistic abuses and restrictive practises operated by firms, trusts and cartels. First law of this kind was the Sherman Anti-Trust Act of 1890 which made pricefixing illegal. Note: In GB: Monopolies and Mergers Act; in Germany: Gesetz gegen Wettbewerbsbeschränkungen/Kartellgesetz, in Australia: the Trade Practices Legislation. any or all

Teilausfuhrung erlaubt (Bö)

A securities term used to mark an order to indicate that the shares/stock specified need not be traded together, and partial transactions may be made. any other business (AOB)

sonstige Tagesordnungspunkte, Sonstiges

The last matter on the agenda of a meeting, meaning that matters not listed earlier in the agenda may be discussed now. aperture envelope

Briefumschlag mit Sichtfenster

Also called window envelope. An envelope with a hole in it so that the inside address can be seen. apparent authority

Scheinvollmacht, Anscheinsvollmacht

Also called ostensible authority. An authority which appears to be given to an agent by the conduct of the principal.

-

apparent defect

67

-

offener, offensichtlicher Mangel

Also called apparent damage. A damage which is noticed when the package is opened or the cargo is unloaded, it must be reported immediately. appeal

Berufung(sklage) Anziehungskraft, (An)Reiz

A formal request to a higher court asking to review the decision of a lower court in order to correct mistakes or injustice. The power or ability to attract or the state of being attractive. appellant

Berufungskläger/in, Revisionskläger/in

Also called appealing party. A person who appeals against a decision of the first court. appellee

Berufungsbeklagte/r, -gegner/in

The party in a case against whom an appeal is taken. applicant

Bewerber/in Antragsteller/in Zeichner/in von Aktien, Aktienzeichner/in

In general, a person who applies for or requests something. A person who applies for a job. Also called job applicant. In insurance, a person who fills out an application form or a claim form. Also called proposer or claimant. A person who applies/subscribes for new shares/stocks. Also called subscriber (to/for shares/stocks). application

Bewerbung Zeichnung (von Aktien), Aktienzeichnung (Versicherungs)Antrag

An application for, eg a job. Applicants are usually requested to submit a curriculum vitae (CV) or personal data sheet/résumé. Both contain details about the applicant, his or her education, training and work experience. Prospective employers also wish to see the applicant's school reports, diplomas, certificates, letters of recommendation and the lite. Copies of these documents usually accompany the letter of application. Note: many firms send application forms to the applicants which they have to complete and return. Also called job application.

-

6 8

-

When a company wishes to issue new shares/stocks to the public it asks people to make applications (on application forms) for the number of snares/stocks they would like to buy/ subscribe. Also called subscription. In insurance, to make an application for insurance cover or for compensation. Also called proposal or claim. application for quotation

Antrag auf Börsenzulassung/ Börsennotierung

Also called application for listing. A formal application by a public limited company/corporation to the stock exchange for a stock exchange quotation. A quotation is given only after a close examination of the company. application form

Bewerbungsbogen Zeichnungsliste, Zeichnungsformular Anmeldeformular, Antragsformular

Also called application list. A printed form to be filled in/out and signed when applying for a job. When securities are offered for public subscription, application has to be made on special forms obtainable from the Dank. Also called subscription blank. A printed document provided by persons or organizations inviting applications of any kind, eg a passport or a driving license. It must be filled in and signed by the applicant. application money

Zeichnungsbetrag

Also called amount subscribed or subscription money. This is the amount per security which an applicant/subscriber is required to pay when he/she submits his/her application/subscription for securities to the company concerned. Sometimes the whole amount is payable on application; in other cases, the application money is merely a deposit and the balance must be paid on allotment. application of funds

Mittelverwendung

Also called disposition/employment/use of funds. Any transaction that reduces the funds available to a business, eg by buying an asset or repaying a liability. applied economics

angewandte Ökonomie

Economics devoted to a study of practical problems with the help of the principles and tools of analysis provided by pure economics.

-

appointment book

69

-

Terminkalender

Also called appointment diary, engagement book/diary, or (terms) calendar. This is the business diary in which all appointments are recorded/pencil(l)ed in in advance. apportionment of expenses

Umlage von Kosten, Kostenumlage

Also called allocation of expenses/costs. Not all expenses/costs can be directly allocated to a specific department, and these will have to be apportioned in a predetermined ratio. appraisal

Beurteilung, Bewertung (PW) Bewertung, Schätzung Unternehmensbewertung

The systematic method of obtaining, analyzing and recording information about a person to judge his/her performance and progress in a job and to assess his/her potential for future promotion. Also called employee/performance appraisal. The calculation of the value of something, eg property. Also called appraisement, estimate or estimation. The valuation of a company. appraised value

Schätzwert, Taxwert

Also called assessed/estimated value. An estimate of property value at a specific date reached by an appraiser. appraisement

Schätzung, Wertbestimmimg, Bewertung

Also called appraisal. The valuation of an object. appreciation

Wertsteigerung, Wertzuwachs Schätzung, Wertbestimmung (Währungs)Aufwertung

An increase in the value of an asset over its purchase price or book value (eg land, stocks, etc.). An asset may appreciate in value, for example, because its price and hence its market value has risen because of inflation. The process of valuing an asset. An increase in the value of a currency in relation to the value of other currencies.

-

appreciation surplus

70

-

Bewertungsüberschuß

Also called appraisal surplus. An increase in the owner's equity account arising from an increase in the appraised value of assets. apprentice

Auszubildende/r, Azubi, Lehrling

Also called trainee. A person (the trainee) who signs a contract, agreeing to work for an employer for a fixed period, usually at a "low wage", in order to learn a craft or trade. The master agrees to teach the apprentice/trainee during his/her apprenticeship/general training. Furthermore, the apprentice attends classroom studies. The apprenticeship agreement must be made in writing. apprenticeship

Lehrlingsstatus, Lehre Lehrzeit Lehrstelle

The state or condition of being an apprentice/trainee. The training period (which varies from trade to trade and country to country) in a firm where a trainee can learn a craft under the supervision of a skilled worker. The apprenticeship place. appropriation

Konkretisierung buchmäßige Gewinnverteilung Zuweisung, Bereitstellung (z.B. von Geld für einen bestimmten Zweck) Spezifizierungs-, Konkretisierungsbescheinigung

The act of putting aside goods for a special reason. Also called ascertainment of goods. In a limited (liability) company (GB)/corporation (US), the allocation of the net profit before taxation between corporation tax, transfers to reserves, and dividends paid to shareholders/stockholders. In a partnership, profits are appropriated between the partners according to their partnership agreement. A sum of money set aside from earnings for a specific purpose. A document that specifies a consignment. For example, in the shipping of produce, the appropriation is the document by which the seller identifies to the buyer the relevant unit in the shipment. Also called appropriation of goods. appropriation account

Gewinnverteilungskonto

A part of the profit and loss account which shows how a business shares the calculated profit amongst the owners.

- 71 This account is used by partnerships and limited (liability) companies (GB)/ corporations (US); a sole trader (GB)/proprietor (US) business aoes not include this account among its final accounts, as all the net profits belong to the trader himself/ herself. appropriation of goods

Konkretisierung einer Ware

Also called ascertainment of goods. An act of identifying goods with a contract, eg by marks and numbers. The act of putting aside goods for a special reason. appropriation of payments

Zweckbestimmung von Zahlungen, Zahlungsverwendung

The allocation to a particular debt of a sum paid by a debtor. If a debtor makes a payment to a creditor and does not specify which debt the payment is in settlement of, the creditor may appropriate it to any of the debts outstanding on the debtor's account. The debtor has the initial right to determine which debt he/she is paying. Otherwise the creditor may decide. approval (appro)

Billigung, Einwilligung, Zustimmung Genehmigung

Feeling or showing satisfaction with something. Also called agreement. A permission for something. approval voting

Entlastungsabstimmimg, Zustimmungsabstimmung

A form of decision making in which each person votes for each of a set of alternatives to which he/she consents. The alternative which receives the highest number of approval votes is then chosen. approximation

Näherungswert

A rough calculation, ie a number or amount that is not really but only nearly exact or correct. aptitude

Befähigung, (Arbeits)Eignung

Also called ability, capacity or qualification. A person's innate ability to do or learn something. The potential for acquiring a skill after some training. aptitude test

Eignungsprüfung, -test

Also called fitness/screening test or qualifying examination.

-

72

-

A selection test to determine the type of work to which a person is potentially suited. The test mainly assesses a candidate's ability and trainability to undertake future duties. In staff selection, specific aptitude tests are available to assess verbal, clerical, mechanical, numerical aptitude, etc. arbitrage

Arbitrage (Börse: Ausnutzung von Kursunterschieden, z.B. Devisenarbitrage)

Buying and selling commodities, currencies, securities, etc., so as to make a profit from different price levels ruling in different markets (eg Frankfurt and London) at the same time. The price difference must be large enough to cover any transaction costs. arbitrager

Arbitrageur

Also called arbitrageur or shunter (GB). An investor who practices arbitrage. arbitration

Schiedsgerichtsverfahren, Schiedswesen, Schlichtung

The method by which matters in dispute between two parties are submitted to a third independent party (the arbitrator), by whose decision the contending parties agree to be bound. Commercial arbitration settles commercial disputes; commercial agreements frequently contain an arbitration clause. Industrial arbitration settles disputes between trade/labor unions and employer associations concerning wages ana other conditions of employment. Note: usually, each side nominates arbitrators, and a mutually acceptable person is chosen. arbitration award

Schiedsspruch

Also called arbitrator's award. An arbitrator's decision made in a dispute between two parties. arbitration clause

Schiedsklausel, Schiedsgerichtsklausel

A clause in a contract whereby the parties agree to refer any dispute which may arise to an arbitrator who will determine that dispute. arbitration of exchange

Arbitragerechnung, Devisenarbitrage

Also called currency/exchange arbitrage. Calculating the proportional rates of currency exchange between various countries to see if it is more advantageous to pay directly a foreign country in its currency or to pay indirectly by way of one or more orner countries.

- 73 arbitrator

Schiedsrichter/in

A person who as a neutral third party acts as an umpire between two opposing sides, eg in an industrial dispute. archives

Archiv

The place where a company's documents, jounals, letters, records, etc, are stored for legal or historical purposes. area code

(Telefon)Vorwahl

Also called code or dial(l)ing/prefix code. Special telephone number which is given to a particular area. arithmetic mean

arithmetisches Mittel

A measure of central tendency which is obtained by adding up all the items being considered and dividing by the number of items. Note: in ordinary speech the word "arithmetic" is often omitted or it is referred to as the "average" only. arithmetic progression

arithmetische Folge

Also called arithmetic sequence. A series of numbers or algebraic terms in which each element bears an additive relationship to its predecessor and successor. The numbers are arranged in increasing or decreasing order, the difference between each number and the next being always equal (eg 3, 6, 9, 12, 15, the difference being 3). arm's length competition

freier

Wettbewerb

Free competition without government interference, ie prices are determined by supply and demand. arm's length price

Marktpreis, Wettbewerbspreis

The price on the market determined by the interaction of supply and demand. arrangement

Abmachung, Absprache, Übereinkommen, Vereinbarung Vergleich

An agreement or understanding made between two or more persons, which is less binding than a contract. In bankruptcy law, a debtor's agreement reached with his/her creditor(s) to pay part of his/her debts.

-

74

arrangement fee

-

Bereitstellungsgebühr Bearbeitungsgebühr

A fee charged by a bank over and above the interest payable on any credit before the credit is taken. Also called standby charge or standby fee. A fee charged by a bank for arranging a credit or loan agreement. Also called bank service charge. arrears

Rückstände, ausstehende Forderungen Schulden Prämienrückstände (Vers)

Debts/receivables which are due but unpaid, ie money overdue. Also called arrearages. Amount(s) remaining unpaid after the time due for repayment has expired. In insurance, overdue premiums. arrival

Ankunft Eintreffen, (Waren)Eingang

The act of reaching a place. A person or thing that has reached a place. arrival note

(Fracht)Eingangsbenachrichtigung

Also called arrival notice. A note sent by a consigner/shipper, carrier or forwarder to the consignee/receiver stating that the goods have arrived. arrival notification form (ANF)

(Fracht)Eingangsbenachrichtigung, Warenankunftsavis, -anzeige

Also called arrival note/notice. Advice to the consignee by the consignor of goods coming forward. article

Artikel, Erzeugnis

A product or thing for sale. articles of association

Satzung (Kapitalgesellschaft), Gesellschaftsvertrag (Innenverhältnis) (GB)

In the USA called articles of incorporation. In GB, the rules which regulate the company's internal affairs.

-

75

-

They set out: the classes of shares, the rights of shareholders, the procedure at meetings, the arrangements for profit shareout/distribution, the arrangements for auditing the accounts, the rights and obligations of directors, the election of directors, the borrowing powers of the company, the issue and transfer of shares, the alteration of capital. articles of incorporation

Gründungsurkunde (USA) Satzung (Kapitalgesellschaft) (USA)

In the USA, the formal document that creates a corporation. The formal documents prepared by individuals wishing to establish a corporation in the United States. In GB called articles of association. articles of partnership

Gesellschaftsvertrag (OHG, KG)

Also called articles of copartnership, partnership articles, partnership agreement or deed of partnership. The clauses of a partnership agreement. They set out the respective rights and responsibilities of the partners, who provide the capital and run the business, how the profits will be shared, etc. artificial person

juristische Person

Also called fictitious/juridical/juristic/legal person or legal entity. Any individual, a group or association of persons, or any other business organization which is given an imaginary personality. An artificial person is a responsible being in the eyes of the law and is treated as if it were an actual human being (ie a natural person). as from

mit Wirkung vom, ab ...

Also called on and after or as of. From a certain date onwards, eg as from 3 May ... as per

laut, gemäß

According to, eg as per account, as per advice, as per agreement or as per order. as per advice

laut Anzeige, gemäß Avis

If these words are written on a bill of exchange (B/E) it indicates that the drawee has been notified that the B/E has been drawn on him/her. as seen Also called as is.

wie besichtigt

-

76

-

Goods offered for sale in the condition in which the buyer sees or has seen them. The seller makes no promise and bears therefore no liability concerning the condition of the goods. ascertained goods

Speziessachen, konkretisierte Sachen

Also called specific goods. Goods identified and effectively appropriated subsequent to the contusion of a sales contract. Asian dollars

Asien-Dollars

US dollars deposited in Asia and the Pacific Basin. asked price

Brief, Briefkurs, Angebotskurs

Also called ask, ask/asking/offer/offering price, offered, price offered, rate asked, or sellers' rate. The price at which a security or commodity is offered for sale on an exchange or in the over-the-counter (OTC) market. assemblage

Ansammlung Zusammenbau

A collection of things or a group of persons. The process of putting things together. assembler

Assembler (DV)

A computer program which accepts instructions in a symbolic language to produce machine language instructions in the process of assembly. assembly

Montage, Zusammenbau Versammlung

Method of production whereby units are built on an assembly line until the finished article is complete. Also called assembly work or assembly operations. The process of continually collecting and fitting together the various parts in order to make up a whole article. Also called fitting or installation. Putting together the parts of something. A number of people gathered together for a special purpose. Also called meeting. assembly line Also called production line.

Fließband, Montageband

-

77

-

This is the chief method of production (assembly line production, or belt production) used for high quantity standardized commodities. Each worker performs a single specialized task. The materials and parts are conveyed/ transported on mechanical belts and the worker performs the appropriate task as the material moves past his/her workstation. The operations necessary for completion of the job are located at successive stations on the lines. Features of assembly line production are: 1. minimum distance moved by product, 2. job specialization, 3. minimum work in progress/process, 4. inflexibility. Production planning is complex, production control is simple. Production is normally in anticipation of demand, ie for stock. assessable income

steuerpflichtiges Einkommen, veranlagungspflichtiges Einkommen

All income subject to taxation, eg taxable profit, salary, pension, etc., before deductions are taken into account. Note: assessable income minus allowable deductions becomes taxable income. assessed valuation

steuerliche Vermögensbewertung

The money value set upon real estate or other property by a government as a basis for imposing/levying taxes. assessed value

Schätzwert, ermittelter Wert, Einheitswert

The money value fixed by a tax authority for real estate or other property as a basis for assessing and levying taxes. It is usually less than market value. assessment bond

Kommunalobligation (USA)

In the USA, a special type of municipal bond. assessment

Einschätzung, (Be)Wertung, Beurteilung fSteuer)Veranlagung, Besteuerung (Vermögens)Bewertung, Taxierung Schadensfeststellung (Vers)

In general, the act of assessing, appraisal or evaluation. The taxation due on income or profits as determined by the taxation authorities. The valuation placed on property for rating purposes. In insurance, a statement showing the damages awarded by an insurance adjustor. assessor Also called valuer or claims adjustor.

(Schadenab)Schätzer, Regulierer, Taxator

-

78

-

When the risk insured against actually takes place a claim form is completed by the insured and the assessor decides how much the insurance company will pay in compensation. asset account

Aktivkonto, Bestandskonto

Also called real account. An account which records the transactions relating to an asset (fixed or cuiTent asset) so that the asset's value (the book value) can be seen from the account. asset and liability statement

(Vermögens)Bilanz (USA)

In the US a balance sheet. asset based loan

besichertes Darlehen

Also called collateralized loan. A loan that is secured by the borrower's assets. asset cover

Kreditdeckung durch Anlagevermögen, akzessorische Sicherheit

Also called collateral security. The extent to which borrowings can be met or covered by available assets as shown by their book value. asset depreciation range (ADR)

betriebsgewöhnliche Nutzungsdauer

The period over which assets may be depreciated. asset management

Vermögensverwaltung

Also called property administration. The management and control of a person's or firm's assets to achieve the goals of profit, safety, and liquidity. asset replacement

Ersatzinvestition

Also called replacement investment. The replacement of fixed assets (eg machinery) when the existing assets are worn out or of obsolete technology. New machines are necessary to maintain the level of productivity.

-

asset stripping

79

-

Ausschlachten eines Unternehmens, Anlagenausschlachtung, Übernahme eines insolvenz-/konkursgefährdeten Unternehmens, um dessen Vermögen mit Profit zu verkaufen

The purchase of an unprofitable business by an asset stripper for less than the total value of its assets for the purpose of selling the readily separable assets of a company at a profit or converting them to more profitable uses. Note: the assets sold nave usually been undervalued in the balance sheet, and the amount realized from their sale is likely to exceed the amount paid. asset value

Anlagewert, Buchwert

The value of the assets of a company. asset(s)

Vermögen(sgegenstände) Aktiva

Any property of the business which has a monetary value. The two most important types are: 1. fixed assets (eg land, buildings, machinery, transport vehicles, etc.); 2. 2. current assets (eg stocks, cash, accounts receivable, raw material stocks, etc.). Further assets are fictitious, intangible, tangible, liquid, or wasting assets. In accounting, all the entries on the asset side of a balance sheet that indicate the entire property of a company. assigned account

verpfändete Forderung

Also called pledged account receivable. Receivables that have been assigned to a lender as security on a credit/loan. assignee

Abtretungsempfánger/in, Beauftragte/r, Forderungsübernehmer/in, Rechtsnachfolger/in, Zessionar

Also called assign. A person to whom a legal right has been formally given, usually by deed of assignment. assigner/assignor

Abtretende/r, Rechtsvorgänger/in, Zedent/in

The person making an assignment, ie a legal transfer, especially of property, rights, or obligations to anotner person, the assignee, usually under a deed of assignment.

-

assignment

8 0

-

Zession, Abtretung, Übertragung Abtretungs-, Zessions-, Übertragungsaokument Aufgabe

The legal transfer of rights or property or obligations to a third person, the assignee. The document by which such transfers are effected. A given task, ie a particular piece of work or duty given to a person to carry out. Also called task. assignment of debt

Forderungsabtretung, Zession

Also called assignment of claim. The transfer of a right to obtain payment under an existing obligation from the original beneficiary (the assignor) to a third party (the assignee). assignment of life policy

Abtretung einer Lebensversicherung

Transfer of the legal right under a life insurance policy to collect the proceeds. assistant

Assistent/in, Gehilfe, Gehilfin Verkäufer/in persönliche/r Assistent/in

A person who helps in a business, either by doing general work of minor importance or by helping with a particular job or activity. A person serving customers by selling goods or services in a shop/store. Also called salesperson, sales/shop assistant or sales/store clerk. A person who helps the boss in various ways. Also called personal assistant. assisted area

geförderte Region

An area with particularly serious problems of unemployment and industrial decline. Industry in such areas receives government assistance to promote development and expansion. associated company

Beteiligungs-, Konzern-,Organgesellschaft, verbundene Gesellschaft Tochtergesellschaft (USA)

A company in which another has a shareholding sufficient to allow it to have an influence on business policy (eg by representation on its board of directors). The first company must have less man 50 % of the ordinary shares/common stocks in the associated company, which is not a subsidiary company. The assets are therefore not consolidated into the parent company accounts but are shown as a trade investment. Also called affiliate or affiliated/related company. In the US, a coiporation in which at least 50 % of the voting capital is owned by another. Also called subsidiary company (GB)/corporation (US).

-

associated country

81

-

assoziiertes Land (EU)

Also called associated state. A country that is not a member of the EU (European Union) but is associated with the EU countries in trade. association (Assoc, assn)

(Interessen)Verband Personenvereinigung

An organization that protects the interests of its members but does not trade. A grouping of people for mutually beneficial purposes (to carry out the aims and objects for which it was formed) and held together by an orderly system of management. association of employers

Arbeitgeber-, Unternehmerverband

Also called employer(s') association. An association of employers formed to promote and represent their collective interests, especially in their (collective) bargainings with trade/laoor unions. assortment of goods

(Waren)Sortiment

Also called assortment of merchandise or product range. The variety of merchandise held by a manufacturer/producer or a retail shop/store to meet their customers' needs. assumed bond

übernommene Anleihe/Schuldverschreibung

A bond for shich a company other than the issuer will pay the interest and principal, as they fall due/mature. Such action may arise, for example, through mergers, takeovers, or dissolution of a subsidiary by a parent company. assumption

Annahme, Vermutung Schuldübernahme Haftungsübernahme Risikoübernahme

Something supposed but not proved. The acceptance of a debt by another person. Also called assumption of debt. The act of taking on responsibility for a liability of another party. Also called assumption of liability. The assumption of risks.

-

assumption of risk

82

-

Risikoübernahme

The accepting of a risk by a party or legal person. The accepting of a risk by an insurer/insurance company by providing insurance cover(age) ana thereby freeing the insured from liability for it. assurance (ass.)

Versicherung (GB) Lebensversicherung (GB)

The term has the same meaning as insurance, but it is generally used in reference to life assurance. It relates to events which will or must happen, eg the death of a certain person. In GB, a type of contract which provides for a fixed sum of money to be payable to the assured on the occurrence of a stated event, in return for the payment of regular premiums. Also called life assurance (GB) or life insurance. assured

Versicherungsnehmer/in, Versicherte/r

Also called insured, insured party, or policy holder. The term has the same meaning as insured. A person on whose life an assurance/insurance policy has been taken out/effected. Note: plural assureds. assurer/assuror

Versicherer

Also called assurance/insurance company or insurer. A company which contracts to pay the assured/insured a certain sum of money when a stated event happens in the life of the assured/insured. The term has the same meaning as insurer. But note: in GB assurer is used for policies relating to something which will certainly happen, such as death. asymptote

Asymptote

A line which continually approaches a given axis of a graph but which never quite meets it. at a discount (AAD)

unter Pari/Nennwert mit Abschlag/Skonto/Rabatt

At a price lower than face/par/nominal value or lower than normal. Also called below par. The sale of goods below the normal price. Also called at a discount price. at best Also called at market.

bestens, billigst

-

83

-

An instruction to a broker to obtain the best selling or buying price for a share/stock, commodity, etc., without restricting him/her to a specific price. Abbreviation for "at the lowest possible price", in the case of a buying order, and "at the highest possible price", in the case of a selling order. This instruction must be carried out at once, no matter what the current price. at call

auf Abruf, auf tägliche Kündigung, jederzeit kündbar, auf Verlangen, sofort verfugbar

A term referring to money which is loaned, with repayment on demand without notice. at discretion

Börsenauftrag, dessen Durchführung im Ermessen des Maklers liegt

A buying or selling order the price of which is at the discretion of the stockbroker, ie he/she may defer execution of the order if, in his/her opinion, a better price can be obtained later. at limit

limitierter Wertpapierauftrag, zum angegebenen Kurs oder besser

Also called at or better. An instruction given by a client to a broker to buy securities or commodities at or below or to sell securities or commodities at or above a specified price. The broker has a specified limit on either the highest price that he/she may pay, or the lowest price at which he/she may sell. at market

zum Börsenkurs

A stock exchange term; a buying or selling order to be effected at current market prices. at par

zu Pari, zum Nennwert

Securities are "at par" when their market/quoted value is equal to their par/nominal/ face value. at ship's rail

an der Schiffsreling

Words meaning that the seller's liability ceases when the goods pass over the ship's rail at the port of loading/shipment. The term is frequently used in connection with the incoterms, eg CIF, CRF, FOB, etc. at short notice

kurzfristig kündbar

A condition of repayment; money lent/loaned by a bank is to be repaid within fourteen days after demand.

84

at sight

bei Sicht, bei/gegen Vorlage (Vermerk bei Sichtwechsel, der diesen bei Vorlage fällig macht)

Also called on demand or on presentation. A term to indicate that a bill of exchange is payable on demand or on presentation. at the close

(bei) Börsenschluß

An order to buy or sell securities within the final 30 seconds of stock exchange trading. There is no guarantee that such an order will be executed. at the market

bestens/billigst Wertpapierkauf7-verkauf, At-the-Market, zum Marktpreis

In stock exchange transactions, the purchase or sale of securities executed at the current market pnce, rather than at a predetermined price. at the money

Optionspreis

In option trading, an exercise/strike price that is at or about current market price. at the opening

(bei) Börseneröffnung

A stock exchange order to buy or sell a security at the price that applies when a stock exchange opens, ie the security is bought or sold at the opening quotation. at the opening order

Wertpapierauftrag zum Eröfmungskurs

A securities transaction that is to be executed at the opening price or not at all. atmosphere

Atmosphäre

The feeling that an event, place, environment, mood etc gives you. atomistic competition

atomistische/polypolitische Konkurrenz

A market structure in which many sellers and buyers compete independently and which are unable to influence price and output perceptibly. attachment

Pfändung, Beschlagnahme

A court order obtained by a judgement creditor whereby money or goods due to the debtor by third parties becomes the property of the judgement creditor. The judgement creditor obtains a further court order (the garnishee order) to effect that money or property due from a third party (the garnisnee) to the debtor must be frozen and paid instead to the judgement creditor to satisfy the amount due.

- 85 attendance money

Anwesenheitsgehalt

Money paid to employees for attending at their workplace for a number of hours (the attendance time), whether there was work for them to do or not. attendance sheet

Anwesenheitsliste

Also called attendance book/register. A register signed by members of meetings when they attend them. attention (Att, Attn)

Aufmerksamkeit, Beachtung Vermerk "zu Händen von"

The activity of carefully listening to or watching something that is happening. The activity of being careful about what you are doing. The interest that people show in someone or something. In correspondence, the attention line. attention line

Vermerk "zu Händen von" (ζ. Hd. v.) (Korrespondenz)

In correspondence, this is used to bring a letter to the attention of a particular person or department; it is usually placed below the inside address. The attention line can be capitalized or underlined and may read: for the attention of (FAO)... or Attention: Mr/Ms XYZ. Attention may be abbreviated Att. or Attn. attestation

Beglaubigung, Bestätigung, Testieren Beglaubigungs- Beurkundungsvermerk, Legalisierungsklausel

The act of bearing witness to or giving authenticity to a document by signing as a witness to the signature of another. The signing clause in a contract of insurance. The words declaring the execution of the policy. Also called attestation clause. attested copy

beglaubigte Abschrift

A certified, signed, and stamped copy of an original document. attitude

Einstellung, Haltung, Verhalten

A person's state of mind reflecting a positive or negative view about evaluations, feelings, actions and reactions towards people, objectives, certain things, ideas or events.

-

8 6

attorney

-

Bevollmächtigte/r (Rechts)Anwalt/Anwältin

A person empowered by another (ie by power of attorney) to act for him/her. In the USA, a lawyer. Also called attorney at law or barrister (GB). attorney of power

Vollmacht, Vertretungsvollmacht Vollmachtsurkunde

Also called power of attorney (PA, P/A). A formal authorization giving a person (the attorney or donee) power to act on behalf of the person who gives the power (the donor). A formal document authorizing one party (the attorney) to act for, or on behalf of another, either generally, or for a special purpose, eg to obtain payment from a debtor in a foreign country. attributable profit

zuzurechnender Gewinn

A company's profits which can be attributed to particular operations. auction

Auktion, öffentliche Versteigerung

Also called sale by public auction or vendue. A public sale in which the competing bidder offers an increase on the price offered by a competitor. The person who bids last, or bids the highest amount, is the purchaser. A sale is completed by the fall of the hammer; until men any bidder may retract his/her bid. In a Dutch Auction, the auctioneer (a person authorized by license to sell goods on commission at a public auction) commences by a high price, and gradually reduces it until an offer is made. auction market

Auktionsmarkt

Also called double auction market. A market in which buyers enter competitive bids and sellers enter competitive offers simultaneously. The stock exchange, for example, is an auction market. auction sale

Auktionsverkauf, Versteigerung

A public sale where items offered are sold to the highest bidder. auctioneer A person who conducts sales by auction.

Auktionator/in

-

87

audience

-

Publikum, Besucher Audienz Personen und Haushalte, die mit Werbemittel oder Werbeträger Kontakt haben Hörer-, Leser-, Zuschauer(schaft)

The people watching a film or play, listening to a concert or witnessing any other presentation or performance. A personal meeting of a formal nature. In advertising, the total number of people who may receive an advertising message. The total number of listeners (the listenership), readers (the readership) or viewers (the viewership) reached by the appropriate medium. audience rating

Einschaltquote

Also called program(me) rating or rating. The audience, ie the number of people/households watching or listening to a TV or radio program(me). The figure establishes the popularity of a TV or radio program(me). Sometimes there is an audience flow, ie a gain or loss of audience during a program(me). audio response unit (ARU)

Sprachausgabeeinheit (DV)

A prerecorded response held in a computer with an audio response unit to provide veroal responses to requests for information. audiotypist

Phonotypistin

A typist who types what she hears. Since most people speak faster than a typist can type the dictating machine/dictaphone can be interrupted. audit

Revision, Rechnungs-, Buch-, Wirtschafts-, Bilanzprüfung

When an auditor checks the books of a business he/she is carrying out an audit. The purpose of the audit is to be able to report that the profit and loss account and balance sheet show a true and fair view 01 the transactions of the business for the financial period under review. audit report

Prüfungsbericht, Testat

Also called audit certificate or auditor's report. An annual report from the auditors of a company to its shareholders/stockholders. The auditors state in the report whether or not the accounts comply with the requirements of the Companies Acts (GB)/Corporation Laws (US).

-

8 8

audited financial statement

-

geprüfte Bilanz, geprüfter Janresabschluß

A company's financial condition on a stated date as viewed by independent auditors. The auditors issue an audit report/certificate. austerity

Sparprogramm (selbstauferlegte Einschränkung)

Generally, a government and monetary policy that is deliberately deflationary and tries to restrain public and/or private expenditure (eg by higher taxes, higher interest rates, wage restraints, lower government expenditure) in order to reduce inflation, deficit spending or to solve balance of payments problems. Austrade (Australian Trade Commission)

Austrade (Institution zur Exportförderung Australiens)

A statutory authority with the task of assisting Australian exporters and promoting Australia's exports overseas. The Commission provides services for exporters which include market surveys, assistance with marketing methods, reports on the standing of overseas businesses, assistance with trade displays, information about import duties, licensing, guarantees, economic conditions and administrative assistance, etc. Australian Savings Bond (ASB)

australische/r Sparschuldverschreibung, Sparbond

Also called Aussie Bond. These are Australian bonds available from banks, the Reserve Bank, stockbrokers and post offices and are cashable on 30 days' notice after an initial holding period. The interest rate is fixed by the federal government and not the market. Australian Stock Exchange (ASX)

australische Wertpapierbörse

The national stock exchange, formed in 1987 by the amalgamation of the six state exchanges into one body. The state exchanges became subsidiaries of the ASX. The ASX issues the All Ordinaries Index. Note: the six Australian states are: New South Wales (capital: Sydney), Victoria (capital: Melbourne), South Australia (capital: Adelaide), Western Australia (capital: Perth), Queensland (capital: Brisbane) and Tasmania (capital: Hobart). Furthermore, there is the Australian Capital Territory (capital: Canberra) and the Nothern Territory (capital: Darwin). Austrian School (of Economics)

Österreichische/Wiener (Grenznutzen) Schule

A school of economic thought, founded in the late 19th century by the Austrian economists Karl Menger (1840 - 1921; he initiated the "subjectivistic revolution", reasoning that the value of a good was not derived from its cost but from the pleasure, or utility/satisfaction, the consumer can derive from it; this way of thinking led to the marginal utility theory); Eugen von Böhm-Bawerk (1851 - 1914; he helped to develop

-

89

-

the theory of interest and capital, arguing that the price paid for the use of capital is dependent upon consumers demand for present consumption relative to future consumption); and Friedrich von Wieser (1851 - 1926; he introduced the economic concept of opportunity cost). autarchy/autarky

Autarkie

Also called self-sufficiency at the level of a nation. A policy of complete national economic self-sufficiency and independence from imports. authenticated copy

beglaubigte Urkunde

Also called certified document. A copy of a document whose similarity to the original has been certified as required by law. authentication

Beglaubigung, Beurkundung

Also called attestation, certification, legalization or verification. The act of stating that something is true or real, eg the signing of a company's financial statement by an auditor, thereby authenticating it. authority

Autorität, Befugnis, Vollmacht Befugnis Sachverständige/r Weisungsgewalt Entscheidungsinstanz Amtsbefugms Behörde

In general, the degree of power someone has because of his/her official position, knowledge or experience. More detailed, The right, inherent in a job or function, to use power in the fulfillment of one's responsibilities; ie the power to determine, adjudicate, or otherwise settle issues. There are several theories of authority: 1. the formal theory: it contends that authority comes from the top; 2. the acceptance theory: formulated by the American Chester I. Barnard, 1886 - 1961; it states that authority actually comes from the bottom because no one has authority unless subordinates accept directives; 3. the authority of the situation: this is limited to an occasion, eg a crisis situation; 4. authority of knowledge: the person who knows the most about the situation simply becomes the person in charge of the operation. Additionally, there are three major types of authority: 1. line authority (often referred to as direct authority): it encompasses the right to give orders and to have decisions implemented; all superiors have line authority over their subordinates; 2. staff authority: its scope is limited because it does not provide the right to command but is supportive - individuals with staff authority assist, advise, recommend, and facilitate organizational activities;

-

90

-

3. functional authority: this is the right to give orders in a department other than one's own. Also called competence or power. An expert, ie someone who knows a lot about a special subject. A power or right delegated or given. A person or body of persons in whom authority is vested, eg a governmental agency. An official permission to do something. An official organization or government department. authorization/authorisation

Bevollmächtigung, Vollmachtserteilung Vollmachtsurkunde

The act of authorizing. The official permission to do something, eg to execute a transaction. The document of granting this permission or power. Also called certificate of authority. authorized capital

Nominalkapital, genehmigtes Kapital, autorisiertes Aktien-/Grundkapital

Also called authorized share/stock capital, authorized capital stock, authorized shares/stock, or nominal/registered capital. A company's/corporation's nominal capital. This is the total amount of shares/stocks which a company/corporation is authorized to issue by its articles of association/incorooration. The capital is usually divided into different twies of shares/stocks. The company is not, however, obliged to issue all its authorized^ capital; furthermore, it may not issue more shares/stocks than it is authorized to issue. Note: a company can increase its authorized capital by a resolution at the annual general meeting (AGM). authorized dealer

Vertragshändler/in zugelassene/r Börsenhändler/in

A retailer who has been given exclusive right by a producer/manufacturer to sell a specific item or line of merchandise/product range, usually in a defined geographical area. Stockbrokers who are authorized to deal in securities on the stock exchange. authorized distributor

Vertragshändler/in

A party authorized to sell the product(s) of a company in a particular country. A single distributor may have such an authorization from a number of foreign companies simultaneously.

- 91 authorized signature

berechtigte Unterschrift

The signature of aperson who has the legal right to sign a document. auto financing

Eigen-, Selbstfinanzierung

Also called self financing. The ability of a business to raise enough money from its own earnings to meet the cost of present and fiiture capital expenditure without having to borrow money or to increase its capital. automated error correction

automatische Fehlerkorrektur

Automatic error detection and correction of transactions or records. automated screen trading (AST)

computergesteuerter Börsenhandel, Computernandel

On the stock exchange, an electronic dealing system in which orders to buy or sell securities are entered, matched and executed by computers and at prices shown at video terminals. The system reduces or eliminates paperwork and makes face-to-face selling or telephone dealing superfluous. automated teller machine (ATM)

Bankautomat, automatischer/multifunktionaler Bankschalter, Geldautomat, SB-Bankschalter

Also called autoteller, automatic teller, cash dispenser, or cashpoint. A computer-linked device activated by a plastic card (the encoded bank card) which performs the basic functions of a bank including transfers from one current/checking account to another, cash withdrawals anytime of the day or night and balance information. Additionally, cheque/check books may be ordered. Different banks operate different types of machines; some are located in bank branches, others are in large shops ana stores. In some countries (eg the USA, GB, Australia, Germany) ATMs do also accept deposits. automatic bill payment

Zahlung durch Dauerauftrag

Payment by standing order, ie the bank pays or transfers funds regularly from the account holder's account. automatic cover(age)

automatischer Deckungsschutz (Vers) gleitende Versicherungssummenanpassung

In insurance, cover automatically provided by an insurer in an insurance contract, usually to a limited amount and only for a limited period.

-

92

-

In insurance, a system where a policy adjusts the amount of coverage to provide protection for increasing values of an insured's personal property or real estate. automatic data processing (ADP)

automatische Datenverarbeitung

Any form of data processing performed by automatic equipment. automatic overlay device (AOD)

automatisches Vervielfältigungsgerät

A xerography system which can prepare several ranges of documents automatically on ordinary plain paper. Only those parts of a master copy which actually need to appear on a particular form are reproduced. Instead of having stocks of invoices, bills of lading, etc., the documents are prepared as required in only one second without any copying errors. automatic stabilizer

automatischer Stabilisator

Also called built-in stabilizer or automatic fiscal stabilizer. Structural features of the economy which help to iron out fluctuations in the business/ trade cycle. Certain fiscal devices automatically regulate the level of demand without the need for policy decisions. They include: 1. unemployment insurance contributions, 2. capital depreciation allowances, 3. capital gains tax, 4. progressive income tax, 5. corporation tax, 6. unemployment benefit, etc. automatic transfer service (ATS)

automatische, elektronische Überweisimg

Also called automated transfer. The automatic transfer of money from one bank account to another account. automatic transfer system (ATS)

automatischer Verrechnungsdienst (BaW)

An electronic banking system through whch customers can make deposits, withdraw funds, and automatically transfer funds between different accounts. automatic vending

Automatenverkauf

Also called automatic selling. A system of retail selling in which goods are contained in and delivered by a coin- or note-operated machine (the automatic vending machine). This method of retailing has inherent cost advantages over more labo(u)r-intensive methods. Types of vending machines are, for example: package vendors for wrapped items, bulk vendors, bottle vendors and cup vendors. automatic vending machine

Verkaufsautomat

Also called automatic vendor, coin-or-note-operated machine, or dispensing/slot/ vending machine.

- 93 -

A machine which sells food, drinks, sweets, cigarettes, etc. when a coin or note is inserted. automation

Automation, Automatisierung

Fully mechanized production with the aid of automated equipment. The word was comed in Detroit (with the Ford Motor Company) in the mid-thirties and popularized in the mid-fifties. In mechanized systems, it is the primary source of power and involves the use of automatic control systems to replace human beings in industrial activities. Recent advances in "microchip" technology promise far-reaching alterations in the automatic control of the processes of production. automobile liability insurance

Kraftfahrzeughaftpflichtversicherung

Also called automobile/motor insurance. A policy which provides cover(age) if an insured person is legally liable for bodily injury or property damage caused by an automobile. autonomous consumption

autonomer Konsum

Consumption that is independent of income. autonomous expenditure(s)

autonome Ausgaben

Also called autonomous spending. Consumption, investment, and government spending levels that are determined by variables other than income; eg consumption and investment may be affected by changes in interest rates. autonomous investment

autonome Investition

Investment that is independent of such economic factors as the rate of interest, the rate of return on investment (ROI), or the rate of growth of sales, etc. autonomous saving

autonomes Sparen

Saving by households influenced by variables other than income, eg saving can be affected by increases in the rate of inflation. autonomous spending

autonome Ausgaben

Also called autonomous expenditure(s). Spending that is independent of the level of income.

-

autonomous transaction

94

-

autonome Transaktion

Also called regular transaction. A balance of payments (bop) transaction that is undertaken by private parties for valid business purposes, not to finance a trade imbalance. autonomous variable

autonome variable, Größe

A variable determined by factors in an area separate from the specific area being studied. autonomy

Autonomie, Selbständigkeit, Selbstverwaltung

Independence or freedom with regard to will or actions either for individuals or organizations. available balance

Lagerbestand und bestellte Ware Dispositionsguthaben (BaW)

The amount of goods in/on stock plus the amount of goods which have been ordered. In banking, the money amount which is available for immediate withdrawal. available market

frei

verfügbarer Markt zugänglicher (vorhandener) Markt

That part of a total market which shows interest in a product, can afford to buy it, and is not prevented by access barriers from reaching it. That means, the set of consumers who have interest, income, and access to a particular market offer. Note: a potential/prospective buyer may be a part of the potential market for a product (eg a Porsche) but has no interest or money to buy it. Thus, he/she is no part of the available market. The part of the total (served plus non-served) market which could be served by the company within a specific period. aval

Aval, Wechselbürgschaft

Also called bill guarantee/guaranty. The guarantee, usually given by a bank (the guarantor) on a client's request, that a bill of exchange (B/E) will be paid on presentation. The avalization of the bill of exchange by endorsement on the back of the bill, aval bank Avalbank A bank guaranteeing payment on a bill of exchange, endorsed by the guarantor's signature.

-

average (av, avg.)

95 -

Havarie, Beschädigung, Schaden Proportionalregel (Versi Durchschnittssiairs (Bö) arithmetischer Mittelwert Durchschnitts

Average has different meanings when used in the various classes of insurance business. When used in marine insurance, average means: 1. a shipping accident, 2. partial loss. Other types of average are: general average, particular average and free of all average. In fire insurance, with certain exceptions, average means, if the sum insured does not adequately represent the full value of the property at risk, that the insured will not be fully compensated/indemnified. The appropriately weighted and adjusted arithmetic mean of selected securities, eg the Dow Jones Index. Also called average price. In statistics, the arithmetic mean. To produce work or do something normally or usually; of an ordinary or usual kind of quality, etc. average adjuster/adjustor

Dispacheur, Havariekommissar, Schadenregulierer

Also called average stater or loss adjustor/adjuster. The person responsible for calculating claims on (marine) insurance policies. average bond

Havarieschein, -Verpflichtungsschein

A bond given by a person receiving cargo stating that he/she will bear his/her proportionate share of any general average claim. average clause

Prorata-Klausel, Havarie-, Verhältnis·, Freizeichnungsklausel, Proportionalregel (Vers)

Almost invariably, insurance policies contain an average clause. It states that where the full value of the property is not insured, then the sum recoverable from the insurers will be the same proportion of the loss as the value bears to the total value of the property. In other words, if a house is insured for only two-thirds of its current value you will only get two-thirds of any loss; the insured will not be fully indemnified. Note: the average clause will be applied when the insured is underinsured. average cost pricing

Preisbildung auf Durchschnittskostenbasis

A pricing policy where the average price of a product is based on average cost plus some level of markup.

-

96

average costs (AC)

-

Durchschnittskosten, Stückkosten

Also called unit costs. The total costs of production divided by the quantity produced. Thus, average (total) costs (ATC) may be written ATC =

Ç

where X is output and TC is total costs. Average total costs (ATC) will be comprised of average fixed costs (AFC) and average variable costs (AVC). Thus ATC = AFC + AVC. average deviation

mittlere Abweichung

Also called mean deviation. In statistics, a measure of variation within a group of numerical observations, ie, the average of the (absolute values of the) deviations of the observations from the group mean. average due date

mittlerer Verfalltag/Fälligkeitstermin

Also called equated time or average date. An equated date on which payment may be made of amounts due upon different dates. average fixed cost(s) (AFC)

durchschnittliche Fixkosten

The fixed cost(s) (FC) divided by the total number of units of output. average price

Durchschnittspreis

The arithmetic average of the current prices of a commodity. average propensity to consume (APC)

^durchschnittliche) Konsumquote

That part of national income devoted, on average, by the nation's individuals to consumption of goods and services. In other words, the ratio of consumption expenditures to (disposable) income. APC

average propensity to export

=

consumption income durchschnittliche Exportquote

The fraction of a given level of the gross national product (GNP) that is exported.

- 97 average propensity to import (APM)

durchschnittliche Importquote (I/Y)

The fraction of a given level of national income that is spent on imports. APM = imports (M~) income (Y) average propensity to save (APS)

durchschnittliche Sparquote (S/Y)

The fraction of a given level of national income that is saved; or the ratio of personal saving to (disposable) income. APS = .saving income average propensity to tax (APT)

durchschnittliche Steuerquote

The proportion of national income which is taken in taxation by a government. APT = total taxation total income average rate of return (AAR)

durchschnittliche (Jahres)Rendite einer Investition

Also called accounting rate of return (AAR), simple rate of return or book yield This is the ratio of net profit (after depreciation) to capital costfs). Net profit is more commonly used than gross profit. Thus, the formula to calculate AAR is: net profit capital costs

x

κχ).

There are alternative methods of calculating the profit and the capital costs, eg the capital could simply be the initial sum invested or it coula include capital outlays/spending over a period of time. Similarly, the returns could be an estimate of only the first year's profits, or they could be an average estimated yield over the assumed life of the project. Note: AAR provides the firm with a percentage figure that can be compared with the percentage rates of return on other investment projects. The project with the highest return is assumed to be the best. average revenue (AR)

Durchschnittserlös, durchschnittlicher Ertrag

The total revenue obtained from the sale of a commodity divided by the quantity sold; in other words, it is the price per unit of the commodity. average stock Also called average inventory (on hand).

durchschnittlicher, mittlerer Lagerbestand

-

98

-

The average quantity and value of stock during the financial year or a specific time period. The figure is obtained by adding the opening stock figure to the closing stock figure and dividing by two. Note: the value ofstock can be taken at cost price or selling price. average tax rate

durchschnittlicher Steuersatz, Durchschnittssteuersatz

Also called average rate of taxation. The total tax paid by an individual divided by the total income upon which the tax was based. averaging

Durchschnittsmethode; das stetige Nachkaufen eines Wertpapiers, dessen Kurs fällt (um einen besseren Durchschnittskurs zu erzielen), und das stetige Nachkaufen, wenn der Kurs steigt (Bö)

A form of stock exchange speculation in which the volume of transactions is increased when prices move infavo(u)rably. The average price of the whole will be higher or lower than the original purchase. One buys more of a particular security when the market price is rising; this increases the average price of one's existing holding (called averaging up). One buys more of a particular security when the market price is falling (called averaging down); this reduces the average price of one's existing holding. Note: a Dull averages by buying more securities if the price falls whereas a bear averages by selling more securities if the price rises. Note: there are various types of averaging: 1. averaging in: the process of buying at various price levels in order to establish a substantial holding of securities over a time period. 2. averaging out: the process of selling securities at price levels above a preset figure over a time period. 3. averaging down: the process of buying more securities when the price is falling, thus reducing average costs but increasing potential total loss. 4. averaging up: the process of buying more securities when the price level is rising. aviation insurance

Luftfahrtversicherung

Coverage of losses involving airliners, their passengers, cargo, liability risks, etc. avoidable costs

produktionsabhängige, vermeidbare kosten

Also called escapable costs. Costs of production which would not be incurred if a given output was not produced. All variable cost is avoidable. Fixed cost specific to an activity is also avoidable.

-

award

99

-

Schiedsspruch, außergerichtliche Entscheidung Angebotsannahme, Auftragsvergabe

The final decision of an arbitrator on matters in dispute between parties, before or after litigation. The decision is binding on the parties to the dispute. The acceptance of a bid or the assigning of a project on the basis of a made offer. awareness

Bewußtsein Markenbewußtsein

In general, the knowledge or understanding of a specific subject or situation, eg environmental awareness has improved. Having knowledge of a product. Awareness is achieved with advertising, by having the product on the shelf in tne shops (ie merchandising) or by other means. Awareness of a product is a precondition of purchasing it. axis

Achse

A straight line that intersects with another straight line (the vertical or y-axis and the horizontal or x-axis) at right angles to form the reference point of a graph. Note: the plural is axes.

-

100

-

Β Buy in the cheapest market ana sell in the dearest. (Proverb, 1595)

Β share

B-Aktie

Ordinary shares/common stocks with special voting rights. baby bond

Baby Bond, Kleinobligation

In the USA, a bond which has a par/nominal value of less than $ 1000. Baby bonds open the bond market for small investors. bachelor

Bakkalaureaus (niedrigster akademischer Grad, GB, USA)

The first level of university degree, usually awarded after four years of study. There are different types of degree, for example: Bachelor of Arts (BA, AB), Bachelor of Science (BS, BSC, SB), Bachelor of Business Administration (BBA), Bachelor of Commerce (BCom), etc. Bachelor of Arts (BA)

Bakkalaureus, Bachelor (niedrigster akademischer Grad der philosophishen Fakultät, dem BAbzw. FH-Diplom vergleichbar) Inhaber/in des akademischen Grades

A lower academic degree in the liberal arts, usually awarded after four years of study. If the degree is taken in economics, the title is BEcon; if taken in commerce, BCom/BComm; if taken in business administration, BBA. A person having this degree. back bond

Rtickbürgschaft

Also called counter-bond, counter-guarantee or back-to-back guarantee. A bond given by the absolute owner of property or title to a creditor as consideration for a loan. The bond reduces the owner's rights on the property or the title to those of a trustee. The full/original ownership right is recoverable on repayment of the money borrowed on the bond.

-

101

back cover (BC, be)

-

Rückseite letzte/vierte Umschlagseite, U4, (Buch)Riicken

In advertising, the back page (inside or outside) of a magazine. The outside back page of a book or magazine. When used for advertisements, this page is usually the most expensive of all covers as it is read by most readers. Also called fourth cover (4C). back duty

Steuernachzahlung

Tax relating to a period in the past which was unpaid, ie tax which should have been paid in the past and which is payable now. If you do not disclose certain sources of income, you will be liable to back duty. The payment of tax arrears. back interest

rückständige Zinsen, Zinsrückstand

Also called unpaid interest or interest arrears. Interest not yet paid, eg to an account holder. back order

unerledigter Auftrag

Also called open/outstanding/unfulfilled order. An order received in the past and not fulfilled. For example, a customer order that cannot be filled immediately because the product is out of stock; certainly, the order is filled as soon as the product is available again. back to back credit/loan

wechselseitiger Kredit, Parallelkredit

Two parties in different countries make credits/loans to one another of equal value, with each credit/loan denominated in the currency of the lender and each falling due on the same date. This type of credit/loan is used to overcome exchange controls and exchange risks. back to back letter of credit

Gegenakkreditiv, Dos-à-dosAkkreditiv

Also called back-to-back credit or counter/countervailing/secondary credit. A new letter of credit (L/C) opened in favo(u)r of another beneficiary on the basis of an already existing, nontransferable L/C; ie tri ere are two letters of credit. An exporter (acting as a middleman) who has bought and resold goods and who has had a documentary (letter of) credit opened in his favo(u)r by the foreign importer may be able to arrange for a bank to open a second credit on the strength and security of the first, in favo(u)r of the original supplier of the goods.

-

backdate

102

-

rückdatieren rückwirkend in Kraft treten lassen

To date any statement, document, cheque/check, invoice etc. earlier than the date drawn, in order that the document, invoice, etc. takes effect as though it had been made on the earlier date. For example, to backdate an invoice to 3 May. Also called to antedate or to date back. To provide for something to apply from a certain date in the past, eg a pay increase backdated to 1 January (called backdated pay rise or retroactive pay rise). backdoor restrictions

Restriktionen "durch die Hintertür"

One of the many restrictions often applied in foreign trade. For example, a county requires foreign firms to fill in an excessive number of documents before allowing in imports of many goods. backed note

Verschiffungsorder, Verladeanweisung

Also called broker's order. A document ("eg a receiving note) endorsed by a shipbroker indicating that freight charges have oeen or will be paia. It authorizes the officer in charge to receive the goods on board and also serves to show who is responsible for demurrage. backfreight/back freight

Rückfracht Rückfracht, Rücksendung

Also called freight home/homeward or homeward/return freight. The amount payable by the owner of a cargo when he/she is unable to deliver at the discharge point and has to return the cargo to the departure point. In other words, the additional freight chargeable on the return of goods. This may be payment for: 1. the return of goods not accepted at the port of delivery, 2. the disposal of the goods if the consignee fails to take delivery, 3. transport beyond place of destination because of wrong case markings - but, if this is due to an error of the carrier, backfreight is not chargeable. Note: backfreight is payable by the party responsible. The cargo returned. Also called return cargo/consignment or return(s). background

Hintergrund Vor-, Ausbildung, Werdegang

Someone's family history, education, living conditions, social class, wealth, etc. In personnel management, a person's past education and/or work experience.

-

backhaul/back haul rate

103

-

Preis für Rückfracht

Transport charges which are lower for movement in one direction than in the other, since it is unlikely that there will be exactly equal demand for transport in both directions, so that excess capacity will exist on one route. backhauling

Transport von Rückfracht

Keturn-mp carriage of goods with what would otherwise have been an empty Return-trip lorry/truck. backing

Unterstützung finanzielle Unterstützung Indossament Stützungskäufe

Aid or support of any kind. Also called support, aid or assistance. Financial support. In law, an endorsement/indorsement. A central bank's actions to buy its currency in order to stablize its exchange rate. backing store/storage

Hintergrund-, Zwischenspeicher

Also called ancillary/bulk/intermediate access or secondary memory/store. In computing, a store of larger capacity but slower access time than the main memory. It provides for the off-line storage of programs and master files until they are required for processing. backload

Rückladung

Also called return load. The return load in a transport unit, eg a truck/lorry. backlog

Auftragsrückstand Arbeitsrückstand

The value of unfilled orders placed with a company. Also called backlog of orders. The accumulation of work which needs to be done. Also called backlog of work. backpay/back pay

rückständige Zahlung, Lohnnachzahlung

Pay, ie wages or salary, for work already done but which is overdue to an employee, eg as a result of nonpayment or underpayment in the past.

-

104

backup copy

-

(Daten)Sicherungskopie

Also called archival copy. A copy of computer programs not normally available to users but stored separately from the original to provide security copies of certain classes of files. backup store

Reservespeicher (DV)

Also called backup storage or spare memory. In data processing, a facility intended to provide files, equipment, and procedures if the originals are destroyed or out of service. backward integration

Rückwärtsintegration

Also called upstream vertical integration or vertical backwards. Acquisition or takeover by a company of another company which supplies it with raw materials or parts for manufacture, ie a firm extends itself into a previous stage of the production process and thereby ensures a more certain supply of materials. Note: backward integration is a growth strategy and a type of vertical integration (the other being forward integration). backwardation

Backwardation Deport (Differenz zwischen Kassakurs und Terminkurs)

In commodities or foreign exchange trading, the amount by which the spot price (ie the present price) exceeds the forward price (ie the future price). That means, the prices for commodities or foreign exchange that will be delivered in the future (at the forward price) are lower than prices for those that will be delivered immediately (at the spot price). Note: backwardation occurs when demand is greater in the near future than later on. On the stock exchange, a premium paid by a seller (a bear speculator) to a buyer of shares/stocks when he/she wishes to defer delivery of shares/stocks sold forward at a fixed price. The seller cannot deliver the shares/stocks or he/she expects that the price of the shares/stocks concerned will soon fall. On the stock exchange, a situation where, at the same time, a share/stock can be bought from one market maker below the price at which it can be sold to another market maker, thereby producing an instant profit. backwash effect

Aushöhlungseffekt

A situation which exists when the economic growth in one region of an economy has adverse/unfavo(u)rable effects on the growth of other regions in the same national economy. These effects usually consist of flows of factors of production (eg labo(u)r, capital) from slow growing to fast growing regions. There is a divergence in productivity between the different regions or countries.

105 bad bargain

schlechter Kauf, schlechtes Geschäft

Also called bad buy. An item bought which is not worth the price paid for it. bad cheque/check

ungedeckter Scheck

Also called return item or uncovered cheque/check. A cheque/check dishono(u)red for insufficient funds (I/F). bad debt

uneinbringliche Forderung

Also called uncollectible, uncollectible receivable or irrevocable debt. Bad debts are debts which are not recoverable though the amounts are legally owed to the business. They are entered in a bad debts account and are written off as losses. Therefore they reduce the profit or increase the loss for the accounting period. Bad debts differ from doubtful debts (these are amounts owing that an enterprise is doubtfiil of receiving; they are not written off). bad debtor

zahlungsunfahige/r Schuldner/in

Also called defaulting debtor, defaulter or insolvent. A person or firm which cannot pay its debts. bad delivery

mangelhafte.Lieferung fehlerhafte Übergabe

The delivery of faulty, damaged or wrong goods. A situation in which an invalid transaction has taken place as a result of faulty documentation and good title of ownership is not transferred. In finance: 1. Bonds which have been damaged or have not had the proper coupons attached. 2. Registered securities in respect of which the transfer is not in order, eg signature of transferer does not agree with name on certificate. The opposite of good delivery (all requirements are met so that title can be transferred). bag

Sack, Beutel, Tasche, Tüte

A package or container made of cotton, jute, strong paper, plastic, cloth, linen, canvas, rubber, etc. for carrying items.

-

bail

106

-

Kaution

Also called bailment, bond, caution money, guarantee, safety bond, security, or guarantee/security deposit. A sum of money demanded by a law court, paid by or for a person accused of a crime, as security that he/she will appear for his/her trial, until which time he/she is allowed to go free. If he/she appears and answers the charge in court, the money is given back. A sum of money paid in advance as surety (ie a deposit) for hono(u)ring a contract (eg rent, house purchase etc.). bailee

treuhänderische/r Verwahrer/in/Verwalter/in, Depositor

The act of leaving property with someone for safe custody is known as bail/bailment and when a person provides this type of service he/she is a bailee, ie a custodian of other people's property. He/she has possession but not ownership of the goods and he/she must take and maintain a reasonable standard of care, depending on the circumstances. The goods are to be returned to the owner (the bailor) when he/she asks. There are two types of bailee: 1. the paid bailee (he/she is expected to use every means available to protect the property), 2. the gratuitous bailee (he/she is expected to look after property in his/her care in the same gratuitous way as a reasonably prudent person would look after his/her own property). bailiff

Gerichtsdiener Gerichtsvollzieher (Guts) Verwalter, Landvogt

A court officer who makes people obey the orders of the court. A person who seizes property, especially furniture, to obtain payment of debts which the court has ordered to be paid. A landowner's agent or manager who looks after his/her estate or property. Also called estate/land supervisor. bailment

Hinterlegung, Verwahrung Hinterlegungsvertrag

The temporary possession of goods of another person without ownership. The delivery of goods by one person (the bailor) to another person (the bailee) in trust on the terms that they are returned when the purpose for which they were bailed has been fulfilled. The bailor must either be the rightful owner or one with a right to possess the goods; the bailee must be willing to take possession of them. The deposit agreement between bailor and bailee. Also called contract of bailment or escrow agreement.

-

bailor

107

-

Hinterleger/in, Treugeber/m

A person who entrusts goods to another person (the bailee) for safekeeping or for a specific purpose, but without losing of his/her ownership of die goods. baisse

Baisse, Fallen der Kurse/Preise

Contradiction in the prices for securities, goods, etc.; a fall normally in the stock market; a slump, a price fall or collapse generally. bait advertising

Lockvogelwerbung

Also called bait and switch advertising, loss leader selling or switch selling. The practice of advertising a product or service solely in order to attract ito bait) customers to the shop, where they can then be persuaded to buy something else, ie a higher-priced article. The salesperson disparages or belittles the article advertised (the bait or loss leader), recommends the purchase of a more expensive article or indicates any other difficulties in connection with the purchase of this product. balance (bai)

Saldo saldieren, ausgleichen bilanzieren Rest Guthaben Gleichgewicht

In accounting, the difference between one side of an account and the other. Subtract the smaller side from the larger side to find the balance. The word balance is entered in the description column under the last entry on the side having the smaller total amount, ie either on the credit side (credit balance) or on the debit side (debit balance). The balance makes the debit side and the credit side add up to the same amount. Balances are of three types: 1. zero balance: total debits and total credits are equal; 2. debit balance: excess of total debits over total credits; 3. credit balance: excess of total credits over debits. Also called account balance or balance of account. To balance an account means to make both debit and credit sides show the same amount. The business balances its books when it makes up the profit and loss account and the balance sheet at the end of the business year. What is left over; eg the rest of an amount owed. Also called remainder. A balance in an account showing that more money has been received than is owed. Also called credit balance. The state in which two or more things are equal, eg supply equals demand. Also called equilibrium.

-

108

balance due

-

fälliger Betrag

A specific amount of money payable immediately or on a particular date. balance in/on hand

Kasse, Kassenbestand, Barbestand

Also called cash (balance), cash in/on hand, cash assets/holdings, money in cash/hand, till money. Money which can be used for cash payments. balance of payments (BOP, bop)

Zahlungsbilanz

Also called balance of international payments or external balance. A country's balance of payments is a record of all its financial and economic transactions with the rest of the world and within a given time period. It can be divided into three parts: 1. the current account which represents national income and national expenditure. It consists of the visible balance (measures the difference between a country's exports and imports of tangible goods such as manufactured and semi-manufactured goods, raw materials, etc!) and the invisible balance (concerned with the payments and receipts derived from the provision of services such as banking, insurance, tourism, shipping, etc.). 2. the capital account which deals with the flow of funds out of and into the country through investment abroad and internal investment by foreign countries. 3. official financing payments such as government borrowings and repayments. If the balance of payments is persistently in deficit or in surplus (ie there is a fundamental disequilibrium) the exchange rate of the country's currency will be liable to fall or rise accordingly (there must either be a devaluation or revaluation of the currency). Note: the balance of payments must always balance (whereas the balance of trade rarely balances). balance of payments adjustment

Zahlungsbilanzausgleich

The operation and effects of mechanisms for correcting balance of payments (BOP) disequilibria. The methods of correcting a balance of payments disequilibrium are classified as: 1. automatic adjustment mechanism: this is activated by the BOP disequilibrium itself, without any government action, and operates until the disequlibrium is eliminated; the mechanism can either operate on prices, ie it relies on price changes in the deficit and surplus nation; or on incomes, ie it relies on induced changes in the national income of the deficit and the surplus nation; 2. adjustment policies: these are specific measures facing various time lags and adopted by the government with the primary aim of correcting a BOP disequilibrium. A nation can usually correct a deficit in its BOP by devaluing its currency or allowing it to depreciate. Note: BOP disequilibria cannot go on indefinitely, but must be corrected.

-

balance of payments deficit

109

-

Zahlungsbilanzdefizit, Passivsaldo der Zahlungsbilanz

Also called external/payment deficit or passive/unfavo(u)rable balance of payments. A situation where total payments out of a country exceed total payments into that country, ie a situation in which a country is spending more abroad than it earns abroad. balance of payments disequilibrium

Zahlungsbilanzungleichgewicht

Also called external imbalance. A disequilibrium means a failure to achieve equilibrium or balance. The balance is said to be adverse, in deficit, passive or unfavourable if it shows that the country pays or owes more than it receives or is owed. The balance is said to be active, favo(u)rable, in surplus, or positive if the opposite is the case. The surplus or deficit must be cleared in some way; the balance of payments must always balance (the balance of trade rarely balances). There are three main ways of correcting a disequilibrium: 1. external price adjustments (ie alterations in the exchange rate); 2. internal price and income adjustments; 3. trade and foreign exchange restrictions. Note: one way to correct a disequilibrium in the balance of payments, eg an adverse balance of payments, is to make our exports cheaper and our imports dearer. balance of payments equilibrium

Zahlungsbilanzgleichgewicht

The payments of all kinds made from one country to the rest of the world equal its receipts from all other countries. balance of payments surplus

Zahlungsbilanzüberschuß, Aktivsaldo der Zahlungsbilanz

Also called external/payments surplus or active/favo(u)rable balance of payments. Total payments into a country exceed total payments out ofthat country. balance of trade (BOT, bot)

Handelsbilanz

Also called trade/visible balance, balance of merchandise trade or balance of visibles. The difference in the money value between the total exports and imports of visibles/tangible goods of a country over a period of time. A favourable balance of trade (also called trade surplus) means that the value of a country s exports exceeds the value of its imports. An adverse/unfavo(u)rable trade balance (also called trade deficit) means that imports exceed exports; it can be corrected by increasing export earnings and/or reducing the amount spent on imports.

-

110

-

The balance of trade is an important part of the balance of payments. Note: in many countries, eg Great Britain, exports are taken at fob prices, and imports at cif prices. balance of trade deficit

Handelsbilanzdefizit

A situation in which the value of a country's imports exceed the value of its exports for a specific time period. balance of trade surplus

Handelsbilanzüberschuß

A situation in which the value of a country's exports exceed the value of its imports for a specific time period. balance on capital account

Kapitalbilanz, Kapitalverkehrsbilanz

Also called balance of payments on capital account or balance of capital movements. The capital account records all capital movements. It shows the difference in the money values of the capital flowing mto and out of the country. Capital moves from country to country in search of the highest rates of return. Capital movements include, eg: the purchase of shares in foreign companies, the transfer of bank deposits from one country to another. The final element in the capital account is changes in gold and foreign exchange reserves held by the central bank. balance on current account

Leistungsbilanz, Bilanz der laufenden Posten Kontokorrentsaldo

This shows the difference between total income and expenditure arising from visible and invisible trade. In other words, it is the difference between the money values of visible and invisible exports and of visible and invisible imports. Also called balance of payments on current account, current account balance or balance on/of goods and services. The balance on a current/checking account. Also called current/checking account balance. balance on/of goods and services

Leistungsbilanz

Also called balance (of payments) on current account. The algebraic sum of exports and imports of goods and services. It includes commodity trade (ie export and import of goods) and invisible items (eg insurance payments, donations, travel).

- Ill balance sheet (B/S, b.s.)

Bilanz Jahres-, Rechnungsabschluß

A statement showing the financial position of a business on one particular day, usually at the end of the accounting period. Such a statement shows the capital (owners' equity), liabilities and assets of a business. Assets and liabilities are, usually, split into fixed assets, current assets, current liabilities, deferred liabilities, and other provisions, etc. (the balance sheet items or titles). The fixed assets are recorded at cost less depreciation and current assets at the lower of cost or market value. Balance sheets are presented in one of two forms: 1. the account-form balance sheet: it is set out in two halves, the assets on the left and the liabilities and the capital on the right; - this is customary, though not obligatory a more common format today is 2. the report-form balance sheet: it lists assets, liabilities and equity capital one under the otner. The balance sheet identity/equation is: capital (ie owners' equity) = total assets less liabilities (C = A - L). In other words, assets are equal to liabilities and equity. A company must prepare its balance sheet according to the law. It is usually explained to ana discussed by members/shareholders/stockholders every year at the annual general meeting (AGM). A copy of the auditor's report must be attached to all balance sheets issued to snareholders/stockholders. Unlike a profit and loss statement, which shows the results of operations over a period of time, a balance sheet shows the state of affairs at one point in time. Classification of the balance sheet format: XYZ Company Balance Sheet December 31, 2000 1. Current Assets eg cash, inventory Total Current Assets

1. Current Liabilities eg accounts payable Total Current Liabilities

2. Long-term Assets eg land, plant Total Long-term Assets

2. Long-term Liabilities eg bonds payable Total Long-term Liabilities

3. Other Assets eg Goodwill Total Other Assets

3. Owner's Equity eg capital stocK Total Owner's Equity

4. Total Assets

4. Total Liabilities and Owner's equity

Note: the balance sheet is useful because it indicates the resources the company has and what it owes. Also called statement of condition/financial position/assets and liabilities. In a wider sense, it includes the balance sheet, the profit and loss account (earning or income statement), and other related documents. Also called annual (financial) statement, financial statement, or year-end statement.

-

balanced budget (BB)

112

-

ausgeglichener (Staats)Haushalt, ausgeglichenes Budget

A (government) budget in which current (government) income/revenue exactly equals (government) expenditure. In financing, also called in-line budget. Unbalanced government budgets may affect employment and output and, under certain circumstances, this can be beneficial to the economy. balanced economic growth

harmonisches Wirtschaftswachstum

Economic expansion throughout a country at approximately the same rate. balanced economy

Volkswirtschaft im Gleichgewicht

An economy in which the value of imports equals the value of exports in monetary terms. balanced fund

Stabilitätsfonds

A mutual fund/unit trust that buys common stock/ordinary shares, preferred stock/preference shares, and bonds in an effort to obtain the highest return consistent with relative safety. balanced growth

Gleichgewichtswachstum

Growth of different sectors of an economy at the same rate. Economic expansion at a constant rate coupled with price stability. balanced portfolio

ausgewogener Wertpapierbestand

This is a collection of securities of different types. Some gilt-edged securities, some blue chips, some bonds, some rather risky (but often very profitable) shares in finance companies, etc. balancing item

Ausgleichsposten, Restposten in der Zahlungsbilanz Ausgleichsposten (Rechnungswesen)

An item included in the balance of payments to take account of transactions not recorded, recorded incorrectly, or recorded outside the accounting period. Also called accounting item. In accounting, the same as compensating/offsetting/per contra item. bale

Ballen (in einem Ballen enthaltene Warenmenge)

A package of soft goods (eg cotton, wool, etc.) tightly pressed together and wrapped in a protective material (eg canvas, tarpaulin), often bound up with iron strips.

-

113

ballot

geheime Abstimmung/Wahl Stimm-, Wahlzettel Gesamtzahl der abgegebenen Stimmen

A method of voting in secret, usually by marking a piece of paper (the ballot paper) and putting it into a box (the ballot box). Also called secret ballot or ballot vote. The ballot paper used in a ballot. The number of votes cast or recorded. ballot box

Wahlurne

Sealed box into which ballot papers/tickets are put. ballot paper

Stimmzettel, Wahlzettel

Also called ballot ticket. A paper on which the voter marks a cross to indicate who he/she wants to vote for. This paper is then put into a ballot box. ballpark figure

grobe Schätzung

Also called rough estimate or gues(s)timate (coll). A rough estimation of the amount or value of something. Baltic Exchange

Baltic Exchange, Frachten- und Warenbörse in London

Sometimes known as the "Baltic"; its full name is the Baltic Mercantile and Shipping Exchange. A London commodity market (commodity exchange), where agents and brokers meet to buy and sell the following: grain "futures", oil and oil seeds, coal and timber. The world's largest market for shipping and aircraft services. Owners and brokers charter, buy, sell, and insure ships ana aircraft. It is a famous City institution in the same line of descent from the 18th century coffee house meetings of merchants as Lloyds. ban

Verbot Arbeitsverweigerung

An official order or law that forbids something. In employment, an organized refusal by employees to undertake certain work. Also called black/work ban.

-

114

bank (Β, bk)

-

Bank

A financial institution acting as a middleman/intermediary between suppliers of funds and users of funds. A bank earns money by reinvesting funds in longer-term assets, by making loans and by providing other services. In making loans, a bank assumes both interest rate risk and credit risk. A bank collects surplus funds, principally as deposits repayable on demand or at short notice, safeguards them and makes them available to the true owner when required, but also employs them to make advances by overdrafts and loans. Oth er important banking activities are the providing of money transmission facilities such as cheques/checks and remittances/transfers, accepting and discounting bills (of exchange)/drafts, providing foreign exchange services, purchasing or selling securities, clearing cheques/checks and bills/drafts, collecting cheques/checks and bills of exchange, financing foreign trade and providing a wide range of financial advisory services. Note: in GB the term "bank" is reserved by law (Banking Act) for institutions approved and licensed by the Bank of England. Note: in Britain, The Bank means the Bank of England. bank acceptance (B/A)

Bankwechsel, Bankakzept

Also called bank(er's) acceptance/bill/draft. A usance draft/term bill/time draft drawn on and accepted by a bank that stamps "accepted" across the face, thereby making it a prime obligation ofthat bank to pay. It is used to finance specified short-term transactions, including foreign trade. Such a bill can be more easily and more cheaply discounted in tne money market because of the acceptance and reputation of the bank. bank account

Bankkonto

An account with a bank, where the customer can deposit or withdraw money, eg by cheque/check, direct debit(ing) or standing order if the money is in a current/checking account. There are three main types of account: the current/checking account, the deposit account (DA) and the savings account. bank advance

Bankkredit, Bankdarlehen

Also called bank credit/loan. A general term for any form of (short-term) bank lending, usually by way of overdraft or by various types of loans and Dili financing. Interest is payable at an agreed rate. Most advances are made after the customer has given some form of security. bank balance

Bankguthaben

Also called bank deposit, balance in bank, cash at/in bank, or credit balance at the bank. The amount of money standing to the credit of a bank account, ie the balance of a customer's account as advised by the bank, eg in a bank statement.

-

115

bank bill

-

Bankakzept, Bankwechsel Banknote

A bill of exchange issued/drawn or accepted by a bank. By accepting/guaranteeing a bill, a bank concerned engages to pay it on maturity and because of the acceptor's guarantee such a bill may be discounted at lower/preferential discount rates than trade bills. Also called bank acceptance, bank(er's) draft, bank paper or banker's bill. In the US a banknote/bank note. bank book

Bank-, Spar-, Einlagenkontobuch

Also called bank passbook or passbook (PB). A book, given by a bank, which records all debits and credits in a customer's current (current passbook), deposit (deposit passbook) or savings account (savings account passbook). The bank book must be presented for any deposit or witharawalof money out it is not a book of original entry. Today it has been almost entirely replaced by the computerized bank statements (which are loose-leaf sheets (called pass sheets). bank charges

Bankspesen, Bankgebühren

Also called banking charges, bank commission, or commission on current/checking accounts. The commision and interest debited by a bank to a customer's current/checking account for financial transactions and for the work of keeping the account. In accounting, bank charges are an expense of a business. bank cheque/check

Bankscheck

Also called banker's/cashier's cheque, bank draft (B/D), or banker's draft. A cheque/check payable on demand drawn by a bank on itself and signed by an authorized officer. The bank promises to pay a stated sum of money to a payee when the cheque/check is presented at a bank. Since no bank is likely to refuse payment of such a cheque it is regarded as cash. In practice it is used by a debtor when his/her creditor is unwilling to accept a personal cheque. Note: the debtor pays the bank for it at the time of issue. bank code/number

Bankleitzahl (BLZ)

Also called sorting code/number, (bank) routine number or bank identification number (BIN). A system of figures used in banking and indicating, for example, the type of bank, its registered office, its clearing house, etc. The bank code is the "account number" or "address" of a bank. Each bank has its individual number so that payment transactions and clearings can be effected easily, speedily and directly to the appropriate bank.

-

bank collection

116

-

Bankinkasso

The collection of payment through a commercial bank. This gives both the buyer and the seller greater confidence that, providing they conform to their obligations, goods will be received and payment will be effected. bank commission

Bankprovision

A payment charged by a bank to a customer/client for providing a service. The amount is usually a percentage of the total value of the transaction. bank credit

Bankkredit (Bank)Guthaben Kreditwürdigkeit

Lending by the banking system up to a specified amount, interest being charged and security required for money actually advanced. This credit (money) is created, ie brought into existence, by the banks through credits, overdrafts and loans and has great economic importance because of its effect on the total supply of money. Also called bank loan. A balance on a customer's bank account that is available for withdrawal. Also called bank balance. A bank's opinion on its customer's/client's ability to meet financial obligations; ie a customer's/client's creditworthiness. Also called credit rating/standing/status or creditability. bank deposit interest

(Gut)Habenzins

Also called credit interest, deposit rate or interest on deposits. A payment made by a bank or other financial institution to a depositor for the use of his/her money. bank deposits

Bankeinlagen

Money placed with a bank by its customers, eg in the form of a demand deposit, fixed deposit, time deposit, etc. The total sum of money owed by a bank to all its customers. This amount represents claims by customers and is therefore a liability of the bank. The total of a country's bank deposits. bank discount

Bank-, Wechseldiskont Damnum, Darlehensabgeld

Also called discount. A bank's charge for discounting a bill of exchange (B/E). That means the difference between the face value of a bill of exchange bought by a bank and the amount credited to the customer's account. The difference is the discount which the bank deducts and is

-

117

-

the interest for the time the bill of exchange has to be held until it falls due/matures, ie becomes payable. Also called discount rate or banker's discount. The discount on a loan charged by the bank. bank discount rate

Bankdiskont(satz) Wechseldiskont(satz)

The rate charged by a bank for a loan where the interest charges are deducted when the loan is made. The discount/interest charge by a bank when someone discounts, ie sells a bill of exchange to the bank before maturity. bank draft (B/D, B/Dft)

Bankwechsel, Banktratte Bankscheck

A bill of exchange/draft drawn/issued by a bank on itself or another bank payable on demand. This bill can be more easily traded in the money market because it carries the backing by that bank. Also called bank bill or banker's draft. A cheque/check drawn by a bank on itself. It is usually used where large amounts of money are involved and a creditor will not accept a personal or company cheque/check. Note: a Dank may not issue a bank cheque/check to a customer unless there are sufficient funds in/on the customer's account. Also called bank cheque/check. Bank for International Settlements (BIS)

Bank für internationalen Zahlungsausgleich (BIZ)

Also called the "Club of Basle". An international institution, established in 1930, in Basle (Switzerland) whose members are the central banks of Western Europe, the USA, Canada and Japan. It is the center of central bank cooperation. The BIS is primarily concerned with the acceptance from European central banks of short-term deposits of gold and dollars and granting of short-term credits. bank giro The term is used to describe the credit transfer system and the direct debit(ing) system. In GB, a method which banks use to remit/transfer amounts from the account of one company or person to another on the instruction of the first company or person without a cheque being issued/written. The payer fills in a credit slip/transfer form for each payment showing the name of the transferee/recipient, the amount to be paid, the name and address of the recipient's /transferee's bank, the recipient's account number and the remitter's/transferer' s name. Any system between banks which allows for the settlement of mutual debts, without the use of cash, but by means of balance payments.

118

bank giro credit

Bankanweisung, Überweisungsauftrag (GB)

Also called bank(er's)/transfer order or credit transfer/transfer instruction. In GB, bank giro credits enable a person or company to pay money into someone else's bank account, whether he/she has an account of nis/ner own or not. bank giro credit slip

Überweisungsvordruck

Also called credit slip, credit transfer form/slip or remittance/transfer form/slip. A slip/form used to transfer/remit money from one account to another. bank guarantee/guaranty

Bankbürgschaft, -garantie, -aval

A formal promise by a bank to a creditor to pay him/her a sum of money if the debtor does not pay. This guarantee can be used as a security for a loan but the bank itself will require good cover in cash before it issues a guarantee. Note: a bank guarantee has to be in writing to be legally binding. bank holiday

Bankfeiertag, gesetzlicher Feiertag

Also called legal/statutory holiday (US). In GB, public holidays on which banks and most other business organizations are closed. In England and Wales these are New Year's Day (1 January), Good Friday, Easter Monday, May Day, late Spring Holiday (first Monday in June), late Summer Holiday (the Monday following the last weekend in August), Christmas Day (25 December) and Boxing Day (the first weekend after Christmas Day). In Nothem Ireland, all the English holidays plus St. Patrick's Day (17 March), Easter Tuesday and 12 July; in Scotland, all the English holidays except Easter Monday and Boxing Day. In the USA, national holidays honored by financial institutions. State holidays are not standardized, however. Note: payments delayed/postponed by a bank holiday are payable the next business/working day. bank interest

Bankzins/en

Also called banker's interest. A payment made by a bank to a depositor for the use of his/her money. Also called credit interest, bank deposit rate or interest earned/received. The amount charged by a bank to a borrower, ie interest paid by a customer. Also called debit interest, bank loan rate or lending rate.

- 119 bank lending

Kreditgeschäft der Banken, Bankkredite

The temporary grant of money by banks, made on the understanding that the credit/loan granted will be repaidwith an additional interest payment. The lending by banks can be classified as follows: 1. according to maturity (short-term, medium-term and long-term); 2. according to the ose for which the funds are used; 3. according to the security provided by the 3wer s ; 4. according to the creditworthiness of the borrower(s); 5. according to the expectations of profitability. Though loans may be unsecured, they are normally secured and repaid in regular installments.

Q

bank loan

Bankdarlehen, Bankkredit

Also called bank advance/credit. An amount of money which is loaned/lent by a bank and repayable at a stipulated future date or in installments in the case of a personal loan. Loans are interestbearing and usually require security, especially if the loan is to a business enterprise. A special loan account is usually opened. If the loan is arranged as an overdraft a limit (the credit line/ceiling) is set to which the customer can overdraw his/her current/checking account. The borrower only pays interest on the sum overdrawn. bank loan interest

Kreditzins/en

Also called lending rate, debit/loan interest or interest on borrowings/credits/loans. The interest paid by a borrower to a bank or other lender for the use of a credit granted. bank Iodg(e)ment form

Bankantrag zur Akkreditiverteilung

A checklist of instructions prepared by an exporter on a form supplied by and returned to a bank, to ensure that the bank has clear and full instructions concerning the exporter's requirements under a letter of credit (L/C). bank manager

Bankdirektor/in

Also called bank director. A person conducting/managing a bank. bank money

Buchgeld, Giralgeld

Also called bank credit or deposit currency/money. Bank money consists of the credit balances of the accounts of customers of commercial banks. The total amount owing by the banks to its customers is known as bank deposits. These deposits, ie this bank debt, is used as money - bank deposits are money.

-

Bank of England (BoE, B.E., B/E)

120

-

Bank von England (Zentralbank)

Also called The Bank or The Old Lady of Threadneedle Street (coll.). Founded in 1694, reorganized in 1844 under the Bank Charter Act which established two separate departments - the Issue Department (responsible for providing and issuing banknotes) and the Banking Department (responsible for conducting ordinary banking business for the Government ana the public) - and nationalized in 1946. The Bank of England does not compete in any way with the commercial banks; it is the Central Bank of the UK, owned by the State, and as such it is concerned solely with matters affecting the national interest. As a bank it retains some private accounts but its main customers are the government, foreign central banks, international organizations, and the commercial banks. The bank performs a wide variety of functions: 1. it acts as banker to the Government (eg keeps the accounts of the various Government Departments, arranges new issues of Government stock, manages the national debts, etc.), 2. it acts as banker to the commercial banks (eg keeps the "bankers" deposits), 3. it implements monetary policies by managing the money markets and the liquidity of the commercial banking system via open market operations, changes in the base rate, etc., 4. it acts as lender of last resort, 5. it manages the international monetary policy of the Government (eg monitors the foreign exchange rates), 6. it is the custodian of the county's reserves of gold and foreign currency, 7. it issues banknotes (for which it has a monopoly in England and Wales). The Bank is managed by a Court of Directors, which consists of a Governor, a Deputy Governor and 16 directors. All appointments to the Court are made by the Crown. bank of issue

Notenbank, Emissionsbank

Also called issue bank. A country's bank, usually its central bank, that issues banknotes which are used as money and legal tender in this country. bank order

Bankauftrag

An order placed by a bank customer/client asking a bank to execute a transaction, eg to make a regular payment or to buy securities. bank overdraft

Dispo-, Kontokorrent-, Überzienungskredit

Also called overdraft or overdraft facility. The amount by which a bank allows a customer to overdraw his/her current/checking account, ie to run into debt to the bank by withdrawing more than the amount standing to his/her credit in the account. But a limit (the credit line/ceiling) is set to which the customer may overdraw. The bank charges interest on the overdraft on a day-to-day basis.

-

bank paper

121

-

Bankwechsel im Umlauf befindliche Banknoten

A bill of exchange/draft that has been drawn or accepted by a bank. Also called bank acceptance/bill/draft. Banknotes which have been paid out by banks and are in circulation. bank rate (BR)

Diskontsatz (GB) Kreditzinssatz

The minimum rate at which the Bank of England will discount/rediscount eligible papers, eg first-class bills of exchange. From 1972 - 1981 the bank rate was replaced by the minimum lending rate (MLR). It was taken by the commercial banks as the basis for their interest rates for deposits, loans and discounts; the Bank of England used it as an instrument for controlling the volume of credit. Also called discount/rediscount rate (USA), rate of discount/rediscount or central bank discount rate. Note: the bank rate is now more commonly known as the base rate. The interest rate charged by the bank on loans. Also called debit interest, bank lending rate, borrowing/lending/loan rate, or funds rate (US). bank reconcil(l)iation

Kontoabstimmung zwischen Bank und Kunde

The act of reconciling any differences between a customer's balance in/on his/her account and a bank statement of that account. bank reference

Bankauskunft, Kreditauskunft

Also called banker's/financial reference, bank disclosure, credit information or status inquiry. A reference furnished by a bank to a third party, such as another bank or a bank customer, with regard to the creditworthiness of a customer/client and his/her suitability for being granted credit. If a seller is dealing with a buyer for the first time he/she may seek some assurance that the seller can pay for goods, particularly if credit is asked for. bank reserves

Bankreserven

The money segregated by a bank, which cannot be lent, in order to pay demand depositors. bank return

Bankausweis (der Bank von England)

Also called weekly return (WR). A weekly statement of assets and liabilities issued by the Bank of England showing its financial position (eg the amount of gold, silver and bullion in hand, the amounts of banknotes and coins in circulation, the value of securities held, etc.).

-

122

-

The return consists of two balance sheets, one for the Issue Department, the other for the Banking Department. bank run

Ansturm auf eine Bank

A run on a bank and thus a rapid loss of deposits (ie customers hurriedly withdraw their funds) caused by fear on the part of the public (ie the depositors) that a bank may fail and close. bank statement

Kontoauszug Bankauszug

Usually a computerized statement in loose-leaf form, sent (usually monthly) by a bank to a customer, to show, in columnar form, all transactions affecting a customer's current/checking account, with dates, cheque/check serial numbers, amounts paid in and withdrawn, and the balance on the account. The debit entries and credit entries are on the opposite sides to the entries in the customer's cash book. Therefore, payments are on the debit side, receipts are on the credit side. Also called statement of account or (account) statement. In USA, also a report on the financial position of a bank made to a controlling authority. bank teller

(Bank)Kassierer/in

Also called cashier or teller. A bank employee who accepts deposits, cashes cheques/checks, and performs other banking services for the bank clients. Usually, they work behind a counter or enclosure. bank transfer

Banküberweisung

Also called banker's transfer, bank credit transfer, banker's order, or bank remittance. Transfer of money from the bank account of a debtor to the bank account of his/her creditor by order of the debtor. bank withdrawal

Abhebung vom Bankkonto, Kontoabhebung

A customer makes a bank withdrawal when he/she takes/draws/withdraws money from his/her own bank account. This may be done by taking cash out of an account, or by the transfer/remittance of funds to another account. bankcard

Bank-, Scheck-, Kreditkarte

A multipurpose transaction card giving a bank's client the ability to get cash at a cash dispenser or at an automated teller machine (ATM), and to pay for goods and services at retail shops/stores. The card may be a credit card (ie it is tied to a preapproved credit line) or a debit card (ie the account holder can only draw funds from his/her current/checking account or savings account).

-

123

-

The cardholders are billed/invoiced by their bank. banker

Bank Bankangestellte/r, -kauffrau, -mann

A bank. A person who is employed by a bank, usually in an important position. banker's order

Bankauftrag, Dauerauftrag Banküberweisimg

An order in writing given to a bank by a customer to make regular payments of a stated sum to a specified payee/beneficiary at certain stated dates until further orders, eg repayments on a building society mortgage, insurance premiums, etc. The bank will automatically do this by debiting the customer's account and sending a credit to the beneficiary's/payee" s bank. Also called standing order, blanket order, mandate or money transfer order. The same as bank transfer/remittance. bankers automated clearing services (BACS) EDV-Abwicklung von Kundenüberweisungen ( G B ) In GB, a banking service which permits banks to put their instructions for the transfer of money on to magnetic tape which can be processed by computers without the normal documents being involved. bankers' bank

Bank der Banken

A central bank; in GB, the Bank o f England; in the USA, one of the 12 Federal Reserve banks; in Germany, the Deutsche Bundesbank (until 1999) in the European Union (EU), the European Central Bank (ECB), in Australia, the Reserve Bank of Australia. bankers' deposits

Zentralbankguthaben der Geschäftsbanken

Bankers' credit balances with the central bank, eg the Bank of England or the Fed, which can be converted into cash at any time. These deposits are used as a measure of the state of the economy and as a means of controlling (through the central bank) the supply of money. banking hours

Schalterstunden, Geschäftszeit/en einer Bank, Banköffnungszeiten

Also called bank/business/opening hours. The hours during which a bank is open to the public; the usual hours in the UK are Monday to Friday from 9.00 or 9.30 a.m. until 3.00 or 3.30 p.m.

- 124 banking services

Bankdienstleistungen

Today banks are full-service banks so that their services cover an enormous range of activities, such as: 1. receiving deposits (eg demand, time or savings deposits); 2. transferring/remitting funds from current/checking account to current/checking account; 3. paying customers' cheques/checks drawn against them; 4. hono(u)ring bills of exchange/drafts; 5. granting all kinds of credits and loans; 6. paying interest on deposits; 7. granting credit cara facilities; 8. issuing letters of credit (L/C); 9. accepting bills of exchange drawn under them; 10. providing safe deposit vault facilities; 11. underwriting and dealing in securities; 12. permitting overdraft facilities; 13. dealing in foreign exchange; 14. issuing traveler s checks; 15. providing factoring and leasing services; 16. providing export advice; 17. offering standing order and direct debit(ing) services; 18. providing investment management, insurance and consulting services; etc. banknote/bank note (BN)

Banknote, Geldschein

Also called note or sometimes bill (USA). Printed paper money promising to pay the bearer on demand a specified sum of money, usually issued by or under the authority of a country's central Dank (in GB the Bank of England in the USA The Fed). In England the Bank of England is today the only bank with the right to issue banknotes; in the USA banknotes are issued only through the Federal Reserve System; in Germany through the Deutsche Bundesbank (until 1999). Bank of England notes ceased (in 1931) to be redeemable/convertible in gold, and the "Promise to pay the Bearer on Demand", which appears on the face of every note, is virtually meaningless, since payments would no longer be made in gold, but only in notes of the same kind. Bank of England notes and the f 1 coin are unlimited legal tender. In the USA, the Federal Reserve note is the only officially authorized legal tender. Government and central bank monetary policy controls the number of banknotes in circulation. bankrupt (bkpt)

Insolvent/in, Konkursschuldner/in, Zahlungsunfähige/r

Also called debtor in bankruptcy or insolvent (debtor). An insolvent (debtor) who has been adjudicated bankrupt by the court. The person or company is unable to pay debts in full and their property is divided among creditors under the bankruptcy laws. The bankrupt remains bankrupt until discharged by the court. A company unable to pay its debts cannot be made bankrupt; instead it can be put into liquidation, ie its assets are sold for cash, which is used to settle its debts. bankruptcy

Insolvenz, Konkurs, Bankrott

A condition of insolvency. Inability of a business or person (ie the debtor) to meet the claims of its creditors, ie the state of being bankrupt/broke/bust. This is brought about by a petition against the debtor, either by an unpaid creditor or by the insolvent himself/herself.

-

banquet

125

-

Bankett, Festessen

A large formal dinner for many people. bar chart

Stabdiagramm, Säulendiagramm, Histogramm

Also called bar/column diagram, bar graph, or frequency bar chart. A graphic display to enable comparisons to be made. Data can be plotted by time period as a series of bars, the length of each bar depending upon the value of the data represented. barcode

Balkencode, Strichcode

A universal product code (UPC), ie a series of thick and thin black lines identifying the product ana providing inventory and pricing information that can be read by a barcode/electronic scanner. The barcode is read at the retail checkout. barcode reader

Strichcodeleser

Also called barcode scanner. A device for optical scanning of barcodes and translation of the coded information (eg prices or product descriptions) into digital signals reachable by a computer. bareboat charter

Bareboatcharter

Also called bare-pole/bare-hull charter. A ship charter system where the owner provides only the ship, but not the crew and fuel. bargain

Kaufvertrag Geschäft Börsengeschäft Gelegenheitskauf günstiges Kaufobjekt, Schnäppchen

An agreement/contract for the purchase or sale of anything. A piece of business, especially of buying and selling. Also called deal or transaction. A transaction in stocks/shares or other sécurités. Also called stock market transaction. An advantageous purchase, usually something bought cheap. Also called buy, chance bargain or job lot. Something offered at a cheap or specially reduced price. Also called snip.

-

bargain basement

126

-

Abteilung fur Sonderangebote

The below ground level floor in a shop/store where one can buy cheap goods, ie the goods are sold at a bargain price or bargain basement price. bargain counter

Theke für Sonderangebote, Wühltisch

The counter in a shop/store where goods are sold cheaply. bargain goods

Niedrigpreiswaren

Goods sold at extremely low prices. bargain hunter

Schnäppchensucher/in, -jäger/in; Sonderangebotsucher/in

A person who searches things, eg good quality items or securities, he/she can buy cheaply, ie at a bargain price. bargain offer

Sonderangebot, günstiges Angebot

The sale of a particular type of commodity at a cheap or specially reduced price (the bargain price). bargain pack

(Waren)Sonderangebot

An offer of a product, usually in a special pack or wrapper, at a reduced price for a limited time period. The producer hopes to win new customers to his brand. bargain sale

Ausverkauf, Verkauf zu (stark) reduzierten Preisen Sonderangebot Wertpapiergeschäft zwischen Börsenmitgliedern

The sale of (all) goods in a shop/store at cheap or reduced prices. Also called clean-up sale. The sale of particular goods at cut-rate prices. Also called premium offer or special bargain. A deal in securities between members of the stock exchange. bargain store

Billigpreisgeschäft

A store that sells merchandise at a supermarket price. The merchandise is often damaged or seconds and the quantities offered are frequently limited. bargaining Also called negotiation.

Verhandeln, Handeln

127

-

The offer and counter offer of a price for goods or services. bargaining power

Verhandlungsstärke

The strength of one person or group when discussing prices, wage agreements or other matters. bargains

Börsengeschäfte, Börsenabschlüsse

Also called bargains done. The number of deals made on the stock exchange during a day. barge

Barkasse, Frachtkahn, Leichter

Also called lighter. A flat-bottomed freight boat commonly used on inland waterways or to carry cargoes over short distances, especially between ocean vessels and the shore or port. barometer stock

Barometeraktie

A stock whose market price indicates the general condition of the market. barratry

Baratterie, Beschädijnmg der Ladung (Betrugshanolung)

Any unlawful act wilfully committed by a ship's master or crew to the detriment of the owner or charterer. barrel (bri, bl)

Faß, Tonne Barrel (Hohlmaß)

A wooden or metal drum or container. Capacity 25/60 gallons. "Tight" barrels are for carrying liquids; "slack" barrels for dry contents; hoops strengthen the barrels. Also called cask. Measure of capacity, GB: 163,656 1; US: 119,228 1; oil: 158,97 1. barren money

totes, brachliegendes Kapital

Also called idle/inactive money. Money that does not earn interest or any other form of income. barrier to entry Also called restriction of entry.

Marktzutrittsschranke, Zugangsbeschränkung

-

128

-

A market situation that impedes or prevents the entrance of new firms into an industry, eg government controls, insufficient demand, high capital investment costs, resistance of competitors, consumer preferences, patent rights. barrier to exit

Marktaustrittsschranke

The costs or forgone profits of a firm which will occur if it leaves an industry. barriers to trade

Handelshemmnisse, -restriktionen

Also called trade bars/barriers/restrictions. Any action by the government of a country to restrict/limit or prevent the free flow of imports (and exports). Barriers to trade between countries and the discouragement of international specialization are erected for social and political as well as economic purposes. These arise for four reasons: 1. protecting domestic employment, 2. protection against "dumping", 3. infant industries and 4. strategic arguments. Methods to restrict free trade are: tariffs, import quotas, subsidies, embargoes, currency restrictions, price controls, import permits, health and safety standards, packaging and labelling regulations, etc. barrister (Bar.)

(Rechts)Anwalt/Anwältin

Also called barrister-at-law, counsellor, lawyer, solicitor, attorney (US) or attorneyat-law (US). The British and Australian name for a lawyer or advocate. He/she can speak or argue a case in one of the higher courts. barter

Bartergeschäft, Kompensationsgeschäft Naturaltausch, Tauschhandel

The exchange of goods for other goods is effected without the use of money. Today barter is accepted on an international scale to facilitate trading with countries which are short of hard convertible currencies and which have balance of payments troubles. Also called compensation trading. A form of trading in which goods are exchanged directly for other goods without the use of money as an intermediary (eg eggs are exchanged for milk). barter economy

Tauschwirtschaft, Naturalwirtschaft

Also called moneyless/nomoney economy. An economy with no money, ie the exchange of goods for other goods is effected without the use of money as an intermediary.

-

129

base

Sitz, Standort

Also called headquarters or head/main office. The place where a businessperson or company have their main office or factory. base currency

Bezugswährung

Every exchange rate consists of a quoted currency against a base, or reference currency. For example, if the $ is quoted at 1.50 to the £ the f is the base currency. base period

Basis-, Bezugszeitraum

A time period that is chosen as a base for measuring changes in data. For example, one might say that sales have increased by 10% from those in an earlier (base) period. base rate

Basiszinssatz, Leitzins Kreditzins fur erste Adressen (Prime Rate, USAÌ Grundlohn, Ecklonn Anzeigengrundpreis

The basic rate of interest granted on deposits and charged on loans. Rates charged will be somewhat higher than the base rate and will depend upon the type of advance and the borrower's creditworthiness. Each bank is free to declare its own base rate, but in practice none varies by very much from other banks' base rate. The banks' base rates are all very similar in amount, and they tend to lead market rates. Also called bank base rate, base lending rate or basic rate. In GB, an informal name for the rate at which the Bank of England lends to the discount houses. In USA, the same as prime rate, ie the best possible lending rate which is available to the best, or most creditworthy, customers of banks. The minimum wage rate for a job per hour or other time period. The basic price for an advertisement. base stock

eiserner Bestand

Also called base stock inventory, buffer stock, minimum inventory level, or minimum/ reserve/safety stock. The minimum stock with which a business can operate. It must be retained at all times to ensure effective continuity of activity. Thus, it provides a cushion against variations in demand or delays in supply. base time Also called basic/converted time.

Normalzeit (fur 1 Arbeitsoperation)

-

130

-

The established time for carrying out work at a normal pace by an average employee, excluding time for relaxation, mechanical failures, and other unavoidable delays. Note: base time, with the addition of relaxation allowances and any allowances for additional work, is used to obtain standard time. base weighted index

Index nach Laspayres

An index which is weighted according to the base year. base year

Basisjahr, Bezugszeitraum

Also called basal year or base(d) period. The year from which changes in an index (eg the Retail Price Index) are calculated. The base year is usually given an index number of 100 and subsequent years are measured accordingly. Thus if the Retail Price Index (RPI) is quoted as 120 (2000 = 100), then 2000 is the base year. basic commodities

Grundstoffe, Rohstoffe

Also called primary products or basic materials. Products which are basic raw materials. basic exports

Basisexporte

Primary products produced by less developed countries for exports, eg copper, tea. basic industry

Grundstoffindustrie

Also called primary/extractive industry. Industry dealing with basic raw materials. basic needs

Grundbedürfnisse

Also called basic requirements/wants. Things such as, eg food, clothing, shelter, etc., which a person must have if he/she is to live. basic pay

Grundlohn, Ecklohn

Also called basic rate/salary/wage, base rate/wage, benchmark rate, or standard wage. The amount of money earned for working the minimum number of hours stipulated and without extra payments.

-

basic pension

131

-

Grundrente

The minimum amount of money paid to a pensioner/old-age pensioner (GB)/retiree (US)/retired person. basic price

Basispreis, Grundpreis

Also called basic rate or basis price. The price of a commodity or service without any extras. The maximum of any commodity or service that the seller expects to obtain from a buyer. This price usually serves as the starting point for sales negotiation. Furthermore, it is the pnce from which the seller calculates special discounts. basic rate

Grundprämie Grundpreis, Basispreis

In insurance, a premium rate for a standard kind of risk. The price of a commodity or service without any extras. Also called basic/basis price. basic rate of income tax

Eingangssteuersatz

The lowest rate of income tax. basic relief

Grundfreibetrag

Income tax relief for all taxpayers irrespective of their marital status and other personal characteristics. basic yield

Jahresrendite

Also called annual return. The annual rate of return in percent on a risk-free investment such as a government bond. basics

Grundinformationen Grundlagen

Simple and important facts. Simple and important facts, eg he/she has studied the basics of economics or business administration. basis for trade

Handelsvoraussetzungen

There are two forces that give rise to trade between two nations: 1. the absolute advantage (developed by Adam Smith); 2. the comparative advantage (developed by David Ricardo).

- 132 basis point (bp)

Basispunkt

One one-hundredth of 1 percent (ie 0,01%). Bps are used in measuring market movements, interest rates or yields. basket

Korb Einkaufskorb

Container made from various materials (eg wood or paperboard) and having a carrying handle. A shopping basket. basket of goods

Warenkorb

Also called basket of commodities or set of commodities. A "basket" which represents fairly the weekly consumption by a typical family. batch flow production

Serienfertigung, Serienproduktion

Also called batch/intermittent/lot/series production. A productive activity that falls between jobbing production and mass/assembly line production, in that products are produced or processed neither as single units nor as standardized items. batch processing

Batch-, Stapelverarbeitung

A method of processing data in batches at predefined intervals of time, eg weekly. There may be some delay between the occurrence of original events and the eventual processing of the transaction data. This method is used for processing large volumes of data economically and at one time. In manufacturing, the completion of one unit or batch of product as an entity before further materials are added to the processing. baud

Baud-Rate

A unit used to define the data transmission speed in terms of signal elements per second. At one time baud was often used as a synonym for bits per second; today you have to distinguish between bauds and bits per second (BPS). Note baud is named after JME Baudet (1845-1903), a Frenen engineer. bauded pack

Großpackung, Haushaltspackung

Also called giant/jumbo package or giant-size pack. Two or more items bauded together and usually sold at a price cheaper than the sum of the individual items bought separately.

-

Bayes' rule

133

-

Bayessche Regel

The rule states that when deciding between two or more alternative choices the alternative with the highest expectation should be chosen. bear

Baissespekulant, Baissier

Also called bear/short seller, banger, or speculator for a fall. A speculator on the stock exchange, currency market, or commodity market who sells stocks/shares, currencies, commodities or other securities which he/she need not ossess - it is sufficient that he/she is in a position to deliver them on account day oping that the price will fall so that he/she can buy them back again at a lower price, ana so make a profit on the transaction. He/she may also buy a put option to take advantage of the anticipated drop.

E

The term "bear market" refers to economic uncertainty and expectancy that prices are about to fall; eg a bear market in bonds is caused by rising interest rates. Note: when prices are falling, the market is described as ' bearish". bear clique

Baissiergruppe

A group of people who combine their attempts to depress security or commodity prices by the practice of short selling, ie the sale of securities which one does not own. bear market

Baissemarkt

Also called bearish/short market. A market in which share/stock, currency or commodity prices are falling or expected to fall. Thus, dealers are more likely to sell than to buy. A bear market in shares/stocks is usually brought on by the anticipation of declining activity, whereas a bear market in bonds is caused by rising interest rates. Note: bear market is the opposite of bull market. bear position

Baisseposition

Also called short position. A situation in which a dealer (ie a bear) in commodities, currency or securities does not actually possess all the items he/she has arranged to sell for an agreed price, but hopes to obtain the previously sold items at a lower price before the delivery date. The difference between the purchase price and the original sale price represents the bear's profit. bear raid

Baissierangriff, Baissemanöver

Also called bear campaign/tack. An attempt by investors to manipulate the price of a commodity, currency or security (eg a share/stock) by selling large numbers of these items in order to force the price down in the hope that the seller will be able to buy back the items at a lower price.

-

134

-

The manipulators pocket the difference between the initial price and the new, lower price after this maneuver. A successful bear raid will create a sharply falling market, known as a bear slide. Note: bear raids are illegal. bearer

Inhaber/in Überbringer/in

Also called holder. The person in possession of a bill of exchange/draft, cheque/check, banknote or financial document which ist payable to bearer. If the cheque/check is uncrossed and is made payable to the bearer, then it may be cashed over the counter at the bank by the bearer, without the bearer (ie the presenter) having to endorse it. The bearer of a legal document is the person who officially owns it. Someone who brings you information. bearer bill

Inhaberwechsel

A bill of exchange/draft payable to any person who presents it for payment. bearer bond

Inhaberanleihe, -obligation, - Schuldverschreibung

Also called bearer debenture or coupon bond. A written acknowledgement of a debt made by a company or government. A bond which is payable to bearer; the holder has legal ownership. bearer cheque/check

Inhaberscheck, Überbringerscheck

Also called cheque/check to bearer. A cheque/check made payable to someone or bearer; it is made out "Pay Bearer". The name of the bearer is not important; if uncrossed it can be cashed by anyone who presents it at the bank on which it is drawn. It does not need to be endorsed/signed on the back. bearer security

Inhaberpapier

Also called bearer instrument/paper. Any share/stock, bond, etc., whose document or title is made out "to bearer" rather than to a named person. The paper is payable to bearer, ie the person presenting it for payment, and it can be transferred by mere delivery. It is not registered by the issuing body and does not require completion of a transfer form. An instrument is payable to bearer when by its terms it is payable to: 1. bearer or the order of bearer; or 2. a specified person or bearer; or 3. "cash" or ttie order of "cash", or any other indication which does not purport to designate a specific payee.

-

bearer share/stock

135

-

Inhaberaktie

A share/stock payable to its bearer, not to a named holder. bearishness

Baissetendenz, auf eine Baisse hindeutend

Also called bearish tendency or bearish tone of the market. A market situation; when conditions suggest lower security, commodity or currency prices a bearish situation exists. bed and breakfast (b + b) deal

Verkauf und Rückkauf von Aktien innerhalb von 2 Tagen

In finance, a transaction whereby the holder of shares/stocks sells them one day and buys them back the next day in order to establish a loss or profit for tax purposes. bedroom community

Schlafstadt

Also called commuting town. A suburban residential community offering few employment opportunités but located close to a large town offering many employment opportunities. beggar my neighbo(u)r policy

Beggar-my-neighbour-Politik; Leistungsbilanzüberschußpolitik; Streben, durch außenwirtschaftspolitische Maßnahmen den "Nachbarn" (d.h. das Ausland) zum Bettler zu machen (z.B. durch Einfuhrbeschränkungen)

Economic measure to improve one's domestic economic conditions and which has adverse effects on other economies (eg increase domestic employment by increasing exports or reducing imports by eg devaluation, tariffs, import quotas or export subsidies.) This is a policy of protectionism and is often characterized as exporting unemployment (beggar-my-unemployment policy). The benefit which one country achieves is at the expense of some other country. behavio(u)r change

Verhaltensänderung

Also called behavio(u)r modification or behavio(u)ral change. The deliberate changing of a particular pattern of behavio(u)r, eg by providing rewards to reinforce desirable benavio(u)rs or punishments to eliminate undesirable behavio(u)rs. In marketing, getting customers to do, or buy, something which they have not previously done or bought. This usually means that consumer spending is going to be diverted from one thing to something else, but still generally within the same overall limit of spending.

- 136 behavio(u)r research

Verhaltensforschung

Also called behavio(u)ral research. Research into human behavio(u)r, singly or in groups, particularly in connection with buying or consuming habits. behavio(u)ral science

Verhaltenswissenschaft/en

It includes the study of sociology, psychology and anthropology and it is particularly useful to managers as it will aid tneir analysis of behavio(u)r within their business organization. below par

unter pari, unter Nennwert

Also called at a discount. The market or quoted value of securities is below the nominal, par or face value. below the line promotion

Verkaufsförderung durch indirekte Werbemaßnahmen, z.B. Nachlässe

A below the line promotion is one where the expenditure does not go into paid advertising media but covers the costs for other kinds of promotion such as coupons, self-liquidating offers, bargain packages, gifts, sampling, and merchandising and display. belt tightening policies

Sparpolitik

A policy (ie belt-tightening measures) often practiced in financial difficulties spending, consumption and investment are reduced. benchmark

Benchmark, Bezugsmarke, Bezugspunkt, Fixpunkt

A standard or rule against which other items or processes can be measured or compared, such as a job or a product which is precisely described and measured or of a given quality so that it may be used as a standard or rule. beneficial interest

Nießbrauch(recht)

Also called beneficial ownership/enjoyment, equitable interest, usufructary right, or right of usufruct. The right of the beneficial/equitable owner to use and profit from a property, without being the legal owner. beneficial loan Also called loan by the employer.

Arbeitgeberkredit

- 137 A loan provided by an employer to his/her employee(s) at a low rate of interest. beneficial owner

materielle/r/wirtschaftliche/r Eigentümer/in, Nutznießer/in, Nießbraucher/in

Also called beneficiary/equitable owner. A person who enjoys the benefits of ownership although he/she may not actually possess the full ownership. beneficiary

Nutznießer/in Nießbraucher/in Begünstigte/r, Erbe, Erbin (Ansprucns)Berechtigte/r Kreditnehmer/in Akkreditivbegünstigte/r

In general, someone who benefits from an action or change. The recipient/receiver of a beneficial interest. Also called usufructuary, user or beneficial/beneficiary/equitable owner. One who benefits under a will or trust. A person intended to benefit from an insurance policy. Also called claimant. A borrower. The person named in a letter of credit (L/C) who may draw a bill of exchange/draft on the issuing or paying bank. benefit

Nutzen, Vorteil Versicherungsleistung Zuschuß, Beihilfe (PW) Unterstützung, Versorgung (sleistung)

Something to advantage, interest or profit. In insurance, the amount of compensation/indemnity to be regularly paid. Something given to an employee in addition to his/her salary or wages. Money that the government gives to ill, disabled or unemployed people. benefit in kind

Sachleistung, Lohnnebenleistung

Also called in-kind/fringe benefit. Benefits other than money given to employees in return for their services, eg non· interest bearing loans, a company car, free meals, etc.

-

benefit principle

138

-

Äquivalenz-, Nutzungsprinzip

Also called benefits-received/cost-of-service principle. An opinion that those who receive the benefits of goods and services provided by the government should pay the taxes required to finance them. benefit tax

Gebühr

Also called direct user charge. A tax linked to the provision of a government service, eg a bridge or road toll. bequest

Nachlaß, Vermächtnis

Also called legacy, inheritance, left property, heritage or deceased's estate. A gift of money or personal property that is given to someone in a will. bequest wealth

Nachlaßvermögen

Wealth held for heirs/heiresses. Berne Union

Berner Verband

The informal name for the International Union of Credit and Investment Insurers. An international association of credit insurers from the main industrial countries, founded in 1934, to assist credit insurance in international trade. Members are, for example: the Export Credits Guarantee Department (ECGD) of GB and the Export-Import Bank (Eximbank) of the USA. berth

Ankerplatz, (Schiffs)Liegeplatz Stellung (in einer Firma) Koje, Bett

A place alongside a wharf/dockside/quay where a vessel is loading or unloading/ discharging her cargo. The amount charged for the use of a berth is called berthage/dockage/berai charge. An employee's position in a firm. A narrow bed in a ship or train. Also called bunk, couchette, or sleeper (train only). best before date

Mindesthaltbarkeit(sdatum)

Also called sell-by/use-by date. Date stamped on the label of a food product, which is the last date on which the product is guaranteed to be of good quality.

- 139 beta coefficient

Betakoeffizient, Betafaktor (Bö)

Also called beta or beta weight. A device to measure the risk of a security within a portfolio. Beta measures the extent to which a security's returns vary with movements in the whole market. The beta coefficient for the market as a whole is one; thus, securities with betas less than one are said to be less risky than the market, and vice versa. beta share/stock

Betaaktie

Second line shares/stocks, ie quoted/listed shares/stocks which are less actively traded. Group of approx. 500 shares which are traded on the London Stock Exchange (LSE). betterment

Wertzuwachs, Wertsteigerung (Qualitäts)Verbesserung

An improvement made to property that increases its value when it is rebuilt or repaired following loss or damage. Improvement in someone's social or economic position, betting Wetten Investing and risking money on the result of a competition, game, race, or other future event, in the hope of making a quick profit. betting tax

Wettsteuer

A tax on betting (eg on football pools) through bookmakers. Most forms of betting are taxed. biannual

alle zwei Jahre, zweijährlich zweijährig

Also called biennial. Happening/occurring every two years. Lasting for two years. bias

Vorliebe, Voreingenommenheit Bias, Verzerrung, systematischer Fehler (Stat)

A tendency to consider a particular person, group, thing, idea etc more favo(u)rably than others by allowing personal opinions to influence your judg(e)ment. Statistical term referring to errors in sample survey results. It is the difference between the expected value and the true value in a probability distribution.

-

140

bid

Geld, Geldkurs Offerte Gebot (vom Käufer gebotener) Geldkurs (Bö) Ubernahmeangebot Submissionsangebot

The rate which a bank will pay for a currency. In general, an offer to buy or sell a product or service at a given price. The buyer or seller may make a counter offer for a higher or lower price. The offer of payment for an object which is for sale, especially at an auction sale. In other words the price or terms at which a person is willing to buy something. The seller may make an offer and a prospective/potential buyer may make a bid. Tne bid cancels out the offer. On the stock exchange, the bid price is the price at which an intending buyer will buy securities on offer. Also called bid/buying price, buyer's rate or demand price. An approach made by one company wishing to purchase the entire share/stock capital or a majority of shares/stocks (ie more than 50 % of the voting shares/stocks) of another company. Also called takeover bid or tender offer. A tender, ie an offer, usually in response to an advertisement, for the supply of specified goods or the performance o f specified work at prices and under conditions set out in the tender. bid and asked

Geld und Brief (Bö)

A stock exchange term. The bid is the highest price anyone is prepared to pay for a security at a given time. The asked is the lowest price anyone will take at the same time. Together, the two prices constitute a quotation; the difference between the two rices is the spread.

E

lid and asked usually refers to unlisted/unquoted securities.

bid bond

Offert-, Bietungs-, Ausschreibungsgarantie

Also called tender/proposal/provisional bond, bid/tender guarantee or earnest money. A financial guarantee/guaranty, given by a contracting company (the tenderer), which states that it nas the capability to start and satisfactorily complete a project. The bond is furnished by a guarantor (usually a bank) who promises that he will pay compensation to the buyer if the tenderer for a contract is awarded the contract out fails to fulfil(l) it. bid not offered

unerwidertes Angebot (Bö)

A situation which signifies that potential buyers are prepared to buy certain shares/stocks at a fixed price but potential sellers are not prepared to sell at that price.

-

141

-

bid price

Geld, Geldkurs (Bö) Riickkaufpreis von Anteilen einer Investmentgesellschaft Angebotspreis, gebotener Preis

On the stock exchange, the price at which an intending buyer is willing to buy a share/stock, being the lower of two prices (bid price and offer price) quoted by a market dealer. The price at which the management company of a unit trust will buy back units from unit nolders. The amount agreed between the seller and buyer for transfer of property in exchange for money. Also called offer/quoted/supply price. bidder

Bieter/in, Bietende/r Submittent, Submissionsbewerber

A person who makes a bid, often at an auction. There are two types, the highest and the lowest bidder. Someone participating in the process of bidding. bidding

Abgabe von Angeboten

A procedure which occurs where a number of potential suppliers are invited to submit a written bid, within the bidding period, for a contract. There are two types: 1. closed bidding: bidding is restricted to certain suppliers, 2. open bidding: bidding is open to any supplier willing to bid. Big Bang

Big Bang (Großer Knall) an der Londoner Börse, Börsenreform von 1986

The term used to describe the changes which took place on the London Stock Exchange (LSE) as a result of the abolition of fixed commission rates on shares and gilts/gilt-edged securities on 27 October 1986. The previous distinction between jobbers and brokers was abolished and companies as well as individuals could become members of the stock market. Additionally, deals were carried out through computers. Furthermore, there have been moves to open up the stockmarket to a wider range of participants including foreign companies. An event comparable to May Day in the United States (May 1, 1975, the date when fixed brokerage commissions were abolished in the securities industry). Big Board

New Yorker Börse

US slang phrase for the New York Stock Exchange (NYSE). big business A large business enterprise.

Großbetrieb Großindustrie

-

142

-

Large business enterprises considered collectively. fünf Großbanken in G B

Big Five

The five largest commercial banks in GB: Barclays, Lloyds, Midland, National Westminster and the T S B Group. eingebildete Person

bighead

Colloquially, a person thinking that he/she is very clever, attractive, important, etc. bilateraler, gegenseitiger, zweiseitiger Vertrag

bilateral contract

Also called bilateral agreement or reciprocal/synallagmatic contract. An agreement/contract between two persons, companies or groups, usually based on the reciprocity principle. Both parties undertake mutual duties which are enforceable at law. bilateral

flows

gegenläufige Güter- und Geldströme

A movement of money from one sector of the economy to another to match an opposite flow of goods and services (eg wages are paid in return for work and prices are paid in return for goods and services). bilateral monopoly

bilaterales, zweiseitiges Monopol

A market in which a single buyer faces a single seller. bilateral oligopoly

bilaterales Oligopol

A market situation with a significant degree of seller concentration (like oligopoly) and a significant degree of buyer concentration (like oligopsony). bilateral trade

bilateraler Handel

Also called two-way trade. Any transaction, ie the movement of goods and services, between any two countries. Trade between two countries, whereby one exports a given amount of goods and services to the partner in exchange for an agreed amount of imports from me partner (eg a country may buy goods from Germany on condtion that the payment received is used by Germany to buy that country's products). Such trade is often arranged because of balance of payments problems.

- 143 bilateral trade agreement

bilaterales Handelsabkommen

Trade agreement between two countries to improve trade relations and to make the foreign trade with each individual country balance (the result is close to a system of barter). bill

Wechsel Übertragungsurkunde Konnossement (Bahn)Frachtbrief Lieferschein Schatzwechsel Banknote, (Geldschein Gesundheitspaß Rechnung (fur Dienstleistungen) Rechnung (Restaurant) "sekarte at Programm Gesetzentwurf, Gesetzesvorlage

A bill of exchange (B/E), ie a written order to pay money. Also called draft. A (sealed) certificate, eg an instrument for transfer of title to goods. Also called certificate of transfer or (transfer) deed. Abili of lading (B/L). A waybill accepted by a railway/railroad. Also called consignment note, freight bill, railroad bill of lading (US), railroad waybill (US) or railway consignment note. A bill of delivery. Also called delivery note. A Treasury bill. Also called T-bill. In the USA, a piece of paper money. Also called banknote, bank bill, greenback (US) or note. A bill of health (BH). Also called health certificate. A bill is a statement of what someone owes to someone else. Bills are usually for services (eg bills for gas, telephone); but also for goods. Also called invoice or sales bill. In a restaurant, the invoice which a customer receives. Also called check (US). A bill of fare, ie a list of food that is served in a restaurant. Also called menu. A notice or advertisement in the form of a poster. Also called billboard, poster, or placard. A program(me) of entertainment at a theater, concert, cinema/movie, etc with details of who is performing, what is being shown etc. A law before it has been officially approved. Note: in GB, it is called an act (Act of Parliament) when it has been officially approved by Parliament (the Houses of Parliament).

- 144 bill broker

Wechselmakler/in

Also called discount/note (US) broker. A merchant, so not strictly a broker, who buys and sells bills of exchange, treasury bills and government bonds, etc. either acting on his/her own behalf or as an intermediary/ middleman. He/she either holds the bills until they mature or he/she discounts them on borrowed money and then rediscounts them at a more favo(u)rable rate of interest (note: his/her profit is the difference between the discount he/she gives and receives). bill broking

Wechselmaklergeschäft

The provision of short-term money by way of discounting bills (of exchanged to borrowers who require funds which they expect to be able to repay within tnree months. This is a specialized form of banking. bill collection (BC, B/C)

Wechselinkasso

Also called bill for collection. The presentation of a bill of exchange to the drawee for payment on the due/maturity date by a bank. The bank then remits/transfers the proceeds to its client/customer. In foreign trade, a bill of exchange drawn by an exporter on an importer, and brought to the exporter's bank with a request to collect the proceeds. In collecting a bill (of exchange) for a customer the bank acts merely as an agent for its customer, sending the bills (and documents if there are any) to a correspondent bank overseas, with a request that it presents the bills for acceptance (if necessary) and for payment, and that it remits/transfers the proceeds back to the exporter's bank. bill dishono(u)red

notleidender, nicht eingelöster Wechsel

If the acceptor (the drawee) of the bill (of exchange) fails to pay the amount due at the time stipulated, it is said to be d i s h o n o u r e d , and liability for settlement will fall on the drawer whether he/she has retained the bill, discounted it, or negotiated/transferred/ endorsed it to a third party. bill finance

Wechselfinanzierung

Bills of exchange are widely used to finance foreign trade (exports and imports), and also to provide working capital. Bills can be offered as security for a credit and it is possible to use them for the settlement of commercial transactions. bill guarantee/guaranty

Wechselbürgschaft

Also called guarantee/guaranty bill. A firm promise of a guarantor to take responsibility for payment of a bill of exchange if the person primarily liable fails to pay.

- 145 -

bill insert

Werbematerial, das einer Rechnung beiliegt; Rechnung mit Werbebeilage

Also called bill enclosure/stuffer or statement stuffer. A secondary document of a promotional nature, mailed along with an invoice/bill to advertise a good or service. bill of charges

Gebührenrechnung

Also called bill of costs. A detailed account of charges made by a person or firm for work done. bill of entry (B/E)

Zollerklärung, Zolldeklaration

Also called customs declaration/entry. A written statement by a merchant which states the nature and value of goods exported or imported, for the use of the customs authorities. The collector signs the bill when it is a "perfect entry" (a correct statement); this authorizes the loading and shipping or unloading of the goods. Goods for export are "entered outwards", for import "entered inwards". bill of exchange (B/E, b/e)

Wechsel

Also called bill or draft (US). In general, an order drawn by one person on another to pay a certain sum of money. A B/E is legally defined as "an unconditional order in writing, addressed by one person (the drawer) to another (the drawee! signed by the person giving it (the drawer), requiring the person to whom it is aadressed (the drawee) to pay on demand or at a fixed or determinable future time, a sum certain in money, to, or to the order of, a specified person, or to bearer" (Bills of Exchange Act, BEA, 1882). The B/E has 3 parties: 1. the drawer: me creditor who makes out/draws/issues the bill, 2. the drawee: the debtor who is directed to pay, 3. the payee: who is to get the money. The payee is either the drawer himself/herself or a third person. A B/E may be payable at sight which means on demand (sight bill/draft) or on a fixed future date (time/term bill). A B/E has to be accepted (ie signed) by the drawee. The drawee thus becomes the acceptor; the signature on the draft, and the accepted draft itself, are called acceptance. A draft accepted by a bank is known as a bank acceptance/bill. The holder of the B/E can: 1. use the bill to pay his/her own debts to someone else, ie the payee (now endorser) can endorse the B/E and pass it on for his/her own payments virtually as cash, 2. discount the bill at the bank before maturity and pay a discount (ie interest)) to the bank; the bank then credits the face amount/value of the bill less discount and charges to the holder's (ie the discounter's) account,

-

146

-

3. keep the bill until maturity/due date and then ask the debtor (ie the drawee or acceptor) to pay; note: the bill must be presented for payment on due/maturity date or no later than two working days thereafter. Note: 1. should the drawee be unable to honor/pay the bill on maturity/due date, he/she should ask the drawer a couple of days before maturity to draw/issue a prolongation bill with a new maturity date, 2. should the drawee not pay, ie dishonor, the bill on presentation, then the holder has the bill protested by a notary (public) and the previous owners (if there are any) and the drawer are given notice of dishonor. A B/E has 8 elements: 1. place and date of issue; 2. the term "bill of exchange"; 3. the due date; 4. the name of the payee or order or bearer; 5. the (face) amount (the face value); 6. the drawee, 7. the place of payment; 8. the drawer's signature. Note: if the words and figures do not agree (ie deviate/differ), the words take precedence. A bill is used in foreign and domestic transactions. When prepared without supporting papers it is a clean bill/draft; with papers or documents attached, it is a documentary Dill/draft. A sight bill/draft is payable on demand/at sight; a time bill/draft is payable either on a definite date or at a fixed time after sight or demand. Upon dishonor the drawer engages to pay the amount of the B/E to the holder or to any endorser who honors it (ie, pays it). The drawer's obligation is conditional on presentation/presentment, notice of dishonor, and protest where required. The drawer may effectively negate his/her liability by drawing the draft "without recourse". The drawee of a B/E is not liable on the bill/draft until he/she accepts it. By accepting, the acceptor engages that he/she will pay the B/E. The acceptance must be in writing and signed by the drawee. It is usually made in writing across the face of the bill the word "Accepted" followed by the signature of the acceptor and the date, although the mere signature of the drawee is sufficient. A bill/draft may be accepted although the drawer has not signed it, or it is incomplete, overdue, or has been dishonored. Where the acceptor fails to date his/her acceptance and the B/E is payable a fixed period after sight, the holder may in good faith insert a date. Types of bills of exchange are: 1. acceptance, 2. accommodation bill, 3. bank bill, 4. bill payable, 5. bill receivable, 6. clean bill, 7 discountable bill, 8. discounted bill, 9. dishonored bill, 10. documentary bill, 11. domestic bill, 12. domiciled bill, 13. draft, 14. eligible bill, 15. first of exchange, 16. foreign bill, 17. long (dated) bill, 18. long draft, 19. negotiable bill, 20. overdue bill, 21. past due bill, 22. prime bank bill, 23. respectable bill, 24. retired bill, 25. short bill, 26. sight draft, 27. term/time draft, 28. trade bill, etc. bill of health (BH)

Gesundheitspaß, -zeugnis

Also called health certificate or certificate of health. An official document required by law and issued by port or customs authorities certifying the state of health of the crew and passengers on board an airplane or ship upon arrival or departure from the port. A clean bill signifies that no contagious disease was known to exist; a suspected bill, that though no cases had been officially reported, they were rumoured to have appeared; and a foul bill that a person was infected. A document required of certain countries in respect of live animals and meat.

- 147 Note: in the cases of issuance of a suspected or foul bill, the airplane or ship, or its passengers must enter a quarantine. bill of lading (B/L, b/1)

Konnossement, Seefrachtbrief, Ladeschein Frachtbrief (FB)

Also called bill or bill of loading. A document in the form of an a c k n o w l e d g e m e n t given by a shipowner or shipping agent as a receipt for goods taken on boaraship, ana setting out the terms on which the oods are to be carried.

f he holder of the B/L is the legal owner of the goods for the time being. The goods are

handed over only against surrender of the B/L and the holder is "prima facie" the person entitled to receive the goods. When one copy is handed over to claim possession of the goods, the remaining copies become void. The bill is a negotiable document of title to the goods, transferable by endorsement, ie a transfer of the B/L is taken to mean that the property in the goods represented by the bill is being transferred. It is furthermore evidence of the contract of carriage. Bills of lading are generally issued in sets of three (sometimes more than three), one being retained by the ship's master, while the other two (the original and one copy) are hanaed to the consignor of the goods. He will then send one copy by airmail to the consignee with the other copy being sent separately by surface mail (when a bank handles a B/L, it must therefore be sure to check that it has a full set of the signed originals, because only a full set ensures complete control over the right to possess the goods). The three important elements of a B/L are: 1. evidence of a contract of affreightment (between the shipping company and either the exporter or the importer) 2. a receipt for goods taken on board ship, 3. a document of title (this means that the company named on the B/L, has the right to possess the goods). A B/L is signed by, or on behalf of, a master of a ship, certifying that goods have been received on board in good order for transportation and delivery as specified in the document. The B/L states the name of the vessel, the port of embarkation/shipment, the port of destination, and the rate of freight and any surcharges, filli particulars of the goods (specifying the marks and numbers on the packages). Furthermore the printed B/L has spaces for the insertion of the following details: the name of the person or firm dispatching the goods (the consignor/shipper), and the name of the consignee/receiver. Any alteration in a B/L must be initialled by the shipping company. The description of the goods in the B/L must agree with the description stated in the relative invoice. Furthermore, it is essential that the marks, numbers, etc on the bill are the same as those on the invoice. As it is the responsibility of the master of the ship to deliver the goods in the condition in which they are received, they are carefully inspected upon arrival on board and if they are not in good condition a note to this effect is made on the B/L.

-

148 -

See also clean B/L, dirty B/L, shipped or on-board bill, received-for-shipment B/L, combined transport B/L, liner B/L, through B/L, stale B/L, straight B/L, groupage B/L, transhipment B/L, order B/L, container B/L. The US term for consignment note or waybill. bill of material(s) (BOM, B/M, bom)

Materialliste, Stückliste

A list of the type, costs and quantities of materials required to make a particular product. bill of sale (B/S, bs)

Urkunde über Verkauf (Verkaufsurkunde) oder Übertragung beweglicher Sachen (Übereignungsurkunde)

A document transferring the ownership of goods (but not real estate) from one person (the grantor of the bill) to another, possession of the goods remaining with the former (the original owner). bill of sight (B/St)

Zollerlaubnisschein, provisorische Zolldeklaration

Also called bill of view or sight entry. A temporary customs document that allows an importer who has only incomplete details of the goods (because he lacks a proper description of goods sent to him from abroad) to land and inspect them (in the presence of customs officials) before he can complete the necessary 'bill of entiy". Once landed, the importer must supply the full details, a process known as perfecting the sight. bill of store(s)

Wiedereinfuhrgenehmigung, Wiedereinfuhrschein, Reimportlizenz

A document issued by the customs authorities giving permission to reimport dutiable goods which have been legally exported, without payment of duty as such goods are not classified as foreign. bill of sufferance

Zollpassierschein

A document issued by the customs authorities which gives permission to land goods, especially baggage, without producing detailed entry papers. bill payable (BP, B/P, bp)

Schuldwechsel, Wechselverbindlichkeit, Akzeptobligo

Also called note payable (US), bill accepted/debt or acceptance commitment. Bills of exchange which the debtor has agreed to pay to someone else at some future date; a bill payable is a liability.

- 149 bill protest

Wechselprotest

Also called protest. A bill protest is a formal certificate issued by a notary (public) at the place of dishonor confirming that a bill (of exchange)/draft has been dishonored for nonacceptance or nonpayment. bill rate

Wechseldiskontsatz Zinssatz für Schatzwechsel

Also called (bill) discount rate. The discount rate on bills of exchange, ie the percentage taken by a bank when it buys bills; varying according to the quality of a bill. The rate of interest on a Treasury Bill. bill receivable (BR, B/R, br)

Besitzwechsel, Wechselforderung

Also called note/trade note receivable (US). Bills of exchange which a business or person (the creditor) will receive at some time in the future; a bill receivable is an asset. billboard

Reklame-, Werbefläche

A flat surface or board, usually outdoors, on which large advertisements are posted. billhead

Rechnungsformular Rechnungskopf

A printed form with a heading giving details of a company, eg name and address, etc., ana used for bills/invoices when charging customers. Also calied invoicing form. The invoice/bill heading itself. billing

Ausstellen und Zusenden von Rechnungen (USA) Umsatz einer Werbeagentur Plakatwerbung

The American term for invoicing, ie the writing and dispatching of invoices/bills. The gross turnover of an advertising agency, normally per year. Billboard advertising. billing date Also called invoicing date or date of invoice. The date of an invoice or bill.

Fakturen-, Rechnungsdatum

-

150

billion

-

Milliarde (USA) Billion (GB)

A thousand million is an American billion, while in Britain a billion is one million million. With figures it is usually written bn (eg $ 6 bn = six billion dollars). Americans talk about trillions which is iust a British billion, and the Continentals talk of milliards, which are just American billions. bills in a set

Satz Wechsel

A bill of exchange/draft issued in more than one copy (usually in triplicate); bills of exchange are often drawn in sets of three. They are all identical apart from a reference to the other two which usually takes the following form: "At 60 days sight pay the first bill of exchange (second unpaid)". If there is any delay in the receipt of the first copy of the bill, then the second copy can be presented. The drawee must, of course ensure that he accepts only one copy of the bill. Payment of one discharges (ie pays) the whole. They are used in foreign trade to reduce the risk of loss in transit. Bills of Exchange Act

Wechselgesetz (GB)

In the US called Negotiable Instruments Law. In GB, this Act codifies the existing law regarding bills of exchange/drafts. bin

(Transport)Behälter, Kiste, Kasten Lagerfach Mülleimer, Papierkorb

A large container. Container for bulk display of merchandise at the retail outlet, ie a separate section of shelves in a warehouse. In a shop, a container for storing things. Also called storage bin or storage slot. A container for rubbish. Also called dustbin or wastepaper bin or waste basket. bin tag

Kistenanhänger Materialbestands-, Lagerortkarte

Also called bin card. A tag attached to a bin, case, container, etc., which identifies the contents, the quantity, etc. In inventory control, a record card showing the actual quantity of material in a specific store, the quantity and date of each movement of stock in and out of the store, and the reordering level. The card is kept near the place of storage. Also called stores card.

-

151

binary

-

binär, zweiwertig

Bi, the Latin for two, indicates the binary is a number system in base two, ie it has only two digits/numbers - zero and one, which are known as bits (binary digits). This enables characters to be represented as a series of electrical pulses or no pulses in the computer. A pulse represents 1 and the absence has ten digits, 0, 1, ..., 9. Using only these digits any number can be written down. Binary can also be used to represent any number, but only the two digits 0 and 1 can be used. binder

vorläufige Deckungszusage (Vers) Vorvertrag; bindende, vorläufige Abmachung Umschlag, Aktendeckel

In insurance, a legal agreement issued by the insurer to provide temporary insurance (cover) until a policy can be issued. Also called binding receipt, cover note or slip. Any temporary agreement obliging the several parties to a contract. Also called preliminary contract, letter of understanding or tentative agreement. A loose cover or folder. Also called cover, folder or jacket. binding agreement

verbindliches/bindendes Abkommen

Also called agreement binding upon the parties. An agreement between parties that they are under a legal obligation to adhere to an agreement, ie all parties signing the agreement (eg a binding contract) must do what is agreed. birth certificate

Geburtsurkunde

An official document that shows when and where you were born. birth rate

Geburtenrate

A measure of the number of children being born in any year in relation to the total size of the population. It is normally expressed as so many live births per thousand of the population. birthplace

Geburtsort

The place where someone was born. The place of origin, ie the place where something first started to happen or exist, eg New Orleans is the birthplace of jazz. bit

Bit, Binärziffer

An abbreviation of binary digit, one of the two digits (0 and 1). In computers the smallest possible piece of information that can be stored. Combinations of bits in a specific binary code represent characters which may be numeric, alphabetic or special characters.

-

152

black ball(ing)

gegen jemanden stimmen

To vote against a candidate by dropping a (black) ball into the ballot box. black bourse

schwarze Börse

A black (ie illegal) market in foreign exchange. black box

Black Box, "schwarzer Kasten", Flugschreiber

An electronic flight recorder that is protected from fire and impact etc, and can be removed as a single package from an aircraft. It is used to determine the cause of accidents and/or flight deviations etc. black economy

Schatten-, Untergrundwirtschaft

Also called cash/hidden/underground economy. Economic activity, usually between private individuals, that goes unrecorded in the official income statistics because payment is made in cash or payment is made in the form o f goods or services. Earnings have not been declared to the tax authorities and no VAT (GB)/ST (US), income tax, or social insurance has been paid. Grey market; a less extreme form of black market. Black Friday

schwarzer Freitag

A day that sees a sharp drop in financial market prices. The term was first used in the USA in 1869 (September 24) when there were problems on the gold market. But other sharp stock market drops have occurred on a Friday, eg in 1873 and 1929. black market

Schwarzmarkt

Wholly illegal and uncontrolled market which deals in scarce or stolen goods or foreign exchange. Goods and services are bought and sold in a way which is not allowed by law. A black/illegal market exists where goods and services whose supply or price is controlled, are made available at inflated prices outside the intended controls. An undesirable method of business, allowing only a privileged few to purchase essentials/necessaries. black marketeer

Schwarzhändler/in

A person selling things on the black market. Black Monday

schwarzer Montag

The two Mondays on which the two largest stock market crashes occurred in this century.

- 153 On Monday, October 28, 1929 there was the Wall Street crash when the Dow Jones fell by 13%; on Monday, October 19, 1987, the Dow Jones lost 23%. Both Mondays induced heavy stock market falls around the world. black trading

Handel in Aktienpaketen (in großen Stückelungen) Schwarzhandel

Trading involving blocks of shares/stocks in a single transaction. Trading on a black market. blacking

Boykott (Arbeitskampf)

Also called blacking boycott. An industrial action. Other trade/labor unions and their members stop handling certain goods used, manufactured, processed or carried by employers with whom their own or other unions are in dispute. They are said to be "blacking the goods". Refusal to take over the work of other employees currently on strike. blackleg

Streikbrecher/in jemand, der gegen Gewerkschaftssatzung verstößt

Also called fink, knobstick (coll), scab or strikebreaker. An employee who continues to work while other employees are on strike, either seeking to work in defiance of instructions from the trade/labor union concerned or trying to break a strike. A worker who, without union permission, replaces a worker who is on strike. A worker accepting work at lower wage rates and/or worse conditions than other workers. blacklist

Verzeichnis unsicherer Kunden schwarze Liste

Also called denied list. A list of traders to whom it is risky to grant credit because, eg they defaulted on payments, defrauded traders, etc. so that tney are considered to be dishonest and not trustworthy. A list of traders, countries, etc., with which a business is not prepared to trade, eg for political reasons. In personnel management, a list of persons circulated confidentially to potential employers, ususally in order to warn them that the listed persons are under disfavor or suspicion, are potential troublemakers, unreliable employees, trade/labor union activists, etc. Also called employee blacklist. Note: in some countries blacklists are not illegal.

-

blacklist certificate

154

-

Bestätigung der guten Herkunft (von Waren), schwarze ListeZertifikat

Blacklist certificates are called for by a number of importing countries requiring evidence that goods do not originate from a particular country (the blacklisted country) with whom their relations are strained. They may also require statements regarding the registration of the carrying vessel and a guarantee/guaranty that the ship/vessel will not call at unfriendly ports. blackmail

Erpressung

Also called extortion. An offense/offence; a threat to tell somebody's secret(s) if he/she does not give one some money or other property. The person doing this is called a blackmailer. blank bill

Blankowechsel

A bill of exchange/draft which does not state the payee's name and other details. blank cheque/check

Blankoscheck

A cheque/check that is signed and dated by the drawer but in which the amount payable, or the payee's name is to be inserted by the payee. The amount is not stated as the exact debt is not known and thus the payee is left to fill it in. A maximum figure above which the cheque/check may not be hono(u)red is advisable (the words "not exceeding $ x" are written across the face of the cheque/check). blank credit

Blankokredit

Also called clean credit. A credit which does not mention any fixed amount of money and which is not secured by documents, ie it is based on trust. blank endorsement

Blankoindossament

Also called general/unqualified endorsement or endorsement in blank. Writing one's name on the back/reverse of a bill (of exchange) or similar document (eg a cheque/check) without stating the endorsee's name (that is, no person in whose favor it is endorsed). The endorser merely signs his/her name. The bill or document becomes payable "to bearer" on maturity. blank transfer

Blankoabtretung, Blankozession

Also called assignment/transfer in blank. A transfer of title, rights (eg to receive payment) or other interests from the original beneficiary (the assignor) to another person (the assignee), but omitting the assignee's name.

-

155

-

In the transfer of shares/stocks, an incomplete transfer form, omitting the transferee's name and the date of transfer but bearing tne transferor's signature. Blank transfers are often deposited with a bank when shares/stocks are used as security for a loan. The holder of a blank transfer can transfer legal ownership of the share/stock by inserting the transferee's name. blanket bond

durch Gesamthjyothek besicherte Schuldverschreibung Pauschal-Vertrauensschadenversicherung

A bond secured by a mortgage on all assets of the issuing company. Insurance cover for an employer in the event of dishonesty of an employee. Also called blanket fidelity bond. blanket coverage

Pauschalversicherung, -deckung, Generalpolice

Also called blanket policy. In insurance, a policy which covers various items. blanket insurance

kombinierte Versicherung gebündelte Versicherung, Pauschalversicherung Gruppenversicherung

An insurance policy providing broad risk cover(age), as frequently used in householder's comprehensive insurance/householder's policy. Insurance covering more than one type of property. Also called blanket coverage/ policy. An insurance which provides, in one single policy, cover for a number of individuals, eg the members of a soccer team. Also called group/collective insurance. blanket mortgage

Gesamthypothek

Also called aggregate/collective/comprehensive/consolidated/general mortgage. A mortgage covering all the property of a company or person (the debtor/obligor) and given to secure a single debt. blanket order

Blankoaufitrag, langfristiger Dauerauftrag (mit laufendem Abruf)

Also called blanket purchase order. A standing order to supply specified goods over time (usually a year) or against which actual delivery volumes can be called for by the customer as required.

-

156

-

The order contains details on price, approximate delivery requirements and other terms of trading. blanket policy

Pauschalversicherungspolice,

Generalpolice Also called blanket coverage or blanket cover insurance. Insurance policy covering several items under one sum insured. blending

Mischen, Verschneiden

Mixing together different qualities of a product, eg wines, tea, coffee, etc., in order to make it more attractive to a potential buyer. blind advertisement

Chiffreanzeige, Kennziffernanzeige

In personnel management, an advertisement in which the advertiser, ie an employer, does not reveal his name. A box number is provided for response. In marketing, a print advertisement with a box/reference number. Also called box number advertisement or classified/keyed advertisement. blind alley

Sackgasse

A situation or path offering no help, opportunity, or reward, eg an attempt to achieve something, which does not produce useful results. blind copy

Blindtext, Blindcopy

A copy of a letter, fax or the like, the original of which bears no evidence that the copy was sent to some other person. blind date

verschlüsselte Daten auf Packungen Verabredung mit Unbekannten

In marketing, keyed information on packages. An arranged meeting between two persons, often a man and a woman, who have not met each other before. blind marking

Blindmarkierung

When marking shipping boxes, blind marks are used to identify the boxes without telling anyone what may be inside. Blind marks are often used in me case of cargo that is very expensive (eg watches) and thus especially subject to pilferage. blind test

Also called blind product test.

anonymer (Waren)Test, Blindtest

-

157

-

A test of a product in such a way that the consumer (ie the respondent) is unaware of the brand and its identifying features (eg labels, packaging, style, etc.) - often in comparison with other similar competing products. Respondents will answer questions without bias or partiality toward the product. block

Block, Datenblock Wertpapierpaket

A block of records, ie a group of records or words treated as a logical unit of data. A group of shares/stocks or bonds. block discounting

Diskontierung von Forderungen en bloc

A process by which a finance company buys blocks of invoices (evidencing unpaid debts) from a supplier, paying a large proportion of their value at once. After collecting the debts the finance company deducts its charges and settles with the supplier for any outstanding balance. It enables the supplier to improve its cashflow. block sale

Blockverkauf, Paketverkauf (Bö)

The sale of a large parcel of shares/stocks. block trader

Paketmakler/in (Bö)

A broker who trades in large securities transactions for institutional investors. block trading

Block-, Pakethandel (Bö)

Also called large-lot dealing. On the stock exchange, a very large transaction in one share/stock. In the USA, normally more than 10,000 securities. blockade

Blockade

Surrounding a town, country etc. to prevent people or supplies getting in or out. blocked account

gesperrtes Konto, Sperrkonto

A bank account that becomes subject to restrictions, eg no cheques/checks or no cash may be withdrawn by the account holder except under certain conditions. Sometimes governments block the accounts of foreigners or prohibit out-of-country transfers from domestic bank accounts in the domestic/local currency. blocked currency

bewirtschaftete Währung

Coins and banknotes used within a country which may not be taken out of the country, eg because the country applies foreign exchange control.

blocking minority

158

Sperrminorität

Also called vetoing minority, blocking equity stake or vetoing stock. A controlling interest exists if a company holds anything over 50 per cent of the voting power in another, but any holding in excess of 25 per cent is sufficient to prevent/block the passing of an extraordinary or special resolution. blotting paper

Löschpapier

Paper used for drying ink. blue chip

Spitzenaktie, erstklassiges Wertpapier solides Großunternehmen

Originally an American term, derived from the highest valued chip (blue colored) used in poker. Ordinary shares/common stocks of the highest standing of well-established flourishing national and international companies quoted on the stock exchange (eg BMW, DaimlerChrysler, Microsoft), considered to be safe and financially sound with little risk of losing either capital or income. Also called blue chip share/stock. A blue chip company. blue chip company

solides Großunternehmen

Also called blue chip. A large, efficient, reliable, safe and very profitable company. blue chip rate

Zinssatz für Kredit an erste Adressen

Also called prime rate (US). The lowest interest rate payable by first-class borrowers (blue-chip customers). blue collar worker

Arbeiter/in

Also called hourly paid employee, manual worker, worker, or wage earner. Manual workers and technicians, often employed in factories, with no or only veiy few supervisory responsibilities. The workers may be skilled, semiskilled or uns killed. The name originally derives from the blue overalls worn by shopfloor workers in US factories. blue laws

Gesetze gegen die Aufhebung der Sonntagsruhe

State or local laws prohibiting or restricting doing business on Sunday.

-

159

blue sky security

-

wertloses, spekulatives Wertpapier

A worthless or highly speculative security. bluebook

Blue Book, Blaubuch

In GB, an annual publication of national statistics of personal incomes and spending patterns. In the USA, a document reviewing monetary policy, prepared for the Federal Reserve System (The Fed). blueprint

Plan Entwurf Blau-, Lichtpause, Kopie

A detailed outline or plan of action. A model or prototype. A photographic print of a plan for a machine, building, etc. board

Board of Directors, (Firmen) Vorstand Direktorium Zentralbankvorstand, Bundesbankrat (USAÌ Anzeigetafel (Bö) New Yorker Börse

The directors elected by a company's/corporation's shareholders/stockholders to run the overall operations of the company/corporation. Also called board of directors. A group of people or committee who meet regularly for a particular purpose. Also called board of directors. In the USA, the board of governors of the Federal Reserve System (The Fed). On the stock exchange, a screen on which share/stock prices are displayed. The New York Stock Exchange (NYSE). Also called Big Board. board of directors

Board of Directors (Vorstand, Aufsichtsrat, Direktorium, Firmenvorstand), Verwaltungsrat

A director is a person who directs or is responsible for managing a company. The governing body of a company (GB)/corporation (US), eg a group of people elected by and responsible to the shareholders/stockholders of a public limited company (GB)/stock corporation (US). They set company policy and appoint the chief executives. Their activities and responsibilities are regulated by the company's articles of association (GB)/ incorporation (US).

-

160

-

A company board of directors may consist of some executive directors, who form the company's top management and some outside directors, who may be controlling shareholders/stockholders. The chairman of the board is the true head of the firm. The chief executive officer (CEO)/managing director (MD) - the most powerful director after the chairman - is the chief executive director and has the authority to carry out the policies agreed by the board. The board is responsible for the nature of the policies, and the chief executive officer/ managing director for putting them into practice. The shareholders/stockholders of the company appoint the directors, at the annual general meeting (AGM). Board of Governors of the Federal Reserve System

Zentralbankvorstand, Direktorium des US-Zentralbankensystems

Also called Federal Reserve Board of Governors. Commonly called the Federal Reserve Board. In the USA, seven people appointed by the President of the United States who govern the Federal Reserve System (the US Central Bank). They control commercial banks and set monetary policy. board of inquiry

Untersuchungsausschuß

Also called committee of investigation or investigation committee. Group of people brought together to inquire into the circumstances of an event or situation. Board of Trade (BOT, BoT)

Handelsministerium (GB) Handelskammer (USA)

In GB, the Board of Trade began in 1786. Its functions are now carried on by the Department of Trade and Industry (DTI). In the USA, a chamber of commerce (CC). boarding card

Bordkarte

Also called boarding pass. A card given to passengers who have satisfied customs formalities and therefore have permission to board a plane or ship. boarding school

Internat

A school at which the pupils or students study, receive meals and lodging. bodily injury (BI, bi) Also called bodily harm.

Personen-, Körperschaden

-

161

-

Injury to the body of a person, especially due to violent, accidental, external and visible causes. body

Organisation, Vereinigung Briefhauptteil, Hauptteil Textteil einer Anzeige

A group of persons who work together to do a particular job or who are together for a particular purpose. The main part of a letter, eg a business letter. Also called text or main part. The main text of an advertisement. Also called body copy. body corporate

juristische Person

Also called artificial/juristic/legal person, corporate body, juridical personality, or legal entity. An association of individuals regarded in law as a single person with a separate legal identity, eg public limited companies (GB)/stock corporations (US). boldface/bold face (BF, bf)

Halbfettdruck, Fettdruck

Also called blackface, boldtype or bold. A typeface that is darker and thicker than the rest of the text. It is used to call attention to certain words, headings, lines (the boldlines) or ideas. bona fide

Treu und Glauben, guter Glaube, nach bestem Gewissen

Also called good faith. In good faith; anything is done honestly. Often used in the law of contract. bona fide purchase

gutgläubiger Erwerb

Also called innocent purchase or acquisition in good faith. The acquisition of property in good faith. The bona fide purchaser/buyer does not know of any defects in the title of the seller. bona fide purchaser/buyer

gutgläubige/r Erwerber/in

Also called good faith purchaser/buyer or innocent purchaser/buyer. A person who buys property in good faith, without having received notice of any defect in the title, and who pays a consideration for the property.

-

162

bond (bd)

-

Obligation, Anleihe, Schuldverschreibung Zollverschluß Garantieerklärung (AuW) Bürgschaft, Garantie Kaution

A fixed-interest security which a government (government bond), municipality (municipal/local authority bond) or company (industrial bond) issues, usually in multiples of £/$ 100. The issue of bonds is a method of borrowing. The issuer binds himself to pay the bondholder a certain sum of money at a fixed time, or under certain conditions, and to repay the principal amount of the bond/loan at/on maturity. Bondholders have a claim against the issuer, but no company ownership privileges, as shareholders/stockholders do. They are either registered, or "to bearer , redeemable or irredeemable or convertible, secured or unsecured. Attached to them are a number of interest warrants called "coupons", which are cut off and presented for payment as the interest falls due. The last portion of the coupon sheet is called a "talon". Bonds are long-term obligations, meaning they have maturity periods of five years, and frequently, ten years or longer. Also called debenture (bond) or debenture stock (GB). Goods stored in a bonded warehouse until customs duty is paid. Goods held "in bond" are termed "bonded goods". In foreign trade, a written document issued to a buyer (the importer) by, say, a bank or insurance company, stating that an exporter will comply with the terms of the contract and that a buyer will receive compensation for any loss resulting from seller's/ exporter's failure to do so. In foreign trade, a bond is required by customs in certain circumstances as security for unpaid duty. These bonds fall into three categories: 1. ordinary bond: this serves as security for one transaction; 2. general bond: it covers a series of transactions; 3. premises bond: it covers any place in which goods are stored on which any duty or tax or levy is liable to be paid but has not been paid. A written undertaking to act as guarantor for another party. In finance this means that a bond is the obligation of one person to repay a debt taken on by someone else, should that other person default. Also called guarantee/guaranty, security, suretyship or warranty. A sum of money paid in advance as surety (ie a deposit) for honoring a contract (eg rent, house purchase etc.). Also called bail, caution money or deposit. Property or money given as surety that a person released from custody/prison will return at an appointed time. Also called bail, caution money or deposit. bond broker

Makler/in fur Festverzinsliche (Wertpapiere)

A broker who sells and buys bonds, ie fixed-interest securities. bond creditor A creditor, ie a bondholder, secured by a bond.

Anleihegläubiger/in

-

163

bond market

-

Rentenmarkt, Bondmarkt, Markt für Festverzinsliche

Also called fixed-interest market. A market in which fixed-interest securities are traded, eg Treasury bonds, government bonds, municipal/local authority bonds and industrial bonds. bond note

Zollbegleitschein

Also called customs warrant or transshipment note. A note given by the customs authorities in exchange for a bond executed by an exporter of bonded goods. On the back is the warenousekeeper's order authorizing release of the goods. Now the bonded goods can be collected by the importer or they can be reexported. bond rating

Anleihebewertung

The appraising and rating of the worth of a bond as a sound investment by a recognized financial institution, eg Standard and Poor's (USA). bonded factory

Fabrik unter Zollverschluß

Also called bonded manufacturing warehouse. A factory, controlled by customs officers, which has permission from the government to stock and handle dutiable goods used in processes of manufacture. The duty has to be paid when the goods leave the factory. bonded goods (B/G, b.g.)

Zollagergut, Waren unter Zollverschluß

Also called goods in bond. Imported goods on which duty has not been paid. They are held in a bonded warehouse. Such goods are said to be in bond, a bond being signed by the owners stating that the duty will be paid when the goods are removed for sale. bonded warehouse

Frei-, Transit-, Zollager

Also called bond store, bonded storage or customs/tax warehouse. Goods subject to customs duty are stored there until such time as the duty is paid or the goods are reexported. They are privately owned, but every owner has entered into a binding agreement to pay the (customs) duty on any goods removed from his warehouse without official consent. Goods may be bought and sold whilst in bond, and moved from one bonded warehouse to another in a bonded van. Goods can be packed, sorted, bottled, labelled, etc., but before they can be released, the required customs duty must be paid on them. Note: the goods are not subject to duties if they are reshipped to foreign points. This system is of particular value in those trades where lengthy storage is necessary to enable a product to mature, eg whisky/whiskey.

-

164

bondholder

-

Obligationär/in, Anleihegläubiger/in

A person who holds bonds, ie a person who lends money to an enterprise or the government for a fixed period and receives interest and repayment of the principal. bonus

Bonus Bonus, Sondervergütung (PW) Extradividende Gewinnbeteiligung, Versichertendividende (Vers) Schadenfreiheitsrabatt (Vers) Zusatzzahl (Lotto)

Something extra or additional given freely. A special extra payment allowance or present given to an employee over and above his/her normal remuneration, eg Christmas or birthday bonus. Also called cash bonus. Share of profits to those entitled to participate in them as "bonus dividend". It is paid to shareholders/stockholders in a highly profitable year. Also called cash bonus or special/super/surplus dividend. In insurance, that part of the profits paid to "with profits" or "participating" life assurance/insurance policyholders. Also called extra/special dividenti In insurance, a reduction in premium to reward some specially favorable feature of the risk, eg no-claim bonus/discount in motor insurance. In a lottery, the additional number. bonus issue

Ausgabe von Gratisaktien

The correct term is capitalization issue (cap issue), but sometimes also called free issue or scrip issue. Note: in the USA called stock split. The capitalization of the reserves of a company by the issue of bonus shares/stocks (ie new shares/stocks) to existing shareholders/stockholders, in proportion to their original holdings. It is thus a process for converting money from the Company s reserves into issued capital. No extra money is payable by the shareholder/stockholder. bonus pack

Zugabepackung

Also called bonus size package or extra sized pack. In marketing, a method of making a product more attractive to customers by selling a larger pack with an additional amount of the product but at the price usual for a standard pack. bonus pay

Gehalts-, Lohnzulage

An additional salary. Money received as wages over and above normal pay for special work, higher productivity, early completion or profit sharing.

-

bonus savings account

165

-

Bonussparkonto

A savings account which offers higher interest rates if savers are prepared to save a regular amount each month over a minimum period of time. bonus share/stock

Gratisaktie

Also called scrip share/stock. Extra shares/stocks given to an existing shareholder/stockholder in proportion to his/her holdings when a company has built up considerable capital reserves in relation to the size of its nominal capital. bonus system

Prämienlohnsystem

Also called bonus scheme/wage system. A type of wage agreement whereby the workers receive an agreed rate of pay for minimum productivity plus extra for excess output. This employee incentive scheme is applicable either to individuals or entire work groups. book debts

Forderungen (aus Lieferungen und Leistungen)

Also called accounts receivable, trade account receivables (US) or trade debtors (GB). In accounting, the amounts of money that are owed to a trading company by its customers, ie its debtors, from the sale of goods and services and shown m the books of account. book inventory

buchmäßiges Inventar Buchinventur

Inventory shown in the financial records. There is no physical count of inventory; it is computed from the initial inventory plus purchases less withdrawals. Inventory/stock on hand shows the book value. Inventory taking by the books. Also called record inventory. book money

Buchgeld, Giralgeld

Also called bank deposit/bank account/deposit money or checkbook money (US). The total of all bank deposits in a country's economy. These deposits are a form of money created by the commercial banks and make up the largest part of the total money supply in an economy. book profit Also called accounting/paper profit.

Buchgewinn

-

166

-

In accounting, a profit which exists only on paper but is not realized in money. It is gained from holding an item while its market value has increased. Thus, the amount equals the difference between the market value and the initial/original cost(s). book transfer

Umbuchung

In banking, a transfer of funds between two accounts, both serviced by the bank carrying out the booking. In accounting, the transfer of balances from one account to another. Also called reclassification, reposting or transfer. book value (B/V, bv)

(Rest)Buchwert

In accounting, the amount at which an asset is recorded in the company's accounts. The value at which an asset, liability or owners' equity item is carried on a balance sheet. booking office

Schalter, (Vorverkaufs)Kasse

A point of sale dispensing various types of ticket, eg theater tickets, travel tickets, etc. bookkeeping

Buchhaltung, Buchführung

The systematic keeping of business accounts. The accounts provide the basic information from which a profit and loss account and balance sheet are prepared at the end of the accounting period. boom

Boom, (Hochkonjunktur, starker Aufscnwung Hausse (Bö)

The expansionary phase of the business/trade cycle. During a boom, due to a rising demand for all commodities, production expands, sales and profits increase, prices ana wages rise, and unemployment decreases. After full employment has been reached a boom will, unless checked, become inflationary. A boom is opposite to a depression, recession, slump, or stagnation. An increased speculative demand for stock exchange securities. The demand for most securities reaches the highest level, with much buying and selling and high market prices. A boom may exist for a single security or a group of securities. boom market

Haussemarkt

Also called bull/bullish market. A market in which demand exceeds supply (there is an excess demand) so that there is an increase in prices.

- 167 boom share/stock

steigende Aktie

A share/stock in a company which is increasing in value. boom years

Boomjahre

The years when there is an economic boom, eg business activity and sales are high and constantly increasing. boost

Unterstützung Auftrieb

Something that helps someone to be more successful. Also called support. Something that helps something to improve or increase, eg the interest rate cut will give the economy a boost. booth

Messestand, Marktstand, Bude Telefonzelle

An exhibition stand for the sale of goods or for display purposes, as at a market or exhibition. Also called stand. A place from which one can telephone. Also called telephone booth/box/kiosk, call/coin/phone box or pay station (US). bootleg wage

über/unter Tariflohn liegender Verdienst

Wages above union scale that an employer might pay in a tight labo(u)r market in order to retain and attract employees. Wages below union scale that an employee might accept in order to keep or obtain a job. bootlegging

Schmuggel, illegale Tätigkeit

The illegal sale of commodities (eg liquor, particularly during the years 1920 - 1933 when Prohibition was in force in the US). borrowed capital

Fremdkapital, Fremdmittel

Also called debt/loan/outside capital or debt finance. The part of the financing of a company that is obtained by loans, ie by the borrowing of funds, and that is subject to repayment.

-

168

borrowed reserves

-

von der US-Zentralbank ausgeliehene Mittel

In the USA, funds obtained when banks borrow from the Federal Reserve Banks for the purpose of maintaining the required reserve ratios; usually the loans are in the form of snort-term advances collateralized by government securities. borrower

Kreditnehmer/in, Darlehensnehmer/in

Someone who borrows money from another person or business, usually a bank, for a period of time. He/she receives a loan on which he/she has to pay interest. borrowing

Kreditaufnahme Kreditaufnahme, Aufnahme von Fremdmitteln

The action of borrowing money. Accepting money, eg from a bank, a business or any other institution, that is not one's own on the understanding that it will be repaid on a future date, usually with interest. Also called credit intake, raising credit or raising external funds. borrowing power

Kreditfähigkeit Verschuldungspotential, Kreditfähigkeit

The legal ability to borrow money. The amount of money that a customer is able to borrow. The loan value depends on lender policy and type of security. Also called borrowing potential. borrowing rate

Sollzins(satz)

Also called debit rate or debtor interest rate. The rate of interest the borrower has to pay to the lender. boss

Boss, C h e f i n

A colloquial term for the person you report to or a person who is responsible for the work of a company, a department or at least one other person. both to blame collision clause

Kollisionsklausel bei beiderseitigem Verschulden, Both-to-Blame Collision-Klausel (Vers)

In marine insurance, a bill of lading clause regulating collisone for which both are to blame. The clause states that upon the collision of two (or more) ships, when all ships are at fault, all owners and shippers must share in all losses according to proportion.

- 169 bottleneck

Engpaß, Engpaßbereich

That part of a production/manufacturing process, etc., where production of goods or services is slowed down, eg by shortage 01 materials. bottleneck inflation

nichtmonetäre Nachfrageinflation

This type of inflation is a combination of both demand and cost inflation. It assumes rising costs and rising prices long before all resources are fully employed. The basis for this assumption is that specific shortages occur in some areas o f the economy (the bottleneck areas) where demand is unusually heavy. Effectively the idea of this type of inflation is an admission that models of an economy with resources in perfectly elastic supply are unrealistic. bottom

Tiefpunkt, Tiefstand Konjunkturtief, Talsohle

The very lowest point of something, eg of sales. Also called low. A low point in the business/trade cycle. Also called cyclical depression, economic low or trough. bottom line

Endgewinn oder Endverlust Wesentlichste, Wichtigste

The net profit or loss. The deciding or most important factor. bottom price

niedrigster, äußerster Preis

Also called rock-bottom price. The lowest price of anything. bottomry bond

Bodmereibrief

A mortgage of a ship and/or cargo as security for a loan required for immediate repairs. Repayment depends upon tne safe arrival of the ship at its destination. Modern paying facilities have not virtually abolished such transactions. bought deal

Festkursplazierung (Bö)

An issuing bank obtains the privilege of selling shares/stocks in a new company or of buying and distributing a whole new issue of shares/stocks. The issuing bank guarantees to buy all the shares/stocks on offer at a fixed price. bought note Also called (bought) contract note.

Kaufnote, Kaufabrechnung, Schlußschein (Bö)

- 170 A formal document, evidencing that the broker has bought securities or commodities in accordance with the buyer's instructions and giving particulars of the transaction (eg price, quantity, commission), sent by a stockbroker or commodity broker to a buyer. Note: when selling commodities or securities the broker sends a sold note to the buyer. bounce

einen Scheck platzen lassen Auftrieb plötzliche Entlassung

A colloquial term for dishonouring a cheque/check, ie the term for a cheque which is returned unpaid. This may happen for several reasons, but the most common is that the cheque is uncovered, ie there are not enough funds in the account to cover the cheque. Also called bouncing. The dishonored cheque/check is called bounced cheque/check, bouncer, dud, or rubber cheque/check. A sudden increase in stock market transactions, causing share/stock prices to rise. A sudden increase in prices, sales, exports, etc. A sudden, unexpected dismissal. bounced cheque/check

geplatzter, nicht eingelöster Scheck

Also called bouncer, dishonored/rubber cheque/check, or dud (cheque/check). A cheque/check which has been dishono(u)red when presented to a bank for payment, eg as no funds are available to pay the sum due. The bank will mark the cheque/check "no funds" (N/F), "insufficient funds" (I /F) or "refer to drawer" (R/D). bounty

(Exportprämie, Subvention Subvention

An export subsidy paid by the government to a producer or exporter of certain commodities in order to stimulate the export of such goods and to strengthen their competitive position on international markets. Also called export bounty/subsidy. A government subsidy given to aid particular industries. Also called grant, government aid, subvention (payment) or subsidy. bourgeoisie

Bourgeoisie

In Marxian economics, those who own property or capital, as opposed to the proletariat. bourse

Börse

A continental term for a stock or commodity exchange or money market. Note: in Australia, the term is used colloquially to refer to any stock exchange.

- 171 boutique

Boutique Finanz-Boutique

Shop/store carrying a range of trendy wear (up-to-date clothes). A financial services company, eg a brokerage firm, which offers a variety of investment advice and services to its (affluent) clients. A large boutique is also called financial supermarket. Also called boutique bank. box (bx)

Kiste, Kasten Safe

A small case or container, which may be of wood, cardboard or metal, and may have a folding lid. A metal box for safekeeping documents, securities and other valuables. box

file

Stehsammler

A box to keep files in an upright position. box number

Postfach Chiffrenummer

A reference number used in a post office (PO) to avoid giving an address (eg our address is P.O. Box 357). Also called post office box (POB). In advertising, a number to which replies to a newspaper advertisement should be sent. The advertisement is called box number advertisement or keyed advertisement. box success

Kassenschlager

An item that sells extremely well or a film or theater performance that attracts masses of cinema/movie-goers or theater-goers. boycott

Boykott

Refusal to have trade relations with a trader or a country. Historical note: To boycott is to coerce by preventing any social or commercial dealings with a person, group or nation. The term dates from 1880, when this treatment was first used against captain Boycott, a land agent in Ireland. bracket creep

schleichende Steuerprogression

In inflationary times, a situation where people are continuously lifted into higher tax or income brackets. Progressive taxes tend to increase with inflation because taxpayers automatically move in to higher tax brackets without a corresponding increase m real income.

brain drain

172

Abwanderung von besonders qualifizierten Fachkräften

The drift of scientists and educated and skilled labo(u)r from Europe and less developed countries (LDCs) to the US (or other countries) where the return to their human capital is higher. brainstorming

Brainstorming (Methode zur Ideenfindung und Ideensammlung)

A technique for encouraging creativity and useful concepts for solving particular problems, usually through team or group discussions. The problems are considered from several points of view. The purpose of brainstorming is the creation of ideas, not their evaluation. Therefore all ideas should be considered, no ideas should be criticized, no idea is trivial or irrelevant. Brainstorming is an application of the principle that several heads are better than one. branch

Filiale, (Zweig)Niederlassung, Zweigstelle

Also called branch establishment/office. A local office of a bank, an insurance company, a large business, or a local shop of a chain store under the control of a head office. branch banking

Filialbanksystem

Also called multioffice banking. A system of banking, as in the British and German banking system, where a few banks provide banking services through a network of branch offices. The main advantage of this system lies in the greater stability of such banks compared with unit banks which prevail in the USA. In many states of tne USA branch banking is illegal because one fears the concentration of money power. branch manager

Geschäftsstellen-, Filialleiter/in

A person in charge of a branch. branch store

Verkaufsfiliale, Zweiggeschäft

A store owned by a parent store. branches of production

Produktionszweige

There are four main branches of production. These are: 1. extractive/primary production, 2. manufacturing industries, 3. commercial services and 4. direct services.

-

173

-

brand

Warenzeichen, Handelsname Markenartikel eingebranntes Zeichen

Sometimes also called label. A trademark, indicating the quality of a product or service. The brand image reflects the overall status of users' perceptions of a company's offering. A good or service with a set of characteristics which clearly differentiates it from all other goods or services. Also called branded article/good. A mark made/branded upon property to indicate ownership. brand awareness

Marken-, Produktbewußtsein

Having knowledge of the existence of a branded product/brand. The percentage of persons remembering the name of a brand of product. Buyers' identification with a product or service. brand competition

Markenwettbewerb

Competition/rivalry between brands which can satisfy a consumer's wants almost equally. brand image

Markenbild (eines Produkts)

The image (ie the mental picture) of a branded product in the minds of consumers. All characteristics (eg price, quality, utility, etc.) of that particular brand belong to the brand image. By advertising, a producer tries to create an acceptable image for his/her product so that more and more consumers desire his/her brand and prefer it to the other Wands. brand leader

Markenfiihrer, Spitzenmarke

Also called major. Product which holds the greatest single share of a market for all products of its type. brand loyalty

Markentreue

Allegiance to a brand/branded product, ie the loyalty by the customer to repurchase the product despite keen competition by other branded substitutes. Many firms use advertising in order to build this allegiance to their product. On the other hand it is generally considered that brand loyalty is reduced by price and promotional competition. Therefore the consumer must perceive that the brand offers the right combination of price and quality.

- 174 brand manager

Produktmanager/in (Verkaufsleiter/in für ein bestimmtes Produkt)

Also called product manager. Executive responsible for the overall marketing and promotion of a specific brand. brand name

Markenname, Waren-, Handelsbezeichnung

Also called tradename. The name of a brand which may consist of a letter, a word or a group of letters or words. brand preference

Markenpräferenz

The degree to which consumers prefer one brand over another or consider it acceptable or unacceptable in relation to competing/competitive brands. branded good

Markenartikel

Also called brand; branded article/merchandise/product or trademarked article. Goods sold under brand names, ie these are goods that bear a producer's trademark, tradename or brand, in order to distinguish them from similar goods made by others. If the name is registered under the Trade Marks Act, it is a trademark, and no one else may use it; if the name is not registered, it is called a tradename or brand. breach of contract

Vertragsbruch, Vertragsverletzung

Also called breach of duty to perform or infringement/violation of contract. A failure to perform the terms of a contract (eg nonobservance of the terms of delivery and of payment). The injured party has various forms of action, eg suing for damages. breach of peace

Verletzung von Ruhe und Ordnung, öffentliche Ruhestörung, Landfriedensbruch

Any disturbance of public order, eg an action that annoys people in a public place. bread and butter issue

Allerweltsproblem, alltägliches Problem

An issue that is concerned with the most important and basic things. breadwinner

Familienernährer/in

The person primarly responsible for earning a family's or household's living (bread and butter, colloq).

-

175 -

break

Preissturz Kurseinbruch (Bö) Sendeunterbrechung für Werbung Pause

A rapid and sharp price decline. Also called sharp drop-off/tumble in prices or slump in pnces. On the stock exchange, a sudden, marked drop in the price of a security. Also called sudden price fall. In advertising, the time period on TV or radio when commercials are to be transmitted. A short interval for refreshment. break up value

Liquidationswert, Abbruchwert, Zerschlagungswert

Also called liquidating value. The total value of assets on the liquidation of a company if each asset is sold separately. When a company fails or ceases trading and cannot be sold as a unity, its assets are sold as separate items in order to minimize the total loss. The residual value of each (ordinary) share/(common) stock. breakage

Entschädigung fur Bruchschaden, Refaktie (Zer)Brechen Bruch(schaden)

The payment or allowance to replace the value of goods that have been broken. The act of breaking. Note: breakages are things that have been broken. breakdown

Betriebsstörung, -Unterbrechung

Stopping work because of technical failure. breakeven

Geschäftsabschluß ohne Gewinn und Verlust, mit Plus-minus-Null arbeiten

Carrying on business so that neither profit nor loss is made. breakeven analysis

Break-Even-Analyse, Gewinn-/ Nutzenschwellenanalyse

The study of how costs and profits vary with the volume of production, using accounting methods of analysis. The breakeven sales volume is that which ensures that all fixed and variable costs are covered by income, neither profit nor loss being made, giving a particular selling price.

-

176

-

breakeven income level

Basiseinkommen des Haushalts, Gleichgewichtseinkommen

Also called equilibrium income level. The point at which a household's consumption expenditures are just equal to its income, ie all income is consumed and no debts are incurred. breakeven output

Output zur Erreichimg der Gewinnschwelle/des Kostendeckungspunktes

The level of output at which costs are fully covered by sales revenue. breakeven point (BEP)

Breakeven-Punkt, Gewinn- oder Ertragsschwelle, Kostendeckungspunkt, Nutzenschwelle

The volume of sales necessary to start showing profit, ie to enable both fixed and variable costs to be covered by total revenue. At this point/level a company's or product's sales revenue equals its total cost(s) and there is neither profit nor loss. All sales over the breakeven point produce profits; any drop in sales below that point will produce losses. Note: the amount of sales needed for the company to break even varies with alternative prices. breakeven price

Breakeven-Preis, Kostendeckungspreis

The price at which the firm just covers its costs. The price at which a given quantity of product needs to be sold to avoid any loss on the operations. breaking bulk

Löschen der Ladung Stichprobenentnahme Zerlegen einer (Waren)Sendung

In shipping, the opening of a shipping space and the commencement of unloading. The opening of a consignment or parcel for the purpose of taking samples. The practice of a wholesaler or middleman to buy in bulk, ie to take a large, economical shipment from a manufacturer/producer and divide it into smaller units to sell to retailers for greater profit. breakthrough product

bahnbrechendes Produkt

A unique innovation that is mainly technical in nature. breakup

Auflösung, Zerschlagung

The dissolution of any unit or organization into smaller parts.

- 177 Bretton Woods System

Bretton Woods System

The international payments system based on fixed exchange rates applied by the members of the IMF (International Monetary Fund) from 1944 until 1971. The objects were stable exchange rates and free convertibility of currencies. bribe

Bestechungsgeld, Schmiergeld, "Entscheidungshilfe"

Also called bribe money, secret commission, graft, improper payment, payoff, slush fund or payola (coll). Money offered to a person to persuade him/her to do something which he/she should not do. For example, a reward of money or goods paid secretly to influence the payee to grant rights or privileges to the payer. Offering or accepting a right is usually a criminal offense/offence. bribery

Bestechung

Also called corruption or illegal gratification. Giving presents (eg money or commodities) to somebody to persuade him/her to do something which is dishonest or even illegal; bribery is subject to penalty. bridging loan

Überbrückungskredit Zwischenkredit

Also called bridge loan (US), bridge over (loan), bridging advance/finance, or gap financing/temporary/tideover loan. A temporary advance made to a borrower to enable him/her to finance a purchase before he/she receives intermediate-term or long-term funds from another source. In other words, money borrowed for a short period to cover/bridge the gap between buying one asset and selling another. A short-term loan to cover a temporary shortage in a company's cashflow. Also called interim/intermediate loan. brief

Kurzbericht Fallunterlagen

A summary of the main details of something longer. Also called condensed report or summary report. Summary of the main facts of a case, used by a lawyer when speaking in court. briefing

Anweisungen, Instruktionen Informationssitzimg

Information, instructions and/or advice given to somebody before he/she begins a piece of work. A meeting to discuss business matters.

- 178 British Overseas Trade Board (BOTB)

britische Exportförderungsbehörde

In GB, an agency of the Department of Trade and Industry (DTI) set up in 1971 to help British exporters. Members are businesspersons, representatives of the various government departments, the CBI (Confederation of British Industry), the TUC (Trades Union Congress) and the Chambers of Commerce. The board supports and stimulates the sale of British products overseas, by export promotion, by trade fairs, export marketing research, aid to British firms operating abroad, advice on individual markets, etc. British Standards Institute/Institution (BSI)

britischer Normenverband

A voluntary, nonprofit-making body established in 1929 and jointly financed by industry ana the government. It seeks to test quality and safety standards of products, to improve, simplify and standardize industrial materials such as screw threads, methods of testing, standards of quality and performance. Note: the BSI kitemark logo on products should give consumers confidence that they have been produced to a high quality and safety standard. British Week

Britische Woche

The promotion of British consumer/consumption goods at the point of sale (POS) in a selected location overseas. The aim is to achieve an interest in all British things. broad market

lebhafter Handel

An active market in which trading is brisk. broadsheet großes Faltblatt, Handzettel Also called broadside or throwaway. A printed promotional material, usually a very large folder with pages often as large as those of a newspaper, or folding out like a map, usually with one or two folds. The broadsheet is often used in direct mail when it is folded to compact size and it can also be used as a shop poster or window display. brochure

Broschüre, Prospekt

Also called booklet, handout or pamphlet. A booklet (often illustrated) consisting of a few pages in paper cover giving details of goods. broken amount Also called broken number or odd lot.

Bruchschluß, Börsenauftrag über weniger als 100 Aktien

- 179 On the stock exchange, an odd number of shares/stocks, or an unusually small number or amount, eg 42 shares/stocks, as distinguished from a regular marketable amount, eg a lot or parcel of 100 shares/stocks. broker

Broker, Makler/in, Vermittler/in

An agent, acting as intermediary, who buys and sells for a principal on commission. The commission/brokerage is calculated as a percentage of the value of business done. He/she does not have possession of the goods, shares/stocks, or policies in which he/she deals, ie the broker never becomes owner of the goods and cannot act in his/her own name. However, there are exceptions: bill brokers and some commodity brokers do buy and sell for themselves. There are many different types of broker such as brokers dealing with commodities (commodity brokers), stockbrokers, insurance brokers, foreign exchange brokers, import brokers, etc. brokerage (bkge)

Maklergebühr, Provision, Courtage Maklergeschäft

The commission charged by a broker to his/her principal for the services in arranging a contract, ie for the carrying out of buying or selling of goods, shares/stocks, etc. It is usually a percentage of the monetary value of the business transacted. Also called brokage, courtage, brokerage allowance/commission/fee, or broker's commission. Synonym for broking, ie acting as a broker. broker's slip

Versicherungsantrag eines Versicherungsmaklers

Also called slip or underwriting slip. In the purchase of an insurance contract the prospective insured has to provide the insurer with information, so he/she can assess the risk and quote a premium. This is done either by preparing a slip or by filling in a proposal form. A slip is a piece of paper prepared by an insurance broker, which gives details of the subject matter of the insurance. It commonly shows: 1. the name of the insured, 2. the property to be insured, 3. the sum insured, 4. the type of cover, 5. the period of cover, 6. any special conditions, 7. the expected premium. The broker presents the slip to the insurer/underwriter, who then stamps and signs it to signify his/her acceptance of part or all of the cover. Note: slips were prepared for most types of insurance placed at Lloyd's and were therefore prepared by a Lloyd's broker. bubble company

Briefkastenfirma, Mantelgesellschaft, Schwindelfirma

Also called dummy company. A company that never had any real business, a company to defraud the public.

-

buck

180

-

US-Dollar

A colloquial term for US dollar. budget

Finanzplan (eines Unternehmens) Budget, Etat Budget, Haushaltsplan, Staatshausnalt, Etat

A financial plan of a company; a summary of planned financial expenditures/ outgoings ana receipts/ income over a period, normally a year. A sum of money set aside for a future activity or project. A plan of expenditure based on estimated income. The financial statement annually presented to Parliament. It consists of a statement of actual revenue and expenditure for the past year, an estimate of that for the forthcoming year, and an announcement of its proposed changes in taxation. It is the government's main instrument of economic policy. Thus if inflationary pressures are thought to be too strong a restrictive budget will be introduced (ie taxes will be increased and/or government expenditure reduced). In a balanced budget income covers expenditure. budget account

"offenes" Kredit-, Kundenkonto Haushaltskonto

A form of charge account. A customer makes regular fixed payments to a retailer and is allowed credit up to a certain amount, eg 12 times the monthly sum being paid. Also called budget plan. A form of current/checking account with a bank. The customer pays a certain amount a month into the account and the bank agrees to pay off his/her household bills when they become due, but debits the customer's current/checking account with a fixed monthly sum. Furthermore, the bank guarantees the customer overdraft facilities up to a specified multiple of the monthly contribution to cover periods of high expenditure. When the account is in credit, interest is paid on the balance, and when the account is overdrawn debit interest will be charged. Also called personal loan account. budget constraint

Budget-, Etatbeschränkung, Budgetrestriktion

Also called budgetary constraint. The limitation/restriction of a budget. The limitation of the amount of income available to a household in a given period, disregarding the availability of borrowing. Given a limited income and the prices of products, the constraint that separates the goods that the consumer can purchase from those that cannot be purchased. budget control Also called budgetary control.

Budeet-Finanz-Kontrolle, Budget-, Etatkontrolle

-

181

-

The continuous comparison of the budgeted figures with actual results, ie detailed comparisons of actual income and expenditure with budgeted income and expenditure. The purpose is to discover to what extent practice is actually deviating from targets so that action can be taken to bring the flows into line with the desired objective(s). budget deficit

(Staats)Haushaltsdefizit

Also called budgetary deficit or budget shortfall. A budget in which expenditure exceeds income/revenue. Also called deficit budget. A budgetary imbalance, caused by an excess of government expenditures over revenues; ie there is a negative budget surplus. The difference has to be made up by increasing the money supply, or by borrowing which in turn is likely to increase interest rates. Certainly, this may harm the economy. Note: a deficit may stimulate the economy in a time of recession. budget line

Bilanzgerade, Budgetgerade, Isobudgetgerade

Also called budget constraint line, consumer/consumption possibility line, isoexpenditure line or price line. In consumer theory, a straight line on a graph which shows all the possible combinations of goods that a consumer could buy with his/her income at given prices. The slope and location of the line are determined by the prices of the goods in question. budget period

Budgetperiode, Budgetierungszeitraum

The time period covered by a budget. budget policy (BP)

Haushaltspolitik

Also called budgetary/fiscal policy. The plans made and followed by a government in raising and spending money. This refers to attempts to control the level of economic activity in the economy by altering both taxation and government expenditure/spending. Money can be injected into or withdrawn from the economy in pursuit of economic objectives. Government spending injected into the economy has a multiplier effect as it moves through the economy. On the other hand, government spending may have a crowding out effect, meaning that any boost to the economy from the public sector is at the cost of the private sector. Government revenue can be raised either through direct taxation, eg income tax, or through indirect taxation, eg sales tax fin the USA) or VAT (in GB). The aims of budget policy are, eg: full employment, economic growth, stable prices, and a healthy balance of payments.

-

182

budget surplus

-

Budget-, Haushaltsüberschuß

A budget in which there is an excess of revenue (raised through taxation, customs duties, etc.) over expenditure in the national budget. In other words, government revenue exceeds its spending. Its consequence will be to reduce the level of activity in the economy. buffer memory

Pufferspeicher (DV)

Also called buffer store/storage. In data processing, a memory, generally used as a temporary storage area when information is being transmitted from one unit to another. Its purpose is to compensate for the different speeds at which the systems can handle data. buffer stock

Ausgleichslager, Vorratslager, Pufterbestana

Also called minimum/reserve/safety stock. Stocks of a commodity held in reserve to meet a supplier" s failure to deliver, to meet emergency demands, to ensure that a failure to produce sufficient work-in-progress at one stage of production will not delay subsequent stages, or to even out price fluctuations in primary commodities. building society

Bausparkasse (GB)

In the US formerly called building and loan association, today savings and loan association (S & L). In GB, a financial institution which carries out some of the functions of a bank (eg they offer a variety of savings accounts to attract deposits, some provide overdraft facilities, issue cheque/check books and cash cards). The public invest money with them in shares/stocks or deposits because of their attractive (usually fixed) rate of interest. Building societies lend money to their customers (owner-occupiers) on a long-term basis for the building or purchase of houses or flats/apartments, taking mortgages on the houses as security for their loans. Loans are repaid in monthly installments spread over a period of years. buildings insurance

Gebäudeversicherung

Insurance of domestic property against damage caused by fire, flood, weather damage, etc. built in (automatic) stabilizer

eingebauter (automatischer) Konjunkturstabilisator (der Wirtschaft)

Also called automatic fiscal stabilizer or built-in flexibility. Policies (eg fiscal policies) which automatically dampen down cyclical fluctuations in the economy (eg a decrease in taxation will stimulate spending and thus stimulate the economy) without any direct action by government, firms or individuals.

- 183

-

bulk business

Massengeschäft

A business for everyone. bulk buying

Massen-, Großeinkauf, Engrosbezug

Also called bulk purchase or volume purchasing. Buying in large quantities; suppliers often offer goods at cheaper prices for large quantities. A bulk buyer/purchaser buys large quantities. bulk cargo (BC, b/c)

Massenfrachtgut, Schüttgutladung

A cargo which consists of one commodity in an unpacked condition such as grain, oil or coal. Thus it can be shipped in bulk container or directly in the hold of a ship. bulk carrier

Massengutfrachter

A vessel built to transport dry or liquid bulk cargo, eg oil, iron ore, coal, grain, etc., which are not packed in containers. The freight per ton of cargo is lower. bulk discount (rate)

Mengenrabatt

Also called bulk rate or quantity/volume discount. Reduction on standard price in consideration of purchasing a large quantity of goods or services or a reduced charge for multiple purchases. bulk goods

Massengüter

Also called bulk commodities. Products or materials distributed in large quantities such as coal, grain and sand. bulk mail

Postwurfsendung, Infopost

Also called bulk mailing, junk mail or unaddressed mail advertising. Advertising material (eg leaflets) sent by mail to every household. Letters posted in bulk can qualify for recates of postage. bull

Haussier, Haussespekulant/in

Also called boomer or bull operator. A dealer on a stock exchange, commodity market, or currency market who thinks prices will rise, eg prices for an individual share/stock, bond, commodity, currency, etc.

-

184

-

A speculator on the stock exchange who buys securities, hoping that the price will rise so mat he/she can sell them again for more than he/she paia for them. He/she need not take delivery of the securities he/she buys; he/she may sell them before he/she is due to pay for them, ie on account/settlement day. Wnen buyers predominate over sellers, ie when prices are rising, a stock market is said to be "bullish" (in a more general sense, bullish means optimistic). bull market

Haussemarkt

Also called bullish/boom market. A market in which prices are rising, eg share/stock prices or commodity prices. Bull markets usually last at least a few months and are characterized by high trading volume. bull position

Hausseposition

A situation in which a dealer of securities or commodities buys and keeps them in the hope to sell them at a higher price after the market has risen. bulldog

£-Sterling Auslandsanleihe

Also called bulldog bond or sterling loan. A bond used by a foreign government agency to borrow money in London, ie the bond is issued in G B by a foreign borrower. The bonds are denominated in sterling and bear a fixed rate of interest. bulldog clip

Heftklammer

Also called staple. Thin wire driven into sheets of paper for fastening several papers together. bullet credit

Kredit mit Tilgungsaufschub (Kredit, bei dem Kreditnehmer während der Laufzeit nur Zins und keine Tilgungszahlungen leistet)

A credit that is not to be repaid gradually but in a lump sum at the end of its term/currency; all early payments are of interest only. Note: the bullet is the final payment consisting of the whole principal. bullet loan

Anleihe mit Endfálligkeit

Also called bullet (maturity) issue. A single (one-time) repayment loan with no amortization/redemption. During the term of the loan the borrower only pays interest.

- 185 bulletin

Bulletin, Bekanntmachung

A short statement of news, events, alterations of policy and other matters, eg staffpromotions or transfers. It is therefore an effective form of communication. Copies are either handed to every member of staff (staff bulletin) or exhibited on bulletin/notice boards. A bulletin is often several pages long, whereas a notice is usually shorter and announces a particular event. bulletin board (BB)

schwarzes Brett, Anschlagtafel große Werbewand

A board for the display of messages or information. Also called notice board. In advertising, a large board for outdoor advertisements. Also called billboard or hoarding. bullion

Edelmetallbarren

Bars of gold, silver, or some other precious metal. Central banks use gold bullion to settle international debts. Furthermore, gold bullion is used as a store of value. The term usually excludes gold or silver coins that are in circulation in a particular country. bullish

haussierend, auf eine Hausse hindeutend

A stock or commodity market term; when conditions suggest higher security or commodity prices a bullish situation exists. bundle (bdle)

Bund, Bündel

Miscellaneous goods tied together and handled as a unit. buoyancy

Kursanstieg auf breiter Front

A stock or commodity market in which prices rise. burden

Gemeinkosten Belastung Tragfähigkeit

A term for company overheads. Also called burden/fixed/indirect/general/supplementary cost(s), oncost or overhead (cost). The interest charges which a borrower is paying on money borrowed. Also called charge. The carrying capacity of a ship/vessel.

-

bureau (bu)

186

-

Büro Amt, Dienststelle (USA) Schreibtisch (GB)

Note: plural bureaux. An office that specializes in a certain form of business. In the USA, a government department or part of one where information is given to members of the public. In GB, a large desk or writing table. bureau de change

Wechselstube

Also called exchange office. An office where people may exchange foreign currencies, eurocheques, and travelers' checks into domestic currency and vice versa. bureaucracy

Bürokratie, Bürokratismus

A form of organization characterized by rigid adherence to formalized policies, standard procedures, many rules, extensive planning, specialization of functions, red tape (ie many forms to be filled out), etc. bureaucrat

Bürokrat

An official or manager in a bureaucracy. A person employed in a nonbureaucratic organization who manages by fixed routine, works to rule, checks and counterchecks decisions or actions and exercises little initiative. bureaufax

Telefax

Facsimile transmission of documents over telephone lines. burglary insurance

Einbruchdiebstahlversicherung, Diebstahlversicherung

Today called theft insurance. This type of insurance covers loss of or damage to property due to burglary, robbery or theft; loss of cash is usually excluded but can oe covered by a separate cash policy. bursar

Schatzmeister/in, Quästor

The person in a school, college or university responsible for their finances.

187

bushel (bsh, bu, bush)

Scheffel, Bushel (Hohlmaß)

A measure of capacity used for dry goods such as grain, fruit, etc. In GB it measures 36,37 1, in the U§ 35,24 1. business

Geschäft, Unternehmen, Firma Beschäftigung, Beruf jede wirtschaftliche Tätigkeit Branche, Geschäftszweig Angelegenheit

An organization engaged in commercial activities, such as a partnership, sole trader/sole proprietorship, public limited company/stock corporation, established to earn a profit for its owners through the provision of goods and/or services to its customers. A person who uses capital to provide assets in order to make a profit is running a business. The business is not the same as the owner; it has a separate entity. Employment, occupation, duty, profession, work. The practice of commerce; any form of trading; the activities of buying, selling or manufacturing goods or providing services. An industry. Also called line of business. Task, duty, concern. Something that has to be done. business address

Geschäftsadresse, -anschrift

The address, ie the house number, street, town, postcode/zip code, state and country of a company. business administration

Betriebswirtschaft(slehre)

Also called business economics/studies, industrial management or management. The study of economic problems that affect the organization and operation of business firms. For example, the study of production, supply and distribution of goods; the study of marketing, administration, personnel management, etc. Its purpose is to gain theoretical knowledge and to acquire insights to assist managers in solving the problems connected with running the firm. business barometer

Konjunkturbarometer

Also called economic indicator. Statistical indicators which reflect the market conditions.

A discussion or phone call on business matters. A person's visit to/call on a company to talk to someone on business.

-

188

business card

-

Geschäftskarte, Visitenkarte

Also called calling/visiting card. A card showing the holder's name, firm, address, position, etc. business cycle

Konjunkturzyklus, -phase

Also called business/economic/production/trade cycle or boom-slump cycle. In general, a fluctuation in the level of economic activity; a boom is followed by a recession/slump, leading to a depression succeeded by further expansion. Phases of the business cycle are: 1. the upswing or upturn; 2. the boom or prosperity; 3. the downswing, recession, contraction or slump; 4. the depression, stagnation or trough; and 5. the expansion, recovery or revival. In detail, a cycle in time, during which economic activity moves from an upswing or boom (high output, investment and employment) through a downswing or recession (a running-down period) to a depression or stagnation (low output, investment and employment) and then upward again to a recovery or expansion until there is a boom again. The whole cycle then begins again. Booms and slumps occur as a result of natural economic forces which tend to occur cyclically; in other cases they are due to seasonal variations or are the result of stop-go policies of the government to fight inflation. business day

Werktag

Also called workday, working day or weekday. Any day which is not a Saturday, Sunday, public holiday or bank holiday (GB). It is usually accepted that the normal business day is between 9 am and 5 pm. business documents

Geschäftsdokumente

Documents used in domestic and foreign trade. The most important documents are: inquiry, estimate, offer/quotation, tender, firm offer, order, advice/dispatch note, packing note, proforma invoice, credit note, debit note, statement, transfer/remittance advice, receipt, cheque/check, bill of lading, bill of exchange/draft, etc. business enterprise

Handels-, Wirtschaftsunternehmen

Also called business; business/commercial undertaking, or commercial enterprise. An economic organization dealing with all factors involved in the production of goods for profit or an organization engaged in commercial activities. business entity Also called economic entity.

Wirtschaftseinheit

-

189

-

Any group of persons who have joined together in pursuit of a common economic or trading objective. business envelope

Geschäftsumschlag

Also called commercial envelope. A postal envelope for standard-size business letters. business ethics

Unternehmensethik

Also called corporate ethics. The standards of behavio(u)r that guide the actions of a company and which seek to avoid actions deemed unethical and therefore unacceptable, even though perhaps legal, because they go against the accepted moral standards. business forecast(ing)

Unternehmensprognose, Konjunkturprognose

Predicting/forecasting the future development of a company or economy. business forms

Unternehmensformen

Also called business organizations. The most important types of business are: 1. the sole trader (GB)/sole proprietorship (US), 2. the partnership (a. the general/ordinary partnership, b. the limited partnership), 3. the private limited company (Ltd, GB)/(closed) corporation (Corp, US), 4. the public limited company (PLC, GB)/(stock) corporation (Corp, US), 5. the cooperative (Coop), 6. public corporation. business hours

Geschäftszeit/en

The time when a business is open. Also called office/opening hours. The time when an office or bank is open. Also called banking/office hours. business indicators

Unternehmens-, Konjunkturindikatoren

Statistical data which have an effect on the level of business and economic activity. business insurance

gewerbliche Versicherung

Every type of insurance taken out by business firms, eg theft, business interruption, fire, professional indemnity, public liability, workers' compensation, etc.

-

190

business interruption insurance

-

Betriebsunterbrechnungs-(BU), Betriebsstillstandsversicherung

Also called consequential loss/loss of profits/time loss insurance or profits/use and occupancy policy. A policy that covers, apart from damage to the property, the loss of profit and the additional costs following interruption of the business, ie all standing charges and any necessary additional expenses. business letter

Geschäftsbrief

Also called commercial letter. Letters which are exchanged between businesses. Most business letters have a threefold aim: 1. to transmit a message from writer to recipient/addressee; 2. to move the recipient to action; 3. to imbue the recipient with friendly feelings towards the writer. Before you write a letter, establish clearly in your own mind the message you wish to convey, and gather together the information you need for the purpose. Business letters are usually typed on notepaper bearing a specially designed heading/letterhead which provides the reader with the essential information about the company sending it. The essential parts of a business letter are: 1. letterhead with logo, postcode (GB)/zip code (US), telephone, fax and e-mail numbers and Internet address; 2. reference initials and date, 3. inside name and address; 4. salutation; 5. subject heading; 6. message, ie the body of the letter, note: the first word starts with a capital letter; 7. complimentary close/closing; 8. writer's signature and official position; 9. enclosures. Furthermore, a business letter may include optional parts, which are included only when needed. Examples are: attention line (eg FAO: Mr/Ms XYZ), copies to/carbon copies (cc:), continuation-sheet heading, etc. The up-to-date layout is to block everything to the left, without any indentations at all. Note: British and American layouts differ slightly. business model

Wirtschaftsmodell

A symbolic description in algebraic or algorithmic form of a real-life system. Of course, a model is only as good as its construction. business monitor

Marktbeobachter/in

Persons who assess market share trends in a large number of product fields and analyze the growth of existing and potential markets. business name Also called company/firm name. The name under which a business is conducted.

Firmenname

- 191 business paper

Wirtschaftszeitung Verkaufsunterlage Handelswechsel, Warenwechsel

A publication designed to appeal to the needs and interests of a specific occupation or industry. Also called trade paper, business publication, trade or technical journal. Examples are: The Financial Times (GB), The Wall Street Journal (USA), Handelsblatt (Germany). The original sales documents, eg the sales invoice. A commercial/commodity/trade bill (of exchange). business park

Gewerbe-, Industriepark

An area where many companies have buildings and offices. business policy

Unternehmens-, Geschäftspolitik

Also called company/corporation policy. Broad and far-reaching rules laid down to guide executives in making their decisions. The policy statements cover the following aspects of a company: its objectives, the means by which it is intended to achieve these, and the constraints. business press

Wirtschaftspresse

Publications dealing exclusively with business subjects. business reply card (BRC) or envelope (BRE) (bezahlte) Rückantwort(karte), Freiumschlag, Rückumschlag A post office service whereby firms may relieve customers of the post of stamps when returning specially printed (and reply-paid) cards or envelopes. To do so a license must be obtained from the post office. business risk

unternehmerisches Risiko Kreditrisiko

Risks and uncertainties which are associated with the activities and operations of a particular firm. In banking, the risk that a borrower cannot or will not repay a credit. business saving(s)

einbehaltene/r Gewinn/e

Also called retained/undistributed profits. The undistributed profits/retained earnings of a business firm, kept as reserves or to finance new investment.

-

192

business school

Wirtschaftsinstitut, -schule Handelshochschule betriebswirtschaftliche Fakultät

A school where business studies are taught. A college or university for training students in business studies. The faculty/department of business studies. business startup loan

Existenzgründungskredit

A special loan granted to encourage people to invest in new businesses. business strategy

Geschäfts-, Unternehmensstrategie

The manner in which businesses intend to compete in order to achieve their goals. business studies

Betriebswirtschaft(slehre), Wirtschaftslehre

A course of study on economic and financial subjects. business suit

Straßenanzug, guter dunkler Anzug

Also called lounge suit (GB). A suit that a businessman wears during the business day. business to business ( B T B ) advertising

Werbung von Unternehmen zu Unternehmen

The means by which one business promotes its goods or services to another. The opposite of consumer advertising. business transaction

Geschäft(sabschluß) Geschäftsvorfall (RW)

An agreement or deal made between the business and either another business or a person. Also called deal or transaction. A transaction entered in the accounting records of a business. Also called accounting event or (external) transaction. business unit

Unternehmensform Wirtschaftsunternehmen

A business unit is an organization doing business. Ty ' • ' and public (society), public corporation.

-

193

-

A business enterprise, ie an enterprise engaged in business activities. Also called business company, concern, enterprise, firm or undertaking. buy earnings

auf Gewinnsteigerung spekulieren

Also called buy growth. On the stock exchange this means to buy shares/stocks that have a low or unattractive yield but a good earnings growth record so that investors expect a substantial capital appreciation/gain. buy forward

per Termin kaufen (Bö)

On an exchange, the purchase of shares/stocks, commodities, currencies etc. for delivery at a later date. buy on close

zum Schlußkurs kaufen

On the stock exchange, to buy at the end of the trading session at a price within the closing range. buy on opening

zum Eröffnungskurs kaufen

On the stock exchange, to buy at the beginning of a trading session at a price within the opening range. buy order

Kaufauftrag

Also called buying order. An order to buy/purchase something. In securities trading, an order to a broker to buy a specified quantity of a share/stock at the market price or any other stipulated price. An order given to a broker to buy commodities, currency, etc, with certain specifications. buyback agreement

RiickkaufVereinbarung

Also called repurchase agreement. A provision in a contract under which the seller agrees to repurchase/buy back the sold item at a stated price upon the occurrence of a specified event within a certain period. buyback deal/buy-back-deal

Rückkaufgeschäft, langfristiges Gegengeschäft (AuW)

Also called compensation deal. A special type of barter business.

-

194

-

The exporter (the supplier) of plant or equipment agrees to repayment from the proceeds of the output that the plant or equipment in future produces, ie an exporter buys back commodities produced by the macnine(s) he sold to the importer. Note: the USSR favo(u)red buybacfc arrangements as a form of industrial cooperation. buyer

Kunde, Kundin, Abnehmer/in Käufer/in Einkäufer/in, Leiter/in des Einkaufs

The customer. Also called client. Someone who buys. Also called purchaser or vendee. The person within a company responsible for buying/purchasing. Also called purchasing/buying manager or buying agent. buyer credit

Bestellerkredit, Käuferkredit (AuW) Beschaffungskredit

There are two types of export credit: supplier credit and buyer credit. With a buyer credit a domestic bank provides finance direct to an overseas buyer or an approved borrower, so that an exporter can be paid immediately on shipment of the goods. If finance is with recourse, it means that an exporter is liable for any balance of funds the buyer does not repay to the lender. If the finance is without recourse, the exporter is not responsible to a lender for any default by a buyer. A credit allowed by a bank, etc., to enable a person or a company to buy goods or services. buyer decision

Kaufentschluß

A potential customer's decision to buy a product or service. The customer may be influenced to buy to a greater or lesser extent by any combination of the following: 1. performance of the product, 2. aesthetic design features, 3. packaging, 4. service facilities available, 5. advertising, 6. distinctiveness of the product (eg branding, quality), 7. price to the ultimate buyer, 8. credit facilities, 9. the opinion of others, etc. buyer's monopoly

Käufermonopol

A market situation characterized by many sellers and one buyer. buyer's inertia

Käuferträgheit

The tendency of any buyer to continue to buy what he/she has bought in the past. buyers' market

Käufermarkt

A market characterized by excess supply because of overproduction, or because there are too many sellers and not enough buyers, so that prices will fall and buyers are able to obtain favo(u)rable terms.

-

195

buyers over

-

Kurszusatz: G, (Geld, d.h. mehr Nachfrage als Angebot; mehr Geld als Brief (Bö)

Also called buyers only. A situation which occurs on the stock or commodity exchange when there are more buyers than sellers, or when there are no sellers at all. This situation idicates a strong market with a tendency towards price rises. buyer's rights

Rechte des Käufers, Käuferrechte

Once the buyer has purchased something the seller takes on obligations to him/her. They are as follows and are set out in the Sale of Goods Act (GB). The goods must be: 1. of a merchantable quality, 2. fit for their purpose, 3. as described. Furthermore buyers are justified in assuming that the shopkeeper either owns the goods or has the right to sell them. If goods are faulty, the buyer's rights are any one of the following: 1. he/she can reject the goods and ask for compensation, 2. he/she may ask for the article to be replaced or repaired, 3. he/she may be given a credit note to buy something else (a buyer cannot be compelled to accept it). None of these rights can be taken away from the buyer, even if he/she signs a document which appears to do so. Note: rights under the Sale of Goods Act do not apply to private sales, however. buying

Kaufen, Einkaufen

Deciding the type and amount of goods to be purchased, followed by the actual purchase. buying agent

Einkäufer/in, Einkaufskommissionär

Also called purchasing agent. One who buys goods for his/her principal. buying behavio(u)r

Einkaufsverhalten, Kaufverhalten

Also called buying habit. The way in which people behave when deciding whether or not to buy a certain product or service and their personal feelings and thoughts which will affect their behavio(u)r. buying forward Also called forward buying.

Terminkauf

- 196 The purchase of an item for future delivery in anticipation of future demand. buying in

Deckungskauf vornehmen (Bö)

On the stock or commodity exchange, when a seller of securities or commodities has not delivered them to the buyer at the due time, the buyer "buys in" wherever he/she can obtain securities or commodities; all additional expenses incurred thereby must be borne by the defaulting seller. buying motives

Kaufmotive

All those factors, eg price, quality, prestige, etc, within create a desire to buy. Other possible motives are: to gain acceptance of a peer goal, to increase productivity, to reduce costs, to improve to be different, to take advantage of a new technology, objective, etc. buying power index (BPI)

a buyer which combine to group, to satisfy a personal security, to be remembered, to reach an organizational

Kaufkraftindex, -kennziffer

Also called purchasing power index. An index of buying potential constructed from basic economic data. It gives an indication of the ability to purchase in certain areas and thus indicates the sales opportunities. buying rate

(Sorten)Ankaufkurs, Geldkurs

Also called banker's buying/buyer's/currency rate or buyers (b., buy.). If an exporter is paid in a foreign currency, he/she may wish to exchange the currency to obtain domestic currency. Since the exporter is selling currency to the bank, the bank is buying the currency. The rates for buying and selling are those of the bank; so remember: when the customer sells, the bank buys. A rule is: a bank buys high and sells low. buying round

Direkteinkauf

Also called direct buying/purchasing. Buying direct from a producer and thereby excluding middlemen, eg a wholesaler. buyout

Aufkauf (einer Unternehmung)

The purchase of at least a controlling/majority interest of a company's shares/stocks or of an entire company. A buyout can be accomplished through negotiation or through takeover bid/tender offer.

- 197 byproduct

Nebenprodukt, Nebenerzeugnis, Abfallprodukt

Also called coproduct or residual/subsidiary product. A secondary or incidental product which is produced in the course of manufacturing or processing a main product. If uses or markets for by-products cannot be found, they become waste-products/spinoffs. byte

Byte

In computers, a set of eight bits (binary digits) considered as a unit of information. The internal memory capacity of computers is expressed in terms of bytes.

- 198 -

c Creditors have better memories than debtors. (Proverb, 1659)

cable transfer

telegrafische Auszahlung

Also called telegraphic transfer (TT). A term sometimes used to refer to the transfer of money between countries using the telegraph system. cablegram

(Kabel)Telegramm, Kabelnachricht

Also called cable. A telegram or any message sent or received by submarine cable. calculation of profit(s)

Gewinnberechnung, -ermittlung

From time to time a business prepares a profit and loss (P+L) account. This shows on the credit side all the revenue items, and on the debit side all the expense items. The difference between the two sides of the account is a profit or a loss (revenue > expenses = profit, expenses > revenues = loss). calculator

Rechner, Rechenmaschine (Vor)Kalkulator

A data processing machine for carrying out mathematical calculations, eg a pocket calculator, desk calculator or electronic calculator. In cost accounting, a person who calculates costs. Also called cost accountant. calendar

Kalender Terminkalender

A book, set of sheets of paper, table showing the days of each month and week in a year. Note: 1. calendar month: a whole month from the 1st to the 30th or 31st; 2. calendar year: year from January 1 to December 31. A list or register, especially one arranged chronologically, as of appointments, invoices to be considered, etc.

-

call

199

-

Zahlungsaufforderung (an Aktienzeichner) Kaufoption (Bö) jederzeit/täglich kündbares Darlehen Telefonanruf, Telefonat Kündigung (Bö) (kurzer) Besuch Anlaufen (eines Schiffes)

Demand by a public limited company (GB)/stock corporation(US) for payment by the shareholder/stockholder of part or all of the unpaid portion o f a partly-paid share/stock. When a company issues shares/stocks the shareholders/stockholders are usually asked to pay a certain portion of the capital on allotment and the remainder on call, when a company, in need of more capital, calls up some or all of the uncalled capital. Failure to pay may result in the shareholder/stockholder having his/her shares/stocks forfeited (the share/stock is called forfeited share/stock). On the stock exchange, the right to buy securities at the agreed option price by a fixed date or to exercise an option to buy securities at the option price. Also called call option. In the short-term money market, money loaned/lent in a form that can be withdrawn at any time ("at call"). This is usually made when the borrower has failed to meet his/her contractual obligations, eg timely payment of interest. Also called call/callable loan. A telephone call. Also called phone call. The right to redeem outstanding bonds before their agreed maturity. The first date when an issuer may call a bond is specified in the prospectus of the issue. A short visit, eg by a salesperson to a customer to gather information, make a sales presentation, secure an order, etc. In shipping, a short visit to a port, eg the ship is making a call at Hamburg. call bird

Lockartikel, Lockvogel

Also called bait, button, decoy, leader, leading article, loss leader, lowball, lure, price leader or stool pigeon. A product offered at an invitingly low price, at cost or less to attract customers. For example, the use of low pnces on items not normally purchased in large quantities, as a feature in advertising. The aim is to increase store traffic in the hope of selling regularly priced goods or something more costly. call card

Bücherbestellkarte (in Bibliothek)

Also called call slip. A card which an individual must fill in/out when ordering a book in a (public) library. call charge indicator Also called call/tollcharge meter.

(Telefon)Gebührenanzeiger

-

200

-

A device connected to a telephone console which records the number of call charge units. call loan

jederzeit/täglich kündbares Darlehen

Also called call, callable/demand/day-to-day loan. A bank loan repayable by the borrower on request, ie a loan made on a day-to-day basis. A loan from a bank payable on demand by the lender and repayable at any time by the borrower. call money

Tagesgeld, tägliches Geld

Also called day-to-day/demand/overnight money or money at call. Money lent between the financial institutions operating in the short-term money market. The funds are borrowed at call or on demand, that is they can be withdrawn/called without notice, on a daily basis. call money rate

Tagesgeld(zins)satz

Also called call/overnight rate. The rate of interest applicable to call money. call off purchase agreement

Abrufvertrag

An arrangement (ie a call order) by which the purchaser places a firm order for a specific quantity and reserves the right to request delivery of required quantities as and when he/she needs them. call option

Kaufoption

Also called option. The right to buy a fixed quantity of a commodity, currency, security, etc, on a certain date and at a specific price (the exercise price). On the stock exchange, the right to buy securities at an agreed price on a future date within a pre-arranged time limit, generally three or six months. Note: a call option is usually purchased in the expectation of rising prices. call order

Abrufauftrag, Kauf auf Abruf

Also called call purchase. An order where the buyer buys a certain quantity of goods but the actual quantity is called off as and when needed by the buyer.

-

call price

201

-

Rückkaufkurs

Also called buy-back/redemption/retirement price. The price paid (usually a premium over the face/par value of the issue) for bonds redeemed prior to maturity of the issue. call purchase

Kauf mit Preisoption Kauf auf Abruf, Abrufauftrag

The buying of commodities when the seller has some option of pricing at a later date within a stated range of the present price. The purchaser buys a certain quantity of goods but the actual number of goods are called off as and when needed by the purchaser. Also called call order. call rate

(Kunden)Besuchsrate

The number of calls (ie personal contacts) made by a salesperson on customers or prospects in a specific period of time, eg per month. The salesperson usually writes a call report, ie an account of his/her visit. call slip

Vertreterbericht

Also called agent's report. A salesperson's report stating details of his/her calls made to customers (his/her customer calls). callback

Rückruf Kontrollinterview, Nachfaßinterview

The recall of defective products by a manufacturer/producer, eg cars. A term for a visit to an interviewee/respondent who has already been interviewed once or who was not available for interview at the first visit. called bond

aufgerufene (gekündigte) Anleihe/Obligation

A bond which has been "called in" for repayment on a certain date. After this date the bond ceases to bear interest. called up capital

eingefordertes Kapital

Called-up capital is that portion of the issued capital of a public limited company (PLC)/corporation (Corp) that is actually demanded from the shareholders/stockholders. For example, a company/corporation with an issued capital of £/$ 100,000 in f / S 1 ordinary shares/common stocKS may have required shareholders/stockholders to pay only £/$ 0.50 for each £/$ 1, ie £/$ 50,000. The called-up capital would be £/$ 50,000.

-

202

-

When shares/stocks are issued the total nominal/par value may not be immediately payable. Note: this practice has now become rare. caller

Anrufer/in Besucher/in

A person who telephones. Also called calling subscriber. A person who visits, eg a company. Also called visitor. cambist

Devisenmakler/in, -händler/in

A dealer or speculator in foreign currencies. Cambridge equation

Cambridge Gleichung

An alternative formulation of the quantity theory of money. As its name indicates, it was pioneered at Cambridge University and is principally linked with the name of Alfred Marshall (1842 - 1924). The equation may be expressed symbolically as follows: M = kPY. The novel component is the Cambridge "k" which is simply the reciprocal of Fisher's V ( ie k = 1/V). M = quantity of money, Ρ = price level, Y = real income, PY = MV. The Cambridge formulation of the Quantity Theory of Money is regarded as being superior to Fisher's because it emphasizes the holding of money, or cash balances, "k', as being a rational choice based upon the level of money income, PY. See also quantity theory of money. Cambridge School

Cambridge Schule

A school of thought based on the work of economists associated with the University of Cambridge, England. These economists believe that: 1. economic expansion may occur from investment, 2. propensity for consumption is based on earnings, 3. government policies directly affect income levels, 4. output and prices are important factors in economic growth, 5. future expectations impact economic conditions. Founded by Alfred Marshall (1842-1924) and also represented by A.C. Pigou (18771959) (first period); the second period was dominated by J.M. Keynes (1883-1946) and his revolutionary theories. The modern period comprises economists who develop Keynes's theories and who believe that Keynes had the right approach to dealing with economic expansion and the distribution of income. Furthermore, they believe that investment, income levels, output and prices are important factors in economic growth.

-

campaign

203

-

Kampagne

Organized course of action, planned carefully to achieve predefined objectives, eg an advertising campaign or a sales campaign. can

Kanister, Dose, Büchse

Also called tin (GB). A small metal container for holding food, liquid, etc. cancellation

Aufhebung, Stornierung Annullierung, Ungültigskeitserklärung Vertragsannullierung

A decision that something already arranged should not now take place, eg the cancellation of an order. Also called counterorder, reversal or withdrawal. A crossing out or an obliteration. To cancela cheque/check, a bill of exchange, a bond, or similar document is to write across it the word "cancel(l)ed", whereby the document is no longer valid, ie it is null and void. This identifies transaction documents to prevent their further or repeated use. Also called annulment or rescission. The revocation of a contract. Also called annulment, avoidance, invalidation, revocation or rescission. cancellation clause (CC)

defeasance,

Kündigungsklausel

Also called termination clause. Clause in a contract which states the terms on which the contract may be cancel(l)ed. cancel(l)ed cheque/check

annullierter Scheck

Also called paid cheque/check. A cheque/check which has been paid and so c a n c e l l e d by being perforated or marked with a paid date stamp by the bank on which it was drawn. canons of taxation

Steuergrundssätze

According to the Scottish economist Adam Smith (1723 - 1790), these are rules to be observed in constructing a good tax. These rules are: 1. the amounts people pay in taxes should be equal, ie proportional to their incomes; 2. there should be certainty with regard to the amount to be paid; 3. there should be convenience of payment and collection; 4. economy should be observed that the cost of collection does not outweigh the amount collected.

-

canvasser

204

-

Akquisiteur, (Kunden)Werber/in

Also called solicitor. A sales representative or selling agent calling direct on users or consumers. cap

Begrenzung, Obergrenze Zinsobergrenze, Höchstzinssatz Gratisaktien Ausgabe von (J Großbuchstabe

In general, an upper limit placed on something, eg a charge or an expense. A cap is a ceiling set on interest rates, thus offering the borrower a form of protection because he/she knows the maximum rate (of interest) he/she may have to pay for funds. Note: the opposite is a floor. The act of converting retained/undistributed profits or reserves into issued share/stock capital by means of a bonus/cap issue. A capital letter. capacity (capy)

'""

igsfahigkeit

Befähigung, Eignung Fassungsvermögen geistige) Aufnahmefähigkeit Geschäftsfähigkeit Funktion (PW) Höchstversicherungebetrag The maximum output of a business at a given time with its existing stock of production factors. The capacity can be increased by using more modern forms of capital or by varying the proportion in which the production factors are combined. Also called plant capacity. A company's or person's ability to pay a debt when it is due. Also called ability/ capacity to pay, debt-paying ability or solvency. The ability to perform a task. Also called ability, aptitude, or qualification. The amount that something can hold or contain. For example, the cubic or seating capacity; or the content of a cask. A person's mental capacity. Also called receptiveness or receptivity. The legal ability of a person or body to enter into a contract. Also called legal capacity (to contract) or contractual/business capacity.. A position occupied by a person. The largest amount of insurance cover an insurer will accept on one risk.

-

205

capacity cost(s)

-

Kapazitätskosten, Kosten bei voller Betriebsnutzung

Cost(s) of operating a plant at full capacity. capacity utilization

Kapazitätsauslastung, -ausnutzung

Also called employment of capacity, plant loading/utilization or operating level/rate. The ratio of actual to potential output, eg the capital utilization rate is 80 %. capital (cap.)

Kapital, Produktiwermögen Kapital (Produktionsfaktor) Eigenkapital fReinvermögen) Eigenkapital (Grund-, Stamm-, gezeichnetes Kapital) Kapital (Eigen- + Fremdkapital) Vermögen Hauptstadt Großbuchstabe

All resources, except land, which help production, or all those goods existing at a particular time which can be used in any way to satisfy wants in the future. Capital is a factor of production, ie it represents produced goods which are used as factor inputs in the process of production. To the economist, capital is a factor of production which contributes in some measure to the creation of values. Capital consists of resources which have been stored up in some way with the object of increasing the effectiveness of the other factors of production (land, laoo(u)r, enterprise). To the businessperson, the excess of assets over liabilities, or his/her available resources for carrying on the business, eg to purchase the physical assets needed to conduct its affairs. Also called financial capital, net worth or net assets. To the sole trader/proprietor, the money put into his/her business. To the partnership, the total of all partners' capital accounts. The capital of a private limited company (Ltd)/(closed) corporation (Corp). The capital of a public limited company (PLC)/(stock) corporation (Corp) is provided by the shareholders/stockholders who may be ordinary shareholders/common stockholders or preference shareholders/preferred stockholders. The ordinary shareholders'/common stockholders' capital is referred to as equity capital. The capital of a company/corporation is qualified to mean different things. See authorized capital, called-up capital, circulating capital, financial capital, fixed capital, high/low geared capital, issued capital, watered capital and working capital. To the accountant, capital is the amount a business owes to the people who have advanced money in one way or another to finance its operations. It appears on the liabilities side of a firm's balance sheet. To the economist it means capital goods such as buildings, raw materials and machinery. To the ordinary person it means money invested.

-

206

-

The city in which the government of a country does its work. A large letter, A, B, C etc. are capitals. Also called capital letter. capital account (C/A)

Kapitalkonto Kapital(verkehrs)bilanz

The account kept in the books of a business recording its dealing with the owner(s). It shows the amount which the business owes to its owner(s) on the assumption that the business is a separate entity. It consists of: money which the owner has put into the business; plus net profits; less drawings/withdrawals. In a partnership the partners often have fixed capital accounts. In this case the business enters profits and drawings in each partner's current account; hence the business owes the partners the total of their capital accounts and current accounts. In a public limited company (GB)/(stock) corporation (US) the amount which the company owes to the shareholders/stockholders is called the share/stock capital. Accounts are kept for each class of share/stock but not for each shareholder/ stockholder. In a private limited company (GB)/(closed) corporation (US) the amount which the company owes to the shareholders/stockholders. Part of the balance of payments which consists of capital inflows and outflows (ie international movements of capital), including intergovernmental loans. Also called balance on capital account or balance of capital movements. capital accumulation

Kapitalakkumulation, Vermögensbildung Kapitalbildung

Also called capital formation. Creation or expansion of a country's capital. If a nation wishes to accumulate capital goods it must do so at the expense of consumer goods and services, ie it must accumulate capital through savings. Also called wealth formation. Creation or expansion of capital (eg buildings, machinery), ie an increase of a company's fixed assets. capital allowance(s)

(Kapital)Anlagenabschreibung, steuerliche Abschreibung/en rur Investitionen

Also called investment allowance(s) or capital depreciation. Deductions allowed in a tax assessment for capital expenditure on certain capital equipment (ie fixed assets such as plant, machinery and buildings) used in a business. Tne sums spent can be offset agamst accounting profit for the year when calculating taxable profit. The allowance compensates for the depreciation (ie the wear and tear) of capital equipment. The level of capital allowances varies with government economic policy.

-

207

-

capital asset(s) Also called

fixed/long-term/noncurrent/permanent

Anlagevermögen (AV) asset(s) or fixed capital goods.

In general, property with a relative long life. An asset Teg buildings, machinery) which has a life of more than one year, and which is not sold as part of the everyday business transactions but held for production purposes. Due to wear and tear and to obsolescence, all fixed/capital assets are only of use for limited periods of time. capital bonus

Kapitalprämie, Sonderdividende (Vers)

Also called special bonus. A bonus payment by an insurance company which is produced by capital gains. capital budget

Investitionsbudget, Kapitalbudget Investitionsplan

Also called capital expenditure budget. A (long-term) budget of the capital requirements for the acquisition and disposal of (fixed) assets, for plant expansion, research and development, and advertising. Also called financial budget. A plan showing the extent and timing of a firm's proposed capital movements over a future period. Also called capital spending plan or investment plan. capital budgeting

Investitionsrechnung

Refers to the investment decision-making process of allocating investible funds to capital projects. capital charges

Kapitalkosten

Also called capital cost(s)/expenditure or cost(s) of capital. Charges in the accounts of companies or individuals for interest payments on capital borrowed, depreciation of assets and loan repayments. capital commitment

Ausgaben-, Kapitalverpflichtung

An obligation to undertake capital expenditure which has not yet become an actual liability. capital consumption

Kapitalverbrauch

The using up of capital in the process of production (in this case capital consumption corresponds to depreciation). The sale of capital assets in order to increase current consumption.

-

208

-

Note: in both cases, the total stock of capital will decline. capital cost(s)

Investitionskosten Kapitalkosten, Kapitalaufwand

Cost(s) of improvements (ie no repairs) which extend the useful life of property and/or add to value. Also called investment cost(s). The nonrecurrent set-up cost(s) of a project. Also called investment/up-front cost(s). The capital charges. Also called cost(s) of capital or capital expenditure. capital employed

investiertes Kapital, arbeitendes/ produktives Kapital Nettogesamtvermögen

Also called employed/invested capital or capital invested. A term difficult to define: In general, the capital in use in a business. Often used to mean the total of the owners' or shareholders'/stockholders' equity plus long-term debt. The total value of the operating assets of a firm. The capital employed in a business is equal to the net worth of a business, ie total assets minus total liabilities, ie the owners'capital employed in a business. Also called capital owned. The net assets (ie the total value of fixed plus current assets less the total value of all the liabilities) but often bank loans are included, depending on the purpose for which the calculation is to be used. capital equipment

Sachkapital Investitionsgüter

A general name for the several different kinds of equipment used to produce products, eg machinery, office equipment, etc. Also called nonmonetary/real assets. The same as capital goods. Also called industrial/investment/producer goods. capital expenditure

investive Ausgaben, Investitionsausgaben Kapitalaufwand, Kapitalkosten

Expenditure on capital/investment goods which will be used in the process of production for purposes of replacing depreciated capital or for creating new capital. It is in contrast to revenue expenditure. Also called capital outlay/spending or investment expenditure. The capital charges. Also called capital cost(s).

- 209 capital flight

Kapitalflucht

Also called flight of capital. A situation that happens when investors panic (eg because of political upheaval or a severe economic recession domestically and a lack of confidence in the economic fbture) and send their money out of the country in large quantities in order to find safer havens for their money. capital formation

Kapitalbildung Vermögensbildung, Kapitalakkumulation

Also called capital accumulation. In general, the creation or expansion, through savings, of capital. In detail, net investment in fixed assets, ie net addition to the capital stock after depreciation, repairs and maintenance charges. If a nation wishes to accumulate capital goods it must do so at the expense of consumer goods and services. Consumers, therefore, are required to sacrifice some present consumption in order to set free factors of production to make capital goods. Economic progress depends on the rate of capital formation. Also called wealth formation. Capital formation may also include public expenditure on new fixed assets, the purchase of land and buildings, and the stocks of government trading enterprises, etc. capital gain

Kapital-, Vermögenszuwachs realisierter Kapitalgewinn, Veräußerungsgewinn

An appreciation in the value of assets. Also called capital appreciation/profit. The profit made on the increase in value of a capital asset when it is sold. That means the positive difference between the purchase price of an asset and its resale price at some later date. Also called capital profit, gain on disposal/sale or realization gain. capital gains tax (CGT)

Kapitalertrags-, Kapitalgewinn-, Wertzuwachssteuer

Also called capital revenue/investment income/returns/yield tax or tax on capital income. A tax imposed/levied on capital gains, ie on the profit made on the increase in value of a capital asset from the time of its purchase to its resale; ie it is a comprehensive tax levied on gains of individuals from the disposal of assets of whatever kind, eg buldings, land, shares/stocks. The tax does often not apply to owner-occupied residences, private cars, gilt-edged/ government securities held for more than a year, life assurance/insurance policies and small gifts, etc. In most countries, the tax applies only to gains made by individuals; gains made by corporations are subject to corporation tax (CT).

-

2 1 0

-

Only real gains are to be taxed, but gains up to a certain amount in any one year will be exempt. Liability to tax can be offset by capital losses. Note: CGT is a form of income tax. capital goods

Investitions-, Anlage-, Kapitalgüter

Also called equipment/industrial/investment/producer goods. Goods with a long life (eg machinery, factories, raw materials) not wanted for their own sake but made for the purpose of producing consumer goods and other capital goods. They are not used up m one accounting period and are usually depreciated over a period of years. capital increase

Kapitalerhöhung

Also called increase of capital stock. The process whereby the stated issued capital of a company is increased, eg through additional capital contributions or through retained/undistributed profits. capital intensity

Anlagen-, Kapitalintensität

The ratio between the amount of capital employed and the amount of labo(u)r employed. The amount of (capital) assets required to produce one unit of output. capital intensive industry

kapitalintensive Industrie

Industry in which the ratio o f capital input to labo(u)r input is very high, eg in automobile industries or oil refineries. To provide an acceptable return on investment (ROI), such industries must have a high profit margin and/or low borrowing costs. capital investment

langfristige Geld-, Kapitalanlage Kapitaleinlage, Geschäftseinlage Anlageninvestition

Funds invested in long-dated capital or in long-term securities. The money that the owner(s) of a business put into a business to provide all the resources to run the business, eg buildings, machinery, stocks, cash, etc. Also called capital contribution, brought-in capital, contribution of capital or proprietor's capital holding. Investment in capital goods/assets. Also called investment in fixed assets or fixed capital formation. capital issue

Aktienausgabe, Aktienemission

The issue of shares/stocks in a public limited company (PLC)/corporation (Corp) made in order to acquire capital for a firm.

-

capital labo(u)r substitution

2 1 1

-

Substitution von Arbeit durch Kapital

The process of altering the proportions of capital and labo(u)r in a production process, eg expensive labo(u)r is substituted by the cheaper capital. capital loss

Kapitalverlust, -Wertminderung Veräußerungsverlust

A decrease in the money value of an asset, opposite of capital gain. Also called loss of capital. A loss arising from the sale of an asset. Also called loss on disposal/sale. capital market

Kapitalmarkt

The capital market is divided into three major parts: 1. the snare/stock market, 2. the bond market and 3. the money market. Generally, the market for medium and long-term sources of capital, ie a market in which capital is raised by industry and commerce, the government, and local authorities. The capital market consists of all those institutions (eg commercial banks, issuing banks, stock exchanges, stockbrokers, insurers) concerned with the issue of shares/ stocks and securities to investors, mostly medium or long-term investors. The money comes from private investors, insurance companies, banks, pension funds, and other financial institutions, eg building societies/savings & loan associations. Furthermore, it is the market in which capital in financial (ie monetary) form is lent and borrowed, on varying terms, and for varying periods. It serves the need of industry and commerce, governments and local authorities. capital movements

Kapitalverkehr, Kapitalbewegungen Fluchtkapital

The flows of capital from one country to another (by private individuals or companies) for the purpose of investing abroad - this has the same effect on the balance of payments as payments for imports - or for speculative purposes (eg to obtain a higher rate of interest). Also called flows, capital transfer/transactions or movements of capital. Capital removed from a country that seems to be economically or politically unstable, ana taken to a more stable country, eg to avoid the imminent devaluation of a currency or to take advantage of changes in the short-term interest rates. Also called flight/runaway capital or hot money. capital of a company

gezeichnetes Kapital (Grundkapital)

Also called issued/subscribed capital or capital subscribed. The nominal capital (the share/stock capital), ie the total face/par value of a company's shares/stocks.

-

capital procurement

212

-

Kapitalbeschaffung

Also called capital generation, finding means, provision of capital/funds, fund raising or raising of capital. The way of obtaining capital. capital reduction

Kapitalherabsetzung

Also called reduction of the share/stock capital or reduction of the corporate capital. A process whereby the stated issued capital of a company is reduced. The opposite of a capital increase. capital requirement

Kapitalbedarf

Also called financial requirement(s), capital demand/need(s), or demand for capital. The total amount of money needed to create and operate a business. The permanent finances needed for the normal operation of a business. capital reserve

Kapitalrücklage, Kapitalreserve

This is a reserve which the business will not use to pay dividends to shareholders/stockholders. It is a reserve resulting from a capital profit, or from a revaluation of assets (eg land, buildings) over and above their current book value. In the latter case, the gains which the company shows are not realized profits. A company can only use it in special ways laid down by law. capital stock (CS)

gezeichnetes Kapital einer Aktiengesellschaft (Grundkapital)

Also called share capital (GB) or stock capital (US). The total par/face value of all outstanding preferred stock (US)/preference shares (GB)and common stock (US)/ordinary shares (GB) of a corporation (Corp)/public limited company (PLC). capital structure

Kapitalstruktur

Also called capitalization/financial structure or financing mix. This is the composition of a company's capital. A company must have ordinary share/common stock capital but it can also have preference share/preferred stock capital, deferred share/stock capital, bonds, and longterm debt capital. capital sum In general, an amount of money.

Kapitalsumme Kreditbetrag, Kapitalsumme

- 213 In insurance, the amount stated in a policy to be payable to the insured on the happening of a particular event against which insurance cover exists. The amount of credit granted to a borrower, usually by a bank (the lender). Also called principal. capital tax (CT)

(Kapital)Vermögenssteuer

Also called capital levy, tax on capital or wealth tax. Taxes on capital transactions, eg capital gains tax (CGT) and inheritance tax. capital taxation

Vermögensbesteuerung

Also called taxation of property. A system of taxing a private person on the total value of his/her property and possessions as opposed to his/her income. capital transfer tax (CTT)

Erbschafts-, Schenkungs-, Kapitalübertragungssteuer

In the USA called inheritance tax and gift tax. In GB, a tax on transfer of wealth. It applies to all transfers of personal wealth exceeding a certain amount in aggregate, whether by lifetime gifts (called gift tax) or by way of property passing at death (formerly called death duty). Certain transfers are exempt (eg gifts between husband and wife, gifts of limited amounts). The tax is calculated on a progressive scale so that the rate of tax varies according to the sum transferred. Liability arises at the time when the property is handed over. Note: today, this tax has been replaced by inheritance tax and gin tax. capital turnover

Kapitalumschlag, Kapitalumschlagshäufigkeit

Also called capital sales or investment turnover. The proportion between a company's annual sales and its equity capital or invested capital. The proportion shows how many times the capital has oeen turned over during the year. capitalism

Kapitalismus

A political, social and economic system characterized by the private ownership of property including capital assets, competition in pursuit of financial profit, minimal government interference and a high degree of individual freedom. capitalist

Kapitalist/in

A person who owns a lot of money and invests it in or lends it to businesses. Someone who supports capitalism.

- 214

capitalization (cap)

-

Ausgabe von Gratisaktien Kapitalausstattung Kapitalisierung Aktivierung (RW) Großschreibung aus etwas Kapital schlagen

The act of converting undistributed/retained profits or reserves into issued share/stock capital by means of a bonus/capitalization issue. Often also called bonus/cap/free/scrip issue. The total amount and financial structure of the share/stock capital of a company, ie the amounts of different types of capital (eg ordinary or preference shares/common or referred stock). Also called capital structure, ypes of capitalization are: 1. straight capitalization: a company has only one class of share/stock; 2. differentiated/structured capitalization: a c ompany has several different types of capital issued; 3. market capitalization: the total market value of a company's issued share/stock capital.

P

The act of converting something into capital. An accounting treatment given to the capital expenditure of a business. Capital expenditures are recorded as additions to asset accounts, not as expenses. To write with a large letter. To turn something to one's advantage, economically. capitalization issue (cap issue)

Ausgabe von Gratisaktien, Emission von Berichtigungsaktien

Also called capitalization (cap) or bonus/free/scrip issue. A free issue of new fully paid shares/stocks to ordinary shareholders/common stockholders in proportion to tneir existing holdings (eg one new share/stock for each four held). This is a method of capitalizing a company's reserves, and thereby aligning its capital with the true value of its assets. If the market price of XYZ is £/$ 4 and it makes a one-for-one capitalization issue, the market price would drop to £/$ 2, so that whilst the number of shares/stocks held by an investor is doubled the overall value of the shareholding/stockholding remains the same. capitalization of reserves

Umwandlung von Rücklagen

Also called transfer of reserves. The process whereby money from a company's reserves is converted into issued capital, which is then distributed to shareholders/stockholders as new shares/stocks, in proportion to their original holdings, in a capitalization issue (cap issue). capitalized value Also called capital value.

kapitalisierter Wert, Kapitalwert

- 215

-

The value of an asset in relation to its current annual earnings at current market rates of interest. For example, if an asset were earning £/$ 10 per annum and the current rate of interest were 10, the capitalized value would be £/$ 100. captain's entry

Zolldeklaration des Schiffskapitäns

A document which contains details of cargo on board the ship; it is prepared by the ship's captain and issued to the customs in order to comply with clearance procedures at a port. Note: cargo can be landed from a ship without a bill of entry; if the importer has failed to make one, the captain will make/issue a temporary customs entry, ie a captain's entry. captive market

Markt eines monopolitischen Anbieters, monopolistischer Absatzmarkt

A market in which virtually no competition exists relative to the product offered. There are no substitute goods for the demanders. That means, one supplier has a monopoly and the buyers have no choice in deciding where to buy. car insurance

Kraftfahrzeugversicherung

Also called automobile/motor insurance. Insurance cover for cars, their drivers and passengers against a wide range of risks. car tax

Kraftfahrzeugsteuer, Kfz-Steuer

Also called road tax, tax on cars or vehicle license tax. A tax that the owner of a vehicle must pay in order to drve it on the roads. carat

Karat

A measurement of the purity of gold. A twenty-fourth part of a unit of pure gold. Eighteen carats, for example means, that the article consists of eighteen parts pure gold ano six parts alloy. carbon copy (CC, cc)

Durchschlag Verteiler Ebenbild

A method of taking an exact copy of an original, eg an invoice. Carbon copies can be made using carbon paper or film or NCR paper (non-carbon-required paper). Also called carbon or copy. The abbreviation CC/cc indicates that a copy of the letter or fax is to be sent to the person(s) named. Also called copy/copies to: (US). Note: the receiver's or receivers position in tne company is also mentioned.

-

216

-

Someone or something that is very similar to another person or thing. carbon film

selbstdurchschreibendes Papier

Carbon films are taking the place of carbon papers and are not papers at all but are sheets of film coated with a sponge-like coating. This coating only releases ink under pressure, eg when a typewriter key strikes the film it releases ink into the copying paper. carbon paper

Durchschlagpapier Kohlepapier

Carbon paper is paper which is coated with a layer of carbon, either on one side or on both sides. Modern carbon paper, which is usually single-sided is treated so that it does not come off until actually typed upon. It produces simultaneous copies. Today, many documents have a carbon surface wherever necessary on the back of each sheet, so that the necessary information will be copied onto the copy below it. The carbon will never be used more than once. Also called copying paper, flimsy (paper), manifold (paper) or onion-skin paper. Paper covered with colo(u)red substance, used for making copies of what one is writing by being placed between sheets of writing paper. carboy

Korbflasche

A very large glass container protected in a metal or wicker cage with soft packing between glass and cage. card index

Kartei, Kartothek

A card index consists of a tray, box or drawer in which cards containing the required information, eg filing particulars, names and addresses, goods handled, particulars of credit, quotations, etc., are arranged alphabetically. card punch

Karteilocher, Stanzer

Also called key punch. A machine which stores data on a punch(ed) card in the form of holes. card reader

(Loch)Kartenleser

Also called punched card reader. A machine which reads data on cards and transmits them to a different device. cardboard

Karton(papier), Pappe

A stiff brown material of thick paper, used for making cardboard (boxes).

- 217

cardholder

-

Karteninhaber/in

A person to whom a card (eg a bank or credit card) has been issued or who is authorized to use such a card. cardphone

Kartentelefon

A public telephone in which you must use a special plastic card (the phonecard) rather than coins. A speedy, convenient and efficient way of making calls without using cash. The user inserts a phonecard, dials the number required, and, once connected, units will be automatically removed from the phonecard. career path

beruflicher Werdegang

Also called career/work history. A progression of jobs within an organization linked together, each of which furnishes skills and/or experience necessary for advancement to me next position. A career path consists of a series of jobs existing in either a vertical hierarchy of interdependent sequential jobs, or a horizontal arrangement of jobs that are not sequentially interdependent but must be completed before moving to the next higher position. cargo (ego)

Ladung, Fracht(gut)

Also called freight. Goods carried in a ship, aeroplane/airplane or other vehicle in return for payment of freight charges/transport expenses. Plural = cargoes. cargo book

Ladebuch

A book stating the marks, numbers, weights, etc of the goods taken on board a transport vehicle. A book kept by ship brokers detailing (eg weights, marks, numbers) the goods taken on board ship, and stating whether they were received from land or from a barge. cargo handling charge(s) (CHC)

Verladungskosten

Also called loading charges/cost(s). The charges raised on handling cargo at an airport, depot, port, warehouse, etc., based on tonnage, commodity type, etc. cargo insurance

(See)Frachtversicherung, Güter-, Kargoversicherung

Insurance covering the risks involved in sending cargo by ship or by other means of transportation, such as lorries/trucks or planes.

-

218

-

Usually, insurance cover is arranged on a voyage basis. The cargo is normally insured for its full value, but the responsibility for payment of the premium depends upon the terms on which the goods are being sold - eg "cif', where the seller pays, or "fob", where the buyer pays. Cargo may be insured by anyone with a financial interest in it (usually this is either the shipper/consignor or the consignee/receiver). Cargo policies are transferable from one person to another, by assignment. Note: international trade would be almost non-existent without cargo insurance. cargo insurance claim

Güter-, Kargoversicherungsanspruch

A claim for compensation by the insured in the event of damage or loss to cargo insured. The claimant must provide proof that: 1. the goods were insured, 2. the goods were dispatched, 3. loss or damage has been suffered, 4. the cause of the loss or damage and that it occurred during the policy period. Most insurance company policies require that immediate notice be given to the insurer. The correct procedure is to make a claim on an appropriate claim form. When notified of damage or loss, the insurance company's agent proceeds to appoint a suitable surveyor to inspect the goods and to report on the nature and extent of the damage. Often the claimant receives a certificate of loss. The following documents may be required when making a cargo insurance claim: 1. a copy of the commercial invoice giving details of the consignment's value; 2. the bill of lading, charterparty, air waybill, or CMR or CIM consignment note; 3. the certificate of insurance; 4. the delivery note; 5. the survey report or the certificate of loss; 6. other documents, if specified. cargo liner

Linienfrachtschiff, -flugzeug

A cargo liner is a ship or aeroplane/airplane which sails or flies regularly between specified places, carrying whatever cargo is available at the schedulded loading places at the time. cargo plane

Fracht-, Transportflugzeug

Also called airfreighter or freight plane. An aeroplane/airplane which carries only cargo. cargo ship

Frachter, Frachtschiff

Also called cargo boat/vessel, freighter or transport ship/vessel. A ship which carries only cargo and not passengers. carload

Wagenladung, Waggonladung

Also called lorryload (GB), truckload (US) or wag(g)onload. The amount of a commodity that can fill a freight car.

-

carnet

219

-

Carnet (ATA, TIR), Zollbeeleitpapier (für den internationalen Güterkraftverkehr)

An international customs document authorizing a stated form of transit or temporary residence of goods without immediate payment of customs duties. An ATA Carnet (Admission temporaire - Temporary Admission) allows the temporary import of commercial samples and goods for exhibition or trade fairs without payment of customs duty on deposit of a bond. When goods are carried abroad by road in customs-approved vehicles to countries not controlled by the CT System (Community Transit System), the TIR Carnet System (International Road Transport / Transport international de merchandises par véhiculés routiers) operates. When using the TIR Carnet, the container or vehicle is sealed by the customs before export and can then be carried to any foreign country with a minimum of customs examination and documentation in the countries passed through en route. carriage (cge, carr)

Transport, Beförderung Fracht-, Transportkosten Rollgeld (Schreibmaschinenwagen Kutsche, Eisenbahnwagen

The act of carrying goods, especially for payment. Also called conveyance, haulage, shipment, or transportation. The charge made for transporting goods from one place to another. Also called freight(age), freight charges, or transport expenses. The carriage/freight charged for short distances. Also called cartage. Part of a typewriter that moves and carries a sheet of typing paper. A vehicle pulled by a horse or a part of a train in which the passengers sit. carriage and insurance paid to (CIP) (named place of destination)

frachtfrei versichert (benannter Bestimmungsort) (Incoterm)

An incoterm which can be used irrespective of the mode of transport and which is especially suitable for multimodal transport. An international trade term of sale in which, for the quoted price, the seller/exporter delivers the goods to the carrier and is responsible for contracting and paying for carriage/transport and insurance cover to the named place of destination. Furthermore, the seller/exporter has to pay all costs relating to export including costs of unloading, customs clearance, duties, and other costs if such costs are included in the carriage/freight charges. The seller s liability ceases when the cargo has been accepted by the first carrier, ie the risk passes to the buyer/importer. From this moment on, the buyer/importer accepts full liability for any additional costs (not covered in the seller's/exporter's contract of carriage) relating to import including unloading, lighterage and wharfage at the place of destination. Note: the seller/exporter has to clear the goods for export and the buyer/importer has to clear them for import.

-

carriage forward (C/F, carr. fwd., c/f)

220

-

Fracht zahlt Empfänger, Portonachnahme, unfrei

Also called freight collect/forward. A price quotation for goods which does not include carriage/freight; cost of transport/ freight charges to be paid by the buyer of goods. carriage free (CF)

frachtfrei, franko

Also called carriage paid (C/P, c/p), carriage prepaid, free of charge (foe), freight paid or freight and carnage paid. This means that the seller pays for carriage. At the price quoted, the seller will deliver the goods using his/her own transport system at no extra charge to the buyer. carriage inward(s)

Bezugskosten, Eingangsfracht

Also called freight in/inward(s). Carriage costs for the goods which a supplier has delivered to the business, ie the payment for carriage on goods bought by a business. Note: in a non-manufacturing business, carriage inwards is part of the trading account (shown on the debit side of the account). carriage outward(s)

Ausgangsfracht, Transportkosten

Also called freight out/outward(s). Carriage costs on goods which a business delivers to customers, ie the payment for carriage on goods sold by a business. Note: carriage outwards is an expense of the business in the profit and loss account (shown on the debit side of the account). carriage paid (C/P, carr. pd., c/p)

frachtfrei, Fracht bezahlt

Also called freight paid/prepaid. The price quoted for goods includes the cost of carriage; the seller of goods pays for the cost of delivering them to an agreed delivery point at the place of destination, eg a local railway/railroad station (from that point the buyer has to bear all carriage charges) or to the buyer's premises (this is sometimes called carriage paid home). carriage paid to (CPT) (named place of destination)

frachtfrei (benannter Bestimmungsort) (Incoterm)

An incoterm which may be used for any mode of transport including multimodal transport. For the quoted price the seller/exporter is responsible for contracting carrriage and for paying the charges for carriage to the named point of destination, but the risk of loss, damage and cost increases passes to the buyer/importer as soon as goods are handed

-

2 2 1

-

over to the first carrier. The seller/exporter is also responsible for the costs of unloading, customs clearance, duties ana other costs if such costs are included in the carriage/freight charges. Note: the CPT term requires the seller/exporter to clear the goods for export; the buyer/importer has to clear the goods for import. On request the seller/exporter may have to provide a bill of lading (B/L), waybill or carrier receipt to the buyer/importer. carriage paid to frontier

frachtfrei (bis) Grenze

The seller pays carriage/freight (charges) to the frontier and bears the risks of the goods until they have been delivered into the custody of the first carrier. carried forward (C/Fw, c/f)

Vortrag, Übertrag

A term used to denote a total of a page or column which is carried forward to a subsequent page or column. The total when shown on the subsequent page is brought forward (b/f). In accounting, a term applied to a balance which is transferred from the current period to the next period. Also called brought forward (b/f), carry forward or carryover. carrier

Beförderungsunternehmen, Frachtfuhrer, Spediteur :di Versicherun r Fluggesellsc Zustellbote/-botin

Someone who takes goods (or passengers) from one place to another, at his risk, for a reasonable fee. Also called carriage/transport undertaking. An insurance company. Also called insurance carrier, insurer or underwriter. An airline. A person that delivers newspapers. carrier's risk (C/R)

Risiko des Spediteurs/Frachtführers

The carrier is responsible/liable for any loss or damage in transit and therefore must pay for it. carryover

Prolongationsgeschäft (Bö) Übertrag, Saldovortrag

A stock exchange term signifying that settlement of a transaction is postponed from one settling day to another. Also called carrying over or continuation. Taking a balance from the end of one page or period to the beginning of the next.

-

carrying charges

222

-

Lagerkosten Speditionskosten

The cost of storing inventory from the time of purchase until the time of sale. Also called inventory carrying costs, carrying/holding/inventory/storage costs, or warehouse/warehousing charges. The forwarding expenses/charges. carryouts

beim Kauf mitgenommene (nicht zugeschickte) Ware

Also called take-withs or takeaways. Goods bought in a shop that are taken from the shop by the buyer and not delivered by the seller. cartage (ctge)

Rollgeld, Transportkosten Transport

The charge made by inland carriers for pickup and short distance carriage of goods. Also called carriage, drayage or freight. The act of carrying goods by road. Also called carriage, conveyance, haulage, or transport. cartel

Kartell

An informal voluntary association of firms acting together to reduce or eliminate competition between themselves or from other firms. They may, for example, agree to charge the same prices for their goods, keep the price of their products at an artificially high level (pnce(s) cartel/price fixing cartel/price ring), limit their output on some quota basis (quota cartel), or allocate markets (market sharing cartel). In the worst cases they may conspire to prevent the entry of new firms to the industry. Members of the cartel retain their identity and their independence, except in so far as they stick to the stipulated terms. Cartels may be national or international (eg OPEC). In many countries most cartels are illegal and banned by law because they create monopoly conditions. A type of cartel which is allowed is the standardization cartel (it relates to uniform methods for the specification of goods and services). The term cartel is of German origin. carter

Fuhrunternehmer

Also called carrier, haulier, trucker (US), or road contractor. A person who transports goods by road.

-

cartridge ribbon

223

-

Kassettenfarbband

A printer ribbon which is contained in a plastic cartridge. case

Kiste Schachtel Prozeß, (Gerichts)Verfahren Tatsachen, Beweise Fall, Sache, Angelegenheit Kasus, Fall

Strong container made of wood. For extra strength they may have battens, metal bands or wires. The inside of the case may be lined with various materials. Als called crate or packing case. A box. A lawsuit. A statement of the facts. A situation; a state of affairs. A form taken by a noun, pronoun, or adjective to show its relation to neighbouring words. case law

Fall-, Präzedenz-, Richterrecht

Principles of law established by judicial decisions rather than by legislation. case study

Fallstudie, Fallmethode

Also called case method. A technique often used in management training. Participants (usually in groups) are given detailed reports of a business situation (the "case") which is analyzed and discussed to find out how problems might be tackled. Case studies can be of real or fictitious companies. cash

Bargeld, flüssige Mittel Kassenbestand Barzahlung per Kasse (Bö)

Commonly, coin in the pocket and (bank)notes in the wallet. Ready money in the form of banknotes and coin. Banknotes and coin plus deposits at the banks. Banknotes and coin plus documents (eg bills/drafts, cheques/checks, bonds, etc.) payable on demand readily be turned into cash. In the case of banks the term covers currency in tills or vaults plus balances held with the central bank. Cash in hand or a cash balance.

-

224

-

The term is also used for immediate payment as opposed to credit. Also called cash payment. On the stock exchange, a deal that must be settled immediately, ie usually on the following day. Such a bargain is said to be for cash settlement. Also called cash dealing. cash account

Kassenkonto Giro-, Kontokorrentkonto Kassakonto (Bö)

A bookkeeping account recording the receipts and payments of cash, the balance on the account being the balance of cash in/on hand. In banking, sometimes a current/checking account at a bank. Also called giro account. An account with a brokerage firm. A customer has to settle all his/her transactions on a cash basis. cash against documents (CAD, cad)

Zahlung/Kasse gegen Dokumente (Akkreaitivbedingung)

Also called cash against documents credit, documents against cash, documents against payment (D/P), or documents against presentation. A documentary (letter of) credit, ie a method of payment used in export trade. An exporter/seller sends the shipping documents, which give title to the goods, to a bank in an overseas buyer's/importer s country and instructs the bank to release them only after payment by tne buyer/importer. cash and carry (C + C)

Verkauf gegen Barzahlung bei eigenem Transport, Selbstabholung gegen Kasse Cash und Carry Geschäft

Buyers select their own goods from open displays, pay cash (usually at a discount) on exit and take the goods away in their own vehicles. The sellers offer neither credit nor delivery services and, as a result, operate on lower profit margins. A cash-and-carry store/warehouse. cash and carry wholesaler

Abholgroßhändler, Abholgrossist

A cash and carry store or warehouse which enables the retailer to make his purchases at the end of the working day at cut prices which helps the small retailer compete with the multiples/multiple shops/stores. cash assets

flüssige, liquide Mittel

Also called liquid/quick assets or available/liquid funds. Cash in/on hand plus the total of bank deposits.

- 225 cash at/in bank

Bankguthaben

Also called bank balance/deposit or balance in bank. Money which a customer has put into the bank, less any money which the bank has paid out, ie the balance. cash balance

Kassenbestand Bankguthaben

The amount of money (notes and coin) held in the till or cash box of a business. Sometimes called cash in/on hand. The excess of the receipts over the payments in the cash account; it is a debit balance. Cash at/in bank. Also called bank balance/deposit. cash base

Geldbasis, monetäre Basis

The quantity of money in circulation. cash before delivery (CBD)

Barzahlung/Kasse vor Lieferung

Agreement that goods purchased have to be paid (in) cash before they are dispatched. cash before shipment (CBS)

Barzahlung vor Versand

An agreement between seller and buyer that goods purchased have to be paid (in) cash before they are dispatched. That means, when the goods are ready for dispatch the buyer is asked to pay and the consignment is then sent (off). cash bonus

Bardividende Sonderdividende ausgezahlter Gewinnanteil (Vers) Sondervergütung (PW)

A cash payment to a shareholder/stockholder who has chosen to accept cash instead of receiving bonus shares/stocks in a company which is making a capitalization issue (cap issue) to capitalize some of its profits. Also called bonus in cash. Extra dividend; the term implies that the bonus is paid in respect of an exceptionally profitable year. In insurance, a bonus on a life insurance policy paid in cash at the time it is earned or declared. An amount of money paid over and above the salary or wage, eg because of increased work or higher productivity. cash box

Geldkassette Ladenkasse

A secure metal box in which cash is kept. Also called money chest or strongbox.

-

226

-

Drawer for keeping cash in a shop. Also called till or cash desk/register/till. cash budget

Finanzplan, Einnahmen-AusgabenPlan (einer Gesellschaft), Kassenbudget, Kassenvoranschlag

Also called cash forecast. The cash budget forecasts the cash that will be received (the cash inflow) and disbursed (the cash outflow) during various time periods in the fiiture. The cash budget helps management keep cash surpluses in reasonable relationship to its needs ana helps to avoid idle cash or possible cash shortages. It is of great importance to a Business to ensure that cash resources are sufficient to meet commitments/obligations in each operating period. cash card

Bargeld-, Geldautomatenkarte

Also called bankcard, ATM debit card (US) or bank debit card (US). A cash card is a plastic card issued to a bank customer/client to enable him/her to obtain cash at any time of the day or night from a cash dispenser or automated teller machine (ATM). The card carries a magnetic tape recording the cardholder's personal details. The card can be used at any machine of the issuing bank, but is not interchangeable between banks. The cardholder inserts the card into the machine, presses the keys to give the personal identification number (PIN) and other instructions, eg the desired amount, and the computer can "look up" the customer's account. The machine can then give the customer the amount of cash he/she wishes to withdraw, tell him/her the balance of his/her account or send/print out a detailed statement. cash cow

ertragsstarkes Produkt, "Geldkuh", Dukatenesel

A product or product line that continuously generates profit. Products become cash cows once they hold a high market share in a low growth market. The large amounts of revenue can be "milked" to fund the development of question marks and the growth of stars. cash credit (C/C)

Bar-, Überziehui Kontokorrentkre

Also called (bank) overdraft, current/checking account advance/credit, cheque/sight credit, or advance on current account. An agreement made by a bank allowing customers to draw on the bank sums up to a certain fixed amount (the credit line/ceiling), interest being charged at the current rate on the amount acutally drawn.

-

cash dealing

227

-

Bargeschäft, Barverkauf Kassageschäft (Bö)

A sale done for cash. On the stock exchange, dealings for immediate settlement, ie usually the following day. Also called dealing for cash or spot trading. cash desk

Kasse

Also called cash register, checkout, paystation, point-of-sale (POS) terminal or (cash) till. Place in a shop/store where one pays for the goods or services bought. cash discount

Barzahlungsrabatt, Skonto

Also called sales/settlement/straight discount, discount for cash or reduction for cash. The difference between the amount actually received and the amount of the debt. A reduction in the quoted price given by a creditor to the buyer in return for payment of the debt in cash, before a certain date or within a specified period of time. It is usually stated as a percentage (eg "2 % one month" printed on an invoice means that a discount of 2 % may be deducted if payment is made within one month; otherwise the customer has to pay the full amount). Note: "2/10" means 2 percent discount for payment before or within 10 days; "n/30" means that the customer must pay the full amount after 30 days. If the account is not paid within 30 days, interest may be charged. cash dispenser

Bankautomat, Bankomat, Geldautomat, Geldausgabeautomat (GAA)

Also called cashomat, cashpoint or automated/automatic teller machine, ATM (US). A machine located on the outside walls of banks or available inside the banking hall which enables a customer using a special card (the bank/cash card) to obtain/withdraw a fixed amount of cash at any time of day or night. The customer is given a personal identification number (PIN) which he/she memorizes. To use the card, he/she inserts it into the machine and, if all goes well, the amount of money is delivered out of a slot, provided the account is covered and not overdrawn. When the machine is used, it reads the card, pays out the cash and prints a debit to the customer's account. The machines may also be used to pay in cash or cheques/checks, effect transfers, accept deposits, and obtain statements. Note: 1. cash dispensers are also located away from bank branches, for example, in airport terminals, shopping centers, etc; 2. a personal credit limit/line is arranged with the customer; 3. many banks have their own names for these machines, eg autobank, autoteller, automatic teller, flexiteller, handy bank, servicetill, etc. cash dividend

Bardividende, Barausschüttung

Also called cash distribution. Declared dividends that are payable to a company's shareholders/stockholders in cash.

-

cash drain

228

-

Abfluß/Abgang liquider/flüssiger Mittel

In financing, the outflow of liquid funds from a business. The withdrawal of money from circulation, such as by the central bank undertaken when the money supply is expanding. cash float

Kassenbestand

A small amount of cash. In shops/stores, each cash register/box/till has a small amount of cash - a cash float - in it at the beginning of the day. The shop assistants need a cash float to give change to customers. cash flow (CF)

Cashflow, Barmittelstrom, Kapital-, Kassenfluß

Movement of money into (cash inflow) and out of (cash outflow) an enterprise, consisting of all its receipts and payments of cash. In other words, the casti which a business receives within a period from sales and credit customers etc., less cash payments for expenses (eg wages, materials) and capital expenditure. When more cash comes in than goes out, we speak of a positive cash flow; the opposite is a negative cash flow. cash flow statement

Kapitalflußrechnung, Cashflowbencht

Also called funds-flow analysis/statement, funds statement, flow-of-funds analysis, money-flow analysis, or statement of sources and application of funds. A report which shows cash sales and cash purchases, ie a statement showing from what sources cash has come into the business and on what the cash has been spent. cash in advance (CIA, eia)

Vorausbezahlung, Vorauskasse

Cash payment made in advance of supplying (or producing) the goods. The most secure method of payment for a seller. cash in transit insurance

Geldtransportversicherung

A type of accident insurance. Cash in transit may be insured, to cover loss of cash in transit to or from the bank. cash in/on hand

Kassen-, Bargeld(bestand), Barguthaben, flüssige Gelder

Banknotes/notes and coins in the possession of a person or firm. Money in coins or banknotes/notes kept, eg in the till/cash box/cash register to pay small debts.

- 229 cash machine

Geldautomat

A general term for a cash dispenser (GB) or ATM (US). A machine in or outside a bank from which a bank customer can obtain money with a special plastic card (a bank or cash card). cash on delivery (COD, cod)

Nachnahme, Barzahlung bei Lieferung, zahlbar bei Lieferung

Also called collect(ion) on delivery, charges collect, charges forward (ch.fwd.), or delivery versus payment (DVP). Small value goods are sent by Post Office parcel post and are released only after payment of the invoice plus COD charges. The sender (often mail-order houses) must till in the dispatch document provided by the Post Office. Some businesses and stores also provide a COD service, using their own delivery vans. cash on shipment (COS)

Barzahlung bei Versand/Verschiffung

An arrangement which requires payment for goods when they are dispatched/shipped to the buyer. cash payment

Barzahlung, Sofortzahlung

The payment in cash or by cheque/check, ie immediate payment. Cash payments include the following: Cash with order (CWO), cash on delivery (COD), spot cash, prompt cash and net cash. cash price

Barpreis, Barzahlungspreis Kassakurs (Bö)

The price of goods paid for at the moment of sale. On the stock exchange, dealings for immediate settlement, ie usually the following day. Also called cash dealing. cash purchase

Bareinkauf

Also called cash buying. Cash purchases are goods which a business buys from a supplier, and pays for at once by cash or cheque/cneck. cash ratio

Barreservesatz (BaW) Liquidität ersten Grades

The relation between a bank's reserves of cash (held in a bank's tills or as a balance at the Central Bank) and its total deposit liabilities. In most banking systems the cash ratio is fixed by law or regulated in some way by the Central Bank.

-

230

-

The cash ratio, always a minimum ratio, is kept at about 10 % to meet cash withdrawals of bank customers. It is an important instrument of the Central Bank to control monetary policy. Also called cash deposit ratio or reserve ratio. Sometimes referred to as the "cash reserve ratio". A financial ratio, ie the relationship between a firm's cash and bank position (and sometimes payments due from customers) and its current liabilities. The cash ratio tells the extent to which liabilities could be liquidated immediately. If it is high, the firm has sufficient liquid assets and sufficient cash to pay its short-term creditors. If the ratio is low, the firm may have difficulties in meeting its short-term liabilities. Also called liquidity ratio, acid test ratio (ATR), or quick (asset) ratio. cash receipt

Kasseneingang, Bareinnahme Kassenquittung

Also called till receipt. The money which a business receives for cash sales or income which it has received in cash. Also called taking or cash taking. A receipt which tells the customer how much he/she has paid. It varies in style and the information given but usually contains such information as the name of the supplying firm, the date, details of the sale, who sold the article, the valueadded tax (VAT)/sales tax (ST) charged, the total bill, the amount tendered by the customer and the change due. Also called cashier's receipt. cash register

Registrierkasse

Also called cash box/till or till. A machine in shops/stores for cash that customers have paid for goods. It shows and adds the prices of items bought and has a drawer for keepmg the cash received. cash reserve(s)

Barreserve, Barmittelreserve

The amount of cash (plus certain deposits with the Central Bank) which a bank holds in order to meet any likely withdrawals by customers. cash sale

Barverkauf, Bargeschäft

Also called cash transaction. A sale/transaction which a business makes to customers for cash or cheque/check (ie immediate payment). Payment and purchase occur simultaneously. cash settlement

Barabfindung, Barregulierung

A transaction in which payment is to be effected immediately. cash surrender value Also called cash/cash-in/surrender value.

Rückkaufwert (Vers)

- 231 The total amount of money paid by an insurance company to the insured upon premature cancel(l)ation/termination of a life insurance policy. cash voucher

Kassenbeleg, Quittung

Also called bill, cash record, note of purchase, receipt, or voucher. A receipt for a stated sum of money paid in cash or by cheque/check for goods and services. cash with order (CWO, cwo)

Barzahlung bei Auftragserteilung, zahlbar bei Auftragserteilung

Also called payment with order. A sales term showing that payment has to be made in cash or by cheque/check when the order is placed. If unwilling to grant credit the seller will normally sell on a CWO basis. Unfortunately, in a competitive market it is not often that CWO can be arranged. But it may be possible to obtain a part payment with the order; this is common practice in some markets and in some trades. CWO avoids any risk on small orders with new buyers and may even be asked for before production begins. Note: this form of payment means that a buyer is extending credit to a seller - instead of vice versa, as is normal. cash withdrawal

Barabhebung Barentnahme

In banking, taking cash out of/withdrawing cash from an account. In accounting, the money that the owner or partner has taken out of a business for his/her personal use in the business year. Also called cash drawing. cashbook/cash book (C/B)

Kassenbuch

Also called cash journal. A book containing a record of money paid (on the credit side - CR -) and received (on the debit side - DR. -). cashier

Kassierer/in, Bankschalterbeamter/ -beamtin

Also called cash/counter clerk, collector or teller. In the office of a business, in a bank, or in a shop, the cashier receives money, and also pays it out. Furthermore he/she is responsible for keeping a firm's cashbook. A cashier does not sell goods or services.

-

cashless shopping

232

-

bargeldloses Einkaufen

Shopping where the customer pays by plastic money, eg credit card or EFTPOS (electronic funds transfer at point of sale). cashless society

bargeldlose Gesellschaft

A society where no one uses cash, all payments being made by charge cards, cheques/checks, credit cards, bills of exchange/drafts, transfers, etc. cashpoint/cash point

Bankautomat, Bankomat, Geldautomat

Also called cash dispenser, cashomat or automated teller machine (ATM). A cash dispenser/ATM located inside the bank and linked to a computer. It provides quick service to the customer who simply wants to withdraw money. A plastic card is inserted and varying amounts can be selected, and the money is forthcoming only if the account is covered and not overdrawn, a personal credit limit/line is arranged with the customer. cask (ck, csk)

Faß, Tonne

A barrel-like container for liquids; a very small barrel. cassette

Kassette

A plastic container for storing a continuous loop of magnetic tape. Cassettes are, for example, used in dictation and telephone answering machines as well as in videotape recorders, tape recorders, etc. casting

Addition Rollenbesetzung

The act of adding or totalling figures. A casting error is a mistake in nie addition of figures. To undercast/overcast is to enter a total which is less/more than the correct total. Also called addition, adding up or summation. The choosing of actors or actresses for a film or play, usually by the casting director. casual employment

Gelegenheitsarbeit

Also called avocation, casual job/labo(u)r/work or temporary employment/work. The state of being employed on an irregular or occasional basis without regular hours or a wage contract; the workers are hired for a short period. The supply of workers exceeds the demand for them. Many of these casual workers/ laborers will be also self-employed in various occupations.

-

233

-

casual unemployment

Fluktuationsarbeitslosigkeit

Also called frictional/transitional unemployment. Minimum level of unemployment that is normal and unavoidable. People who change jobs, and people with seasonal jobs, can be temporarily unemployed during part of the year. casualty insurance

Schadens-, Unfallversicherung

Insurance, other than life, that covers against losses resulting from accidents. Cover is primarily provided for the liability of an individual or organization that results from negligence and omissions, thereby causing bodily injury and/or property damage to a third party. catalog(ue) (cat)

Katalog, Verzeichnis, Prospekt

A list, often in alphabetical order, containing a description of goods, their purpose, and their prices, published to help customers who wish to place orders. Prices are usually included unless subject to frequent fluctuation, in which case they are printed on a separate price list. catalog(ue) buying

Kauf nach Katalog

The purchasing of goods from catalog(ue) by direct mail, by telephone, by TV or through salespersons. Furthermore, there are catalog(ue) (discount) stores where customers select goods from a catalog(ue), usually at very competitive prices. catalog(ue) store

Katalogwarenhaus

Also called catalog company/house. A company which sells goods by mail order (MO). In a catalog store operation, the catalog is sent to consumers (the catalog buyers) who select the items and pick up the merchandise at the store. Some stores have showrooms where customers select merchandise directly from the catalog or from store merchandise. catchment area

Einzugsbereich, Kundeneinzugsgebiet

Also called trading area. A district from which a business draws its customers and/or its staff. catering

Catering (Lieferung von Fertigmahlzeiten)

Supply of food (normally ready to eat) and drink by a caterer.

-

cats and dogs

234

-

Ladenhüter Spekulationspapiere (Bö)

Goods which do not sell well. Also called bad seller, non-moving item, non-seller, shelfwarmer, sticker, sleeper, unsal(e)able article or drug on the market. On the stock exchange, speculative stocks and highly questionable stocks that have short histories of sales, earnings, and dividend payments; they are worthless as bank collateral. Also called speculative securities. caution money

Kaution

Also called conduct money. Money deposited by someone to show that he/she is trustworthy and will keep to all agreed terms, eg money deposited with a landlord or money deposited as security for proper fulfilment of contractual duties. caveat emptor A Latin legal term which means literally "let the buyer beware". The doctrine that a buyer must bear any loss resulting from any failure to satisfy himself/herself as to the nature and quality of the goods he/she buys. It is up to the buyer to examine what he/she is buying and make sure that it is of the standard required for his/her purpose. Once goods have been bought the buyer cannot expect regress. The seller is not obliged to volunteer information detrimental to the goods or services offered for sale, but he/she must answer relevant questions truthfully. Nevertheless, legislation in many countries protects the buyer against wrongful representation. Note: today, caveat vendor/venditor is usually applied. caveat subscriptor

die/der (Unter)Zeichner/in haftet

The term means "let the signer beware". Anyone who signs a contract is bound by the terms even though he/she has not read them or is unaware of their legal effect. caveat vendor

Sorgfaltspflicht/Gewährleistungspflicht des Verkäufers

Also called caveat venditor. A Latin legal term which means literally "let the seller beware". In brief this means that the seller may be legally obliged to inform the buyer of any defects in his/her goods or services. Ceefax

britisches Teletextsystem der BBC (Bildschirmtext)

The BBC teletext/viewdata programme, ie an information service provided on television by the BBC in Great Britain. People can obtain news information about market prices, the weather, etc on their TV screen.

- 235 ceiling

Höchstgrenze, -betrag, Limit Plafond

Also called limit. The largest number or amount of something that is allowed. For example, the upper limit of employment, prices, production, wages, etc. The ceiling is reached when a factor is being utilized at its full capacity level. Ceiling prices are maximum prices imposed under a system of price control. In banking, the maximum amount of a loan granted to a customer. Also called borrowing limit. cellular phone

Mobiltelefon, Handy

Also called cellphone or mobile phone. A portable telephone that can be carried from place to place. census

Volkszählung Zählung, Erhebung

Official count of a country's population, including such data as the age, sex, occupation, etc. Also called census of population. An official systematic counting of production (census of production) and distribution and other matters, usually providing social or economic information. For example, a census of production shows the output of each industry. Also called inquiry, investigation or survey. cent

Hundertstel Währungseinheit (Cent)

Latin centum, 100. A term used to denote a certain rate or ratio, being so much per hundred, eg 10 per cent. In currency, cent is the name of certain small coins in various countries, being the hundredth of other coins (eg $ in the USA). centenary

Hundertjahrfeier

A 100th anniversary. central bank (CB)

Zentralbank, Notenbank

Also called national bank. Every country with an established banking system has a central bank. The status of central banks differs; each is a development of national needs. The formal status of each can only be understood with reference to the constitutional arrangements of the state concerned. Each central bank will be operating within its own national system, to meet national needs within an international framework.

- 237 centralization

Zentralisation, Zentralisierung

The locating of organizational functions at the home/head office of an organization. centring/centering

Zentrierung

Putting a line of text in the middle of the screen or paper, between the margin settings. certainty

Gewißheit, Bestimmtheit, Sicherheit

In general, the state of being certain, ie the decision maker is without any doubts. Something certain, ie something that is definitely true, will definitely happen, or cannot be doubted. In marketing, the subjective assurance of management that knowledge of the market derived from specified samples, market analysis or from other sources is or will be adequate to allow to act in the market. certificate

Bescheinigung, Bestätigung, Zertifikat

A written testimony of something having been done, or any document that certifies the truth of something, or a document granting the holder some particular privilege or reward. certificate of approval

Genehmigungs-, Zulassungsbescheinigung

A document showing that an item has been officially accepted. certificate of charge

(Grund)Schuldurkunde, Bescheinigung über die Eintragung einer Grundstücksbelastung

A sealed document, signed by the borrower, and issued by the land registry/office when a lender registers a charge on registered land. It is an evidence of title and takes the place of the land certificate during the currency of the charge. certificate of damage

Schadensbescheinigimg, Schadensattest (Vers)

Also called damage certificate or survey report. A document which details the condition of goods and the extent of damage. A document issued by a dock authority when it receives damaged goods. The document is inspected by the dock's surveyor and gives details of the nature and cause of the damage and is required to enable the importer to recover compensation from the underwriters/insurers of the goods or the shipowners.

-

236

-

The chief functions are: 1. to act as banker to the Government and to maintain its accounts; 2. to act as banker to the banking system; 3. to act as a national representative in the international banking fraternity; 4. to operate monetary policy (eg open market operations, minimum reserve ratio); 5. to act as lender of last resort; 6. to control the note issue and the country's monetary reserves (ie gold, foreign exchange holdings, special drawing rights (SDRs), and IMF reserve positions); 7. to preserve the exchange rate. Many central banks are nationalized institutions, but even where the central bank has not been nationalized it must work closely with the Government. Central banks differ from commercial banks in certain respects: 1. they do not aim to maximize profits; 2. they do not compete for business with the commercial banks; 3. they supervise and influence the actions of the commercial banks; 4. they are precluded from engaging in banking business with the public. Examples are: the Bank of England, the Federal Reserve System (USA), the Deutsche Bundesbank (Germany), the European Central Bank (ECB), the Bank of Japan, the Reserve Bank of Australia, etc. central bank intervention

Zentralbankintervention

Actions taken by a central bank to influence monetary conditions, eg through open market operations, changes in the base rate or the (minimum) reserve ratio, etc. central business district (CBD)

Hauptgeschäftsviertel

The center/centre of business activity in a city. central planning

zentrale/staatliche Planung, Volkswirtschaftsplanung

Also called central economic planning. In a centrally planned economy, the variety of goods produced is determined in advance by a state planning body. To make its decisions effective, the state normally owns the means of production and distribution. central processing unit (CPU)

Zentraleinheit (CPU)

Also called central processor (CP) or processing unit. The CPU is the main unit of a computer system, since it coordinates and controls the activities of all the other units and performs all the arithmetic and logical processes to be applied to data. The processor accepts data for processing from an input device, carries out instructions specified by the internally stored program and outputs the results. It consists of three separate hardware elements: arithmetic unit, internal memory and control unit.

-

certificate of deposit (CD)

238

-

Einlagen-, Depositenzertifikat

Also called depository certificate/receipt. A certificate/receipt for a time/term deposit issued by a bank in return for money deposited for a fixed period and normally paying a fixed interest rate, annually or at maturity. It is a promise by the issuing bank to pay a fixed sum on a specified day. Should the holder of the CD require cash before maturity date, he/she can withdraw the money from the bank, but he/she has to pay an early withdrawal penalty. The CD is either a non-negotiable document or a fully negotiable bearer document transferable by delivery. The CD originated in tne US in the early 1960s. certificate of health

Gesundheitszeugnis, -paß

Also called bill of health or health/sanitary certificate. An official document certifying the state of health of the crew and passengers on board an airplane or ship upon arrival or departure from the port. A document required of certain countries in respect of live animals and meat. certificate of incorporation

Gründungsbescheinigung, Gründungsurkunde (Urkunde über Eintragung einer Kapitalgesellschaft)

Also called corporation charter or articles of associaton (GB)/incorporation (US). A document issued by the Registrar of Companies (GB) or a state agency (US), from the date of which a company comes into legal existence and may commence trading. certificate of indebtedness

Schuldurkunde

Also called debt instrument. A document that specifies the amount of a debt and the repayment schedule. certificate of inspection

Abnahmebescheinigung, Warenprüfbescheinigung

Also called inspection certificate or certificate of acceptance. A documentary requirement of some importing countries. The document certifies that goods are in a good condition; it is prepared to meet the terms of a contract or the legal requirements of an importing country. certificate of insurance (C/I, c/i)

Versicherungszertifikat, -schein

Also called insurance certificate. A document issued by an insurer/insurance company to an insured, declaring that an insurance contract exists, that it covers the insured against certain stated risk(s) and mentions the essential conditions of the policy.

-

239

-

In the classes of insurance that are compulsory by law (eg motor and employer's liability insurance), it is usually necessary to obtam a certificate of insurance, the insurance being ineffective unless such a certificate is issued. Its purpose is to provide proof of the existence of an insurance contract. In marine insurance, for example, the certificate provides proof that the goods have been insured against loss or damage during transit. Note: certificates differ from cover notes. certificate of loss

Verlustattest

In marine insurance, a document issued to a consignee or claimant by a surveyor stating the extent of damage to the cargo. certificate of manufacture

Fertigstellungsbescheinigung Ursprungszeugnis

A statement, often notarized, in which a manufacturer/producer of goods certifies that manufacture/production has been completed and that the goods are now at the disposal of the buyer. A certificate stating that goods have been produced in a particular country. Also called certificate of origin. certificate of origin (C/O, c/o)

Ursprungszeugnis, Herkunftsbescheinigimg

Also called certificate of product origin, certificate of manufacture, indication of origin or indication of the country of origin. A document, issued by a Chamber of Commerce, sometimes required by the importing country's authorities to prove that the goods originate, ie have been manufactured/ produced, in a particular country. Country of origin means that the goods either have been wholly produced there or, if imported from other countries, have undergone substantial transformation. The C/O is signed by an exporter, the Chamber of Commerce or a customs officer, and is used to secure preferential customs duties - the duty that an importing country imposes on goods varies according to the country from which they have come into the importing country The C/O is sometimes issued as a combined certificate of value and origin (CVO). certificate of posting

(Post)Einlieferungsschein, Postquittung

For a small charge, this provides evidence that an unregistered letter or parcel has been iosted to a particular address (person or firm), but it does not give proof of delivery, η the event of loss or damage it does not entitle the sender to compensation/damages.

Î

certificate of quality

Qualitätszeugnis

A document certifying the quality and content of a specific product. It is required by some importing countries in respect of the precise quality and content of goods.

-

240

certificate of survey

-

Gutachten des Schadensregulierers, Besichtigungsschein (Vers)

A document which details the external condition of goods discharged/unloaded from a vehicle, it is prepared by a surveyor and is used to support an insurance claim on the goods. certificate of title

Eigentumsbescheinigung, -nachweis

Also called ownership certificate. A certificate/document giving evidence of ownership of personal property, eg a car. certificate of trading

Bescheinigung, durch die einer AG die Berechtigung zur Aufnahme der Geschäftstätigkeit erteilt wird (GB)

Also called trading certificate or certificate to commence business. In the case of a public limited company (PLC), a certificate of trading is needed before the company can commence trading. This is issued by the Registrar of Companies when he/she is satisfied that the company has raised the minimum capital and has met certain legal requirements. Unlike a private company, in GB a public limited company (PLC) cannot commence trading immediately it is incorporated. certificate of value (C/V)

Wertzertifikat, -bescheinigung

In foreign trade, a written proof given by the exporter of goods that the value of goods as stated in the export invoice is the true value used. The certificate is necessary where the tax amount on the goods imported depends on the value of the goods. certificate of weight

Gewichtsbescheinigung

Also called weight certificate/note. A certified statement of the weight of a cargo. certification

Beglaubigung, Bescheinigung, Bestätigung

Also called authentication or verification. The act of certifying. A certified statement ( a certificate) testifying in writing the truth of something, eg a status, a condition, a qualification, etc. certified check/cheque

Also called marked cheque (GB).

von einer Bank bestätigter/garantierter Scheck, bankbestätigter Scheck (USA)

- 241

-

In the US a check which has been authenticated and guaranteed by a bank (ie the bank has stamped the word "certified" across the face of the checlc). The certification guarantees that the check is in order (ie the drawer has sufficient fiinds in the bank to cover payment) and that the bank will meet it upon presentation. Note: it is similar to a bank(er's) draft/bank cheque in Great Britain. certified invoice

beglaubigte Rechnung, Konsulatsfaktura

In foreign trade, a commercial invoice which also includes a statement (usually on the back) by the exporter about the condition of the goods sent, or their country of origin. The invoice is called for by the importer. cesser clause

Cesser-Klausel (Haftung des Befrachters endet mit Abladen der Güter) (Vers)

In a charter agreement/party this clause absolves the charterer from liability on a cargo once this has been loaded on board the ship. The shipowner has, however, a lien on the cargo for freight claims against the consignee. cession

Zession, Abtretung

Also called assignation or (legal) assignment/transfer. The transfer of a right or a credit by agreement to a third person. cessionary

Zessionar, Forderungsübernehmer/in

Also called assignee or transferee. The person acquiring a right or a credit transferred by an assignor. ceteris paribus

unter (sonst) gleichen Umständen, ceteris paribus (Klausel)

A Latin expression meaning "other things being equal". An assumption made in economic analysis, in order to study a particular aspect of a problem by varying one or a few independent variables while other disturbing influences/conditions remain unchanged/stable. chain of command

Dienstweg, Leitungsorganisation, Weisungslinie, -kette

Also called line of command or sometimes scalar chain. The vertical arrangement of direct authority relationship, ie the formal line of communication in a company through which instructions and information are passed downwards.

-

242

chain store

-

Kettenladen, Filialkette, -geschäft

Also called multiple shop/store. A retail selling outlet belonging to a chain of businesses selling a wide range of goods. It may have grown from the expansion of a single shop/store or it can have been set up as a chain. The term is mainly used in the US. chairman (chmn, chn, chrmn)

Vorsitzende/r, Tagungsleiter/in (Vorstands) Vorsitzende/r, Chairman

Also called chairperson (particularly if the term is understood to include both male and female) or chair. A woman who is in charge of a meeting is also called chairwoman. In the US the chairman is often called president. A person who presides over a meeting. The board of directors is the most important part of any limited company (GB)/ corporation (US), and the chairman of the board is the true head of the firm and he/she bears prime responsibility for the conduct of the affairs of the body of which he/she is chairman. He/she is the highest ranking executive of a company. The chairman makes an annual report on the activities of a company at the annual general meeting (AGM). The chairman is addressed: Mr/Madam Chairman. chamber of commerce (CC, C of C) Also called chamber of commerce and industry (CCI) or board of trade. A local association of business people and representatives of business firms engaged in a variety of business activities. Its purpose is to promote and protect the trade interests of members and to provide specialist services and facilities to members. In most countries it is a democratic and independent, non-political, non-profit-making, voluntary body. It obtains its revenue from the subscriptions paid by members. The International Chamber of Commerce (ICC), in Paris, exchanges information relating to international trade between local chambers of commerce. chance

Möglichkeit,Wahrscheinlichkeit

The probability or likelihood that an event will occur. Chancellor of the Exchequer

Finanzminister, Schatzkanzler (GB)

In the US called Secretary of the Treasury. The Cabinet minister in GB responsible for carrying out the country's monetary policy.

-

243

change

-

Wechselgeld Kleingeld Börse

An abbreviation of exchange. When a person buys something for cash he/she will often give more than the price to the seller who will give him/her the change. The coins which a person carries around with him/her; sometimes called small/loose change. An exchange, especially a stock exchange. change in demand

Nachfrageänderung, -Verschiebung

Also called shift in demand. A greater or smaller quantity of a commodity or service is demanded without any change in price having taken place. Causes may be: change of taste or fashion, changes in the prices of other goods, changes in the disposable incomes, etc. change in supply

Angebotsänderung, -Verschiebung

Also called shift in supply. A greater or smaller quantity of a commodity or service is supplied without any change in price having taken place. Causes may be: changes in the cost of production, changes in production methods, changes in the price of other commodities, etc. change machine

Wechselautomat

A machine which gives small change for a larger coin or banknote. changer

Geldwechsler/in

Also called money changer. son who exchanges money of one currency (eg AUD) for that of another (eg

channel of distribution

Absatzweg, Vertriebsweg

Also called chain of distribution, distribution/distributive/marketing/trade channel. The marketing institutions through which goods are transferred from the original producers to the end users or consumers. The traditional chain of distribution has been: producer - wholesaler - retailer consumer. But today the producer may deal directly with either the retailer or the consumer, thus completely bypassing the wholesaler.

-

244

character

-

Charakter Zeichen (DV)

The aggregate of features and traits that form the individual nature of a person or thing. One of a set of symbols in a data processing system. It may be defined as the smallest addressable block of information. character loan

persönlicher Kredit

Also called personal loan. An unsecured commercial loan that is granted on the basis of the borrower's reputation. character set

Zeichenvorrat

Also called character repertoire. The set of characters forming a particular group or code which a specific computer is designed to accept. charge (ch)

Gebühr, Preis Kosten Belastung, Lastschrift Verantwortung Anklage Abgabe

An amount of money which a person must pay for certain services, eg bank charges. Also called fee or pnce. An expense which a business has to bear, eg rent. Also called cost or expense. In accounting, a debit on an account. Also called debit entry. A position of responsibility (to be in charge of). In law, a formal accusation. A financial burden, eg a fiscal charge. charge account

("offenes") Kreditkonto, Anschreibe-, Kundenkreditkonto offener Buchkredit

A credit facility granted by retailers to customers. The customer may buy goods up to an agreed value and pay for them at a later date. Normally the account must be settled within a given period and traders may charge interest on outstandings. Also called budget account or credit account. An unsecured credit. Also called open account financing, current/checking account credit or overdraft.

-

charge card

245

-

Kundenkreditkarte

Also called store card. A form of credit card issued by retailers to enable customers to shop in their store(s). The card bearing the holder's name and registration number enables the holder to buy goods and services with the price charged to his/her account with the card company. The holder (the charge or credit buyer) pays the company's account in full at agreed intervals. chargeable gain

kapitalertragssteuerpflichtiger Gewinn

A capital gain which is chargeable to capital gains tax (CGT), eg the gain of an investor who buys shares/stocks and subsequently sells them at a profit. chargehand

Vorarbeiter/in

Also called (assistant) foreman/forewoman, sub-foreman, headman, lead(ing) hand, overseer, gang boss/leader, or supervisor. An employee who belongs to a working group and who, to some extent, does the same work as orner group members but is also charged with supervisory duties. charges forward (ch fwd)

(p e r ) Nachnahme, Gebühr bezahlt Empfänger

Also called charges collect. A condition of sale stipulating that the carriage/freight charges on goods must be paid by the buyer/consignee only on receipt of the goods. charges prepaid (ch ppd, cp)

franko, gebühren-/kostenfrei, Kosten vorausbezahlt

Under such a consignment term, the sender/consignor is responsible for payment of the forwarding/transport charges. charisma

Charisma

An endowment of outstanding leadership qualities or natural powers of personality. These personal qualities have a strong influence over other people and attract their attention and admiration. The precise qualities which constitute charisma vary from one situation to another and from one individual to another. charitable donation

wohltätige, karitative Spende

Also called charitable contribution. An amount paid by a person or company to a charitable organization/society.

-

charitable society

246

-

Wohltätigkeitsverein, wohltätige Einrichtung

Also called charity, charitable/do-good organization (collq.) or benefit society. A society formed for the relief of poverty, for the advancement of education, for the promotion of art, science, religion, etc. charity

wohltätige Einrichtung, soziales Hilfswerk Wohltätigkeit Nächstenliebe

A not-for-profit organization which allocates resources to the poor, ill, or homeless. Often only called do-good organization or charitable society. The act of giving money and/or other help to the poor, ill or homeless. Kindness towards other people. chart

Diagramm, Grafik

Also called diagram or graph. A diagram showing information as a series of lines, dots, blocks, etc; a popular method of presenting statistics. chart analysis

Chart-, Aktienanalyse

Also called charting. The use of charts to analyze stock market trends and forecast future movements - rises or falls. charter

Chartervertrag) Konzession, Zulassimg Gründungsurkunde, Satzung einer Kapitalgesellschaft (USA)

The hiring of a vessel or aircraft. Also called charterparty. A document issued by a state, which confers special rights, powers or privileges upon public or private corporations, institutions and the like. The articles of a corporation in the US. Also called articles of incorporation or certificate of incorporation. chartered accountant (CA)

Wirtschaftsprüfer/in

Also called certified accountant (CA) or certified public accountant (CPA) (US).

247

A qualified person who has studied accountancy/accounting and who must train for a number of years in the office of a practising chartered acountant. He/she must pass a number of exams and tends to specialize in auditing accounts and preparing company balance sheets. Note: in addition to accounting and auditing, CAs prepare tax returns for companies and individuals. charterer

Charterer, Befrachter

The person who charters or hires a ship or aircraft or part of its cargo space. The sum he/she pays is known as freight(age). chartering agent

Befrachtungsagent/in Lademakler/in

This agent represents businesspersons who wish to charter ships or airplanes. A broker engaged in finding cargo space on ships or airplanes. chartering terms

Charterausdrücke

Demurrage: 1. The money paid to the shipowner if the charterer delays the sailing of the vessel. Also called quayage or quay dues. 2. Detention oi a ship beyond the time permitted for loading or unloading. Also called demurrage days. Dispatch money: A bonus to the charterer for loading or unloading in less time than has been stipulated. Laydays: Days allowed for the loading and discharging/unloading of a ship. Also called lay time. charterparty/charter party (C/P)

Chartervertrag, -partie

Also called contract of affreightment or charter agreement. A contract for the hire of a ship/vessel or aircraft, or of cargo space, made between owner and charterer/hirer. A charterer may use the ship either for carrying his own goods only, or for completing his cargo by accepting the goods of others. The contract contains among other things, details of the charges, laydays/laytime allowed and demurrage provisions. The sum of money paid for the charter is called freight. In an ordinary charter the owner retains control over the ship or aircraft and its crew. The ship or aircraft may be chartered for a single voyage (voyage charter) or for a specified period (time charter). chartism

technische Chartanalyse, Chartismus (Prognosemethode zur Voraussage von Aktienkursbewegungen innerhalb eines Zeitraumes)

On the stock exchange, chartism is a forecasting method.

-

248

-

The theory was originally developed by Charles H. Dow of Dow Jones in the closing years of the last century when he noticed that the fluctuation of share/stock price averages tended to throw up regular patterns, and from these he could make fair forecasts/predictions about future price movements. There are primary trends (which last several years), secondary reactions (lasting up to three months), and today movements (daily fluctuations). chartist

Chartist Chartanalyst, Chartist, Wertpapieranalytiker/in

In general, an analyst of the economy, interest rates, exchange rates and share/stock and commodity prices. A professional share/stock market analyst who, after studying past and present market conditions, makes decisions relating to the purchase or sale of stock exchange securities on the basis of charts of stock price movements, P/E ratios, turnover, etc. Note: chartists believe recurring trading patterns help them forecast future price movements. Also calledtechnicalanalyst. chaser

Mahnschreiben Terminjäger/in, Disponent/in

A letter to remind someone of something, eg that an invoice has not been paid. Also called collection/dunning letter, prompt note, request for payment or reminder. A person who has to check that orders are fulfilled on time or that work is being carried out on schedule. Also called accelerator, expediter or progress chaser. chattel(s)

bewegliche/s Sache/Eigentum, Mobilie/n

Also called movable/personal property or movables. All property other than freehold land. Movable as opposed to real property. 1. chattels real: leasehold property, ie immovable property. 2. chattels personal: other property, such as goods, furniture and other articles capable of complete transfer by delivery, ie movable possessions. cheap labo(u)r

billige Arbeitskräfte

Workforce which does not earn much money. cheap money

billiges Geld

Also called easy money. If interest rates are low, due perhaps to a fall in the base/prime rate, money is cheap to borrowers and banks are willing to lend their excess reserves. Money supply exceeds the needs of the economy.

-

check

249

-

Scheck (USA) Rechnung Gepäckschein, Garderobenschein Kontrolle Abhakungszeichen

The American spelling of cheque (GB). In the US, a bill, especially in a restaurant. Also called account or invoice. In the US, a receipt or ticket for luggage/baggage or for clothes left in the cloakroom. Also called baggage check/tag, (luggage) ticket, coat/hat check, checkroom/cloakroom ticket. A control for the purpose of making sure of the correctness of an information. In the US, a mark used when checking. Also called check mark or tick. checker

Kassierer/in Kontrolleur, Ladungsprüfer/in Garderobenfrau Gepäckaufbewahrer

In a supermarket or shop, the person who receives money. Also called cashier, cash clerk or teller. A person designated by a firm to inspect/check goods, shipments and other items. Also called supervisor. An employee of a checkroom/cloakroom (US)/left luggage office (GB). An employee of a left-luggage office (GB)/checkroom (US). checkin

Hotelanmeldung Einchecken

The arrival and registration at a hotel. The arrival and registration at the checkin counter of an airport. checkin desk/counter

Abfertigungsschalter

Also called check counter. Place where passengers give in their tickets for a flight and check in. checking account

Kontokorrent-, Girokonto, laufendes Konto (USA)

A term used in the US; same as current account in GB. Note: there are business and personal checking accounts.

-

250

-

checklist

Checkliste, Kontrolliste

Also called tally sheet. A list of things which have to be observed or checked when processing a particular task, eg when producing or packing goods. checkout

Kasse (z.B. im Supermarkt) Hotelabreise Zeit, zu der ein Hotelzimmer geräumt sein muß Tauglichkeitstest

Cash till at a supermarket's or self-service store's exit where customers pay for goods bought. Also called checkout counter/point or cash desk. The paying of the hotel bill on leaving the hotel. The time at which a hotel room must be vacated. Also called checkout time. A fitness test. checkroom

Garderobe Gepäckaufbewahrung(sstelle)

Also called left luggage office (GB). A room where hats, coats, umbrellas, etc. may be stored. Also called cloakroom (GB), coatroom (US) or wardrobe. A luggage/baggage room, as at a railway/railroad station. Also called cloakroom (US). cheque (chq)

Scheck

Also called check (US). A cheque/check is a document drawn on a bank(er) payable on demand, ie at sight. It is an order, written by the drawer, to a bank to pay on demand (ie when presented for payment) a sum of money to a named person (the payee), or to nis/her order, or to bearer. The parties to a cheque/check are: 1. the drawer: ie the party who draws/issues/makes out the cheque, 2. the drawee, also called the drawee bank: ie the bank on which the cheque is drawn and which is ordered to pay the money, 3. the payee or bearer: ie the party to whom the money is to be paid. If the payee wishes to use the cheque to pay someone else, he/she may endorse the cheque. A cheque is considered as cash ana is negotiable/transferable. In order to be able to draw a cheque the drawer must maintain a current/checking account with the bank on which his/her cheques are to be drawn. The bank on whom the cheque is drawn must hono(u)r it if the drawer's account contains sufficient funds. A cheque should be presented as soon as possible after its receipt to the bank(er) on whom it is drawn. The holder of a dishono(u)red cheque has to send a notice of dishono(u)r to the drawer and the endorsers (if any) and can then take recourse. Cheques may be written on any piece of paper, or any other object, but banks prefer standard-sized pieces of paper which fit their machines.

- 251

-

A cheque signed by the drawer/maker can be voided only by a "stop payment order". See also bearer cheque, blank cheque, crossed cheque, dishono(u)red cheque, marked cheque, open cheque, order cheque, rubber cheque, stale cheque, stopped cheque, traveler's check, etc. Note: 1. building societies/savings & loan associations and other financial institutions also issue checks. 2. cheques were by far the commonest method used for settling indebtedness and for drawing money from a bank. cheque book

Scheckbuch, Scheckheft

In the USA checkbook. A book of cheque/check forms issued by a bank to eveiyone who opens a current/checking account. The cheque/check book provided by the bank may contain 25 or more printed cheque/check forms. cheque card

Scheckkarte

Also called bankcard, banker's (GB)/check card (US), or cheque/check guarantee card. Cards issued by banks to current/checking account customers. These cards permit the holders to cash personal cheques/checks up to a specified limit at any one of the branches of a specified bank or to make payments by cheque/check. The card carries the name and a specimen signature of the holder, a card number, the date of expiry, the name of the bank and the code number of the branch (the bank code or transit number) maintaining the account. cheque crossing

Kreuzvermerk auf Scheckvorderseite

Also called check crossing (US). A crossing consists of two parallel lines (with or without words) drawn across the face of a cheque/check. Any form of crossing is an instruction to a bank not to pay cash over the counter; the cheque/check will only be paid through a credit entry in someone's bank account. Banks usually issue cheques/checks which have crossings already printed on them. cheque guarantee card

Scheckgarantiekarte

Also called cheque/check (US) card or bankcard. A card, issued by many banks, which guarantees payment of any one cheque/check in transaction up to a certain value; the bank cannot fail to hono(u)r that cheque/check. cheque trading

Kreditscheckverfahren, Kaufscheckverfahren

In the USA check trading. The practice whereby a financial institution sells a cheque/check or voucher on credit. The purchaser exchanges the cheque for goods at certain shops/stores and repays it by agreed regular installments plus interest. The financial institution reimburses the shop/store the cheque amount less a discount.

-

252

chickenfeed

-

Kleingeld

Also called loose/small change. The coins which a person carries around with him/her. chief executive

Vorstandvorsitzende/r, Generaldirektor/in, leitende/r Direktor/in

The top officer of a corporation. He/she is accountable directly shareholders/stockholders and tne persons who control the organization. chief executive officer (CEO, ceo)

to

the

Chief Executive Officer (CEO), Hauptgeschäftsfuhrer/in, Generaldirektor/in, Präsident/in, (Vorstands) Vorsitzende/r

Also called chief executive or managing director (MD). The highest-ranking top executive of a company who has ultimate management responsibility for the organization and its operation. If the manager is a member of the board of directors, he/she may also be called managing director. Often also the company's president. Note: the CEO can also have the title CEO/President if the responsibilities of both positions are combined. child allowance

Steuerfreibetrag fur Kinder

Also called children's allowance or child relief. In the income tax system an allowance for dependent children to provide some relief for the costs of maintaining them. child benefit

Kindergeld

Also called family income supplement. Formerly called family allowance. A straight, (untaxed) cash payment per child to reduce somewhat the burden of bringing up children. children's insurance

Aussteuerversicherung

Also called child endowment policy. A type of provision for children; the policy is effected on the life of the parent. There are two methods: 1. to save money for the child until it reaches a certain age; then the child has two options: a lump sum can be taken or the child may continue the policy (now called children's deferred insurance), 2. to provide income to meet school and/or university fees (now called children's educational endowment).

-

chip

253

-

Chip (DV) (erstklassige) Aktie Chip (Spielbank)

In computing, a small piece of silicon containing a semiconductor device, which is the basis of an integrated circuit (IC). Also called computer chip. A very safe investment, ie a risk-free share/stock in a good company. Also called blue chip. Substitute for money in the form of plastic chips used in gambling houses/casinos etc. choice

Sortiment, Auswahl (Aus)Wahl Auswahl

The number of different products that are for sale and from which the customer can choose. Also called assortment, collection or (product) range. The act of selecting among alternatives. This involves evaluating alternative actions or modes of behavio(u)r and forming an intention or plan to engage in the selected action or behavio(u)r. The range to choose from. chose in action

Forderung(srecht), einklagbarer Anspruch unkörperlicher, immaterieller Rechtsgegenstand

In law, the right to anything not actually in a person's possession (a patent right or a right under a life insurance policy), but which can be recovered, if necessaiy, by means of legal action. The right is negotiable, although the consent of the person possessing the property is normally required. Choses in action are intangible property such as accounts receivable/receivables, shares/stocks in a company, rights under contract, patents, trademarks, insurance policies, mortgages, cheques/checks, bills of exchange, etc. chose in possession

(im Besitz befindliche) bewegliche Sache, Hab und Gut

In law, tangible personal property, which one has the right to and which is actually possessed, eg a sum of money or a good. Christmas bonus

Weihnachtsgeld, -gratifikation

Also called cash bonus at Christmas or Christmas allowance/handout. A special payment given to regular employees during the Christmas season. Christmas Day December 25, first day of Christmas.

erster Weihnachtsfeiertag

254

Note: in GB, Boxing Day is the second day of Christmas. chronic unemployment

Dauerarbeitslosigkeit

Also called hardcore/persistent unemployment. Longer term unemployment, typically lasting more than six months. cif liner terms

CIF-LinienschiffahrtsFrachtbedingungen

Cif liner terms refer to the shipment of goods aboard a liner. Liner terms are the terms ana conditions of the shipping company for sailings on the particular route. When goods are carried on a scheduled sailing and the shipping terms are cif, cif liner terms will apply. circle chart

Kreisdiagramm, Sektordiagramm

Also called circular/pie chart. This chart is used to show percentage distribution, eg the components of cost may be shown as a percentage of the whole cost. The circle used may be divided aroundi the circumference to show percentage (100) or degrees (360) but tne segments/slices of the circle are converted, in either case, into the form of percentages. circular flow model

Wirtschaftskreislaufmodell

The theoretical model of a two-sector economy where households and firms interact in the product and factor (of production) markets. Households receive income payments from firms through the sale of inputs; firms, in turn, receive income from households through the sale of goods. It is initially assumed all such income received (wages, salary, rent, interest, dividends) is spent on goods and services supplied by firms. The model may be extended to a more realistic five-sector market economy by assuming there is: 1. saving from income by the household sector, 2. investment by the trading enterprise sector, 3. a financial enterprise sector, 4. a government sector, 5. an overseas sector with exports and imports. circular flow of income

Einkommenskreislauf

Also called flow of income. A concept developed by the French economist Francois Quesnay (1694 - 1774) to study macroeconomic relationships. A theoretical model which describes the transfer of money, goods and services between the major sectors (eghouseholds and firms) of an economy. In its simplest form, it states that households provide labo(u)r to firms in exchange for money, which the households use to buy the goods produced by firms.

- 255 Households purchase goods and services from firms. The payment for these become the income of the firms. When producing the goods and services, firms must pay for the production factors land (ie they pay rent), labo(u)r (ie they pay wages), capital (ie they pay interest), and entrepreneur (ie they pay profit). Thus, these payments in turn are the source of household income, spent on consumption. circular letter

Rundschreiben

Also called circular, newsletter or mailshot. These are duplicated letters sent to several addresses, either addressed generally or individually. circulating capital

Betriebskapital, -vermögen, flüssiges/ umlaufendes Kapital

Also called activity/current/floating/operating/rolling/trading/working capital. Capital in the form of circulating/current assets; current as opposed to fixed assets. It is completely changed in form or consumed by its use, eg raw materials, work in progress/process (ie partly finished goods), cash in/on hand, office stationary, etc. circulating medium

Tauschmittel, Umlaufmittel

Also called medium of exchange. Recognized means of making payments, eg banknotes, cheques/checks, bills of exchange/drafts, and coins. circulation

Umlauf, (Wirtschafts)Kreislauf Auflage, Auflagenhöne

The distribution and movement of money and goods between firms, households, the government, and foreign countries: that is, the creation and spending of income. Also called economic circulation/process or circular flow. The number of copies of a newspaper or magazine successfully distributed and sold. Note: it should not be confused with readership. Citizens Advice Bureau (CAB)

Bürgerberatungsbüro, Rechtshilfeberatungsstelle (GB)

In GB, a voluntary organization which assists people with their shopping and other problems. city

A large or important town.

(Groß)Stadt Die City von London (Londoner Geschäftsviertel)

- 256 The oldest part of London. A term for the various financial institutions of the City of London, including the Bank of England, the banking system, the stock exchange, insurance companies, the gold and foreign exchange markets, commodity markets, shipping, etc. The financial services provided by the City for foreign customers are invisible exports and affect the British balance of payments. civic action group

Bürgerinitiative

Also called local pressure group. A group of people concerned with the well-being of the community. civil action

Zivilprozeß

Also called civil suit. A lawsuit filed by a person or company (the plaintiff) against someone who has done them wrong (the defendant). For example, legal action initiated by the injured party (the plaintiff) against the party causing the damages (the defendant). civil law

Zivilrecht

The law regulating private matters between citizens. That part of the law which is not actionable except at the suit of the aggrieved party. An aggrieved person who seeks redress of injustices done must issue a summons against the wrongdoer, so that the action can be heard. The chief branches are contract law, the law of tort/civil wrongs, and the law of property. civil servant

Beamter, Beamtin, öffentlich Bedienstete/r

Also called public servant, public/state official, administrative/ministerial officer, or officer. An employee who works for the government departments, ie the civil service. civil service (CS)

Staatsdienst, öffentlicher Dienst

The government departments and personnel which administer the affairs of the state or country. civil wrong

unerlaubte Handlung

Also called tort or tortious act. An act or the failure to act that violates a legal duty.

- 257 claim

Forderung Versicherungsanspruch, Anspruch auf Versicherungleistung Rechtsanspruch Mängelrüge, Reklamation Behauptung Werbeoehauptung

A person (the claimant or claimer) may make a claim when he/she believes that someone owes something to him/her; or someone has caused him/her some damage or a loss. In insurance, a demand by the insured for payment under his/her policy. Also called insurance claim. In law, a demand for something due as a right, eg a claim for damages for breach of contract. Also called legal claim, (legal) title, legal right, statutory entitlement or jurisdictional claim. A complaint. The act of saying that something is true. Also called assertion. A statement made in an advertisement asserting some positive aspect of the product's performance or a benefit to be obtained from the use o f that product. claim for refund

Steuerrückerstattungsanspruch

A taxpayer's request to the tax authority to refund all or part of overpaid taxes. claim(s) form

Schadensformular, Antragsformular

Also called claim(s) blank. In insurance, a form to be filled in when making an insurance claim. claimant

Antragsteller/in, Anspruchsteller/in, Forderungsberechtigte/r

Also called claimer. An individual or firm which makes a (justifiable) claim - usually in a claims form. claims adjuster

Schadenssachbearbeiter/in

Also called claims assessor/inspector, settling agent, adjuster, or assessor. An expert who may be consulted by an insurance company to settle on its behalf claims brought by insureds. claims department Also called loss department.

Schadensabteilung

-

258

-

A department dealing with clients claims. claims frequency

Schadenshäufigkeit (Vers)

In insurance, the number of insurance claims within a certain time period in relation to the total number of insurance contracts of the same kind. class action

Gemeinschafts-, Gruppenklage

Also called representative action. A lawsuit in which a group of persons join together to sue someone, eg a group of buyers sue a seller. class market

Markt fur hochwertige Güter

Also called upend/upscale market. A market for exclusive and high-priced consumer goods. The opposite is a mass market. class struggle

Klassenkampf

The Marxist doctrine that there is a constant struggle between the owners of capital and the proletariat - the ultimate triumph of the victorious proletariat must inevitably bring an end to the class struggle. classical economics

klassische (National)Ökonomie

The economic period from 1750 - 1850. The major economists were Adam Smith, Malthus, Mill and Ricardo. In general these economists believed that free competition ensured that the community as a whole benefited. As a consequence, they concluded government interferences should be kept to a minimum. Furthermore, the classical model is a system in which there are many buyers and sellers, in which all prices are flexible so that they can quickly adjust upward or downward to changes in supply and demand, and in which markets will automatically adjust to full employment levels. classical economists

Klassiker

Economists such as Adam Smith, Malthus, Mill, Ricardo, etc who focused their analyses on economic efficiency and production. With regard to business instability, they thought market prices would adjust quickly in a manner that would guide an economy out of a recession back to full employment. Their belief in the power of market forces led them to support laissez faire and they also supported the idea of free trade among nations.

- 259 classical theory of output and employment and prices

klassische Wirtschaftstheorie

The levels of output and employment are determined by the real forces of supply and demand which operate behind the veil of money. In a freely functioning market economy, prolonged unemployment cannot occur since real wages will adjust in such a way as to ensure the maintenance of continual full employment. An excess supply of labo(u)r will therefore result in downward pressure on the real wage rate. Once the real wage rate has adjusted so as to clear the labo(u)r market (ie equate the supply of and demand for labor), the level of real income (= output) will settle down at its full employment level. The price level is exclusively determined by the size of the money supply. Thus an increase in the supply of money of X per cent produces an increase in the price level of X per cent. In other words, the rate of inflation will equal the rate of monetary expansion. classification (cl, class.)

Einteilung, Gliederung, Klassifikation

The process of arranging items or individuals into classes or groups. classified advertisement

Kleinanzeige, rubrizierte Anzeige, Suchanzeige

Also called classified, small, small ad, small space advertising or want ad(vertisement). This is a special art in writing an almost telegram-like ad in a few lines, using an intriguing opening to catch the reader's eye, squeezing as much abbreviated but intelligible copy into as few lines as possible. Small ads are Sought on a line-by-fine basis and are mostly inserted by individuals. The impact of a classified is lost if the copy is too long. Classifieds are grouped together under identifying headings (eg cars for sale), ie they are subdivided according to the types of products and services offered or sougnt. classified directory

Branchenadressbuch, -Verzeichnis

Also called classified telephone directory. A book (eg the Yellow Pages) giving a list of business firms, etc. in an area. classified stock

Aktiengattungen

Also called classes of shares/stocks or share/stock classes. The classes of stock; eg "A" stock, the holders of which have a right to vote (also called voting share/stock) or any other advantage (eg a dividend preference) over other stock; and "B" stock, the holders of which have no right to vote (also called nonvoting share/stock).

-

2 6 0

-

clause (cl)

Klausel

Part of a written document, such as a contract, insurance policy, statute, will, etc, that deals with a particular item or condition in it. claused bill of lading

eingeschränktes/unreines Konnossement, verklausulierter Frachtbrief

Also called dirty/foul/qualified/unclean bill of lading. The standard wording of a bill of lading (B/L) indicates that the goods have been received "in apparent good order and condition unless otherwise stated". Therefore, should any defect of the goods or their packing be noticed during loading, the B/L must show details if the carrier is not to be blamed for this damage. If the goods do not correspond to the description of them on the bill, it is known as dirty, unclean, foul, or claused (because a clause has been added to it by the shipowners, specifying the discrepancy). Note: a B/L without such an addition is said to be "clean". clawback

Streichung von Steuervergünstigungen (Steuer)Rückerstattung

The taking back of a tax relief formerly granted. A refund of tax due to the taxpayers. Also called tax refund. clean bill (of exchange)

reiner Wechsel, Wechsel ohne Dokumente

Also called clean draft. In foreign trade, a bill of exchange (B/E) without documents of title attached, or a bill which has no special conditions. Bank bills are usually clean. This is to be distinguished from a documentary bill/draft. clean bill collection

Einzug/Inkasso eines reinen Wechsels

An exporter can pass a bill of exchange (B/E) to his bank in his country. This bank forwards the bill to its overseas branch or to a correspondent bank in an overseas buyer's/importer's country. This bank (the collecting bank) presents the bill to whoever it is drawn upon, for immediate payment if it is a sight draft (S/D), or for acceptance if it is a term draft/time bill. This procedure is known as a clean bill collection. clean bill of health

Gesundheitsattest ohne Einschränkungen

A report stating that a person or an organization if fit and in good condition.

-

clean bill of lading (B/L cl.)

261

-

echtes/reines Konnossement, Frachtbrief ohne Vorbehalte/Einschränkungen

Also called unclaused bill of lading. A clean bill of lading (B/L) is one which has no superimposed clause or statement declaring some defect in the condition of the exported goods or the packaging, or some other aspect of the consignment. The term clean B/L means that the shipowners have examined the cargo and accepted it for delivery in "the like good order and condition". By issuing a clean B/L, the shipowner admits his full liability of the cargo described in the bill. This type of B/L is preferred by banks for financial settlement purposes. clean collection

einfaches Inkasso

A negotiable instrument (eg bill of exchange, personal cheque/check, money order) presented for collection (ie for payment) with no documents attached. clean credit (C/C, c/c)

einfaches, reines Akkreditiv (Kredit, der keiner Sicherung durch Dokumente bedarf)

Also called clean letter of credit (L/C) or open credit. In foreign trade, a letter of credit which provides for the payment by the bank of a bill of exchange (B/E) drawn upon it; the bank agrees to accept the bill on conditions stated in the credit document. The bill has no supporting documents attached. Only firms of the highest repuation are allowed such credits. clean float(ing)

sauberes Floaten (freier Wechselkurs)

A policy allowing a country's currency to fluctuate. There is no official intervention (by the central bank) - the exchange rate is permitted to vary in line with the market forces. There are almost no cleanly floating currencies; a currency that trades with a minimum intervention is the Swiss franc. clean hands

ehrliches, redliches Geschäftsgebaren

A businessperson's honest and professional behavio(u)r with nothing done improperly under the table. clean payment

Zahlung gegen offene Rechnung, reiner Zahlungsverkehr, nicht dokumentäre Zahlung

In foreign trade, payment effected by cheque/check or remittance/transfer and without any documents.

-

clean receipt

262

-

vorbehaltlose Empfangsbestätigung

An export term; if the packages are in good condition, a clean receipt is given for them. When a clean receipt is presented, the shipping company will issue a clean bill of lading (B/L cl). clear

verrechnen (BaW) räumen (Lager) verzollen (Ware) Kosten decken (Plus-minus-Nullarbeiten) Reingewinn erzielen tilgen, ablösen (Schuld) löschen (DV)

To clear a cheque/check with a bank, ie to pass a cheque through the banking system, so that the money is transferred from the payer's account to the account of the holder of the cheque, ie the payee. To clear out the stock, ie to sell off goods, usually at a cheaper price, in order to get rid of old stock and to make room for new stock. To clear goods through the customs, ie to have all documents presented to the customs so that the goods may leave or enter the country. To clear one's costs or expenses, ie to make neither a profit nor a loss. Also called breakeven. To make a profit, eg to clear 10 % or £/$ 2,000 on the deal = to make 10 % or £/$ 2,000 clear profit. To clear off a debt, eg a mortgage. Also called to discharge, pay back/off, redeem, repay or settle. A command to erase the contents of memory locations or details from a screen. Also called to reset. clear days

volle Tage volle Tage, Zeitraum zwischen Vertragsbeginn und Vertragsende volle Tage, Zeitraum zwischen Bekanntmachung und Zusammentreten der Hauptversammlung

Days reckoned exclusively of those on which anything is commenced and terminated. Those days forming the time period to which a contract relates; clear days do not include the days when the contract commences or terminates. Those days forming the time period required for due notification of a general meeting, excluding the day on which the notice is given and the day on which the meeting takes place.

-

clearance

263

-

Zollabfertigung, Verzollung Räumungsverkauf Verrechnung, Abrechnung Tilgung

The formalities necessary to satisfy the customs authorities. Also called customs clearance, clearing or control. Of vessels: A customs document given to the ship's master. It states that all duties have been paid and formalities completed. The document acts as authority for the ship to leave the port (clearance outwards) or to be unloaded (clearance inwards). Of goods: Passing goods through the customs so that they can enter or leave the country. The sale of old stock by shops at special inducement prices. Also called clearance sale, cleanup sale or sales. If the shop is closed, it is also called closing-down or winding-up sale. Of a cheque/check: The obtaming of money in place of the cheque/check. Money is transferred from one account to another. One should allow six days for cheque/check clearance. The repayment of a debt, eg a mortgage. Also called paying back/off, repayment or redemption. clearance charges

Zollabfertigungsgebühren

Also called clearing expenses. The costs charged for clearing the goods through the customs. clearance of a cheque/check

Scheckabrechnung

The obtaining of a cheque/check passing it through the banking system and transferring/remitting money from one account to another. One should allow some days for cheque/check clearance. clearing (CL)

Verrechnung, Abrechnimg Clearing, Verrechnungsverfahren, Giroverkehr

A system of settling accounts between a group of dealers whereby large numbers of individual payments are totalled and the totals set off/balanced/offset against each other so that the final liabilities of members to each other can be cleared by settling only the balances. The process whereby the amount of a cheque/check or bill of exchange/draft is remitted/transferred from the drawer's bank to the payee's bank. Presenting a cheque/check or bill of exchange for payment through the London Bankers' Clearing House. An operation by which banks holding cheques/checks, bills and other documentary claims on each other, in presenting them for payment, engage in a process of mutual offsetting of these claims. The result is a net debtor or creditor position of each bank.

- 264 clearing agreement

Verrechnungsabkommen (AuW)

In countertrade business, an agreement between two countries to purchase specific amounts of each other's products over a period of time, using a designated clearing currency in the transactions. Note: the products being exchanged are not often easily sold on the open market. clearing bank

Abrechnungs-, Clearing-, Girobank

Also called clearer. A bank which clears customers' cheques/checks and bills of exchange/drafts drawn on other banks. In GB, a member of the London Bankers' Clearing House. clearing house (C/H)

Clearing-House, Clearingsstelle, Verrechnungsstelle (z.B. die Landeszentralbank, LZB) (BaW)

The place where the clearing banks (ie the commercial banks) carry out the daily clearing of cheques/checks and other claims on each other. In GB, members are, eg: The Bank of England and the Big Five. An institution where firms with many transactions among themselves can settle their mutual indebtedness. clerk (elk)

(kaufmännische/r) Angestellte/r Verkäufer/in (Hotel)Empfangschef7in

A person employed in an office to keep records, make out invoices, write letters, etc. Also called clerical/salaried employee, non-manual employee/worker, or white-collar worker. A person who sells goods in a store/shop. Also called sales/store clerk, salesman, salesperson, shopman, salesgirl/saleslady/saleswoman, shopgirl or shopwoman. The British term is (shop) assistant. In the US, a person who deals with people arriving in a hotel. Also called receptionist, room clerk (US) or head porter (GB) client

Kunde, Kundin Mandant/in Auftraggeber/in (Bö)

Customer of a business. All the clients of a business are called clientele. Person who employs a lawyer. Also called principal. Person who deals through a stockbroker. Also called customer or principal.

-

clipboard

265

-

Klemmbrett, Manuskripthalter

A board which provides a firm surface on which to write - the documents are fastened to the board by means of a clip. clock card

Stechkarte, Stempelkarte

Also called clock time card or time card. A card on which a time recorder clock automatically records the time spent by an employee at his/her place of employment. close

amtlicher Börsenschluß Schlußkurs Börsenschluß Abschlußbuchung/en Schluß, Ende Briefschluß

The official close on the stock or commodity exchange, ie the end of a day's trading. The price of the final trade of a security at the end of a trading day. Also called closing price/rate, closing/final/last quotation, or market closing rate. The last period of time (ie the last half hour) of trading on the exchanges. In accounting, entries that close accounts at the end of an accounting period. Also called closing entry or final entry. The end of an activity or of a time period. The last sentence(s) in a letter. close company

Gesellschaft mit beschränkter Gesellschafterzahl, personenbezogene Kapitalgesellschaft (z.B. Familien-GmbH)

Also called close(d) corporation (US). In GB, a company which is privately owned and effectively controlled by five or fewer people or any number of people who are also directors. The company must be resident In the US, a corporation of which shares/stocks are held by only a few people. closed economy

geschlossene Volkswirtschaft

A concept often used in theoretical models to describe an economy with no international trade, ie - no imports and no exports. The country will be completely self-sufficient. There are no economies of this type in the world today. Note: the opposite is an open economy.

-

closed indent

266

-

Auslandsauftrag mit Herstellerspezifizierung (d.h. Auftrag, den der aamit betraute Kommissionär nur an den vom Käufer genannten Hersteller weiterleiten kann)

Also called specific indent. Export orders are often called indents; a closed indent specifies the name of the manufacturer/producer from whom the goods are to be obtained. Note: an open indent leaves the selection to the agent. closed mortgage

Sperrhypothek abgelöste Hypothek

A mortgage that cannot be paid off in advance, ie before maturity, without the mortgage holder's (the mortgagee's) agreement. A paid-off mortgage. closed shop

gewerkschaftspflichtiges Unternehmen

A condition of employment where only employees who are and remain members of a specific trade/labor union are permitted to work in a company. closed union

Gewerkschaft mit begrenzter Mitgliederzahl/Mitgliedersperre

A trade/labor union which restricts its membership, eg to maintain a certain standard of skill (like a craft union). closeout

(Teil)Ausverkauf

Also called closeout/cleanup/clearance/closing out/sell-off sale, selling off or out sale. The sale of goods at low prices to get rid of them in order to get room for new goods. closing balance

Schlußbestand, Endbestand

Also called ending/final balance. The balance of an account at the end of a financial period. closing bid

letzte Gebot, Höchstgebot

The last bid or the bid which is successful (the highest bid) at an auction. closing capital

Endkapital

The capital at the end of a financial year, ie the opening capital plus profit less drawings.

-

267

closing date

-

Anmeldeschluß, Einreichungsschluß Abschlußstichtag (RW) letzter (Verlade)Termin, Verladeschluß

The final date upon which an application for a tender or an application for a job, etc., can be accepted. Also called deadline. The end of an accounting period. Also called balance sheet date or cut-off date. Latest date for cargo accepted for shipment by shipowners for specified sailing. Also called closing for cargo. closing down sale

Ausverkauf wegen Geschäftsaufgabe

Also called winding-up sale. The sale of goods because of closing down, ie the shop/store is closing forever. closing entry

Abschlußbuchung

Also called final entry/adjustment. Entries at the end of an accounting period that transfer balances of nominal accounts to the profit and loss (P+L) account and the balance sheet, and transfer the net profit or net loss to owner's equity/equity capital. closing for cargo

Verladeschluß, letzter (Verlade)Termin

Also called closure for cargo or closing date. A date is given when the shipowners will accept no further cargo for that particular ship. closing price

Schlußnotierung, Schlußkurs (Bö)

Also called close, closing/final quotation or (market) closing rate. The price of securities on the stock exchange at the end of a day's trading, ie the final buying and selling prices quoted for securities at the end of daily dealings. When shares/stocks are being valued the mean price (the middle market price/value) is usually taken. Note: the price given in the newspaper is usually the middle market price. In the foreign exchange markets, the buying and selling rate of spot currency at the close ofthat day's busmess. The buying and selling price recorded at the and of a day's trading on a commodity exchange.

-

268

closing stock

-

Inventar am Ende des Geschäftsjahres, End-, Schlußbestand

Also called closing/ending/end-of-period inventory. The stock/inventory which a business has at the end of a business/financial period. closing time

Geschäfts-, Ladenschluß

Also called closing hours. The time when a shop/store or office closes. closure

Betriebsstillegung, Geschäftsaufgabe Beendigung, Schluß Verschluß(vorrichtung)

The closing/shutting of a shop/store or factory. Bringing to an end, eg a debate. The means by which something is closed up, eg the top of bottle or the cap of a can. cluster sampling

Stichprobenverfahren mit Klumpenauswahl (Stat)

Also called nested sampling. In statistics, this type of research generally uses different geographical areas that resemble the total population as far as possible, with a random choice being made among the areas (or groups or clusters). Each person in the selected area is then interviewed. CMR conditions

CMR-Konditionen

Convention on Merchandise carried by Road Hauliers or Contract de Merchandises par Route (CMR). Conditions governing international carriage by road. Goods travel under a CMR waybill and the rules of the convention as to damage, loss, delay, legal action, etc., apply. coaster

Küstenschiff Untersatz, Bierdeckel

A small cargo-carrying ship/vessel trading along the coast, dealing only with home trade. The coasting trade retains its importance because the carriage of goods by water is often cheaper than other forms of transport. Also called coasting ship/vessel. A small dish or mat, especially for placing under a glass, eg a beer glass.

-

cobol

269

-

Cobol, kommerzielle Programmiersprache

Acronym for common business oriented language. A high-level programming language which is problem-orientated as it is designed to assist the solving of business problems. A Cobol-program is written in four divisions: identification, environment, data, procedure. cobweb theorem

Cobweb Theorem, Spinnwebtheorem

Also called cobweb model. In general, a dynamic model of the relationship between demand and supply in a specific market, particularly assuming that there are time lags in the adjustment of either demand or supply to changes in prices. In detail, a dynamic model in which the supply of a good in this year is a function of the good's price in the previous year; the demand for the good, however, depends on the price of this year. Ari increase in demand will result in a rise in price. A favo(u)rable price for certain commodities may induce producers to increase their supply. The increased supply will bring about a fall in price. The fall in price may induce the producers to reduce their supply. The smaller supply will result in a rise in price. The cobweb theorem investigates these fluctuations and thus its analysis is useful in showing that perfect competition leads to unstable prices. code

Code, Schlüssel

The representation of data and programming instructions in symbolic form. Codes provide a unique identification for transactions and records and are used for recording data. Code numbers are a compact means of identification. There are several codes (eg zip code, ABC code) in use, and so it is necessary to specify which is employed. code of practice

Arbeitsordnung

A specific collection of rules, regulations, standards and other guidelines relating to the practices and procedures followed in a particular profession or industry. codetermination (of labor)

Arbeitnehmermitbestimmung, Mitbestimmung (der Arbeitnehmer)

Also called employee/worker involvement/participation, comanagement or worker say. Worker participation with management in decision making, ie a form of industrial democracy within larger firms. codicil

Kodizill, Nachtrag zu einem Testament

An additional document supplementing, altering, explaining or cancel(l)ing the terms of a will/testament. It must be signed by the testator.

-

270

-

coding

Verschlüsselung, Codierung

The writing of instructions for a computer. The recording of values or characters having meanings which are not readily apparent. coin

Münze, Geldstück

A piece of metal stamped and issued by a mint, which is under the control of the government, to serve as a medium of exchange. Coins are sold at face value and used as legal tender within a country or union of countries, eg the EU. As most coins are token coins the government makes a considerable profit. Münzrecht Münzgeld Münzsystem Münzprägung

coinage

In almost all countries coinage has been reserved to the state, ie the government has the right to manufacture coins (the coinage prerogative). Also called right of coinage. That part of the currency that consists of metallic coins either full-bodied coins or token coins. The material used needs to be of value, easily portable, indestructible, homogeneous, stable in value, and easily recognized. Also called coins, hard money, loose cash or specie. The metallic currency system in use in an economy. The manufacture of metal money, ie coins. Also called coining or minting. coinsurance

Mitversicherung

The division of a risk among several insurers (the coinsurers). This is common when claims could be of such size that it would not be prudent for one insurer to insure the whole risk. Generally, the insurer is liable up to a stated limit, and the coinsurer's liability is for amounts above that limit. coinsurance clause

Mitversicherungs-, Eigendeckungs-, Selbstbehaltsklausel (Vers)

Also called deductible/franchise/own-risk clause. The sharing of losses on a proportionate basis between insurer and insured. The insurance policy contains a clause defining the amount of each loss that the insurance company pays. Thus, the insured has to bear a portion (called deductible) of the insured loss, in return for which the premium is lowered. cold call

unangemeldeter Besuch

Also called cold calling. A visit to a customer or prospect/potential customer by a salesperson, without prior notice, in the hope of getting an interview or order.

271

collapse

Zusammenbrach Kurs-, Preisverfall

Failure or ruin of a firm. Also called breakdown, crash, failure or ruin. A sudden drop in prices, eg share/stock prices (also called collapse of stock prices or stocks drawdown) or commodity pnces (also called price collapse, decline/ deterioration/fall in prices, crumbling of prices, or markdown). collateral credit/loan

Lombardkredit, besichertes Darlehen

Also called advance against security or lombard loan. A credit secured by the pledge of assets. If the borrower cannot repay the credit to the lender when due, then the ultimate source of repayment is the borrower's assets. Collateral loans are primarily commercial loans. collateral security

akzessorische/zusätzliche Sicherheit, Sicherheit durch Hinterlegung von..., Sicherungsgegenstand

Also called asset cover. Security additional to that already given to guarantee repayment of a credit/loan. It may be in the form of documents (eg insurance policy, mortgage, stocks) giving title to property rights which are deposited - by the borrower or a third party - with a creditor as security for a loan. They reinforce the obligation of the debtor to the creditor. The creditor is entitled to claim the documents in the event of default and sell them to pay off the loan; but they are returned on repayment of the loan. colleague

(Arbeits)Kollege/Kollegin

Also called fellow worker. A person you work with, eg in an office or in a shop/store. collect call

R-Gespräch

Also called reverse-charge call (GB) or transfer call (GB). In the USA, a phone call where the subscriber, usually the person receiving the call, agrees to pay for the call. collecting agency

Inkassostelle, Einzugsstelle

Also called collection agency. An agency which collects money owed to other companies for a commission (the collecting charges).

272

collecting bank

Inkassobank, Einzugsbank

Also called collecting banker or collection bank/banker. The bank which collects for its customer's (eg exporter's) account the proceeds of bills (of exchangeVdrafts and cheques/checks paiain to it for that purpose. The bank is liable to the customer for wnom it collects the bill/draft or cheque/check and to the true owner if it commits a tort by collecting a cheque/check or bill/draft on behalf of a customer who has not title to it. In GB, the Cheques Act protects the collecting bank which collects payment of a cheque or bill in good faith, without negligence, and for a customer. collection

Einzug, Inkasso Spende, (Geld)Sammlung Steuererhebung Abholung Datenerfassung Auswahl, Sortiment Kollektion

Obtaining payment of a debt, eg by way of a cheque/check or a bill of exchange, a service performed by a bank on behalf of its customers. The proceeds are credited to the customer's account. Also called debt collection, collecting, cashing or encashment. Money (in the form of donations) given for some purpose by people. People and nontrading associations often make money from collections in the streets, in public places, and at a church. Also called charity collection. A collection of tax. Also called tax collection/gathering. The fetching of goods, eg from a warehouse. In statistics, the collection of data. An assortment of goods. Also called product range. The clothes or other items produced by a designer. collection charge

Inkassogebühr, Einzugsgebühr Abholgebühr

Also called collection fee/rate. A charge made, for example by a bank for collecting a debt. A charge made by a collector for collecting goods. collection letter

Mahnschreiben

Also called dunning letter, prompt note, reminder or request for payment. A letter requesting payment of overdue accounts.

- 273 collection on delivery (COD)

Zahlung bei Lieferung, Lieferung gegen Nachnahme (USA)

Also called collect on delivery (US) or cash on delivery, (COD, GB). In the USA, a method of payment stating that the cost of merchandise and other charges are to be collected at the time the goods are delivered. Cash is usually collected by the delivering agent, eg a postman. collection order

Inkassoauftrag

In general, an order given to someone, usually a bank, to collect payment, eg for a consignment of goods. In international trade, an order to collect payment under a documentary (letter of) credit. collection papers

Inkassopapiere

All documents (eg commercial invoice, bill of lading) submitted to a buyer/importer for the purpose ofreceiving payment of a shipment. collective agreement

Tarifvertrag, Mantelvertrag

Also called collective bargaining agreement/contract, pay/salary/wage agreement, or labor/union contract. An agreement between one or more trade/labor unions and one or more employers or employers' associations on wages, conditions of employment, dismissal, allocation of work, etc. collective bargaining

Lohnverhandlung/en, Tarifverhandlung/en, Verhandlungen zwischen Tarifpartnern

Also called collective/contract/pay/union negotiations, labo(u)r/wage bargaining, pay/wage talks or free wage determination by employers and employed. Discussions and negotiations (in industrial relations) between employees or trade/labor unions and employers or employers' associations about the establishment of procedures and rules relating to specific groups of employees to cover conditions of employment, wage rates, hours of work, holidays, overtime premiums, fringe benefits, working practices, safety regulations, grievance procedures, pension plans, allowances perhaps for dangerous and for dirty conditions, wage continuation and so on. Note: 1. collective bargaining can take place at different levels - national, industrial, the company, 2. collective agreements apply equally to many employees. Sometimes collective bargaining results in a deadlock. The parties may then avail themselves of conciliation and arbitration.

- 274 collective goods

Kollektivgüter, öffentliche Güter

Also called communal/public goods. Commodities not in private ownership but owned by the community as a whole. collective interest

öffentliches Interesse

Also called public interest. The interest of society at large. collectivism

Kollektivismus

An economic system where the state owns most real capital and undertakes the planning of production. A system formerly practised in countries applying so-called real communism". collectivization/collectivizing

Kollektivierung

To organize (a people, industry, economy, etc.) according to the principles of collectivism. collector

Inkassobeamter, -beamtin, Kassierer/in Sammler/in, Liebhaber/in

A person whose job is to collect money from people who owe money. Someone who collects interesting, attractive and/or rare things (collector's items). collusion

(geheime) Absprache

Also called accord, agreement, arrangement or understanding. Secret agreement between firms to cooperate in order to avoid competition. combination policy

kombinierte Versicherung

An insurance policy that provides coverage against several risks. combined transport bill of lading (CT-B/L)

kombiniertes Transportkonnossement (Containerfrachtbrief)

Also called combiconbill or container bill of lading. A special kind of through bill of lading (TBL) used when goods are transported in containers using more than one method/mode of transport, eg road, rail, and ship. Widely used is the FIATA (International Federation of Forwarding Agents Association) combined transport bill of lading (FBL).

-

275

-

combined transport document (COMBIDOC, CTD)

Dokument des kombinierten Transports

A negotiable or non-negotiable document evidencing a contract for the performance of combined transport of goods. combined transport operator (CTO)

Unternehmer des kombinierten Transports, Kombinationstransportunternehmer (frachtverantwortlicher Spediteur, der einen kombinierten Transport durchfuhrt)

Also called multimodal transport operator (MTO). A transport operator who uses multimodal transport for international carriage (eg roadsea-rail-road) to deliver goods door-to-door. By undertaking responsibility for the entire journey legal problems are reduced. The customer whose goods are lost or damaged is compensated by the CTO. combined transport(ation) (CT)

multimodaler, intermodaler, kombinierter Verkehr

Also called integrated/intermodal/multimodal transport. Delivery of a consignment, eg by container, where more than one method/mode of transport is used, eg rail/road transport or rail/truck transport. COMECON

Comecon, Rat fur Gegenseitige Wirtschaftshilfe (RGW)

Abbreviation of Council for Mutual Economic Assistance (CMEA) the Communist trading group and equivalent to the Common Market (EC). A council consisting of the East European countries, eg USSR, East Germany, Poland, Hungary, Romania, etc. Its aim was to develop the member countries' economies. Note: established in 1949, CMEA was succeeded in 1991 by the Organization for International Economic Cooperation (OIEC). coming out price

Emissionskurs, Ausgabekurs, Zeichnungskurs

Also called issue/placing/subsription price or price of issue. The price at which new shares/stocks are issued. command

Befehl Beherrschung

An order that should be observed. Also called instruction. An instruction to a computer to achieve the desired status of the system. Commands are: eg clear, run, list, break. Also called instruction. The ability to use, eg he/she has a very good command of German.

276

command economy

Planwirtschaft, Wirtschaftssystem mit zentraler Planung

Also called centrally directed economy or controlled/planned economy. Government regulation over prices and supply. In a command economy, the targets are set by the government according to its own judgement of what the objects of society are. The system ensures production of important and necessary commodities for all the people. The State plans the allocation of all resources from a central office. Economic activity is not left to private enterprise and the price system. In a large industrial country there is fairly obviously a limit to the extent to which detailed central planning and allocation of resources can be made. Note: this economic system contrasts with the system of free or social markets in which economic decisions are determined by independent market forces, eg by producers in response to demand from customers. commerce (com)

Handel (Binnen- und Außenhandel)

Latin words "cum" - with, and "merx" - merchandise. The wide complex field of economic activity concerned with the buying and selling of services and goods and their movement from producer to consumer (in the right place, the right condition, at the right time, in the right quantity, and at the right price). It includes trade and a number of aids to trade.

commerce trade aids of trade — domestic/home/internal trade

transport and communications

— wholesalers

banking and finance

— retailers

insurance

— foreign/overseas/external trade — imports

advertising warehousing

— exports commercial

Werbesendung, Werbespot (Radio, Fernsehen)

Also called (advertising) spot or spot advertising. Advertisement on radio or television. commercial artist Also called industrial artist.

Werbegraphiker/in

-

277

-

A person who designs advertisements, posters, etc. commercial attaché

Handelsattaché

The official (diplomat) in charge of trade and commerce in a country's embassy in a foreign country. commercial bank

Geschäftsbank

Also called credit/full-service/high street/trading bank. A bank which offers a full banking service to commerce, industry and the private sector. The principal activities are: operating current/checking accounts, accepting deposits, granting loans to the general public and to firms, providing foreign exchange and international banking services, buying and selling securities, issuing bank and credit cards, transferring money from one account to another, paying customers'cheques/checks drawn against them, hono(u)ring and discounting bills of exchange/drafts, operating ATMs, etc. commercial bill (of exchange)

Handelswechsel, Warenwechsel

Also called trade acceptance/bill, commodity/mercantile bill or commercial paper. A bill of exchange (B/E)/draft (dft) between traders and drawn to finance trade or other commercial or production activities. It has been accepted by a business. A commercial bill is an instrument of short-term credit; if the creditor wants cash now, he/she can discount the bill. The value and acceptability of the bill depends upon the standing of the accepting trader. Note: these bills are called "commercial" to indicate they are issued by nonbank institutions. commercial code

Wirtschaftscode, Handelscode

A code used by firms to reduce the cost of sending telegrams or cables. commercial credit

(kurzfristiger) Handelskredit, Warenkredit

Any arrangement which provides for goods to be bought and sold without immediate payment. The seller grants the buyer a credit period. Commercial credit is an important external source of working capital/current operating capital for a company, although such credit can be highly expensive (eg "2/10 , net 30 days translate into a 36 % annual interest rate). Also called trade credit. Commercial credits are found in various forms, and not all arrangements loosely termed "Credits", are such in fact. Briefly, however, there are: irrevocable and confirmed credits, irrevocable credits, revocable credits, revolving credits, negotiation credits, etc. commercial crisis Also called economic crisis/depression or slump.

Wirtschaftskrise

-

278

-

A general distrust among commercial persons and banks owing to a large unexpected failure or a succession of failures in the commercial world. The result is a general selling of securities, a curtailment or cancellation of credit, and a general distrust of others' solvency. commercial director

kaufmännische/r Direktor/in/ Leiter/in

Also called business/commercial manager. A company official having responsibility for administering the company's commercial activities. commercial district

Gewerbegebiet

A particular area of a town, often at the outskirts of the town, where there are many shops, offices and other commercial enterprises. commercial documents

handelsübliche, kaufmännische Dokumente, Handelspapiere

Documents used in business. The most common commercial documents, in alphabetical order, are: bill of exchange, bill of lading, certificate or origin, consignment note, credit note, customs declaration, debit note, estimate, inquiry, invoice, letter of credit, order, packing list, proforma invoice, quotation/offer, receipt, reminder, service agreement, statement of account, etc. Some of the documents listed contain much the same information. For instance, a packing list or delivery note is similar to a consignment note and both are very much like an invoice, the only difference being that neither of the first two requires a price to be shown. commercial goods

Handelsware/n

Goods and services used by companies in carrying on their businesses. commercial guarantee (insurance)

Vertrauensschadenversicherung

Also called blanket fidelity, commercial blanket bond or commercial fidelity insurance. Insurance policy provided to reimburse employers defrauded by employees. commercial insurance

Privatversicherungsgeschäft Unfall- und Krankenversicherung fur Angestellte (USA) Privatversicherung (GB)

Insurance sold by private insurance companies with the objective of making a profit. In the US, accident and health insurance for salaried employees only.

- 279

-

In GB, the same as private insurance. commercial invoice (comi)

(Handels)Faktura, Handelsrechnung

Also called trading invoice. A claim for payment for goods under the terms of a commercial contract with the buyer. The invoice should include full details of the goods together with unit prices, totals, weights and terms of payment, value added tax (VAT)/sales tax (ST), as well as packing details and snipping marks. Where there are several packages in one consignment, the invoice is usually accompanied by a packing checklist. The main purpose of the commercial invoice is to inform the buyer of the amount due. commercial law

Handelsrecht, Handelsgesetz

Also called mercantile law. That branch of law concerning matters relating to business and transactions. It has its foundations in the general law of contract. commercial paper (CP)

commercial

kurzfristiges Geldmarktpapier, Commercial Paper

Bills of exchange and unsecured promissory notes drawn on or issued by large industrial firms, insurance companies, pension funds or banks and sold to investors with temporarily idle cash. They represent a source of short-term funds for financially strong and highly rated borrowers. Thus, issuers have no difficulty in selling the paper even though it is backed by only the full faith and credit of the issuer. Usually these papers cany a period of up to 60 days. Commercial papers are normally issued at a discount and redeemed at par; they may be held to maturity or sold in a secondary market, ie they are negotiable instruments. Interest rates are often lower than bank loan rates/debit interest. Note: a CP is regarded as a close substitute for Treasury bills and certificates of deposit. commercial policy

Handelspolitik, Wirtschaftspolitik Außenwirtschaftspolitik (USA)

The rules adopted by a country for the conduct or regulation of its economic policy. Also called economic policy/strategy. In the US, the policy concerning importation and exportation of goods and services, excluding monetary and fiscal policy. Also called foreign/international economic policy or foreign trade policy. commercial quality

handelsübliche, gängige Qualität

Also called current/good merchantible quality. In a contract, this means that the good delivered must be up to the ordinary standard of quality.

-

commercial register

280

-

Handelsregister (HR)

Also called business register/index or register of companies. A public register where all necessary documents and details about companies/corporations are recorded/registered. commercial risk

betriebswirtschaftliches Risiko

A financial risk undertaken by an entrepreneur in the process of executing commercial activities. commercial transaction

Geschäftsabschluß, Handelsgeschäft

Also called (business) deal/transaction. A transaction where a seller offers a good or service to a buyer for money. commercial travel(l)er

Handelsreisende/r, Vertreter/in

Also called travel(l)er, travelling salesperson or sales representative. A person appointed to represent his/her firm, as agent or representative, by visiting customers and prospective customers and trying to get orders for the firm he/she represents. He/sne is frequently paid a basic salary and, in addition, a commission on the value of the orders he/she takes. Home sales are usually secured by commercial travellers who are allocated a territory which they cover at regular intervals. commercial treaty

Handels-, Wirtschaftsabkommen

Also called economic accord/agreement, treaty of commerce or trade agreement. A formal trade agreement made between independent nations for the regulation and/or liberalization (eg reciprocal tariff privileges) of trade carried on between them. The agreement may be bilateral or multilateral. commission (com(m))

Provision Ausschuß, Kommission, Komitee

The reward paid to an agent, factor or broker for his/her services, consisting usually of a percentage of the value of the transactions carried out for his/her principal. Payment made to a salesperson by an employer and calculated on the basis of his/her safes. A charge made by a bank or other financial institution for changing money into a foreign currency, collecting a bill, buying or selling stocks, etc. Sales commission: a certain percentage on the value of goods sold. Also called selling brokerage/commission. Buying commission: a certain percentage on the value of the goods bought. Also called commission on purchase.

-

281

-

A group of people given special powers to carry out some particular task. Also called (special) committee or board. commission account

Provisionskonto

The business keeps a record of the amount of commission it has paid as an expense in this account. At the end of the financial year, the business shows the total amount as an expense on the debit side in its profit and loss (P+L) account. commission agent

Kommissionär

Also called commission merchant or factor. An agent who buys (commission buyer or buying agent) and sells (commission salesperson) for a principal; such agents are common m foreign trade. He/she buys and sells in his/her own name, receiving a commission for the contracts he/she has arranged. In foreign trade there is an export and an import agent. commission broker

Aktienmakler/in auf Provisionsbasis

A stockbroker who buys and sells on orders from the public and works on a commission basis. commission manufacturer

Zulieferer, Zulieferbetrieb

Also called component/outside supplier, subcontractor, subsupplier or supplier. A manufacturer/producer who undertakes a single process of production on behalf of another firm. commission merchant

Verkaufskommissionär, Konsignatar Kommissionär

A merchant who never holds any goods in stock but sells usually only to his/her customers by showing samples. Also called commission salesperson, consignee (in foreign trade), selling agent or factor. A commission agent. commissioner

Beauftrage/r Behördenleiter/in

A person commissioned to act officially, eg a member of a commission/committee. A government official or representative in charge of a department or district. commissioner (of/for oaths)

Urkundsbeamter, -beamtin

Also called authenticating/certifying/notarial officer, notary (public), registrar, or commissioner of deeds (US).

-

282

-

A solicitor legally authorized to take and authenticate statutory declarations and other affidavits. commitment

Zusage Verbindlichkeit Verpflichtung

A promise to do something or to behave in specific way. Something to which one has committed oneself, which one is bound to do. Also called obligation, promise or undertaking. A sum of money that you have to pay to someone. Also called liability. In accounting it is another name for a liability. Also called obligation. A moral or legal duty to something. Also called obligation. commitment credit

Bereitstellungskredit

In banking, a certain loan amount provided by a bank to someone but not yet drawn upon. committee

Komitee, Kommission, Ausschuß

Also called board or commission. A number of persons appointed and authorized to carry out a particular function, make recommendations about general or specific problems or issues, make decisions, etc. Committees may be more or less permanent (standing committee), act for a certain specified time, or appointed for a particular matter only (ad hoc/steering/special/ committee). Note: any committee may appoint a subcommittee. commodity (coty)

Wirtschaftsgut Ware

In economics synonymous with a good. Economic goods are useful and scarce things wanted by buyers. They are divided into two classes: commodities and services. In commerce, an article of trade, ie merchandise that is for sale. There are many varieties of commodity. They can be classified as: 1. consumers ) goods (eg foodstuffs), 2. durable goods (eg kitchen appliances), 3. producer(s') goods (eg machines), 4. primary products feg raw materials), 5. secondary products (eg manufactured goods), 6. tertiary products (eg services). commodity agreement

(internationales) Rohstoffabkommen

Also called commodity pact or international commodity agreement (ICA).

-

283

-

Agreements among countries to influence prices of commodities (eg by restricting sales) or to promote cooperation among producers and consumers through improved consultation, research and development, exchange of information, and export promotion. commodity aid

Entwicklungshilfe in Form von Waren, Warenhilfe

A form of aid to the less developed countries (LDCs), eg food aid. One merit for the LDC is that the gift of commodities may release scarce foreign exchange for other purposes, whereas the donor country does not have to spend any foreign exchange. It is the least flexible form of aid; the recipient (the donee country) has the choice of accepting it or rejecting it; it does little for the process of long-term development. commodity broker

Waren(börsen)makler/in

A specialized agent who deals on commodity exchanges/markets and works for a brokerage/commission. commodity currency

Warenwährung

The adoption of a commodity as a currency, eg cigarettes, chocolate, pearls, precious metals, etc. commodity exchange (CMX, comex)

Warenbörse

Also called commodity market. A trading center where commodities are bought and sold. Many organizations specialize in one particular commodity (eg tea, coffee, cotton, rubber, nonferrous metals, etc.). It is not necessary for the commodities to be physically exchanged; only rights to ownership need to be. There is a spot market and a futures market. The first is a market for immediate delivery and payment in cash of commodities and foreign exchange; the latter deals with futures contracts and enables dealers to hedge against spot price fluctuations. commodity futures contract

Warentermingeschäft

A contract to buy or sell a precisely defined quantity and quality of a commodity in a given period. The price is stipulated at the time of transaction. Commodity Futures Trading Commission (CFTC)

US-Aufsichtsbehörde für Warentermingeschäfte

An independent US Federal Agency created by Congress to regulate futures trading.

-

commodity market

284

-

Güter-, Rohstoff-, Warenmarkt Warenbörse

A market typified by the homogeneity of products. The commodity markets provide the link between the producers of raw materials and manufacturers/producers who use these raw materials. There are a number of commodity markets. For example, markets for sugar, spices, cocoa, coffee, rubber, tea, wool, metal (eg copper, tin, lead, zinc), and diamonds, etc. In most of the markets the commodities can be very accurately graded and described, so that dealing can take place without an actual inspection of the goods. Buying and selling is by brokers representing users and producers. These markets help to achieve stability in international commodity prices. Also called product market. The commodity exchange itself, ie the place where people buy and sell commodities/ products. commodity money

Warengeld

A medium of exchange which is generally acceptable to the people concerned. Many different commodities (eg cattle, sheep, shells, rice, tea, salt, gold, cigarettes, etc.) have been used as money. These were gradually replaced by precious metals, especially gold and silver in the form of coins, and banknotes. commodity tax

Warensteuer

A tax levied/imposed on goods and services, such as value-added tax (VAT) or sales tax (ST). Common Agricultural Policy (CAP)

gemeinsame Agrarpolitik der EG-Staaten

The agricultural policy of the EC, implemented in 1961. In general agricultural products can be moved freely between the member countries. Furthermore it provides protection against imports from outside the EC and promotes exports of farm goods that cannot be sold within the EC at the target prices. But the main purpose of the policy is to ensure the fanners good (fixed) marlcet prices for their products. common carrier

Spediteur, Transportunternehmen öffentliches Verkehrsunternehmen Datenübermittler

A carrier obliged by law to carry any goods offered to him (except dangerous articles) at a reasonable charge for delivery to any destination served oy the carrier. With certain exceptions, eg acts of God, inherent vice, fraud of the consignor, fault of the consignor, he is liable to compensate the owner for loss of or damage to the goods he carries. A public enterprise which carries goods or passengers, and which anyone can use. An organization which provides communication services.

-

common external tariff (CET, CXT)

285

-

gemeinsamer Außenzoll

Also called common customs tariff. All members of a customs union (CU) or trading group of nations will impose/levy tariffs on imports from nonmember countries at the same rates. It operates to exclude foreign goods which could just as easily be made in these countries. High CETs are usually imposed/levied on imports that compete with important domestic industries; lower CETs are imposed/levied on imports used in important domestic industries. common law

Gewohnheitsrecht

Also called customary/unwritten law or customary right. The system of unwritten law governing the rights and duties of individuals, based on customs, usages and court decisions. Common Market (CM)

Europäische Gemeinschaft (EG) gemeinsamer Markt

The popular name for the European Community (EC). This was established in 1958 (by the Treaty of Rome) to promote the economic and political development of the six original member countries (Germany, France, Italy, The Netherlands, Belgium, and Luxembourg). In 1998 there were 15 member countries. Its aims were a common currency (the Euro), the abolition of tariffs, a common agricultural policy, free trade, free capital transfer, and freedom for citizens of member countries to travel and work without restrictions within the Community. Since 1 January 1993 known as the European Union (EU). A market that removes all barriers on trade among members, harmonizes trade policies toward the rest of the world, and also allows the free movement of labo(u)r ana capital among member nations. common ownership

;emeinsames, gemeinschaftliches •Eigentum

Also called collective/joint ownership or joint property. Joint ownership by two or more people none of whom has separate individual rights to specific parts or the whole. common practice Also called general practice. A usual or accepted way of doing things.

allgemeiner Brauch, Usus

-

common pricing

2 8 6

-

Preisabsprache

The illegal fixing of identical prices by several firms so that they all charge the same price.The prices for goods or services are fixed by verbal agreement between otherwise competing firms. Also called price fixing, price (fixing) agreement, price collusion or pnce rigging. An agreement (usually illegal) between several contractors to quote stipulated prices when tendering for contracts. Also called collusive/dummy tendering/level. common stock

Stammaktie (USA)

Also called ordinary share (GB), ordinary stock (US) or equity share (GB). In the US, common stock is the most basic form of a corporation's capital stock/stock capital. Common stockholders/ordinary shareholders (GB) have the right to receive dividends, elect the board of directors, have a preemption/preemptive right and have a greater potential for stock appreciation. However, tney assume the primary risk if business is poor, ie in the case of bankruptcy, they are paid after creditors including bondholders and preferred stockholders/preference shareholders (GB). common stockholder

Stammaktionär/in (USA)

Also called ordinary shareholder (GB). In the US, someone who owns one or more shares of common stock (US)/ordinary shares (GB) of a corporation (Corp)/public limited company, PLC (GB). communication

Kommunikation

The process of imparting information from an information source to an information destination as a basis for control and decision making (eg the exchange of ideas, concepts, feelings, etc. between two or more persons). There are various types of communication, eg: one-way, two-way, horizontal (exchange of information etc. among persons at the same level), and vertical communication (the persons act at different levels). The basic elements of communication are: 1. information source, 2. message, 3. transmitter, 4. signal, 5. receiver, 6. information destination. The systems in which information is communicated are very diverse and dependent upon circumstances. Information is of supreme importance in the industrial organization but it is useless unless communicated by the correct source to the correct destination by the most efficient means. communication tray

Ablage(korb)

Also called tray or filing basket/tray. A tray on a desk in which messages, invoices and other documents may be left. Types of tray are: 1. in tray (GB)/in box (US): holding papers you still have to deal with; 2. out tray/out box: holding papers you have dealt with.

-

community indifference curve

287

-

volkswirtschaftliche Indifferenzkurve

The curve that shows the various combinations of two commodities yielding equal satisfaction to the nation. community of property

eheliche Gütergemeinschaft

Also called communion of goods. The property owned in common by a husband and a wife (between spouses) as a direct result of their marriage. commuter tax

Gemeindebesteuerung von Pendlern

A tax imposed/levied on individuals who work in one location but live in another. Companies Act (CA)

Aktiengesetz (GB)

Also called stock corporation law or Corporation Law (US). In GB, any of a series of British statutes regulating the formation, management and winding up of registered companies. The Companies Act 1989 is an attempt to bring British company law into line with EU law. Note: the first Act was passed in 1862. company (Co)

Gesellschaft, Kapitalgesellschaft Unternehmen

In the US also called corporation (Corp.). A number of persons associated together for the purpose of carrying on business or trading activities. Basically there are two types of company; public and private (registered companies), ie the public limited company, PLC (US: joint stock company/coiporation, (stockt corporation, or incorporated, Inc.) ana the private limited company, Ltd (US: (closed) corporation). Both are financed by, and therefore owned by, their shareholders/stockholders. The shareholders/stockholders appoint a board of directors to make the important company decisions and to run it along the lines laid down by its memorandum and articles of association. A certificate of incorporation is the legal birth certificate of the company. In the case of public limited companies PLCs/corporations (Corps), a trading certificate is also required. A company exists in law as a "legal person". Companies are controlled by the Companies Act (GB) or the Corporation Law (US). Companies are limited liability companies, that is the liability of the shareholders/ stockholders for the company's debts, eg on insolvency, is limited, ie a shareholder/ stockholder can lose the value of his/her shares/stocks, but beyond that he/she has no liability for the debts of the company. A general term for any business, ie the term is also used for a sole trader/proprietor or a partnership (general and limited partnership).

288

company bargaining

Tarifverhandlung zwischen Unternehmung und Gewerkschaft

Also called enterprise/plant/workplace bargaining. Collective/labo(u)r bargaining between the representatives of a single company/enterprise and employee(s') representatives for wages and other conditions of work. company car

Firmenwagen

A car owned by a company and lent to an employee to use it as if it were his/her own. company meeting

Gesellschafter-, Gesellschaftsversammlung Gesellschafter-, Haupt-, Aktionärsversammlung

The obligatory annual meeting of members by any organization to discuss results and plan activités. The meeting of the shareholders/stockholders of a company, either a private limited company (Ltd, GB)/(closed) corporation (Corp, US) or public limited company (PLC, GB)/stock corporation (Corp, US). Also called snarenolders'/stockholders' meeting, annual (general) meeting (AGM), or meeting of shareholders/stockholders. Note: the holding of these meetings is governed by law and every meeting must be properly called by giving due notice to those having the right to be present. company name

Firmenname

Also called business/corporate/firm/trade/trading name or name of the company. In general, the name under which a person (eg a sole trader/proprietor) or other businesses (eg partnerships and companies) trade and register. A company has considerable freedom in its choice of name, but there are certain statutory obligations which must be observed. company policy

Geschäfts-, Unternehmenspolitik

Also called business/firm policy or corporate policy/strategy. Company policy provides a definition of what people in organizations must or must not do. Such policy affects all aspects of a company and determines the company image to the various social groups including employees, customers, suppliers ana the public generally. company reserves

Rücklagen, einbehaltene Gewinne

Profits retained in the business and set aside for specified purposes.

-

company union

289

-

Betriebsgewerkschaft, gelbe Gewerkschaft

Also called enterprise/house union. A trade/labor union dependent on the company which approves it. Thus, ail organization of employees - chiefly to be found in white-collar employments sponsored by their employer who thereby effectively controls the organization. It therefore may not represent the true interests of its members. Critics regard the lack of independence as a fundamental weakness and therefore reject these fake unions. comparative advantage

komparativer (relativer) Vorteil

Also called comparative cost principle. Situation in which an individual, company or country can produce a good or service cheaper than another. It will be advantageous for mankind it people specialize in those occupations at which they have the greatest comparative advantage, or the least comparative disadvantage, leaving others to produce the goods and services for which they have little optitude. This principle is of great importance in the theory of international trade. comparative advertising

vergleichende Werbung

Also called comparison advertising. An advertisement which makes direct (or indirect) comparisons with competing/competitive products or services. The advertiser is the manufacturer/producer of the product that is found to be superior. The reference brand may be a previous product of the advertiser, an unnamed competitor's brand (called brand X), or a specific and named competitor's brand. Note: comparisons must not be misleading or deceptive and the advertiser must have evidence to substantiate/prove his claims/statements. comparative cost(s)

komparative Kosten (AuW)

The law of comparative costs states that nations will find it profitable to trade with other nations when: they have different alternative-cost ratios (opportunity cost ratios), and the international terms of trade lie within the limits set by their domestic alternative-cost ratios. comparison shopper

Käufer/in, der/die Vergleiche anstellt

Also called comparative shopper. Someone who studies competing/competitive brands, gathers information on the price, quality, etc. before he/she purchases a product. A shopper posing as a customer and investigating the merchandising and sales promotion activities of competing stores.

-

290

-

compensating balance

Ausgleichsbilanz, Ausgleichs-, Decìaingsguthaben (bestimmter Prozentsatz eines Kredites, der bei der Bank bis zur Rückzahlung als unverzinsliches Guthaben zu hinterlegen ist)

Also called compensatory balance. A banking practice in the US whereby the lending bank requires the borrower to maintain deposit balances equal to a specified percentage of the loan amount. The bank (ie the lender) can use it to offset an unpaid loan. Although no interest is earned on compensating balances, they increase the effective interest rate on borrowings. compensating error

sich gegenseitig aufhebender (Bucnungs)Fehler

Any error that can be balanced by another error. In bookkeeping, an error/mistake on one side of the accounts which is equalized/ balanced by another error on the other side of the accounts. compensating payment

Ausgleichszahlung Abfindung

The increase in income a buyer in a market would require to restore his/her demand to its former level after a price increase. Also called compensatory payment or monetary compensatory amount. A sum of money given to a director or an employee on his/her leaving a company. Also called compensation, terminal bonus, (terminal) gratuity or termination pay(ment). compensating trading

Kompensationshandel, -geschäft

Also called barter deal/trade/transaction, compensation trade or countertrade. One country agrees to accept a certain quantity of another's goods or services in exchange for a specified quantity of exports. It is particularly common where foreign currency payments are restricted. The transaction does not affect the balance of payments of either country. There are two types, direct and indirect compensation trading, compensation

Entschädiung, (Schadenersatz (jede Art von) Arbeitsentgelt \bfmdung Abfindung

The money (or other value or benefit) which a person receives to repay him/her for a loss, damage or injury he/she has suffered. Also called consideration or reimbursement. In the US, all forms of remuneration of employees, eg pay (salary and wage), fringe benefits, etc.

- 291

-

A payment made to a director or an employee on his/her leaving a company. Also called compensating/termination pay(ment), terminal bonus or (terminal) gratuity. compensation fund

Ausgleichsfonds, Entschädigungsfonds (der Börse)

A fund maintained by the stock exchange, to which members contribute in order to be able to compensate/recompense investors should a member firm fail to meet its financial obligations, and be hammered. compensatory damages

adäquater/ausgleichender Schadenersatz, Ersatz des tatsächlichen Schadens

Damages which place the plaintiff/complainant in as good a position as if the matter complained of had not occurred. compensatory fiscal policy

kompensatorische Fiskalpolitik

A financial policy; when economic conditions are poor government spending should increase to stimulate aggregate/total demand and take up the slack in business. The spendings should be financed by borrowing rather than by taxation, ie by deficit spending. When economic conditions have improved and are above normal the government should reduce spendings and operate with a surplus. competence

Fähigkeit, Eignung Befugnis Geschäfts-, Rechtsfähigkeit Sachkunde Einkommen

The quality of having the necessary ability, training or experience to consistently perfoim a task to an acceptable standard. Also called ability, aptitude, capability, capacity, competency, faculty, qualification or skill. The state of being able to take specified action without referring to other people, or without needing special authorization. Also called authority, power(s) or competency. The state of having legal capacity, eg the capacity to acquire and hold rights and duties or the legal capacity to contract (contractual capacity). Also called business capacity or capacity to act in law. The same as professional expertise. Also called expert knowledge. The state of having enough money income to live comfortable. Also called income. competing product

Konkurrenzprodukt

Also called competitive/rival product. Different products from different companies of similar quality which have the same use and are sold at similar prices. These products can be substituted for each other by the buyer, either partially or completely.

- 292 competition

Wettbewerb, Konkurrenz Konkurrenzunternehmen

In economics, competition exists wherever and whenever large numbers of buyers and sellers are in active contact with the intention of maximizing profits and satisfaction and prices are allowed to be determined/fixed by the forces of supply and demand. There are two main types of competition: 1. perfect competition, 2. imperfect competition. Other forms of competition are: 3. free competition: no government interference, prices are free to move according to the forces of supply and demand; 4. monopolistic competition: there are only a few producers who can force buyers to accept their prices; 5. nonprice competition: rival sellers do not compete by price but by offering other attractions, eg better product quality, packaging, after-sales services, etc.; 6. unfair competition: competition that is not in accordance with accepted business behavio(u)r or that is dishonest, eg secret discounts, false claims about product quality; etc. In business, it is the activity in which firms engage to attract customers to their product or service including price differentials, advertising, after-sales service, etc. The firms competing with one another. Competition Act

Wettbewerbsgesetz (GB)

Also called Unfair Trade Practice Act (US) or competition law. An act that checks anticompetitive behavio(u)r, ie any practices which may restrict, distore or prevent competition. For example, the act prohibits the sale of branded and unbranded goods below cost when the intent is to eliminate competition or to injure a competitor. competition laws

Wettbewerbsgesetze

A country's laws prohibiting trade practices which prevent, restrict or distort competition. competition policy

Wettbewerbspolitik

The policy to increase the levelof competition in the economy. competition watchdog(s)

Wettbewerbshüter

Authorities that watch competition in their respective countries, for example, the Monopolies and Mergers Commission in GB, the Antitrust Division in the USA, the Federal Cartel Office (Bundeskartellamt) in Germany, etc.

- 293 competitive advertising

Produkt-, Konkurrenzwerbung, kämpferische/aggressive Werbung, Überzeugungswerbung

Also called combative/persuasive advertising. This type of ad emphasizes product benefits by establishing a distinctive position for one product compared to another one and is aimed solely at consumers; it tries to persuade people to buy the advertiser's product rather than his competitor's by assuring that it is better. Competitive ad is particularly associated with oligopoly competition. competitive demand

Konkurrenznachfrage, konkurrierende Nachfrage

Also called alternate/competing/composite/rival demand. Demand for competing/competitive products. Sometimes one commodity is a substitute for another, and an increased demand for one will lead to a reduction in demand for the other. Sometimes the purchase of one commodity, which is not a substitute, prevents the purchase of the other. competitive market

Konkurrenz-, Wettbewerbsmarkt, freier/offener Markt

Also called free/open market. A market characterized by competition, ie a market in which a very large number of buyers and sellers trade independently, and as such no one trader can significantly influence price (ie there is absence of market power). In such a market there is only one price for a given commodity at any one time and all buyers and sellers know the conditions on the market. competitive supply

Konkurrenzangebot, konkurrierendes Angebot

Also called composite/rival supply. A number of commodities which are substitutes may provide a competitive/composite supply to satisfy demand, eg tea, milk, coffee, etc. provide a composite supply of beverages. Producers usually choose what they will produce, and to this extent the alternative outputs are in competitive supply. competitiveness

Konkurrenz-, Wettbewerbsfähigkeit

Also called competitive strength. The ability and degree of being competitive, eg of a company. The ability of a country to compete economically with other countries.

-

competitor

294

-

Mitbewerber/in, Kandidat/in Wettbewerber/in, Konkurrent/in, Konkurrenzunternehmen

Also called rival. In general, someone who takes part in a competition. Also called contender. A rival, ie in business, a firm usually offering similar products or services to buyers/ purchasers. Each competitor has a certain philosophy of doing business, a certain internal culture, and certain guiding beliefs. Some competitors live in relative accord with one another, others are constantly fighting with one another. compiler

Compiler, Kompilierer, Übersetzer

A program(me) which translates high-level language instructions (the source program) into machine language instructions (the object program). complaint

Mänglerüge, Beschwerde, Reklamation (Straf) Anzeige Klage, Anklage

An expression of discontent/dissatisfaction made by a buyer to the seller if the goods delivered are defective, if the seller has delivered wrong goods, if the quality is not satisfactory, if the goods have been delivered damaged or late, if the prices charged are excessive or not as agreed, etc. Despite all efforts and care in the execution of orders, not all orders are perfect when they are received, mistakes and defects may occur, and thus it may be necessary for the customer to complain about them. The most important thing is to complain immediately a defect or deficiency becomes apparent. A complaint should indicate clearly what is wrong and should mention such details as order number, date of order, etc. to enable the seller to identify the consignment in question. Complaints may be justified or unjustified. Whatever the case may be, complaints call for the utmost tact and restraint by both parties. To report somebody or something to the police, or to take somebody or bring something to court. Also called report or (penal) charge. The first statement of a person (the plaintiff) setting out the facts on which he/she bases his/her claim. Also called accusation, action, charge or suit. complementary demand

komplementäre/verbundene Nachfrage, Komplementärgüternachfrage

Also called joint demand. A demand for two commodities that are jointly needed because one commodity gives little or no satisfaction without the other. Sometimes two commodities may be so related that the demand for one affects the demand for the other (eg tea and sugar); an increase or a decrease in the demand for one product leads to an increase or a decrease in the demand for the other. What effect such a change in demand has on the price of the commodities depends on the conditions of supply; the more inelastic the supply the greater the change of price.

- 295 complementary goods

Komplementärgüter, komplementäre Güter

Also called complements or joint goods. A good which tends to be purchased when another good is purchased, since it complements the first good. Examples are cameras and films, petrol and motor cars, bread and butter - products in joint/complementary demand. Note: these goods nave a negative cross elasticity of demand. completely knocked down (CKD, ckd)

vollständig zerlegt

Products that are shipped as kits of parts for assembly at their destination. This method reduces the freight charges and is sometimes used in foreign trade. completion

Fertigstellung (Vertrags)Erfullung

The act of finishing/completing something or the state of being complete. Also called finishing. In the sale of property, the date when the contract is completed, ie when the ownership of the property is transferred/conveyed/deliverd by the seller/vendor to the purchaser/buyer/vendee and when the buyer has paid the purchase price. Also called completion/execution/fulfil(l)ment/performance ox contract. compliance

Einhaltung, Erfüllung, Befolgung, Übereinstimmung

In general, agreement to what is ordered or doing what has been ordered, eg agreeing to someone's wishes or demands. Obeying a statutory requirement, an agreement, a rule, a demand, or a legal obligation. complimentary close

Grußformel, (höfliche) Schlußformel (Schriftverkehr)

Also called complimentary closing/closure (US), subscription closure, or closing phrase. A polite way of bringing a letter to a close. The phrase beginning "Yours ..." (eg Yours faithfully or Yours sincerely) at the end of a business letter. The expression used must suit the occasion and it must match the salutation (eg in GB, the appropriate close for letters beginning with Dear Madam or Dear Sir is Yours faithfully; if the addressee' s name is used, eg Dear Mr Dean or Dear Ms Monroe, the complimentary close is Yours sincerely; in the US, Sincerely, Yours sincerely or Yours truly are used). Note: in a friendly letter between business partners "With best/kind regards" or "With best wishes" can precede the complimentary close. After the complimentary close one usually states the name of the firm sending the letter, the writer's signature, the signatory's name (clearly written), and the signatory's position in the company.

-

component

296

-

Bestandteil, Bauteil

Processed materials and manufactured parts, eg a piece of machinery, included in finished products. composite demand

zusammengesetzte Nachfrage, Gesamtnachfrage konkurrierende Nachfrage

The total demand for a commodity which arises when it is required for different purposes and will be the sum of the different demands, eg steel for ships, railways, refrigerators, etc. Also called aggregate/market/overall/total demand. The demand for two or more products which are substitutes for each other. Also called alternate/competing/rival demand. composite insurance company

Komposit-, Universalversicherer

Also called composite company/office or multiple-line underwriter. Insurers undertaking both life and non-life business, ie they transact all or several of the major classes ofinsurance. composite supply

Gesamtangebot, zusammenesetztes Angebot onkurrierendes Angebot

f

The total supply of a commodity offered for different purposes. Also called aggregate/ market/overall/total supply. A number of commodities which are substitutes may provide a composite supply to satisfy a demand, eg tea, milk, coffee, etc., provide a composite supply of beverages. Also called competitive/rival supply. composition

Insolvenzvergleich, Insolvenz-/Vergleichsvereinoarung, vergleichsweise Einigung

Also called accord, compromise, compounding (of claims), or (amicable) settlement. A voluntary insolvency proceeding where the creditor will accept part repayment of the existing debt. compound bonus

zusammengesetzter Bonus, kumulativer Summenzuwachs, Schlußüberschuß (Lebensversicherung)

Also called reversionary bonus. In life insurance, a bonus calculated as a percentage of the sum insured plus existing declared bonuses.

-

compound duty

297

-

Mischzoll

Also called compound/mixed tariff. A tax imposed/levied on goods sold internationally, based on value and units. compound interest

Zinseszins

Interest which is calculated on the original capital sum (the principal) plus accumulated interest (provided this is not paid out), including interest on interest. The formula for calculating compound interest (I) is: I = Ρ (1 + r/100), where Ρ is the principal, r is the rate of interest, and η is the period. If £/$ 100 is deposited in a bank account at 10 %, the depositor will be credited with £/$ 110 at the end of the first year and £/$ 121 at the end of the second year. That extra £/$ 1, which was earned on the £/$ 10 interest from the first year, is the compound interest. comprehensive cover(age)

Vollkaskoversicherung, volle Deckung Gesamt-, Universalversicherung

This is the most common form of motor insurance. It covers accidental loss of or damage to the policyholder's own vehicle in addition to the cover provided by "third party, fire and theft cover". Also called full coverage insurance, fully comprehensive cover or comprehensive (automobile) insurance. A policy covering all risks except Acts of God. Also called all-risk/all-in insurance, all-risk comprehensive insurance, or comprehensive insurance. comprehensive short-term guarantee

In GB eine Exportkreditversicherung, die von der staatlichen Exportkreditversicherung gewährt wird (vergleichbar mit Hermes in Deutschland)

In GB, an export credit insurance policy issued by ECGD (Export Credits Guarantee Department). The policy insures exporters against the risk of nonpayment by importers for goods exported and sold abroad on credit. compromise

außergerichtliche/gütliche Einigung, außergerichtlicher Vergleich Vergleich, Kompromiß

In law, an agreement to settle a lawsuit out of court. Also called out-of-court settlement, amicable/voluntary settlement, or arrangement before receiving order. An agreement settling a dispute. Each side gives up some of its demands, with the result that neither side gets all it wants. Also called composition or agreement; sometimes also half-measure.

-

298

compulsory insurance

-

Pflicht-, Zwangsversicherung

Also called statutory insurance. An insurance contract which by law must be taken out to cover certain events or accidents, eg motor insurance or employers' liability insurance. compulsory liquidation

Zwangsliquidation, unfreiwillige/ zwangsweise Liquidation

Also called compulsory winding up or involuntary liquidation. The termination of a company as a result of a court order. The company may be wound up/liquidated where it is unable to pay its debts. compulsory purchase (CP)

(Zwangs)Enteignung

Also called compulsory acquisition, condemnation (US) or expropriation. The power given to a public authority to acquire property without necessarily having the consent of the owner. Compensation may oe paid. compulsory third party (CPT) insurance

Pflicht-/Zwangshaftpflichtversicherung

Also called compulsory third party liability insurance. Insurance which has to be effected/concluded/taken out against the liability of death or bodily injury being caused to other persons, eg by car owners. computer

Rechner, Computer

A machine which accepts data from an input device, processes the data and transfers the results of the processing to an output device. computer aided design (CAD)

computergesteuerte Konstruktion, rechnergestütztes Konstruieren, CAD

The use of a computer with sophisticated software for the development of designs of various types, eg to plan cars, buildings, etc. computer aided manufacturing (CAM)

computergesteuerte, rechnergestützte Fertigung (CAM)

The use of computers in a variety of manufacturing tasks and computer control of manufacturing processes.

- 299 computer assisted instruction (CAI)

computerunterstützter Unterricht

A method of programmed learning in which a computer is used as a teaching machine, ie the learner or trainee interacts with the computer or computer terminal and can pace himself/herself and take time out to check details or to repeat particular sections of the program(me). computer assisted trading (CAT)

computerunterstützter Handel

The use of computers by brokers and traders on a market, eg the commodity or stock market, to facilitate trading by displaying prices, recording transactions, etc. computer components

Computerkomponenten

The main components of all computers are as follows: the central processing unit (CPU), the memory, the backing memory/backing store, the visual display unit (VDU) or monitor, the keyboard, and the printer. computer language

Computersprache, Rechnersprache

The code (eg high-level or low-level language) in which a program(me) is written. computer output on microfilm (COM)

COM, Mikrofilmausgabe (DV)

Also called micromation. An alternative form of output from a computer other than printed output. computer printout

Computerausdruck

Also called hard copy. The output produced by a printer as distinct from displaying information on the screen of a visual display unit (VDU). computer program(me)

Computer-, Rechnerprogramm

A set of instructions composed for solving a given problem by computer. concealed unemployment

latente, verdeckte, verschleierte Arbeitslosigkeit

Also called camouflaged/disguised/fictitious/hidden/unrecorded unemployment. Unemployment which is known to exist but which is not taken into account in government statistics. Thus, more people are available for work than is shown in the unemployment statistics. For example, students, married housewives, prematurely retired persons do not register for work. These people are part of the labo(u)r force but are excluded from a measure of unemployment.

-

300

-

Concealed unemployment may also occur in times of extreme labo(u)r shortage (eg during over-full employment) when firms may retain labo(u)r which they do not need at present, but for wnom there will soon be full employment (ie labor is hoarded). concentration

Konzentration (Industrie)Konzentration Konzentrationsmaß

In general, the act of concentrating or the state of being concentrated. The localization of certain industries in a particular area for various reasons, eg nearness to qualified labo(u)r, raw materials or supplies. Also called concentration of industry. The degree to which total output of a specified industry is accounted for by the few largest firms of that industry. Also called concentration ratio. concern

Unternehmen, Konzern Besorgnis, Sorge

A business or company. Something that worries you. concession

Entgegenkommen, Zugeständnis Konzession, (behördliche) Genehmigung Lizenz, Konzession Steuervergünstigung

The act of conceding; and the thing or point gained from somebody in this way. A privilege or right granted by a government to persons (the concessionaires or grantees) to carry out undertakings in the public interest. Also called official authority, license/licence or permit. The right given by a manufacturer/producer (the licenser/licensor) of a product to a business (the concessionaire, licensee) to be the only seller of that product in a particular country or area. Also called license, charter or commercial privilege. A tax concession, ie an allowance given to certain taxpayers for special reasons, eg to increase employment or to encourage exports. Also callied tax advantage/allowance/ benefit/break/privilege/relief. conciliation

Schlichtung, Vermittlung

In general, an attempt of a neutral third party to get both sides in a dispute to settle their differences, eg by reaching a compromise. conciliator

Schlichter/in

In a settlement of disputes, a third party who helps the other two parties to settle their differences themselves and reach a (conciliation) agreement. Also called mediator.

-

301

-

In a labo(u)r dispute, the official who tries to get the parties to a collective agreement to settle tneir differences. Also called conciliation officer. concurrent insurance

Doppelversicherung, zwei oder mehrere Versicherungen für das gleiche Objekt

Insurance contracts which exactly overlap in their cover, ie two or more policies provide identical cover(age) for the same nsk. concurrent ownership

Miteigentum

Also called coownership. Simultaneous ownership of property by two or more persons. condemnation

Enteignung

Also called expropriation. A legal proceeding that is authorized by legislation for the purpose of taking private property for public use after payment of compensation. condition

Bedingung, wesentliche Vertragsbestimmung, Klausel

In the law of contract, an obligation that forms a vital element in a contract. A person who wishes a term to be a condition should insert a clause in the contract to the effect that the term is of the essence of the contract. Where a party commits a breach of a condition, the other party has several rights, eg to cancel the contract. condition concurrent

gegenseitige (Zug-um-Zug-) Bedingung Bedingung der Zug-um-ZugLeistung/Erfiillung

Also called concurrent/mutual condition. A condition under which performance by one party is made dependent on performance by the other at the same time. An obligation under a contract must be performed at the same time as the other party's obligation, eg delivery of the goods against payment. The transaction requires simultaneous performance. If the obligation is not so performed either party may refuse to perform his/her duty. conditional acceptance

bedingte Annahme, Annahme unter Vorbehalt

Also called qualified acceptance. Conditional means: dependent on or containing some condition(s).

-

302

-

Therefore conditional acceptance means to accept provided that certain things happen or that certain terms apply. For example, payment by the acceptor (of a bill of exchange) depends on the fulfilment of a condition; or a buyer accepts an offer on condition that some demand of his/her is met. conditional bond

bedingte Garantie Zahlungsversprechen mit auflösender Bedingung

Also called double bond. A bond which makes one or more conditions. In foreign trade, a bond where the bank's (the bondgiver's) guarantee/guaranty is limited to the amount of the foreign buyer's actual loss, and which is issued on the terms that the buyer has to prove default by the exporter before the bondgiver will agree to make any payment. conditional offer

bedingtes Angebot

An offer which is not firm. The offerer/offeror makes an offer to do something, eg to buy goods, provided that certain terms apply. conditional order

bedingter Auftrag

An order for goods given by a prospective buyer, subject to agreed conditions. An instruction to a bank to pay a certain sum provided that a receipt is obtained from the person to whom payment is to be made. conditional payment z^ai uung nmgang ' vorbehalten (Scheck) Also called contingent payment. Payment made on f u l f i l l m e n t of a stated condition. Payment by cheque/check is conditional, ie payment is not effective until the cheque/check is hono(u)red. conditional probability

bedingte Wahrscheinlichkeit

In statistics, the probability that an outcome will occur if some other unpredictable event will occur. conditional sales contract Also called qualified sales contract.

Kaufvertrag unter Eigentumsvorbehalt

-

303

-

A sales contract subject to a condition precedent; the contract is to come into effect at once but the ownership is not to pass until a specified event (eg the payment of instalments) occurs. conditions of demand

Nachfragebedingungen

Demand is not fixed, but varies with changing conditions. The chief factors affecting demand are: the price o f the product; the level and distribution of income; tastes; prices of other goods; size and structure of the population; government policy; and seasonal factors. conditions of sale

Verkaufsbedingungen (und Lieferbedingungen)

Also called terms and conditions or conditions/terms of sale and delivery. The terms and conditions (eg credit terms, discounts) upon which goods are sold. They are brought to the attention of buyers and usually appear in the seller's printed price lists or in documents acknowledging orders. conditions of supply

Angebotsbedingungen

Supply is not fixed, but depends on various conditions. The most important conditions are as follows: the techniques o f production; the scale of production; the cost of the factors of production; government action; natural influences; the price obtainable on the market, and the price of other commodities. condominium (condo)

Eigentumswohnung (USA)

Also called cooperative apartment (US) or freehold/owner-occupied/privately owned flat (GB). Separate ownership of an apartment/flat in a multiple-unit building, together with a share of the land. A building containing several apartments. Confederation of British Industry (CBI)

britischer Industrie/Unternehmerverband (Spitzenverband)

The CBI is the largest employer's organization in G B founded in 1965. Its membership consists of manufacturing and service-supplying companies, trade associations, and associations dealing with wholesaling, retailing and distributing. Its principal objects are to formulate and influence industrial ana economic policy. The CBI also encourages the development of methods to improve efficiency and competitiveness of British industry. Financed from the subscriptions/contributions of members, it is a body and has no party political affiliations, and is the manager's counterpart to the TUC (Trades Union Congress).

-

conference

304

-

Konferenz, Tagung, Sitzung, Kongreß

Also called get-together (colloq.). A meeting of a group of people for consultation or discussion, eg to discuss business matters. Conferences may be small or large, formal or informal. A meeting between management and trade/labor union representatives for the purpose of negotiating industrial relations matters and attempting to reach an agreement. conference lines

Konferenzlinien (Schiffahrt)

Shipping lines that have agreed to charge similar freights/freight charges in order to protect the liner trade from unfair competition from tramp shipping. confidential mail

vertrauliche Post

The word "Confidental" should appear above the address on both letter and envelope. Letters so marked should be passed to the addressee unopened. confirmation

Bestätigung Akkreditivoestätigung Schlußschein (Bö)

In general, the act of confirming/acknowledg(e)ing or confirmed/acknowledged. Also called acknowledgement.

the

state

of

being

In foreign trade, when using an irrevocable letter of credit an additional undertaking given by a bank other than the importer's issuing/opening bank, usually by the exporter's advising bank. The undertaking may be detailed in the credit advice by the (exporter's) confirming bank, but otherwise the use of the words "This credit is confirmed oy us" or similar is sufficient to imply the undertaking. On the stock exchange, a notice setting forth the terms of a contract between a broker and a customer for the purchase or sale of securities. Also called confirmation slip. confirmation note

Empfangsbestätigung, Bestätigungsschreiben

A document sent with a contract or order for the receiver to sign and return as acknowledgement/notice of receipt and confirmation of the contract (ie the letter of acknowledgement/confirmation). confirmation of order

Auftragsbestätigung

Also called acknowledgement of order. The business (the seller) sends it to the customer (the buyer) to inform him/her that the business has received his/her order and will deliver the goods or services.

-

305

-

bestätigtes, unwiderrufliches Akkreditiv

confirmed irrevocable letter of credit

Also called confirmed irrevocable credit or confirmed irrevocable L/C. In foreign trade, a bank's letter of credit (L/C) that is irrevocable; ie the confirmed L/C cannot be cancel(l)ed or changed by the buyer/importer, the opening/issuing bank (ie the importer's bank), or the confirming bank (ie the exporter's bank) without the beneficiary's/exporter's consent. A confirmed irrevocable credit is an irrevocable credit to which the advising bank (the exporter's bank in the exporter's country) has added its confirmation that payment will be made. The advising bank thus confirms that it will hono(u)r drawings which conform to the terms of the L/C. The advising bank now becomes a confirming bank. As payment is guaranteed by two banks (the confirming and the issuing bank), this is the safest method of payment in foreign trade. confirmed letter of credit

bestätigtes Akkreditiv

Also called confirmed L/C or confirmed credit. In general, a L/C issued by one bank (the issuing/opening bank) to which a second bank (the confirming bank) adds its commitment to pay (ie it confirms or promises to pay). Thus, this L/C contains a guarantee on the part of both the issuing and advising bank of payment to the seller/exporter. confirming bank

bestätigende Bank

Also called confirmer. A term used in connection with letters of credit. An exporter's advising bank undertakes no responsibility itself to pay the exporter. Better security is achieved if the L/C (letter of credit) is confirmed by an advising bank, ie the exporter's bank (now advising bank = confirming bank) in the exporter's country. Then the confirming bank stands fully in place of the issuing bank fie the importer's bank) abroad, and provided all the terms named in the L/C are fulfilled by the exporter, payment is assured by the confirming bank without recourse, ie without further call on the exporter. confirming house

Exportvertreter (Firma zur Abwicklung und Finanzierung von Exportgeschäften)

Also called export agency/house or indent house. An export house/agency which buys goods for foreign customers (ie it acts as the importers' agent), guaranteeing payment to the exporter, and thus confirming that the order is from a solvent customer. confiscation

Konfiskation, Konfiszierung, Beschlagnahme, Enteignung

Also called condemnation, distraint, expropriation, seizure or sequestration. The seizure of private property without compensation, usually by the government.

-

306

conflict

-

Konflikt, Interessenkollision

Also called clash or dispute. Any recognized divergence of interests or lack of adjustment. Many types of behavio(u)r (eg strikes, different viewpoints, incompatible personalities, etc.) may indicate the existence of conflict. A certain level of conflict in an organization is not only unavoidable but desirable, for conflict is both a cause and a result of change. conglomerate

Konglomerat, Mischkonzern

Also called conglomerate amalgamation/company/merger or diversifying merger. A term of American origin for a holding company with a large number of (often undervalued) subsidiaries, especially those acquired through takeovers. Companies having a wide range of products, not necessarily related to each other in any way selling to a wide range of unrelated markets. The intention of a conglomerate is to spread the risk so that if one part of the total suffers a fall in profits at least some of the others will prosper. Congress of Industrial Organizations (CIO)

US-Gewerkschaftsdachverband (Kongress der Industrieverbände)

An American labor union established in 1935. In 1955 it was almagamated with the American Federation of Labor (AFL) forming the new labor union A FL/CIO. consequential loss insurance

Folgeschadenversicherung, Betriebsunterbrechungs(BU)versicherung

Also called consequential loss/business interruption/loss-of-profits/profits policy. An insurance policy that protects the insured from loss of profit and the additional cost of working following interruption of business activities and loss of production caused by fire or any other risk insured whilst repairs are in hand or suitable alternative premises are sought. conservatism convention

Vorsichts-, Realisationsprinzip (RW)

Also called conservatism/prudence concept/principle. An accounting convention which requires that: assets should be stated at the lowest of available valuations; all losses should be taken into account; profits must not be anticipated. The concept understates assets and revenues and overstates liabilities and expenses. This principle may lead to the creation of secret reserves.

-

consideration

307

-

Gegenleistung Entgelt, Vergütung, (Kauf)Preis Gegenwert (Bö) Erwägung, Überlegung Berücksichtigung

Consideration consists of some right, interest, profit, or benefit accruing to the one party or some forbearance, detriment, loss, or responsibility given, suffered or undertaken by the other. The price paid. The money (or thing, right, etc.) which a person gives in exchange for goods or services. In law, consideration is a vital ingredient of all simple contracts. Types of consideration are: 1. valuable consideration: something which is capable of being valued in terms of money, 2. executory consideration: the consideration consists of a promise to do something in the future, 3. executed consideration: the act constituting the consideration if fully carried out. On the stock exchange, the money value paid for the purchase or sale of securities inclusive of stamp duty (if any), brokerage and other payments. A careful thought or attention; the act of considering. Something you must think about when planning to do something, eg making a decision or evaluating facts. consign

(ver-,über-,zu-)senden, abschicken übergeben, anvertrauen

To forward/send goods from one place or person to another. Also called send off. To entrust goods to a carrier for transport. consignee

Empfänger/in (von Waren), Destinatar Verkaufskommissionär, Konsignatar

The receiver of goods. The sender/supplier is the consigner/consignor. Also called receiver or recipient. In foreign trade, a party, especially a commission agent, receiving goods on consignment. consigner/consignor

Ab-, Ver- Sender/in (von Waren) Konsignant/in, Kommittent

The person or company that consigns/sends goods. Also called sender. In foreign trade, the owner of goods who sends them to an agent (the consignee) who has agreed to sell them for the owner (ie the consignor).

consignment (consgt)

308

(Waren)Sendung Konsignationsware Versand

Goods sent by the consignor to the consignee, ie a batch of goods consigned/sent. In foreign trade, goods transferred by the owner (the exporter, ie the consignor) to an agent (the consignee) for sale on commission at the best price possible. Ownership does not pass to the agent; the consignor (ie the exporter) keeps the ownership of the goods until the agent has sold them. Also called consigned goods, consignment goods/merchandise/stock or goods on consignment. The act or process of sending goods to someone who will keep them or sell them. Also called dispatch, delivery or snipment. consignment account

Kommissionskonto Konsignationskonto

This account is a record of all the money that the commission agent has received and the expenses he/she has paid for the consignment. In foreign trade, a variation of open account payment whereby an exporter (the consignor) supplies a stock of goods to an overseas buyer/importer (the consignee) sufficient to cover continual demand. The exporter retains ownership of the goods until they are sold, or for an agreed period, after which the buyer/importer remits the agreed price to the exporter. The consignment account records the transactions between consignor and consignee. Also callea commission account. consignment agent

(Export)Kommissionär

Also called commission/sales agent. The opposite of a buying agent, acting as an agent abroad of the seller/exporter and charging a commission to the seller for his services. Often goods are shipped to a country in anticipation of demand and the agent is responsible for arranging tne sale. The name del credere is given to an agent (the del credere agent) who guarantees payment to the seller in the event of default by the overseas buyer/importer. consignment goods

Kommissionsware Konsignationsware

Goods sent to an agent for sale on a commission basis. Also called goods on consignment/commission. Goods sent to an overseas sales agent which remain the property of the exporter (the consignor) until the agent (the consignee) has sold them for a commission. Also called consignment merchandise/stock, consigned goods or goods on consignment. consignment note (C/N)

Frachtbrief

In the case of road transport, the C/N is also called waybill; in the case of rail transport it is also called freight bill, railroad bill of lading (US), railroad waybill (US), railway consignment note, or waybill; in the case of air transport it is also called airbill, air consignment note, or air waybill.

-

309

-

It is used when the supplier uses transport other than his own to deliver the goods. It is a document, provided by an air, road or rail carrier which a person sending goods must first complete. There are three copies: one for the carrier, one for the consignor and one for the consignee. The C/N contains particulars of the quantity, weight, nature, and destination of the goods, includes printed details of the terms on which they are carried and is the contract between the carrier and the consignor/sender. When the goods are delivered the consignee signs the note to acknowledge their receipt. The C/N is a receipt, and not a document of title as a bill of lading (B/L). The C/N does not give ownership to the goods. It is not negotiable, ie it cannot be bought, sold or transferred by the consignor. If goods are lost or damaged the consignor must prove that the private carriers were negligent, otherwise he cannot obtain compensation from them. consignment stock

Kommissionslager Konsignationslager (AuW)

Also called commission stock, consignment store or consignor's inventory. A stock of goods which a businessperson (ie the consignor) places at the disposal of his/her domestic or foreign agent. The agent (ie the consignee) sells the consignment goods for the consignor's account. consistency convention

Grundsatz der Bilanzkontinuität, Prinzip der Einheitlichkeit und Klarheit (RW)

Also called consistency concept. An accounting principle which states the uniformity of accounting procedures used by an accounting entity from period to period. consolidated accounts

Konzernabschluß, konsolidierter Abschluß, Gruppenabschluß

Also called consolidated/group financial statement or group accounts. These are the consolidated balance sheet and profit and loss account of a group of companies (parent company and subsidiary companies) under common control. consolidated balance sheet

Gemeinschafts-, Konzernbilanz, konsolidierte Bilanz

Also called group balance sheet. A balance sheet which shows the financial position of the parent company and all its subsidiaries together. With the consolidated profit and loss account, it makes up the consolidated accounts.

- 310 consolidated fund

konsolidierter Staatsfonds, zentraler Haushaltsfonds der Regierung (GB)

In GB, an account (the Exchequer account) held at the Bank of England by the government. All revenues are paia into it and government expenditure is paid out of it. Note: it was formed in 1787 by the consolidation of several government funds. consolidated shipment

Sammelladung

Also called consolidation, collective/grouped/mixed/pooled cargo.

consignment or joint

Goods from different companies grouped together into a single consignment. consolidation

Fusion, Verschmelzimg (durch Neugründung) Konzernbildung konsolidierte Unternehmensgruppe Erstellung eines konsolidierten (Konzern)Abschlusses Konsolidierung Kurskonsolidierung Sammelladung

A completely new firm is created/established from the amalgamated firms. One of the various forms of amalgamation. The bringing together of two or more companies within a group so that they come within the same management structure. A consolidated group of companies. The combining of the accounts of a parent company and all subsidiaries into consolidated accounts. The combining of several debts into one by extending them over a longer time period. A move by a company to increase the face/nominal value of it shares/stocks by combining a specified number of lower-priced shares/stocks into one higher-priced share/stock. For example, if a company's shares/stocks are selling at 20 pence/cents each, it may consolidate each 5 shares/stocks into one new share/stock, to sell for £/$ 1. Note: usually, this can be done by an ordinary resolution at an AGM (annual general meeting). In transportation, goods from different companies grouped together into a single consignment. Also called consolidated shipment. consols

fundierte/konsolidierte Staatsanleihe (Staatsanleihe mit festem Zinssatz ohne festen RückZahlungstermin GB)

Also called consolidated annuities/stock. In GB, government securities with fixed interest but no fixed maturity/repayment date.

consortium

311

Arbeitsgemeinschaft, Konsortium Β ankenKonsortium Bankei

A number of firms working together on a specific project too large or too capitalintensive for a single firm. Note: the plural is consortia or consortiums. Also called management group or syndicate. An association o f large or international banks for the purpose of arranging, managing and financing major national or worldwide projects (eg huge issues of shares/stocks and bonds, provision of large syndicated loans, etc.). Also called consortium of banks, banking syndicate, bank/underwriting group, or group of banks. constant

Konstante, konstante Größe

A term which takes only a single numerical value; whereas a variable can take a range of numerical values. constant prices

konstante Preise

Also called base period prices. Prices that are not subject to change. constraint

Restriktion

Also called restriction. Anything that limits someone's ability to achieve his/her objectives. construction

Interpretation Auslegung, Interpretation (Recht) Bau, Errichtung, Anlage

The interpretation of something, eg o f a speech. Also called interpretation or reading. In law, the process by which the courts interpret the wording of the contract so as to discover the scope and extent of the contracting parties' rights or duties under the contract. The act of building. Also called building. constructive total loss ( C T L )

angenommener, konstruktiver (fingierter) Totalverlust (Vers)

A partial loss o f such significance that it is uneconomic to repair the damaged property because the cost of repair would exceed the property's value after restoration, îe tne cost of repair would be ¿ e a t e r than the property's value. But note: the property is not destroyed completely, but it is treated as totally damaged. For example, in marine insurance a total loss sometimes arises even though the ship or cargo has not been completely destroyed - for instance, the insured is deprived o f the possession of his ship or cargo and it is unlikely that he can recover the snip or cargo; or the ship or cargo insured is so damaged as to be uneconomic to repair; the cost of repair would be greater than the market value, ship and cargo are treated as totally lost.

-

312 -

The property is not destroyed completely, as in the case of a total loss, but it is as good as lost as far as the insured is concerned. The vessel or cargo is then abandoned to the insurer. The insurer treats it as if it had been totally lost, takes over ownership and compensates the insured. constructual works guarantee

Lieferungs- und Leistungsgarantie

A specific guarantee which applies not only to the supply of goods but also to the performance of services. consul

Konsul

A person appointed by a government to reside in a foreign country to look after the commercial interests of the state he represents. consular invoice (CI)

Konsulatsfaktura

Also called certified invoice. A type of detailed invoice used in foreign trade, signed by the consul - on payment of a consular fee/consulage - of the importing country resident in the exporting country. Its purpose is to ensure that the laws of the importing country, especially customs requirements, are correctly observed by the exporter. Some countries require such invoices as an essential import document, eg to confirm the country of origin. consulate

Konsulat

A place where representatives of the foreign government represent legal interests of their nationals. consultant

Berater/in, Gutachter/in

Also called adviser/advisor or counsellor. A specialist who has gained expert knowledge in a particular field of business and offers advice for a fee. consultation

Beratung

Also called consulting or counselling. The process of seeking information from or the opinions of one or more others (eg managers or consultants), especially prior to decision making. consumer

Konsument, (End)Verbraucher/in

Also called end/final/ultimate consumer or end user. People who buy and consume (use or use up) final goods and services to satisfy their wants. They do not resell what they buy and they do not use it for manufacturing/producing other goods.

- 313 consumer advertising

Konsumenten-, Verbraucherwerbung

Advertising (ad) directed at the end/final/ultimate consumer of a product or service. The main function of consumer ad is to influence the customer's predisposition to buy the product before he/she walks into the shop/store. consumer advice center

Verbraucherberatungsstelle

A center which provides information and advice to the consumer. This activity is called consumer advisory service or consumer counselling. consumer association

Verbraucherverband

Also called consumers' association or consumer organization. An independent and nonprofit-making consumer information institution. It conducts regular comparative tests of goods bought on the open market and publishes the results in magazines. consumer behavio(u)r

Konsumenten-, Verbraucherverhalten

Also called buyer/consumption behavio(u)r. The way in which consumers react to certain situations in the market (eg price changes, changes in design, new product promotion, etc.). It is determined by economic, psychological and sociological considerations. consumer cooperative (society)

Konsumgenossenschaft

Any retail business owned by consumers who achieve ownership by investing capital which receives a fixed rate of interest while profits are distributed according to purchases. The members elect the management. consumer credit

Verbraucher-, Konsumentenkredit

Also called small-scale credit. Credit from banks, finance houses, pawnbrokers, moneylenders, and shops/stores by way of personal loan, hire purchase, and credit cards for the purchase of consumer goods. The goods are often taken as security for the credit. Consumer Credit Act

Verbraucherkreditgesetz (GB)

In the USA called Consumer Credit Protection Act. The Act protects all borrowers in the personal sector up to a maximum amount and applies to bank lending, hire purchase, credit sale agreements, credit cards and private loans. All consumer purchases must indicate the true cost of a facility, and written agreements are required - this does not apply to overdrafts.

-

314

-

Note: when a borrower enters into an agreement he/she has a period of three days in which to change his/her mind. In GB, all institutions which are concerned with consumer credit services have to be licensed by the Director General of Fair Trading. consumer credit agreement

Konsumenten-, Verbraucherkreditvertrag

A personal credit agreement between a debtor (the borrower) and a creditor (the lender) by which the creditor provides the debtor with credit (fixed sum or running account) not exceeding a certain amount. consumer demand

Konsumenten-, Verbrauchernachfrage

The demand of consumers for goods and services. consumer durables

Gebrauchsgüter, dauerhafte Konsumgüter

Also called durable consumer goods or durables. Consumer goods whose useful life extends over a relatively long period, eg cars, refrigerators, TVs, etc. consumer expenditure

Konsumenten-, Verbraucherausgaben

Also called consumption expenditure or consumer spending. Aggregate/total personal expenditures on goods (durables and nondurables) and services to satisfy current wants. consumer goods

Konsumgüter Verbrauchsgüter, Gebrauchsgüter

Consumer goods are things in everyday use, such as food, clothing and household goods which are wanted for their own sake and which are capable of immediately and directly affecting present living standards via current consumption; they yield consumers satisfaction. Also called consumersVconsumable/consumption goods or goods for consumption. Goods which consist of nondurable consumer goods (nondurables/consumer nondurables/single-use goods/soft goods) which have a relatively short life or are consumed in the act of being used and durable consumer goods (durables/consumer durables (CD)/hard goods) which have a much longer life. consumer loyalty

Konsumenten-, Verbrauchertreue

Also called customer loyalty. The loyalty of customers to purchase the same consumer/consumption goods of one producer.

-

315 -

consumer market

Konsumgütermarkt

The market for consumer goods. consumer nondurables

kurzlebige Konsumgüter, Verbrauchsgüter

Also called disposables or single-use goods. Goods that are used up within a short time after purchase, eg drinks, food, etc. consumer panel

Verbraucherpanel, repräsentative Verbrauchertestgruppe

A representative group of consumers, selected either randomly or by the quota method, who are prepared to supply continuous information on a particular product or service and their ouying habits. consumer price index (CPI)

Verbraucherpreisindex, Index der Verbraucherpreise

Also called cost-of-living index, index of retail prices or retail price index (RPI). An index to measure monthly or annual changes in the buying power of a country's currency (eg £, $). The index represents the total cost of a selected market basket (basket of commodities) expressed as a percentage of the average cost of the same market basket in a previous period. The index is used as an indicator of changes in the cost of living and as a measure of inflation. consumer promotion

Verkaufsförderung beim Konsumenten/V erbraucher

Also called consumer sales promotion. Externally directed incentives offered to the end/ultimate consumer. In other words, sales promotion desgined to stimulate consumer purchasing, including coupons, selfliquidating offers, bargain packs, giveaways, contests, demonstrations, premiums, pnces-ofCloyalty rebates, displays, quantity rebates, samples, trading stamps, etc. Note: consumer promotions are particularly beneficial in introducing a new product as they help consumers overcome tneir hesitancy about trying something new. consumer protection

Verbraucherschutz

Laws and regulations designed to aid and protect consumers, eg with regard to purity, quality, safety, etc of products and services. There are two broad reasons why consumers need protection. First, some producers are dishonest (eg produce unsatisfactory goods), second, it is impossible for the consumer to make an objective assessment of many 01 the goods he/she wishes to buy.

-

316

-

consumer protection law

Verbraucherschutzgesetz

A law intended to protect the interests of consumers. consumer research

Konsumforschung, Verbraucheranalyse

Surveys (eg by inquiry tests, aided recall interviews) amongst consumers to obtain information and assess demand for a particular product or service or for a range of products or services. In particular, research into the requirements, attitudes and opinions of consumers, why they buy goods, what goods they really want to buy, etc. Consumer Safety Act

Gesetz gegen (Unfall)Gefahren fur Verbraucher (GB)

In the USA called Consumer Product Safety Act. An Act to protect consumers. In GB, this Act gives the government power to make regulations governing goods which may injure or kill the public. Note: in the US, there is the Consumer Product Safety Commission (PSC), a federal agency created to protect consumers aganst risks of injury from consumer products. consumer society

Konsumgesellschaft

A society where consumers are highly interested in buying goods or services and where this behavio(u)r is considered extremely important. consumer sovereignty

Konsumenten-, VerbraucherSouveränität

Also called consumers' sovereignty. The power which consumers have to decide what goods and services shall be produced. Furthermore, they determine the quantities ana the acceptable prices. For example, an increase in consumers' demand for a commodity will raise its price and so encourage producers to increase their production, and vice versa. Note: sovereignty exists only in a free market system. consumerism

Verbraucherschutzbewegung, Konsumerismus

The movement by individuals and pressure groups intended to safeguard the rights of consumers and tne view that efforts have to be made by or on benalf of consumers. The movement developed from the 1960s onward to press for various improvements in business practices and services in the interests of the consumer (eg consumer goods should be of good quality, safe to use, advertising should be honest, etc.). Furthermore, the consuming public has a right to be safe, to be informed, to choose, and to be heard. consumer's preference Often called the determinant of demand.

Konsumenten-, Verbraucherpräferenz

- 317 -

There is a scale of preferences for each consumer. High on the scale come the things needed most, or liked best, ie things which will give the greatest satisfaction or utility. Lower on the scale come things the consumer will buy if income permits once all tne more satisfying items have been bought. The consumer's preference may change and this will alter his/her expenditure/spending habits/patterns. consumer's surplus

Konsumenten-, Verbraucherrente

Also called buyer's surplus or surplus value. This is the utility or satisfaction which the consumer receives but does not pay for, ie it is the price difference which a consumer obtains when he/she buys goods or services at a price below that which he/she would be willing to pay (eg an item costs £/$ 80 and some buyers, purchasing at this price, would have been prepared to pay £/$ 100, then they can be considered to have obtained a consumer's surplus of satisfaction. Clearly a consumer's surplus represents a loss to the supplier. consumption (C)

Konsum, Verbrauch

The act of consuming, ie the using up of goods and services having an exchangeable value. The amount consumed. consumption function

Konsumfunktion

The relationship between consumer/consumption expenditure and income, that is C = C (Y). The assumption is that the level of income will determine the level of consumption. Note: consumer expenditure/spending may be related either to national income or to disposable income. consumption tax

Konsum-, Verbrauchssteuer

A tax on the purchase of goods and services. container

Container Behälter

A very large, robust, metal construction of standard shape and size into which goods are loaded to be transported by road, rail, sea or air. They may be watertight and airtight, and goods sent in them cannot be lost or stolen. Containers can make transportation very economical. In the mid-sixties, the Americans sent the first "container-liner" across the Atlantic. Also called lift-van. Anything such as a barrel, bottle, box, or can used for holding goods.

- 318 container bill of lading

Containerfrachtbrief

A bill of lading (B/L) covering the goods from port to port or from inland point of departure to inland point of destination, eg an inland clearance depot or container freight station (CFS). The most useful type of B/L to the shipper is the clean, negotiable through bill (Thro B/L), as it enables the goods to be forwarded to the point of destination under one document. container freight station (CFS)

Containerfrachtladestelle

Also called container base (CB). The place for packing and unpacking LCL (less than carload lot) and FCL (full container load) consignments. containerization

Containerverkehr, Transport in Containern Umstellung auf Containerverkehr

A method of freight-handling in which general cargo is packed into standard-sized containers for transport by road, rail, sea, or air. The problem of having to load and unload at terminals has been reduced by containerization. Goods are packed into the container, which is then loaded onto the lorry/truck, mechanically transferred from the lorry to the train or ship and later back to a lorry for final delivery. Only then the container is opened. The introduction of containers. contango

Contango (Bö) Reportgeschäft, ein Prolongationsgeschäft machen (Bö) Prolongationsgebühr, Report (Bö)

In futures trading, the situation in which a future price is higher than the spot price. A stock exchange term meaning carry-over ito contango). Formerly, an arrangement whereby settlement for securities is deferrea from one account day to the next; an account is running for 10 working days. Note: with the introduction of rolling settlement a deferment/postponement of payment must be agreed with the broker who can delay the trading date. A charge imposed on the buyer of securities for being allowed to postpone/carry over payment from one account/settlement day to the next. Contango day: the last dealing day of an account, on which contangos are arranged. Also called continuation day or making-up day. Note: with the introduction of rolling settlement this term is no longer used. content(s) of contract

Vertragsinhalt

Also called provisions/subject matter of a contract.

-

319

-

All the terms of a contract, either expressly agreed between the contracting parties or implied in to that contract. The content(s) of the contract determines/fixes the rights ana obligations of the contracting parties. contents insurance

Hausratversicherung

Also called insurance of contents, home/house/residence contents insurance, household insurance, householder's policy or household and personal effects insurance. Insurance cover embracing the contents of a home including furniture, carpets, clothes, Hifi and TV equipment, paintings, household appliances, etc. contest

Wettbewerb

Also called competition. A compétition in which an individual is required to show that he/she is in some respect superior and for which prizes will be awarded. contingency plan

Alternativ-, Ausweich-, Krisenplan

A plan to deal with a chance event or a possibility, eg a business should have plans to meet financial difficulties. contingent liability

Eventualverbindlichkeit

Also called contingency or indirect/secondary liability. A liability that may arise or not. The liability depends on the happening of a contingency (ie an uncertain event). For example, the liability of an endorser should a bill of exchange (B/E)/draft (dft) not be paid, or the possible obligation to pay damages at some future date if the judg(e)ment in a pending lawsuit is awarded against the entity. A contingent liability will only arise some time in the future if something happens. At present the business does not know what its liability will be. It may be nothing, or it may be a large sum of money. contingent order On the stock exchange, a securities order whose execution depends on the execution of another order; for example, a sell order and a buy order with prices stipulated. This means that the broker must either execute both orders (sell and Duy) at the same time or do nothing at all. contingent policy

bedingte Versicherung, Risiko(lebens)versicherung

Also called contingency/temporary/term insurance. An insurance policy covering financial losses occurring as a result of a specified event happening, ie compensation is only provided upon a contingent event.

-

320

-

For example, it is effected to cover the risk of the nonappearance of a named person or persons, such as a performing artist, pop group or sports team. A life insurance policy that is only payable if some specified event takes place, eg the person named in the policy dies before the person due to benefit. continuation clause

Verlängerungsklausel, Fortsetzungsklausel (Vers)

Also called prolongation clause. In insurance policies, a clause obliging the insurer to continue to provide cover/ coverage after expiry of the policy until a renewal is arranged and paid for. continuation sheet

Fortsetzungsblatt, Zusatzblatt (Schriftverkehr)

In correspondence, this must be used if a letter goes on to more than one sheet of paper. Catchwords, designed to lead in to the subsequent page(s), may be typed at the foot of the previous page and such words as "Continued", "Over" and "PTÖ" may be typed anywhere below the bottom line of the previous page. Continuation pages have the page number, the date and the addressee's name blocked at the left margin at the top of the next page. continuing security

fortlaufende Kreditbürgschaft (Dauersicherheit, Dauergarantie)

Also called continuing guarantee/guaranty. In banking, a security (a form of guarantee) taken to secure an advance/credit or an account which changes from day to day, eg a current/checking account. Note: the security provided by the bank customer and accepted by the bank will secure the balance on tne account for each workday/working day and not the balance on the day the security was provided. continuous credit

revolvierender Kredit, RolloverKredit, Revolvingkredit

Also called revolving/rollover/open-end credit (US). A facility where someone can borrow money at any time up to a certain level, and continue to borrow while repaying/paying off all or part of the original loan. The term is normally used for personal borrowing; the term revolving credit is usually used for company borrowing. continuous production

Fließ(band)fertigung, durchlaufende Produktion

Also called continuous manufacturing or assembly line/flow/flow line/process/ repetitive/serial/standardized production.

-

321

-

The production of a single (usually standardized) item by continuous process/flow line production. Raw materials are fed in at one end of the process and finished products emerge at the other having passed through in an uninterrupted flow through the process. Each stage is linked with the next, eg by a conveyor belt, so that the production time is minimized and production efficiency is maximized. The method is mostly used in mass production. continuous stocktaking

laufende, permanente Inventur

Also called continuous inventory or perpetual stocktaking/inventory. The frequent checking, counting and recording of stocks throughout the year instead of doing it only at the end of the year. A continuous record is maintained of both the money value and the quantity of inventory. Note: this system keeps book inventory in continuous agreement with stock on hand. continuous variable

kontinuierliche Variable

A variable which can take on any value between given limits. contraband

Schmuegelware, Bannware, Konterbande

Also called prohibited articles or smuggled/undeclared goods. Goods which have been brought/smuggled into a country against the law. contract (con, contr)

Vertrag, Kontrakt

A legally binding agreement between two or more persons which confers rights upon each party in return for some supply of goods, payment of money, act of service, etc. to the other party. The parties must be of full contractual/legal capacity to contract; there must be a meeting of minds in the contract (known as the consensus ad idem); one party must make an offer and the other party must unconditionally accept it. Where a special formality (eg writing) is required by law, that formality must be complied with. There are six essentials to every simple contract: 1. intention to create legal obligation, 2. unrevoked offer, 3. unqualified acceptance, 4. consideration, 5. legality, 6. capacity of the parties to contract. A defect in the construction of a contract can have one of four possible consequences: 1. the contract becomes unenforceable: ie the contract is valia, but cannot be put into effect because of some technical defect; 2. the contract becomes voidable: ie one of the parties, but not the other, has the option of discontinuing or avoiding the contract; 3. the contract becomes void: ie such a contract cannot be enforced by either party - it ceases to exist; 4. the contract is illegal: no illegal contract can exist. Types of contract are: 1. formal contract: it depends for its efficacy upon being expressed in a particular form;

- 322 2. simple contract: it depends for its efficacy not on form, but on the fulfillment of the six essentials mentioned above; it may be oral or written; 3. executed contract: a contract which has been performed by all parties; 4. executory contract: a contract which has not been performed; 5. express contract: a contract which is manifested by the words of the parties, whether oral or written; 6. implied contract: a contract which is not expressed but is inferred from circumstances, eg the behavio(u)r and intention of the parties; 7. infant's contract: a contract made by a person under the age of 18 years; 8. valid contract: a contract that is correct according to law; 9. voidable contract: a contract which may be avoided by one or other of the parties to it; 10. void contract: a contract which is deemed in law never to have existed. contract date

Vertragsdatum, -termin (Vertrags)Abschlußtag

The date on which a contract is concluded/effected and signed (if necessary). In banking, the date of the agreed deal. contract guarantee

Garantie fur die Vertragserfüllung, Erfìillungsgarantie

Also called completion/contract/performance/supply bond or performance guarantee/ warranty. A guarantee/guaranty that a contractor/contractant/contracting party will carry out a contract correctly and finish it on time. contract law

Vertragsrecht

Also called contractual law. Contract law provides the basic framework of rights, obligations and remedies relating to contracts. contract maintenance

Wartungsvertrag

Also called maintenance/service/servicing contract or service agreement. A company undertakes to do on contract basis the maintenance of specified equipment, buildings, etc. contract note

Ausfuhrungsanzeige, (Effektenabrechnung), Schlußnote (Bö)

Also called advice of deal, broker's contract note or bought and sold note. A stock exchange term. On the same day that the broker deals for his/her client, he/she will send him/her a legal document, called a contract note.

- 323 This sets out all the details of the transaction (purchase or sale) - the full title of the security involved, the amount bought, the price, the broker's commission (the brokerage), the transfer stamp duty (if applicable), the date on which payment must be made, ana the other minor charges involved. The client will either receive a bought note or a sold note. Note: the securities have been bought or sold but not yet paid for. contract of affreightment (COA)

(See-, Schiffs)Frachtvertrag, Be-/Verfrachtungsvertrag Chartervertrag

A contract made by a shipper with a carrier or shipping company for the carriage of cargo. The consideration paid to the carrier or shipowner is known as freight(age). A charterparty. contract of apprenticeship

Lehr-, (Berufs)Ausbildungsvertrag

Also called contract of traineeship or indenture. A written agreement between an apprentice/trainee and an employer. The apprentice binds himself/herself to his/her employer in order to learn a trade and the employer agrees to teach and instruct him/her. contract of employment

Anstellungs-, Arbeits-, Dienstvertrag

Also called employment/labo(u)r contract. A contract of employment is one entered into between an employer and an employee. The law requires the following details in the contract of employment: 1. the names of the employer and employee, 2. the date of commencement of the employment, 3. the amount of remuneration/pay, 4. when payment is to be made, 5. details of the hours of work, 6. holdiday/vacation pay, 7. sick pay, 8. fringe benefits, 9. the title of the job, and 10. the period of notice of either party. Both parties have rights and obligations, eg the employer has the right to supervise the employee's duties; the employee must guarantee that he/she is competent to do the work which is required. Note: by signing the contract, the employee agrees to abide by its terms. contract of hire

Mietvertrag (über bewegliche Sachen)

Also called hire agreement/contract. A contract by which the owner of movables agrees to give possession of the movable goods to another person (the hirer) in return for payment of a hire charge. contract of insurance

Versicherungsvertrag

Also called insurance contract. An agreement between insurer/insurance company and insured whereby the insurer undertakes, in return for the payment of a premium, to pay the insured a certain sum of money or to grant compensation on the happening of a specified event.

-

contract of/for sale

324

-

Kauf-, Verkaufsvertrag

Also called sales contract/agreement or purchase agreement. A contract in which the seller transfers or agrees to transfer the ownerhsip in the goods to the buyer for the payment of money (the price). It may be made in writing (with or without seal) or by word of mouth (orally/verbally), or may be implied from the conduct of the contracting parties/parties to the contract. contract of/for service

Dienst(leistungs)vertrag, Geschäftsbesorgungsvertrag

Also called contract of/for work. A contract by which one person (the contractor) undertakes to perform certain services for an employer, but not as an employee (this means that the person does not work under the direct control of his/her employer and he/she does not get a salary but a fee or commission). Note: the contract is not an employment contract. contract price

Vertragspreis, vertraglich vereinbarter Preis

The sale price negotiated between seller and buyer. contract terms

Vertragsbedingungen

Also called contractual stipulations/terms or conditions/provisions/stipulations/terms of contract. A written or oral undertaking, either expressed or implied, which forms part of the contract between the contracting parties. Its breach will give the innocent party the right of action for breach of contract. contracting party

Vertragspartei, Vertragschließende/r

Also called contractant, contractor or party to a contract. A person or company that concludes a contract and signs it. contraction

Kontraktion Abschwung

In general, the process of becoming smaller or narrower. The downturn in the business cycle. Also called recession. contraction of/in demand

Nachfrageschrumpfung

A decrease in the quantity demanded resulting from a change in price (shown as a movement along the existing demand curve).

- 325 contraction of/in supply

Angebotsschrumpfimg

A decrease in the quantity supplied resulting from a change in price (shown as a movement along a supply curve). contractionary phase

Rezessionsphase, Abschwungphase

Also called contraction/recession phase or phase of contraction. In general, a decline of economic activity in the business/trade cycle. In particular, the phase of the trade cycle following a peak and lasting to the next turning point or trough (the economic low/recessive αιρ). contractor (contr)

Auftraggeber/in Auftragnehmer/in Unternehmer/in Lieferer, Lieferant Unternehmen, Unternehmung Vertragsschließende/r, Vertragspartei Bauunternehmer

A person or business placing an order, ie one of the contracting parties/parties to a contract. A person or business which agrees to do a particular work at an agreed price according to a contract, ie one of the contracting parties. A person who agrees to do work or supply goods for someone. Also called entrepreneur. A person or company that supplies goods, eg raw materials. Also called supplier. A company or business. Also called (business) enterprise, corporation, establishment, firm or undertaking. The contracting party under a contract. Also called contractant or contracting party. A business building houses, etc. under a contract. Also called builder. contractual capacity

Geschäftsfähigkeit

Also called capacity or legal capacity to contract. The legal ability of a person or firm to enter into a contract. contractual incapacity

Geschäftsunfähigkeit

Also called contractual incompetence, incapacity to contract or legal disability. The legal disability of a person or body to enter into a contract.

-

contractual liability

326

-

Vertragshaftung, vertragliche Haftungspflicht, Vertragsverpflichtung

Also called contract liability. Legal liability/responsibility for something as stated in a contract. An individual or business may assume additional liability under the terms of contract negotiated with third parties. contractual obligation

Vertragspflicht, vertragliche Verpflichtung

Also called contractual commitment/duty. The obligation to fulfil(l) what one has agreed to do in a contract. contractual offense

Vertragsverletzung, Vertragsbruch

Also called breach of contract. A breach of contract, ie failing to do something which is in a contract. contractual option

Vertragsoption

A contractual agreement in the original contract giving to one party the option to extend or renew the contract when the original terms terminate or to enter into a new contract. contractual relationship

Vertragsverhältnis

Also called relation ex contractu or contractual relation. The relationship between two or more contracting parties as defined within the terms of the contract. contractual saving

Vertragssparen Betriebs-, Prämiensparen, Sparen über vermögensbildende Leistungen

Saving on the basis of a savings agreement/contract. The decision to save was made previously and binds current saving decisions. Also called scheme-linked saving. Money saved as a result of agreed deductions from one's wage or salary payments. Also called bonus savings contract.

-

327

contribution

-

Beitrag Capital)Einlage, Einbringung ecKungsbeitrag umgelegter Schadensanteil bei 1 " 1 ;n

g

ligung Kostenbeitrag, -beteiîigung Something, eg money or time contributed, ie means given, to others, for a common purpose. Cash or other property that the owners of a business put into the business. Also called brought-in capital, capital contribution/invested, contribution of/to capital or share. This is the difference between price and variable costs (P - VC). Each time we sell a product this difference contributes towards covering the fixed costs and, after that has Seen done, contributes to profit. Also called contribution margin (CM). The right of an insurer to call on other insurers similarly liable to the same insured to share the cost of an indemnity payment. It necessarily involves more than one insurance, each covering the interest of the same insured. Note: contribution arises from the principle of indemnity. The regular payment of a unionist to his/her trade/labor union. Also called union due. The sharing of a common expense or loss. Also called shared cost(s), cost sharing, or assumption of a share of cost(s). contribution costing Also called contribution analysis/margin costing.

Deckungsbeitragsrechnung accounting or

direct/marginal/variable

In cost accounting, a technique used to establish the contribution (margin) a product makes to the firmai profit and its contribution to fixed costs. The method includes only variable costs; fixed costs and overheads are excluded from the unit cost under this method. contribution margin (CM)

Deckungsbeitrag (DB)

Also called marginal income. The price of a product minus its variable costs (P - VC). It is the money amount available to cover fixed costs and generate profit. Note: the CM can be calculated for a single product, an activity, or a whole entity. contributor

Kapitaleinleger/in Leistungspflichtige/r Beitragsleistende/r Beitragspflichtige/r

A person who contributes capital, eg to a general/ordinary or limited partnership. Also called contributor of capital. A person legally liable in actions of contract to make good the default of another.

-

328

-

Someone who makes a contribution, eg who gives money, help, ideas, etc to something or someone. A person who has to contribute capital. Also called contributor. contributory

Nachschußpflichtige/r (Gesellschafter/in) Leistungspflichtige/r Beitragspflichtige/r

A person who, as an existing or past member/shareholder of a company, is liable in certain circumstances to contribute towards paying a company's debts if it is liquidated/wound up. Also called contributory partner/shareholder. A person legally liable in actions of contract to make good the default of another. Also called contributor. A person who has to contribute capital. Also called contributor. contributory negligence

Mitverschulden, mitwirkendes Verschulden

Also called comparative negligence or contributory fault. A principle of law recognizing that a person may have contributed to his/her own injury, damage or loss. The person who has been injured or has suffered a damage or loss through the fault of another has failed to take reasonable care for his/her own safety, so that he/she has contributed to the injuiy, damage or loss sustained. Note: any compensation payment will be reduced in line with the negligence. For example, where an accused/defendant is found negligent, the indemnity he/she will have to pay may be reduced if it is found that the plaintiff was also to blame, and that his/her negligence contributed in some part to the loss, damage or injuiy. contributory pension

beitragspflichtige Rente/Pension

Employee and employer contribute to a pension fund during the employee's working life so that on retirement he/she is paid a pension. The amount depends on the contributions paid and on the average salary or wage during the last few years during which he/she was employed. Upon termination of employment, the employee make take the contributions with him/her. control

Überwachung, Kontrolle, Steuerung Leitung

Any system for checking, and, if necessary, for correcting activities or the performance of a business, eg production control, quality control, etc. The power or being able to direct something or someone. A position of control is often one with a high degree of authority. Also called administration, management or leadership.

-

control of the money market

329

-

Steuerung des Geldmarktes

The central bank controls the level of liquidity in the banking system and influences interest rates through the tools of monetary control, eg open market operations, base/prime rate increases or decreases, minimum reserves, etc. control unit

Steuerwerk (DV)

A integral part of the central processing unit (CPU) which coordinates and controls the operations of all elements of a computer system. controlled economy

gelenkte Wirtschaft

Also called command/directed/planned economy. A situation where most economic activity is state run, ie directed by orders from the government. controller

Leiter/in des Finanz- und Rechnungswesens, Controller Aufseher/in, Kontrolleur/in, Prüfer/in

Also called comptroller. A person responsible for controlling the finances of a company, ie the chief accounting executive in a company who is in charge of the accounting department. The principal functions of a controller are: 1. planning for control, 2. financial reporting and interpreting, 3. tax administration, 4. management audits and development of accounting systems, 5. internal audits. A person who controls and supervises. controlling interest

Mehrheitsbeteiligung, Mehrheit

Also called majority holding/interest/stake, controlling stake, or majority-owned subsidiary. A company (the controlling or parent company) or person (the controlling stockholder or majority shareholder) tnat holds the majority (ie more than 50%) of the voting shares/stocks of another company (the subsidiary company). Note: 1. a great deal of influence, if not, effective control, can be exercised; 2. in practice, however, someone might control the company with considerably less than 50% of the shares/stocks, if the remaining shares/stocks are held by a large number of shareholders/stockholders. convenience goods

Waren des täglichen Bedarfs (Verbrauchsgüter) Fertiggerichte

Nondurable consumer goods, especially consumer disposables, eg packaged foods.

330

Food products designed to save time and effort for the consumer. Also called convenience/fast foods. Convention on International Merchandise (CIM) (carriage by rail)

Übereinkommen über den internationalen Eisenbahngüterverkehr (in Europa)

Conditions for the international carriage of goods by rail. All goods travelling on a CIM waybill are covered by the rules of the convention. It makes the railways liable for many things such as loss, damage, and delay. The document used is the CIM consignment note, containing a description of the goods, name and address of consignor/sender and consignee, the rail stations, etc. conventional penalty

Konventionalstrafe, Vertragsstrafe

Also called conventional fine, contract penalty, penalty for breach of contract, or penalty for nonfulfil(l)ment/nonperformance. An agreed sum of money to be paid as punishment by the party who is guilty of breaking a contract. To avoid nonobservance of terms, a penalty is often foreseen in the contract, which comes into force in the case of breach of contract. conversion (conv.)

widerrechtliche Aneignung Anleihekonversion Umtausch von Wertpapieren Konvertierung, (Wänrungs) Umtausch Umwandlung von Betriebsvermögen in Geldkapital Umgründung (eines Unternehmens) Verarbeitung

The unauthorized taking of another's property. Conversion is a tort committed when one person wrongly interferes with the property of another in such a way as to show that he/she denies (or is indifferent to) the title of the other. Also called misappropriation. The process of issuing a new bond (eg at a lower rate of interest) in exchange for the maturing bond (eg carrying a high rate of interest). Also called bond/loan conversion. The exchange of a convertible security such as a bond or a preference share/preferred stock into a fixed number of shares/stocks of the company's ordinary shares/common stocks. Changing one thing into another, especially currency exchange (also called currency conversion). To sell business assets (conversion into cash). A company's change in legal form, eg a conversion of a private limited company (Ltd, GB)/ (closed) corporation (Corp, US)) to a public limited company (PLC, GB)/(stock) corporation (Corp, US). The process of changing from one type of good to another. Also called processing.

- 331 conversion rate

Umrechnungskurs Wandlungskurs

Also called conversion price. The rate at which a currency is changed into a foreign currency. The price at which preference shares (GB)/preferred stocks (US) or convertible bonds are converted into ordinary shares (GB)/common stocks (US). convertibility

(WährungsiKonvertibilität, Konvertieroarkeit (Um)Wandelbarkeit

In former times, the ability of (bank)notes to be exchanged for gold. Today, the ability to change the currency of one country into that of another. There are varying degrees of convertibility of currencies (full convertibility and restricted/limited convertibility) throughout the world and this is determined by the exchange control regulations of each country. The conversion/transfer of one type of security into another, eg the conversion of convertible bonds into ordinary shares/common stocks. Note: inconvertibility means the opposite. convertible bond

Wandelschuldverschreibung, Wandelanleihe, -obligation

Also called convertible debenture or convertible loan stock. In the plural also called convertibles. A bond carrying a fixed interest but with the right to convert at a set date at a set price into ordinary shares/common stocks or preference shares/preferred stocks of the same company whenever the holders find conversion to their advantage. The difí erence between the current market price of ordinary shares/common stocks and the rate at which they can be converted is the convertible/conversion premium. If the difference is negative, it is called convertible/conversion discount. A government security in which the holder has the right to convert a holding into new securities instead of obtaining repayment. convertible currency

konvertierbare Währung

A currency that can be freely exchanged for other currencies at the exchange rates prevailing on the market. A county's currency is convertible if the government of that country allows the completely free use ofthat currency for the purchase of currencies of other nations. Note: there are varying degrees of convertibility of currencies (filli convertibility and restricted/limited convertibility) throughout the world and this is determined by the exchange control regulations of each country. A currency that may be redeemend in gold or other precious metal.

-

332

convertible securities

-

konvertierbare, umtauschbare, wandelbare Wertpapiere (sofort) realisierbare Wertpapiere

Fixed interest securities (usually preference shares/preferred stocks or bonds) which can be converted into ordinary snares/common stocks on specified dates and terms. Conversion may be at the option of the holder. Also called convertibles. Securities which may readily be turned into cash. Also called liquid securities. convertible term life insurance

Risiko(lebens)Versicherung mit Umtauschrecht, Risikoumtauschversicherung

Also called convertible term assurance (GB). A term insurance/assurance, but with the option to convert/change the policy into a whole-life or endowment insurance/assurance (ie a permanent insurance) without further evidence of good health. Thus, the insured cannot be denied cover(age) or charged an additionalpremium for any health problems. conveyance

Übertragung, Übereignung, Auflassung Übertragungs-, Übereignungs-, Auflassungsurkunde Transport, Beförderung Transport-, Beförderungsmittel

The transfer of real property/estate from one person to another. Such transfers are undertaken by conveyancers. Also called conveyance of land. The document by which real property/estate is transferred. Also called deed/record of conveyance or transfer deed. The transport of goods by a conveyor/conveyer. Also called carriage or haulage. A vehicle for carrying goods or people. Also called means of conveyance/transport/ transportation. conveyor

Förder-, Montage-, Transportband

Also called conveyor/moving belt. Endless belt of rubber, cloth, or metal, used for moving things (eg semifinished products) from one person or place to another in a factory, or luggage/baggage from one place to another in an airport. cooling off period

Denkpause, Wartezeit Bedenkzeit, Rücktrittsfrist Abkühlungszeit/W artezeit während eines Arbeitskonflikts Bedenkzeit, Überlegungsfrist

In general, a time period when two persons or groups who are arguing about something can go away and rethink the situation in order to improve it.

-

333

-

A short time period during which the buyer of a good or service may void the sales contract if he/she changes his/her mind about purchasing the goods offered. An agreed period of time during which normal working practices continue in an industrial dispute/conflict to permit a cooling off of emotions and to enable negotiations. The period aims at encouraging industrial peace, eg by delaying strike actions or by returning to work, before strike activity can commence. During this period a trade/labor union is prohibited from striking and an employer from locking out employees. On the stock exchange, the time period between the filing of a preliminary prospectus with the Stock Exchange Council (GB) or the Securities and Exchange Commission (USA) and the offer of the securities to the public. cooperation

Kooperation, Zusammenarbeit

Also called collaboration. A working together for some purpose. cooperative (coop)

Genossenschaft

Also called cooperative society. A cooperative enterprise is a business organization which is collectively owned by those with a direct interest in the firm. They are self-governing. There are broadly two kinds of cooperative enterprise: 1. producer(s') and 2. consumer(s') cooperatives. 1. Consumer cooperatives. They are owned and controlled by the consumers of the firm's output. Membership is open to any person, and each member possesses one vote. Profits are distributed in the form of dividends in proportion to the amount of a member's purchases. Also called retail cooperative. 2. Producer cooperatives: Ownership and control rests with those who work in them (usually small manufacturers), and profits are shared. cooperative advertising (coop ad)

Gemeinschaftswerbung Verbundwerbung

Also called association/joint advertising. Advertising where all the producers or retailers in one industry combine to advertise the product in general rather than their own particular brands, eg "Drink milk". The costs of advertising are shared between the advertiser, normally a trade association, and the individual businesses. Also called collective/generic/tie-up advertising. Advertising where the manufacturer/producer and a retailer or distributor share advertising efforts and costs. Also called combined advertising. cooperative bank Also called credit union (CU).

Genossenschaftsbank

-

334

-

A bank which is owned by its members, accepts deposits and grants credits. cooperative wholesale society (CWS)

Zentral-, Großeinkaufsgenossenschaft

Also called wholesale cooperative. An organization founded by the cooperative movement for producing and wholesaling. They have their own factories and transport facilities to supply their retail cooperatives/societies. Profits are distributed to retail cooperatives/societies in proportion to their purchases. coordination

Koordinierung, Gleichschaltung

A major management function trying to ensure to operate harmoniously to achieve corporate objectives. coownership

Miteigentum

Also caled joint ownership. The ownership of property by more than one person (the co-owner/coowner). copartner

Teilhaber/in, Mitgesellschafter/in

A person who works with another, or others, as a partner in a business, eg a general/ordinary or limited partnership. copartnership

Teilhaberschaft, Mitbeteiligung (Gewinn)Beteiligung der Arbeitnehmer

An arrangement where two or more partners (the copartners) have shares in a company. A profit-sharing scheme, in which the employees are given not only a share of the profits of a business but also a share in its management and control. Also called copartnership of labo(u)r, coownership of industry, employee profitsharing/shareholding, industrial partnership or worker participation. copy

Kopie, Abschrift Exemplar Ausgabe Ausfertigung Werbetext

A document which is made to look the same as another, eg a carbon copy or duplicate. One book. One newspaper or magazine. Also called issue or number.

- 335 An official document. In advertising, the copy consists of the wording. Also called advertising copy. copyright

Urheberrecht, Copyright

The sole right to copy, publish or reproduce any drawings, designs, computer programs or particular literary, artistic or musical work, or to perform or display it in public. A copyright protects only the work itself and not the ideas behind it. The first owner of a copyright is the person who creates the work. Copyright can be assigned to another party. Literary copyright endures for the author's life and for fifty years thereafter (in Germany this is 70 years); musical copyright exists for fifty years from publication. copywriter

Werbetexter/in, Texter/in

The person who writes the words of an advertisement and commercial; however, he/she will probably also think up the general theme and presentation of the advertisement or commercial. cordless telephone

schnurloses, tragbares Telefon

Also called portable/stringless (tele)phone. A telephone without a cord connected to the telephone network and able to be used within a certain range of a telephone socket. core time

Kernarbeitszeit, Stammzeit

Also called core hours. The part of the working day during which employees must be at their place of work. In flexitime/flexible working hours, all workers are expected to be present during certain hours, usually from midmoming to midafternoon. core worker

Stammarbeiter/in

Employees regarded as being of central importance, usually full-time permanent employees. corner shop

Laden an der Ecke (Tante-Emma-Laden)

Also called ma-and-pa-shop or mom-and-pop store (US). This is the most localized form of retailer, and offers the highest degree of personal service. However, because his turnover will be relatively small, his prices are likely to be higher than in many other forms of retail outlet.

-

336

cornering the market

Kursmanipulation

The illegal practice of buying a commodity or security in such volume that price control is achieved. corporate (image) advertising

Firmenimagewerbung

Also called image/institutional advertising. A tool companies use to market themselves to various publics in order to convey a positive image or attitude about a firm, or to create a public awareness of a firm, or to build up or maintain a favo(u)rable image, or to shift its actual image toward(s) a desired new image, or to counter events that might harm their image. Note: its purpose is not to promote the sale of a product or service but to promote a firm in general. corporate identity (CI)

Corporate Identity, Unternehmensphilosophie (einheitliches äußeres Erscheinungsbild eines Unternehmens in der Öffentlichkeit)

Also called house style. Characteristic, or uniform, style of design adopted by a company to keep its name and corporate image before the public. Instead of branching individual products, companies sometimes create product-family images or a corporate company image associated with all products. Reasons for developing corporate identities are: 1. the increasing importance of public relations - establishing the right relationships with governments, opinion-influencing pressure groups, local communities, factories, distribution centers; 2. the need to attract and retain investment; 3. the need to attract labo(u)r; 4. the growing realization of the importance of good relationships with suppliers, etc. corporate planning

Unternehmensplanung

Also called business/company/managerial/strategic planning. The long-term planning of the future objectives of a whole company and the adoption of the actions necessary to achieve these overall objectives by involving all the departments of the company. corporate risk

Geschäftsrisiko

Also called corporate business risk or business/commercial risk. The total risk (financial and business risk) involved in a business.

-

337

corporate strategy

-

Unternehmensstrategie

Also called business strategy. The decisions made and the activities undertaken by a company to achieve its broad long-term goals/targets. corporation (Corp., corp.)

Körperschaft Kapitalgesellschaft (AG, GmbH) Kommunalbehörde juristische Person

Legally, a group of persons associated together for a particular purpose, eg to conduct a business. This association is in law regarded as a separate legal entity/person. Also called corporate body, body corporate or statutory corporation. In the US, a company for commercial or other purposes, eg a closed corporation or a stock corporation (in GB, a private or public limited company). A corporation is a legal entity with an existence separate from its owners; it can own property and enter into contracts in its own name; since it has legal status, it can sue and be sued. Its stockholders have no personal liability for corporate debts; creditors have a claim against the assets of a corporation, not those of its owners; the personal risk of each stockholder is limited to the amount invested. Profits are distributed to the stockholders. Capital can be accumulated through the sale of shares of stock, which represent ownership in the corporation. Shares of stock may be bought and sold without dissolving or disrupting company operations. Professional management can be hired and supervised by a board of directors elected by stockholders. A corporation is formed via the articles of incorporation (US)/association (GB) filed with the state authority. Once approved, the state authority issues to the coiporation a certificate of incorporation. A municipal/local government authority. Also called municipality. A legal entity. Also called legal/juristic person. corporation stock

Kommunalobligation, -anleihe

Also called corporation loan, municipal bond, local government bond, or local authority bond/loan. Loan stocks issued by local/municipal authorities which pay a fixed rate of interest. corporation tax (CT)

Körperschaftssteuer

Also called corporate tax, corporate/corporation income tax or company (income) tax. A tax which the government charges/levies on the profits (whether paid as dividends or retained) including capital gains (whether distributed or retained), of limited companies/coroorations, but not partnerships, whose members are taxed individually. Companies, like individuals, can deduct expense from their gross profit. Thus, CT is levied on the taxable income.

-

338

correcting fluid

-

Korrekturflüssigkeit

If an error is made, the wrong characters are coated over with the fluid, which when dry can be written/typed over. correction

Berichtigung, Korrektur, Verbesserung

The act of making something correct, eg the correction of faults. The change which makes something correct. The reverse movement, usually downward, in the price of a commodity, security etc. correction key

Korrekturtaste

Also called error reset key. Modern typewriters incorporate error correction through a correctable film ribbon. The correction Key enables the incorrect character to be cleanly removed from the paper, ready for re-typing. correlation

Korrelation, Wechselbeziehung

In general, a connection between two or more things, eg facts, ideas, etc, especially when one of them influences the other. A mathematical measurement of the relation between two variables. correspondence

Korrespondenz, Schriftverkehr

In general, communication by exchange of all kinds of letters. A letter or letters, especially official or business letters, which are exchanged, ie which pass between correspondents. The process of sending and receiving letters. Some rules of good writing are as follows: 1. think of the reader and tell him/her all he/she wants to know; 2. write clearly and to the point; 3. write in a friendly manner, sincerely and considerately; 4. avoid wordiness, and stale and roundabout phrases; 5. use simple language, be consistent and precise; 6. avoid monotony; 7. pay special attention to the opening and closing paragraphs; 8. use a mixture of sentences of different length; 9. prefer active to passive constructions; 10. observe the word order - SVO (subject-verb-ooject). correspondent

Korrespondent Korrespondenzbank, Korrespondent (ausländischer) Geschäftsfreund

A person from whom one receives information, news, reports, etc. A person handling business correspondence.

-

339

-

A bank in one country which acts as an agent for another bank in another country. All banks with overseas business require correspondent banks abroad. Also called correspondent/foreign bank or foreign correspondent. A bank which acts as a clearing agent for another which is not a member of the country's clearing system. A (foreign) business friend with who we have regular business relations. cosmetic marketing

"kosmetische" Werbung

Cosmetic marketing is the recognizable part of marketing, comprising communications by advertising, selling and public relations. cost

Preis Kosten, Aufwand Buchwert Anschaffungs-, Herstellungskosten kalkulieren

The (cost) price charged or paid for anything. Cost is another name for expense or expenditure. In accounting, the value given to the stock of a commodity at the end of an accounting period. Also called accounting/book value or balance sheet value. The sum of money spent to produce a product or service. Also called acquisition/ factory/initial/manufacturing/production cost(s). A manufacturer/producer costs/calculates his/her products. cost accounting

Kostenrechnung Kostenkalkulation

A system of accounting concerned with providing and recording detailed information on the cost(s) of manufacturing/producing goods and performing services. Also called cost accountancy. A system of accounting in which the cost(s) of production at all stages of production is calculated in order to ascertain the costs of a product or service and to assess profitability and efficiency. Also called costing or calculation/computing of cost(s). cost analysis

Kostenanalyse

Also called analysis of expenses. Study and interpretation of all cost figures. cost and freight (CFR) (named port of destination)

Kosten und Fracht (Incoterm)

One of the incoterms which can only be used for sea and inland waterway transport.

-

340

-

The price quoted to the buyer/importer includes the cost of the goods, delivery to the ship, dues, taxes, loading costs and freight charges, etc., ie the seller/exporter must pay the costs and freight necessary to bring the goods to the named port of destination. Insurance costs, unloading costs, and delivery from the docks to the buyer's/importer's premises are not included and must be paid by the buyer. The risk of loss of or damage to the goods is transferred from the seller/exporter to the buyer/importer when the goods pass the ship's rail in the port of shipment/departure. The CFR term requires the seller/exporter to clear the goods for export. The buyer/importer has to clear the goods for import, ie he/she has to pay the import duty. If the goods are sold "CFR landed", unloading costs, including lighterage and wharfage charges, are borne by the seller/exporter. Note: in CFR, the buyer/importer can arrange the cargo insurance in his/her own country, thereby saving foreign currency. cost benefit analysis (CBA)

Kosten-Nutzen-Analyse

Also called benefit cost analysis (BCA). A technique for the evaluation and comparison of investment projects. CBA takes into account all costs (financial and social costs) ana all benefits (financial and social benefits) which accrue to society, whether actual payments or receipts are involved or not. The costs and benefits will be discounted to the present value. This form of analysis is most often used in connection with projects which have social as well as economic implications (eg new airports, motorways, etc.). CBA is analogous in principle to the present value (PV) method of ordinary investment appraisal used by private firms, but whereas this method is interested only in monetary revenues and outlays/costs/expenditure contingent on the project, CBA seeks to evaluate all phenomena associated with the project that can be said to have a utility or disutility. cost center

Kostenstelle

Also called cost department/unit or expense center. A location (eg the production department of a manufacturing company), function or items of equipment for which costs, eg direct materials, labo(u)r costs, etc. may be ascertained and allocated to cost units for cost control. cost concept

Niederstwertprinzip (NWP)

Also called cost or market whichever-is-lower method, lower-of-cost-or market principle or minimum value principle. In accounting, a valuation rule based on conservatism. Valuing assets (current and fixed assets) is difficult since their values vary as time passes; some increase but most decrease. In order that a degree of objectivity is achieved, all transactions entered in the books are recorded at the cost price or market value, whichever is lower. Increases in the value of assets are usually not taken into account. This does not always reflect the true worth and, in certain conditions, adjustments may be made.

-

341

cost escalation cover

-

Kosteneskalationsdeckung, Versicherung gegen Kostensteigerungen

Under this scheme an (export) insurer (eg ECGD in GB or Hermes in Germany) can provide a measure of cover for sellers/exporters of capital/investment goods against losses incurred through rapidly increasing costs over lengthy manufacturing periods. cost of goods manufactured

Herstellungs-, Produktionskosten

Also called factory/manufacturing/processing/production cost(s) or cost(s) of manufacture/production. The sum of all costs charged or allocated to products whose production is completed during a period. They consist of three categories: 1. direct materials, 2. direct labo(u)r, 3. factory overhead. cost of goods sold (COGS)

Einstandspreis/-kosten der verkauften Ware, Wareneinsatz Selbstkosten

Also called cost of sales. The cost price of the goods that have been sold. It is calculated as follows: cost of sales = opening stock + purchases - closing stock. The figure is shown in the trading account. All the costs of a product sold, including manufacturing/production costs and the labor/staff costs of the production department before general overheads are calculated. cost of living

Lebenshaltungskosten

Also called living costs/expenses. The amount of money that an individual or a family in a specified geographical area must spend on food, clothing and other things necessary to be able to maintain a certain standard of living. For each individual, his/her cost of living is the cost of having a particular standard of living. Changes in the cost of living would mean that he/she has to pay more or less (work or earn more or less) in order to be able to live in the same way. cost of living adjustment (COLA)

Lebenshaltungskostenausgleich, Teuerungsausgleich

Also called cost-of-living escalator. An upward change in an employee's compensation/remuneration (ie salary or wage) because of inflation. cost of living allowance

Teuerungszulage, -Zuschlag

Also called cost of living bonus or dearness allowance.

-

342

-

Extra money paid, in addition to the normal salary, to meet/cover increases in the cost of living/livmg costs. cost of living index

Index der Lebenshaltungskosten, Lebenshaltungs(kosten)index

Also called consumer price index (CPI), general index of retail prices or retail price index (RPI). An index of essential, generally used commodities and services like bread, meat, clothes, heat, light, fuel, transport, household goods, etc. (a basket of goods). The items are weighted by their importance to a typical family. The total value of all the items is calculated and "converted" in terms of a base figure of 100 (the index number). It is possible to chart rises and falls in the cost of living with reference to this base. A rise in prices of 3 percent will then give a new index number of 103. What uie index does not measure is changes in the standard of living, as it takes no account of changes in the general level of money incomes. cost of production theory

Produktionskostentheorie

Also called theory of production cost. The theory that the price of an article depends on its cost of production. cost plus (contract)

Vertrag auf der Basis Selbstkosten plus Gewinnaufschlag, Vollkostenvertrag

A contract based on cost-plus pricing. That means a contract between seller/vendor and buyer/vendee to supply specified work at the cost of production plus an addition for profit. Such an agreement is made only when the cost is not known at the time when the agreement is made. Where costs are known, a fixed price contract will be used. cost price

Anschaffungs-, Herstellungspreis Herstellungs-, Produktionskosten Einstandspreis

The price at which a producer/manufacturer or merchant buys materials, goods or services for production or resale. Also called manufacturing/original/purchase price. The cost(s) of production. Also called factory/manufacturing/original/production cost(s). The price at which a retailer buys his/her products for resale. Also called purchase price. cost push inflation Also called cost/cost-induced inflation.

Kosten(druck)inflation, kosteninduzierte Inflation

-

343

-

Increased costs which are caused by a rise in the cost of factors of production (eg a rise in the prices of materials or labo(u)r), not by increased demand, are passed on to the consumers in the form of higher prices. Faced with increased prices, consumers try to increase their income to maintain their living standard by demanding higher wages, which in tum increases costs. Therefore sometimes also called wage-push inflation. cost(s) of borrowing

Kreditkosten

Also called borrowing cost(s) or credit/loan charges. The charges for money borrowed. The rates of interest on bank loans and overdrafts are quoted to customers in three different ways: 1. at a margin over base rate, 2. at a margin over libor, 3. at a fixed rate. Additionally to the rate of interest, a customer often has to pay charges. cost(s) of production

Fertigungs-, Produktions-, Herstell-, Herstellungskosten (HK)

Also called production/final manufacturing/manufacturing cost(s). The costs of making a product, ie the costs of converting production factor inputs into higher value outputs ofgoods or services. The costs may include: material costs, labo(u)r/staff costs, depreciation, lighting, heating, rent, administration costs, maintenance costs, taxes, etc. In order to make a profit, a business must be able to sell its output at a greater price than the total cost(s) of production. cost, insurance and freight (CIF, cif) (named port of destination)

Kosten, Versicherung, Fracht (Incoterm)

One of the thirteen incoterms which can only be used for sea and inland waterway transport. A term used in foreign trade contracts where the exporter/seller pays the loading charges, insurance ana freight. His price therefore includes all charges up to the port of destination. The place of delivery by the seller/exporter is the ship's rail when the goods are taken on board so that the insurance taken out by the seller will be in iavo(u)r of the buyer/importer in the event of loss or damage, etc. to the goods during shipment/carriage. The seller bears the risk of loss of or damage to the goods until the goods pass the ship's rail in the port of shipment/departure. While the goods are in transit they are at the buyer's risk. The buyer must arrange delivery and lighterage (if necessary), pay the charges for unloading/discharge at the port of destination (to the extent that they are not included in the freight), pay for onward delivery, and pay for import duties. The seller must supply the buyer with the documents feg bill of lading, insurance policy, invoice, ana consular certificate) necessary to take delivery of tne goods on arrival.

-

344

-

The CIF term requires the seller to clear the goods for export, and the buyer to clear the goods for import. cottage industry

(industrielle) Heimarbeit, Heimindustrie

Also called home industry. The production of goods in the homes of the workers who often work with their own equipment. council

Rat, Beirat

The governing body of an organization. Council of Economic Advisers (CEA)

Sachverständigenrat fur Wirtschaftsfragen (des US-Präsidenten)

An executive agency of the US government which acts as chief economic adviser to the US President. The members are appointed by the president and their main functions include: evaluating economic conditions, recommend changes in economic policy, examine the economic effect of decisions on the economy, etc. Council of Ministers

EU-Ministerrat

The Ministers of member governments of the EU; the supreme decision-making body of the European Union (EU). Presidency is held for six months in turn by each member state. Council of the Stock Exchange

Börsenaufsichtsbehörde, -rat (GB)

Also called stock market supervisory authority or Securities and Commission, SEC (US).

Exchange

In GB, the governing body (the stock exchange board) of the stock exchange. council tax

Gemeidesteuer, Kommunalabgaben

In GB, a tax set and collected by local authotites to finance part of their expenditure, based on the value of domestic property of the people living there. counter

Ladentisch, Schalter

A table of flat surface in a shop/store or bank, behind which the shopkeeper/ storekeeper or (bank) clerk stands to serve the customers. counter offer The reply of a seller to an offer made by a buyer.

Gegenangebot, Gegenofferte Gegengebot

-

345

-

The seller may reject the buyer's offer if he/she is not satisfied with the terms. The seller may make a counter offer on new terms which the buyer may accept. The final counter offer is regarded as the legal offer - all previous offers are ignored. Also called counter proposal. The reply of a buyer to a seller's counter offer, if this is unacceptable to the buyer. A higher bid, especially at an auction sale, in reply to a previous bid. Also called counterbid. counterclaim

Gegenanspruch, Gegenforderung Widerklage

The reply to a claim for indemnity in which someone tries to offset part or all of the indemnity claimed against him/her or to set out his/her own claim for indemnity. A countercharge by a defendant against the plaintiff. countercyclic(al)

antizyklisch

Moving in the opposite direction to a prevailing phase in the business/trade cycle. countercyclical (fiscal) policy

antizyklische Finanz-, Fiskalpolitik

Also called compensatory fiscal policy or compensatory finance. Policy of levelling the ups and downs of the business/trade cycle with deficit spending (ie budget deficits) during depression and budget surpluses during prosperity. countercyclical economic policy

antizyklische Wirtschaftspolitik

Also called anticyclical economic policy. A policy that tends to move the economy in an opposite direction from the forces of the business/trade cycle. Note: such a policy stimulates demand during the contraction phase and restrains demand during the expansionary phase. counterfoil

(Kontroll)Abschnitt

Also called stub. A detachable slip on something or a slip of paper that you keep as a record of the date, amount, etc, or of a payment or a deal/transaction which has taken place, or a receipt. countermand

Annullierung, Abbestellung, Stornierung, Storno Schecksperre, Zahlungswiderruf

The order that something already ordered should not be carried out, eg to countermand/cancel an order. Also called c a n c e l l a t i o n , counterorder, reversal or withdrawal.

-

346

-

An order to a bank from a customer (ie the drawer) to stop/block payment of the cheque/check which he/she has drawn/issued. The bank is liable if it fails to obey the drawer's direction, unless the cheque has already been certified/marked at the drawers's request. Also called payment stop, stop payment order or stopping a cheque/check. counterpart (copart)

Duplikat, Kopie (Amts)Kollege/Kollegin, Gegenüber Gegenstück

A duplicate or copy. A person who has a similar job in another company. A thing which is very similar to or exactly like another thing. counterpurchase

Gegenkauf, Gegen(lieferungs)geschäft, Kompensationsgegengeschäft (Auw)

A form of reciprocal trading. As a condition of obtaining an export order, the exporter undertakes to purchase goods or services from the importer's country at an equal or specified value. Counterpurchase normally involves two separate transactions, each under conventional financing arrangements. The government will usually nominate a list of products which can be purchased; many of them are not readily sal(e)able on world markets. countersignature

Gegenzeichnung, Mitunterschrift

The addition of a second signature, ie to sign/countersign a document after somebody else has signed it to attest the correctness o f t h e document. The signature on the reverse/back of a document, eg a cheque/check. countertrade

Kompensationshandel (internationaler Tauschhandel)

Also called counter trading. This is a general term used to describe a variety of commercial arrangements for reciprocal international trade between companies or other organizations in two or more countries. The common characteristic of countertrade arrangements is that export sales to a particular market are made conditional upon undertakings to accept imports from that market. countervailing credit Also called secondary credit. An old name for a back-to-back credit.

Gegenakkreditiv

347

countervailing duty (CVD)

Ausgleichsabgabe, Ausgleichszoll, Kompensationszoll

Also called countervailing/compensating/compensatory tariff or contingent/equilizing/ matching duty. If there is an excise duty/tax on a certain kind of product, then a countervailing customs duty at the same level is placed on similar imported goods so that domestic producers are not at a disadvantage. An import duty/tax imposed/levied by a country on the import of specific goods from a specific foreign countiy in order to counter an export subsidy or export bounty paid by the foreign countiy to its exporters. A tax levied on imported goods that are dumped. countervailing power

ausgleichende/gegengewichtige Marktmacht, Gegenmacht

A situation which predominates when the excessive market power of firms is counterbalanced by opposing market powers possessed by traders who sell to or buy from the former. country code

Ländervorwahl Ländercode

In telephoning, the specific number you have to dial in order to be able to reach a subscriber in a particular country, eg 0061 for Australia. Also called international access code. In banking, a particular code necessary to transfer money to banks in specific countries. country of origin (COO)

Ursprungsland, Herkunftsland

The country from which a consignment of commodities originates. The products may have been produced in this country or they may not have been produced there but may have been imported, wholly or in part, under previous transactions. country of residence

Wohnsitz, Aufenthaltsland

Also called place of residence. The country in which one lives or is deemed to live for tax purposes. country risk

Länderrisiko

Sometimes also called sovereign risk. The financial risks of a business transaction relating to the economic, political or social instability of a country.

-

348

-

In foreign trade, a country risk arises when the buyer/importer does all that he can to pay what he owes to the seller/exporter, but when he needs to obtain the foreign currency, the authorities of his country either refuse to make the currency available to him, or are unable to do so. coupon (c, cp)

Coupon, Zinsschein, Gewinnanteilschein, Dividendenschein Gutschein (Anleihe)Zinssatz Einsendeabschnitt (Werbung) Kassenzettel (Beleg, Quittung) Lebensmittelkartenabschnitt

On bearer securities, a detachable part of the certificate used to claim payment of interest (ie the interest coupon/warrant) or dividend (ie the dividend coupon/warrant) on the date when it becomes due. Commercially a ticket/label that can be used by a consumer to obtain something either free or at a reduced price. Also called money-off coupon, token or voucher. A term used to denote the rate of interest on a fixed interest security, eg a bond. Part of a coupon(-response) advertisement, eg in a magazine, inviting the reader to fill it in and return it to the advertiser for further details, a sales call, or to place an order. Also called reply coupon. A sales slip given with a purchase. A kind of voucher or receipt. A certificate authorizing the purchase of rationed food. coupon bond

Inhaberobligation, Inhaberschuldverschreibung

Also called bearer bond. A bond with interest coupons/warrants attached. The coupons are detached when they fall due and are presented by the owner/bearer for the payment of interest. Interest is paid to whoever hands the coupon cut off the bond to the paying agent. coupon rate

Nominalzinssatz Anleihezins, Zins fur Festverzinsliche

The interest rate specified on a debt instrument. Also called nominal interest rate. The fixed rate of interest (ie the nominal interest rate) per annum stated on a bond, ie a fixed-interest-(bearing) security. courier service

Kurierdienst

A delivery service which is used for the speedy transportation of urgent documents, letters or small parcels between companies.

-

court order

349

-

Gerichtsbeschluß

Also called court ruling. The command or direction of a court, eg that someone must do or must not do something. courtage (court)

Courtage

Also called brokerage or commission. The commission charged by a broker. cover

Versicherungsschutz, Deckung Sicherheit (BaW) Scheck-, Wechseldeckung Verhältnis Gewinn zu Dividende Geld-, Bardeckung (BaW) Deckung im Leergeschäft (Bö) (Ko sten)Deckung Besetzen einer offenen Position (Brief)Umschlag, Hülle Einband, Umschlag, Titelseite Plane, Decke

Protection provided by insurance. Also called coverage or insurance cover. Collateral deposited as security for money lent or against an open position. Also called collateral. A deposit by a bank customer to ensure that sufficient funds are available to hono(u)r a cheque/check or bill of exchange/draft. The number of times a company could pay its dividends to shareholders/stockholders from earnings. This means the amount of money a company has available for distribution as dividend, divided by the amount actually paid. If this results in a figure of 1 or more, the dividend is covered. If the result is less than 1, the dividend is uncovered. The amount of (bank)notes and coin needed by a bank to meet its customers' demands. Also called cash requirement. A stock exchange term. In a short sale, the purchase of shares/stocks by a short seller to complete his/her contract. The making of enough money in selling products and services to pay for their production. In personnel management, the act of doing another person's job when he/she is not there. An envelope or wrapper. The outer pages of a book, magazine (also called cover page), etc. A blanket, sheet, etc. put over a thing to keep it clean.

-

350

cover note (C/N)

-

(vorläufige) Deckungszusage (Vers)

Also called binder (US), slip (particularly in marine insurance) or letter of insurance. An insurance document issued to cover the period between the date of arranging for the insurance and the issue of a policy. The temporary cover may be withdrawn if the insurer subsequently decides not to provide insurance. cover page

Titelseite, Umschlagseite

Also called cover. The front or back page of a publication. covered cheque/check

gedeckter Scheck

A cheque/check which will be hono(u)red/paid by the bank as there are sufficient funds in/on the drawer's account. covered employee

(sozial)versicherungspflichtige/r Arbeitnehmer/in

An employee who is subject to social insurance contributions. covering letter

Begleitschreiben, -brief

Also called accompanying/cover letter, covering note or letter of transmittal. A letter or note sent with a consignment or documents explaining why one is sending them. In personnel management, a document that accompanies a CV/résumé, usually also providing specific reasons why the applicant is suited to the job applied for. craft

Handwerk(sberuf) Schiff Flugzeug

A manual occupation requiring extensive training and a high degree of special skill. A ship or other vessel. An aircraft. craft union

Fach-, Berufsgewerkschaft

Also called horizontal (trade/labor) union. The oldest type of trade/labor union, organizing skilled workers, regardless of the industry in which they work.

-

craftsman

351

-

Handwerker/in, Facharbeiter/in

Also called craftsperson, craftswoman (used for women) or craft worker; sometimes also called journeyman, artisan or handicraftsman. A skilled worker, ie a worker who has successfully completed an apprenticeship/ traineeship. Usually, he/she applies a wide range of competencies and receives little supervision while completing rather complex duties. craftsmanship

Wertarbeit handwerkliches Können

Very skilled and detailed work of excellent performance. Also called excellent workmanship. The special skill used by a person to make something with his/her hands. crash

Crash, Zusammenbruch

A sudden and disastrous collapse in business activity, prices, security values, etc. crash course

Schnell-, Intensivkurs

A course in which you learn the most important things about a particular subject within a very short time period. crate (er)

Lattenkiste, (Latten)Verschlag (Flaschen)Kasten

Wooden, metal or plastic container in which goods are packed. It has a bottom and a frame, and is sometimes open at the top. Crates are often built for the particular thing (eg machinery) they have to carry. They often have a special bottom, called skid, to facilitate handling. A small container to carry bottles. crawling peg (exchange rate)

limitierte Wechselkursflexibilität, Wechselkursanpassimg in kleinen Schritten Gleitparität

Also called self-adjusting peg, gliding parity, moving band, or sliding parity/peg. A method of controlling flexible/floating exchange rates. The rate of exchange is allowed to move/drift slowly and steadily, in response to sujjjjly and demand conditions, but only by limited amounts per year (eg up to 2 % or The crawling peg is a compromise between fixed parity and floating exchange rates. The small daily changes in foreign exchange rates.

-

creative financing

352

-

unorthodoxe Finanzierung(smethode)

Any financing arrangement, eg a credit from a seller, other than a traditional mortgage from a lender, eg a bank. credit (Cr, er)

Zahlungsziel auf Kredit bzw. Ziel kaufen/ verkaufen Kredit, Darlehen Haben(Seite) im Haben buchen Aktivsaldo, Habensaldo Gutschrift, Guthaben Akkreditiv Kreditwürdigkeit Glaubwürdigkeit, Zuverlässigkeit (Anrechnungs)Punkt (USA)

The time period before payment on a transaction is required. Credit arises from an exchange of goods or services against a promise of payment in the future, ie payment is deferred until an agreed future date. Also called credit period, period of credit/payment, period/time allowed for payment, term of payment, or time allowance for payment. To give credit (ie to sell on credit) is to deliver goods or perform work under an arrangement for payment to be made at a later date, which may or may not be speci ned. If no date is specified, payment must be made at once or within a reasonable time. To buy on credit is to receive possession of the goods and to pay for them sometime after one has bought them. The seller becomes the creditor, and the buyer the debtor, until the money is paid. A cash credit, an overdraft, a loan, or any other form of financial accommodation. Also called advance or loan. In bookkeeping, the right-hand side of an account. An entry on the right-hand side (the credit side) creates a liability (in a liability account) or reduces the value of an asset (in an asset account), or is an addition to a revenue account or a deduction from an expense account. To credit an account is to make an entry on the right-hand side of an account. A favo(u)rable balance on an account, ie an excess of credit entries over debit entries. Also called credit balance. In banking, an entry in a banker's books showing that a customer has made a deposit/(in)payment and therefore now has a deposit (also called balance or credit balance). Tne depositor/depositer will receive a credit note (C/N). Short for letter of credit (L/C). A reputation for solvency. Also called credit rating, credit standing, creditworthiness, or financial standing. A word meaning belief or trust. Credits: in the USA, marks obtained for courses passed at schools or universities.

- 353 credit account (C/A)

Kreditkonto, kreditorisch geführtes Konto Giro-, Kontokorrentkonto Darlehens-, Kreditkonto

An arrangement between a retailer and (charge) customer whereby the latter is able to buy up to a fixed value of goods on credit m return for payment at agreed periodic intervals. A service charge is normally made as a percentage of the value of each purchase. Also called charge account. A current account (GB) or checking account (US). An account which records credits/loans, the amounts repaid and the interest charged. The borrower receives regular statements. Also called loan account. credit advice

Gutschriftsanzeige, Gutschrift

Also called credit note (C/N), credit memorandum/memo or credit slip. A notification from a bank to a customer advising him/her of the receipt of a payment which has been credited to his/her account. A document sent by a seller to a buyer to notify an overcharge in the original invoice, or to reduce the amount owing because goods had been returned by the buyer. credit analysis

Kredit(würdigkeits)prüfung

Also called credit investigation. Credit managers frequently use the five "Cs" of credit in evaluating the customer. These are: 1. character - the moral factor (does the customer pay his/her bills?); 2. capacity ability to pay (based upon management ability); 3. capital - financial position of the firm (analysis of fincancial ratios); 4. collateral (possible assets to be pledged); 5. conditions (economic conditions and how they will affect the firm). credit approval

Kreditzusage

Also called loan commitment. The lending commitment of a bank or other financial institution. credit balance

Habensaldo, Aktivsaldo Guthaben (Β ank)Guthaben

The balance of an account when the credit side is greater than the debit side (ie an excess of credit over debit entries). The book entry of the balance is made on the debit side. Also called credit. An amount of money overpaid by a customer in an account, ie more money has been received than is owed and so the account is in credit. In banking, money deposited in a bank account. Also called bank balance, credit balance at the bank, bank deposit, or cash at/in bank.

354

credit buying

Kreditkauf

Also called credit purchase/sale. Goods which a business (the credit customer) buys from a supplier on credit. To obtain goods on credit means to "buy now, pay later". There are various types of credit buying, eg hire purchase (GB)/instal(l)ment sale (US). credit call telephone

Kreditkartentelefon

A telephone that accepts credit cards and charges the call to the caller's credit card. credit card

Kreditkarte

Also called bankcard or banker's (GB)/cash guarantee/plastic card. In the 1960s banks and other financial institutions, such as special credit card companies (eg American Express, Eurocard, Diners Club, Mastercard or Visa) started a credit card scheme. The idea was to replace the need for cash when shopping. Credit cards provide a means of obtaining goods and services immediately but paying for them later. Each cardholder is given a credit limit/line up to which he/she may purchase goods and services from establishments who are members of the particular scheme. The cardholder receives a monthly statement detailing his/her purchases and either pays in full within several weeks, thus incurring no interest charges, or makes a part payment, in which case interest is charged on the balance left owing. Some organizations charge annual subscriptions (a membership fee) and the cardholders have to settle their accounts each month in full. The sellers are paid by the credit company, which receives a commission from them. The card can also be used to draw cash from one of the banks in the scheme within the credit limit, but interest is charged on such encashments from the day they occur. Each credit card bears the cardholder's name, his/her signature, the card number and the validity (eg valid thru 05/03). If the cardholder wishes to pay by credit card, he/she presents the card to the salesclerk/shop assistant who will write out a sales slip/check/voucher, which shows the nature o f the transaction, the amount due and the details of the cardholder's account, and which the cardholder has to sign. The salesclerk then hands a copy of the sales slip to the cardholder and sends the sales slip to the card issuer, who credits the shop's (the vendor's) account with the appropriate amount (less a percentage commission) and debits the cardholder's account. The increasing use of credit cards is a step nearer the "cashless society". credit card call

Kreditkartentelefonat

This service enables you to make calls from any telephone without making immediate payment. The calls are charged to your telephone account.

- 355 credit control

restriktive Geld- und Kreditpolitik Kreditkontrolle, Kreditüberwachung, Überwachung der Zahlungseingänge

The set of measures (eg open market operations, base rates, reserve requirements) used by the monetary authorities (usually the central bank) to control the volume of credit granted by banks. Also called (restrictive) monetary control, tight money policy, or restrictive/tight credit policy. The process of ensuring that all customers, who have been granted credit, pay their accounts/invoices within the prescribed terms or period. The activities operated by the business include the determination of a customer's ability to meet debts, the establishment of a credit policy, the chasing of accounts that become overdue and the securing of prompt and full payment of monies due. The outstandings should be converted to cash as soon as possible in order to finance business operations from internal resources, which is much cheaper than external finance, and to pay creditors from the funds generated by customers. credit creation

Kredit-, Giralgeldschöpfung

Also called creation of credit, credit expansion/formation, or expansion of money supply. Banks create credit by making loans. When banks lend out money it will usually find its way back into the banking system, eg if a bank loans money to A in order to buy goods from B, the result will probably be a deposit by Β in his bank. Every loan (A's) creates a new deposit (B's), and a proportion (eg 70 %) of every new deposit may be re-lent to create still further deposits. Deposits several times (on average about three times) the size of the original deposit may be created. Note: credit creation requires the presence of demand for loans. credit creation multiplier

Kreditschöpfungsmultiplikator, Geldschöpfungsmultiplikator

Also called credit multiplier, deposit multiplier, or credit expansion multiplier. The amount by which the banks can create further bank deposits is measured by the credit creation multiplier. The multiplier effect = total amount of new deposits created amount of original deposit The multiplier is easy to calculate if one knows the percentage of deposits retained as reserves (the reserve ratio) and not re-lent. For example, 30 per cent was retained as reserves. Divide the reserve ratio (30 %) into 1 (100 %) and the result, 3.3, is the multiplier effect. credit crunch

Kreditknappheit Kreditrestriktion

Also called credit shortage/stringency. A situation where short-term credit becomes scarce and thus more expensive than long-term credit.

-

356

-

A situation in which banks become reluctant to lend money, particularly to private borrowers. credit customer

Kreditkunde Kunde/Kundin der/die in einem Geschäft ein Kreditkonto hat (d.h. der/die anschreiben läßt)

A customer who is allowed to buy goods and services and pay for them at a later date. A borrower. Also called borrowing customer. A charge customer, ie a person who holds a charge card. credit entry

Gutschrift Habenbuchung

In banking, an amount paid into or transferred into an account and listed in the bank statement/statement of account. In accounting, an entry/booking on the credit side of an account. credit factoring

Kreditrisikoversicherung Factoring

A credit risk insurance. The same as factoring. credit freeze

Kreditstopp

A complete ban on credits/loans and overdrafts. credit information

Kreditauskunft

Also called banker's opinion, bank(er's) reference or credit report. A bank service for customers, which is of special importance for sellers, particularly exporters. Banks are able to obtain up-to-date credit information on buyers and agents anywhere in the world; this information they provide to their customers on request and in the strictest confidence. credit inquiry/enquiry

Bonitäts-, Kreditwürdigkeitsanfrage

Also called status/standing inquiry. A statement - usually from a bank or another trader - estimating whether a potential customer could pay the money he/she would owe for goods or services rendered.

-

credit insurance

357

-

Kreditversicherung

Also called loan insurance. Protection against default by debtors (home and abroad). It covers the risk that the credit supplied by a merchant or manufacturer to his customer may not be repaid (eg because of insolvency). Commercial insurers exclude various risks (eg political risks) from their policies. Overseas trade credit is almost always insured with a government office, eg the ECGD in Great Britain or Hermes in Germany. credit interest

Habenzins

Also called credit/deposit rate or interest on deposits. In banking, the interest paid on deposits/credit balances. credit life insurance

Todesfallversicherung als Kreditsicherheit

Life insurance guaranteeing (repayment of the credit amount to the creditor (ie the lender) in the event of the debtor s (ie the borrowers's) death. credit line

Kreditlinie, Kreditrahmen, Darlehensgrenze

Also called borrowing limit, credit ceiling/limit, line of credit, or lending line/ceiling. The extent of credit granted by a firm or bank to its customer or borrower. In the case of a bank, also called bank line. credit market

Kreditmarkt

Also called financial market. The market for loans, directly received from banks. credit note (C/N)

Gutschriftsanzeige, Gutschrift

Also called credit advice/memorandum/memo/slip. A document sent by a seller to a buyer to notify an overcharge in the original invoice, or to reduce the amount owing because goods, cases, etc. had been returned by the buyer. The invoice must never be altered; errors are always adjusted by the issue of another document - another invoice or a credit note. A document sent by a bank to an account holder stating that the account has been credited with a stated amount.

-

credit period

358

-

Kreditlaufzeit, Laufzeit eines Kredits Zahlungsziel

The amount of time allowed to a credit customer before repayment of the credit is due. Also called currency, term (of a credit), duration of credit, maturity period or life span. The time period before payment on a transaction is required. Also called period/term of payment. credit rating

Beurteilung der Kreditwürdigkeit, Bonitätsbeurteilung

Also called rating, credit standing/status, creditworthiness, or financial standing. The appraisal of creditworthiness of existing and potential/prospective customers. Before entering into a contract with or granting credit to a new customer a trader will usually want to know something about his/her credit standing to be able to fix the maximum amount of credit he/she can grant. He/she may ask for trade and bank references or he/she may apply to a credit (reference) agency. The assessment of a borrower's creditworthiness, ie his/her ability (ie his/her solvency) and willingness to pay his/her debts/liabilities/obligations when they mature/fall due. credit rationing

Kreditkontingentierung, Kreditbeschränkung

Also called rationing/restriction of loans. In situations of excess demand for credit, banks lend to some borrowers and refuse to lend or restrict their lending to others. credit reference agency

Kreditauskunftei, Handelsauskunftei, Auskunftei

Also called credit/credit rating/credit inquiry/status inquiry agency or credit bureau. An agency which keeps records on those who borrow money, or buy on credit, which it is prepared to reveal to businesses or lenders who consult it, on payment of a fee. credit risk

Kreditrisiko

Also called business/financial risk or risk exposure. The risk that a lender (eg a bank) will not be able to get his/her money back from the borrower. To protect against this, the lender tries to assess the credit standing/ creditworthiness of the borrower. When credit terms are being granted to the buyer (eg an importer), the risk of insolvency, default, fraud or unwillingness to accept the goods on the part of the buyer.

- 359 credit sale

Kreditverkauf, Zielverkauf

Also called charge sale or sale on credit. Sales which a business makes to customers on credit, ie payment will be made later. Goods and services bought in this way become the buyer's property as soon as they have been delivered to him/her. credit sale(s) agreement

Abzahlungsvertrag, Ratenkaufvertrag

Also called installment contract. An agreement for the sale of goods under which the purchase price or part of it is payable by installments. On payment of the deposit/first installment the goods become the property of the buyer; the seller has no security for the goods. The buyer may dispose of the goods as he/she wishes. In this way the credit sale differs from hire purchase/instal(l)ment buying. The seller/vendor grants the buyer/vendee a short-term loan. The buyer will of course remain liable for the balance of the purchase price. credit scoring

Kreditrisikoprognose, Kreditwürdigkeitsprüfimg

A statistically based management tool for forecasting the outcome of extending credit to individuals. It begins with the applicant being asked in a questionnaire, and scores are given for answers to each question. The scores for each of the answers are then added to give a total credit-risk score, which is designed to measure the chance of default if credit is granted. credit side (Cr)

Habenseite

Also called creditor, creditor side or right-hand side. This is always the right-hand side of an account in the double-entry system. credit slip

Einzahlungsschein Gutschriftsanzeige, Gutschrift Überweisungsformular

A form which bank customers complete when they pay money, bills of exchange/drafts and cheques/checks into their account. Also called deposit/paying-in slip/form or credit voucher. A credit note (C/N). Also called credit advice. A credit transfer form. Also called credit transfer slip, transfer voucher or remittance form/slip. credit squeeze

Kreditkontraktion, Kreditrestriktion

Also called deflation of credit or credit contraction/curb/restraint/restriction. A policy phase of credit restrictions by the monetary authorities (usually the central bank) with the objective of damping down demand and inflation.

- 360 Features of a credit squeeze are a limit on bank lending, higher interest rates, the use of open market operations, and special deposits. credit terms

Kreditkonditionen Akkreditivbedingungen

A variety of forms of credit granted to a customer, eg payment within thirty days or 2 % discount on payment within ten days (usually stated n/30; 2/10), etc. The terms stipulated in a letter of credit (L/C). credit tranche

Kredittranche (IMF)

The amounts that a member country could borrow form the International Monetary Fund (IMF), subject to conditions, over and above the gold tranche. credit transaction

Kreditgeschäft

In banking, a transaction where a lender lends money to a borrower. A transaction, where payment for goods or services is not made at the time of purchase. credit transfer

Banküberweisung

Also called bank credit/giro (GB)/(bank) transfer or (bank) remittance. A method of settling a debt using a bank as the intermediary/middleman, provided the debtor knows the bank, the bank code and the (current/checking) account number of the creditor. The debtor/payer making the payment writes out a credit transfer slip/form, ordering his/her bank to credit the bank of the creditor/payee with the amount stated. This system allows payments to be made at any branch of any bank to any other bank in the country and abroad, and it is available to payers who do not have a bank account (in this case, the funds for the transfer are paid m cash; the form then used is called inpayment form) as well as to those who do. credit transfer system

Giroverkehr, Überweisungsverkehr, bargeldloser Zahlungsverkehr

Also called giro credit system (GB) or cashless/noncash payment system. A service provided by the banking system by which payments to third parties are made simpler. When a person (the payer) wants to make a payment, he/she fills in a (credit) transfer form, names the receiver (ìe the payee/transferee), his/her bank, the bank code, and the (current/checking) account number. credit union (CU)

Genossenschafts-, Verbandsbank, Kreditgenossenschaft

Also called cooperative credit union, credit cooperative/society, cooperative bank, cooperative saving organization (US), axia (US), or mutual loan society (GB).

- 361 A nonprofit cooperative society which accepts deposits (often at a higher rate), offers other financial services, and makes loans to its members (often at Tower rates than commercial banks). The profits are returned to the members. credit(s) outstanding

Kreditstand, eingeräumtes Kreditvolumen, Kreditgrenze

Also called line of credit. The amount of money a company is prepared to allow a customer to owe at a particular point of time. It includes unpaid invoices, goods in transit and partlyfinished work. creditor (Cr)

Gläubiger/in, Kreditor Habenseite Gläubigerland

A person or business who is owed money or its equivalent by a debtor. The credit side of an account. In international trade, a creditor nation. creditor nation

Gläubigerland

Also called creditor country or creditor. A country/nation with a balance of payments surplus. creditworthiness

Kreditwürdigkeit, Bonität

Also called credit standing/rating/status or financial standing. The degree to which it is prudent to grant credit to a person or firm (or country). This means is the customer a suitable person to borrow from the bank?, is he/she willing and able to pay back credit when it becomes due?, can suppliers sell on credit?, etc. The creditworthiness of customers must be assessed not only on their own personal characters, but also on the performance of their businesses. A number of years balance sheets and profit and loss accounts will indicate how successful (or otherwise) the customer has been in running the business. creeping inflation

schleichende Inflation, Dauerinflation

Also called persistent inflation. A slow, but continuous inflation, ie a process of gently rising prices. criminal law Also called penal law.

Strafrecht

-

362

-

That part of public law which holds that certain kinds of wrongdoing are offenses/offences against the State (ie the whole community), and will be punished by the State. The study of the laws concerning crimes. critical path

kritischer Pfad/Weg

A critical path is the shortest path to be followed in production to ensure completion of the project, whatever it may be, within the minimum amount of time. Thus, it is the activities along this path that must be accelerated in order to speed up the project and minimize the project duration. It is thus important to identify the critical path, ie to find the activities that have no float time. crop insurance

Ernteversicherung

Cover(age) for crops in the event of loss or damage by insured perils/risks including hail, fire, and lightning. cross border trade

grenzüberschreitender Handel, internationaler Warenverkehr

In foreign trade, the process of crossing the border of one country to another, and in doing so take advantage of a more favo(u)rable exchange rate. cross default

reziproker Kreditverzug, Drittverzug

A borrower's failure to meet his/her financial obligations to a third party. The lending bank may cancel the credit if the borrower delays payment to a third party. cross elasticity of demand

Kreuz(preis)elastizität der Nachfrage

Also called cross price elasticity of demand. The responsiveness of demand for one commodity to changes in the price of another commodity. Percent change in quantity demanded of a good due to a 1 % change in the price of another good. The formula is: Cross elasticity of demand =

% change in quantity of A demanded % change in price of Β

In the case of substitutes cross elasticity will be positive - a change (ie increase/fall) in the price of Β (eg butter) will be followed by a cnange (ie increase/fall) in the quantity of A (eg margarine) demanded. If a small change in the price of good Β results in a large change in the quantity of good A (highly cross elastic), then goods A and Β are close substitutes. On the other hand, goods that are in complementaiy demand (ie complementary goods/complements) will have a negative cross elasticity, since a fall in the pnce of one will cause an mcrease in demand for both, eg a fall in the price of petrol will increase the demand for petrol and for cars. Note: the closer the competition between goods A + B, the higher will be their cross elasticity of demand.

-

363

cross holding

-

gegenseitige (Kapital)Beteiligung

A situation where companies hold each other's shares/stocks. cross rate

indirekte Parität, Kreuzparität

Also called cross exchange or indirect parity. The exchange rate between two currencies, calculated by reference to a third currency, usually the US dollar. For example, the exchange rate between currencies A (DM) and C (Yen) which is derived from the rate between A and Β ($), and the rate between Β and C. Thus if $ 1 = DM 2,50 and $ 1 = Yen 250, the cross-rate between the DM and Yen is DM 1,00 = Yen 100. cross reference

Querverweis Querverweis, Verweis auf die Gegenbuchung

Words in a text which tell the reader to look in another part of the text. In accounting, a business enters each transaction twice in its books. Each entry should show where the other entry is; this is a cross reference. crossed a/c payee (only)

nur zur Verrechnung (auf Konto des Zahlungsempfängers) ausgestellter Scheck

Also called A/C payee (only) or account payee (only). A crossed cheque/check. A direction to the bank that the amount is to be credited to the (current/checking) account only of the named payee and no one else. With this crossing the payer/payor safeguards himself/herself. If the cheque/check is paid into any other account the bank will be liable to the payer if an unauthorized person should collect the money. crossed cheque/check

Verrechnungsscheck, gekreuzter Scheck

A cheque/check which has two parallel lines drawn across its face. A crossing is an instruction to a bank not to pay cash over the counter; the cheque/check may only be paid through a credit entry into someone's bank account and therefore can be traced back if it was not credited properly. Note: between the two parallel lines, a crossed cheque/cneck often bears the words: 1. "and company" or any abbreviation thereof (& Co), either with or without the words "not negotiable" or 2. "not negotiable". crowding out

Crowding Out, Verdrängungswettbewerb

A reduction in private spending (which is mainly financed by borrowing) as a result of an increase in government spending.

- 364

-

There is heavy government borrowing at a time when businesses and individuals (the private sector) also want to borrow money. As the government can pay any interest rate it has to and individuals and businesses cannot, the latter are crowded out of credit and capital markets by high interest rates. Note: the stimulative effect of increased government spending will be cancel(l)ed out by spending reductions in the private sector (personal consumption and business investment spending will be reduced). Crowding out can thus cause economic activity to slow. croynism

Vetternwirtschaft, Nepotismus

Also called nepotism, partisanship or patronage. Unfair partialty or prejudice shown to certain persons, often friends or relatives, in terms of job appointments, workload, nature of work, pay, benefits, etc. cubic measures

Kubikmaße, Raummaße

The measurement of something by multiplying its length by its height by its breadth. Cubic centimeter, cubic decimeter, cubic meter. Cubic inch (cu in.), cubic foot (eu fit.), cubic yard (cu yd.). Cubic is written in figures as, eg 10 m 3 = ten cubic meters, culture Kultur The set of basic beliefs, values, perceptions, wants, and behavio(u)rs characteristic of a particular society, social, ethnic, or age group. Many of these values are learned from family and/or are transmitted from one generation to another. culture shock

Kulturschock

A state of bewilderment and distress experienced by a person who is exposed to a different society or foreign culture. It may also result from a different organizational culture, eg someone moves from one company to another where the job in question is similar but the way of doing it very different. cum all

einschließlich aller Rechte (Bö)

A stock exchange term used to describe the market quotation of a share/stock which carries all rights, ie with all benefits soon due. cum dividend (cum div, cd)

mit/einschließlich Dividende

Latin for with dividend. The share/stock price quoted/listed includes the right of the new holder to receive the dividend due shortly.

-

365

-

Shares/stocks are usually cum dividend for trades on or before the fifth day preceding the record date (the date on which the register for the transfer of shares/stocks is closed and the identity of shareholders/stockholders determined for the purpose of dividend payout). Trades after the fifth day go ex dividend (ex d). cum drawing

inklusive Ziehung/Auslosung (Bö)

The market quotation of a bond soon due to be drawn. When such bonds are sold, any benefits such as profit or premium resulting from such a drawing transfer to the buyer. cum interest (cum int)

mit Stückzinsen (Bö)

With interest. The buyer of an interest-bearing security takes the benefit of the interest about to be paid. cum rights

mit/einschließlich/inklusive Bezugsrecht/e (auf junge Aktien)

Also called cum new rights on or with rights. With rights recently issued. The shares/stocks offered for sale include the right to any rights/capitalization issue. That means each shareholder/stockholder has the right to buy a specified amount of new shares/stocks that is yet to be issued. cumulative frequency curve

Summenkurve (Stat)

Also called cumulative/summation curve. A curve which shows, in cumulative form, the frequencies of numbers in a group. A curve of this type will either continually rise or continually fall, depending upon the way in which the frequencies are cumulated. currency (cur., cy.)

gesetzliches Zahlungsmittel Währung Bargeldumlauf (Allgemein)Gültigkeit Laufzeit Devisen

Anything that is, by virtue of the authority of the Government, said to be legal tender. Nowadays these are coins and (bank)notes. The circulating medium which people and businesses use to buy and sell goods. Each country has a different currency, eg the Japanese yen, the Australian dollar, the Russian Roubel, the US dollar, etc. In a narrow sense it may be coin and (bank)notes circulating in the economy. Also called currency in circulation, circulation of money, note and coin circulation or monetaiy circulation. In a wider sense it may also include bills of exchange/drafts, cheques/checks, money orders and postal orders. The condition of being used a the present time.

-

366

-

The term of a contract or bill of exchange, ie the length of time that has to pass before the contract expires or before the bill becomes due for payment. Also called maturity, period, tenor or term. Foreign exchange. currency account

(Fremd)Wahrungskonto, Devisenkonto

Also called foreign currency account. A bank account in the currency of another country, eg a US dollar account. If an exporter has a continual flow of international business it may be preferable to open accounts in the currencies of the sales proceeds, instead of converting all of them into domestic currency. The various balances can then be used to meet any expenses incurred in those currencies, while reducing commission fees on foreign exchange dealings. currency adjustment factor (CAF)

Währungsausgleichsfaktor, Berichtieungsfaktor bei Wechselkursänderungen

In international finance, a foreign exchange surcharge added to the costs of a loan to compensate a lender for exchange rate fluctuations. In shipping, a surcharge usually expressed as a percentage added on freight (charges). Where adjustments in currency values have resulted in a reduction in value of freight rates, shipowners usually apply a currency adjustment factor. currency appreciation

Währungsaufwertung

Also called (currency) revaluation/upvaluation. The increase in the exchange rate of one currency with reference to another. The term is applied to floating exchange rates; revaluation and upvaluation normally refers to fixed exchange rates. currency band

(Währungs)Bandbreite

Also called exchange margins or support points. The area (ie the upper and lower prices) within which a nation's currency is allowed to fluctuate on both sides of its official parity, without central bank intervention. currency basket

Währungskorb

Also called basket of currencies or currency cocktail. A group of currencies, each weighted and calculated together as a single unit against which another currency can be measured.

-

367

-

A method for determining the value of a currency as a weighted average of market exchange rates. An official body designates a unit of account/accounting unit, which consists of a basket of currencies. Each currency is represented in proportion to its value in relation to the total. The two chief units that are available are the Euro (the currency for the European Union) and the SDR (Special Drawing Right). currency bond

(Fremd)Währungsanleihe, Valutaanleihe, Valutabond, Auslandsbond

Also called foreign currency bond/loan or external loan. A bond issued in a foreign country and repayable in the currency ofthat country. currency convertibility

Währungskonvertibilität

Also called currency transferability. The ability of a country's currency to be easily changed into that of another country. There are two types of convertibility: 1. full convertibility and 2. restricted/limited convertibility. currency depreciation

Währungsabwertung, Devaluation

Also called exchange depreciation or currency devaluation. The fall in the exchange rate of one currency with reference to another. The term is applied to floating exchanges rates; devaluation refers to a fall in fixed exchange rates. currency futures contract

Devisentermingeschäft

An agreement to buy or sell a standard quantity of a given currency on a specific future date at an agreed price determined at the time the contract is entered into by both parties. currency of a bill (of exchange)

Laufzeit eines Wechsels

Also called tenor, term or usance. The period between the drawing of a bill of exchange (B/E)/draft (dft) and the date on which it falls due/matures. currency option

Währungsoption

An alternative method of obtaining foreign exchange cover, which is available in some leading currencies (eg US dollars), is currency options. An option can be purchased by an importer or exporter, giving him/her the right to buy or sell a given quantity of foreign currency at a future date, typically after three months. Unlike a foreign exchange contract, an option does not have to be exercised. Instead, when the date for exercising the option arrives, the importer or exporter can either exercise the option or let it lapse.

-

368

currency snake

-

Währungsschlange, europäischer Wechselkursverbund

Also called float block or snake in the tunnel. The "snake", which goes back to 1972, tied the various European currencies together to establish a fairly stable exchange relationship, one with the other. It provided mat all would fluctuate together in relation to the dollar. But there were different rates of inflation in the different European countries - so the snake broke apart. currency speculation

Devisenspekulation

Also called foreign exchange speculation. The buying and selling of currency in anticipation of a change in its value. No profit is made if the anticipated change in exchange rate fails to occur. currency swap

Währungs-Swap

A spot sale of a currency combined with a forward repurchase of the same currency. currency union

Währungsunion

An arrangement among a group of countries to peg the exchange rate among their currencies while maintaining flexible exchange rates with other countries. current account (C/A)

Kontokorrentkonto, Girokonto, laufendes Konto (GB) Bankkonto Leistungsbilanz, Bilanz der laufenden Posten

An active bank account from which withdrawals may be made, eg by way of cash withdrawals, direct debit, standing order, cash card through an automated teller machine (ATM), or by cheque/check at any time without notice (ie on demand) and to which credits/deposits are paid in. It is the normal account which a business uses for its everyday transactions with the bank. Private persons can have their wages paid into it or they can use it for paying their bills, rent, subscriptions and other expenses. The bank usually pays no or only low interest on ordinary current/checking (US) accounts, but levies a charge for its services (the bank charges). Overdrafts to an agreed limit (the credit ceiling/limit/line) may be taken on them. Standing orders ana direct debit services are also available for making payments out of the current account (eg by credit transfers'). At regular intervals the bank will send the customer a statement of account, listing all transactions and the current balance. Current account deposits are termed checking accounts/deposits (US), checkable demand deposits (US), or demand deposits (GB). Also called account current (A/C) or checking (USVcheque/check/cash/credit/(US)/ giro/demand deposit/drawing/open/operating/personal/running/salary account. In accounting, a bank account drawn out in Dr (Dr = debtor or debit side) and Cr (Cr = creditor or credit side) form, which records bank transactions. That part of the balance of payments that records visible and invisible exports and imports. Also called balance on current account.

- 369 current assets

Umlaufvermögen (UV)

Also called circulating/floating/non-fixed (US)/working assets. Very liquid or short-term assets owned by a company which are continuously changing and being used in one year through the operation of the business. The working capital used to create more income, and other assets, such as cash and bank balances available for current operations. Furthermore, they provide the income to meet liabilities which have to be paid fairly soon. Types of current assets are: stocks, including finished goods, work-in-progress/ process, and raw materials, accounts receivable, bills receivable falling due within one year, marketable securities, prepaid expenses, and short-term investments. In the balance sheet, a company must show current assets separately from fixed assets. Note: the balance of current assets over current liabilities is called working capital. current balance

Leistungsbilanzsaldo, Saldo der Leistungsbilanz

Also called balance on current account or current account balance. The balance of visible and invisible items (visibles and invisibles) in international trade, ie of the balance of/on goods and services, excluding capital movements. current gross national product

Bruttosozialprodukt (BSP) zu Marktpreisen

Also called current GNP, nominal GNP or GNP at market prices. The money value of a country's goods and services sold at current/market prices. current income

laufendes Einkommen laufende Erträge

Income that may be composed of a regular or permanent component, ie income which is fully anticipated and received on a regular contractual basis. The current returns of an investor. Also called current receipts/yield or operating income. current liabilities

kurzfristige Verbindlichkeiten

Also called floating/short-term liabilities or current/floating debt(s). Debts/obligations which must be met in the near future - not later than 12 months from the date of the last balance sheet. The debts may be for goods purchased or services received (ie trade creditors). They include accounts payable, taxes payable, bank overdrafts, dividends payable, interest payments, and short-term credit obligations.

-

370

Tagespreis, gegenwärtiger Preis

current price

Tageskurs (Bö) Today's price for a commodity or service. Also called going price or prevailing price. On the stock exchange, the daily quotation for securities. geltender Wechselkurs, Tageskurs

current rate (C/R)

Also called current exchange rate, day's/today's rate or rate of the day. Today's rate o f exchange. A banking term used to describe rates of exchange quoted in terms of foreign units per currency unit (eg £ 1, $ 1). Liquiditätskennzahl (Verhältnis zwischen Umlaufvermögen und kurzfristigen Verbindlichkeiten)

current ratio

Also called (net) working capital ratio. A measure of liquidity. The relation between the total current assets (including stock and work-in-progress/process) and the total current liabilities of a business (îe total current assets are divided by total current liabilities). The ratio is used as an indicator of the ability of the business to meet its debts as they become/fall due, ie it assists in analyzing the current financial position. The ratio is quoted as follows: total current assets total current liabilities

=

eg

250 100

= 2.5 times,

This means that the current assets are sufficiently liquid and the business should have no difficulty in paying its current liabilities. If the ratio is less than 2 : 1 then the firm could be running into liquidity problems. current transactions

laufende Geschäfte Leistungsverkehr (AuW)

The present business transactions of a company. All money payments made or received for goods and services imported or exported. current value

Marktwert, Tageswert, Zeitwert

Also called market value or present value. The value of an asset at the present date, ie the price at which something is traded on the open market. It is in contrast to its value wnen it was bought, ie the acquisition price. curriculum vitae (CV)

Lebenslauf ( G B )

Also called personal history/record or résumé/résumé (US).

-

371

-

In GB, a brief written account (most usually in tabular form) of a person's name and address, date of birth, place of birth, marital status, nationality, education, interests, qualifications, employments, professional experience, career, nono(u)rs and awards, references, etc used when applying for a position, etc. Its purpose is to enable the prospective employer to build a picture of the job applicant's suitability, to judge his/her professional abilities, to give starting points for discussion at the job interview, to provide references that can be taken up, etc. Note: 1. the term in latin means course of life, 2. the plural is curriculums or curricula vitae. cursor

Cursor, Positionsanzeiger auf dem Bildschirm

A moving spot (eg an arrow) on a VDU (visual display unit) which indicates where you are working and thus shows the next position for entering data on the screen. cushion bond

hochverzinsliche Anleihe

Also called high-coupon bond/loan. A bond bearing a high rate of interest. custodial account

Treuhandkonto Depotkonto

An account opened for someone who is unable to look after it. Also called trust account. In banking, a deposit account. custodian

Treuhänder/in, Verwahrer/in

Also called trustee. A person who takes charge of other persons' property and is responsible for its safekeeping. custody

Aufbewahrung, Verwahrung

The physical holding (not ownership) and safekeeping of valuables and other things. custom

Sitte, Brauch Kaufgewohnheit Kundschaft Gewohnheitsrecht Handelsbrauch Steuer und Zoll Kunde, Kundin

Things which are usually done by people. Also called established behavio(u)r/customs.

-

372

-

Practice of regularly buying goods or services from a business. Also called buying/ consumer/shopping habit. The persons who regularly deal at one shop. Also called clients, clientele, customers or (business) patronage. Usage which has the effect of unwritten law (that is custom and practice). Usage which is understood and recognized by persons connected with a particular trade. Also called business usage, commercial custom/practice/usage, trade custom/ usage, or usage of the market. Duty and tax due to the government. A customer. customer

Kunde, Kundin, Käufer/in, Abnehmer/in Kontoinhaber/in

A person or business which buys or orders goods or services from another business. There are cash and credit customers. Also called buyer, client, purchaser, shopper or taker; account (in advertising), depositor (in banking), market operator (on the stock exchange) or patron (in a restaurant). A holder of a bank account. Also called accountee, account holder, bank client/ customer, depositor, or holder of a bank account. customer service

Kundendienst

Also called client/after-sales/post-sales/sales service or servicing. A continuing service of maintenance, repair, supply of instructions for use, etc. a retailer or manufacturer/producer provides for his/her customers after a product or service has been sold. Note : a service rendered before a good or service is sold, is called pre-sales service. customs (CUST, Cstms) (Einfuhr-, Ausfuhr-)Zölle The authority responsible for checking all imported (and exported) goods and assessing ana imposing/levying duties. Also called customs authority. Duties levied on imported (and exported) goods. Customs and Excise (C&E)

Behörde fur Zölle und Verbrauchssteuern (GB) Zölle und Verbrauchssteuern Zölle und Abgaben

A department of the UK government to control imports and exports and responsible for assessment and collection of customs and excise duties. The full name is Her Majesty's Customs and Excise (H.M.Customs). Note: furthermore a common term for the customs authorities in English-speaking countries.

-

373

-

Customs, ie taxes levied on goods brought into (ie imported) or sent out of a country (ie exported); and excise duties/consumption taxes, ie taxes charged on certain goods produced, sold or consumed within the country (ie on consumption goods), such as spirits, beer, coffee, petrol, tabacco, wine, etc. Customs duties and other charges of any kind. Also called customs and excise duties. customs and excise duties

Zölle und Abgaben

Customs duties and other charges of any kind. customs clearance (CCL)

Zollabfertigung Zollabfertigungsschein

The formalities necessary to satisfy the customs so that the goods may pass through the customs and enter or leave the country. Also called clearance, customs clearing/ control or clearance of goods. A document given by the customs to a sender/shipper to show that customs duty has been paid and the goods may be unloaded ("clearance inwards) or leave the country (clearance outwards). Also called clearance/clearing certificate, bill of clearance or clearance paper. customs declaration

Zollanmeldung, Zolldeklaration

Also called customs entry/form, declaration or bill of entry. This is a form made out by an exporter or importer, detailing the goods he/she is sending abroad or importing and their value. It enables the customs authorities to levy/impose the correct duty. customs duties

Zoll, Zollgebühren, Zollabgaben

Also called clearance charges, customs charges/duty/tariff or custom duty (US). A sum of money/taxes charged/levied by the customs authority of a country on certain oods entering a country (import duty), or on goods being exported (export duty), he amount depends on the kind of goods and the country which imports or exports the goods.

f

The duties are imposed/levied on imported goods on an ad valorem basis. They may be protective duties, ie they protect home industry from foreign competition (by raising the price of the imported article). The increased price damps down home demand by reducing imports and therefore improves the balance of payments. customs invoice

Zollrechnung, Zollfaktura

An invoice made out on a special form prescribed by the customs authorities of the importing country and required in addition to a commercial invoice. Some countries require a specially printed customs invoice for imports over a certain value.

-

374

customs office

-

Zoll, Zollbehörde, Zollamt

Also called customs authority/bureau/house. A place for the purpose of imposing and collecting duties on imports and exports. customs union (CU)

Zollunion

Also called tariff union. A union formed between two or more countries who agree to eliminate all barriers to trade (eg quotas, subsidies) between them, by abolishing internal duties or by sharing uniform customs tariffs. The countries involved also adopt a common tariff policy towards third countries, ie to nonmember countries. cutprice war

Preiskrieg

Also called price(-cutting) war. An extreme form of competition; the prices are reduced to the point where the weakest producer is driven out of business. In the short period consumers gain from price wars out ultimately they lead to quality reductions, low profits and investment. cutthroat competition

ruinöse/r Konkurrenz/Wettbewerb, Verdrängungs-, Vernichtungswettbewerb

Also called destructive/ruinous competition. An extreme form of competition. Cutthroat competition may take the form of a price(-cutting) war, where the weakest producer is driven out of business - hence the term cutthroat. cybernetics

Kybernetik

In general, cybernetics is concerned with the theory of information flow in control systems. It may be defined as the science of communication, computation and control. cycle

Zyklus, Kreislauf Konjunkturphase, -zyklus

A regularly recurring series of events. In economics, alternating periods of boom and depression, ie a period during which trade expands, then slows down and then expands again. In detail this means trade moves from a state 01 high activity (boom, prosperity) through a running-down period (downswing, recession, slump) to a state of low activity (stagnation, depression), then upward again (recovery, expansion) until there is a return to high activity again. The whole cycle then begins again. Also called business/economic/trade cycle.

- 375 cycle billing

über den Monat verteilte Rechnungsaufstellung

Also called cycle invoicing. The preparation and dispatch by a firm of customers' statements throughout a month. Note: many firms apply monthly billing/invoicing. cyclical

fluctuations

konjunkturelle Schwankungen

Swings up and down in the state of the economy. cyclical indicator

Konjunkturindikator

Also called (business) cycle/business/economic indicator or economic pointer. Economic signs which have a relevance to how the business/trade cycle moves; they measure the progress of the business/trade cycle. cyclical industry

konjunkturabhängige/r Branche/Wirtschaftszweig

Also called cyclic industry. Industries which are affected by business/trade cycles, ie they flourish or decline according to the overall performance of the economy. cyclical stock

konjunkturempfindliche Aktie

Also called cyclic share/stock. A share/stock whose quotation/listing fluctuates with the overall performance of the economy. cyclical unemployment

konjunkturelle, zyklische Arbeitslosigkeit

Also called demand-deficient unemployment or deficiency-of-demand unemployment (because it is arising from a general deficiency of demand). Unemployment that arises from the ups and downs in the economy, the booms and recessions/slumps or depressions over a business/trade cycle. During a slump/recession business activity is low, the general demand for labo(u)r is also low, and so unemployment increases. On the other hand unemployment will decrease in the subsequent economic recovery/expansion. Note: the demand for labo(u)r is directly associated with the level of economic activity.

-

376

-

D One deed is worth a thousand speeches. (Proverb, 1767)

dailies

Tageszeitungen

Newspapers published at least five times per week (Monday to Friday). daily official list

Amtliches (Börsen)Kursblatt

Also called official list or list of quotations. A list officially issued by the stock exchange showing daily quotations for stocks and other securities. daisy chain

künstliche Marktaktivität

A form of rigging the market. A group of securities dealers actively buy, giving an impression of active and healthy demand, which will attract genuine investors. Once the prices are driven up, the riggers sell their holdings, making a quick profit and leaving the investors without buyers, and a collapsed market. daisy wheel

Typenrad

Also called printhead or print/type wheel. The print wheel of an electronic typewriter or computer. damage

Schaden, Beschädigung, Verlust

Also called injury or loss. Loss, deterioration, spoiling or breakage of goods or of property, or injury to persons. damages

Schadenersatz, Entschädigung

Also called compensation, indemnification, indemnity, or reimbursement. Compensation paid for a specified injury, loss or wrong. For example, monetary compensation awarded by a court of law to an insured party (the plaintiff) who has suffered a loss of an act of the defendant.

-

377

-

Compensation is paid, to place the plaintiff in the same position as he/she was in before the act complained of occurred. In insurance, the amount the insurer/insurance company is obliged to pay an insured for losses incurred. damages for breach of contract

Schadensersatz für Vertragsnichterfüllung

A seller may bring an action for damages for nonacceptance against a buyer who wrongfully neglects or refuses to accept and pay for the goods. The buyer may bring an action for damages for nondelivery against a seller who wrongfully neglects or refuses to deliver the goods. damper

Anfeuchter

Also called dampener. A damper is used to moisten sticky labels. danger money

Gefahrenzulage

Also called danger pay, danger zone bonus, dangerous work allowance or hazard bonus. An additional payment to persons performing dangerous work. If a degree of personal risk is involved in a job, then this must be recognized by the payment of danger money. dangerous goods

Gefahrgut, gefahrliche Güter(ladung)

Also called dangerous/hazardous cargo. Hazardous goods such as explosives, gases, flammable liquids, flammable solids, oxidizing materials, toxic substances, radioactive materials, corrosives, etc. data

Daten, Angaben, Informationen, Unterlagen, Zahlenmaterial

A collection of figures, facts or information available for analysis. Examples of business data include hours worked by employees, number of units ordered by customers, national income, the retail price level, etc. A general term for numbers, digits, characters and symbols which are accepted stored ana processed by a computer. data bank Also called data base or information bank.

Datenbank

-

378

-

Collection of facts and information, usually held on computer, for the use by commerce, industry, government and/or research bodies. The centralization ofinformation in a data bank avoids the duplication of data as the data is usually available to a large number of users by means of remote terminals. data carrier

Datenträger

Also called data/recording medium. A general term referring to a medium for recording data, eg a magnetic tape. data collection

Datenerfassung

Also called data capture or data acquisition/gathering/recording. The way of capturing or collecting data for the use within a computer system. In marketing, the collecting of data by personal interviews, mail survey, telephone survey or focus group. data entry

Dateneingabe

Also called data input. The entry of data into a computer by an appropriate input device. data matrix

Datenmatrix

An array of value stored as a series of rows and columns representing variables and the values they may take. data processing (DP)

Datenverarbeitung, Materialaufbereitung elektronische Datenverarbeitung

The operations performed on data in order to produce information or to achieve systematic recording, arranging, filing, processing, retrieving and dissemination of information relating to business operations. In an organization data must be gathered, processed, stored and reported for various reasons, eg to provide cost estimates. Such activities have value for decision-making, roblem solving, business administration and business control. Also called data andling or information processing.

E

Electronic data processing (EDP). data protection

Datensicherung, Datenschutz

The protection of data against alteration without some special procedure, unplanned modification, damage, or loss. Furthermore it must prevent unauthorized access to data elements, thus protecting the privacy of data according to prevailing needs (the Data Protection Act).

-

Data Protection Act

379

-

Datenschutzgesetz (GB)

In GB, an act to protect the privacy of personal data. The act affects everyone involved in the processing of personal information. data sheet

Datenblatt

Also called data specification sheet. A sheet, usually A 4 size; it sets out factual or statistical information and data about someone or something, eg persons, components, materials, products, etc. data storage

Datenspeicher

Also called data memory/logger or memory bank. Storage/memory of data from where it may be retrieved upon request. data transmission

Datenübertragung

Also called data transfer. The transfer of data from one computer system to another. The transmission of data to and from a central computer and a remote data location, date Datum A particular month, day, and year at/on which some event happens, happened or will happen. The day of the month, eg the day of an appointment. Note: in correspondence, it is best to write the month out as a word to avoid confusion because in the USA dates are written in the order month-day-year, whereas in Europe the order is usually day-month-year. Examples are: May 3, 2002 (US) or 7 August 2002 (GB). date bill

Datowechsel

Also called date draft. A date bill (of exchange) differs slightly from a term draft/time bill in that it specifies a date at/on which payment is due rather than a time period after the bill is accepted. When a sight bill or time bill is used, a buyer can delay payment by deferring/delaying acceptance of the bill. A date bill is able to prevent this. date code

Haltbarkeitskodierung

A code showing the date (ie the sell-by date) by which a product should be sold or consumed.

-

380

-

date coding

Kennzeichnung mit Herstell- oder Verfalldatum

Practice of showing the manufacturing/production date or the date by which a product should be sold or used (up). date of inception

Beginndatum (einer Versicherungspolice)

Also called inception date or date of subscription. In insurance, the date of commencement of an insurance policy, ie the date from which the insurer's liability starts. date of invoice

Fakturen-, Rechnungsdatum

Also called invoice/billing date. The date on which an invoice or bill is issued. date of issue

Ausstellungstag Emissionstag

The day a document is formally put out or takes effect, eg the date of issue of an insurance policy. Note: the day that shows on the document itself, not necessarily the day it actually appears. The day new shares/stocks or other securities are issued. date of maturity

Fälligkeitstermin, Verfalltag

Also called maturity/due/expiration/expiry date. The date on which a bill of exchange, an insurance policy, an invoice, a security, etc. falls due/matures. date of payment

Zahlungstermin Zahlungsdatum

The date on which payment, eg of an invoice, falls due. The day on which payment is made. date of receipt

Eingangsdatum

The date when something, eg a letter, is received. date of shipment

Versandtag, -termin, Verschiffungstag, - termin

The date on which goods have to be dispatched/shipped.

date on letters

381

Briefdatum

The date of a letter should always be typed with the month clearly stated in words. This avoids confusion, since in the USA it is usual to specify the month first. In G B the day is usually specified first in an all-number date. The modern way of typing the date is, eg 3 May 1999 (GB), May 3, 1999 (US), or 99-05-03. date order

chronologische Reihenfolge

Also called chronological order. Filing in the order of the date shown on the letter or document. date stamp

Datums-, Eingangs-, Bearbeitungsstempel Poststempel

A device for stamping dates on documents or incoming mail. A time stamp is frequently incorporated in the date stamp. Also called dater or receipt stamp. The mark on documents or mail showing date and time of receipt. The postmark on a letter or parcel. date terms

Datumsbedingungen

The words "by", "to", "until", "till", "from", etc., applying to any date term (eg in a documentary credit) will be understood to include the date mentioned. The word "after" will be understood to exclude the date mentioned. The terms "first half' and "second half' of a month should be taken respectively as meaning from the first to the 15th and from the 16th to the last day of each month, inclusive. The terms "beginning", "middle" or "end" of a month should be taken as from the 1st to the 10th, the 11th to the 20th and the 21st to the last day of each month, inclusive. dated security

Wertpapier mit festem Rückzahlungstermin

Securities (eg bonds) which have a stated redemption date (eg 2003) or which are repayable during a specified period in the future (eg 2000 - 2005). Where there are two dates, the securities may be redeemed at any time between the dates stated. Such securities are divided into short-dated, medium-dated and long-dated securities. dating

Datierung Datumsspeicherung Kreditverlängerung, Verlängerung des Zahlungsziels Festsetzung der Laufzeit

The dating of invoices, cheques/checks, bills of exchange, etc. The recording of calendar dates for purposes of later comparison or expiration testing.

- 382 -

The prolongation of a credit; in commercial transactions, an extension of the payment period beyond the supplier's customary terms. The fixing of the term/currency, eg of a contract. dawn raid

überraschender Aktienaufkauf, aggressives Überraschungsmanöver

A stock exchange term. An investor (ie a potential takeover bidder) instructs a broker(s) to buy a significant part of the shareholding/stockholding (ie a block of shares/stocks) of a target/victim company quickly, ie as soon as the stock exchange opens and ususally before the target company knows that it is a target. I n e motive of the buyer may be to build up a shareholding very quickly as a base for further purchases at a later date with a view to acquiring a controlling interest/stake or full control. DAX index

DAX, Deutscher Aktienindex

Index of share/stock prices on the Frankfurt stock exchange. day bill

Datums-, Tag-, Zielwechsel

Also called term/time/usance bill or time draft. A bill (of exchange) payable at a specified or determinable future time. day loan

Tagesgeld, täglich fälliges Geld

Also called day to day/call/overnight money, clearance loan or morning credit. A credit/loan made for one day only. day order

Tagesauftrag (Bö)

On a stock or commodity exchange, an order to buy or to sell a specified security or commodity at a fixed pnce or within fixed limits. The order has to be completed that day (ie the order is good for one day only). If not, it is automatically c a n c e l l e d . day rate

Marktpreis Tageskurs, -notierung Zeitlohnsatz, Tageslohnsatz

The normal price in/on the market. Also called going rate or market price. The current price of a security listed/quoted on the stock exchange. Also called quotation (of the day) or daily quotation. Today's rate of exchange. Also called current rate of exchange. In employment, the rate of pay for the day or by the hour over the working day. Also called time rate, day wage or daywork rate.

-

383

day release

-

bezahlter Arbeitstag zum Besuch eines Fortbildungslehrgangs

A system of training whereby employees attend a further vocational training course away from the workplace (typically one day a week), without loss of pay. day to day money

Tagesgeld, täglich falliges Geld, Eintageskredit

Also called call/demand/overnight money, money at call or overnight loan; sometimes day-to-day accommodation or day/day-to-day/call loan. Sums of money lent by banks to other banks or financial institutions at a fixed rate of interest for a single day but renewable from day to day by agreement. day trader

Tagesspekulant/in

A person who buys and sells the same security on the same day. day trading

Day Trading, Tagesspekulation

An investor's activity of buying and selling a security on the same day in the hope of realizing a quick profit. daybook/day book (DB, db)

Journal, Grundbuch, Tagebuch

Also called journal. In bookkeeping, a book of prime/original entry. It records the details of purchases, sales and other business transactions every day as they happen. daylight overdraft

Tagesüberziehung/en (BaW)

An overdraft facility which allows you to withdraw more money from your bank account than you have in your account during the day, provided that your account is in credit at the end of the day. daylight saving time (DST)

Sommerzeit

Also called summer time or daylight savings. The time observed when daylight saving is adopted in a country. Daylight saving is the practice of advancing standard time by one hour in the spring of each year and of setting it back by one hour in the fall/autumn in order to gain an extra period of daylight during the early evening. daylight trading Also called daytrading or jobbing the market.

Kauf und Verkauf während eines Börsentages

-

384

-

A stock exchange term which means, buying into and selling out of the market (ie the stock exchange) within one day for profit (though it could involve a loss). days of grace

Nachfrist, Respekttage zusätzliche Zahlungsfrist, Zahlungsaufschub

Also called grace period. In general, the days allowed for payment after it becomes/falls due. Three days formerly allowed for the payment of a bill exchange after it had nominally become due, except when drawn payable on demand/at sight. Bills now become payable on the last day of the time of payment. The time period allowed for making payments on a loan after the due date. If payment is effected within this period there will be no late charge. In credit cards, the time period in which interest is not charged on current purchases. Also called free period. The additional time allowed for paying insurance premiums after they have become due without suffering a loss or penalty. days' sight (d/s)

Tage nach Sicht

Days after the sight of a bill exchange, ie after its presentation for acceptance. dead account

umsatzloses, totes Konto

Also called broken/dormant/inactive/inoperative account. In banking, an account which has not carried any transactions for a long period. dead assets

unproduktive Aktiva

Assets which do not produce any income under normal business operations. dead file

abgelegte Akte

A file used to house material which is old and possibly of little current value. The material is kept in case there is a need to refer to it, a note of the file numbers is kept in the current file so that the material can quickly be located if required. dead horse

bezahlte, aber noch nicht gelieferte Güter und Dienste vorausbezahlte Arbeit

Goods and services paid for in advance of production or performance. Work which has been paid for but has yet to be completed.

-

385

dead letter

-

unzustellbarer Brief bestehendes, aber nicht angewandtes Gesetz

A letter which cannot be delivered or returned. A law that still exists but which is not applied anymore. dead letter office (DLO)

Postamt fur unzustellbare Briefe und Pakete

The department of the Post Office which deals with letters and packets which cannot be delivered or returned (dead letters or dead packets). dead loan

uneinbringlicher Kredit

A temporary loan which has not been repaid by the borrower at the agreed time. dead loss

Totalverlust

A total loss. dead stock

Ladenhüter, unverkäufliche Waren totes Inventar

Unsal(e)able goods left on hand. In the USA also called frustrated goods. Any form of capital not in use. deadfreight (D/f)

Leerfracht, Fehlfracht

Freight charges payable for cargo space booked but not used. deadline

(letzter) Termin, Stichtag, Schlußtermin Einsendeschluß, Annahmeschluß

Also called time limit or finish/target date. Time by which one must do something or by which a particular stage of a job must be completed. The closing date, eg for the sending of a letter or for an application. deadweight (dwt, d/w)

Leergewicht

Also called dead/kerb weight. The weight of a vessel or any other carrier without any cargo.

-

386

deadweight debt

-

Schuld, die nicht durch Immobiliarvermögen abgesichert ist; Kreditaufnahme für laufende Ausgaben

A debt which is not covered by any real asset; it is only used to finance current expenditure. deadweight tonnage (DWT, dwt)

Leertonnage, Ladefähigkeit

Also called deadweight capacity. The weight in gross tons of the cargo which a vessel can carry. deal

Geschäft Abschluß, Übereinkunft Sonderangebot

A business transaction. Agreement reached between two or more parties to a contract. A special offer. dealer

Kaufmann, Kauffrau, Händler/in Makler/in Dealer

A person who deals, buys and sells, on his/her own account and not as an agent of another. Also called merchant or trader. A dealer in foreign exchange, stocks/shares, commodities, etc. Also called broker. A person who buys and sells drugs illegally. dealer aid

Verkaufshilfe

Also called selling aid. Any material, eg leaflets, samples supplied by the manufacturer/producer to a dealer or retailer in order to assist him/her in his/her task of selling goods or services. dealer imprint

in Werbung eingedruckte Händleradresse

The name and address of a local dealer, printed on a national advertisement after it has been designed and printed by the manufacturer/producer. dear money Also called close/tight money.

teures Geld

-

387

-

Money which can only be borrowed at a high rate of interest. Loans become expensive and/or difficult to obtain. death benefit

Hinterbliebenenrente Sterbegeld

The amount payable under a life insurance policy when the policyholder or the person whose life is insured dies. Also called survivorship annuity or survivor's pension. In employment, a benefit paid to the beneficiary of a deceased employee. Also called death/funeral grant or funeral benefit. death benefit insurance

Sterbegeldversicherung

An insurance policy that makes a payment to the beneficiary of a deceased person. death certifícate

Totenschein, Sterbeurkunde

An official certificate to certify the date and cause of death. death duty

Erbschaftssteuer

Also called estate duty/tax (US) or inheritance tax. A direct tax levied on the estate of a person who has died. In GB, this duty has been replaced by capital transfer tax (CTT). death grant

Sterbegeld, Sterbebeihilfe

Also called death/funeral benefit or funeral grant. A small lump sum paid to cover part of the funeral expenses. death rate

Sterblichkeitsziffer, Sterbeziffer

Also called mortality rate. The number of deaths is measured by the death rate, which is the number of deaths per thousand of population per year. A low death rate indicates that the average fife expectancy is high. debasement (of coinage)

Münzverschlechterung

Also called adulteration of coinage. A reduction in the amount of precious metal contained in a country's coins.

-

388

-

debenture (db)

Anleihe, (Industrie)Obligation, Schuldverschreibung Schuldschein

A fixed-interest bearing bond issued as an acknowledgement of and security for a debt, setting out the terms for interest and repayment. It is by the issue of debentures that companies raise much of their finance. Debentures are usually issued by public limited companies/stock corporations for the purpose of raising loan capital. The holders of debentures are not members of the company; they are creditors (debentures are part of the debt capital of the company), and are paid interest on their loans irrespective of whether the company is making a loss or a profit, and before preference or ordinary shareholders/common or preferred stockholders receive any dividends. Debentures are normally secured against property owned by the firm. If the company goes bankrupt, the debenture holders can force liquidation and must be paid before any of the shareholders/stockholders. One respect in which debentures differ from other loans to a company is in the fact that the lender (ie the holder) can sell his/her claim against the company to someone else; the company is then in debt to the new holder. Debentures are of four main types: 1. secured debenture (it grants a mortgage or charge over the property of the company; in the case of default the assets can be sold to repay the loan) or unsecured/naked debenture (the debenture is given without security, it is only secured by the general credit of the obligor and merely acknowledges the debt); 2. single debenture (issued to cover a single debt, for example to a bank) or series debenture (ie a debenture issued in series to many holders; this type is more usual); 3. registered debenture (registered in the names of the various holders); or bearer debenture (this is a negotiable instrument transferable by delivery); 4. redeemable debenture (ie repayable at or before a specified date) or irredeemable/ perpetual debenture (ie not repayable except on default of interest or on liquidation of the company). Note: some debentures can be converted into ordinary shares/common stock at a specific price and at a fixed date (they are called convertible debentures/bonds). Also called bond, debenture bond or debenture stock. A form of bank security covering corporate debt. In the event of liquidation, the bank ranks as a preferential/preferred creditor. Also called promissory note (P/N), (demand) note (US), IOU (I owe you) or bond/certificate of indebtedness. debenture discount

Anleihedisagio

Also called bond discount or discount on bonds. The difference between the issue price (eg £/$ 97), and the nominal/face value £/$ 100, ie £/$ 3. The company shows it in the balance sheet as a debit balance. debenture holder

Obligationär/in, Anleiheinhaber/in

Also called bondholder. The holder of a debenture/bond, whether payable to bearer or registered.

- 389 debit

Soll, Sollseite, Debetseite Lastschrift, Belastung belasten

The debit side of an account (ie the left-hand side of an account in the double-entry system). Also called debtor (Dr), debtor side or left-hand side. A debit entry or charge, eg for an account withdrawal. To charge a person or his/her account with the cost of goods or services supplied. In bookkeeping, to enter an amount on the left-hand side (the debit side) of an account. It records an increase in an asset or an expense, or a decrease in a liability, owner's equity or revenue. debit advice

Belastungsanzeige

Also called debit note (D/N). A document sent by a bank to its customer indicating that his/her account has been debited. A document similar to an invoice. It is sent by a seller to a buyer when he/she has been undercharged on an invoice. debit balance

Soll-, Debet-, Verlustsaldo negative, passive Zahlungsbilanz

In accounting, the balance of an account when the debit side is greater than the credit side (ie an excess of debit over credit entries! The book entry of the balance is made on the credit side. Also called balance due (b/d). In economics, a balance of payments deficit. Also called adverse/unfavo(u)rable balance of payments. debit card

Bankkarte Kreditkarte, Zahlkarte (Lastschriftkarte) zur direkten Abbuchung von Einzelhandelskäufen

In banking, a plastic card which allows a person to deposit money in an account or to debit a named account, eg the person is allowed to withdraw casn from an automated teller machine (ATM), which then deducts the amount from the bank account. Also called bankcard. A plastic card which allows a person to make a purchase that is paid for (at the point of sale) by a direct substraction from the person's current/checking account. Debit cards can be used in much the same ways as credit cards, provided that there are enough shops, restaurants etc that accept them. Note: the retail outlets need to have the necessary computerized input device, into which the card is inserted. Debit cards cannot be used for extended credit, and full payment must be made on receipt of the bill. Also called payment card.

-

debit entry

390

-

Lastschrift Sollbuchung

In banking, an amount withdrawn or transferred from an account. In accounting, an entry on the debit side of an account. debit interest

Schuld-, Soll-, Aufwandszins/en

Also called debt interest, debit rate, debtor interest rate, or interest charge/expense. The cost of borrowed funds, ie the interest amount the borrower has to pay to the lender, usually a bank. debit note (D/N)

Debitnote, Lastschriftanzeige, Belastungsanzeige

Also called charge slip, debit advice or debit memo(randum). In general, a document issued by one party to a transaction (eg a bank) to show the recipient that his/her account has been debited with the amount shown. A document similar to an invoice. A debit note is issued because an invoice should never be altered. It is sent by a seller to a buyer when it is intended to debit his/her account or when he/she has been undercharged on an invoice. Sometimes it is sent to the seller by a buyer who has returned goods or has been overcharged; but it is more usual for a buyer to ask for a credit note (C/N). debit side

Sollseite, Debetseite

Also called debit column, debtor (Dr), debtor side, or left hand side. In double-entry bookkeeping, always the left-hand side of an account, eg showing the money paid to or owed by others, the value of assets purchased, or expenses incurred. debt

Schuld, Verbindlichkeit

Something owed to another, an obligation or liability. An amount of money which a person or business (the debtor) owes to another person or business (the creditor). Debts result from deferral of payment or from borrowing. Depending on the terms, interest is payable at specifiea periods on most forms of debt and the repayment on maturity/due date is also usually stipulated. debt adjuster

Schuldenkonsolidierer

Also called debt consolidator/pooler. A person or organization who takes someone's money and pays it out to creditors by getting the creditors to accept lower payments.

- 391 debt capital

Fremdkapital Anleihekapital

Usually a company has equity capital and debt capital. Equity capital is the capital which the shareholders have contributed, debt capital (bonds and loans) is the capital which creditors have contributed. Interest has to be paid on this capital, even if no profits are made. Also called borrowed/debt/loan/ outside capital, capital from outside sources, creditors' equity, or debt/external finance. A company's bond capital. Also called debenture capital or loan capital. debt collection

Inkasso, Einziehung von Forderungen, Forderungseinzug, -inkasso

Also called collection of debts/accounts receivable or receivables collection. The process of collecting debts on behalf of a creditor; this is often undertaken by a debt collecting agency. debt collector

Inkassobauftragte/r

A person who is employed by someone to get back/collect the money that people or firms owe. debt factoring

Ankauf und Bevorschussung von Forderungen, Verkauf von Kundenforderungen

The sale of debts to a third party (the factor) at a discount, in return for prompt cash. A service whereby the factor acquires the right to receive payment from a business's debtors. The factor takes over the invoices of a firm, paying them up to 90 % of the debt immediately, after deducting charges. The business does not have to wait to obtain the cash for goods sold. debt financing

Fremdfinanzierung

Also called loan financing or borrowing. Part of outside/external financing, ie funds borrowed from outside parties rather than capital supplied by the owners of an entity. Due to the tax deductibility of interest, debt finance is normally the cheapest form of long-term financing, provided the borrowed funds produce a return in excess of their costs. debt management

Schuldenmanagement Verwaltung der Staatsschuld, Schuldenstrukturpolitik

The management of a company's or individuar s liabilities/obligations so as to assure interest payments and repayment of the principal. The process of administering the national debt, ie regulating the size and structure of the outstanding debt, and securing interest payments and repayment of the principal.

-

debt market

392

-

Fremdkapitalmarkt

The market where companies can obtain the debt capital (ie bonds and loans) they need. debt of hono(u)r

Ehren-, Spielschuld

A debt which is not legally recoverable, eg a gambling debt. debt ratio

Verschuldungsgrad (Verhältnis aus Fremd- und Gesamtkapital) Verschuldungskoeffizient, Leverage-Kennziffer (Verhältnis zwischen Fremd- und Eigenkapital)

Total liabilities divided by the sum of liabilities and owners' or shareholders'/ stockholders' equity. The relationship between debt capital and equity capital, ie total liabilities divided by total owners' or shareholders'/stockholders' equity. A device for analyzing balance sheets and to show the amount of protection available to creditors. Also called debtequity ratio or debt-to-equity ratio. debt securities

schuldrechtliche Wertpapiere

Securities certifying that money was borrowed either at a fixed or a floating interest rate. debtee

Gläubiger/in, Kreditor Forderungsberechtigte/r

Also called creditor. A person or business to whom money is owed by the debtor who has received goods or services on credit. A person to whom an obligation exists. debtor (Dr, dr)

Schuldner/in, Debitor Verpflichtete/r Kredit-, Darlehensnehmer/in Sollseite

One who owes money to a business for goods or services which the business has supplied on credit. One who is under some obligation to another. Also called obligor. One who has raised a credit or loan. Also called borrower. The debit side of an account, ie the left side. Also called debit/debtor side.

-

393

-

debtor nation

Schuldnerland

Also called debtor country. A country with a balance of payments deficit. A country whose foreign debts are larger than money owed to it by other countries. debugging

Fehlerbeseitigung, Fehlerkorrektur

The process of detecting, diagnosing and correcting errors in a computer program or the elimination of faults from any system. decapitalization

Senkung des gezeichneten Kapitals, Grundkapitalsenkung, Kapitalschnitt

A reduction of share/stock capital. decasualization

Abschaffung von Gelegenheitsarbeit

The abolition of the practice of the casual employment of workers. deceased estate

Nachlaß

Also called decedent's estate. The estate or property of a person who has died. deceit

Betrug, (bewußte) Täuschung

Also called deception, fraud or misrepresentation. The act or practice of deceiving. Hiding the truth; making a false statement; making somebody believe something which is not true. decentralization/decentralisation

Dezentralisation, Dezentralisierung

The locating of organizational functions at places geographically removed from the head office/headquarters of the organization. The shifting and delegating of power and authority from a central point to subordinate levels within the organizational hierarchy in order to promote independence, responsibility and quicker decision making. In decentralization the organization is divided into several autonomous units and each unit is responsible for its own performance. Thus, authority and responsibility for decision making and control is pushed down to lower levels, eg departments, strategic business units (SBUs), subsidiary companies, etc.

-

394

-

In the case of any large-scale organization, centralization can lead to ineffective communication and poor control, so that a certain amount of decentralization becomes necessary. deceptive advertising

irreführende Werbung, Falschwerbung

Also called misleading advertising. An advertising message that misleads a consumer about an important aspect of a product or service. decimal system

Dezimalsystem, dekadisches System

Also called decimal scale. A system by which weights, measures, money, etc., are regulated and calculated by decimal division. A number system based on the number 10; each unit is 10 times the next smaller one. decision

Entscheidung, Entschluß

The act or process of deciding. The act of making up one's mind. Something that is to be decided. decision lag

Entscheidungsverzögerung

Time lag/delay between the receipt of information (ie the recognition of the need for action on an economic problem) by a decision maker and the taking of action on it. decision maker

Entscheidungsträger/in

Also called decider. The person who actually makes the decision(s), eg to purchase a product, to develop a product, to launch/introduce a new product or to build a new plant. decision making

Entscheidungsfindung, Prozeß der Willensbildung

In general, the process of: 1. identifying the problems that need to be considered, 2. examining the likely consequences of various actions, 3. choosing a course of action from several identified alternatives in order to sotye the problem(s). The primary task of managers is to make the right decisions at the right time. First it is necessary to solve problems, then it is possible to carry out the relevant decisions. The type of decision each manager is entitled to make should be clearly defined to avoid trouble.

-

395

-

Decisions may be divided into: immediate/on-the-spot and calculated decisions, organizational and personal decisions, basic and routine decisions. decision making process

Entscheidungs(findungs)prozeß

The sequence of events (eg problem identification, alternative solutions generation, consequences analysis, solution selection and implementation, evaluation and feedback) taken by management to solve managerial problems. decision making unit (DMU)

Entscheidungsträger, -instanz

Also called decision maker, decision-making body or decider. A person who has the authority to make a decision or a group of people who together contribute to a decision. decision table

Entscheidungstabelle

A table listing various conditions that are present and the corresponding actions required. These tables may be used to assist in developing solutions to problems. decision theory

Entscheidungstheorie

Also called decision making theory. Management is concerned with decision making. Decision theory is the scientific approach to decision making. The manager's decision is dependent on mathematical techniques and statistical probabilities. The theory provides concepts and techniques to describe and rationalize the process of decision making. decision tree

Entscheidungsbaum, Lösungsbaum, Baum der Alternativen

Also called logical tree. A diagram illustrating the various alternatives and options available in a complex/ multistage decision process. The decision tree is based on the notion of probability. At each decision estimate is made of the probability of success or failure and the consequent loss or gain. At any one decision-taking stage, the alternative decisions dependent on earlier ones taken and their outcomes. Once the decision tree constructed it may be possible to determine the best decision. decisive ballot

Stichwahl

Also called casting vote or tie-break (US). A ballot having the power to decide, end a controversy, or determine a result.

point an effect on open are has been

- 396 deck cargo

Deckladung

Also called deck load. Cargo carried on the deck of a vessel/ship rather than in the hold/belly, ie below deck. Note: deck cargo is more likely to be adversely affected by heat, cold, rain, seawater and movement of the vessel. Thus, some shippers do not allow their cargo to be shipped on deck. On the other hand, certain dangerous cargo has to be shipped on deck. declaration (dec.)

Zollerklärung, Zolldeklaration Dividendenfestsetzung Erklärung (Vers) Angabe (Vers) Klageschrift (USA) Zeugenaussage an Stelle eines Eides

In international trade, the full disclosure to the customs officials of dutiable goods one is bringing into a country. Also called customs declaration. The announcement of a dividend by the board of directors of a company, usually made at the AGM (annual general meeting). Also called declaration of dividend. In insurance, a statement on an application/proposal form signed by the insured certifying the accuracy of the information he/she has given. Based on this information, the insurer/insurance company decides the premium rate, the maximum limit of cover(age), etc. In marine insurance, a form completed by the insured and forwarded to the marine insurance company when reporting shipments to an insurance company under an open insurance policy. In the USA, the formal statement of the plaintiff s claim in an action. In the USA, an unsworn statement. declaration of compliance

Erklärung über die Einhaltung der Gründungsvorschriften (einer Kapitalgesellschaft)

When forming a company in GB, a statement required by statute that the Companies Act has been complied with. declaration of dividend

Dividendenfestsetzung, -beschluß

The decision of the board of directors of a company to pay the company's shareholders/stockholders a portion of the profits of the business. declaration of income

Einkommensteuererklärung

Also called income tax return (GB)/statement (US) or federal income tax return (US). A statement, sent to the tax authority, giving a detailed report of all income received during the tax year by a person liable for income tax.

-

397

declaration of solvency

-

Erklärung der Zahlungsfähigkeit, Solvenzerklärung; Erklärung, daJB alle Verbindlichkeiten eines zu liquidierenden Unternehmens beglichen werden

A declaration made by directors of a company in voluntary liquidation that all debts will be repaid in a given period of time. declaration policy

offene Police, Pauschal-, Abschreibepolice (Vers)

In insurance, a form of policy where the details of insurance cover are declared by policyholders at regular intervals. declared value

Deklarationswert, Verzollungswert, Wertangabe (Zoll)

Also called current domestic value (CDV) or customs value. The value of commodities declared for customs purposes. declinature

Ablehnung eines Versicherungsantrages

Also called declination. A rejection by an insurance company of a proposal/application for insurance. decline

Abnahme, Rückgang

Also called decrease. A gradual decrease in the quality, quantity, price, unemployment or importance of something. declining balance method (of depreciation)

degressive Abschreibung, Buchwertabschreibung

Also called declining/diminishing balance depreciation/method. An accelerated method of depreciation, providing a declining periodic depreciation charge over the estimated life of an asset. declining population

rückläufige Bevölkerung

The total size of population falls because the death rate is exceeding the birth rate. decoder

Dekodierer, Decoder

A device used to translate data from one coded form to another.

-

decrease

398

-

Abnahme, Rückgang

Also called decline. The act or process of decreasing; a gradual reduction, eg a decline in the quality of something. decrease in demand

Nachfragerückgang

A fall in demand. Due to changes in the conditions of demand (eg taxation changes, a fall in income), the demand curve shifts to the left (ie to a new demand curve). Note: there is no price change. decrease in supply

Angebotsrückgang

A fall in supply. Due to changes in the supply conditions (eg the costs of production, the prices or other goods), the supply curve shifts to the left (ie to a new supply curve). Note: there is no price change. decreasing marginal cost

fallende Grenzkosten

This occurs when the additional cost of producing each successive unit of output is less than the cost of producing the previous unit. Marginal costs are decreasing, that is the firm is working under conditions of increasing returns. decreasing term assurance

temporäre Todesfallversicherung mit fallender Summe; Risikolebensversicherung für festgelegten Zeitraum, die im Todesfall auszuzahlende Summe wird während der Laufzeit der Police immer geringer

Also called decreasing term life insurance or declining term insurance. Temporary life assurance/insurance where the sum assured/insured decreases over the duration of the policy. The sum assured/insured is payable only if the assured/insured dies within the duration of the policy. The sum assured/insured may become payable either in a lump sum or in installments over a period. The premium does not decrease. deductible

Selbstbeteiligung, -behalt (Vers) steuerlich absetzbar

In insurance, the amount of loss that an insured has to pay in a claim. Arrangement in property insurance for the insured to pay the first χ pounds/dollars of every loss. The insured receives less than indemnity but he/she will normally have the benefit of a reduction in premium as a result of the application of the excess. Also called excess, excess insurance or percentage exemption. Note: excess is not the same as franchise. A business expense that may be deducted from income tax payments. Also called tax deductible.

-

399

deduction

-

Abzug (Lohn)Abzug, Einbehaltung Steuerabzug Rabatt, Nachlaß

Any amount deducted. Amounts of money which a business takes out of the wages of its employees, eg for income tax payments, health insurance payments, annuity insurance payments, etc. A tax deduction, ie the amount subtracted from assessable tax to arrive at the taxable income. A rebate. Also called allowance or discount. deduction card

Lohnsteuerkarte

Also called tax card or wage tax card. Income tax form for the employer to record the amount of income tax and national insurance (GB) or social security (US) contributions deducted from the employee's paydeductions from salaries and wages

Gehalts- und Lohnabzüge

Also called deductions from pay. Before salaries or wages are paid to employees certain deductions are made: There are two main types: 1. statutory deductions, eg income tax or national/social insurance contributions; they are compulsory by law; 2. voluntary deductions, eg insurance payments. deed

Dokument, (Übertragungs)Urkunde, förmlicher Vertrag

A legal document which has been signed, sealed and delivered by the parties to it. It formally sets out a contractual agreement. Certain transactions always require a deed, eg the conveyance/transfer of property, the creation of a mortgage. The date of deliveiy is the effective date of the deed. deed of arrangement (DA)

Vergleichsvereinbarung, Vergleichsvertrag (zwischen Schuldner und Gläubiger)

Also called deed of assignment/composition or composition agreement. An arrangement made by an insolvent debtor with his/her creditors in order to avoid bankruptcy or liquidation. The debtor offers to pay so much in the pound for in the dollar etc.) in full satisfaction of what he/she owes his/her creditors. The insolvent debtor's property is assigned to a trustee for administration on behalf of creditors. Note: once creditors have assented to the deed, they are bound by it.

-

400

deed of assignment

-

Abtretungs-, Übertragungsurkunde Vergleicnsvertrag, -Vereinbarung

A document effecting the making over of property or a right by one person (the assignor) to another (tne assignee). Also called declaration/instrument of assignment. A deed by which an insolvent debtor gives up the whole of his/her property for the benefit of his/her creditors in settlement of then claims upon him/her. Also called deed of arrangement (DA) or composition agreement. deed of gift

Schenkungsurkunde

Also called deed of donation. A document effecting the conveyance/transfer of property by way of gift, ie without consideration. Note: gifts made other than by deed are not generally enforceable by law. deed of partnership

Gesellschaftsvertrag (einer Personengesellschaft)

Also called articles of partnership. A document drawn up to regulate all matters affecting the partners in a partnership, eg ordinary, limited, professional or private partnership. deed of transfer

Übertragungsurkunde

Also called transfer deed. A document which transfers the ownership of something, eg land, securities or other property. deed poll

einseitige vertragliche Verpflichtung

A legal document made and signed by one person only. deep discount bond

stark abgezinste Anleihe/Obligation/ Schuldverschreibung

Also called deep discount stock (GB). A debt security which is issued at a large discount and with a low nominal interest rate. The investor receives his/her income from the discounted amount once the bond is repaid plus from the low interest payments. defalcation

Unterschlagung, Veruntreuung

Also called embezzlement or misappropriation. Money or other property stolen from a business by a trusted employee.

- 401 default

Verschulden, schuldhaftes Unterlassen (Zahlungsverzug, Nichtzahlung (Liefer)Verzug Nichterscheinen vor Gericht Standardeinstellung, automatische Eingabe (DV)

Failure to meet a legal obligation, to do something which is one's duty or which one has promised to do, eg failure to adhere to the terms of an agreement. Failure to pay a debt at an agreed date or by an agreed method. Failure to deliver goods or render services at an agreed date or within a specified period. Failure to appear in a law-court when summoned. The predefined value that a computer will take automatically when an entry is omitted. default in/of delivery

Liefer-, Lieferungsverzug

Also called delay in delivery. Failure to deliver goods or render services at an agreed date or within a specified period. default in/of payment

Zahlungsverzug

Also called delay in/of payment. Failure to pay a debt at an agreed date or within a certain period. defaulter

in Verzug befindliche/säumige Partei säumiger Zahler, zahlungsunfähiger Schuldner Lieferer in Verzug zum (Gerichts)Termin nicht Erschienene/r Insolvent (Bö)

Someone who defaults, ie fails to act. A person who fails to pay a debt or meet a financial obligation. Also called defaulting debtor, or debtor in arrears/default. A person or firm that fails to deliver in time. A person who fails to appear in a law-court. A member of the stock exchange who is unable to pay his/her debts or perform his/her contracts.

-

402

defeasance

-

Annullierung, Aufhebung Nichtigkeitserklärung

Also called annulment, cancellation, invalidation or nullification. The act of annulling a contract - often if a specified event occurs. A clause which states that a contract will be cancel(l)ed/revoked and rendered void if something happens or if some act is performed. defect in title

Rechtsmangel

Any adverse characteristic in respect of title to property. defective goods

beschädigte/mangelhafte Ware, Ausschußware

Also called faulty/substandard goods. Goods that are in a bad condition. If a business receives such goods it sends them back to the supplier who will then send a credit note (C/N) for the amount on the sales invoice or he/sne will replace the faulty goods. defendant

Angeklagte/r, Beklagte/r

Also called accused. A person accused or sued in court by the plaintiff, defense Abwehr The act of protecting someone or something against an attack, eg defending a company against a takeover bid. defensive shares/stocks

risikoarme

Aktien

Shares/stocks bearing little risks (eg blue chips), ie they are not likely to fall in value because they are in stable market sectors. deferment

Aufschub, Verschiebung, Zurückstellung

Also called postponement. Putting back to a later date or time. deferred (DD, dd, def)

auf-, hinausgeschoben, ausgesetzt

Put off, postponed, delayed. In money terms, a delayed liability or deferred payment.

- 403 deferred annuity

aufgeschobene Rente; Lebensversicherung, die mit Erreichung best. Alters als Rente ausgezahlt wird; abgekürzte Lebensversicherung

Also called intercepted/retirement annuity. An annuity used for the payment of retirement allowances. The payment of the annuity installments is deferred until the prospective annuitant retires or reaches a certain age, eg 60. Some contracts offer the return of premiums, with or without interest, if the annuitant dies before any installments have oeen received. deferred billing

Rechnungsaufschub

Also called deferred invoicing. The delayed/postponed invoicing of a customer at the request of the seller, ie the seller offers to sell a commodity now but will invoice the buyer at a later date. deferred charges

aktive Rechnungsabgrenzungsposten, transitonsche Aktiva, vorausbezahlte Aufwendungen

Also called deferred assets/cost(s)/expenses/expenditure or prepaid expenses. An expense incurred during a current accounting period which acutally relates to a subsequent accounting period, ie an expense which a business has decided to defer (ie carry forward) and charge in the relevant profit and loss account. Examples are rates, taxes, insurances, interest and discount, fees, etc. deferred credit

passive Rechnungsabgrenzungsposten, transitorische Passiva, abgegrenzte (vereinnahmte, aber noch nicht verdiente) Erträge

Also called deferred/prepaid income or deferred/unrealized revenue. Income/revenue received during the current accounting period but actually applicable to the subsequent accounting period, ie revenue received in advance, but not yet earned. deferred creditor

nachrangige/r Gläubiger/in

In bankruptcy, a creditor who is paid only after all other creditors have been paid. deferred demand

aufgeschobene Nachfrage

Demand postponed to a future date. Demand for goods or services which cannot be satisfied because the goods or services are not available; but demand will be met if the goods do become available.

-

deferred liability

404

-

gestundete Schuld, aufgeschobene Zahlung langfristige Verbindlichkeit

An amount owing, eg a credit, mortgage, etc., but not due for a considerable period. There is an arrangement with the creditor(s) that the liabilities do not have to be paid now. An amount payable, but not within twelve months. Also called long-term liability. deferred payment (D/P)

Zahlungsaufschub, gestundete Zahlung Ratenzahlung

An undertaking to make payments at some future date. A kind of hire purchase/instal(l)ment arrangement or a credit sale. deferred payment contract

Abzahlungs-, Ratenzahlungsvertrag

Also called hire purchase contract (GB) or installment contract (US). An arrangement which allows payments to be extended over a period of time or put off to a future date. Some traders allow their customers to have the goods at once and to pay for them afterwards, ie payment is deferred. Usually the buyer must agree to pay a definite sum on definite dates. There are two kinds of agreements for deferred payments: 1. hire purchase (GB)/instal(l)ment sale (US) and 2. credit sale agreement. deferred payment (letter of) credit

(Auszahlungs)Akkreditiv mit aufgeschobener Zahlung, Zielzahlungsakkreditiv

A letter of credit (L/C) under which the documents are forwarded to the importer's bank (the issuing bank), while a sight draft is presented at a later date, and payment will be made at a later date. This method of payment is popular where a period of credit has been agreed between exporter and importer, but the importer's bank and buyer do not wish the credit period to be represented by a bill of exchange (B/E). Consequently, when the necessary documents are presented by the exporter the issuing bank does not accept a B/E but instead gives a letter of undertaking to the exporter advising him when he will receive payment. Should the exporter wish to receive his money straight away, he does not nave a B/E which he can discount. deferred pension

aufgeschobene Rente/Pension

The pension one receives when the normal retirement age is reached if one leaves a job after working in it for at least a certain number of years.

-

deferred rebate

405

-

Treuerabatt

Also called loyalty discount/rebate or aggregated/fidelity/patronage rebate. A discount on purchases within a specified period granted to loyal customers and to encourage customers to remain with a particular supplier. deferred share/stock

Nachzugsaktie, Gründeraktie Verzugsaktie

As their names imply, these shares/stocks are issued to the founders/promoters of a company and they are the last to receive a dividend, ie they participate in profits only after ordinary shares/common stocks have received minimum rates of dividend. These shares/stocks often carry disproportionate voting rights, to enable the founders of the company to retain control over it. Note: these shares/stocks are rare in the US and in Germany. Also called founder's /management/promoter's share/stock. Shares/stocks in respect of which dividend payments have been deferred to a future date. deferred tax

latente Steuer

A tax which may become payable at some later date. deferred taxation

Steuerrückstellung aufgeschobene Steuerverbindlichkeit aufgeschobene Besteuerung

A provision for tax liabilities. Also called deferred tax provision or tax reserve. Tax that will become due for payment but that has been deferred by the tax authorities. Tax on items which will be payable only in certain circumstances, some of which may not occur. deficiency

Defizit, Fehlbetrag, Fehlbestand

Also called deficit. This means that there is not enough of something. For example, there is a shortage or shortfall; a difference between the amount of something that you have and the higher amount that you need; an excess of liabilities over assets, an excess of expenditure over income, etc. deficiency account

Verlustabschluß, Verlustfeststellungsbescheid

Also called deficiency statement. A document which records the loss incurred by the owners or creditors of a business. The document is frequently prepared in connection with bankruptcy proceedings.

-

deficit

406

-

Defizit, Fehlbetrag Verlust (Unterbilanz, Passivsaldo)

The amount by which a sum of money falls short of the required amount. Also called deficiency. In accounting, a situation where liabilities exceed assets or expenditures exceed income. deficit budget

Defizitetat, Haushaltsdefizit

A condition where (government) expenditure exceeds (government) revenue. deficit financing

Defizitfinanzierung Finanzierung durch Staatsverschuldung, Defizit Spending

Also called deficit spending. The process or methods used to meet a financial deficit, ie the financing of expenditure out of borrowings. Borrowing by a government when expenditures exceed income/revenue. deficit on current account

Leistungsbilanzdefizit

Also called current account deficit or deficit on external account. There is a deficit on current account if the value of visible and invisible exports is less than the value of visible and invisible imports. In this case the balance of payments on current account is unfavourable. deficit spending

Defizitfinanzierung Defizit Spending, Finanzierung durch Staatsverschuldung

Also called deficit financing. Spending in excess of one's revenues. A government policy designed to increase economic growth and decrease unemployment and a situation where government expenditure exceeds government revenue and thus borrowing is necessary. Keynes was the first who suggested that governments should deliberately run a planned deficit as part of monetary policy. A budget deficit is incurred as a means of stimulating the economy through increased government expenditure. But on the other hand, budget deficits are a primary cause of inflation and government borrowing can create the crowding out of consumers and businesses from the credit markets. Also called budgetary reflation.

-

deflation

407

-

Deflation

This is the opposite of inflation. In general, deflation occurs when the purchasing/spending power of money rises ana the general level of prices falls (called disinflation). A situation deliberately contrived which brings about: 1. a fall in prices and income, 2. a fall m purchasing power and demand, 3. a stagnation or reduction in economic activity, and 4. unemployment. The value of the currency has been raised deliberately and the price level lowered. It may be brought about by monetary policies (eg increases in the interest rates), and/or by fiscal policies (eg increases in taxation) or reductions in government expenditure/spending. Governments introduce deflationary policies in order to cut the level of imports and to stimulate exports (ie to improve the balance of payments) or to reduce the quantity of money in order to combat/fight inflation. In inflationary times deflation may seem to be quite attractive but, in practice, the effects of severe deflation are as damaging, if not more so, than the effects of inflation. If prices are falling all the time, it is difficult for a producer to recover the cost of goods he/she makes; wages and raw materials have to be paid for at today's higher prices, while sales will be made at tomorrow's lower prices. This situation increases the entrepreneurial risk, with the result that industrialists become more cautious and reduce output. Production falls, unemployment increases, demand therefore decreases and production has to be further reduced; a vicious circle has developed. deflationary gap

deflatorische Lücke, Investitionslücke

Investment falls short ofthat required to restore full employment. deflationary policy

Deflationspolitik

Policies towards diminishing the pressure on price rises by reducing demand, using tax increases or government spending cutbacks. defunct company

aufgelöste, erloschene (aus dem Handelsregister gestrichene) Gesellschaft

A company which has ceased to operate and which has had its name removed from the business/commercial/trade register. degree

Grad, Ausmaß akademischer Grad gesellschaftlicher Stand Grad (Temperatur) Grad (Mathematik)

A point in any scale. An academic title conferred by colleges and universities, eg BBA or MBA.

-

408

-

The rank or position in society or business. A unit of measurement of temperature. In mathematics, a unit of measurement of angles; the 360th part of a complete circle. degressive tax

degressive Steuer

A progressive tax in which each progressive step is at a lower rate than the previous step, ie tax is charged at a decreasing rate as the income increases. deindustrialization

Deindustrialisierung

The collapse or flight of industry previously operating in a specific area, eg due to economic or technogical factors. del credere

Delkredere

The risk of nonpayment. An amount added to a charge to cover the risk of nonpayment. That means, an engagement made by an agent, in return for additional payment or commission, whereby he/she guarantees the payment to the principal for all goods sold on commission, whether or not he/she himself/herself receives payment from the buyer. del credere agent

Delkredereagent/in, Garantievertreter/in

An agent who, in return for an extra commission (the del credere commission), guarantees payment for the goods he/she sells for his/her principal. delay

Aufschub, Verzögerung

The time period between the moment when something should start, eg the performance of a task, and the moment it actually does start. delay in/of delivery

Liefer-, Lieferungsverzug

Also called delayed delivery or default in/of delivery. Failure to deliver goods or render services at an agreed date or within a specified period. delay in/of payment

Zahlungsverzug

Also called delayed payment or default in/of payment. Failure to pay a debt at an agreed date or within a certain period.

- 409 -

delegation

Delegation, Bevollmächtigung, Vollmachtsübertragung Delegation

The act by which a person possessing authority transfers part of that authority to a subordinate person. By delegation subordinates are allowed to make decisions or to take action. To delegate effectively, a manager must define the limits of the authority and responsibility delegated to his/ner subordinate and convince himself/herself that the subordinate is competent to exercise that authority. Delegation is essential as it is impossible for a single manager to maintain direct control over all the activities for which he/she is ultimately responsible. Delegation, a difficult skill of administration, is a necessary function of centralization. A group of delegates. delete (Del)

ausstreichen, durchstreichen löschen

To cut out words in a document. Also called cross off/out, cancel, or strike off/out/ through. In data processing, to remove or eliminate a part of text, such as a word or a line. Text can also be deleted from a disk. Also called erase or destroy. delinquency

Nichtzahlung bei Fälligkeit, Säumnis

Failure in or neglect of payment on maturity. delinquent

Zahlungsrückständige/r

A person who fails or neglects to pay a debt when due. delisting

Aufhebung der Börsennotierung/ Börsenzulassung

The removal of a company's shares/stocks from the official lists and boards of quotation at/on the stock exchange. delivered at frontier (DAF) (named place)

geliefert Grenze (benannter Lieferort) (Incoterm)

An incoterm used chiefly in relation to goods transported by rail or road but it may be used irrespective of the mode of transport, so long as the final transport to the namend place at the frontier is by land. The seller/exporter delivers the goods in accord with contract of sale terms at his risk and expense, cleared for export, at the named place at frontier within the stipulated period and provides the documents (eg consignment note, export license) to enable the buyer/importer to take delivery of the goods at the frontier and he pays all costs (eg transport costs) up to the named place of delivery at frontier - but before the "customs border" of the country named in uie contract.

-

410

-

The seller's obligations are concluded when the goods have arrived at the named point and place at the frontier. The Duyer must accept delivery of the goods at the specified frontier point, obtain the import license, pay any import duties and pay for on-carriage/onward freightage. Note: 1. the passing of risk occurs at the frontier; 2. the term frontier may be used for any frontier including that of the country of export. Therefore, it is very important to define the frontier in question precisely by always naming the point and place in the term. delivered docks

Lieferung frei Dock/Kai

The quotation price of goods which covers delivery to docks at port of shipment/ departure, but not dock handling charges. delivered duty paid (DDP) (named place οι destination)

geliefert verzollt (benannter Bestimmungsort) (Incoterm)

An incoterm which names the place of destination in the country of importation. The seller/exporter is responsible for the conveyance/transportation o f goods, at his own risk and expense, to the destination in the buyer's/importer's country named in the contract of sale. The seller agrees to pay all costs, including freight, insurance, delivery charges and all import duties and taxes, up to the buyer's location. Furthermore, the seller has to clear the goods for export and provide all the documents to enable the buyer to take delivery o f the goods at the named place o f destination. The seller's obligations to deliver are fulfilled when the goods have been made available at the named place in the country of importation. The buyer's obligation and risk commence when accepting delivery of the goods at the named place of destination. Moreover, the buyer is responsible for all subsequent movement costs of the goods (the onward freightage). The term DDP signifies the seller's maximum obligation, while the term "ex works" ( E X W ) signifies tne seller's minimum obligation. Note: 1. DDP may be used for any mode of transport, including multimodal transport; 2. DDP should not be used if the seller/exporter is unable to obtain the import license. delivered duty unpaid (DDU) (named place o f destination)

geliefert unverzollt (benannter Bestimmungsort) (Incoterm)

An incoterm which may be used for any mode o f transport, including multimodal transport. The seller/exporter is responsible for the conveyance/carriage of goods to the destination in the buyer's/importer's country named in the sales contract. The seller has to bear the costs and risks involved in bringing the goods thereto and he has to clear the goods for export and provide all the documents to enable the buyer to take delivery of the goods at tne named place of destination. The seller's obligations to deliver are fulfilled when the goods have been made available at the named place in the country of importation. The buyer's obligation and risk commence when accepting delivery of the goods at the named place of destination. Moreover, the buyer is responsible for all subsequent movement costs o f the goods (the onward freightage). The buyer/importer has to clear the goods for import.

-

411

-

Note: the DDU term is used when the named place of destination is other than the seaport or airport. paid) (DEQ)

An incoterm under which the seller/exporter arranges for the goods to be made available to the buyer/importer on the quay/wharf at the agreed port of destination and on the date or within the period stipulated. The seller has to bear all costs (eg freight, duties, taxes and unloading charges) and risks of bringing the goods to the quay (at the named destination port). Furthermore, the seller has to clear the goods for export and provide the necessary documents (eg the commercial invoice, the bill of ladmg, B/L) to enable the buyer/importer to take delivery of the consignment. The buyer/importer must take delivery of the goods at the destination port, clear the goods for import, and pay all expenses, after the goods are landed on the quay. Note: the passing of risk occurs when the goods have been unloaded at tne port of destination. Note: DEQ can only be used for sea or inland waterway transport. delivered ex ship (DES) (named port of destination)

geliefert ab Schiff (benannter Bestimmungshafen) (Incoterm)

An incoterm. A price quoted delivered ex ship includes delivery of the goods on board the vessel/ship at the port of destination as specified in the sales contract. The seller/exporter has to pay for the carriage/conveyance to the destination port, bear the risks involved to bring the goods thereto, inform the buyer/importer of the expected date of arrival of the vessel and provide the necessary documents (eg the bill of lading and other documents) to enable tne buyer to take delivery of the consignment. The seller fulfils his obligation to deliver when the goods have been made available to the buyer on board the vessel, cleared for export, but uncleared for import. The buyer has to take delivery of the goods from the ship, assume all risks from the time the goods have been made available at the port, pay the unloading costs, and clear the goods for import. The risk passes when the ship/vessel has arrived at the port of destination. Note: DES can only be used for sea and inland waterway transport or for multimodal transport where the final delivery is made on a vessel at the named port of destination. delivered price

Lieferpreis, Preis frei Haus

Also called door-to-door price. Ex works/ex factory selling price plus all costs involved in transporting the goods to the customer. A term of sale where the seller pays all costs to a destination point. delivery (D, Dely, Dy, dely)

Ab-, Aus-, Ein-Lieferung, Lieferung (das Gelieferte) (Eigentums)Übergabe

The act of delivering, ie the transport of goods to a customer's address. Also called supply.

-

412

-

Part or all of an order, ie the consignment or shipment. The physical handover (ie transfer of title or possession over something from one person to another) of a commodity to settle a contract. delivery address

Lieferanschrift

The address to which a consignment is sent/delivered. delivery against acceptance (D/A)

Lieferung gegen (Wechsel)Akzept

Delivery of a consignment is effected against acceptance of a bill of exchange (B/E). delivery against payment (DAP)

Wertnachnahme, Barzahlung bei Lieferung

Also called cash on delivery (COD), delivery versus payment (DVP) or payment on delivery (POD). Payment in cash when the goods are delivered. delivery book

Lieferbuch

A book containing brief details of the goods which the consignee/recipient signs when he/she receives them. delivery date (DD, dd)

Liefertermin, Lieferdatum Ablieferungstermin

The day on which a business sends goods to a customer. Also called date/day/time of delivery or date shipped. Sometimes it may mean the day when the customer receives the goods. Also called date fixed for delivery. delivery expenses

Versand-, Lieferungs-, Zustellkosten

Also called delivery costs or delivery charges. The costs of sending goods from a business to a customer. delivery free

Lieferung/Zustellung frei Haus

Also called free delivery or delivery free domicile. Contract term in which the seller agrees to pay all delivery charges/costs/expenses.

-

413

delivery instruction

-

Liefervorschrift, Versandanweisung

Also called forwarding/shipping instruction. Instructions given by the buyer to the seller how and when to deliver the goods ordered. delivery month (D/M)

Liefermonat

The month when goods have to be delivered. On an exchange, the month when financial instruments or commodities have to be delivered under a futures contract. A specific date within the month may be stipulated in the contract, but usually any day within that month will fulfil the contract obligations. Also called terminal month. delivery note

Lieferschein Versandanzeige

A document giving details of a consignment of goods and normally sent with the goods to enable them to oe checked upon arrival. The signature of the receiver/consignee on the delivery note provides evidence of delivery. Also called delivery docket/sheet/ ticket, receiving slip/ticket, or bill of sale. An advice note which is sent from the seller to the buyer, indicating that the goods have been dispatched. Also called advice of dispatch, dispatch advice/note, shipping note, forwarding advice or letter of advice. delivery notice (D/N)

Versand-, Lieferanzeige Lieferanzeige (Bö)

Also called advice of delivery, advice note (AN) or delivery note. A formal notice sent by the seller or carrier to the consignee certifying that delivery of something will occur on a certain date, or has already occurred. An official notice issued by a commodity exchange indicating that a commodity will be delivered according to the terms of a contract. delivery of goods

Warenlieferung

The transport(ation) of goods to a customer's address. delivery order (D/O)

Lieferauftrag Auslieferungsauftrag, -schein Lieferschein Konnossementsanteilsschein

An order to deliver/supply goods. A document addressed by the owner of goods to a warehouse keeper or other bailee instructing him to release specified goods, whether in whole or in part, to the bearer of the order, or to the party named thereon by endorsement.

- 414 -

A delivery note. Also called advice note. A document authorizing delivery to a nominated party of goods in the care of a third party. It can be issued by a forwarding agent on surrender of a bill of lading (B/L) and then used by a merchant/trader to transfer title by endorsement. delivery receipt

Lieferbestätigung, Warenempfangsschein, Wareneingangsbescheinigung

Also called goods receipt. A receipt signed by the consignee/receiver as proof that the goods have been delivered to him/her. delivery terms

Lieferbedingungen

Also called terms of delivery. The principal terms of delivery are: the 13 incoterms, loco, delivered docks, franco, free on board airport (Toa), free on quay (foq), free on rail or truck (for/fot), free on wharf (fow), free out (fo), free in (fi), etc. A quotation should say when delivery will take place: 1. Ready delivery: the goods will be dispatched as soon as the order is received. 2. Prompt delivery: delivery will take place within a few days of receiving the order. 3. Forward delivery: where the goods are not in stock and cannot be obtained in a short time the seller will quote "forward delivery", the actual date being communicated later. delivery time

Lieferzeit

The number of days before something will be delivered. delivery van

Lieferwagen

Also called delivery car. A van that takes goods from a supplier to a customer. delta share/stock

Deltaaktie

Shares/stocks which are rarely traded on the stock exchange. demand

effektive Nach" Nachfrage, Be (Aufforderung (Kunden)Bedarf

The quantity of a commodity that will be bought at a particular price per time period.

-

415

-

A member of the public wishes to buy a good or a service and has the ability and willingness to pay for that good or service; it is always demand at a certain price. There is a demand for goods and services because they satisfy wants, ie they have a utility. The price is the most important factor which influences how much is bought; therefore, the higher the price the less we will buy; the lower the price the more will be bought. Various other factors affect demand: 1. our disposable income, 2. the distribution of incomes, 3. the prices of other goods and services, 4. the degree of utility of the commodity, 5. the tastes and preferences of the purchaser, 6. the size and structure of the population and 7. changing fashions. In the theory of competitive markets, demand is one of the two factors that determine market price; supply is the other. A letter from a business to a customer who has not paid what he/she owes. The letter requires the customer to pay what he/she owes immediately - a request for payment. Number of orders placed or received. demand analysis

Nachfrage-, Bedarfsanalyse

Study of demand for a product or service in order to establish reasons for its success or failure or in order to discover how sales performance may be improved. demand and price

Nachfrage und Preis

Generally, the lower the price of a commodity, the greater the quantity demanded and hence an increase in demand results - partly because more can be bought with the same money amount and partly because demand for similar, but more expensive, commodities may be transferred to the cheaper commodity. The higher the price the lower the demand. There are, however, exceptions and sometimes demand increases as the price increases and falls as the price falls, eg as the consumer's income rises, he/she buys less of the cheaper goods and more of dearer substitutes. demand and supply

Nachfrage und Angebot

The demand for a good is related to the price of the good. The supply of the same good is also related to the price of the good. Generally, the higher the price the lower the demand but the greater the potential supply; the lower the price the greater the demand but the lower the potential supply. Under perfect competition, price is decided by the interaction of demand and supply; thus the market price is that price which equates demand and supply (equilibrium price). Note: at this price the demand curve intersects the supply curve. demand curve

Nachfragekurve

Also called demand line. A graph which shows how much of a commodity will be bought in a time period for a given price, ie it shows the relationship between the price of a commodity and the quantity demanded. It is usually shown as sloping downwards from left to right.

-

416

-

The curve is almost always shown with price (the independent variable) on the vertical axis (y-axis or ordinate) and quantity (the dependent variable) on the horizontal axis (x-axis or abscissa). On each point of the curve, the consumer is in equilibrium and the value of the item equals its price. demand deposit

Sicht-, Kontokorrenteinlage

Also called call/sight deposit or current (account) deposit. Money deposited in a current/checking account with a bank and which can be withdrawn without notice, ie it is withdrawable on demand, at any time the depositor elects. Note: in most cases interest is paid on this deposit. demand draft (DD, D/D)

Sichttratte, Sichtwechsel

Also called bill payable on demand/at sight, bill on demand, demand/presentation/sight bill or sight draft A bill of exchange (B/E) payable on demand/at sight/on presentation. demand for labo(u)r

Nachfrage nach Arbeitskräften

All demand for factors of production is a derived demand. The demand for labo(u)r will therefore depend on the demand for the final product. If the demand for the final product is inelastic, the demand for labo(u)r will tend to be inelastic. The demand for labo(u)r can be increased by stimulating demand for the final product by an expansion of the spending/purchasing power. demand for money

Geldnachfrage

The demand to hold money as an alternative to investing it. Because money is generally acceptable, it can be converted into other goods immediately without costs. Of all forms of wealth, only money has this liquidity. Thus people hold, ie demand, money balances. To hold money involves a loss of the interest it otherwise would have earned. Lord Keynes gives three motives for holding money: 1. the transactions motive, 2. the precautionary motive, and 3. the speculative motive. When people prefer to hold money to investing it their liquidity preference is very high. Tnus, the demand for money depends on liquidity preference. demand function

Nachfragefunktion

In general terms, the relationship between a consumer's demand for a good and all factors, ie the independent variables (eg the price of the good, the pnces of other commodities, the consumer's income, the consumer's taste and credit facilities) affecting demand. If all factors are held constant (ceteris paribus), except one, it is possible to study how demand will vary with changes in that one element. This is represented geometrically by the demand curve.

- 417 -

The mathematical expression of the demand schedule in form of an equation is, eg: Qd = f (Ρ, Y, Ps, t, etc.); Qd = quantity demanded, Ρ = product price, Y = income, Ps = prices of other products, t = taste. demand loan

täglich kündbares Darlehen

A loan with no specific maturity/due date, but payable at any time; the lender may demand repayment, or the borrower may repay at any time. demand management

Nachfragesteuerung

The regulation of aggregate/total demand through the use of monetary policy and/or fiscal policy in order to minimize unemployment and curb inflation. demand price

Geldkurs, Geld Nachfragepreis

The price at which a bank buys foreign exchange from its customers. Also called bid price/quotation, banker's buying rate, or buying/demand rate. The price which buyers are willing to pay for a given quantity of a good or service. demand pull

Nachfragesog

Also called pressing demand. The result of demand stimulants applied in marketing; demand will increase. demand pull inflation Also called inflation.

demand/demand-led/buyers'

Nachfrageinflation, nachfrageinduzierte Inflation inflation or

(incorrectly)

demand-shift

An inflation induced by increased aggregate/total demand for goods and services due to increased incomes, low interest rates, etc. Demand exceeds the supply and the excessive demand will force up prices. demand schedule

Nachfragetabelle

A table giving the demand (X) for a commodity or service at various prices (Y); all other factors (eg the price of other goods, income, taste) which determine aemand remain unchanged (ceteris paribus). The schedule relates to a specific period of time. From this information the demand curve can be constructed. demand shift inflation

Nachfrageverschiebungsinflation, Inflation durch Nachfragestrukturveränderungen, nichtmonetäre Nachfrageinflation

Inflation as a result of a change in the structure of aggregate/total demand.

-

418

-

Note: one or more of the determinants/conditions of demand changes, whereas prices remain unchanged. demand side economics

Demand-Side Economics, nachfrageorientierte Wirtschaftspolitik

Also called demand side policies. Policies trying to increase aggregate/total demand in order to cure economic problems and to achieve the macroeconomic objectives full employment, price stability, external balance equilibrium, economic growth and the redistribution of income and welfare. demarcation disputes

Kompetenzstreitigkeiten zwischen Gewerkschaften

A dispute between two or more trade/labo(u)r unions as to whose members should carry out particular functions; each union claims that the work is the exclusive right of its own members. demerger

Entflechtung, Entfusionierung

The opposite of a merger. A demerger hives off parts of a company into separate operations because it is believed they will perform better this way or because they have become unprofitable or no longer fit mto the company's plans. demise charter

Bareboatcharter, Vermietung eines Schiffes ohne Besatzung

Also called bareboat/bare-pole/bare-hull charter. A charterparty where the shipowner provides only the vessel/ship and the charterer engages the crew and assumes full rights and control over the vessel during the charter period (which may vary from a few weeks to several years), and pays all expenses incurred. democratic leadership

demokratischer Führungsstil

Also called democratic style of leadership. A management style which allows subordinates freedom of thought and action and encouragement of initiative. The leader specifies overall objectives and leaves it to the subordinates to achieve these as he/she thinks appropriate. Thus this style uses the capabilities of each staff member. Consultation and participation are the key words which produce belongingness, recognition, satisfaction, and motivation. demographics

demographische Merkmale

Also called demographic characteristics. The characteristics of the human population such as age, sex, education, income level, geographical location, etc.

-

419

demography

-

Demographie, Bevölkerungsstatistik

The science of social statistics, particularly population statistics, eg birth rate, death rate, occupational distribution, etc. demonetization

Demonetisierung

Stopping a coin or (bank)note being used as money or legal tender. Usually the coin or note are totally withdrawn from circulation. demonstration

Demonstration Vorführung, Demo

An event at which a group of people publicly protest about something. Showing the product or service in action. demurrage

Lagergeld (ÜberjLiegegeld, Überliegegebühr

The amount of money paid by a consignee for occupying space at a warehouse beyond a specified period. Also called standage charge, storage (charges/fee) or warehouse charges. An extra charge made by a carrier to cover any delay in loading or unloading a vessel/ ship or aircraft. There is usually a specified number of laydays before the charge starts to operate. denationalization

(Re)Privatisierung, Entstaatlichung

Also called privatization. Returning a nationalized enterprise back to free enterprise. denomination (denom)

Nennwert, Stückelung, Wertbezeichnung

The various monetary values of banknotes, currency or securities. density of population

Bevölkerungsdichte

The number of inhabitants in a given area. department (dep, dept)

Abteilung Geschäftsbereich Kostenstelle

The grouping of similar jobs in a company to carry out particular functions, eg in the marketing department.

-

420

-

A subdivision of an organization; a part of a factory, works or shop. Also called division. A cost center. Also called cost/costing unit. department head

Abteilungsleiter/in

Also called departmental head, head of department/division, department manager, or superintendent. The head of a department. He/she is often a director; he/she runs an individual department, implements the decisions of the board of directors, and is responsible for his/her department. Department of Commerce (DoC)

Handels- und Industrie-, Wirtschaftsministerium (USA)

In GB called Department of Trade and Industry (DTI). A department of the US government (established in 1913) responsible for economic policy, industrial policy, foreign trade, etc. Department of Employment (DE)

Arbeitsministerium (GB)

Also called Employment Ministry, Ministry of Employment, Ministry of Labo(u)r (GB), Department of Labor (USA) or Labor Department (USA). In GB, the government department which has a wide range of duties in connection with employment and the use of manpower and which is responsible for administering the government's employment laws and policies. Department of Health and Social Security (DHSS)

Gesundheits- und Sozialministerium (GB)

Also called Ministry of Health or Department of Health, Education and Welfare (DHEW, USA). In GB, the government department responsible for administering the government's social security programs. Department of the Environment (DOE)

Umweltministerium (GB)

Also called Ministry of the Environment. In GB, the government department responsible for monitoring and controlling environmental pollution, protecting the environment and for administering the government's environmental legislation. Department of Trade and Industry (DTI)

Wirtschaftsministerium (GB)

Also called Ministry of Economic Affairs. In the USA called Department of Commerce (DoC).

-

421

-

A department of the British government with responsibilities for company and commercial law, industrial policy, foreign trade, consumer protection; science, technology and research, etc. department store

Warenhaus, Kaufhaus

Also called departmental store or emporium (plural: emporia) A large retail business divided into departments and selling a very wide variety of goods/merchandise. Each department specializes in a particular range of goods. It is really a number of shops under one roof. Because of the heavy fixed costs (eg rent, heating), it will only be profitable if the turnover is large. departmental accounting

dezentralisiertes Rechnungswesen

Accounting which prepares statements showing all the costs of each department, so that the company can see more clearly what is happening. departure (dep)

Abfahrt (Neu)Anfang

The act of departing or starting, eg the departure time is 19:00 hours. A new venture or a new type of business. dependency ratio

Abhängigkeitsrate, Anteil staatlicher Leistungsempfánger

The number of people, ie children under a specific age (14, for example) and older (age 65 and over) living in a country, divided by the total population. An increasing ratio indicates that a larger burden is being placed on the productive-age workforce. dependent population

nicht erwerbstätige Bevölkerung

Those people in the total population who are not part of the working population (the workforce), eg children. dependent variable

abhängige Variable

A statistical term describing a factor which changes as a result of another variable, which is independent. The variable on the left hana side in an equation. For example, in the relationship Y = f(x), Y is the dependent variable. The dependent variable is conventionally plotted on the vertical axis of a graph (Y-axis, side axis, ordinate); the independent variable is plotted on the horizontal axis of a graph (X-axis, bottom axis or abscissa). Note: 1. read graphs from left to right; 2. think of the variable on the horizontal axis as "causing" the other variable (on the vertical axis) to change; 3. two variables are positively related to each other if they move together (both going up or both going down); 4. two variables are negatively related if one increases, the other decreases.

-

dependent

422

-

Unterhaltsberechtigte/r

Also called dependent relative, legal dependent or person entitled to maintenance. A person, eg a spouse, child or parent, substantially maintained or supported financially by another. depletion

Ausbeutung, Substanzverrringening

The process whereby a wasting asset or natural resource becomes progressively exhausted or consumed, eg there is no oil left in an oil well. deposit

Anzahlung Einzahlung Einlage, Guthaben Aufbewahrung Depotkonto

A part payment or first installment of the purchase price of goods. Also called downpayment, first/initial payment. Money deposited by a depositor with a bank in order to earn interest. Also called deposition or (in)payment. Money deposited in a bank or other financial institution. Also called balance, bank deposit or credit (balance). The placing of goods or securities with a bank for safekeeping. Also called (safe) custody or safekeeping. A securities account. Also called deposit account. deposit account (DA, D/A)

Einlagen-, Depositen-, Sparkonto Depotkonto

An interest-bearing account with a bank. Withdrawal from the account is subject to a period of notice. Note: tax on the interest is normally deducted at source. A securities account. deposit box

(Bank)Schließfach

Also called safe/safety deposit box. A box provided by a bank for holding valuables, which can be locked by the customer. The holder must pay a fee. deposit ceiling Also called deposit corset.

(Bank)Einlagengrenze, Höchsteinlage

-

423

-

A stronger version of credit ceiling. This central bank directive restricts the rate of growth of bank deposits. The directive forces the banks to offer low rates of interest on deposits to discourage the public from depositing with them. deposit insurance

Depot-, Einlagenversicherung

Insurance cover that protects depositors because it guarantees that they will not lose money even if their bank should go bankrupt. deposit interest rate

Einlagen-, Guthaben-, Habenzins

Also called credit interest/rate or deposit rate. The interest rate paid on deposit accounts, eg savings or time deposits, by commercial banks or other financial institutions. deposit money

Buchgeld, Giralgeld

Also called bank deposit money, book money, deposit currency, or primary deposit. Money created by the commercial banks increasing the supply of money. deposit money creation

(Giral)Geldschöpfung

Also called deposit creation. The process by which the banking system turns a monetary unit, eg a US dollar (USD) or Australian dollar (AUD), in its reserves into several units of deposits. deposit protection fund

Einlagensicherungsfonds

Also called deposit guarantee fund. The fund consists of a central pool contributed to by all recognized banks and licensed institutions. In the event of failure of any of the banks or institutions, depositors will receive compensation from the fund. deposit rate

Zinssatz fur Depositengelder/Spareinlagen, Habenzins

Also called credit interest/rate. The rate of interest paid on deposits by commercial banks or other financial institutions. deposit receipt (DR)

Einzahlungsbeleg, -quittung Depotschem

A receipt given by banks and other financial institutions for money deposited (the money deposits) with them, either at call, or at notice, specifying the rate of interest and the period of notice. Also called certificate of deposit.

-

424

-

A receipt certifying that someone has a deposit account. Also called deposit slip. deposit slip

Einzahlungsschein Depotschein

A document on which details of payment are entered by a depositor when depositing money into a bank account. Also called deposit form/ticket, paying-in slip/Form or credit slip. A receipt certifying that someone has a deposit account. Also called deposit receipt. deposit spread

Zinsspanne (Spanne zwischen Soll- und Habenzinsen)

In banking, the difference between the interest rate a bank pays to depositors (the deposit rate) and the rate of interest it receives from borrowers (the debit interest/rate). deposit taking company (DTC)

Depositenbank

Also called deposit-taking business/institution or licensed deposit taker (LDT). A financial institution such as a building society (GB)/savings and loan association (US) or bank that can take deposits, make loans, discount bills of exchange, issue letters of credit, etc. depositor

(Bank)Einzahler/in Hinterleger/in

A person who puts money into a bank account, eg a current/checking account or savings account. A person that deposits something. depository

Verwahrer, Hinterlegungsstelle

Also called depositary. Someone, eg a bank, who receives a deposit of money or other property. depository/depositary institution

einlagenehmendes Institut

Also called deposit-taking institution/business or depository intermediary. An institution, eg a commercial bank, whose main function is to accept/take deposits. In the USA, these are commercial banks and the thrifts, ie savings and loan associations, mutual savings banks, and credit unions.

-

depot

425

-

Depot, L¡ Lager(haus), Warenlager Baiinhof Depot

A place of deposit for goods, a storehouse or warehouse. A railway/railroad station. A bus, tram/streetcar, etc garage. depreciable value

Abschreibungs(grund)wert

The original cost of a fixed asset less the residual value of the asset. depreciation

Abschreibung Wertminderung, Wertverlust Währungsentwertung, Abwertung

The fall in value of a fixed asset (with the exception of land) due to wear and/or tear or lapse of time (ie obsolescence). The purpose of depreciation is to reduce the historical/original cost of fixed assets (such as plant and equipment) to a scrap/realizable value by the end of their expected lives and to provide for future purchases. The calculated amount of depreciation for a period of time is credited to the asset account thus reducing its book value, and debited to the profit and loss account thus showing the cost of using the asset as a charge against revenue. Depreciation reduces taxable income. Depreciation/writing down can be calculated by two common methods: 1. the straight-line method and 2. the reducing/declining/diminishing balance method. Also called write-down or write off. Decline in economic potential of limited life assets originating from wear and tear, technical obsolescence, and natural deterioration. Also called decrease/reduction in value or loss of value. A fall in the value of one currency in relation to another. In a system of floating/fluctuating exchange rates, the value of a national currency will be determined by the demand for, and the supply of, that currency. If the demand is small, eg because the country is exporting less than it is importing, the exchange rate will fall, the domestic currency will depreciate, and the foreign currency will appreciate. The effect of the depreciation is to make imports dearer and exports cheaper until a balance of payments equilibrium is achieved. Depreciation leaves home prices and incomes unchanged. The opposite is appreciation. Note: for currencies with a fixed exchange rate a devaluation of currency is required to change the relative value. depreciation account

Abschreibungskonto

The expense account which a business debits with the amount of depreciation; at the end of the business year the balance is transferred to the profit and loss account.

-

depressed area

426

-

notleidendes Gebiet

A specific geographical area where economic conditions are unfavorable. depressed market

flauer,

gedrückter Markt

Also called flat market. A market with low sales, eg because there are more goods than customers, the customers have no spending power or the whole area suffers from a depression. depression

Depression, Flaute

Sometimes also called business panic. A prolonged and severe slump or stagnation of economic activity; more severe and long-lasting than a recession. A period of high unemployment, excessive supply, falling prices, rising welfare costs, deflation, public fear, drop in personal incomes, and a decline in investment. The low point is often called a slump. Note: often booms and depressions succeed one another. depth interview

offenes Interview, Intensiv-, Tiefeninterview

An informal conversation without a formal questionnaire between a market research interviewer and a respondent/interviewee in order to discover facts which might not emerge from direct questioning. The questions are answered freely. deregulation

Deregulierung

The removal of regulations, usually government regulations, which restrict certain activities in the market. In financial markets, policies introduced to allow freer competition, derivatives Derivative Any forms of traded security which are derived from ordinary shares/common stocks, bonds or exchange rates. derived demand

abgeleitete, derivative Nachfrage

Also called derivate/indirect demand. This is the demand for a commodity (especially a factor of production) or service because it is needed as a result of the demand for another commodity or service, eg the demand for labo(u)r is derived from the demand for the goods produced by that labo(u)r; the demand for machines depends on the demand for the goods the machines produce. Note: the demand for almost all products is conditioned by the demand for others.

-

427

design

-

Design Entwurf Gestaltung Plan Muster

In marketing, a term embracing all types of visual work. Plan or drawing of something before it is made. The way something is planned. Plan or intention to do something. A pattern on any material. desired investment

geplante Investition

Also called planned investment. The total investment spending that a business wants to make within a specific period, eg a year. desk diary

Terminkalender

Also called engagement book/diary, appointment book/diary or calendar. A book used to remind both executive and secretary of important dates and events both in the past and in the future. An executive enters any information required to keep him/her advised of important matters as they arise. desk research

sekundärstatistische Auswertung, Schreibtischforschung

Also called armchair research. The study of existing or published data ranging from external data and material to internal information. It is not always necessary to undertake original research. destabilizing speculation

destabilisierende Spekulation

The sale of a foreign currency when the exchange rate is low or falls, in the hope that it will fall even lower in the future, or the purchase of foreign currency when the exchange rate is high or is rising, in the hope that it will rise even higher in the future. destination

Bestimmungsort

Also called place of destination. The place to which a seller agrees to deliver goods.

-

428

determinants of demand

-

Nachfragedeterminanten

The law of demand is qualified with the phrase "other things being equal" (ceteris paribus). Those other things are the determinants/conditions ofdemand. These are: 1. income; 2. tastes and preferences; 3. prices and availability of related products or services (a. substitutes, eg coffee and tea; b. complements; eg bread and butter); 4. expectations about prices and income; and 5. number and structure of consumers. Note: the price of the product or service is not a determinant. When one or more of the determinants changes, the entire demand curve shifts to a new position, either to the left or to the right. Note: if the price of the product changes, then the quantity demanded changes (ie increases or decreases). This change in quantity is shown as a movement along the existing demand curve. determinants of supply

Angebotsdeterminanten

The determinants affecting supply are: 1. the costs of production (eg labo(u)r and material costs, administration, rent, etc.); 2. technology, including the scale of the firm and production (eg the introduction of mass production or microchips); 3. expectations (about costs, prices, sales, and profits; if the expectations are grim, the firm will cut production); 4. the price of related goods (a. substitutes, b. complements); 5. the number of suppliers. When one or more of the determinants changes, the entire supply curve changes position, shifting leftward or rightward. This is known as a change in supply (an increase results in a rightward shift of the supply curve and a decrease leads to a leftward shift of the supply curve). Note: if the price of the product changes, then the quantity supplied changes (ie increases or decreases). This change in quantity is shown as a movement along the existing supply curve. Deutschmark (DM)

Deutsche Mark (DM)

Also called Mark or Deutsche Mark. Until 2002, the national currency of Germany; when used with a figure, usually written DM before the figure (DM 3.650,20). devaluation

Abwertung

Lowering the rate of exchange/exchange rate. In a fixed exchange rate situation, devaluation results from a government decision to reduce the value of the country's currency in relation to the value of another currency or currencies. Devaluation can also mean the rise in the value of other currencies in relation to the domestic/home currency. Devaluation is used to correct a balance of payments deficit - a country devalues its currency in order to stimulate its exports (the export prices are lowered) and to discourage imports (the import prices increase). The opposite is revaluation. Note the contrast with depreciation.

-

429

-

In a floating/flexible/fluctuating exchange rate system, devaluation occurs as a result of the action of the foreign exchange market (ie the action of demand and supply) where the value of the domestic currency falls by market forces against a particular unit of foreign currency. Devaluation takes place continuously and automatically. Also called depreciation. In theory, devaluation will restore a balance of payments equilibrium. In practice, however, the effect of devaluation depends on the elasticities of demand for imports and exports and the possibilities of retaliation by other countries. developed country (DC)

Industrieland, industrialisiertes Land, entwickelte Volkswirtschaft

Also called developed/commercial economy. An industrial nation which has achieved advanced production techniques, a high national income per head, a high standard of living, a relatively high gross national product (GNP), industry diversification, high levels of education, low infant mortality rates, high life expectancy rates, etc. developing country

Entwicklungsland

Also called less developed country (LDC) or third world country. A country which is in the process of building up industrialization. These countries have large populations, low standards of living, and a largely agricultural economy with low productivity. development

Entwicklung

The process of making use of research results to achieve the best production techniques, and to produce new and improved products at low costs. development aid (DA)

Entwicklungshilfe

Also called development assistance (DA). Financial, commodity and technical aid given by the industrialized countries (the donor countries) to the less developed countries, LDCs (the recipient countries). development area

(Entwicklungs)Fördergebiet

Regions of high unemployment. The government gives financial and other assistance to encourage me growth of industry in order to raise employment. development cost(s)

Entwicklungskosten, -aufwand Erschließungskosten

The costs incurred by a business on a product from the research stage to the stage of production. Also called development expense/expenditure. The cost of developing real estate.

-

430

development loan

-

Entwicklungshilfekredit Investitionskredit

A credit given by an industrialized country to a less developed country (LDC), eg to finance a development project. Also called aid loan. A loan granted to finance a capital project. Also called investment credit/loan. deviation

Abweichen, Abweichung

In statistics, the difference between the value of a variable and its mean or middle term. In marine insurance, the taking of an unusual route by a vessel. Generally such action relieves the underwriters/insurers of their liability. devolution

Übertragung

Also called assignment or conveyance. Transference of authority, property or rights. diagonal merger

Diagonalzusammenschluß

Also called diagonal amalgamation. A situation where a business takes control of firms that make products used by the business in its own production process. diagram

Diagramm, Graphik, Schaubild, graphische Darstellung

Also called chart. A drawing or plan that outlines and explains the parts or operation of something. dial(l)ing code

(Telefon)Vorwahl

Also called area code. A special series of phone numbers necessary to make a (phone) call to another town. dial(l)ing tone

Amtszeichen, Wählton

Also called dial tone (US). The tone heard when one first picks up the telephone/receiver.

-

diary

431

-

Tagebuch Terminkalender Journal (RW)

A book in which one writes down what happens each day. Also called daybook or day journal. A book used to remind someone of important dates or events. The most usual form of business diary is the "page-a-day" desk diary. Also called appointment/engagement book or calendar. In accounting, a book recording all business transactions. Also called journal. dictaphone

Diktiergerät

Also called dictating machine or dictation equipment/unit. An electronic machine which records speech on a recording medium, so that an audiotypist can then play back the recording and transcribe it on her typewriter. dictatorial leadership

diktatorischer Führungsstil

An autocratic leadership style where superiors tell subordinates exactly what to do, without comment or discussion. The dominant feature of this style of leadership is fear through threats of penalties, disgrace and dismissal. difference

Differenz, Meinungsverschiedenheit Differenz, Unterschied(sbetrag)

Quarrel or disagreement The amount by which one total fails to agree with another. differential costing

Grenzplankostenrechnung

Also called direct/marginal costing. In cost accounting, a method of comparing projects, products, etc. by reference to and evaluation of the elements of cost which are peculiar to each project or product or differ as to their incidence. differential duty

Vorzugs-, Differentialzoll

Also called differential tariff or discriminating/discriminatory duty. A variable duty levied/imposed on the same commodity coming from different countries. Differential duties are based on the relationship between an importing and exporting country.

-

differential payments system

432

-

Lohngefálle

Lohn- und Gehalts Staffelung, Differentiallohnsystem gestaffeltes Stücklohnverfahren The difference between the wage payments made to one class of workers and another. The difference in wages between employees in different industries or between different grades of employees in the same occupation. A method of remuneration of employees which relates earnings to quantities produced. The piece rates are fixed for various quantities on a sliding scale. differentiation

Differenzierung, Spezialisierung

If commodities are exactly the same, these are known as homogeneous products; if not, as differentiated products. Differentiation may be based on certain characteristics of the product itself such as exclusive features, trademarks, singularity in quality, design, style, etc. dime

Zehncentstück (USA)

An American silver coin worth 10 cents. diminishing balance method

degressive Abschreibung, Buchwertabschreibung

Also called diminishing balance depreciation, reducing balance method or declining balance method/depreciation. A depreciation technique. The remaining book value of an asset is depreciated/written off, bv a fixed percentage every year; but the asset is never completely written off. It is therefore necessary at a certain point to switch to the straight-line method/depreciation. diminishing marginal utility

abnehmender, sinkender

Grenznutzen If any commodity gives satisfaction, it is said to possess utility. As the quantity of any commodity increases, so does the satisfaction to be derived from it, íe the utility increases. However, the larger a person's supply of a commodity, the less satisfaction/utility he/she derives from an additional unit of it. The additional satisfaction obtained from the additional unit is called the marginal utility. The fact that, normally, as the supply of any commodity increases, the marginal utility decreases is known as the law of diminishing marginal utility. Note: a minimum quantity of a good must be acquired before the law begins to operate. diminishing returns (law of)

Gesetz vom abnehmenden Ertrag, Ertragsgesetz

Also called law of nonproportional returns or law of variable proportions.

- 433 The inevitable fall in the "marginal product" is described by the "law of diminishing marginal returns/productivity", usually called the "law of diminishing returns. The law was first applied to land, but it operates in all branches of productive activity. The law states that: if, in a given state of technology, increasing quantities of a variable factor of production are used in conjunction with a fixed quantity of other factors, then, after a certain point, each additional unit of the variable factor will make a smaller and smaller addition to the total output. diminishing utility

abnehmender Nutzen

A situation in which consumption of additional items of a good causes total utility to grow at an increasingly slower rate. dinks

kinderlose Doppelverdiener

Also called dinkies. Dinks = double income, no kids. A couple who are both wage earners and have no children. DIPADA DIPADA A formula for creative selling. The dipada process has six steps: definition (D), identification (I), proof (P), acceptance (A), desire (D) and action (A). Selling demands a careful definition of the customer's needs and desires (stage 1). After this follows the identification of these with the offer (stage 2). The identification leads naturally to proof (stage 3) and acceptance (stage 4), and then the salesperson finally creates such a strong desire to buy (stage 5) that he/she is able to close the sale with the customer's buying action (stage 6). diploma

Diplom

An official document setting out the holder's qualifications, eg a document showing that someone has successfully passed an examination or a document showing the successful completion of an education, eg a college or university education. direct collection

Direktinkasso

In foreign trade it is possible to obtain payment by sending the documents and bill of exchange directly to an overseas buyer's bank and thus by-passing the domestic bank. direct cost(s)

direkte Kosten Grenzkosten

The total of all the costs which are a direct part of the cost(s) of a product. Direct costs include all items of cost other than overhead costs, eg direct materials, direct wages and direct expenses. Direct costs vary directly with the amount of work being done. Also called direct expenses, prime costs or variable costs. Note: direct costs can be allocated precisely to a cost center/centre.

-

434

-

Sometimes a synonym for marginal cost. direct costing

Direct Costing, Deckungsbeitrags-, Grenzplankostenrechnung

Also called differential/marginal/variable costing, contribution analysis/costing or contribution margin accounting. In cost accounting, a method of producing a statement of variable costs which are directly attributable to a particular product. Fixed costs are excluded from the unit cost under this method. Direct costing is used for internal management only; thus, it is not acceptable for external reporting or income tax reporting. direct damage

unmittelbarer Schaden

Also called actual damage. Damage which arises from a breach of contract. direct debit (DD, dd)

Abbuchung durch Einzugsermächtigung, Abbuchungsverfanren, Lastschriftverfahren

Also called direct debiting, direct withdrawal (US) or reverse wire transfer (US). A method of authorizing a bank to make payments until further notice to a third party (whereby a creditor can claim on a debtor). Written authority (a direct debit authority/mandate) must be given by the account holder (the debtor) to his/her bank enabling it to debit his/her account. Note: the direct debit mandate is issued both to the creditor (the beneficiary) and to the account holder's (the debtor's) bank; it authorizes the creditor to make claims upon the debtor's account at a specified bank and authorizes the bank to make the payments. It is up to the creditor to inform the debtor's bank of the amount owed, wnich is then transferred/remitted to the creditor's account. Direct debit(ing) can be used where the amount and/or the interval between payments varies. The creditor must tell the debtor beforehand of the date and amount demanded. The payer (the debtor) can cancel his/her direct debit authority simply by writing to his/her bank. Direct debit(ing), when used for suppliers' invoices, works as follows: by previous agreement between tne parties the debtor (ie the account holder and purchaser) signs a general authority giving his/her creditor (ie the seller) permission to credit his/her own bank account to the debit of the purchaser's account with the cost of the goods supplied (note: it is the payee, ie the creditor, who gives instruction to the debtor's bank for payment). Certainly, the seller sends the buyer an invoice in the ordinary way. Note: any incorrect debit is repayable without question by the debtor's bank who will reclaim the debited amount from the creditor. The direct debit(ing) service is a cross between the (credit) transfer and the standing order systems.

-

direct dial(l)ing

435

-

(Telefon)Durchwahl

Also called direct dial. The making of a (tele)phone call without the assistance of an operator. direct exchange

direkter Warenaustausch fester Wechselkurs

Direct exchange, or barter, involves the exchange of one good or service for another. A fixed rate of exchange, ie an exchange rate which does not vary. Also called fixed/ pegged exchange rate. direct foreign investment (DFI)

ausländische Direktinvestition

Also called direct investment (DI). An investment made by firms directly in a foreign country. direct import

direkte Einfuhr, Direktimport

Also called direct importation/importing. Importation without the services of a middleman/intermediary, ie the business buys directly from the overseas supplier. direct investment (DI)

Direkt-, Beteiligungsinvestition ausländische Direktinvestition

Investment by companies domiciled in one country in foreign companies when the investors want to acquire a lasting or controlling interest in the overseas firm. Also called direct foreign investment (DFI). An investment made by firms directly in a foreign country. direct labo(u)r

Fertigungslohn, unmittelbare/direkte Lohnkosten direkter, unmittelbarer Arbeitsaufwand Lohneinzelkosten produktive Arbeitskräfte

The wages of factory workers who are making products for the factory to sell, ie wages actually incorporated into a manufactured product. Labo(u)r cost can be allocated to cost centers/units and is a variable cost. Also called direct labo(u)r costs/wages, direct wages or manufacturing/productive labo(u)r. The work that alters in some fashion the product being produced. The costs which can be indentified with or assigned to a particular part product, or group of products.

-

436

-

Collectively, the workers doing actual processing, assembling or handling of production work so that their labo(u)r can be directly associated with the costing of individual products. direct mail advertising (DMA)

Post-/Direktversandwerbung, Direktwerbung durch die Post Postwurfsendung

Also called direct mail/mailing or (direct) mailshot. Mailing of unsolicited advertisements (eg by means of brochures, circulars, fliers, letters, etc.) or any other promotional material by use of the postal service direct to selected customers or potential customers. It does not include hand-delivery or maildrop door-to-door distribution. It is a means of selling goods by mail order. Use is made of mailing lists. Advertising material (eg leaflets) sent by mail to every household. Also called bulk mail(ing), junk mail or unaddressed mail advertising. direct mail house

Direktmarketingunternehmen

A firm which specializes in the supply of names and addresses of people who are likely to be interested in the purchase of various services or types of merchandise. Further services may include: preparation, design and printing of sales letters; addressing and dispatch of letters; evaluation of the response obtained. direct market entry

direkter Marktzutritt

The direct entry of a foreign market. This involves the goods reaching the consumer or end user through an overseas channel of distribution system. Thus, the goods may be: 1. manufactured in the home market and sold through a foreign agent, foreign distributor, marketing subsidiary or overseas sales office established by the exporter; 2. produced in the importer's own country under licensing, assembly, joint venture, full manufacture or contract manufacture agreements; 3. marketed in both territories through two companies who have merged. direct marketing (DM)

Direktmarketing, Direktabsatz, Direktverkauf

Also called direct sale/selling. Selling directly from the producer to the end user (the final/ultimate consumer) without the use of any wholesaler, retailer or any other form of middleman/intermediary. direct materials

direkte Materialkosten, Materialeinzelkosten

Also called direct material costs or cost(s) of direct material. Materials which a factory uses to make a particular product, ie materials actually incorporated into a manufactured product.

- 437 Direct materials are variable costs and can be allocated to cost centers/units. direct production

Eigenproduktion, Selbstversorgung, direkte Produktion

Also called self-sufficiency. The satisfying of a person's needs entirely by his/her own efforts and skills, ie without help from any other person or using the advantages of specialization or the division of labo(u)r. Goods created for immediate consumption. direct quotation

Preisnotierung, direkter Wechselkurs

Also called direct quote. Exchange rate expressed as the number of units of the domestic/home currency per unit of the foreign currency (ie the amount of domestic currency payable for 1/100/1000 units of foreign currency). direct services In most finished offer a bearing

Direktdienste

occupations workers cooperate to provide the final/ultimate consumer with the product. But in some occupations (eg doctors, teachers, police) the object is to direct service to the community. These people have, of course, an indirect on the production of goods.

direct tax

direkte Steuer

There are two main types of taxes, namely indirect and direct taxes. The latter are those paid directly to some government department; the tax is imposed/ levied directly on the person or legal entity who is intended to pay; the taxpayers bear the financial burden. Their advantages are that they are progressive (ie the higher the income, the higher the rate of taxation), individually assessed^ and act as built-in stabilizers. Their main disadvantage is the disincentive possibility. The most important direct taxes are: income tax, corporation tax, capital transfer tax, capital gains tax, other taxes, eg stamp duties, motor-vehicle duties. direction of labo(u)r

Arbeitslenkung

A method of overcoming immobility of labo(u)r. The state tries to direct people to expanding industries. directions for use Also called directions.

Benutzungsanleitung, Gebrauchsanweisung

-

438

-

Instructions explaining how to use a particular (usually technical or mechanical) product, eg a washing machine. directive

(An)Weisung, Richtlinie Zentralbankanweisung an die Banken

A general order from a supreme authority, requesting one or more persons, eg subordinate employees, to act according to instruction. An instruction from the central bank (eg the Bank of England or the Fed) to control the activities of the commercial banks. Directives enable the central bank to influence the direction as well as the amount of credit/money creation. director (D)

Direktor/in, Geschäftsführer/in, Vorstandsmitglied, Mitglied des Board of Directors Leiter/in

The chief manager of a business organization. A member of the governing board of a company/corporation. Directors are elected by tne shareholders/stockholders to conduct the affairs of the company. They have a duty to act in good faith for the benefit of the company and the shareholders/stockholders. Directors may either be executive or non-executive. Note: although directors have the ultimate control of a company, they usually delegate the responsibilities of managing it to the company's senior managers. A person in charge of a department or particular project. Director General of Fair Trading

Leiter/in der Wettbewerbsaufsichtsbehörde (GB)

In GB, the head of the Office of Fair Trading. He/she exerts a tremendous influence on the conduct of retail trade and reviews the economic interests of the consumer. directorate

Direktion, Direktorat Direktorium, Board of Directors (GB)

The office of a director. In GB, the board of directors. directors' emoluments

Direktorenvergütung, -tantieme

Also called directors' fees/remuneration. The total amounts paid to the directors of a company for their services to the company. These amounts must be published in the annual accounts.

-

directors' report

439

-

Bericht der Geschäftsleitung, Geschäftsbericht, Vorstandsbericht

Also called management report or report of the directors. A report compiled by the directors of a company and required by law to be submitted with the annual accounts. The report must, among other things, include information on the following matters: the company's affairs, the principal activities, a business review, likely future developments, research activities, results and dividends, proposed transfer to reserves, the names of directors and their shareholdings/stockholdings, the number of employees, the company's health and safety policy, etc. Note: in the case of a group of companies, the directors" report is made by the directors of the holding company, and is attached to the consolidated accounts. directory

Adreßbuch Telefonbuch Branchenverzeichnis Inhaltsverzeichnis Direktorium

A list of people or businesses with information about their addresses and telephone numbers. Also called address book. A telephone directory. Also called telephone/phone book. A trade directory. Also called classified directory. In computing, a data classification scheme consisting of data definitions, data names, characteristics, etc. Also called data dictionary. The directorate, ie the board of directors. directory inquiries

Fernsprechauskunft

Also called directory assistance or telephone directory inquiries. A service provided by telephone companies that you can use to fmd out someone's phone number. Inquiries about telephone numbers are answered by all telephone exchanges. dirt money

(Lohn)Schmutzzulage

Also called dirt pay or dirty money/work bonus/work pay. The money paid to workers if there is some kind of discomfort or unpleasantness associated with their work. Note: dirt money/pay does not absolve an employer from compliance with the appropriate legal requirements for safety standards.

-

440

-

dirty bill

unreines Konnossement negatives Gesundheitsattest

A bill of lading (B/L) which may carry a statement that the goods received by the carrier or their packaging is damaged. Note: the seller who presents a dirty bill cannot collect payment against a letter of credit (L/C). Also called claused/foul/unclean bill. A bill of health ÍBH) indicating that infectious diseases are in evidence at the port or airport concernea. dirty float(ing)

schmutziges Floaten

Also called controlled/filthy/managed float(ing). An attempt by a nation's monetary authorities to stabilize floating exchange rates so that exporters and importers are not too apprehensive about the contracts they are making. The authorities interfere in the markets by buying or selling their own currency to influence the exchange rate. Such interferences with exchange rates occur daily; continued intervention represents a dirty float. Note: it is still a floating rate but it is not a pure floating rate. disability

Unfähigkeit Arbeitsunfähigkeit Rechtsunfähigkeit Geschäftsunfähigkeit

The lack of adequate strength or physical or mental ability. A physical or mental handicap that prevents a person from performing normal job functions. Disability can be partial, total, permanent or premature. Also called disability/ incapacity/unfitness for work or disablement. A person's lack of legal power. Also called legal incapacity. The legal disability of a person or body to enter into a contract. Also called contractual/legal incapacity or incapacity to contract. disability insurance

Invaliditätsversicherung

Insurance cover that provides payment(s) to the insured in the case of partial, total, permanent or premature disablement. disablement benefit

Invalidenrente

Also called disability benefit/income. For insurance purposes, disablement takes place if the claimant loses earning power as the result of an accident or sickness.

-

441

-

Benefits are paid for total permanent disablement and for temporary disablement (total or partial). Tne claimant has to furnish proof that he/she has become disabled and the amount of benefit depends on the extent of disablement. disbursement

(Aus)Zahlung, Ausgabe, Auslage

Also called outpayment. The payment of money, whether by cash or by cheque/check, normally for incidental expenses such as hotel bills or travel expenses. discharge

Begleichung, Erfüllung Entlassung Ent-, Ausladen, Löschen

Carrying out or fulfilling an obligation or duty, eg the discharge of a debt or contract. In the case of a contract also called fulfillment, implementation or performance; in the case of a debt also called satisfaction and in the case of a liability settlement. The termination of an employee's employment. Also called dismissal, release or removal (from office/work). The unloading of a vehicle, eg a ship or lorry/truck. discharge form

Abrechnungs- bzw. Auszahlungsschreiben (Vers)

In insurance, a form issued by life insurers detailing current policies on the life of a deceased person and the amounts payable. discharge of/in bankruptcy

Konkursaufhebung, Entlastung/Freistellung des Gemeinschuldners

The termination of bankruptcy proceedings and the release of the bankrupt (the debtor) from certain specified debts, whether then payable or not. disclaimer

Verzicht(erklärung), Ablehnung, Ausschluß Widerruf, Dementi Verzichtende/r

A statement, clause in a deed, contract, etc., renouncing claims, responsibility, duties or powers. The act of disclaiming. Also called denial, revocation or withdrawal. A person who disclaims. disclosure

Bekanntgabe, Enthüllung, Offenlegung, Veröffentlichung

In general, the act of telling details and thereby disclosing something.

-

442

-

Something disclosed. In insurance, the legal burden on someone applying for insurance cover to disclose every relevant fact. The duty of the policyholder to disclose all material facts exists regardless of any questions expressly asked on any proposal/application form. In accounting, the displaying or reporting of information in financial statements, reports, or the auditor's report, usually in footnote or supplementary form. discount (dis, disct)

Skonto, Rabatt, Preisnachlaß diskontieren Diskont Diskontsatz Disagio, Abschlag, Abgeld (Bö) Damnum (BaW)

The amount deductible from the value of an invoice; there are various types of discount: eg cash discount, trade discount, quantity discount, etc. To discount a bill of exchange/draft. The difference between the value of a promise to pay at some future date, eg bill of exchange, and its present value. The discount rate. The amount by which the price of a security (eg a share/stock) falls short of its face/ nominal value or issue value, ie the amount by wnich a security is priced below par. The discount on a loan paid out to a borrower. discount charge(s)

Diskontspesen

Also called discounting charge(s). If a business wants to get money for a bill (of exchange) which is not due for some time, it discounts the bill. The bank makes a charge for this service. discount house

Diskontbank, Diskonthaus (GB) Diskontgeschäft, Discounter

In GB, financial institutions that formerly specialized in discounting bills of exchange offered to them. Today they are chiefly concerned with the processing of short-term money market funds. Further activities are devoted to dealings in treasury bills and government stocks. A retail business which sells (brandname) merchandise at a lower price than other retailers. Also called discounter or discount store. discount market

Diskontmarkt

Part of the money market. It comprises those institutions dealing in Treasury bills, certificates of deposit and bills of exchange.

-

443

-

Institutions in the discount market include discount houses, note dealers, commercial banks, the central bank. discount period

Skontofrist, Frist für Barzahlung

The period after a sale during which payment entitles the buyer to deduct a cash discount, eg 2% for payment within 14 days. discount rate

Diskontsatz, Abzinsungssatz Rediskontsatz Diskontsatz

The rate of interest charged when discounting a commercial/trade bill of exchange (B/E), ie the rate at which the face value of a B/E is reduced when payment is made before due/maturity date. The discount rate varies according to the quality of the bill to be discounted and the risk the purchaser takes. Also called bill rate. The interest rate used to calculate the discount on the sale of commercial/trade bills to the central bank. Also called rediscount rate. In the USA, the Federal Reserve Bank discount rate, ie the rate at which member banks may borrow funds for short periods direct from district Federal Reserve Banks. Also called bank rate, base rate (GB) or minimum lending rate (GB). discount security

abgezinstes Wertpapier

These are non-interest bearing money market instruments which are issued at a discount from face/par value with the holder receiving face value when the security falls due/matures. discount(s) allowed

Kundenskonto, -skonti

A business enterprise may allow its credit customers to pay less if they pay before a certain date. The discount allowed account shows on the debit side the amounts allowed during a financial period. The total amount is transferred to the profit and loss (P+L) account as an expense. discount(s) received

Skonto-, Skontierträge Diskonterträge

Also called discount(s) earned. A business may receive a cash discount from its suppliers if it pays for its credit supplies before a certain date. The discount received account shows on the credit side the amounts received during a financial period. The total amount is transferred to the profit and loss (P+L) account as income/revenue. In banking, the discount(s) earned from discounting bills of exchange.

- 444 discountable bill

diskontierfáhiger Wechsel

A bill of exchange which can be discounted at (ie sold to) a bank before maturity. discovery

Auf-, Entdeckung Beweisermittlungsverfahren, Offenlegung

In general, the act of discovering or something discovered. In law, a compulsory disclosure, as of facts or documetns so that parties can gain information held by the adverse party. discounted bill

diskontierter Wechsel

A bill of exchange that has been sold to the bank before maturity. discounted cash flow (DCF, dcf)

abgezinster Cash-Flow, diskontierter Einnahmeüberschuß, Barwert aller künftiger Einnahmen und Ausgaben einer Unternehmung/ Investition

A method for investment appraisal which takes the time value of money into account. The process of discounting involves the valuation of cash flows (inflows and outflows) expected to occur in the future (ie during the existence of each project or investment) in terms of their worth today (the present value). The future streams of costs and revenues are discounted to their present value (PV) equivalents. Thus, it is a method of comparing the profitability of alternative projects or investments. Note: the project or investment is economically viable when the present value of revenues exceeds the present value costs. discounted value

Gegenwartswert

Also called commuted value. The present value (PV) of future payments due or receivable, computed on the basis of current interest rate. discounter

Discounter, Diskontwarenhaus (Wechsel) Diskontierer/in, Diskontgeber/in

A commercial retail or wholesale business with nearly no customer services selling goods directly to the public at keen (ie very low) prices. Also called discount house/ store/warehouse. A person or company that discounts, ie sells, bills of exchange to a bank before maturity/due date.

-

discounting bills (of exchange)

445

-

Wechseldiskontierung

Also called discounting of notes (US). This means (en)cashing a bill of exchange (B/E) before it falls due/matures. A bank does this and there is a charge in the nature of interest, called discount, for the money advanced. Instead of holding the bill (of exchange) to maturity and receiving its face value, the holder may sell the bill at a discount, that is for a figure less than the face value. The bank will hold the bill until maturity when it will present it to the debtor (ie the drawee) for payment. Discounting is a useful service to customers in providing them with immediate funds against bills of exchange. Note: only time bills/term drafts can be discounted, ie a sight bill/draft cannot be discounted. discrepancy

Abweichung, Diskrepanz, Nichtübereinstimmung

The state or quality of being discrepant, eg a discrepancy between (two) accounts. In foreign trade, a situation when documents presented do not conform to the letter of credit (L/C). In banking, a situation when on a cheque/check or bill of exchange the amounts in words ana figures differ. Also called discrepancy in amounts or amounts differ. discretion

Ermessen Diskretion

The power or right to decide or act according to one's own judg(e)ment. The quality of being descreet or tactful. discretionary buying power

frei verfügbare Kaufkraft

Also called discretionary purchasing/spending power. Amount of income left over after fixed regular outgoings have been paid and essential purchases have been made. discretionary fiscal policy

diskretionäre Fiskalpolitik

The management of aggregate/total demand through changes in purchases, taxes, and transfers by the government to stabilize the business/trade cycle. discretionary income

frei verfügbares Einkommen

Also called disposable income. The amount of money left over for household use after taxes and the purchase of necessities/necessaries.

-

discretionary order

446

-

Bestensauftrag, interessewahrender Auftrag (Bö)

On the stock exchange, an order that gives a stockbroker or commodity broker the right to execute it (ie to buy or sell securities or commodities) immediately or wait for a better price. An order given to a stockbroker which specifies the amount of money but leaves the broker the option as to which security to buy. discretionary spending

Ausgaben zur freien Verfugung

The spending of money by a consumer on things which are not necessary, but which can be bought (or not) at his/her choice. discriminating monopoly

diskriminierendes Monopol

A situation where the sole seller (the monopolist) of a commodity charges different prices for it in different markets. A form of price discrimination. discrimination

Diskriminierung, Benachteiligung

The unequal treatment of individuals (whether deliberate or unintentional), especially because of their age, nationality, political beliefs, race, religion, language, social origin or sex, which violates the principle of equality before the law. In GB, the Acts of Parliament wnich relate to discrimination in employment are: Equal Pay Act: it seeks to prevent discrimination as regards terms and conditions of employment, between men and women. Sex Discrimination Act and Race Relations Act: they prohibit discrimination on grounds of sex, marital status, colour, race and nationality. In the USA, federal and state laws make discrimination illegal. Any restrictive terms placed on a transaction, business or market based on personal characteristics that are directly irrelevant to the given transaction, etc. Note: discrimination may take place in many fields, eg in education, housing, awarding of contracts, etc. diseconomies of scale

Größennachteile, Kostenprogression

Also called inefficiencies of scale. These are the disadvantages of large-scale/mass production. Beyond a certain size of production the unit costs may begin to rise again owing to the effects of an increase in output beyond some critical point. As output is increased, long-term unit costs may at first decline, reflecting the presence of economies of scale, but after a certain critical point long-term unit costs may begin to rise. These are of two types: 1. internal (if the cost increases are created within the firm) and 2. external (if the cost increases originate outside the firm).

-

diseconomy

447

-

Anwachsen der Kosten, Kostenprogression

An increase in long-run average costs of production. There are internal and external diseconomies. disequilibrium

Ungleichgewicht, gestörtes Gleichgewicht

Also called imbalance. A state of not being in equilibrium, eg an unbalanced state in an economy caused by changes in supply and demand or a balance of payments disequilibrium. disguised unemployment

latente, versteckte Arbeitslosigkeit

Also called camouflaged/concealed/hidden/unrecorded unemployment. Unemployment among those who want to work but who do not appear in unemployment figures for various reasons, eg housewives, school-leavers or prematurely retired persons. dishoarding

Enthorten (gehortetes Geld und zurückgehaltene Waren zirkulieren lassen) Lagerbestandsvermarktung

The opposite of hoarding. Money, stored goods and other valuables are brought back into circulation when the cause of the hoarding has passed away. A company's strategy of putting goods back onto the market when they have been hoarded or stored for some time or reason. dishono(u)r

Annahme-, Einlöseverweigerung

The refusal by the drawee to accept or pay a cheque/check, draft, or bill of exchange when it is presented. dishono(u)red bill (of exchange)

nicht eingelöster, notleidender Wechsel

Also called bill in distress/suspense or overdue bill. A bill of exchange (B/E) is dishonored when either acceptance (ie dishonor by nonacceptance) or payment (ie dishonor by nonpayment) is refused by the drawee. In either case the holder has an immediate right against the drawer and endorsers, rovided he/she gives them prompt notice of dishonor, ι some countries, a dishonored bill must be protested.

S

-

448

-

dishono(u)red cheque/check

unbezahlter, geplatzter, nicht eingelöster Scheck

Also called bounced/unpaid cheque/check, bouncer or dud. The refusal of a drawee (ie a bank) to hono(u)r (ie to pay) a cheque/check to the bearer/holder/presenter when presented. This means that the instruction to pay the payee the sum of money stated is not done. Cheques may be dishono(u)red for a variety of reasons (eg the drawer's signature differs from his/her specimen signature); the main reason is mat there are insufficient funds in the drawer's account to meet/hono(u)r the cheque. Such cheques are usually marked "Refer to Drawer" (R/D) or "refer to drawer, please represent" and returned to the payee. Other standard messages used include such phrases as "insufficient funds" (VF), "no funds" (N/F), "drawer deceased", "woras and figures differ" and payment countermanded/blocked/stopped by order of drawer". disinflation

Désinflation, dezelerierte Inflation

A mild form of deflation designed to slow down economic activity (eg by tax increases, cuts in government spending, high interest rates) without causing a severe depression. disintegration

Disintegration, Auflösung

A company that has branched out may discover that the enterprise is uneconomic. In this case, the new enterprise is hived off from the parent company. disintermediation

Vermittlerausschaltung Einlagenabzug

The act of cutting out intermediaries/middlemen. In finance, a situation when depositors withdraw their money from deposit accounts and invest directly in the stock market. disinvestment

Desinvesti tion

Also called negative investment. The reducing of part of the capital equipment (eg machines, buildings) or the failure of replacement investment to cover depreciation. The opposite of investment. disk/disc

Diskette

Also called diskette. In computing, a storage device for programs and records until required for processing. There are various types of discs, eg hard discs, floppy discs.

-

dismissal

449

-

Entlassung, Kündigung

Also called discharge, release, removal (from office) or permanent layoff. The permanent termination of an employee's contract of employment by the employer; this may be done with or without notice. disorderly market

ungeordnete/r Markt(verhältnisse)

A securities market where prices are erratic and buyers and sellers are not easily available to each other. dispatch

Versand, Expedition

In GB despatch. The act of sending goods to a certain place. The dispatch of goods is authorized by the copy invoices, the delivery note and advice/dispatch note. These are sent to the dispatch department by the invoice clerk, and authorize the appropriation of goods to the order. dispatch date

Versanddatum

Also called date of dispatch/shipment. The date on which an article, eg a consignment, is sent to a receiver or destination. dispatch money

Eilgeld, Vergütung für schnelles Entladen

A sum of money allowed to the charterers if the aircraft or vessel/ship is loaded within the allowed number of laydays. Demurrage is the opposite. dispatch note

Versandanzeige

Also called advice (of dispatch), advice/delivery/forwarding/shipping note or letter of advice. A note from a seller to a buyer informing him/her that the goods ordered have been dispatched. dispatcher

Dispatcher, Expedient Produktionskontrolleur Arbeitsverteiler/in

In GB despatcher. An agent responsible for efficiently routing and sending merchandise to its destined location. Also called dispatch/shipping clerk.

-

450

-

Dispatchers put production programs into effect by releasing and guiding manufacturing/production orders in the sequence previously determined by route sheets and schedules. Dispatchers begin their dispatching function when the planning office transmits manufacturing orders. A person who is responsible for allocating work orders to all people working together on a job. display

Aufstellung/Ausstellung von Waren, Warenauslage (BildschirmjAnzeige

In retailing, an exhibition of merchandise, whether in store (in-store display) or in window (window display). Displays are arranged to catch the eye and attract attention in order to promote sales. Note: manufacturers/producers and retailers may have special display posters, stands, cards and other matenal designed for windows, counters, shelves, floors, etc. Character or graphical displays on the surface of a video screen. When data is entered into a computer it is displayed on the screen. display advertising

Großanzeige, Großanzeigenwerbung

Also called display advertisement. A large advertisement placed in a printed publication. In newspaper advertising, advertising that allows the advertiser to illustrate and explain his/her product or service so that he/she may attract the reader's attention. Also called full page advertisement. If the ad is placed in the center of the publication, it is called center-spread advertisement. Freestanding advertisement which is exhibited in traffic areas. display bin

Auslagenbehälter, -kiste, Warenbehälter

Also called dump bin or dumper. An open container containing merchandise which the customers can handle and examine before a purchase will result. display cabinet

Auslagekasten, Schaukasten, Vitrine

Also called display case. A type of cupboard or container with glass panels which businesses use to show their goods in the best way.

-

display case

451

-

Musterkoffer Ausstellungsvitrine, Schaukasten

A portable case carried by a salesperson and opened to show the merchandise within to customers. Also called sample bag. A display cabinet. display pack

Schaupackung, Auslagepackung, Präsentationspackung

Also called display box/package. Pack which, in addition to performing a packaging function, also serves as a means of displaying the product at the point of sale (POS). disposable income (DI)

verfugbares Einkommen Nettoeinkommen

The amount of money left to us after the necessaries/essentials of life have been paid for. Also called discretionary income. Income less tax payments. Also called net income/earnings/receipts, earnings net of tax, residual income, or take-home income/pay. disposable personal income (DPI)

verfügbares persönliches Einkommen

The amount of income available to households after payment of personal income taxes and social contributions. disposables

Wegwerfgüter

Articles designed for or capable of being thrown away after being used or used up. dissaving

Entsparen, negative Ersparnis (Überschuß der Verbrauchsabgaben über die verfugbaren Einnahmen)

Also called negative saving. Consumption in excess of income. Consumption financed out of wealth (eg savings) or by borrowing. Spending exceeds current income. dissolution

Vertragsauflösung Auflösung, Liquidation (einer Unternehmung)

The act of formally ending a contract. Also called cancellation of contract.

-

452

-

The process by which a company, after winding-up, is dissolved and formally ceases to exist. The termination of a partnership, eg by agreement or because of death. distance learning

Fernunterricht

A form of learning where students and teachers are not in face-to-face contact in the same location but communicate through audio-visual aids, such as radio, computer, TV or video. distant markets

entfernt gelegene Märkte

These are markets which are further away from the home market. Usually, they are more costly to serve and more difficult to manage and control. distraint

Beschlagnahme, Pfändung

Also called attachment or seizure. The seizure of a debtor's property in order to secure a creditor's outstanding debts. distress sale

Notverkauf

Also called emergency/fire/forced/panic sale, distress marketing/selling, or bailout. The sale of goods at substantially low prices (distress merchandise) in a situation of emergency. distress warrant

Pfändungsbeschluß

Also called attachment/distraint/distress/garnishee order or order/writ of attachment. A warrant empowering a creditor to distrain on the goods of a debtor, eg distress for unpaid rent or taxes. distressed area

Gebiet mit hoher Arbeitslosigkeit

An area in which there is high unemployment. distributable profit

ausschüttungsfähiger, verteilungsfähiger Gewinn

Also called distributable earnings or (net) earnings available for distribution/payout. The proportion of net profit that can be distributed to owners in the form of dividends. distributed profit Also called distributed earnings.

ausgeschütteter Gewinn

-

453

-

That portion of net profits distributed by firms in the form of dividend payments to owners, eg shareholders/stockholders. distribution

Verteilung, Distribution Vertrieb, Distribution Ausschüttung

The sharing of the national income among the owners of the production factors. Distribution of incomes and property by levying progressive taxes. The movement of raw materials to the places of production; the allotment of goods by producers among consumers. The sharing out of an amount of money. For example, a company or investment trust distributes dividends to its shareholders/stockholders; in bankruptcy there may be a distribution to creditors. distribution agent

Vertriebsunternehmen, -Unternehmer

Also called distributing agency. Someone who combines the services of a commission agent with the carrying of stocks of the product and arranging for their physical distribution to the customers in his territory. distribution channel

Absatz-, Vertriebsweg

Also called channel/chain of distribution, distribution chain, distributive/marketing/ trade channel or sales chain/channel. This term refers to the system of marketing institutions through which goods or services are transferred from the original producers to the end/ultimate users or consumers. The traditional route for consumer goods from the producer to the consumer, involving the commercial services provided by transport and warehousing, usually is: producer

wholesaler - » retailer - » consumer.

Other patterns of distribution are: 1. The producer sells all his/her goods to a wholesaler, the wholesaler sells direct to the consumers. 2. The producer bypasses the wholesalers and sells to the retailers direct. 3. The producer sells direct to the consumers. The distribution method depends upon many factors; eg: the nature of the product, the scope of the market it is intended to penetrate, etc. distribution cost analysis

Vertriebskostenanalyse

This concerns the distribution of goods and is the analysis of the differences of cost(s) involved when various ranges of goods are distributed in different ways.

- 454 distribution cost(s)

Absatz-, Vertriebskosten

Also called distribution expense(s). Costs (eg packing and transport) associated with transferring/distributing goods from a supplier to the customer. distribution gap

Vertriebslücke

Part of the market not yet reached by outlets or agents. distribution list

Verteiler, Verteilerliste

Also called mailing list, carbon copy (GB) or copies to: (US). A notification stating the names of persons or departments who are to obtain a copy of a letter. The notification may read copies to: ..., or distribution or more commonly cc: (copies circulated to...). The list of those circulated should then follow. distribution mix

Distributionsmix

The particular combination of distribution channels through which a producer distributes his/her products at any point of time. distribution theory

Verteilungstheorie

This theory refers to the sharing of the national income among the factors of production (land, labo(u)r, capital and enterprise). That means, the theory seeks to explain now the wealth created by production is distributed among various people having a claim on it: the workers, landlords, savers of money capital and the entrepreneurs. distributive trade(s)

Absatzwirtschaft (z.B. Groß- und Einzelhandel, Verteilergewerbe)

Also called distribution/marketing system. The distributive trade provides the connecting link between producers and consumers. This is achieved through the commodity markets, wholesalers and retailers. distributor

(Zwischen)Händler, Vertragshändler Auslieferer, Verteiler Grossist, Großhändler Filmverleiher

A business which contracts to buy a firm's goods and services, and sells to third parties. An intermediary/middleman between producer and customer. Where the business is the only seller in a particular area, it is called sole distributor. In transport terms, a business involved in the distribution of merchandise.

-

455

-

A wholesaler who distributes the products to retailers. Someone who distributes films. disutility

negativer Nutzen

Also called negative utility. The loss of satisfaction/utility resulting from having too much of a thing. diversification

Diversifikation, Diversifizierung Sortimentserweiterung, Diversifikation der Tätigkeit Streuung der Anlagepalette

Expansion of a firm into an unrelated industry, ie large companies take over businesses with which they have nothing in common. The company extends its range of products and its activities. The intention is risk-spreading. Also called branching out or conglomerate merger. Diversification also implies extending beyond the existing field of business, eg introduction of new products into existing markets (diversification of lines), or of existing products into new markets (diversification of activity). The spreading of investments among different companies in different fields (diversification of investment). divestment

Entflechtung (Kartellgesetz) Veräußerung Abstoßen, Ausgliederung

Also called devestiture. Transfer of the ownership and control of part of a firm's activities to another, independent firm to meet the requirements of the antitrust laws. Also called break-up, demerger or trustbusting. The selling of a part of a company. The elimination of unprofitable products to achieve rationalization of the product range. dividend (div)

Dividende (Gewinn)Ausschüttung, Gewinnanteil Insolvenz-, Konkursquote Gewinnanteil

Profit which is distributed/paid to the ordinary shareholders/common stockholders of a public limited company (PLC)/corporation (Corp.) and expressed as a percentage of the face/nominal/par value of the shares/stocks or as an absolute amount per share/stock.

-

456

-

Divdend is not fixed: it fluctuates according to the prosperity of the company and as such is a reward for risk-bearing. It may be omitted if the company has made no profit, or insufficient profit. The amount of the dividend will be decided by the board of directors and the shareholders/stockholders must approve the amount of dividend at the AGM (annual general meeting). Dividends are commonly distributed at regular intervals, eg biannually/semiannually or annually. Dividend payments are taxed twice - once when company profits are taxed and again when the dividend is received by a taxpaying shareholder/stockholder. Preference shareholders/preferred stockholders bear less risk, and their share of the profits may be limited to a fixed amount or may be subject to particular agreements. Also called preference/preferred dividend or dividend on preference share/preferred stock. The amount of a private limited company's (Ltd's)/(closed) corporation's profit which is distributed to the shareholders/stockholders. The distribution of a surplus to members of a cooperative (society), calculated by reference to the value of their purchases from the cooperative. Creditors in a bankruptcy receive a dividend of χ percent or χ ρ in the f , or χ c in the $, etc. (eg 10 % or 10 p/c) after realization of the debtor's assets. Also called dividend in bankruptcy. In insurance, a sum of money returned to an insured by an insurance company under a participating policy. dividend cover

Dividendendeckung(sverhältnis), Verhältnis Gewinn zu Dividende

Also called earnings cover, dividend cover ratio or times covered ratio. A financial ratio. It shows the number of times the dividend paid is covered by the company's net profits after tax. A figure of around three is usually felt to be satisfactory. High cover implies that the company retains its profit for investment in the company. Low cover indicates that the firm is paying out such high dividends so that there is little room for reinvestment. If the cover is below one, then the dividends come to more than the profits, and the dividend is uncovered. For example, if a company pays a dividend per share/stock of 25 pence/cents and its earnings per share/stock is 50 pence/cents, the dividend cover is two. dividend cut

Dividendenkürzung, -schnitt

Also called cut/reduction in the dividend. A situation where a company pays a smaller dividend than the previous one. dividend per share/stock (DPS)

Dividende pro Aktie

The total dividend payable to shareholders/stockholders in respect of a financial year, divided by the total number of shares/stocks to which the dividend is payable.

-

457

-

Thus it is the annual dividend expressed in an amount, eg in pence or cents, per share/stock. dividend policy

Dividenden-, Ausschüttungspolitik

The dividend policy determines whether to pay out or not to pay out cash dividends to shareholders/stockholders. If it is decided to pay out, dividend policy involves the determination of the (dividend) distribution/payout and the retentions/retained earnings. Dividend policy may be affected by: 1. legal factors (eg dividends may not be paid out of the firm's share capital/capital stock); 2. liquidity (dividends may not be paid out if it affects the cash/liquidity needs of the firm); 3. financial requirements (eg if the firm needs funds to finance its expansion, dividend payout should be convervative); etc. Note: the higher the dividend payout, the less there is to reinvest; the higher the retained/undistributed profits, the more there is to invest and the greater the prospects of high future dividends. dividend warrant (DW)

Dividenden-, Gewinnanteilschein

Also called dividend check/coupon. A document issued by a company to those shareholders/stockholders who are entitled to dividend. An interest warrant is similar but used for the payment of interest on other securities. dividend yield

Dividendenertrag, -rendite, Effektivrendite

Also called dividend return or dividend price ratio/yield. A financial ratio dividend paid by For example, if dividend of 6 %, yield =

quoted as a percentage. It shows the relationship between the annual a company and the market price of a share/stock. a $/£ 1 stock/share standing at a market price of $/£ 1.50 pays a the

dividend per share/stock market share/stock price

χ 100 =

6 p/c χ 100 = 150 p/c

4 %

Note: if the share/stock is being upgraded by the stock market, its price will rise and therefore the yield will fall. division of labo(u)r

Arbeitsteilung

A particular case of specialization, ie the separation of work into specialized tasks. In economics, the term refers to those economic activities in which an individual worker will specialize in one step or a few steps of a productive process so that each workperson becomes highly efficient in the task that is being performed. The division of labo(u)r is one of the outstanding features of modern industry and is practised to an extreme degree. Advantages are: increases m the productivity of labo(u)r, each person can do the job in which his/her superiority is most marked, practice makes perfect, etc.

-

458

-

Disadvantages are: continuous repetition of a single task, monotony may lead to inefficiency, loss of craftsmanship, increased risk of unemployment, standardization of product, etc. Adam Smith (1723 - 1790) first explained the advantages of this principle. F. Herzberg, an American psychologist, maintained that unless workers have a complete unit of work they cannot be motivated. International division of labo(u)r means that countries specialize in the production of goods which they are best capable of producing. dock dues

Kaigebühren, Hafengebühren

Also called dockage, dock charges, quayage, quay dues or wharfage. The charge made for docking vessels/ships at a dock/wharf. Dock dues/wharfage, are contributions towards the cost of passing the goods through the docks (ie for handling incoming or outgoing cargo). Tne charge is raised by the port authority. dock receipt (D/R)

Kaiempfangs-, Übernahmeschein

Also called wharfinger's note. A warehouse receipt issued for goods destined to be stored by a shipping company. The document is issued by a warehouse keeper or port officer certifying that goods have been received by the shipping company. It is signed and returned to the consignor and serves as an interim document which is replaced by a bill of lading issued before shipment. When cargo is damaged or miscounted, a notation is made on the dock receipt. It determines whether a clean or dirty/foul bill of lading is issued. dock warrant (DW)

Docklager-, Dockempfangsschein

Also called warehouse warrant. A document of title issued to the owner of goods imported and warehoused with a dock company. On presentation of the warrant, the goods are released from the warehouse. The title passes by endorsement. docket

Etikett Warenbegleitschein Zollquittung

A short summary of contents attached to the outside of a packet. Also called label, tag or ticket. A list of goods delivered. A customs receipt certifying that duty has been paid. Also called customs receipt/voucher or customs-house docket.

-

459

dockyard (DY)

-

Werft

Also called shipyard or (shipbuilding) yard. A yard where ships are built or repaired. doctrine

Doktrin

A belief of a set of beliefs forming the main part of a position, principle, policy, or system of ideas. doctrine of conservatism Also called principle of conservatism, doctrine of prudence or principle of caution. In accounting, a convention that implies that profits should not be brought into account until they have been earned, but that provision should be made for all actual and possible losses that can be ascertained. document (doc)

Dokument, Schriftstück, Urkunde Beleg

A piece of paper which gives true information about a person, company or transaction. Also called instrument. A written evidence of a business or accounting transaction. Also called record, slip or voucher. document of title

Dispositionspapier, Eigentumsurkunde

A document (eg bill of lading, warehouse warrant) which entitles the holder to claim possession of the goods named on it. It provides evidence of the ownership of some asset. The transfer of a document of title effects the transfer of the assets themselves. documentary (letter of) credit (doc credit)

Dokumentenakkreditiv

A documentary credit is a special form of payment used only in international trade. Usually it involves two banks (the exporter" s and importer's bank) in order to protect the exporter's and importer's interests. The idea is to reduce the risk of nonpayment for the exporter/seller and to reduce the risk of nondelivery for the importer/buyer. A system whereby an exporter/seller secures payment for his goods as soon as they have been dispatched, namely by drawing a bill of exchange on a bank which has been previously authorized by the importer/buyer to accept it against presentation of the necessary documents (ie, the importer instructs his bank (the issuing/opening bank) to establish a credit in favo(u)r of the exporter). The importer's bank (the issuing bank) undertakes, or authorizes its correspondent bank (the advising bank) in the exporter's country, to pay the exporter a sum of money (normally the invoice price) against presentation of the documents (eg the bill of lading, the invoice and the insurance policy) which are specified in the credit.

-

460

-

Liability for payment now rests with the issuing bank and not the importer. But note: the advising Dank (the exporter's bank) is usually prepared to negotiate/discount the bill with recourse. The documentary credit system is a method of payment in international trade which gives a guarantee of payment to the exporter, provided that he complies with certain terms and conditions (such as presenting specified documents to a bank for checking after shipment of the goods). documentary bill (D/B)

Dokumententratte

Also called documentary bill of exchange or documentary draft. A bill of exchange (usually a sight or term draft) which is accompanied by commercial documents (eg B/L, insurance policy, invoice). The exporter presents the documents to his bank, but they will be delivered to the importer only on his paying (documents against payment, D/P) or accepting (documents against acceptance, D/A) an accompanying bill of exchange. Meanwhile, the bank usually makes an advance to the exporter against the security of the goods. documentary collection

dokumentarisches Inkasso

This is a collection involving documents, ie either: financial documents and commercial documents together; or commercial documents only (ie documents not accompanied by financial documents). For a documentary collection, the banks may be instructed (by the exporter) to release the commercial documents of title to the buyer/importer: only against immediate payment of the goods (see documents against payment, D/P) or only against immediate acceptance of a bill of exchange (see documents against acceptance, D/A). The procedure of a documentary collection is as follows: as soon as shipment is made, the exporter draws a sight or term bill on the importer, attaches the necessary documents (eg the bill of lading), and hands these together with his collection instructions to his bank (ie the remitting bank). Then the remitting bank forwards the bill of exchange, the documents and the collection instructions to the collecting bank (normally the importer's bank). If the exporter draws a sight bill the documents may be released only against payment (D/P). In the case of a term bill the documents may be released against acceptance of the bill (D/A) with subsequent presentation for payment on the maturity date. documents against acceptance (D/A, DAA)

Dokumente gegen (Wechsel)Akzept

Also called documents on acceptance (DOA). A type of documentary collection where the bank releases the documents to the buyer/importer against acceptance of a bill of exchange (B/E) guaranteeing payment to the seller/exporter at a later date. documents against payment (D/P, DAP)

Dokumente gegen Zahlung (AuW)

Also called cash against documents (CAD), documents against cash (D/C) or documents against presentation.

-

461

-

A type of documentary collection where the bank releases the documents to the buyer/importer only when the sight draft has been paid or presented for payment, or against a cash payment, eg in a specified currency. Then, the importer will receive the necessary documents to collect/pick up the goods. documents in foreign trade

Außenhandelsdokumente

There axe many documents which are used for one purpose or another in foreign/ international trade: 1. transport documents (eg the bill of lading), 2. commercial documents (eg the packing list), 3. insurance documents (eg the insurance policy), 4. official documents (eg the customs invoice), and 5. financialdocuments (eg the bill of exchange). In processing an export consignment involving extensive documentation, one must bear in mind that there can be up to four contracts to execute. These include: 1. the export sales contract, 2. the contract of carriage, 3. the financial contract, and 4. the contract of cargo insurance. dole

Arbeitslosenunterstützung (GB)

Also called unemployment benefit/compensation (US)/pay. Colloquially, in GB a weekly payment made by the government to people who are unemployed (ie who are on the dole). dollar (D, d, dl., do, dol(l))

Dollar

The world's most popular currency name. The standard currency unit of the United States of America ($). One dollar = 1 0 0 cents. Other dollar countries are: Australia, Canada, New Zealand, Hong Kong, Taiwan, Jamaica, Bahamas, Bermuda, Puerto Rico, etc. Symbol: $ or $ (and c or 0 for cent). $ is from solidi (plural of solidus) = shilling. Note: the US dollar (USD) is regarded as an international unit of currency and is accepted all over the world as a means of payment. domestic bill

Inlandswechsel Wechsel, bei dem Ausstellungsort und Zahlstelle im gleichen Bundesstaat liegen (USA)

A bill of exchange (B/E) which is payable in the country in which it is drawn/issued. Also called home/inland bill or domestic exchange. In the USA, also a B/E which is drawn and payable within the same state. Also called domestic exchange. domestic corporation

inländische Kapitalgesellschaft

A corporation formed under the laws of a particular country, eg Germany or Australia.

-

462

-

In the USA, also a corporation established under the laws of a specific state that operates within that state. domestic currency

Binnen-, Inlands-, Landeswährung

Also called home/local/national currency. Banknotes and coins of the home or one's own country. domestic demand

Binnennachfrage

Also called home/internal demand. A country's (eg Australia's or Germany's) or an economic union's (eg the European Union's) demand for goods and services, whether produced at home or abroad. domestic market

Binnen-, Inlandsmarkt

Also called home/inland/internal/national market. A country's home market. domestic production

Inlandsproduktion

Also called home manufacture. The goods produced within a given country and within a particular time period. domestic trade

Binnenhandel

Also called home/inland/internal/local trade. Trade which takes place within the country and which plays a paramount and critical role in the country's economy. It relates to the purchase and sale of goods within the country and encompasses two important areas: 1. the retail trade, and 2. the wholesale trade. domicil(e)

(ständiger) Wohnsitz Sitz einer Firma, Firmensitz Zahlstelle, Domizil

The place where a person has his/her permanent home. The place where a firm has its registered office. Also called corporate domicile, headquarters or registered office. The place where a domicile bill (of exchange) is payable.

-

domicile(d) bill

463

-

Domizilwechsel, domilizierter Wechsel

A bill of exchange (B/E) where the acceptor (ie the drawee) adds to his/her signature the place of payment; the bill is payable only at that particular place. This means that the holder (ie the payee) must present it to the bank named in order to obtain payment. dominant

firm

marktbeherrschendes Unternehmen

A company that maintains a qualifying market share and exercises considerable market power in determining the supply terms of a product or service, eg smaller rivals comply with its prices. donation

Schenkung, Spende

Also called gift. An asset or an amount of money given by one person (the donor) to another (the donee) without cost as a gift. donee

Schenkungs-, Spendenempfänger/in

The party receiving something, eg money or a gift (opposite of donor). donee country

Empfángerland

Also called recipient country. A country, usually a less developed country (LDC) that receives commodity, financial or technical aid from an industrialized country. donor

Geber/in, Schenkungsgeber/in, Spender/in

Also called donator, giver or subscriber. The party giving something, especially money, or making a gift (opposite of donee), donor country Geberland An industrialized country that gives commodity aid, financial aid or technical aid to a less developed country (LDC). door to door

Haustürverkauf, Verkauf an der Haustür Haus-zu-Haus-Lieferung

Practice of direct selling by calls upon households. Also called door-to-door sale/ selling, doorstep selling, house-to-house sale/selling.

-

464

-

Transport service from the sender/consignor to the receiver/consignee. Also called door-to-door/house-to-house delivery. dormant partner

stille/r Teilhaber/in, Gesellschafter/in

Also called silent/sleeping partner. An inactive member of a partnership. double coincidence

Bediirfniskoinzidenz

A condition in a transaction in which each party wishes to trade exactly what the other party is offering in exchange. double entry bookkeeping

doppelte Buchführung

A bookkeeping system by which every debit entry is balanced by an ecjual credit entry. Every transaction will affect at least two accounts; one on the debit side and the other on the credit side. Note: the use of double entry ensures that assets always equal liabilities and therefore balance sheets always balance (unless an error has been made). double indemnity

Verdoppelung der Versicherungssumme bei Unfalltod

In life insurance, an accident benefit equal to the sum insured, so that the insurer pays out double the amount in the event of death caused by accident. double insurance

Doppelversicherung

This occurs where a risk is insured against twice. The insured (person) will only be laced in the same financial position after the loss or damage as he/she was in before; e/she must not make a profit. In the case of loss or damage, one company will claim contribution from the other.

E

double option

Stellage(geschäft), Stellgeschäft (Bö)

Also called straddle. On the stock exchange, an arrangement which gives an investor two rights - to buy or to sell securities at a given price at a future date. This is a combination of a call option and a put option. Each option may be exercised separately, although the combination of options is usually bought and sold as a unit. But for a fee the investor may choose not to take up either right. double page spread (DPS) Also called double or double/two-page spread.

doppelseitige Anzeige

-

465

-

In advertising, two facing pages in a magazine or newspaper, used as if they were one single sheet. double taxation

Doppelbesteuerung

This occurs when the same income is taxed in two countries. For example, multinational companies are subject both to tax laws of the domicile country and to those of countries where they have operations. Since double taxation discourages trade, most governments agreed that an individual or company shall not be fully taxed by both countries, but that the tax paid in one country shall be set against the tax liability in the other country. double taxation agreement (DTA)

Do^pelbesteuerungsabk*ommen

Bilateral double taxation agreements are in force between a number of countries. The citizens of one country who have earned money in the other are relieved from having to pay tax on the income in both countries (double taxation), ie the taxpayers are not taxed twice. doubtful debts

dubiose/zweifelhafte Forderungen, Dubiose

Also called doubtful accounts receivable. Debts of which the recovery, in full or in part, is uncertain. When the firm becomes sure that the amounts will never be received, they become bad debts which are written off as losses; doubtful debts are not written off. Note: in the USA, there is no distinction between doubtful and bad debts. Dow Jones Index (DJI)

Dow-Jones Aktienindex (Index der New Yorker Aktienbörse)

The name for the New York's Stock Exchange daily market index showing the movement in stock prices each day. It is prepared by Dow Jones and Co. and published daily in the "Wall Street Journal". The index was established by Ch. H. Dow and E. D. Jones in 1897. The Dow Jones Industrial Average (DJLA) - dating back to 1928 - is the price-weighted average of 30 actively traded blue chip stocks. This figure is probably the world's best known index of the price movements of ordinary shares/common stocks. Down Under bond

Australien/Neuseeland-Anleihe

The euromarket term for $ A/AUD and $ NZ/NZD bonds. downpayment/down payment

Anzahlung

Also called advance/first/initial payment, deposit, downpay, payment on account, or prepayment.

-

466

-

A first/initial payment of the purchase price; often in connection with a hire purchase transaction/instal(l)ment sale. downperiod/down period

Stillstandszeit

The time period during which a plant is closed for maintenance and/or repair. downside risk

Risiko des Kursrückgangs (Bö) Abschwungpotential

On the stock exchange, the chance that actual quotations will be worse than some fixed level. An estimate of an investment" s possible decline in value and the extent of the decline. downsizing

Downsizing, (Personal)Abbau, Verkleinerung

A company's activity to reduce costs by restructuring to concentrate on its core business, usually resulting in job losses. Reducing the size of labo(u)r force by making workers redundant. downswing

Konjunkturabschwung, Flaute

Also called downward swing, downturn, contraction, decline in economic activity, or slump. The phase of the business/economic/trade cycle during which business activity is falling, prices are declining, and unemployment is rising. downtick

leichter Kursrückgang

A situation where the selling price of a security is lower than the price of the previous sale. dozen (dz)

Dutzend

A group of twelve or something containing 12 parts. Note: a baker's dozen is a dozen plus an extra unit as a kind of bonus to the buyer. draft (dft)

Zahlungsanweisung Scheck Wechsel Tratte, gezogener Wechsel Geldabhebung Entwurf, Konzept Tiefgang

A written order for the payment of money. Also called instruction/order to pay.

-

467

-

A cheque/check. Also called bank/banker's draft. A bill of exchange (B/E); ie a payment order in writing that directs the drawee to pay a specified sum to the payee. There are sight drafts (payable at sight/on demand/on presentation), time drafts (payable at a specific date), bank drafts, etc. A bill of exchange before acceptance. Also called bill. The drawing of money from some source, eg a bank. Also called withdrawal (of funds) or drawing. The first rough writing of anything; a rough plan. In GB also called draught. In shipping, the vertical distance between the waterline and the bottom of the keel of a ship. Also called draught (GB). drafter

Trassant, Wechselaussteller/in, Wechselgeber/in Verfasser/in

The person issuing/drawing a bill of exchange (B/E). Also called drawer, maker or issuer. A person who draws up documents. Also called draftsman (US) or draughtsman (GB). drawee

Bezogene/r, Trassat Bezogene/r, bezogene Bank

The party drawn upon in a bill of exchange (the debtor) who is ordered to pay a sum of money on demand, or on a given, or determinable, future date. When he/she has accepted the bill he/she is known as the acceptor. The party, ie a bank (the drawee bank - this is the bank whose name is printed on the cheque/check) or other financial institution on which the cheque/check is drawn and which is expected to hono(u)r/pay a cheque/check when presented for payment. Also called drawee bank(er). drawee bank

bezogene Bank

The bank on whom a cheque/check or bill of exchange has been drawn. drawer (Dr)

Aussteller/in, Trassant Aussteller/in

Also called issuer, maker or writer. The person who writes out/draws/issues and signs the bill of exchange/draft (the creditor). The drawer calls upon the drawee to pay the sum due. The party making out the cheque/check and thereby instructing the drawee (bank) to pay someone else a cheque/check on demand/on presentation/at sight.

-

468

drawing

-

(Privat)Entnahme Wechselziehung, Trassierung Scheckausstellung Geldabhebung Auslosung

Money or goods that the owner or partner has taken out of the business for his/her personal use in the year. The drawings are debited to the drawings account. Also called withdrawal. The making out/issuing of a bill of exchange (B/E) on someone. The issue of a cheque/check. Taking money out of a bank account. Also called withdrawal. Something decided by drawing lots. drawing account

Privatentnahmekonto (eines Gesellschafters) Giro-, Kontokorrentkonto

In a sole proprietorship/individual enterprise or partnership, the owner's or a partner's account, into which cash drawings/withdrawals are accumulated. Drawings are normally made out of profits although they are also made in the absence of profit. Note: the drawings account is a subaccount of the capital account. Also called drawings/private account. A current/checking account. drawing right

Ziehungsrecht

The right to borrow needed foreign currency from the IMF. When a country suffered an adverse/unfavo(u)rable balance of payments, the IMF (International Monetary Fund) authorizes a member country to purchase with its own currency the currency of another member, ie it has the right to draw foreign currency from the fund. The amount available is fixed in relation to the member's own contribution to the IMF's central fund. drawn bond

ausgeloste Anleihe/Obligation

A lottery bond redeemable by drawings/lots. drive in bank

Autoschalter (Bank)

Also called drive-in/up window/teller. A service facility designed to accommodate bank clients in their cars. The client/customer may pay money to, or receive money from the bank, through the window of his/her car.

-

469

drop

Rückgang

A decline, eg in orders, earnings, output, sales, prices, profits, etc. drug in/on the market

Ladenhüter

Also called shelf wanner or cats and dogs. A commodity which is unsal(e)able, often because of an excess supply. drum

2ylindrischer Container, Trommel

A cylindrical container, usually made of metal or plastic, but sometimes wood or strong cardboard, for transporting liquids, powders, paint, chemicals, etc. dry dock

Trockendock

A l s o called graving dock. A dock where ships are examined and repaired. dual banking (system)

duales Bankensystem

In the U S A , the banking system consisting of the national and the state banks, ie a system in which a bank can be chartered by either the Federal government or by a state government. dual listing

Notierung an zwei Börsen

Listing a share/stock or security on more than one stock exchange, eg a company could be listed/quoted on the Frankfurt Stock Exchange and on the N e w York Stock Exchange ( N Y S E ) simultaneously. dud

fauler, ungedeckter Scheck

Also called dud check/cheque or bouncer. A cheque/check dishono(u)red by the bank because the drawer's account is uncovered. due bill

fälliger Wechsel

Also called payable bill. A bill of exchange (B/E) which has to be paid. due date (d/d) Also called maturity date.

Fälligkeitstag, Erfullungstag Verfalltag

-

470

-

The date on or by which a bill, an invoice or a liability must be paid. The date of expiry. due diligence

gebührende, verkehrsübliche Sorgfalt

The duty of an individual (eg an auditor or attorney) to act in a careful, reliable, responsible and trustworthy way. dues

(Mitglieds)Beiträge Gebühren, Abgaben Gewerkschaftsbeiträge

The sum of money paid, or to be paid, for membership. Also called contributions or subscriptions. Money due for services. Any charges made, eg by port authorities (eg dock/port dues). Also called fees. The periodic payments made to trade/labor unions by unionists. Also called union dues. dumping

Preisunterbietung, Dumping

A severe price-cutting in order to drive/force competitors out of the market. Selling by a company of a surplus production to nonregular customers at a lower price than the regular/steady customers are charged. In international trade, the selling of goods in foreign markets at lower prices than in home/domestic markets. dunnage

Packmaterial

Wood, mats, etc. used to facilitate stowage of cargo. duopoly

Duopol

A market situation where there are only two suppliers of similar products. The two firms sell to a large number of consumers who are unable to affect the market price of the commodities and therefore cannot keep the market competitive. duopsony

Duopson, Nachfrageduopol

A market situation with only two buyers. The opposite of duopoly.

-

duplicate (dup)

471

-

Kopie Duplikat, Doppel, Zweitausfertigung

An imitation, reproduction, or transcript of an original. A (second) copy of a printed form or piece of writing that you can use in the same way. Three copies are called triplicate, four quadruplicate, five quintuplicate, and six sextuplícate. Also called (second) copy. durables

(langlebige) Gebrauchsgüter, Wirtschartsgüter

Also called durable (consumer) goods or consumer durables. Goods in the hands of the final/ultimate consumer that can be used again and again over a period of time, eg furniture. dust cover

Buchhülle

Also called dust jacket. A detachable paper cover or jacket in which a new book is normally issued and which often contains information about the book or its author. Dutch auction

Abschlagsauktion (Holländische Auktion/Versteigerung)

A form of auction. The auctioneer commences with a high price, and gradually reduces it until an offer/bid is made. There is no outbidding as in normal auctions. Note: US Treasury bills are sold under this system. duty

Aufgabe, Pflicht Zoll Steuer

An obligation, ie something that you have to do. Also called assignment or task. The tax levied on the import (or export) of goods. Also called customs duty or tariff. A form of taxation, eg stamp duty. Also called tax. duty card

Terminkarte

Also called tickler. A card in chronological order of actions to be taken. duty free goods Also called uncustomed goods.

zollfreie Waren

-

472

-

Goods that are not liable to customs duty. duty free shop

zollfreier Laden

A retail shop where goods are sold free of customs and excise duties. Therefore the selling price may be nxed at a lower level. Most often located at air or seaports. dynamic open market operations

dynamische Offenmarktpolitik

Open market operations performed by the central bank to affect bank reserves, and thereby to affect the money supply.

-

473

-

E

Nothing great was ever achieved without enthusiasm. (Ralph Waldo Emerson, 1803 - 1882)

eagerness to buy

Kauflust, Kaufbereitschaft

Also called disposition/inclination/propensity to buy/purchase. The tendency or willingness in human beings to buy/purchase. This is the basis of demand; it influences the price of a commodity. early closing day

Tag, an dem die Geschäfte nachmittags geschlossen sind

The weekday when most shops/stores in a (smaller) town close in the afternoon. early order discount

Friihdispositionsrabatt

A discount granted to someone who orders a product immediately after receipt of the offer or at least within a certain period thereafter. early retirement

Vorruhestand

Leaving a job before normal retirement age, sometimes accompanied by an ex gratia payment. Usually, there is a reduction in the monthly retirement/old age insurance benefit. early withdrawal penalty

Vorschußzins/en, Negativzins/en bei vorzeitiger Verfügung über Einlagengelder

In banking, a charge assessed against holders of fixed-term deposits if they withdraw their money before maturity. Note: certain deposits require a withdrawal notice. earmark A distinctive mark or feature.

Merkmal, Kennzeichen

-

474

earmarked funds

-

zweckgebundene Gelder/Mittel

Money set aside for a particular purpose, earned income

Arbeitseinkommen, Einkommen aus Erwerbstätigkeit, Einkommen aus unselbständiger Arbeit Einkommen aus selbständiger Arbeit, d.h. aus Unternehmertätigkeit (Erwerbseinkommen) Einkünfte aus selbständiger und unselbständiger Arbeit realisierter, verdienter Gewinn sonstige Einkünfte

Income derived from employment, in the form of salaries, wages, and other employee compensation. It excludes income from investment, pensions, annuity payments, rent, etc. Also called employment/service/wage income. Net earnings from self-employment. In taxation, income derived from self-employment (self-employment/self-employed income) and dependent employment (wage income). The profits received for goods or services delivered. Also called realized gain/profits or earned revenue. Income received from pension or retirement annuity. Also called miscellaneous/other income. Note: income from property (ie rents) and investments (ie dividends and interest) is called unearned income or investment income. earned premiums

eingezahlte, verdiente Prämien (Vers)

Premiums earned by the insurer/insurance company on insurance cover actually in force during the accounting year. These are not the same as total premium income for the year (known as written premiums). earnest money

Draufgeld Draufgabe

Also called bargain money or token payment. When making a contract, the amount of money given by a buyer to a seller to bind a bargain made orally. Also called forfeit money. The extra quantity granted to the quantity agreed in the sales contract. Also called boot money. earning assets Also called asset-side business.

Aktivgeschäft einer Bank

-

475

-

Those assets of a bank which earn an income (ie generate interest or yield a fee) for the bank. These comprise, for example, money at call and short notice, bills discounted, investments and loans. earnings

Arbeitseinkommen, Gehalt, Verdienst Einkünfte, Einkommen Ertrag, Gewinn Reingewinn (nach Steuern)

The total amount of money an employee receives from employment in the form of wages or salaries. Earnings may be quoted gross or net. Also called employee compensation/remuneration, pay or wage(s). Revenues earned by an individual such as passive income, eg dividends or interest. The profits of a business, either before or after tax. Also called gain, income, proceeds or profit. The profit which remains after a company has paid all expenses and tax. Also called net earnings or net profit. earnings per share (EPS)

Gewinn je/pro Aktie

In general, a company's/corporation" s profits earned in its financial year and available to pay dividends on its ordinary shares/common stocks divided by the number of ordinary shares/common stocks. In detail, a company's total earnings (gross income/profit), after taxation and prior claims (eg preference/preferred dividend, interest payments) divided by the number of ordinary shares/common stocks. In other words, it is calculated by dividing net income/earnings/profit by the number of ordinary shares/common stocks. EPS will in most cases be higher than dividends per share/stock because the firm will usually distribute only a part of these (ie some earnings will be retained in the company). For example, for a company that had $ 5 million profit and had 5 million shares/stocks, the EPS would be $ 1. earnings yield

Gewinnrendite

The relationship between the earnings/profit per share/stock (EPS) and the (current) market price of a share/stock (the share/stock quotation), expressed as a percentage. If a company has profits per share/stock of 15 cents and the quotation is $ 1, then the earnings yield is 15%. easy money policy

Niedrigzinspolitik, Politik des billigen Geldes

Also called cheap/loose money policy or policy of low interest (rates). A monetary policy where credit is available to the public and money is cheap, ie interest rates are low or falling. A policy regarded as stimulating economic activity and, eventually, inflation.

-

ECGD-guaranteed supplier credit

476

-

ECGD-gesicherter Lieferantenkredit

ECGD = Export Credits Guarantee Department (GB). An export credit secured by the ECGD. A bank will agree to finance an export sale, by making an advance to the exporter provided that the exporter has obtained an ECGD guarantee to reimburse the bank in the event of nonpayment by the foreign buyer (the importer). The finance is covered by bills of exchange drawn on the foreign/overseas buyer or by promissory notes in favo(u)r of the exporter. ecological forces

ökologische Kräfte

Increasing pressures on companies relating to the protection and preservation of the natural environment. Forces to avoid ecological unconcern. ecology

Ökologie

The advocacy of protection of the quality of the natural environment, eg the air, water, etc. from pollution or its effects. Many consumers are discontent with the traditional methods of disposal of waste products, the littering of the environment, the level of ozone in the air, the amount of pollution in the water, etc. econometrics

Ökonometrie

Econometrics attempts to test economic theories by using computer analysis, statistical methods and mathematical models. These models are designed to assist in describing the numerical relationship between key economic forces and forecasting the needs ana demands of the national economy some years ahead. economic activity

Wirtschaftstätigkeit

In general, the economic activity of any person or entity. The activities and interactions of economic performers, eg producers, labo(u)r and consumers. It has its origins in the wants of a community and its main purpose is the satisfaction of those wants. Activities include: production, consumption, exchange and distribution of goods and services. economic aid

Entwicklungs-, Wirtschaftshilfe

Also called economic assistance. Many developed countries make grants to various less developed countries (LDCs) for purposes of economic development.

-

economic behavio(u)r

477

-

wirtschaftliches Verhalten

The economic reaction, movement or trend to a specific economic policy or policies, eg in a particular area or industry. economic climate

Konjunkturklima

Also called business climate. The persisting state of an economy apparent in its general trends over a specific period of time. economic conference

Wirtschaftskonferenz

Also called trade conference. A conference on economics, economic problems and associated matters. economic crisis

Wirtschaftskrise

Also called economic depression. A state of economic and financial problems in a country or particular region. economic development

Konjunkturverlauf, -entwicklung Wirtschaftsentwicklung

The course of a country's economic activity. Also called cyclical movement. The process of improving the living standard in developing countries by raising gross domestic product (GDP) and per capita income. This is achieved by industrialization. economic efficiency

Wirtschaftlichkeit, ökonomische Effizienz

Also called economic effectiveness or operational efficiency. Economic efficiency relates overall input costs to output values. The lower the cost per unit of output, without sacrifice of standard of quality, in relation to the value or price of the finished product, the greater the economic efficiency. economic entity

Wirtschaftseinheit

Also called business entity. An economic unit that has a separate, distinct identity, e.g a commercial or industrial company.

-

economic environment

478

-

wirtschaftliche Einflußfaktoren

The key factors in a company's economic environment are the nature and extent of competition, growth rates, living standards, tax rules, market opportunities, infrastructure, legal regulations, etc. economic expansion

Wirtschaftswachstum

Also called economic growth. An economy characterized by positive growth rates and a high degree of economic activity. economic expectations

wirtschaftliche Erwartungen

People's anticipation of the way the economy is likely to develop in the future. For example, firms will not invest if they believe they will not get an adequate return; consumers will not buy enough goods, whatever the price level, if they oelieve that they might lose their jobs. economic forecast(ing)

Konjunktur-, Wirtschaftsprognose

Also called economic prediction. The process of making forecasts/predictions about future general economic and market conditions. Every unit in the economy makes some sort of forecast of important economic trends over the next few months. It is generally true that the smaller the unit the easier the forecast. The problems facing those who seek to forecast the trends of the whole economy are complicated. There are two particular problems: 1. the first difficulty is that any forecast has to be based on existing data, and the existing data are out of date and not necessarily absolutely reliable; 2. the second difficulty is that predictions are often unreliable because the variables consist of millions of independent decisions which customers and clients make daily. economic freedom

wirtschaftliche Freiheit, Gewerbefreiheit

In general, the idea that businesses, consumers, and workers should be given much freedom in their economic activities. In detail, this means: 1. the right of individuals to pursue self-interest, to maximize income and material satisfaction, to choose one's occupation, to select and buy whatever goods or services are available, etc. 2. producers must have the right to open or end a business, to produce or sell goods and services, to employ people, to maximize profit, etc. Note: these are important features of a free enterprise economy. economic goals

wirtschaftspolitische Ziele

Also called economic objectives/targets or economic policy goals.

-

479

-

The most important economic goals are: 1. full employment, 2. stable prices, 3. a growing living standard, 4. economic growth, 5. increasing productivity, 6. environmental standards, 7. an equitable tax burden and 8. a balance of payments equilibrium. Other objectives are: 1. decreasing the size of the budget deficit, 2. reducing poverty, 3. decreasing the level of foreign debt, 4. wealth distribution, 5. economic freedom, 6. economic security, etc. In attempting to achieve these goals, governments use four major policies: 1. external (trade), 2. fiscal, 3. incomes and 4. monetary policies. economic good

Wirtschaftsgut

Also called asset or (economic) commodity. Any commodity or service which must be paid for in money in a monetary economy. Due to their limited supply economic goods (ie consumer and producer goods) present economic problems with regard to their production and distribution. economic growth

Wirtschaftswachstum

Also called economic expansion or expansion of business activity. The rate of expansion in the annual volume of production of goods and services achieved by a country from period to period. Usually a rise in the gross domestic product (GDP) at constant prices or an annual increase in gross national product (GNP) is regarded as indicating economic growth. Growth may be measured by a variety of criteria, such as per capita/head improvement in living standards, growth m investment, etc. economic indicator

Konjunkturkennziffer, -indikator

Also called business cycle indicator. Statistics which are sensitive to activities, changes and movements in the state of the economy. Such indicators include: the Wholesale Price Index (WPI), the Retail Price Index (RPI), statistics of unemployment, wage rates, terms of trade, industrial output, imports, exports, consumer spending, Dankruptcies, stock indices, industrial production, etc. The measurements may be used to determine overall economic trends. economic instruments

Instrumente der Wirtschaftspolitik

Also called economic tools/weapons. In seeking to achieve the goals/objectives of economic policy Teg economic growth, stable prices) a government can use a number of instruments wnich can be classified broadly as follows: direct controls, fiscal policy, monetary policy, and exchange rate policy.

-

economic integration

480

-

wirtschaftliche Integration

The commercial policy of reducing or eliminating trade barriers among countries with common frontiers. economic law

ökonomisches Gesetz

An economic law is a generalization which tries to explain relationships between certain phenomena, eg price and demand. An economic law is often prefaced by the phrase "other things being equal" (ceteris paribus). economic liberalism

Wirtschaftsliberalismus

The doctrine which advocates the greatest possible use of markets and competition. economic life

wirtschaftliche Lebens-/ Nutzungsdauer

Also called effective/operating/service/serviceable/useful/working life. The period over which a fixed asset or device works efficiently or profitably. Note: the physical life of an asset may be considerably longer than its economic life. economic loss

Vermögensschaden, finanzieller Schaden/Verlust wirtschaftlicher Schaden

A loss of or damage to property. Also called actual loss. A situation in which a producer/manufacturer does not earn the level of profit that would justify remaining in business. economic man

homo oeconomicus, "der Wirtschaftsmensch" (der Mensch als wirtschaftliches Wesen)

A person who is completely rational in satisfying his/her wants, is always seeking the greatest reward at the least possible cost and who pays no regard to the interests or influences of others. economic model

ökonomisches Modell

A simplified reconstruction of the economy based upon a stated set of assumptions. These models are used in teaching and in assessing the likely impact of economic decisions and policies. economic obsolescence

wirtschaftliches Veralten

Obsolescence due to causes other than wear and tear. There is a loss in the value of an asset.

-

economic order quantity (EOQ)

481

-

optimale Bestellmenge, wirtschaftliche Losgröße

Also called economic lot size (ELZ) or optimum order quantity (OOQ). That quantity of raw materials or items for direct resale which minimizes the total cost of ordering and stocking. The quantity is regularly used and is usually ordered at regular intervals. Note: the higher the deliveiy costs in relation to the stockholding costs, the larger the order level should be - to minimize the number of deliveries. The minimum order value producing a profit for a supplier. economic planning

Wirtschaftsplanung

The planning done by individuals or firms to achieve some economic goal. The term is often restricted to state planning; eg the government controls output, price and wage determination or stimulates certain economic activities through taxation or monetary policy. economic policy

Wirtschafts-, Konjunkturpolitik

Also called economic strategy. A governments's policy to find solutions to economic problems and its strategy to achieve its economic objectives. The four principal aims of economic policy for all modern governments are: 1. economic growth, 2. full employment, 3. stable prices (ie no inflation) and 4. a balance of payments equilibrium (or surplus). Furthermore the governments pursue: to improve the standard of living, to lessen economic inequality, to provide economic and social security, to observe environmental standards, to apply an equitable tax burden, to secure economic freedom, and to maintain stability of the monetary unit. economic problem

Wirtschaftsproblem

An economic problem deals with the allocation of scarce resources among competing ends. Economic problems arise because of scarcity; goods and income are scarce relative to wants: a choice must be made. economic process

Wirtschaftsprozeß

The economic process consists of persons providing factors of production (ie land, capital, labo(u)r, enterprise) to firms in return for money incomes. The firms receive these factors of production, for which they pay; the firms produce goods and services whose total cost gives the money value of the total products produced; persons spend their incomes on the goods and services produced by the firms. There are two flows in opposite directions: 1. a monetary flow: money flows from firms to persons and then from persons back to firms,

-

482

-

2. a real flow: factors of production flow from persons to firms and then goods and services flow to persons. economic rent

Grundrente, ökonomische/volkswirtschaftliche Rente

The payment made for the use of a factor of production (eg capital) in excess of what is necessary to keep it in its present use. It is equivalent to the amount of money that a factor of production could earn in its most profitable alternative use. Economic rent describes the earnings of any factor - land, labo(u)r, capital or entrepreneurship and can be enjoyed by a factor whose supply is relatively fixed, eg land, successfiilpop stars. economic report

Konjunktur-, Wirtschaftsbericht

Also called market report. A report to show the current economic position of a country. economic resources

ökonomische Ressourcen

The factors of production: land, labo(u)r, capital and entrepreneurship/enterprise. economic sanctions

Wirtschaftssanktionen

Measures (eg restrictions upon trade and/or financial dealings, embargoes) taken by a country or several countries (bilateral or multinational sanctions) to exert pressure on another country in order to cnange its economic or other policies, eg make it conform with international law. economic summit

Wirtschaftsgipfel

The meeting of heads of governments (eg of the Group of Seven, G-7) to discuss important economic problems and goals, eg the coordination of economic policies of the world economies. economic system

Wirtschaftsordnung, -system

Also called economic structure. The economic principles, laws and attitudes of a country. The particular economic system of any country will depend upon who owns its wealth (eg the means of production), the individual or the state, and who undertakes the entrepreneurial function. There are some basic types of system: 1. free enterprise (laisser-faire): there is free trade and market competition, 2. market economy: allocation, production and prices of goods rely upon market forces, ie buyers and sellers, supply and demand, 3. planned economy: government planning dominates the direction of economic activity, 4. mixed economy: market forces and government intervention participate in economic activity.

483

economic tailspin

konjunkturelle Talsohle

Also called bottom or trough. The bottom of economic activity. economic theory

volkswirtschaftliche Theorie

The theoretical principles which are derived from a study of economic activity. It formulates economic models and provides the economist with the tools of economic analysis. It is developed irrespectively of its practical application. There are four main economic theories: 1. mercantilism, 2. classical economics, 3. Keynesian economics and 4. monetarism. economic trading group

Wirtschaftsgemeinschaft

An association of countries, formed for the purpose of doing business together. One of the prime aims of these groups (eg ASEAN, NAFTA) is to remove trade restrictions (eg tariffs, quotas) amongst members. economic trend

Konjunkturentwicklung, -verlauf Geschäftstrend

The pattern of economic development for an industry, a region or a whole country. The economic development of a particular business. economic union

Wirtschaftsunion

A market agreement among nations. The member countries combine common market characteristics, harmonize economic policy, and pursue common monetary and fiscal policies. For example, they try to synchronize taxes, money supply, interest rates and other market regulations. economic utility

wirtschaftlicher Nutzen

The ability of a product or service to satisfy a customer's needs or wants. economic welfare

Wirtschaftswohlstand

Those aspects of social welfare that can be measured by money. It means more, however, than material well-being. The economic welfare of people depends on the total volume of production (ie the size of the national income) and the distribution of the goods and services so produced among the people. If the volume of production increases more rapidly than the population there will be a rise in the average standard of living.

-

economics (econ)

484

-

Wirtschaftswissenschaft/en, Volkswirtschaftslehre, Nationalökonomie

The scientific study of human behavio("u)r relating to the allocation of scarce resources in order to satisfy personal and national requirements. The study of the problem of using available production factors (land, labo(u)r, capital, and enterprise) as efficiently as possible as to achieve maximum f u l f i l l m e n t of a society's unlimited demands for goods and services. Thus, the study of economics is chiefly concerned with production, distribution, consumption and the exchange of wealth. Furthermore, economics deals with the problems of inflation, unemployment, taxation, international trade, international monetary affairs, etc. There are many definitions of economics. Some of the more important are: "The art of managing the resources of a people and of its government" (Adam Smith, 1723 - 1790). "The practical science of the production and distribution of wealth" (J.S. Mill, 1806 1873). "A study of man's actions in the ordinary business of life; it inquires how he gets his income and how he uses it. It is on the one side a study of wealth and on the other part of the study of man." (Alfred Marshall, 1842 - 1924). "The study of how men and society end up choosing, with or without the use of money, to employ scarce productive sources that could have alternative uses, to roduce various commodities and distribute them for consumption, now or in the lture, among various people and groups in society. It analyzes the costs and benefits of improving patterns of resource allocation." (P. A. Samuelson, born 1915).

E

"The science which studies human behavio(u)r as a relationship between ends and scarce means which have alternative uses." (Lord Robbins, 1898 - 1984). This is the most generally accepted definition. The branches of economics may be classified as follows: 1. pure economics (focusing on economic theories), 2. descriptive economics (description of the economic system), 3. applied economics (practical application of economic theories), 4. microeconomics (the economics of small units), 5. macroeconomics (the economics of aggregates). economies of scale

Größenvorteile, Größendegression; Effektivitätszuwachs/Kostenersparnisse durch Produktionsausweitung, Kostendegression, Degressionsgewinne, Massenproduktionsvorteile

Also called scale economies. Reduction of the costs of production of goods achieved by increasing the size of the producing entity and the quantity produced (ie the scale of the company's output is increased).

-

485

-

Large firms, particularly those with high fixed costs, are able to take advantage of economies of scale, because increased output reduces the percentage of fixed costs to total costs. Economies of scale mean that as the scale of production is increased it is possible to improve the efficiency of factor inputs and so reduce the overall unit costs. As capital, labo(u)r, raw material and managerial inputs increase in scale overall costs fall. The potential for economies of scale is often the motive for mergers/amalgamations. Economies of scale may be of two kinds - 1. internal and 2. external. economist

Wirtschaftswissenschaftler/in britisches Wirtschaftsmagazin

A person who studies economics. A scientist who has become an expert in theoretical or applied economics. A British journal mainly devoted to consideration of current economic problems. economy (econ) "

(Kosten)Einsparung ;hkeit

The system of money, industry, production, distribution, producers, labo(u)r, consumers, etc. in a particular country. Frugality in the expenditure or consumption of money, time, materials, etc, ie the frugal use of resources in order to minimize costs. Efficiency, thrift, and the avoidance of waste by prudent planning and use of resources. economy drive

Sparkampagne

A strong effort to save money, materials, resources, etc. economy measure

Sparmaßnahme

Also called belt-tightening/cost-cutting/cost-saving measure. An action by a government or company to save money or materials. economy size

Groß-, Sparpackung

Also called bulk pack, catering/family size or giant package. A larger than usual size package in order to encourage an increase in consumption or to save costs, eg a hospital pack. ecosystem Short for ecological system.

Ökosystem

-

486

-

A system formed by the interaction of a community of organisms with its environment. ECU (ecu)

Europäische Währungseinheit, Ecu

Abbreviation of European Currency Unit; a means of exchange between the foreign currencies of Europe. Each national currency was related to the ECU on a parity basis. The ECU was replaced by the Euro. Edge Act Corporation

Finanzinstitut, das nur Auslandsgeschäfte abwickeln darf (USA)

A US banking corporation that conducts only international banking and that is a subsidiary of a state chartered or national bank. A subsidiary of a foreign bank that conducts international banking in the USA. edition (ed)

Auflage, Ausgabe

Particular issue of a publication. editorial

Leitartikel, Kommentar

Also called leader. Leading article in a publication or broadcast presenting the opinion of the publishers or editors, or station owners or station managers. education

Ausbildung

Also called instruction, schooling or training. In general, the process of acquiring knowledge through learning at a school, college, university, or orner institution. Education is an important factor influencing the quality of a country's labo(u)r force. A ood education is a means of entry to employment.

f ypes of education are: general education, technical education, vocational education,

training within industry; school, college and university education; specialized and further education, etc. At first education was regarded as a service for the individual, but nowadays it is considered primarily as a means of increasing the efficiency of labo(u)r. education endowment (insurance)

Ausbildungsversicherung

Also called educational endowment insurance/assurance (GB). An insurance to provide regular sums of money to pay for a child's education.

-

educational advertising

487

-

belehrende Werbung, Aufklärungswerbung

Advertising devoted to improving consumers' knowledge about a product or service; it involves some change in beliefs or attitudes, eg don't drink and drive, safer sex. effective date

Stichtag, Datum des Inkrafttretens

The date on which a contract, rule, regulation, etc starts to be applied, or on which a transaction takes place. effective demand (E)

effektive, tatsächliche Nachfrage

Also called monetary demand. Demand for consumer goods, services, investment goods and supported by the willingness and ability to pay, ie actual expenditure. E (effective demand) = C (consumption) + 1 (investment), ie E = C + I. Total effective demand determines the levels of output, income and employment. To an economist, demand is always effective demand. Demand for a product or service is reflected in the demand curve/line. effective rate (of interest)

effektiver Zinssatz, Effektiwerzinsung

Also called effective/true yield or market/negotiated/real interest rate. The true rate of interest paid on a credit or loan. It will usually be above the nominal rate. The rate of interest earned on an interest-bearing deposit. An investor's yield realized on a security. As it considers the price paid and the time to maturity, it is different from the coupon rate. effectiveness

Effektivität, Wirksamkeit

In general, the extent to which a person or company attains their goals. The extent to which actual performance compares with planned performance. effectiveness lag

Wirksamkeitsverzögerung

The time it takes for an action to affect something, eg to increase sales. The time it takes for government action to affect the economy.

- 488 efficiency

Effizienz Produktivität Wirtschaftlichkeit Rentabilität

The ability of a person or organization to work well, or to produce the desired result or the right work quickly and/or satisfactorily. The relationship between scarce factor inputs and outputs of goods and services. Also called productivity. The relationship between overall input costs and output values. Also called economic/ operational efficiency. The state of bringing profit. Also called profitability. efficiency of labo(u)r

Arbeitsproduktivität

Also called labo(u)r/work efficiency or labo(u)r productivity. The ability of workers to produce a desired result satisfactorily, ie to work well, quickly and at low costs. The efficiency of a country's labo(u)r will depend on: the well-being of the people, the social services, education and training, the efficiency of the other factors of production, the methods of production, and the degree of specialization. efficiency rule

ökonomisches Prinzip

Also called economic principle. A principle that aims at achieving: 1. the maximum utility at given expenses or 2. a given utility at minimal expenses. egalitarianism

Egalitarismus, Gleichmacherei

A belief in the equality of all people, especially in political, economic or social life. elastic demand

elastische Nachfrage

A demand where a change in price will cause a comparatively large change in the quantity demanded; ie the demand has changed to a greater extent than the price. elastic money supply

elastische Geldmenge

A money supply that grows with the needs of trade, ie the supply of money will be changed witn changes in the need for it. elastic supply

elastisches Angebot

A supply where a change in price will cause a comparatively large change in the quantity supplied; ie the supply has changed to a greater extent than the price.

-

489

elasticity

-

Elastizität

A measure of the percentage change in one variable (y) (ie the dependent variable) in respect of a percentage change in another variable (x) (ie the independent variable). Two common measures are tne (price) elasticity of demand and the income elasticity of demand. Elastizität der Nachfrage, Nachfrageelastizität

elasticity of demand (ED, Ed)

Also called demand elasticity or price elasticity of demand. The law of demand states that a change in the price of a commodity will cause a change in the quantity demanded (eg when price falls, demand tends to expand and when price rises, demand tends to contract). Elasticity of demand relates to the extent to which a change in price will cause demand to change. Elasticity is therefore the degree of responsiveness of demand to price changes. Elasticity of demand is calculated as follows: % chai

'

1

manded

If the result is greater than 1 (> 1), that is, if the demand has changed to a greater extent than the price, the demand is elastic; if less than 1 (< 1), that is, the demand has changed to a lesser extent than price, the demand is inelastic. If the result is 1 then demand at that price is unitary. The main factors which determine the elasticity for a given product at a given price are: its availability, the price of substitutes, tne proportion of income spent on the good, the degree of necessity of the commodity, whether the good is a habit-forming product, etc. Elasticity of demand ranges from perfectly inelastic demand to perfectly elastic demand. Demand is perfectly/absolutely/completely inelastic if the same quantity is demanded whatever the price (elasticity = 0). Conversely, if demand is perfectly/infinitely elastic, an infinitely small change in price results in an infinitely great change in demand; ie consumers cease to buy at all if price rises fractionally (elasticity = » , infinite). elasticity of supply (ES, Es)

Angebotselastizität, Elastizität des Angebots

Also called supply elasticity. The law of supply states that rising prices tend to expand supply, while falling prices tend to reduce it. Changes in supply are also evoked by changes in the state of demand. If the price of a good rises because of an increase in demand, then the supply extends. Elasticity of supply is the degree of responsiveness of the supply of a commodity to changes in its pnce.

-

490

-

The formula for measurement is: % change in quantity supplied % change in price If the result is greater than 1 (> 1), the supply is elastic; if less than 1 (< 1), the supply is inelastic; ana if equal to 1, the elasticity is unitary. The factors affecting elasticity of supply are: the ease and the cost of attracting the necessary extra factors of production in order to produce the extra supply, the time period involved, and the pnce of the commodity. electronic banking

elektronische Abwicklung von Bankgeschäften, Electronic Banking

The use of computers by bank customers to carry out their banking transactions, eg withdrawals or tne transfer of funds. electronic calculator

elektronische Rechenmaschine

A calculator which can add, subtract, multiply, divide, give percentages and do other calculations in a fraction of a second. The answers are shown in a display panel of lighted figures. Most models are available with print-out facilities. electronic commerce (E-com, e-com)

Electronic Commerce, elektronischer Handel

Also called electronic business or e-business/commerce. Business activities via computers, email, the Internet, etc. electronic data interchange (EDI)

elektronischer Datenaustausch (EDI)

The interchange of trade data effected by teletransmission. The main advantages of EDI are its speed of communication and the replacement of slow and expensive paper-oriented work. electronic data processing (EDP)

elektronische Datenverarbeitung (EDV)

Usually called data processing (DP). The processing of (eg financial) data using computers. electronic funds transfer (EFT) Also called electronic transfer of fonds (ETF).

beleglo.ser/elektronischer Zahlungs/EDV-Überweisungsverkehr

-

491

-

A system, developed in the USA, of automatic transfer of money transactions (from one account to another) by electronic means, ie computer and telecommunications systems. When paying for goods and services the customer inserts a personal plastic card into an electronic device connected to a computer of the store's bank, which checks the balance of his/her account, verifies his/her signature, debits his/her account and credits the account of the seller/vendor. Credit transfers between financial institutions around the world are carried out by using the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network. electronic funds transfer at the point of sale (EFTPOS)

elektronischer Zahlungsverkehr in Verbindung mit einem POS-System (elektronische Abbuchung/Geldüberweisung am Verkaufsortterminal, d.h. POS)

A system which allows the automatic transfer of money from a buyer to a seller of goods and services at the time and point-of-sale (POS). A method of paying for purchases with a plastic card which automatically debits the account of the buyer and credits the account of the seller. electronic mail (E-mail, email)

elektronischer Briefkasten/Briefverkehr, E-mail, elektronische Post

A high-speed transmission system for hardcopy messages from one location to another by means of computers with a printer at the receiving end. The message will be stored until the receiver chooses to read it. electronic shopping

elektronischer Einkauf

The buying of goods and services with a plastic card and the paying for the purchases through electronic funds transfer at the point of sale (EFTPOS). electronic typewriter (ELT)

elektronische Schreibmaschine, Speicherschreibmaschine

Today the most common form of typewriter. Machines are available with a vast range of features, eg: electronic keyboard, daisy wheel, automatic error correction, internal/ permanent memories, automatic centring facilities, visual display, editing and storing facilities, etc. eligibility

Befähigung, Eignung

The state of having the necessary qualities, qualifications or of being able to fulfil(l) the necessary conditions. eligible assets

zentralbankfähige Aktiva

Assets of the commercial banks which a central bank is willing to monetize.

- 492 -

eligible banks

Banken, die Wechsel bei der Zentralbank rediskontieren können

Banks whose accepted bills the central bank is willing to buy/rediscount. eligible bill

rediskontierfähiger, zentralbankfáhiger Wechsef(GB) rediskontfahiger Wechsel, erstklassiges Wertpapier (USA)

Also called «discountable bill. In order to make a bill (of exchange) saleable at a finer/lower rate of discount it may be accepted by a bank and then becomes known as a bank bill. The quality of the bank acceptance leads to a distinction among bank bills - they can be either eligible or noneligible for rediscount at the Bank of England (the Central Bank). Eligible bills/prime bank bills are those that bear the acceptance of a large bank; those that are noneligible have been accepted by smaller banks. In the USA, an eligible paper. eligible liabilities (ELs)

mindestreservepflichtige Einlagen, Bankeinlagen bis zu zwei Jahren Laufzeit

A measure of the deposits of the commercial banks used in the exercise of monetary policy by the central bank. These consist of all the in domestic currency deposit liabilities of the banking system that are repayable within two years plus net deposits in foreign currencies, etc. eligible paper

rediskontfähiger/zentralbankfähiger Wechsel, erstklassiges Wertpapier (USA)

In the USA, a prime bill (ie a bank bill or fine trade bill) or a security which the Federal Reserve (the US Central Bank) is prepared to buy (ie rediscount) or accept as security for loans. To be acceptable for rediscount, a paper must, for example, have a maturity not exceeding 90 days. eligible reserve assets

Liquiditätsreserven (der Banken)

Also called liquidity/liquid reserve or reserve of liquid assets. All banks have to keep reserve assets. These comprise, eg vault cash, balances with the central bank (eg the Fed or the Bank of England), Treasury Bills, money at call with the money market, certain commercial bills, short-term gilt-edged securities, etc. embargo

Embargo Informationsstopp

An embargo prohibits the import or export of certain classes of goods, or the goods of a particular country.

-

493

-

In wartime, embargo may take the form of a naval blockade, eg the British "Continental Blockade" against Napoleon. A time period during which certain information in a press release must not be published. embezzlement

Unterschlagung, Veruntreuung

Also called defalcation, misapplication, misappropriation or suppression. The fraudulent appropriation or stealing of money or property belonging to or intended for an employer. For example, the crime committed by an employee who cheats his/her employer of money or property. emigration

Auswanderung, Emigration

The movement of people (the emigrants) from one country to another because of economic, political or religious reasons. empirical data

empirische Daten

Data based upon observation or experiment. employed

Beschäftigte

People who are working and regularly paid. employee

Angestellte/r, Arbeitnehmer/in, Beschäftigte/r, Mitarbeiter/in

Also called employed person. A person who enters into an employment contract and works for a person or business. He/she receives a wage or salaiy and other benefits (eg benefits in money's worth) from the business or person (the employer) that employs him/her. employee contribution

Arbeitnehmeranteil, -beitrag

Also called employee/social security contribution. In GB, the employee's contributions to National Insurance (ie social insurance). In the US, the employee's contributions towards a contributory employee benefit insurance plan. Note: every employee must have a social security card.

-

494

employee participation

-

Arbeitnehmermitbestimmung, betriebliche Mitbestimmung

Also called worker participation/say, codetermination, comanagement or employee/ worker involvement. Provision for employees to have a formal say in a firm's programs and policies, eg employees have the right to become involved in and influence the decision making process at work. employee rating

betriebliche Angestelltenbeurteilung, Personal-, Leistungsbeurteilung

Also called employee merit rating, merit rating or performance appraisal. An assessment of how well an employee does his/her job. employee training ^

'

J

Arbeitnehmerschulung, -ausbildung 'elopment and improvement of an employee's ability to perform a

it labo(u)r force requires not only proper selection but also effective training of employees. The need for a systematic training program has been increased by rapid technological changes. Training improves the quality and quantity of work, safeguards machinery, reduces costs, raises employee earnings and morale, and provides an effective means for imparting company policies and regulations. The training program must be designed to fit the needs of the company. Programs may be inaugurated for job training, trade training, supervisory and executive training, and general industrial training. employer (EMP)

Arbeitgeber

A person or business that employs employees. A person or business that enters into an employment contract with someone (the employee). A person or business employs people to do its work. The business (the employer) has to pay wages or salaries and other benefits (eg benefits in money's worth) to the workers. An employer exercises some control over employees, is responsible for payment of wages ana for providing safe working conditions, nas the power to dismiss employees, ana is liable for the wrong doings of employees provided the wrongs are committed in the course of the employees' employment. employer association

Arbeitgeber-, Unternehmerverband

Also called employers' association/federation or trade association (TA). An organization of employers, generally organized according to industry, to promote and represent the collective interests of manufacturers/producers and traders in a particular industry in their dealings with the trade/labo(u)r unions and the government.

-

495

-

Regular journals and yearbooks are published, statistics are compiled of trends and developments, advisory services are available to members, cooperative advertising is sometimes undertaken for a whole industry, etc. employer contribution

Arbeitgeberanteil, -beitrag

Also called employer's social security contribution. The employer's contribution to social insurance. In GB, the employer's contributions to National Insurance (ie social insurance). employer's liability (insurance)

Arbeitgeberhaftpflichtversicherung, Unternehmerhaftpflichtversicherung

Insurance cover effected by an employer against the liability to pay compensation/ damages to employees who suffer injury, death or disease in the course of employment. The premium charged will vary with the hazards/risks of the particular trade. The Employers' Liability Act compels every employer carrying on business in GB to insure against liability for bodily injury, death or disease sustained by employees and arising nom their employment. This insurance protects employers from claims for damage brought against them by employees. employment (N)

Beschäftigimg Anstellung Arbeits-, Dienstverhältnis Anwendung, Benutzung

An occupational activity that you do to earn money. The practice of employing persons in exchange for pay/remuneration, especially under an employment contract. The state of being employed. The use of a particular method or skill to achieve something. employment agency

Arbeitsvermittlung(sbüro), private Stellenvermittlung

Also called employment bureau/exchange (EE), personnel agency, jobcentre (GB), or employment service (US). A public or private organization that provides various services to persons seeking employment. Its purpose is to bring employers requiring labo(u)r into contact with people who are unemployed. It receives notices of vacancies from employers and passes this information on to unemployed people who register with it. It usually receives fees from the firms to which it supplies workers. Note: an employment agency may also operate as an employment business hiring out temporary staff.

-

496

-

employment contract

Anstellungs-, Arbeitsvertrag

Also called contract of employment or labo(u)r contract. A written agreement whereby one party (the employee) provides work in return for wages paid oy the other (the employer) and thus the relationship between employer (the master) and employee (the servant). employment function

Beschäftigungsfunktion

According to Lord Keynes, the mathematical relationship between effective demand and the amount of employment. employment interview

Ein-, Vorstellungsgespräch

Also called job/selection interview or interview. Interviews of job applicants/candidates intended to select the most suitable applicant for the open/vacant position. employment law

Arbeitsgesetz

A law that gives individual employees improved rights (eg the right not to be dismissed due to their refusal to join a trade/labo(u)r union) and job protection. Furthermore, the law relates to picketing, the closed shop, the right of an employer to compete for commercial contracts without union pressure, etc. Also called laoo(u)r law, industrial act (GB) or labo(u)r act (GB). employment law

Arbeitsgesetz

Law relating to employment contracts and the rights and obligations of employees. employment policy

Beschäftigungspolitik Personalpolitik

Also called manpower policy. The policy of the Government to solve the problem of unemployment by influencing aggregate/total demand in the economy. The demand for labo(u)r is directly associated with the level of economic activity. If the government can stimulate business investment by increasing public expenditure or through fiscal (eg tax cuts) or monetary measures (eg interest rate cuts), then unemployment will be reduced. Specific measures to increase employment are vocational training and retraining. The personnel policy of a company. Also called human resources/personnel/staff management policy.

-

497

employment rate

-

Beschäftigungsquote, Erwerbsquote

The percentage of workers who are in employment. It is more usual to consider the unemployment rate. employment subsidies

Beschäftigungshilfen

Also called job subsidies. Subsidized schemes to prevent a rise in unemployment and promote employment, eg government payments to employers to induce them to employ jobless people. employment tax

Lohnsteuer

Also called payroll/wage tax or income tax (on wages and salaries). A particular type of income tax, imposed/levied on wages and salaries. The tax is deducted at source by employers. employment test

Einstellungstest

A test, usually written, made before a person will be employed; it measures intelligence, personality traits, skills, interests, etc. It is given by a business to prospective employees to aid in the selection of suitable applicants. Examples are: written tests of technical ability, performance exams, psychological tests, etc. employment theory

Beschäftigungstheorie

Also called theory of employment and income. The classical theory was that, if wages are low the number employed will be high. The way to cure unemployment was to reduce wages to induce employers to take on more labo(u)r. J.M. Keynes pointed out that a general reduction of wages is ineffective if it results in, and is accompanied by, a fully proportionate reduction in the aggregate effective demand for goods and services. If sufficient people are forced to accept wage reductions the level of demand for some products must also fall, producing a rise in unemployment. Keynes rejected the belief that a flexible wages policy is capable of maintaining a state of continuous full employment. He argued that the level of employment in the economy depends on the total level of demand. enclosure (Enc, Enel, ene)

Anlage (Schriftverkehr)

In correspondence, an object inserted into an envelope or package. If there are any enclosures feg leaflets, invoices) with the letter, these may be mentioned in the body of the letter. But usually firms write Enc(s) or Encl(s) at the bottom of the letter and list the number of documents. In letters, enclosures can also be indicated by placing a horizontal line (-), a diagonal stroke/slash (/), or a line of dots (...) in the left-hand margin of the letter, opposite the line in which the enclosure is mentioned.

-

encumbrance/incumbrance

498

-

dingliche Belastung Last, Behinderung (Familien)Anhang

A claim on property, such as a mortgage. Also called burden or charge. A burden or hinderance. A child or children or other dependent. end consumer

Endverbraucher/in

Also called final/ultimate consumer or final/end/ultimate user. A person or company that ultimately uses a product or service. end of month

Monatsende

Also called month end. The end of the month, eg when transactions have to be completed. ending inventory

Schlußbestand

Also called closing stock or end-of-period inventory. Goods on hand at the end of the accounting period. The opposite of beginning/opening inventory. endogenous variable

endogene Variable

A variable (eg income, money supply, prices) whose value is determined within the framework of an economic model. endorse

girieren, bestätigen indossieren

In GB indorse. In general, to sign a negotiable instrument on the back. In particular, to write one's name on the back of a document, eg a bill of exchange or cheque/ ckeck to show that you pass ownership of it to someone else. By endorsing a bill of exchange, the endorser engages that on due presentation it shall be accepted and paid according to tenor/term. endorsee

Indossatar, Girat

In GB indorsee. The person to whom a negotiable instrument (eg a bill of exchange, cheque/check or bill of lading) is transferred by endorsement.

499

endorsement

Indossierung Indossament Nachtrag zur Versicherungspolice Leitbildwerbung

In GB indorsement. The act of endorsing a negotiable instrument, eg a bill of exchange or cheque/check. The signature of a person's name on the back of a negotiable instrument (eg a bill of exchange or a cheque/check) which endorses it. In the case of a B/E, the value of the B/E is transferred from one person to another. A memorandum added to an insurance policy making some alteration to the terms of the policy. A statement by a famous and qualified person used in a promotion to recommend a product. Also called endorsement advertising. endorser/endorsor

Indossant/in, Übertrager/in, Girant

In GB indorser. The person who signs his/her name on the back of a negotiable instrument (eg a cheque/check or bill of exchange) in order to negotiate it to another person (the endorsee). The endorser promises to make good on the cheque/check, bill, or other instrument if it is dishonoured for any reason. endowment insurance

Versicherung auf den Todes- und Erlebensfall, gemischte Lebensversicherung

Also called endowment life insurance/assurance (GB). The insurance contract provides for payment of the sum insured, ie the face value of the policy, when the life insured reacnes a specified age or at his/her death, whichever occurs first. This policy is equivalent to term insurance plus a lump-sum benefit paid on survival. If a ' with-profits" policy is taken out, a proportion of the insurance company's profits are added to the amount. endowment mortgage

an eine Lebensversicherung gekoppelte Hypothek

Life insurance that pays the mortgage when it falls due. The whole amount of the home loan is paid off in one lump sum at the end of the term out of the proceeds of an endowment insurance/assurance policy taken out on the life of the borrower specifically for this purpose. The borrower's monthly installments cover only the interest on the home loan and a premium to the insurance company. engaged tone Also called engaged/busy signal (US).

Besetztzeichen (Telefon)

-

500

-

This is a repeated single tone, and means that the called telephone number is in use (the line is busy or engaged). Engel's law

Engelsches Gesetz

Also called law of consumption. A law formulated in 1857 by the German statistician Ernst Engel (1821 - 1896). The law (of consumption) states that poorer families and societies tend to spend a greater proportion of their incomes on food than well-to-do people. According to this law the proportion of income spent on food tends to decline as income grows. Further findings are: when income increases, the percentage spent on housing and household operation remains about the same; but the percentage spent on all other items increases. On the basis of this law the Engel curve (a line showing the relationship between a household's income and its consumption of a specified good over a period of time) has been developed, which is important for the analysis of household spending habits. engineering insurance

Maschinenversicherung, technische Versicherung

Insurance that provides compensation for damage to machinery caused by that machinery's own failure, explosion or breakdown. The major sections of this class of insurance are as follows: boilers and other pressure vessels, cranes, lifts, engines, electrical plants, computers, miscellaneous equipment and machinery. Cover is available for: damage to equipment or surrounding property, liability to third parties, and consequential loss. English Bills of Exchange Act

Englisches Wechselgesetz

The Act defines the bill of exchange as: "an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed or determinable future time, a sum certain in money to, or to the order of, a specified person, or to bearer." enterprise

(Wirtschafts)Unternehmen, Unternehmung dispositiver (Produktions)Faktor Unternehmungsgeist, Initiative

Any type of business organized for commercial or industrial purposes. That factor of production which an entrepreneur contributes to production. Also called entrepreneur or entrepreneurship. The ability to think of new activities or ideas and make them work and thus the initiative to take risks and/or responsibility. Also called entrepreneurial spirit.

-

501

enterprise zone (EZ)

-

(Industrie)Fördergebiet, Wirtschaftsentwicklungsgebiet

A geographical area which is especially supported by the government in order to further its economic and industrial development. Usually, these are areas of physical and economic decay so that the firms in these areas enjoy special government benefits, eg exemption from certain taxes. entertainment industry

Unterhaltungsindustrie

The sector of service industry that provides amusement and entertainment, eg cabaret, film, shows, theaters, TV, etc. entertainment tax

Vergnügungssteuer

Also called entertainment duty or admission/amusement/cabaret tax. A tax/duty imposed/levied on most forms of entertainment, eg concerts. entitlement

Anspruch, Berechtigung

The official right to have or receive something, or the amount that you receive, eg the pension amount which someone has the right to receive when he/she retires. entity

Rechtssubjekt Institution Wirtschaftseinheit

A legal form under which property is owned. Something that exists as a distinct, independent, or self-contained unit. An economic entity. entrant

Teilnehmer/in neuer Konkurrent neues Mitglied

A person who takes part in a competition or contest. Someone who enters the market and thus becomes a competitor. Also called newcomer. A new member, eg of an association or club. entrepot

Umschlagsdepot, Handelszentrum Transitlager

A center for the distribution of goods. A commercial port or intermediary storage facility where previously imported goods are kept temporarily for reexport, without the need to pass through customs control.

-

entrepot trade

502

-

Wiederausftihrhandel

Also called reexport/transit trade. The export trade done by a country in another country's products. The merchandise is imported merely to be reexported elsewhere. The goods are placed in warehouses until transshipment and reexport. entrepreneur

Unternehmer/in dispositiver Faktor

Entrepreneur is a French word, which means "undertaker". He/she is the owner of the business, who contributes the capital. The entrepreneur initiates production and decides upon how the other three factors (of production), land, labo(u)r, and capital, are to be employed. He/she undertakes production in the hope of earning a profit. In doing so he/she performs two main functions. Firstly, he/she takes decisions on what, where and how to produce. Secondly, he/she is the risk-bearer. He/she thinks he/she can foresee the kinds of products which are most likely to satisfy consumers' needs. The risks borne by him/her arise from uncertainty of future market conditions, and his/her success will depend upon his/her ability to forecast future demand. If revenue from sales exceeds costs the entrepreneur will make a profit, but if costs are greater than receipts, he/she will suffer a loss. Also called businessman, businesswoman, business entrepreneur, employer or undertaker. Entrepreneur is the fourth factor of production that brings land, labo(u)r, and capital together in order to provide a good or service. Also called enterprise or entrepreneurship. entrepreneurship

Unternehmertum dispositiver Faktor

Entrepreneurship consists of: coordinating factors of production and bearing the risks of producing for future demand. Entrepreneurship bears the risks of uncertainty as in a dynamic economy there are uninsurable risks resulting from changes in the conditions of demand and supply. The fourth factor of production that brings land, labo(u)r, and capital together in order to provide a good or service. Also called enterprise. entry

Eintragimg Buchung, verbuchung (RW) Marktzutritt Zutritt, Einreise

In general, the recording of something in a book, file, etc. The recording of a business transaction in an account. All business transactions are entered into the books of account of a business. Also called booking. A firm's entry to a new market. Also called market entry.

-

503

-

The act or right of entering something, eg a building or country. entry value

Anschaffungswert Wiederbescnaffimgswert

The value at which an asset enters the business, eg its purchase price. Also called acquisition cost(s)/value, original cost(s)/value or historical cost(s). The value of an asset at the balance date, ie the cost of acquiring an asset already on the books. Also called replacement value. envelope

Briefumschlag, Briefkuvert Hülle, Umschlag

Paper cover for a letter. It bears two addresses, the address of the addressee (the envelope address) and that of the sender (the return address). The Post Office Guide gives detailed information on envelope addressing. Any form of covering. environmental conditions

Umweltbedingungen

The conditions of the environment. Every area and nation has localized problems of water pollution, air pollution, derelict land, decaying inner cities, polluted beaches, etc. Note: the ministry of the environment is seeking to improve the quality of the environment. environmental pollution

Umweltverschmutzimg

The introduction of harmful substances or products into the environment, eg the contamination of a lake with sewage. environmental sponsoring

Umweltsponsoring

Marketing activities which sponsor the environment and thereby promote a company's product or service. environmentalist

Umweltschützer/in

A person devoted to the protection of the environment, ie a defender of the environment. equal pay

gleiche Bezahlung, gleicher Lohn

Equal pay for work of equal value. The Equal Pay Act (GB) attempts to eliminate discrimination between men and women with regard to pay and conditions of employment.

- 504 equality of saving and investment

Gleichheit von Sparen und Investition

According to Lord Keynes saving must always be equal to investment. Since, both saving and investment are equal to the difference between income and consumption (saving = income ./. consumption and investment = income ./. consumption) it follows that they must be equal to one another (S=I). equated time

mittlerer Fälligkeitstermin/Verfalltag

Also called average date/due date. The date when payment falls due when combining several payments with different due/maturity dates. equation

Gleichung Gleichheit

An expression or a proposition, often algebraic, asserting the equality of two quantities. The state of being equal, eg at the equilibrium price supply equals demand. equation of exchange

Fishersche (Verkehrs)Gleichung, Quantitätsgleichung

Also called Fisher equation, monetary equation or quantity equation (of exchange). An equation named after the great American economist Irving Fisher (1867 - 1947). Irving Fisher's equation of exchange reads MV = PT. M is the quantity of money in circulation, V is its velocity, Ρ is the price of goods and Τ is the number of transactions that take place. The equation says that the quantity of money in circulation, multiplied by its velocity always equals the transactions we engage in for goods and services, multiplied by the price. equation of payment

durchschnittlicher Zahlungstermin

The calculation to establish the average due date of different payments due at/on different dates. equilibrium

Gleichgewicht

Economists use the term equilibrium to indicate a state of balance in which there are no forces causing change in either direction. For example, equilibrium exists at the point at which the amount of a commodity demanded equals the amount offered for sale. equilibrium in the balance of payments Also called balance of payments equilibrium.

Zahlungsbilanzgleichgewicht

-

505

-

A situation where there is neither a surplus nor a deficit on the overall balance of payments. That means that the payments of all kinds made from one country to the rest of the world equal its receipts form all other countries. equilibrium output

Gleichgewichtsmenge, -produktion

Also called equilibrium quantity. In order to maximize profit, the equilibrium output of a firm will be where the difference between total revenue and total cost(s) is greatest. This occurs where marginal revenue equals marginal cost(s). equilibrium point

Gleichgewichtspunkt

The point indicating a situation in which the quantity and price offered by sellers/suppliers equals the quantity and price taken by buyers/demanders. When we plot the demand curve and the supply curve for any good on the same graph, with price on the vertical axis (y-axis, ordinate) and the quantity demanded with the quantity supplied on the horizontal axis (x-axis, abscissa), these curves will in general intersect at one point - the equilibrium point. At this point supply equals demand. equilibrium price

Gleichgewichtspreis

Also called market clearing price. The price at which all commodity brought onto the market is bought, ie the price at which supply equals demand. This price occurs at the intersection of the supply and demand curves for the commodity. Once the market price has been determined at this intersection, should the supplier raise the price, demand will fall and eventually in order to sell all his goods, he will have to reduce the price. Likewise, if price is decreased, demand will exceed supply and the price will be forced back to equilibrium level. Equilibrium price is almost never the actual price existing at a given time. Market price is the actual price prevailing at any given time. equipment (eq, eqpt)

Ausrüstung, Ausstattung Ausrüstung, Geräte Betriebs-, Geschäftsausstattung

The act of providing equipment. Things (eg furniture and machinery) required to carry out an activity or to make a business, office, factory, etc. work. The assets (other than land or buildings) of a more or less permanent nature that a business needs to do its work efficiently. Equipment includes production, handling, and service devices, machinery, tools, cars, trucks, furniture, etc. Also called equipment and fittings, fittings, fixtures, tools and quipment or furniture and fittings.

-

equipment leasing

506

-

Investitionsgüter-, Geräteleasing

The hiring of capital equipment such as computers or airplanes. The rental agreement is usually accompanied by a maintenance agreement. There are two types: 1. finance-equipment leasing: a leasing company (the lessor) is the intermediary between the producer and the leaseholder; the leasing company leases the equipment; 2. service-equipment leasing: the producer leases the equipment. equities

Aktien Stammaktien Dividendenpapiere Gesamtheit der Passiva

Ordinary shares/common stocks plus preference shares/preferred stocks. Ordinary shares/common stocks are sometimes referred to as "equities" because each share/stock entitles its owner to an equal share of the profits of the company. These shares/stocks carry the risk of enterprise. Dividend-bearing securities. The total on a balance sheet's liabilities side, ie liabilities and owners' equity. equity

Eigenkapital Aktienkapital Billigkeitsrecht Gleichbehandlung Gerechtigkeit, Fairness Wert nach Abzug aller Belastungen

Assets minus liabilities. Also called equity capital. The share/stock capital of a public limited company/stock corporation. Also called authorized/registered capital, equity share/stock capital, capital stock, or shareholders'/ stockholders' equity. In law, rules based on the idea that fairness and justice are more important than common law. Process of not treating somebody better than someone else. Fairness, ie the quality of being fair. The value of personal/movable property or real estate/immovable property in excess of debt. equity capital

Eigenkapital Aktienkapital Beteiligungskapital

The amount which the equity shareholders/stockholders or other owners have invested in the company. It consists of: share/stock capital, retained profits/earnings and reserves of a company.

-

507

-

Also called shareholders'/stockholders' equity, owners' capital, or equity. The part of the share/stock capital of a public limited company (GB)/stock corporation (US) owned by ordinary shareholders/common stockholders. Also called authorized/ registered capital, capital stock, shareholders'/stockholders' equity, or equity share capital. A holding in another company's capital. Also called outside equity/capital. equity financing

Aktien-, Beteiligungs-, Eigenfinanzierung

Also called external equity financing. A method of raising money by issuing/selling ordinary shares/common stocks or preference shares/preferred stocks. It is advantageous to the company to issue shares/ stocks at a time when their market price is at its highest. The opposite of debt financing, which is borrowing or selling bonds. equity fund

Aktienfonds

Also called investment fund for shares/stocks. A fund investing in equities, ie ordinary shares/common stocks and preference shares/preferred stocks. equity linked insurance

fondsgebundene Lebensversicherung

An insurance policy in which a proportion of the premiums paid are invested in equities (shares/stocks). The investment returns of this type of policy may be considerably better than the returns on an endowment policy but the nsk is greater as the price of the equities can fall and thus reduce the policy's value. equity of redemption

Ablösungs-, Auslösungsrecht

Also called right of redemption. A mortgagor (ie the borrower or debtor) has the right to redeem his/her property, after default in the payment of the mortgage debt, by paying all sums owed to the creditor (ie the mortgagee or lender) secured by the mortgage. equity of taxation

Steuer-, Besteuerungsgerechtigkeit

Also called equitable taxation. A principle of taxation stating that taxes should be imposed/levied according to the ability to pay. equity participation

Kapitalbeteiligung

Also called capital interest/participation, equity interest/investment/sharing, or interest.

-

508

-

Investment made directly in new ventures seeking development capital and a share taken in the equity of the business. equity return

Eigenkapitalrendite, -rentabilität

Also called income-to-equity ratio, percentage return on equity or return on equity. The return on equity, ie the amount, expressed as a percentage, earned on a company's equity for a given period. equity security

Dividendenpapier

Also called dividend-bearing paper. A paper evidencing ownership of a company and entitling to dividend payout. equity turnover

Umschlaghäufigkeit des Eigenkapitals

Also called equity-sales ratio or rate of equity turnover. The ratio that measures the relationship between turnover/sales and the ordinary shareholders'/common stockholders' equity. ergonomics

Ergonomie, Arbeitsplatzgestaltung

Also called (human) factor engineering. Study, concerned with the problems of the mutual adjustment between man and his/her work. It considers psychology, individual differences through age, fitness, sex or disability; anatomy ana physiology and tries to optimize the design of machines and equipment, the environment and working procedures with a view to reducing fatique, discomfort and strain and increasing comfort and productivity. error

Irrtum, Fehler, Versehen

An error is a mistake; an act involving departure from accuracy or truth; a difference between a correct amount and an incorrect amount; etc. There are different types of error, for example: 1. accidental error: people do not know that they have made a mistake; 2. arithmetical error: an error of addition, calculation, etc; 3. deliberate error: people know that they are doing something wrong; 4. error of commission: the wrong account has been credited or debited; also called error of misposting; 5. error of decision: a wrong decision has been made; 6. error of principle: an accounting term; the debit and credit entries for a transaction have been made, but one of the entries, or both, is in the wrong type of account; 7. error of omission: the original transaction is not entered in the books; 8. compensating errors: two errors cancel each other out. 9. error of original entry: the original entry is incorrectly recorded.

-

509

-

errors and omissions excepted (E&OE, eaoe) Irrtum vorbehalten, Irrtümer und Auslassungen vorbehalten Also called errors excepted (EE). A term usually associated with invoices or bank statements. The words or initials are added to absolve the issuer from the consequences of clerical errors. If the issuer makes an error he/she reserves the right to correct his/her error. escalation of prices

Preiseskalation, gradueller Preisanstieg

A steady price increase. escalator clause

Preisgleitklausel Indexklausel (PW) Zinserhöhungsklausel

A clause in a contract which allows a price to rise above that originally agreed if costs increase. Also called escalating/fluctuating/rise-and-fall clause. In a trade/labo(u)r union contract, a clause which permits wages to be increased (or lowered) according to changes in the cost of living index. Also called cost of living clause. A clause in a credit/loan contract stating that the interest rate charged may be increased if necessary escape clause

Rücktrittsklausel

Also called cancellation clause. A clause in a contract that permits one or more parties, in certain circumstances, to withdraw from the contract. Esquire (Esq.)

Herr, engl. Titel hinter dem Namen

In GB, a courtesy title sometimes used instead of Mr. in business correspondence. Esq. is always placed after the name, eg James B. Dean, Esq. The title is restricted to certain classes of persons, eg Knights. essential commodities

Notwendigkeitsgüter, lebensnotwendige Güter, Waren des täglichen Bedarfs

Also called essentials, necessaries or ncessities. Goods considered essential to maintain a minimum acceptable living standard. established product Also called established brand.

gut eingeführte/s Marke/Produkt

-

510

-

A product or brand widely acknowledged and accepted in the market. estate

Eigentum, Besitz, Vermögen Immobilie/n, Grundbesitz Nachlaß, Erbmasse Insolvenz-, Konkursmasse Landsitz, Gut

The whole amount of goods, money, or property belonging to a person, ie everything he/she possesses. Real estate. Also called real property or immovables. The property of a person who has died. Also called bequest or inheritance. The property of a bankrupt. Also called bankrupt's estate. A large area of agricultural land. Also called plantation. estate agent

Grundstücksmakler/in, Immobilienmakler/in ( G B )

Also called house/land/real estate (US) agent or realtor (US). A person who acts on behalf of another in the selling, purchasing, renting, letting of real estate. He/she receives a commission from his/her chent(s). estate duty

Erbschafts-, Nachlaßsteuer (GB)

Also called inheritance tax, legacy duty (GB)/tax (US) or estate tax (US). Formerly also called death duty. Today this is called capital transfer tax (CTT). In GB, a tax on transfer o f wealth. When people die, their net assets (above a certain minimum) are taxed. estate income

Vermögenseinkommen

Income originating from owning land or buildings. estate tax

Nachlaß-, Erbschaftssteuer (USA)

Also called inheritance tax or capital transfer tax (GB). In the USA, a tax levied on a deceased's/decedent's estate, generally based on the net value of one's property at death.

-

estimate

511

-

Kostenvoranschlag, Voranschlag Schätzung Schätzwert

Also called estimation. An estimate is a quotation for making something or providing a service (eg a manufacturer/producer may offer to build a machine for a certain price). The price is quoted in advance for a specific article or service. Also called cost estimate, quotation or quote. An approximate calculation of the value of a quantity which cannot accurately be determined (eg costs, prices, etc.). Also called appraisal, assessment or valuation. The estimated value. Also called appraised/assessed value, appraisement or valuation. estimator

Schätzer, Taxator Kalkulator, Kostenrechner

A person who works out the estimates. Also called appraiser, assessor, evaluator or valuator. A person who calculates costs. Also called cost accountant/clerk/estimator or costing clerk. euro

Euro

From 1 January 1999 legal tender in the European Union (EU), from 1 January 2002 the only legal tender in the EU. The countries of the European Monetary Union (EMU) which adopted the Euro as their common currency in 1999 are: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. The conversion of these currencies to the Euro was fixed on 1 January 1999 at fixed rates, for example: German mark: 1.95583, French franc: 6.55957, Dutch guilder: 2.20372, Italian lira: 1936.27, Spanish peseta: 166.386. eurobond

Eurobond, Euroanleihe

A bond issued in a currency other than that of the country or market in which it is issued. For example, British pound bonds sold outside the United Kingdom are eurobonds. Most bonds are payable to bearer. eurobond market

Euroanleihemarkt, Eurobondmarkt

While the eurocurrency market is concerned with the provision of short- and mediumterm loans, the eurobond market deals in longer-term (usually 10 to 15 years; they are called "bonds"; 5 to 8 year loans are usually called "notes") international currency loans.

-

512

-

Loans in this market are issued by consortium banks and are designated in dollars, yen and other international currencies. The borrowers are governments, nationalized industries and multinational corporations. eurocheque

Eurocheque, Euroscheck

A cheque (marked "ec") drawn on a domestic bank (eg a British or German bank), which can be cashed at other banks in Europe and some Mediterranean countries. The eurocheque card can be used for ATM usage and enables the cardholder to cash cheques at banks displaying the EC symbol. In addition, it may be used to buy goods and services from shops. Note: from 2002 the issuing bank does not guarantee payment to the paying bank anymore. Cheques are drawn in the local currency when they are used and must be presented at the bank within eight or twenty days after date of issue. There is a charge for the issue of each card and a commission charge is levied on each cheque cashed. The EC system was started in 1969. eurocheque card

Euroscheckkarte

Also called eurocheque encashment card. Cards issued by banks in Europe who are part of the eurocheque encashment scheme. They permit holders to draw personal cheques/checks in any one of the European currencies. Note: if the card is lost or stolen and it is immediately reported to the issuing bank, the holder's liability for subsequent cheques encashed against the card will cease. eurocommercial paper (ECP)

Euro-Geldmarktpapier

A short-term commercial paper issued in a eurocurrency. eurocredit

Eurokredit

Usually medium-term and large-scale loans made up of eurocurrencies granted by banks. eurocurrency

Eurowährung

Eurocurrency is the name given to deposits of the currency of one country held with a bank which is located in a different country. For example, Australian dollars held on an account with a bank in London would be called eurocurrency deposits, yen deposited in Germany are euroyen, dollars deposited in Switzerland are eurodollars, etc. These could be lent out to anyone wishing to borrow in that currency. Thus, eurocurrency is used for lending ana borrowing. The interest rates which borrowers pay for funds are closely related to the prevailing rates in the country of the currency concerned. Eurocurrency dealings began in the 1950s when holders of US dollars found that they could obtain better rates of interest in Europe. The eurocurrency market is no longer restricted to Europe but is an international market dealing in short-term, large amount (minimum 1 million US dollars) currency loans.

-

513

-

Note: the word eurocurrency is misleading as the prefix euro merely indicates that this market had its origins in Europe; now it refers to all dollar deposits made anywhere outside the USA. The major eurocurrency is the eurodollar. eurocurrency market

Euromarkt, Eurogeldmarkt

Banks, large companies, and the central banks buy and sell foreign currency in the foreign exchange markets. They also lend currency to customers and to each other. The market for lending currency is referred to as the eurocurrency market, but this market is a part of the normal foreign exchange market. Note: this market often provides a cheap and convenient form of liquidity for the financing of international trade and investment. eurodeposits

Euroeinlagen

Bank deposits denominated in a currency different from the official currency used in the country in which the deposit is made, eg a US dollar deposit in Germany. eurodollar

Eurodollar

Also called stateless money. Eurodollars are deposits of US dollars with commercial banks outside the United States. The market provides a source of foreign currencies additional to that of the foreign exchange market. The latter market enables dollars to be purchased; the eurodollar market allows dollars to be borrowed. Eurodollars are basically an international currency. The market is no longer confined to dollars, but includes other major currencies also. eurodollar bond

Eurodollaranleihe

A bond issue denominated in US dollars and sold outside the USA. eurodollar deposits

Eurodollareinlagen

US dollar deposits placed in a bank located outside the USA. eurodollar market

Eurodollarmarkt

The market where traders and investors can borrow foreign exchange as an alternative to borrowing domestic money at interest rates influenced, but not totally determined by rates in the US (or other home countries). Note: the market is neither solely in Europe nor solely in dollars, although a large proportion is traded in dollars and in European centers such as Frankfurt, London or Zürich. euroloan Also called eurocurrency loan.

Eurowährungskredit

-

514

-

Loans denominated in a currency different from the official currency used in the country in which the loan is made, eg a loan made in pound sterling by a Singapore bank. European Bank for Reconstruction and Development (EBRD)

Europäische Bank für Wiederaufbau und Entwicklung (EBWE)

Also called European Bank or European Development Bank. A bank founded by the member nations of the European Community (EC) in 1990 and commencing operations in 1991. Its purpose is to grant loans to help rebuild the former Soviet-bloc economies. European Central Bank (ECB)

Europäische Zentralbank

The Central Bank of the European Union (EU) brought into being in July 1998. It is the central bank for most of the countries in the European Union (EU), ie those which have accepted European Monetary Union (EMU) ana have the euro as their common currency. The bank's statutory objective is to maintain price stability. Furthermore, it is expressly forbidden to accept instructions from national governments. It issues the single European currency, the Euro, and resides in Frankfurt/M, Germany. European Court of Justice (EC J )

Europäischer Gerichtshof (EuGH)

Located in Luxembourg, a bodv created to interprete and apply the principles of the Treaty of Rome and the EU. All governments, firms and individuals may appeal to the Court if they are aggrieved by the application of any European rule. European law overrides national law but the enforcement of decisions presents the greatest problem. European Currency Unit (ECU, ecu)

Europäische Währungseinheit (ECU)

The European monetary system (EMS) had a monetary unit, the ECU. The ECU was valued in terms of a basket of currencies of the EC, to facilitate transactions in the Community (EC). The proportion of each currency was based on the GNP (Gross National Product) and the volume of international trade of the respective countries. The ECU performed two functions: it was a denominator for expressing debts and claims as between central banks and it was a means of settlement between the central banks of the Common Market. Each member country's currency had a central rate in terms of the ECU; the value of the units was recalculated every day and officially announced. European domestic market (EDM)

Europäischer Binnenmarkt

The total market of the member states of the European Union (EU).

-

515

European Economic Area (EEA)

-

^

"ischer Wirtschaftsraum

The EEA was formed on 1 January 1994 and comprised the EC member states plus the European Free Trade Association (EFTA) nations except for Switzerland and Liechtenstein. European Free Trade Association (EFTA)

Europäische Freihandelszone

An economic free trade area created in 1959, but with no common external tariff. The first EFTA countries were Sweden, Norway, the United Kingdom, Denmark, Austria, Portugal and Switzerland. European Investment Bank (EIB)

Europäische Investitionsbank (EIB)

A bank established by the European Community (EC) in 1958 to assist economic development within the EC. The EIB grants long-term loans, on a non-profit-making basis, and furnishes guarantees to enterprises and public authorities to finance projects contributing to regional development. Furthermore, it finances projects of common interest to the member countries and projects for modernization and conversion. The bank finances itself through its capital (contributed by member countries) and by loans at fine rates raised on the international capital market. European Monetary Cooperation Fund (EMCF)

Europäischer Fonds fur währungspolitische Zusammenarbeit (EFWZ)

The institution of the European Monetary System (EMS) established in 1973 that provided short-term and medium-term balance of payments assistance to member nations and intervened in foreign exchange markets to support currencies of member states (on request). A fund used by EU central banks including the Bank of England, for borrowing to balance their books after intervening in the foreign exchange markets to adjust supply and demand. European Monetary System (EMS)

^

iisches Währungssystem

This was set up by the EC in 1979 with two main purposes: 1. to stabilize the currencies of member states; 2. to create a common monetary system including a common currency. It was an attempt to re-establish a zone of monetary stability in Europe; each member currency was tied to every other currency by a fixed parity. The EMS provided for members to maintain their exchange rates with each other within a certain band, by intervening in the markets. National currencies could only diverge from each other by a fixed percentage (±2.25 per cent except for Italy, Spain and Great Britain: ± 6 per cent). However, Greece and Portugal did not participate in the EMS. There was also a separate parity with the ECU (a central parity). The ECU was used for the internal accounting of the EC institutions. Rates against non-members could fluctuate/float freely.

-

European Monetary Union (EMU)

516

-

Europäische Währungsunion (EWU)

A group of member countries of the European Union (EU) which joined together to adopt the euro as their common currency on 1 January 1999. European Parliament

Europäisches Parlament

Also called European Assembly. The parliament of the European Union (EU). Members are elected by the electorate of their own states; in 1979 the first elections were held. The function of the members is to debate all matters of Union policy, to question both the Commission and the Council of Ministers and to supervise the Union budget. European Union (EU)

Europäische Union (EU)

Until November 1993 known as European Community (EC). Since May 1994 the EU has consisted of 15 member states: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden, and the United Kingdom. evaluation

Bewertung

An act of evaluating or appraising, eg evaluating the value of assets. evasion of tax

Steuerhinterziehung

Also called tax evasion. Various fraudulent methods of nonpayment or underpayment of taxes due. To evade taxes is outright law-breaking. Note: it is quite different from avoidance of tax/tax avoidance. even

ohne Berechnung von Deport- und Reportspesen (Bö)

A stock exchange term which means that there is neither backwardation nor cantango to pay. even numbers

gerade Zahlen

Numbers which can be divided by two. event

Ereignis, Veranstaltung

In general, an occurrence of some importance, eg a sports contest. Occurrences staged to communicate messages to target audiences, eg news releases, press conferences, grand openings, etc.

-

517

evidence of shipment

-

Verladenachweis, -bestätigung

A confirmation/acknowledg(e)ment that the cargo specified has been loaded and shipped on a specified (sailing) date and vehicle, eg airplane or vessel. ex

ohne, ausschließlich ab früher, ehemalig

Without or minus. The opposite of "cum", and used to indicate that the buyer is not entitled to participate in whatever forthcoming event is specified, eg ex dividend. Out of, sold from, eg ex warehouse, ex factory, ex works, etc. Former, eg ex director. ex all (XA, xa)

ausschließlich aller Rechte (Bö)

A stock exchange term. Without dividend, bonus or return of capital and without rights to any new securities to be issued. All benefits belong to the seller/vendor. ex ante

ex ante, von ... an

Latin for: from before. The position before some occurrence takes place. The planned, desired or intended level of some activity, eg the planned level of demand. The opposite of ex post (Latin for from after)· ex bond

ab Zollfreilager

The price quoted is for delivery to the bonded warehouse. Duty will have to be paid before the goods can be removed from the warehouse for use or sale. ex capitalization (EC, Ex cap, X cap, xc)

ex/ohne Gratis-/Berichtigungsaktien

Also called ex bonus (x.b., ex.b.) or ex scrip. Without the capitalization shares/stocks (the bonus/scrip shares/stocks) soon to be issued. This indicates that a share/stock has been bought without the right to participate in a forthcoming bonus/capitalization/scrip issue. All benefits belong to the seller/vendor rather than the buyer/vendee. ex coupon (ex cp, X cp)

ohne Zins-/Dividendenschein/Kupon

A security without the interest coupon or dividend coupon, ie the current coupon has been detached. ex dividend (xd, ex-d)

ex/ohne Dividende (exD, exDiv)

Also called coupon detached, dividend off or without dividend.

-

518

-

The symbol xd is used to signify that a security is trading ex dividend, that is, without dividend (note: usually securities are bought with any rights to dividend or interest accumulated since the last payment). The stock exchange marks shares/stocks "ex dividend" some weeks before payment of dividend is due. The share/stock price is then adjusted to take account of the fact that the buyer will not be entitled to receive the forthcoming dividend, by subtracting the value of the "dividend". The right to dividend remains with the seller. Note: xd is the opposite of cum dividend (cd). ex dividend date

ex/ohne Dividendetermin/ Dividendenabschlußtermin

The date on which a share/stock goes ex dividend, typically about three weeks before the dividend is paid to shareholders/stockholders. An investor who buys on or after that date is not entitled to the dividend. ex drawing

ex/ausschließlich Ziehung

A term used in connection with the sale of bonds, meaning without the benefit of the current drawing. ex gratia payment

freiwillige Zahlung freiwillige Leistung, Kulanzregu-

A payment made as a matter of favo(u)r, ie without any admisssion of legal liability, eg a Christmas bonus. Also called bonus. In insurance, payments made out of grace and favo(u)r not based on any legal obligation/liability. The insurer pays for goodwill purposes. As such, it has the nature of a gift, which acquires no legal rights. In personnel management, a dismissal pay. Also called redundancy pay(ment) or severance pay. ex interest (Xi, xi)

ohne Stückzinsen

Without the interest due or accruing. Bonds are quoted ex interest 15 days before coupon date (the interest due date) so that interest can be paid to the registered holder. ex new (Xn, exn)

ex/ohne Bezugsrecht

Also called ex claim (XC, ex.c.) or ex rights (XR, ex.r., x. rts.). Without any right to claim new shares/stocks about to be issued. ex post

ex post, im nachhinein

Latin for: from after. The position after some occurrence has taken place. Acutally realized (eg the actual level of demand), seen in the light of previous expectations based on earlier data. The opposite is ex ante.

-

519

-

ex quay (ExQ)

ab Kai, ab Pier

Also called ex dock or ex wharf (ex whf, χ whf). A price quoted ex quay means that the buyer must take delivery of the goods at the port of destination, pay all expenses, after the goods are landed on the quay; and accept all risks thereirom. The seller has to pay the freight, the customs duty and the unloading costs. ex rail

ab Bahnhof

The price quoted ex rail includes delivery of the goods to the seller's railway/railroad station. The seller is responsible for the costs and the risks to the point where the goods complete the rail journey. The buyer is responsible from that point on. ex rights (X, Xr, X rts)

ex Bezugsrechte

Also called ex claim (ex c) or ex new (ex n). On the stock exchange, a term signifying that the share/stock price excludes the right to receive a declared dividend. ex ship (ExS, X ship, X shp, X sh)

ab Schiff

Also called free overboard/overside. Cargo delivery term whereby the seller pays seafreight and insurance, loading cost(s) at port of dispatch/departure/shipment, and any otner cost and risk up to port of discharge/destination. The buyer has to take delivery of the goods from the ship, pay the unloading costs and bear all other costs and risks thereafter. ex stock (X stk, ex stk)

ab Lager

Also called ex store (X store), off the shelf, or ex warehouse (ex whse, X whse). Goods ordered can be supplied quickly from stock. The seller has goods of the type required in stock and makes them available at a named store or warehouse. The buyer is responsible/liable from that point on. ex works (ExW, X wks) (named place)

ab Werk (Incoterm)

Also called ex factory, ex warehouse, or ex mill. An incoterm which can be used for any mode of transport including multimodal transport. A price quoted ex works is for delivery at the seller's/exporter's premises/factory/ warehouse, the buyer/importer bearing the cost and risk of the subsequent transport. The seller fulfil(l)s his obligation when he makes the goods available at his premises by an agreed date (he is not responsible for loading the goods on the buyer's vehicle

-

520

-

provided by the buyer/importer). His obligations cease when the buyer/importer accepts the goods at at his premises. The buyer has to bear all the cost and risk of the goods from the time they have been placed at his disposal in accord with the sales contract terms. Furthermore, he has to clear the goods for export and import. EXW is to the advantage of the ouyer as he obtains the goods at the lowest possible price; furthermore, he can convey/transport the cargo on his national shipping line or airline and he can secure insurance cover in his own country (this saves foreign currency). Note: the term ex works should not be used when the buyer cannot carry out the export formalities. In this case, the FCA (free carrier) term should be used. The term ex works represents the minimum obligation for the seller/exporter and the greatest responsibility for the buyer/importer. exact interest

Zinsen bzogen auf 365 Tage, Echt/365

Also called accurate interest or New York interest (US). Interest calculated and paid on the basis of a 365-day year, as opposed to ordinary interest, which is based on a 360-day year. examination

Examen, Prüfung Untersuchung Verhör, Vernehmung

The act or process of testing pupils, students, job applicants, etc, eg an employment test. An investigation or inspection, eg a medical examination. In law, a questioning, eg a the questioning of a witness. Also called interrogation. exception

Ausnahme Risikoausschluß (Vers)

The act of excepting or being excepted. Something or someone that is not counted or not covered by the rule, does not follow the expected pattern, etc. Exceptions are those risks or losses which are not covered by an insurance policy. Also called excepted risk or exclusion of risk. exceptional demand

inverse, ungewöhnliche Nachfrage

A situation which is incompatible with the laws of demand. The demand for some commodities decreases when prices fall or demand may rise when price goes up. excess

Überschuß, Überhang Selbstbeteiligung (Vers)

An excess is too much of something. Also called surplus.

- 521 -

In insurance, the first portion of a loss, being an agreed or fixed sum, which the insured agrees to bear. The insured has coverage above a certain amount; when the loss exceeds this amount, the insurer will pay for the loss. excess capacity

Überkapazität, freie Kapazität

Also called overcapacity or surplus capacity. Existence of more productive capacity than demanded at any given time. As a result a proportion of the capacity available stands idle. excess demand

Nachfrageüberhang, Übernachfrage

Also called excessive demand, excess in demand, overdemand, or demand overhang/ surplus. Existence of more demand than presently existing productivity is able to satisfy, ie demand is greater than supply. In competitive markets there will be upward pressure on prices. excess of loss reinsurance

Schadenexzedentenrückversicherung

A form of reinsurance between the direct insurer and the reinsurer in which the insurer pays for a loss up to a predetermined amount and the reinsurer agrees to bear the loss exceeding this amount. excess policy

Überschußpolice

An insurance policy that pays benefits only for losses greater than those covered by another policy. excess postage

Nachgebühr

An extra payment for sending post/mail which is heavier than the weight paid for. excess reserves

Überschußreserven, Sonderrücklagen (BaW)

The amount of reserves held by banks that exceeds that legally required to meet reserve requirements. excess supply

Überangebot, Angebotsüberhang

Also called excessive supply, oversupply, excess in supply, or supply overhang/ surplus. A market situation in which supply exceeds demand at some given price. In competitive markets there will be downward pressure on prices.

-

excess supply of money

522 -

Geldüberschuß

A situation in which the actual money balances of individuals and firms are in excess of their desired level. Thus, they will increase their spending on assets and goods. exchange (ex, exch)

Aus-, Ein-, Umtausch Tauschgeschäft Devisen Effekten- und Warenbörse Fernsprechamt

The process of exchanging. The exchange of goods for other goods, ie a situation where one gives something to someone, and receives something else in return. Both things are usually of equal value. Also called barter. Foreign exchange. The place, in which businesspersons meet for the transaction of business in commodities or stocks, ie the commodity exchange or the stock exchange. The telephone exchange, ie the office where phone calls are connected to other telephones. exchange broker

Devisenmakler/in, Devisenhändler/in

Also called foreign exchange broker/dealer or exchanger. An agent who operates on the foreign exchange market, ie he/she buys and sells foreign exchange. For his/her services in bringing buyers and sellers together he/she receives a commission (the exchange brokerage). exchange control

Devisenkontrolle, -bewirtschafìtung

Also called foreign exchange control. Government and central bank restrictions limiting the right to exchange one country's currency into another country's currency. This means that it is not possible to purchase foreign currency freely; the central bank will sell only limited amounts. The monetary authorities seek to protect the exchange rate of its national currency, to preserve the national (foreign) exchange reserves, to restrict the outflow of capital and to improve a balance of payments deficit. Exchange controls are common in less developed countries (LDCs) because they have foreign exchange shortage/stringency. When exchange controls are imposed, importers must apply for exchange permits from the government to obtain the foreign currency required to import specific goods. Note: as exchange controls restrict imports, they are considered nontariff barriers (NTBs). exchange economy Also called barter/nonmonetary economy.

Tauschwirtschaft

-

523

-

An economic system where specialization has been introduced. The exchange of goods for other goods is effected without the use of money as an intermediary. No price or value is set for any item involved. But for the smooth working of such a system money must be employed. Exchange Equalization Account (EEA)

Währungsausgleichsfonds

The American term is Exchange Stabilization Fund (EEF). The central bank operates this account with the objective of stabilizing the exchange rates between the domestic currency and the major foreign currencies. It holds the nation's gold and foreign exchange reserves, Special Drawing Rights (SDRs) on the IMF, and Euros. It is through this account that the central bank sometimes intervenes on the foreign exchange market to prevent undue fluctuations in the exchange value of the domestic currency against other currencies. The central bank sells domestic currency (taking foreign currency in exchange) when the value of its currency is rising, and sells foreign currency (taking domestic currency in exchange) when the value of its currency is falling. exchange intervention

Intervention am Devisenmarkt, Kursintervention

The monetary authorities of a country buy or sell their own or foreign currencies on the foreign exchange market to support the local/internal/national currency or to damp down currency fluctuations. exchange rate

Wechselkurs, Devisenkurs

Also called rate of exchange or foreign exchange rate. This is the rate at which the currency of one country exchanges for the currency of another. It is usual to quote currency rates which indicate how much of a foreign currency a buyer may expect to receive for 1 £ or 1 $ or how much a seller would have to give to get 1 £ or 1 $. When a country was on the gold standard, the value of its currency in the international market remained stable. When exchange rates are free to float the rate varies from day to day; the rate will fluctuate according to the relative levels of supply and demand for the currencies. Fixed exchange rates allow the rates to fluctuate only within 1 per cent on either side of an agreed par value. The exchange rate will affect the price of imports and exports. If the exchange rate is low, then imports are more expensive and exports become comparatively cheaper. If the rate is high, then imports are cheaper and exports become more expensive. One way to restrict imports is to impose a low exchange rate. The central bank occasionally intervenes in the market (ie currencies are bought and sold) to damp down violent fluctuations in the exchange rate. Intervention normally occurs when stability is required, because instability in the exchange rate creates uncertainty and can lead to a decline in foreign trade.

-

524

-

Influences on exchange rates include differences between interest rates between countries, investor expectations about future changes in a currency's value, central bank exchange rate support, etc. There are various exchange rate systems: 1. floating exchange rates (a. free float, b. managed float, c. the crawling peg system, d. the adjustable peg system, e. the fixed peg with minor fluctuations, f dirty floating); 2. fixed exchange rates (a. the Gold Standard, b. the absolute fixed peg). exchange rate fluctuation

Wechselkursschwankung

Also called currency fluctuation/movement. Up and down movements of a currency on the foreign exchange markets. exchange rate mechanism (ERM)

Wechselkursmechanismus

The arrangement of the European Monetary System (EMS) under which the currencies of member countries were allowed to fluctuate by plus or minus 2.25 percent of their central rates. In September 1992, the United Kingdom and Italy abandonded the ERM because they felt that the cost of keeping exchange rates within the ERM had become unbearable. In August 1993, the entire ERM collapsed. exchange rate parity

Wechselkursparität

Also called exchange parity. The fixed price relationship at which two currencies are convertible. exchange risk

Kursrisiko, Wechselkursrisiko

Also called exchange exposure or exchange rate risk. The possibility of loss arising from an open position when the related rate of exchange/ exchange rate rises or falls. exchange stabilization

Wechselkursstabilisierung

Also called exchange rate stabilization. Official operations in the foreign exchange market in order to control exchange rate movements by varying the relation between supply and demand. Exchequer (Exch.)

Finanzministerium (GB) Staatskasse (OB) Finanzen (GB)

In GB, the government department responsible for state expenditure and revenue. The Chancellor of the Exchequer is tne Cabinet Minister at the head of the Treasury department. He/she is responsible for the government's financial policy. Also called

-

525 -

finance ministry, ministry of finance or Treasury; in the USA, it is called Treasury Department. In GB, the account kept at the Bank of England, through which all government receipts and payments pass. Also called exchequer account. Fund of all money received by the government from taxes and other revenue. exchequer account

Konto der britischen Regierung bei der Bank von England, Staatskasse

The main account of the British Government at the Bank of England into which all taxation receipts and other income are paid and from which all government expenditure is met. exchequer bill

Schatzwechsel (GB)

Also called treasury bill or T-bill (US). In GB, an interest-bearing bill, payable to bearer, issued by the government. Bills are issued for temporary loans extending from three to twelve months. exchequer bond

Schatzanweisung (GB)

Also called treasury bond/note (US). In GB, an interest-bearing bond, payable to bearer, issued by the government to provide longer-term funds. excise

Verbrauchssteuer

Also called excise duty/tax or consumer/consumption/expenditure/purchase/use tax. Taxes imposed/levied on specified home-produced goods for consumption in the home/domestic market (eg alcohol, petrol, tabacco). Although the seller pays such a tax, all, part or none (depending upon the respective elasticities of supply and demand) is shifted on to the consumer. Such duties may be levied for revenue only or they may be levied to restrict the home consumption of the goods. excise drawback

Rückvergütung von Verbrauchssteuern

A refund of the excise (duty) collected on goods made in a particular country but subsequently exported from it. excluded claims

ausgeschlossene Ansprüche (Vers)

Claims specifically not covered by the insurance policy.

-

exclusion

52 6 -

Ausschließung, Ausschluß Versicherungsausschluß

An act or instance of excluding, ie someone or something is not allowed to take part in an activity, be a member of an organization, etc. The state of being excluded. A provision in an insurance policy stating certain causes and conditions which are not covered. A claim following a loss may be unsuccessful for any of three main reasons: 1. the insurance contract is invalid or has been invalidated, 2. the contract wording deliberately excludes such losses, and 3. the claim is contrary to public policy. exclusion clause

Haftungsausschlußklausel

Also called exemption clause. In law, a contractual clause by means of which a contracting party seeks to exclude or limit liability. In insurance, a clause detailing specific risks not covered by the policy. exclusion of liability

Haftungsausschluß

Also called exemption from liability. A clause which excludes one party to the contract from liability/responsibility for any losses arising in connection with tnat contract, no matter how causea. exclusion of risk

Risikoausschluß (Vers)

Also called policy exclusion or exempted liability. In insurance, the refusal of insurance cover by an insurer. exclusive agency

Alleinvertretung

Also called sole agency. An agreement binding two parties, one as principal (usually a manufacturer/producer), the other as exclusive agent, involving a product or a market, being limited in availability to the agent for a period. The agent benefits from the lack of competition, and the principal benefits from a greater sales commitment on the part of the agent. excursion

Ausflug, Exkursion

Short visit, often for one day only, returning to the place from which you left.

-

527

-

execution

Aus-, Durchführung Ausfertigung (einer Urkunde) Vollstreckung (eines Urteils)

Carrying out or completion, eg of an order. Signing and finalizing a document, eg a contract. An officical carrying out of a court's judg(e)ment. execution of order

Auftragsausführung

The seller executes/carries out the buyer's order by delivering the goods according to the terms of the contract. executive (exec)

Geschäftsführer/in, leitende/r Angestellte/r, Führungskraft Vorstand, Direktorium, Leitungsgremium Exekutive

A high ranking official in an organization who has major decision making authority and is responsible for executing ousiness policy and decisions made by the board of directors. There are executive directors and nonexecutive directors; the latter do not participate in the day-to-day management of the business. Also called senior manager (although more and more this term is used to describe middle managers) or director. Short for executive committee; the body that runs an organization. Part of government responsible for implementing the decisions of the legislative. executive director

geschäftsführende/r, hauptberufliche/r Direktor/in (GD)

Also called inside/working director. The top manager/director of a company who is also a full-time employee of the company. executor (exor)/executrix (exrx)

Testamentsvollstrecker/in Nachlaßverwalter/in

Person or firm (eg a lawyer or bank) appointed to see that the conditions of a testator's will are properly executed. The administrator or administratrix of the estate of a decedent/deceased person. exempt

befreit, frei von

To be exempt from something is to be given legal freedom from liability for it, eg to be tax-exempt.

-

exemption

528

-

Befreiung (Steuer)Freibetrag

Release from a burden, an obligation or liability to which others are subject. In taxation, the deduction/subtraction of a certain amount of money from income. Each exemption lowers the income on which a person must pay taxes, ie it lowers the tax liability. Also called tax-free amount. exercise notice

Erklärung über die Ausübung einer Option

A formal notification from an option holder that he/she wishes to exercise/take up the option to buy (for a call option) or sell (for a put option) at the exercise price. exercise price

Basispreis, Optionspreis, Abscnlußkurs (Bö)

Also called striking price. The price at which a security may be bought or sold by the exercise of an option, either a put or call option. exhibition

Ausstellung, Messe

Also called exposition, fair or show. Exhibitions present information connected with many aspects of the commodity such as production, maintenance of quality, after-sales service, etc. Exhibiting is an expensive form of promotion. exhibition grounds

Ausstellungs-, Messegelände

Also called fair grounds. The place where an exhibition or fair takes place, exhibitor Aussteller/in A person or company which disposes of exhibition stands and exhibits, demonstrates or shows something, eg products, to an interested audience at an exhibition or fair. exogenous factor

exogene Bestimmungsgröße

Also called exogenous determinant. Forces influencing an economy from outside, eg the weather. exogenous variable

exogene Variable

A variable which is determined by forces outside the model, and is unexplained by it.

-

529

exotics

-

Exoten, unbekannte Währungen

Foreign exchange dealers' term for a currency in which a large international market does not exist. expanding file

Faltmappe, Faltordner, Harmonikaakte

Also called concertina file. Expanding files are a number of wallets with gusseted pockets connected together. The fuller the file becomes, the more the file will expand. expansion

Wachstum, Expansion Unternehmenswachstum

A period of increasing economic activity. Also called growth. The growth of a firm, eg by reinvesting profits, increasing capital, merging with one or more other firms, broadening the business activities, extending the territory, increasing output, etc. Also called corporate growth. expansionary monetary policy

expansive Geldpolitik

An acceleration in the growth rate of the money supply. expatriate (expat)

im Ausland Lebende/r

A person, especially a business employee, living and working in a country which is not his/her own. expectation of life

Lebenserwartung

Also called life expectancy/expectation/span. Average remaining life span for a person of a given age according to the statistical tables. expenditure (E)

Kosten, Aufwand Ausgabe/n Aufwand

Sometimes another name for expense or cost. Strictly, the payment of cash to acquire an asset, service or other benefit. Also called outlay. Capital expenditure: money spent on assets (eg buildings). It becomes an expense when it is charged to the profit and loss (P+L) account as depreciation over a number of years.

-

530

-

Revenue expenditure: money spent on goods and services which are consumed immediately. It is treated as an expense in me profit and loss (P+L) account. The spending of time, energy, effort, care, etc. expenditure changing policies

nachfragereduzierende Wirtschaftspolitik

Fiscal and monetary policies directed at changing the level of aggregate/total demand of the country. expenditure dampening policies

ausgabedämpfende Maßnahmen

Measures applied to reduce expenditure. Government measures (eg lowering government expenditure) designed to reduce the aggregate/total demand for goods and services in the community. expenditure tax

Ausgabensteuer

Also called outlay tax. A tax (like VAT or sales tax) on the expenditure of individuals or households. This form of taxation is often preferred by tax theorists to income tax, as it does not distort the incentive to work. expense account

Aufwands-, Kostenkonto Spesenkonto

In accounting, an account recording a particular type of cost/expense, eg motor running expenses, depreciation, which occurs in the ordinary course of a firm's activities. The account is closed at the end of the accounting/financial period by transfer to the profit and loss account/income statement. An account maintained by salespersons that includes travel, hotel and other expenses which they incur for business purposes and for which the are compensated by their employers. expenses (exp)

Kosten Aufwand, Aufwendungen (Geld)Ausgabe/n

The costs of doing business; that is, the costs that must be incurred in order for a company to generate revenue. Expenses mean overhead(s) and running costs/costs of operation of the business. They can be subdivided into fixed expenses (eg rent) and variable expenses (eg telephone charges). Also called costs. Expense is the amount shown on the debit side of the profit and loss (P+L) account. The opposite of revenue. A (cash) payment.

-

531

expenses prepaid

-

Rechnungsabgrenzungsposten, transitorische Aktiva, vorausgezahlte Aufwendungen

Also called prepaid expenses. The amount of expenditures in one accounting period which relates to the next or a future period because of payment in advance. experience

Erfahrung Schadensverlauf (Vers)

Knowledge or skill coming from something personally lived through, observed or encountered. In insurance, an insured's loss record. experience rating

rramienDerecnnung Prämienberechnung auîgruna aufgrund ve von Erfahrungswerten, Erfanrungstarifierung (Vers)

Also called experience premium rating In insurance, a procedure used u to calculate premiums based on the loss experience, ie the number of claims lai made. expert's report

Sachverständigengutachten

Also called expert opinion or expertise. A report made by a person who has a special skill or knowledge in a particular field. expiry

Ablauf, Ende, Erlöschen, Verfall

Also called expiration, lapse or termination. The end of a time period during which something can be used or the date on which something can no longer be used. The termination of an agreement, contract, insurance policy, license, etc. expiry date

Verfalldatum Fälligkeitstag Auslauftag Ablauftermin Verfalltag (Vers)

Also called expiration date. The date after which a product may no longer be sold. Also called sell by (date). The date on which something falls due/matures. Also called due/maturity date.

-

532

-

The date on which a futures contract must be fulfilled. Also called option day. The date on which an agreement or obligation expires. In insurance, the date by which a policy ceases to protect the policyholder. exploitation

Exploitation, Ausbeutung (PW) Abbau, Gewinnung

A worker is said to be exploited if payment for his/her work done is less than the value ofthat work. The use of natural resources. export agent

Exportvertreter, Ausfuhragent, Exportkommissionär

An export agent represents the exporter in an overseas market and seeks for customers on behalf ofmanuiacturers wishing to sell in export markets. export department

Exportabteilung

Also called international department/division. The department responsible for international business. A larger firm, well established in exporting, establishes its own export department. This performs many of the functions of an export agent. The size of the company, the nature of its products, the profile of the overseas markets, and the scale of its export business are the main factors influencing the nature of the export department. export led growth

exportinduziertes Wachstum

The expansion of an economy, which is stimulated by an increasing export volume. This has multiplier effects on the whole economy. export manager

Exportleiter/in, Exportmanager/in

Also called export sales manager. The sales promotion of the export department is entrusted to a special export manager who has the same functions in the export market as the sales manager has in the domestic/home market. export order

Exportauftrag, Auslandsauftrag

Also called foreign order or indent. Instruction to supply goods to a foreign/overseas customer.

- 533 exportorientierte Wirtschaft

export oriented economy

An economy focusing on and increasing the output of manufactured goods for export. Exportbezahlung

export payment

Payment made to exporters by importers. The way exporters choose to be paid depends on a number of factors: 1. the usual contract terms adopted in an overseas buyer's country, 2. what competitors may be offering, 3. how quickly funds are needed, 4. the type of goods, 5. the length of credit required, 6. the creditworthiness of the customer, 7. market and exchange regulations, 8. the availability of foreign currency to the buyer, and, of course, 9. whether the cost of any credit can be afforded. There are four basic methods of payment, providing varying degrees of security for the exporter: 1. payment in advance (cash with order (CWO) or cash on delivery (COD); 2. open account; 3. bill of exchange (sight draft, term draft, clean bill collection, documentary collection, direct collection); 4. documentary letter of credit (revocable or irrevocable, unconfirmed or confirmed). export pricing Also called export price

Exportpreisbildung fixing/formation.

The activity or process of setting export prices for a firm's products or services. Export pricing involves many considerations in price formulation. The following factors will influence export prices: 1. production costs, 2. product design/modification costs, 3. packaging, 4. distribution costs, 5. transportation costs, 6. import tariffs, 7. market entry costs, 8. costs due to exchange rate fluctuations, 9. methods of payment, 10. payment terms, 11. promotion and selling costs, 12. the level of competition, 13. the prices of competitors, 14. government price controls, 15. the sales volume, 16. the market share, 17. the market place, 18. the range of products, 19. the spending power and the income level, 20. the markup/profit charge, 21. the buyer behavio(u)r, etc. export sales contract

Exportkaufvertrag

A written agreement made between exporter and importer to sell a product or service in return for the payment of money. Both parties have certain obligations and rights. export trade

Ausfuhr-, Exporthandel

The sale of goods and services to parties located in other countries. Depending upon the location and the economic and technological development and progress of a country, the exports may consist of partly or fiilly manufactured goods, sophisticated plant and machinery, cars, electronic products, raw materials, agricultural products, foodstuffs, etc. export(s) (X, exp) Goods and services sold to foreign countries.

Export/e

-

534

-

The action of sending goods or services to foreign countries. Also called exportation. exportation

Ausfuhr, Export (als Vorgang)

The act of exporting, ie of selling and sending goods to foreign countries. exporter

Exporteur/in, Exportfirma Exportland

A person or firm selling goods or services to another country. Also called export firm or export trader. An exporting country. exporting

Ausfuhr, Export

The sale in a foreign country of goods produced, stored or processed in the supplying firm's home country. The exporter should be familiar with techniques such as foreign trade documentation, transport and logistics, methods of payment, etc. express condition

ausdrücklich festgelegte (Vertrags)Bedingung

Conditions governing the application and interpretation of a contract that are set down in writing. express delivery

Eilzustellung, Expreßbeförderung

Also called express service. Where it is urgent to send a letter or package more quickly, the letter or package may be delivered express post/mail. An extra fee is paid at the time of posting. There is also a private express service, eg UPS (United Parcels Service) or DP (Deutscher Paketmenst). express post

Eilpost, Eilzustellung

Also called express/priority mail (US). A fast messenger collection and delivery service. express transfer

Eil-, Expressüberweisung

Also called express telegraphic money transfer. A very fast way of sending money abroad. Money is transferred by coded interbank telex.

- 535 expropriation

Enteignung

Official seizure of private property by a country with the intention to use it in the public interest. extension

(Fristverlängerung, Prolongation Zahlungsaufschub, Stundung Erweiterung Telefonnebenstelle, Nebenapparat Anbau

An increase in length of time given a person or firm to meet an obligation. A debtor's arrangement with his/her creditors) that the liabilities do not have to be paid now, but may be deferred/postponed. Also called deferment, prolongation (of payment) or respite (of payment). An enlargement in scope and degree, eg an extension of foreign trade. An additional telephone that operates on a principal line. Also called telephone extension or extension telephone/line. The term by which something is extended, eg a building. Also called addition. extension of credit

Kredit-, Darlehensgewährung Kreditverlängerung

The granting of credits or loans. Also called lending or loan grant. The agreement by a lender (usually by an extension agreement) to postpone/defer repayment of a loan. Also called credit renewal. extension telephone (ext)

Telefonnebenanschluß, Nebenapparat

Also called extension line or telephone extension. An internal telephone, ie one of many telephone lines in a larger building which all have different numbers. external balance

außenwirtschaftliches Gleichgewicht

Also called external equilibrium/stability/viability or balance in foreign trade. A situation of balance of payments equilibrium (ie equality of exports and imports). Its achievement is one of the macroeconomic objectives of a government. Note: 1. in accounting terms, the balance of payments always balances because of the principles of double-entry bookkeeping, 2. in economic terms, however, there must be an equality between the flows of payments and receipts between one country and the rest of the world.

-

536

-

external data

außerbetriebliche Daten

Facts generated outside a company, as by surveys or by government or private sources. external debt(s)

Auslandsschulden, -Verschuldung Fremdkapital

Debt owing by one country to another. Also called foreign/overseas debt(s). Funds obtained from outside a company, eg bank loans. Also called borrowed/debt/ outside capital or external finance. external deficit

Zahlungsbilanzdefizit

Also called payments deficit. A balance of payments deficit, ie the excess of the value of a country's imports over its exports. external demand

Auslandsnachfrage

Also called foreign demand. In general, a foreign country's demand for domestic goods or services. In detail, the quantity of a commodity or service that will be bought at a particular price per time period by overseas buyers. external diseconomies

negative externe Effekte externe Nachteile

The diseconomies available to a whole industry. The adverse effects which the production activities of one company have on those of another company, ie the adverse effects outside the influence of a single company. external economies

positive externe Ersparnisse externe Vorteile/Effekte

These are the savings/economies available to a whole industry and which any business entering the same type of work can take advantage of. The economies arise from largescale production or from a particular location. The beneficial effects which the production activities of one firm have on those of another firm, ie the beneficial effects outside the influence of a single firm. Also called external effects or externalities. external environment Also called business environment.

betriebliches Umfeld

-

537

-

Primarily the economic, political, sociological and technological factors outside a company that influence it and interact with each other. external equilibrium

außenwirtschaftliches Gleichgewicht

Also called external balance or balance in foreign trade. The equilibrium in a country's international balance of payments. external financing

Fremd-, Außenfinanzierung

Also called debt financing or outside financing. The raising of funds by businesses either by issuing shares/stocks or borrowing. external loan

Auslandsanleihe

Also called external/foreign bond or foreign loan. A loan/bond raised from sources abroad, ie the bond is issued abroad by a domestic debtor in domestic or foreign currency. external surplus

Zahlungsbilanzüberschuß

Also called payments surplus. A balance of payments surplus, ie the excess of the value of a country's exports over its imports. . extra dividend

Sonder-, Zusatzdividende Bonus, Summenzuwachs (Vers)

Dividend paid to shareholders/stockholders in addition to the regular dividend. Also called extraordinary dividend. In insurance, a special dividend returned to a policyholder. extra premium

Zusatzprämie

In insurance, an additional amount added to the basic insurance premium, eg to cover some unusually hazardous risk with a greater probability of loss. extractive industry

Grundstoffindustrie

Also called basic/primary industry. This covers industries engaged in making available raw materials and natural products, eg mining, fishing, forestry, agriculture.

-

extraordinary general meeting (EGM)

538

-

außerordentliche Haupt-/Vollversammlung

Also called extraordinary/special meeting, special meeting of shareholders/ tockholders or special shareholders'/stockholders' meeting. A meeting called for a specific purpose. In addition to the AGM (annual general meeting), this may be called at any time on the requisition of the holders of not less than one-tenth of the issued capital (stock) to discuss special business. For example, a shareholders/stockholders EGM is required when a company wishes to alter its capital structure, eg by increasing its share/stock capital. eyelet

Öse, Lochverstärker

Metal or plastic inserts used to reinforce holes punched in various materials using a punch. eyewitness

Augenzeuge/zeugin

An individual who has observed some incident at first hand and thus can give direct evidence of it.

-

539

-

F ... five per cent is the natural interest of money. (Lord Macauly, 1800 - 1859)

F terms

F-Klauseln

One of the four different categories of the Incoterms (2000), the others being the Cterms, the D-terms and the E-term. The F-terms comprise: 1. FCA (free carrier), 2. FAS (free alongside ship), 3. FOB (free on board). Their common characteristics are: 1. main carriage is unpaid, ie the seller/exporter is only obliged to deliver the goods to a carrier appointed oy the buyer/importer; 2. they require the buyer/importer to clear the goods for import; 3. FAS, FCA and FO Β require the seller/exporter to clear the goods for export. face

Vorderseite

The front or surface of something, eg a document, banknote, cheque/check, etc. face to face selling

persönlicher Verkauf

Sometimes also called belly-to-belly selling. Personal selling usually on a one-to-one basis, ie a personal meeting between seller and buyer. face value (fv)

Nennbetrag Nennwert, Nominalwert Scheck-, Wechselsumme Versicherungs summe

In general, the value stated on the face/front of a document, eg an insurance policy. The amount which a coin, banknote, share/stock or other security shows on its face/front. In the case of securities, the value upon which dividend or interest is computed. Also called nominal/par value or face amount. The value of a cheque/check or bill of exchange as shown on their front or face. In insurance, the amount insured. Also called face amount, amount of insurance or face of policy.

- 540 facia/fascia

Firmenschild, Ladenschild

Also called name plate. The signboard of a business. facility

Einrichtung (Betriebs)Anlage, Betriebsstätte Kreditfazilität

A room, building, etc. used for activities. A factory, workshop, etc., where a product is manufactured. Also called plant. An arrangement with a bank, a supplier or any other lender to have credit. Also called credit facility. facility fee

Bereitstellungs-, Kredit(zusage)provision

Also called commitment fee. In banking, a fee charged for a credit commitment not drawn upon. facility letter

Kreditzusageschreiben, Kreditbestätigung

When a bank (the lender) has indicated its willingness to grant a credit/loan, it issues to its customer (the borrower) a facility letter which outlines the terms and conditions under which finance is available. The letter specifies the loan amount, the interest rate, the terms of repayment, and the security to be charged. facsimile (facs, fax)

Faksimile, Kopie Faxgerät Fax

An exact copy of writing. An office machine used to transmit a copy of a document. Also called fax machine. The physical paper output of a fax machine which is a copy of the document transmitted. factor

Kommissionär Produktionsfaktor Factor, Factoringgesellschaft Faktor, Umstand Glied eines Produktes

Factors are agents concerned with the buying and selling of goods (particularly in the import and export trades) on behalf of their principals. They have possession of the goods. Although they do not own the goods, they can buy ana sell in their own names. Their remuneration is by commission/factorage and, if they undertake to guarantee payment by buyers, an extra del credere commission. Also called commission agent.

-

541

-

The factors of production (labo(u)r, land, capital, enterprise/entrepreneurship). Also called production factor. A factoring company. A fact, circumstance, etc. In mathematics, one of the several numbers which form a total when multiplied together, eg the factors of 20 are 4 and 5. factor demand

(Produktions)Faktornachfrage

The demand for the factors of production (land, labo(u)r, capital, enterprise). factor income

Faktoreinkommen

Also called factor earnings/payments. Part of the national product distributed to a particular production factor. Landowners, the workers, owners of capital and entrepreneurs, all these supply or sell factors (of production) for which they receive rewards. Each factor has to be paid for and the payment for land is rent, for capital it is interest, for labo(u)r it is wages and for enterprise it is profit. These rewards are called factor income. factor market

Faktormarkt

Also called input market. The markets in which the factors of production (land, labo(u)r, capital, enterprise) are bought and sold. The most prominent of these markets are the labo(u)r market ana the capital market. Note: factor markets are linked to product markets because the demand for a production factor is derived from the demand for its product. factor of production (F/Pn)

Produktionsfaktor

Also called production factor. All productive processes require economic resources before they can proceed; these resources are called factors of production and are classified under the four headings of land, labo(u)r, capital and enterprise/entrepreneurship/managment. Each factor has to be paid for and the payment for land is rent; for capital it is interest; for labo(u)r it is wages and for enterprise it is profit. factoring

Factoring(geschäft), Forderungsverkauf, Ankauf (und Bevorschussung) von Forderungen, Debitorenverkauf

Factoring means selling trade debts (GB)/accounts receivable (US) for immediate cash to a factor who charges commission/factorage. The factor pays for the goods as soon as they are supplied and must then recover the money (ie the accounts receivable) from the seller's customers.

-

542

-

Factoring, although not concerned with long-term finance, is an important method for firms to economize on capital. Factoring is normally done without recourse, meaning that the factor cannot turn to the client (the seller) in the event accounts prove uncollectible - ie the factor assumes the risk of nonpayment. Factoring is "disclosed" or "undisclosed" according to whether the seller/supplier has notified nis customers that payment is to be made to the factor or not. factory

Fabrik, Werk, Fertigungsstätte

Also called manufacturing plant, plant or works. In a manufacturing business the factory is the building where goods are manufactured/ produced, usually oy the use of modern machines. Factory Act

Arbeitsschutzgesetz (GB)

In GB, acts which regulate the conditions of employment. factory cost(s)

Produktionskosten

Also called manufacturing/production cost(s). In general, the total of all the manufacturing/production cost(s). factory overheads

Fertigungsgemeinkosten

Also called factory expense or direct/manufacturing/operating/production overheads. The expenses of a factory which are not direct/prime costs. These are all those expenses which arc necessary to operate the factory, but which cannot be directly allocated/attributed to the product itself. Examples are: rent, rates, heating and lighting, depreciation of machinery, maintenance costs and other indirect costs/overheads of the factory. In general, indirect costs tend to be fixed in nature because they have to be paid irrespective of the amount of goods produced by the factory. factory sale

Fabrikverkauf

The sale of goods to customers at the factory, usually at lower prices. facultative reinsurance

fakultative Rückversicherung

This is the oldest form of reinsurance and means reinsurance of individual risks. Facultative means optional; the ceding company (ie the insurer) is free to decide whether to offer the risk to the reinsurer who in turn is not bound to accept the risk, ie the reinsurer has the faculty to accept or reject each risk offered by the ceding company/cedent.

-

543

-

There are two types: 1. proportional facultative reinsurance: the reinsurer assumes a proportional share of premiums and losses 2. nonproportional facultative reinsurance: the reinsurer is liable only for losses which exceed the insurer's retention level; the share of premiums varies with loss expectation. Fahrenheit (°F)

Fahrenheit

A measure of temperature named after the German physicist G. D. Fahrenheit (1686 1736). In the Fahrenheit scale 32° represents the ice point and 212° the steam point. failure

Insolvenz (Vergleich, Konkurs) Ausfall, Scheitern Mißerfolg Unterlassung

The act by a business of suspending payment, eg while awaiting bankruptcy proceedings. The business is insolvent, ie it cannot pay its debts. Note: a failed business may either be reorganized or dissolved. Also called business failure. Breaking down or stopping, eg the breaking down of a machine, or the failure of negotiations. The lack of success. In law, the act of not doing something. fair

Markt Ausstellung, Messe Jahrmarkt, Volksfest

A local market held at certain times of the year, especially for farm produce. A large-scale exhibition of commercial and industrial goods (eg the Hanover Fair, the Leipzig Fair, the London Antiques Fair). Also called trade/sample fair. A form of entertainment where one can ride on large, brightly lit machines, win prizes in games, enjoy other forms of entertainment, buy various kinds of candies or sweets, have meals, etc. Also called funfair (GB) or carnival (US). fair average quality (FAQ, faq)

Faq-Qualität, Handelsgut/Qualität mittlerer Art und Güte, gute Durchschnittsqualität

Certain standards of quality are laid down to facilitate trading. In this case, the goods' quality will be equal to the average of recent deliveries. Note: the basis of trading on commodity markets is by description, no samples being produced.

-

fair trade

544

-

beschränkter Schutzhandel, im Außenhandel Gewährung gegenseitig gleicher Bedingungen vertikale Preisbindung (USA)

An international trading situation in which goods are exchanged on equal terms (duties and restrictions imposed by one country are met by reciprocal duties and restrictions by other countries). Formerly, an agreement between American producers and retailers to restrict price cutting; retailers agreed to sell products at or above an agreed-upon price. The prohibition of resale price maintenance (RPM) eliminated fair trade pricing. Fair Trading Act

Gesetz gegen Wettbewerbsbeschränkungen (UWG) (GB)

In GB, consumers are protected by this Act. The Director General of Fair Trading has wide-ranging powers to control trading practices and commercial activities which are considered unfair to consumers. The Office of Fair Trading recommends government action when necessary, prosecutes traders who break the law and it makes pricing of goods in shops compulsory. fair value

angemessener Wert

The amount for which an asset could be sold by a knowledg(e)able, seller/vendor to a knowledg(e)able, willing buyer/vendee. fair wear and tear

willing

übliche Abnutzung

Also called reasonable wear and tear. The normal depreciation of an asset over a certain period of time caused by normal human use (wear) and ordinary operation of natural forces (tear). fairness

Fairness, Gerechtigkeit

Treating all sides alike, justly and equitably, not showing favo(u)ritism. fake money

Falschgeld

Also called counterfeit/forged money. Money made to appear genuine, with the intention of defrauding an unsuspecting person. fall

Fallen, Sinken

A sudden drop, eg a drop in sales or a fall in the exchange rate; a loss of value, eg a fall in the gold price; something suddenly becoming smaller, eg a fall of profits.

-

false pretenses/pretences

545

-

Vorspielung falscher Tatsachen

Wilful misrepresentation for an ulterior motive, eg to cash a cheque/check by pretending to oe the payee. family allowance

Familienbeihilfe, Kindergeld(zulage)

Also called child allowance/benefit or family income supplement. Payment made to a person caring for children, usually under 16 years, or full-time students not exceeding a certain maximum age who are dependent on that person. family budget

Familienbudget, Haushaltsrechnimg

An account of family income which shows the way in which a family distributes its expenditure on, eg food, rent, clothing, household goods, holidays, etc. family income policy

Familienvorsorgeversicherung

Also called family protection policy or family income benefit policy. Form of temporary life assurance/insurance providing benefits in installments. The provision of an income for the family should a parent die is best achieved by buying a family income (benefit) policy. In the event of the death of the life assured/insured during a specific period, a capital sum is paid, plus an income, payable monthly, for the remainder of a specified number of years. The policy is designed to provide income for a household while the children are still young. Such a policy forms a combination of whole-life/endowment insurance and a decreasing term insurance. Specific variations are possible. family income supplement

Unterstützungszahlung an einkommensschwache Familien (GB)

In GB, a tax-free benefit paid to parents in low-paid work. family law

Familienrecht

This covers all matters concerning the family, eg marriage and divorce. family life cycle

Familienlebenszyklus

The six stages of family life based on demographic data: 1. young single people, 2. young couples with no children, 3. young couples with youngest child under six years, 4. couples with dependent children, 5. older couples with no children at home, 6. older single people. This grouping can be useful in advertising and marketing as each group has its own specific needs and interests.

546

family life policy

Familienlebensversicherung

A life insurance policy which covers the lives of all members of the family. fare

Fahrgeld, Flugpreis Fahrgast Essen, Speise, Nahrung

The price of personal transportation in a bus, train, airplane, or other carrier. Types of fare are: 1. business fare: tariff for business class passengers, 2. concessionary fare: a reduced fare for certain types of passenger, 3. full fare: the full price payable by an adult, 4. half fare: half-price ticket for a child, 5. single/one-way fare: fare for one journey from one place to another, 6. return/round-trip fare: price for a trip from one place to another and back again, etc. A paying passenger, ie a person who pays a fare. For example, a person who pays to be conveyed/transported in a vehicle, eg a taxi. Food, eg a good country fare. fast freight

Eilfracht, Schnellgut

Also called express freight. A consignment which is conveyed/forwarded very rapidly, eg perishable goods. fast moving consumer good/product (FMCG/FMCP)

schnell umschlagendes Verbrauchsgut

Any repeat-purchase consumer product found in the shopping trolley, usually low in price and branded, eg butter, milk, coffee, tea, etc. fault

(Sach)Mangel Fehler Verschulden Vergehen

A defect or imperfection. An error or mistake. The responsibility for failure or a wrongful act. A misdeed. favo(u)rable balance of payments

aktive Zahlungsbilanz, Zahlungsbilanzüberschuß

Also called active balance of payments or external/payments surplus. Total payments into a country exceed total payments out of that country, ie an excess of receipts from abroad over payments to other countries.

-

favo(u)rable balance of trade

547

-

aktive Handelsbilanz, Handelsbilanzüberschuß

Also called favo(u)rable/active trade balance or export surplus. Situation where the visible goods/visibles exported by a country have more value than those imported within a time period. feasibility study

Durchfuhrbarkeits-, Eignungs-, Projektstudie

A study carried out prior to a particular project to find out whether it is feasible, practical, or will be profitable. feature

Charakteristikum, Merkmal (Sonder)Beitrag (Presse)

An important or prominent part of something, eg a product or service. Also called characteristic. In the press, an article or story in a newspaper or magazine that deals with one subject in depth. Federal Advisory Council

Bundesbankbeirat (USA)

In the USA, an advisory group consisting of one member from each Federal Reserve District. The members meet with the Feaeral Reserve Board at least four times a year to make recommendations on business and financial issues, but have no real power. federal agency security

Schuldtitel, emittiert von Bundesbehörden (USA)

In the USA, interest-bearing debt securities of federal agencies. federal bond

Bundesobligation (USA)

In the USA, a bond issued by a central government. Federal Cartel Office (FCO)

Bundeskartellamt (Germany)

Also called cartel office, competition authorities, Office of Fair Trading, OFT (GB), Monopolies and Mergers Commission (GB), Antitrust Division (US), Federal Trade Commission, FTC (US). A Federal German agency, located in Berlin, charged with protecting and furthering competition, control of mergers, banning most types of cartels, and suvervision of market-dominating enterprises.

-

548

Federal Deposit Insurance Corporation (FDIC)

-

Bundeseinlagen-, staatliche EinlagenVersicherung (USA)

In the USA, a federal agency that manages the Bank Insurance Fund (B/F) and insures bank deposits, currently up to US $ 100.000, in case of bank failure. The agency was formed as the result of bank failures in the 1930s to insure the deposits of customers of member banks. federal funds (Fed funds)

Tagesgelder, die sich Banken untereinander (meist nur für 24 Stunden) ausleihen, Zentralbankgeld (USA)

Also called available/cleared/collected funds. In the USA, unsecured advances/credits of immediately available funds from excess balances in reserve accounts held at Federal Reserve Banks, usually on an overnight basis. The interest rate paid on these funds, the Fed funds rate, is a key money market interest rate, and correlates with interest rates on other short-term credits. Technically, Fed funds are not borrowings, but purchases of immediately available funds, ie noninterest bearing deposits held oy member banks at Federal Reserve Banks. Note: a bank advancing Fed funds sells excess reserves; a bank receiving Fed funds buys excess reserves from the selling bank; thus Fed funds sold are credit transactions on the account of the selling bank. federal funds market

Tagesgeldmarkt (USA)

In the US, a market in which banks with suiplus funds can lend on a daily basis to other banks at an interest rate comparable to yields on short-term Treasury bills. federal funds rate

Tagesgeldsatz fur Tagesgelder zwischen US-Banken

In the USA, the interest rate at which banks will lend to each other their suiplus reserves, ie the extra noninterest bearing deposits that they hold with the Federal Reserve Banks (FRBs). Federal Home Loan Bank System

Bausparkassenzentralbank (USA)

In the USA, a system of 11 banks, acting as a central credit system for savings and loan associations ( S & Ls ). Federal National Mortgage Association (FNMA)

Bundeshypothekenanstalt (USA)

Also called Fannie Mae (say the initials FNMA out loud and it sounds like Fannie Mae). In the USA, a federally sponsored but privately owned corporation whose main business is to buy mortgages from banks, mortgage companies, savings & loan associations ( S&Ls ) and insurance companies, and resell them to investors.

-

549

Federal Open Market Committee (FOMC)

-

Offenmarktausschuß des Federal Reserve System (USA)

In the USA, a policy committee in the Federal Reserve System (the Fed) that sets short-term monetary policy objectives for the Fed. It was created to buy and sell government securities from a special account, the Open Market Account, at the New York Fed in order to provide further control over the money supply. The committee is made up from the seven governors of the Federal Reserve Board, plus the presidents of six Federal Reserve Banks. When the FOMC buys securities, it adds reserves to the banking system, expanding the supply of credit and thus allowing banks to grant more loans; when it sells securities, it drains the banks' reserves and tightens credit. The FOMC also sets Federal Reserve policy relating to foreign exchange markets. Federal Reserve Bank (FRB)

Zentralbank (USAI eine der 12 regionalen Banken des Federal Reserve System (USA), US-Notenbank

In the USA, a banker's bank. It performs the same functions for the commercial banks that they perform for its depositors. One of 12 regional banks (plus branches) in the Federal Reserve System (FRS/The Fed). The role of each bank is to provide central bank services (eg to issue banknotes), to carry out the Fed's monetary policy and to monitor banks to ensure that they follow the Feds regulations. Furthermore, they act as depositories for member banks in their regions. They deal with the general public only to a limited extent. Each FRB is owned by commercial banks in its Federal Reserve district that hold stock in the Fed district bank. All these commercial banks are members in the Federal Reserve System (The Fed). Federal Reserve Board (FRB)

Zentralbankvorstand, Vorstand des Federal Reserve System (USA) (Direktorium des US-Zentralbankensystems)

Also called Federal Reserve Board of Governors or Board of Governors of the Federal Reserve System. In the USA, a seven-member board, located in Washington, DC, governing the Federal Reserve System (The Fed). Its members are appointed by the President of the USA with Senate confirmation, and serve 14-year terms. The board supervises the banking system, holds a voting majority at the Federal Open Market Committee (FOMC), which exercises control over the money supply in the banking system, and sets reserve requirements for banks (national and state chartered banks) that own stock in the Federal Reserve Banks (FRBs). No two members come from the same Federal Reserve district and one term expires every two years.

-

550

Federal Reserve cities

-

12 Bundeszentralbankstädte der USA

The twelve Federal Reserve Banks (FRBs) of the central banking system of the USA are situated in: 1. Boston, 2. New York, 3. Philadelphia, 4. Cleveland, 5. Richmond, 6. Atlanta, 7. Chicago, 8. St. Louis, 9. Minneapolis, 10. Kansas City, 11. Dallas, 12. San Francisco. These FRBs are controlled and supervised by the Board of Governors/Federal Reserve Board in Washington, DC. Federal Reserve credit

Zentralbankkredit (USA) (Kredit einer Federal Reserve Bank an eine Mitgliedsbank)

In the USA, credit given to the banking system by Federal Reserve Banks (FRBs), eg through credit advances secured by government securities put up as collateral or through open market operations (OMOs). Federal Reserve float

bereits gutgeschriebener Scheckbetrag bei einer Federal Reserve Bank, obwohl Inkasso noch nicht abgeschlossen ist (USA)

A temporary credit to a bank's reserve account with a Federal Reserve Bank (FRB) caused by the time lag in the collection of checks/cheques. The FRB credits a check to a bank's reserve account before it has collected payment on the check from the paying bank. Federal Reserve note

Schuldschein einer der 12 Bundeszentralbanken der USA, Fed-Schuldverschreibung

In the USA, a noninterest-bearing promissory note (PN) issued by a Federal Reserve Bank (FRB) as circulating money to meet the public's seasonal needs for money. These notes are official legal tender and payable to the bearer on demand. Federal Reserve System (The Fed, FRS)

Zentralbankensystem der Vereinigten Staaten von Amerika

The central bank system of the USA. Congress created the Federal Reserve System in 1913. It was empowered to issue (bank)notes which were legal tender backed by assets other than government bonds. The notes issued under the system are not obligations of the US Government, but of the Federal Reserve System. The note issue is not subject to the control of the administration but is a separate power in monetary policy. The Fed/FRS is responsible for note issue; holds reserve balances of member banks; acts as lender of last resort and provider of liquidity through discount facilities; operates on the volume of bank deposits and on the level and structure of interest rates, by setting minimum reserve requirements for member banks and engaging in open market operations; is responsible for monetary policy and in collaboration with the government for exchange rate policy. The Fed nas overall responsibility for regulating the money supply, examines and supervises all banking institutions within the US, collects and interprets economic information, and acts as a custodian of official funds.

-

551

-

The functions of the Fed are carried out through its Board of Governors, the Federal Open Market Committee (FOMC) (which directs the open market operations of the FRS), the Federal Advisory Council (a body representing the 12 Federal Reserve Banks which advises the Board of Governors), the Federal Reserve Banks (the monetary policy of the 12 federal reserve banks is coordinated through the Federal Reserve System) and their branches. The system consists of 12 regional Federal Reserve Banks (situated in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco), each of which has a board of nine directors. Six of the nine are elected by the stockholders (the member banksi, and the other three are appointed by the Board of Governors, which is based at Washington. The Board's three appointees may not be bankers, or stockholders. The Board of Governors consists of seven governors, each appointed for a nonrenewable 14-year term, one Governor retiring every two years. Note: national banks are required by law to own stock in the Federal Reserve Bank (FRB) in their region; state chartered banks have the option of becoming member banks. Federal Trade Commission (FTC)

US-Wettbewerbsaufsichtsbehörde, Bundeskartellbehörde

The FTC was established in 1915 to prevent restraint of trade, unfair pricing and advertising, and to protect the system of" free enterprise in a strong economy. It is the custodian of free and fair competition in the US. Federal Wire (Fed Wire, Fedwire)

elektronisches Clearing- und Kommunikationssystem des Federal Reserve Board (USA)

In the US central banking system, an electronic communications network linking the Federal Reserve Board (FRB), the 12 Federal Reserve Banks (FRBs) and 24 branches, the Federal Reserve member banks, the US Treasury Department, and other federal agencies. Fedwire is used for transferring funds between Reserve Banks; for purchases or sales of Fed funds; for sales of government securities; for the transmission of Federal Reserve administrative, supervisory, and monetary policy information, etc. federation

(Dach-, Zentral-)Verband, Zusammenschluß Förderation Förderalisierung

The grouping together of organizations to form a unity for some common aim while remaining independent in internal affairs. Examples are: the Confederation of British Industry, CBI (the major federation formed to represent British employers) and the Trades Union Congress, TUC (the major federation to represent British trade unions). A political unity with a central government out of a number of separate states, etc, each of which retains control of its internal affairs. The act of joining together to form a group or federation.

- 552 Federation of British Industries

Arbeitgeberverband (GB)

In GB, an association of employers founded in 1916. Its aim was to assist the development of British industiy at home and abroad. In 1965 it merged with other associations to form the Confederation of British Industry (CBI). fee

Gebühr, Honorar Gebühr

An amount of money which certain types of business charge their customers/clients for professional services, eg tax accountants, doctors, lawyers will charge a fee. Also called honorarium. A sum of money paid for giving permission to use or do something, eg admission, entrance, parking, registration fee, etc. fee simple

Grundstückseigentum

Also called fee simple absolute. Land in absolute ownership, and at a complete disposal of the owner. feedback

Feedback, Rückkoppelung

Response or reaction to a message, indicating to decision-makers, executives or others how the message is being interpreted. festival

Fest(tag) Festival, Festspiele

A religious celebration which comes at the same time each year. An artistic celebration or entertainment which is held regularly, eg the Munich Beer Festival. fiat money

(Papier)Geld ohne Deckung, Zwangsgeld

Inconvertible (eg into gold) and irredeemable money backed only by the issuing government's decree ("fiat") and accepted as legal tender, although it has no intrinsic value. The notes and coin which we use are fiat money; they are money only because the state says that they are money and the populace therefore accepts them as such. fictitious bill

Keller-, Gefälligkeitswechsel

Also called accommodation bill, dud, kite or windmill. A bill (of exchange) drawn by one person and accepted or endorsed by another without consideration, merely to enable the drawer to raise money on the bill by discounting it.

- 553 fidelity bond

Kautionsversicherung

In insurance, a guarantee issued by an insurance company/insurer which binds it to make good any deficiency in money held by a person in trust for third parties. fidelity insurance

Vertrauensschadensversicherung

Also called commercial/fidelity guarantee or suretyship insurance. Commercial/fidelity guarantees are designed to provide an employer with an indemnity against loss of moneys by the default of his/her employee(s). fiduciary

Treuhänder/in

Also called fiduciary agent, custodian or trustee. A person or firm to whom another person's or company's property is entrusted, to be held or managed. A fiduciary is legally obliged to safeguard property in trust in the best interests of those for whom it acts. fiduciary issue

fiduziarer

Notenumlauf, ungedeckte Notenausgabe

Also called fiduciary note issue. The issue of (bank)notes backed by government securities (first class securities) and not by gold. It is now the whole of the note issue. fiduciary loan

ungesichertes Darlehen

Also called unsecured loan. A loan granted in reliance upon the borrower's trustworthiness without security of any kind. fiduciary relationship

Treuhandverhältnis

Also called fiduciary relation/trust. A relationship between two parties (the trustee/fiduciary and the donor/trustor) where one party trusts and depends on the other. field

Bereich, Gebiet

Area of operations. field research

Feldarbeit, Feldforschung, Primärforschimg

Also called field study, fieldwork, first-hand research, or original/primary research.

554

That part of a market research survey involving contact with (potential) customers, or a representative sample of the population. Thus, the process of conducting research in the market place involving face-to-face interviewing, questionnaires, telephone interviewing, visits to buyers, sellers and users of a product or service to obtain first-hand information about its current and future market. Field research has the advantage of being tailored to the company's needs and provides answers to specific questions, but the collection of such data is time consuming and expensive. field staff

Außendienstmitarbeiter

Also called outdoor staff. Company employees whose work is in the marketplace outside of the company office. The opposite of indoor staff. field test

Einsatzprüfiing, Probelauf

Also called operational test or practice/test/trial run. A preliminary run to test the effectiveness of a new plant which is ready to start production. A commissioning/initial run to test the effectiveness of machinery. fifty-fifty (50 : 50) plan

50-50-Plan, Fifty-Fifty-Plan

In cooperative advertising, a system which fixes that the advertising costs are shared equally by a manufacturer ana a retailer, ie 50% of the advertising costs incurred are paid by the manufacturer and the other 50% are borne by the retailer. figure code

Zahlenschlüssel

A combination of figures as symbols. file

Vorgang Heft-, Sammelmappe Datei (DV)

Information about a particular company, person or subject that is kept/stored by an organization. A bundle of documents, letters, etc, recording the correspondence between the firm and its customers (buyers and suppliers). A binder/folder, box or cover used for keeping papers together or in proper order. In computing, a collection of information that is stored under a partiuclar name. file copy

Ablagestück

A copy of a document which is kept for reference in an office.

-

555

file reference

-

Akte, Aktenstück Aktenzeichen

Also called file number, reference or reference number (Ref. No.). The title shown on a file which identifies its position in the filing system, eg letters or figures. filing

Ablage, Archivierung, Einordnung, Registrierung

Filing may be defined as the storing of letters and documents in a systematic way so that they may be retrieved at a later date for reference purposes. The reasons for storing business records are: to preserve them, to keep material tidy and clean, and to keep material in a safe place. A good filing system should have the following characteristics: simplicity, security, compactness with comprehensiveness, a clear cross-reference system, a systematic tracer and follow-up system, and an appropriate classification system. Filing can be either departmentalized or centralized. filing basket

Ablagekorb

Also called filing tray (in tray and out tray). A basket or tray in which one files relevant business papers/records. fill or kill (order) (FOK)

Fill or Kill, Auftrag zur sofortigen Ausführung (Bö)

Also called immediate (or cancel) order. On the stock exchange, a market or limited price order for the purchase or sale of a specified security which is to be carried out in its entirety at once, and if not so carried out is to be cancel(l)ed. final accounts

Jahresabschluß, Schlußrechnung

These are the accounts that are made up at the end of the accounting/financial/trading year, usually every 12 months, and which may or may not have been audited. These will consist of the following: trading account, profit and loss (P+L) account, appropriation account, and the balance sheet. Note: the balance sheet is not an account, but final accounts include the balance sheet. final balance

Endbestand, Endsaldo Schlußbilanz

The balance of an account at the end of the accounting period; this balance becomes the opening balance of the next accounting period. Also called closing/ending balance. The final balance sheet. Also called annual balance or closing balance sheet.

556

final consumer

Endverbraucher/in

Also called ultimate consumer or end/final/ultimate user. An individual acquiring goods and services for personal, family, or household use. final dividend

Abschluß-, Schlußdividende

Also called year-end dividend. The final or last dividend which a company/corporation pays for one financial year on its ordinary shares/common stocks to the ordinary shareholders/common stockholders. It may be recommended by the board of directors of a company and must be approved by the members in the annual general meeting (AGM) before it is paid/distributed. final invoice

Schlußrechnung

An invoice giving the full details of a consignment of goods, including the price per item, the total amount, the weight, etc. final notice

letzte Mahnung

Also called final call/reminder. A final demand for payment. If ignored, legal action to recover the outstanding debt will follow. final price

Endpreis

The price charged to the final/ultimate consumer. final product

Enderzeugnis, Endprodukt, Fertigprodukt

Also called final good, end product, finished good/product, or manufactured product. Products used for consumption and not utilized as input by firms in the production process. finance

Finanzierung finanzielle Mittel, Finanzmittel Finanzwesen Finanzwissenschaft

The provision of money at the time it is needed. Activities concerned with raising capital, payment of dividends, arranging loans and overdrafts. Also called financing or funding. Capital in monetary form. Money which has to be committed to a project or a business enterprise to enable it to operate. Also called financial resources or funds.

-

557

-

The management and controlling of money matters by government organizations and private industry. The science of controlling public revenue and expenditure. Also called public finance or public sector economics. finance bill

Finanzwechsel Haushaltsvorlage (GB)

A bill (of exchnage) not involving goods, simply promising to pay a specified sum of money on a specified date. Thus, abili (of exchange) drawn by a firm on another firm or bank, or by a bank on another bank. When the bill is accepted it is discounted and thus becomes a source of short-term credit. Also called commercial paper or accommodation/financial bill. In GB, the legal form of the measures proposed in the Budget. Like any other bill, it then has to be debated and approved by Parliament. Also called budget bill. finance corporation

Finanzierungsgesellschaft Factoringinstitut

Banks, insurance companies and other financial institutions which lend money to industry. Also called finance company. A factoring company. Also called factor. finance house

Finanzierungsinstitut, Kundenkreditbank, Teilzahlungsbank (GB)

Also called industrial bank, small loan company (for consumer credit) or commercial credit company (for business credit). When suppliers have their own finance houses, they are called captive finance company. In GB, a financial institution which borrows money from banks and the public and provides funds for hire purchase agreements and other forms of instalment credit which are used to finance the purchase of both consumer and capital goods. finance lease

Finanzierungs-Leasing, langfristige Vermietung von Investitionsgütern

Also called capital/full payout lease or finance equipment/finance/financial leasing. Finance leases are a method of providing finance for the supply of fixed assets to businesses. Instead of lending a business the funds necessary to purchase an asset, the leasing company (the lessor) buys the asset in its own name and leases it to the user (the lessee). The lessor attempts to recover the full capital outlay of the asset, together with a satisfactory return, from a single lessee. The lease period will therefore cover most of the useful life of the asset, and the lessee is responsible for maintenance and repairs. The lessee obtains the use of an asset for a period of time, whereas the legal ownership of the asset remains with the lessor. A lease is therefore distinct from a nire purchase (GB)/instal(l)ment credit (US) agreement, where ownership eventually passes from the seller to the buyer at the end of the agreement.

-

558

-

Note: the lease cannot be cancel(l)ed. Where the asset is not fully amortized during the lease period, the lease is called an operating lease. finance market

Finanzmarkt

A place where large amounts of money are lent/loaned or can be borrowed. financial accounting

Finanz-, Geschäftsbuchhaltung

Also called administrative/general accounting. A type of accounting which involves the recording and summarization of business transactions and events and which has as its primary aim the periodic reporting of the financial results and position of a business enterprise. The main products of this process are the profit and loss account/income statement, and the balance sheet. financial aid

Finanzhilfe, finanzielle Unterstützung

Also called financial assistance. In general, aid given in the form of money. Development aid/assistance (DA), ie financial aid given by industrialized countries to less developed countries (LDCs). Perhaps the most useful kind of aid is the provision of foreign exchange by the donor (ie the developed country) in order that the donee/recipient (ie the less developed country) can purchase the materials and services it needs for development. In its extreme form, such aid would be provided completely without obligation on the donee/recipient country. The practice o f donor countries is, however, to tie their aid in two ways. First, the aid is given on condition that it is spent in the donor country. Second, the aid is usually tied to a particular project, again to be supplied from the donor country. The advantages to the donor are obvious: 1. a favo(u)rable balance of payments effect, 2. more export orders, 3. additional employment, etc. financial center

Finanzplatz, Finanzzentrum

A place where, for various reasons (eg historical or tax reasons), more than an average amount of financial business (eg banking, insurance) is transacted. Examples are Frankfurt, Hongkong, London, New York, Tokyo, Zürich, etc. financial deficit

Finanzierungsdefizit

Also called finance deficit. If the government spends more than it raises in taxes then a financial deficit occurs. A company's capital resources are less than the capital requirements.

-

559

financial document

-

Finanzierungsinstrument Finanzdokument, Finanzpapier

Also called financial instrument. Any form of financing medium for obtaining payment of money, eg a bill of exchange (B/Ë), cheque/check, promissory note (P/N), or any other instrument used for the obtaining of money. In international trade, there are two financial documents which provide for payment by the buyer/importer: after a period of credit, but establishing a clear legal undertaking by the buyer to make the payment. These are the bill of exchange (B/E) and the promissory note (P/N). financial futures

Finanztermingeschäft/e Terminhandelmit Finanztiteln

Financial futures in foreign exchange rates are traded on some formal Futures Exchanges (eg Chicago, London). In 1982, the London International Financial Futures Exchange (LIFFE) was opened, for dealing in futures for both foreign exchange (ie currency futures) and interest rates (ie interest rate futures). Futures in a foreign exchange (ie currency futures) are contracts to buy or to sell a quantity of a foreign currency at a future date, and so in this respect they are similar to forward exchange contracts. Unlike forward contracts, however, they can be reversed quite simply; they are for fixed amounts of currency, and they are traded on a formal exchange (eg LlFFE). Futures contracts on financial instruments (eg bonds, Treasury bills), allowing the holders to take advantage of price movements and movements in interest rates. financial futures contract

Finanzterminkontrakt

A financial futures contract is an agreement to provide a certain amount of finance at a fixed price on a particular date in the future. financial instrument

Finanzpapier, Finanztitel Finanzierungsinstrument

This is any security, currency or money, etc. Any form of financing medium for obtaining payment, eg a bill of exchange or cheque/check. financial intermediary

intermediares Finanzinstitut, Finanzmittler

Nonbank financial institutions (eg insurance companies, investment trusts, building societies/loan associations, factoring companies, pension funds) engaged in some form of borrowing and lending. They enable funds to flow from those who wish to lend (ie those that have surplus savings and wish to earn interest) to those who wish to borrow (ie those who are willing to pay interest on the funds borrowed), making their profit by an interest rate margin. Note: in a wider sense, the term includes the commercial banks.

560

financial management

Finanzmanagement, Finanzplanung

The efficient management of all financial and costing aspects of business operations, eg planning and controlling revenue and capital expenditure, financial policy, cash flows, profits, losses, loans, overdrafts, share/stock issues, etc. financial markets

Finanz-, Kredit-, Kapitalmärkte

Also called finance markets. Financial markets deal in medium and long-term funds and are concerned with the provision of capital. The availability of capital is of crucial importance to any economy. There are a number of finance markets: 1. the money market, 2. the discount market, 3. the capital market, 4. the securities market (ie the stock exchange), 5. the foreign exchange market, 6. the issue market, 7. the gilt-edged market, 8. the eurobond and eurocurrency market, etc. financial position

Finanzlage, Finanzstatus

Also called financial condition/situation/standing/status. The status of a company's assets, liabilities and equity. The balance sheet shows the financial position of a business at a certain date as it shows the value of the assets, the liabilities and capital of the business. financial ratio

betriebswirtschaftliche/finanzwirtschaftliche Kennzahl

A ratio which relates different financial figures to one another, expressed either as a ratio or as a percentage. Ratios provide information about liquidity, profitability, operating efficiency, return on investment (ROI), etc. To be meaningful financial ratios are best used in comparisons, eg actual ratios with budgeted ratios, actual ratios compared over time, ratios compared with industry norm or competing companies, etc. financial risk

finanzielles Risiko

Also called speculative risk. The probability that the return on an investment (ROI) or the value of an asset will be unpredictably negative. financial statement (F/S)

Rechnungsabschluß, (Jahres)Abschluß, Finanzstatus

A statement showing the financial status of an accounting entity. All businesses must produce financial statements at periodic intervals, usually once a year. They consist of three items: 1. a balance sheet, 2. a profit and loss account and 3. a statement of changes in the financial position. The balance sheet sets out the assets (ie what the business owns) and the liabilities (ie what the business owes) of the business at a given date.

- 561 The profit and loss account summarizes the various items of income/revenue and expenditure and shows whether a profit or a loss was made over the period. financial structure

Kapital-, Finanzierungsstruktur

Also called capital structure. The composition of a company's sources of funds. A company's financial structure consists of all liabilities, preferential/preferred equity (ie preference shares/preferred stock) and common equity (ie ordinary shares/common stock). Financial Times (FT)

Financial Times (britische Finanz- und Wirtschaftszeitung)

A British daily newspaper (on its famous pink paper), established in 1888, devoted mainly to stock exchange and business matters. The Financial Times All-Share Index is an index of stock exchange prices based on 800 shares. The Industrial Ordinary Share Index (FT Index or FT-30) is an index of stock exchange prices based on 30 blue-chip industrial shares. The FT also provides information about the exchange rates for sterling against other cuurencies, and also for the US dollar against other currencies. Information about share prices is set out as follows: 2000:

Wednesday, 03 May 2000

High

Low

Stock

Price

± or

500

353

XYZ

f 1 412

-5

Dividend net Cover 21.4

5.4

Yield gross

P/E

7.7

2.8

Explanations: 1. High and Low: the highest and lowest prices, in pence, reached by the company's shares during the period in question. 2. Stock: the name of the company whose shares are quoted, together with the nominal/face/par value of the snares, £ 1. 3. Price: the price, quoted in pence, is the middle price (midway between the buying and selling price) at the time that the exchange closed on the previous day. Sometimes "xd" is marked against a company's shares to indicate that dealings take place ex-dividend. The opposite of this is "ed" or cum dividend. 4. + or -: this gives the change in the share price in pence from the previous closing price. 5. Dividend net: this indicates the percentage dividend paid to the shareholders in respect of the last financial year, based on the nominal/par value of the shares. It is a net dividend and there is no further liability on the part of the shareholder for basic rate taxation. 6. Cover: this states the number of times the net profit earned (ie the profit after payment of all expenses) for potential distribution to the ordinary shareholders covers the amount required for gross dividend. Cover gives an indication of the profitability of the company.

- 562 7. Yield gross: the rate of return on the share before payment of tax. Gross yield = P"° ss dividend χ nominal value market price This enables the shares of one company to be compared with those of another. 8. P/E: the price/earnings ratio. This is calculated by dividing the market price by the earnings per share. financial year (FY)

Geschäftsjahr

Also called accounting/business/fiscal/trading year or annual accounting period. The year for which a business draws up its accounts (eg profit and loss account, balance sheet). It usually commences from the date when the business started and may terminate on any day of the year, but commonly selected dates are March, June, September and December. financier

Finanzexperte/expertin, Geldgeber/in

A person who raises or supplies capital for undertakings or manages the finance of a business. financing

Finanzierung

In general, obtaining something on credit. The activity of providing a business with the funds needed for operation. fine

Geldstrafe

Also called penalty. In law, a sum of money taken from a person as a penalty for having committed an offence/offense A sum of money which a person or firm has to pay because a rule has been broken, eg a contract was not obeyed. fine bill

erstklassiger Bank-/Handelswechsel

Also called approved/fine bank/fine trade/prime bank/first-class bill (of exchange). Bank or commercial/trade bills arising from the sale of goods that have been accepted by a reputable bank or firm: As such they are very reliable, and are discounted at a competitive rate called the fine/prime rate. This is an agreed minimum rate (of discount). Note: the bills are originally discounted by banks and are eligible for rediscount by the central bank.

-

563

fine rate

-

günstiger, niedrigster Zins(satz)

In the money market, a low or the most favo(u)rable interest rate available. Top-name or blue chip companies may borrow at fine rates. fineness

Feingehalt

A measure designating the purity of precious metals, eg gold and silver. finest rate of discount

niedrigster Diskontsatz

Also called fine discount rate or fine rate. Lowest rate of discount, ie a very competitive rate charged on the discounting of a fine (bank) bill. finger cone

Fingerhut

A cone, usually made of rubber and used to facilitate the counting or handling of sheets of paper - it grips the paper better than bare fingers. finish

Verarbeitung(squalität) Oberflächenoeschaffenheit

The quality of being finished or completed. The surface coating or texture of paper, metal, wood, etc. finished goods

Fertigerzeugnisse, -fabrikate

Also called finished articles/products, manufactured goods or manufactures. Goods held by a business which are complete and ready for sale to its customers, The output of production which is saleable/salable. A finished product to one firm may be the raw material for another. fire damage

Brandschaden

In insurance, damage caused by an unintentional ignition of the insured property, or damage to property otherwise than by burning but as a direct consequence of the unintended ignition. fire door

Brandschutztür

A special door, designed when closed to slow the spread of fire from one side of a wall to me other. It should at least withstand fire for a number of hours before burning through. fire insurance Insurance cover against loss or damage by fire.

Feuerversicherung

564

Under a fire insurance contract the insurers, in return for the premium, undertake to compensate for loss or damage sustained by the insured as the result of damage to property described in the policy and caused directly by fire or lightning, up to the limit oftrie sum insured. To form a valid claim under the policy there must be a flame or glow which was accidental (ie a hostile fire) as far as the insured was concerned. Fire insurance has two main aspects: one is concerned with damage to private houses and their contents (nowadays almost always provided by houseowners or householders' comprehensive policies) and the other with damage to commercial property (cover is provided under the standard fire policy). Rates of premium for fire insurance are expressed as a percentage of the sum insured, and vary with the hazard/risk. firm

Betrieb Firma, Unternehmen anziehen, sich festigen (Bö) fest, bindend

A firm usually refers to one or more production units having the same ownership. Any economic unit, eg a partnership. Business enterprises take a variety of forms, which may be classified in five categories: 1. the sole trader (GB)/sole proprietorship (US), 2. the partnership (a. the general/ordinary, b. the limited partnership), 3. the private limited company (Ltd) (GBVfclosed) corporation (Corp) (US), 4. the puolic limited company (PLC) (GB)/(stock) corporation (Coip) (US), 5. the cooperative (Coop). Also called (business) enterprise, business, company, corporation or undertaking. On the stock exchange, a currency or security which is becoming more expensive in terms of other currencies or securities. The price of the currency or security is steady, likely to rise. Fixed, not going to be changed, eg a firm offer, firm order, firm bid or a firm price. firm market

Markt mit stabiler Preisentwicklung, feste Börse

A market (eg the stock exchange) in which there are more buyers than sellers and in which prices remain steady or have an upward tendency. firm name

Firmenname

Also called business/commercial/corporate/trade name. The name under which a business is carried on. firm offer (fo) Also called binding offer or firm quotation.

-

565

-

Every offer is firm (ie binding on the offerer/offeror) unless it contains a clause to the contrary. If a seller makes a firm offer, he/she promises to sell certain goods at a certain price subject to acceptance within a reasonable time, or within a specified time (eg "our offer is firm for 10 days only", or "we offer you firm until..."). Like any other offer, it is not legally binding so that the offerer can withdraw/revoke it at any time before acceptance. Once the acceptance has been posted/mailed, the offerer (ie the seller) can revoke/withdraw his/her offer only with the offeree's (ie the buyer's) consent. Note: in the USA, a firm offer states in writing that it is irrevocable for a set time. firm order

feste Bestellung, Fixauftrag Festauftrag

A written or verbal/oral order that has been confirmed/acknowledged and that is not subject to cancellation. An order to buy or sell a security within a specified time period which can be executed without the customer's confirmation/acknowledg(e)ment. firm price

Festpreis

A price quoted which cannot be changed by the maker, provided the offeree accepts it within a specified time period. first day premium

Erstausgabeaufschlag (Aktien)

The amount by which shares/stocks rise above their issue price in the first day of dealing on a stock exchange. first hand

direktbezogen (Wareneinkauf) aus erster Hand

Goods obtained directly from the producer. Experience, knowledge, etc that has been learnt or gained by doing something yourself. Also called first-hand experience. first in, first out (FIFO, fifo)

Fifo-Methode, "zuerst eingekauft, zuerst verbraucht" (Methode zur Bewertung der Warenbestände)

Also called last in still here (LISH, lish). A method of valuing stock/inventoiy in a business. This method assumes that the earliest stock/inventory purchased or produced is the first to be sold. The closing stock/ending inventoiy therefore represents the most recent purchases or productions and the cost price would be related to current values. FIFO normally results, in times of rising prices, in a lower cost of goods sold/cost of sales figure (and therefore a higher profit figure) and in a higher asset valuation in the balance sheet.

566

first line management

niedrigste, unterste Leitungsebene

Also called first-level management. The management level just above the nonmanagerial workers, ie it consists of group leaders (eg foremen/foreladies) in charge of working groups. It is responsible for controlling the activities of personnel/staff within the group, for allocating work to each group member, for implementing the instructions of superiors, etc. first loss insurance

Erstrisikoversicherung

An insurance policy where the insurer pays all losses up to a given limit; the insured undertakes to meet the balance. The sum insured represents less than the value at risk. It is the reverse of an excess insurance. first mortgage

erste, erstrangige, erststellige Hypothek

Also called principal mortgage or senior mortgage. A mortgage on a property (land or buildings) which is not subject to any prior mortgage. In the case of foreclosure, the first mortgage will be satisfied before other mortgages. first of exchange

Primawechsel, erste Wechselausfertigung

Also called primary bill. In case of a set of bills (of exchange), the first copy is called the first of exchange, ie the original bill is the "first of exchange". Three bills of exchange drawn in connection with foreign trade are described as first, second or third of exchange respectively. The three bills exclude one another. If one has been accepted or paid the other two are null and void. The drawee accepts or pays only the bill which is first presented to him/her. A set usually consists of three bills, but may be of any number. first order

Erstauftrag

Also called initial order. An order placed for the first time and which opens up/starts business between two firms. first time buyer

Ersterwerber/in

Also called first/initial buyer. A customer who has bought something from a seller for the first time.

-

First World

567

-

"Erste Welt"

This includes the advanced industrial nations of Europe, North America, Japan, Australia, New Zealand; Argentina, the Five Tiger States and some others are borderline cases. fiscal barriers (to trade)

fiskalische Handelshemmnisse

Barriers to trade due to different levels of indirect taxation, eg different rates of sales tax (ST) or value-added-tax (VAT), and excise duties. fiscal drag

Bremseffekt der Steuerprogression, fiskalische Bremse

The negative effect on an individual's work of higher personal taxation. fiscal measures

finanz-, fiskalpolitische Maßnahmen

These are weapons of the government to control the economy. Fiscus is the Latin for purse, and the public purse is filled by taxation. Heavy taxation will damp down business activity. Of course it depends on what the government does with the taxes it collects: the government can spend the money or it can freeze it. A reduction in taxation will lead to increased business activity. fiscal policy

Fiskalpolitik, Steuerpolitik

Also called budgetary policy. This is the direction of the economy through direct and indirect taxation and government expenditure. In other words, fiscal policy concerns the raising and spending of government revenues, in particular the amounts involved and the timing of variations. There are three main sources of revenue for governments: 1. taxation, 2. borrowing and 3. trading incomes. Note: only when the ideas of Keynes were accepted did fiscal policy assume a significant role. fiscal year (FY)

Rechnungs-, Steuer-, Wirtschaftsjahr

Accounting period covering 12 consecutive months, 52 consecutive weeks, or 365 consecutive days. Note: the natural calendar year covers the period 1/1 - 12/31. fiscalist

Fiskalist

One who believes that fiscal policy is the most important instrument available to the government for influencing the level of economic activity. Fisher effect

Fisher-Effekt, Preiserwartungseffekt

The hypothesis, developed by the American economist Irving Fisher (1867 - 1947), that the nominal interest rate includes an inflation premium sufficient to compensate lenders for the reduced value of present currency lent when it is returned to them by

568

the borrower; ie lenders are compensated for the expected loss of buying/purchasing power associated with inflation. The nominal interest rate equals the real interest rate lus the expected inflation rate.

P

or example, if inflation is 4 percent in one year, then nominal interest rate will rise by 4 % (the real rate being unchanged). Fisher equation

Fishersche Quantitätsg

^

Also called equation of exchange, monetary equation, quantity equation (of exchange) or transaction equation. In "The Purchasing Power of Money" (1911), the American economist Irving Fisher (1867-1947) developed the quantity theory of money. The equation holds that the general level of prices varies positively and proportionately with the supply of money. It is usually stated: MV = PT. The equation states that the amount of money in circulation, times the frequency with which it circulates within a given period, equals the average value of transactions times the number of transactions which take place within the defined period. Viewed in this way the Fisher equation is not an equation at all, it is merely an identity - it only states what must be the case, because total money expenditure on goods and services (MV) in a period must equal the money value of goods and services supplied by sellers (PT). M = stock of money; V = velocity of circulation. So Μ χ V = the supply of money. Ρ = the general level of prices; Τ = number of transactions, given by the output of the economy. So Ρ χ Τ = demand for money which is the same as GNP at current prices. The Monetarist view is that Τ is constant or increasing at a slow rate so it is stable. V is also constant since it depends upon the demand for money holdings which is only influenced by the stable transactions and precautionary motives. Therefore, in an economy any increase in Ρ (ie inflation) and interest rates must be caused by an increase in the stock of money (M) caused by the government overspending, etc. In Keynesian analysis, V is the inverse of the preference for liquidity and subject to a variety of unstable influences (eg speculative motives). This means V will be unstable. Also inflation is caused by cost push pressures which increase money demand and hence its supply is an unpredictable manner. So V is unstable. If V is unstable then attempts to control M ana hence Ρ will fail. Indeed a fall in M can still lead to price rises if V increases. Criticisms of the equation: it ignores the demand for money; in assuming that Τ and V remain constant, it ignores that a rise in Ρ may lead to a rise in V, and that Τ increases up to full employment if M increases. Changes in the total amount of money spent on tne goods produced rather than in M have the major effect on P. Thus Ρ varies with the level of Y (income). five Cs of credit

fünf Kriterien bei der Kreditwürdigkeitsbewertung

The evaluation of a potential/prospective borrower's creditworthiness is based on five criteria: 1. character, 2. capacity, 3. capital, 4. collateral and 5. conditions.

569

five tigers

Tigerstaaten

Also called five dragons. A group of countries consisting of Hongkong, Singapore, South Korea, Taiwan, and Thailand. fixed annuity

Festrente, Pauschalrente

An annuity that guarantees that a specific amount of money will be paid in the future, usually as monthly income, to an annuitant. fixed asset

Anlagengegenstand, Gegenstand des Anlagenvermögens (A'

Also called long-term/noncurrent/permanent asset or fixed capital. In accounting, an item that has physical substance, a life in excess of one year and that is used for production of goods and services. Therefore, a business does not intend to sell its fixed assets (eg motor vehicles, land, plant, mineral resources, buildings, equipment, machinery) or convert them into cash. Fixed assets with the exception of land are subject to depreciation. Any asset that is not a fixed asset is deemed to be a current asset; in balance sheets, assets must be classified in either fixed or current. Note: fixed assets = the total value of all the property owned by a company; sometimes summarized as "property, plant, and equipment". fixed budget

starres Budget

A budget which remains unchanged during the budget period irrespective of the volume of output or turnover attained. fixed capital

Anlagevermögen (AVi Anlagekapital, geounaenes Kapital

The total value of all the property owned by a company. It consists of the durable assets (eg premises, machinery) of a firm which are used over a long period of time. Fixed capital is acquired permanently by a firm to earn income. Fixed capital is normally subject to depreciation. Also called fixed/capital/longterm/noncurrent/permanent assets. The part of the capital, ie the amount of money, that is permanently invested and therefore not available for other investments. For example, in a partnership the portion of the capital contributed by partners which is not intended to vary, at least in the short term. Also called locked-up/tied-up capital. fixed charge

Also called fixed expense.

feste Belastung (eines bestimmten Objektes) feste (Geschäfts)Kosten, Fixkosten

-

570

-

The opposite of floating charge. Any expense that does not vary. For example, a charge over definite or specific property of a permanent nature, eg the company's land, factory, fixtures, etc. The bank takes a fixed charge by way of legal mortgage over all fixed property mentioned in the charge, and thereafter the company cannot deal with these assets, eg by sale, without the bank's consent. A charge that remains the same no matter how much or how little business a company does, ie any expense that does not vary with size of output or sales. Examples are rent, property insurance, bond interest, property taxes, administrative salaries, etc. Often used in the plural: fixed charges. fixed cost(s) Also called fixed expense(s) or unavoidable cost(s).

Fixkosten, feste/fixe Kosten committed/constant/nonvariable/standby/standing/

Costs which do not vary in direct proportion to a firm's output. They are costs of the indivisible factors and are incurred whatever the output; they remain constant (within a relevant range and for a given time period) even if the level of production varies. Examples are rent, salaries, interest expense(s), insurance expenses, etc. Note: fixed cost(s) per unit changes as output changes. fixed debt(s)

Anleiheverbindlichkeit/en fundierte Schulden

A permanent bond/loan debt covering a long period. Long-term bank loans or any other long-term debt. Also called funded debt. fixed deposit

Festgeld, Festgeldeinlage

Also called fixed-term deposit. A fixed-interest-bearing deposit repayable at a predetermined future date. fixed exchange rate

fester, fixer, starrer Wechselkurs

Also called fixed rate of exchange or pegged exchange rate. A rate of exchange which does not vary. A set exchange rate between the currencies of countries. A parity is adopted and only small fluctuations on either side of this parity are allowed, eg one percent up and down. The fixed exchange rate is maintained by buying the currency when it reaches its low point and by selling when it reaches its high point. Fixed exchange rates remove uncertainty from international trade. However, to maintain fixed exchange rates any deficit or surplus in the balance of payments must be corrected. fixed forward contract

festes Termindevisengeschäft

A forward exchange contract may be either fixed or option.

-

571

-

Fixed means that performance of the contract will take place on a specified date in the future and in accordance with the contract terms. For example, a fixed forward contract binds an exporter to delivering the foreign currency to the bank on the date of maturity of the exchange contract. If the buyer defaults on payment or government controls are imposed on the currency payment, the exporter must still deliver the required foreign currency amount. The exporter must purchase the required amount of currency at the spot rate to close the forward contract. fixed income

feste, feststehende Einkünfte

Any constant income which does not fluctuate over time, eg income from fixedinterest bearing securities. fixed installment method (of depreciation)

lineare Abschreibung

Also called flat-rate/straight-line depreciation or original cost method of depreciation. A method providing for depreciation on fixed assets and allocating equal depreciation charges for each period. A percentage of me original/purchase/acquisition cost of the asset is written off against profits period by period, with or without allowance for any residual/scrap value. The basic formula is: total cost of the asset, less any estimated residual/scrap value, divided by the number of years of its expected life. This method is used when the annual charge to profit and loss (P+L) account is to be constant. fixed interest (rate)

Festzinssatz

An interest rate determined at the beginning of a contract and remaining unchanged from that point on. fixed interest loan

festverzinsliches Darlehen festverzinsliche Anleihe

A medium or long-term credit granted at a fixed rate of interest. Also called fixedinterest-bearing credit or fixed rate loan. A bond/loan (usually medium-term) on which the holder (ie the lender) receives a redetermined and unchanging interest rate on the nominal/face/par value. The orrower knows in advance what his interest payments will be, but the variability of market interest rates on the market is likely to place a limit on the amount and duration of fixed interest lending which banks are prepared to allow. Also called fixed-interest bearing bond/loan. fixed interest personal credit

festverzinslicher Personalkredit

Also called fixed-interest personal loan. A personal credit/loan given without collateral security. It bears a fixed interest rate ana is granted to private customers to assist the purchase of expensive items or home improvements.

572

Festverzinsliche, festverzinsliche Wertpapiere

fixed interest securities

Also called fixed-interest bearing/fixed-income securities. These are securities which bear a fixed rate of interest (eg bonds or preference shares/preferred stocks). The actual return to investors will depend upon the price which they paid for the securities. Anlageinvestition Anlagen-, Realinvestition feste (langfristige) Kapitalanlage

fixed investment

Investment in capital goods, not consumer goods. The investment expenditure included in national expenditure may be in fixed assets, eg plant and factories and houses. Also called fixed capital formation. Fixed long-term capital investment. fixed liabilities

feste, gleichbleibende, langfristige Verbindlichkeiten

Liabilities,which remain the same over a long period, eg capital and long-term loans. fixed overhead(s)

fixe

Gemeinkosten

Overheads which remain constant within specified circumstances and that are incurred by an entity even if it produces nothing. They do not fluctuate in total with the activity level (ie volume of output or production) but they do vary on a unit basis, ie that the fixed cost per unit increases as activity (ie the production volume) decreases and decreases as activity increases. In practice, fixed overhead is usually constant over only a certain range of levels of activity and over a given period of time. fixed price contract

Auftrag zu Festpreisen

A contract where the price to be paid is fixed before the work is commenced. There is no escalator clause. fixed rate bond

festverzinsliche Anleihe

Also called fixed interest loan. A bond that pays a fixed interest rate annually based on a 360 day year. fixed rate loan

Festzinskredit, zinsgebundenes Darlehen festverzinsliche Anleihe

Also called fixed-interest loan. A fixed-interest-bearing loan repayable at a predetermined future date.

-

573

-

A bond/loan on which the holder receives a predetermined and unchanging interest rate on the face/nominal value. fixed share reinsurance

Quotenrückversicherung

Also called fixed share/quota share treaty or quota share reinsurance. Under a fixed share treaty, the insurers agree to transfer and the reinsurers agree to accept a fixed proportion of all insurances of a defined type. They receive that proportion of all premiums and refund that proportion of all claims. fixed term deposit

Festgeld, Festgeldanlage

Also called fixed/term/time deposit. Where a customer has a certain amount to invest, banks can offer improved interest rates if a certain minimum amount can be deposited for a set period of time (eg 90 days). The interest rate will either be fixed tor the term or be variable. The funds cannot be withdrawn before the end of the term/currency. fixed time call

(vor)angemeldetes Telefongespräch

For a fee, a telephone call which may be booked in advance. fixed trust

Fonds mit unveränderlichem Portefeuille

A type of unit trust where investors can only invest in a fixed list of securities. fixture

Grundstücksbestandteil, feste Anlage/Ausstattung, festes/unbewegliches Inventar/Zubehör

Fixtures are items which at law have become part of the land or building to which they are attached. Usually, they cannot be moved without causing damage to either the property or themselves. In vehicles (eg trains, buses etc.), fixtures are nonmovable attached parts such as seats, handrails etc. fixtures and fittings

Betriebs- und Geschäftsausstattung

Also called business equipment or furniture and fixtures/equipment. A general name for equipment which a business buys for its buildings, eg counters, shelves. Fixtures are things which one cannot move; fittings are things which one can move.

-

flag discrimination

574

-

Flaggendiskriminierung, unterschiedliche Behandlung von Flaggen im Schiffsverkehr

Preferential treatment to the ships/vessels of one nation over others. Some countries insist that a certain percentage of their imports and exports has to be carried in ships of their own flag. flag of convenience

billige Flagge, Billig-, Gefálligkeitsflagge

Also called flag of necessity. Some countries (eg Panama, Honduras, Liberia = PANHOLIB) grant tax preferences and subsidies to snipping companies so that they register their snips/vessels in these countries. Moreover controls are less stringent. flagging out

Ausflaggen, Ausflaggung

Also called sailing under a foreign flag or deregistration. A situation where a ship whose nationality is registered in one country transfers to a foreign flag, eg British owners, Greek flag. flat bond

Anleihe ohne Zinseinschluß

A bond where accrued/accumulated interest is not included in the price. flat rate

Grundgebühr, Pauschalpreis Einheitssatz, Einheitsprämie (Vers) Anzeigenfestpreis (Werbung) Pauscnallohn Tarifgehalt Pauschalzins Proportional(steuer)satz

A charge which always stays the same, eg we pay a monthly flat rate for electricity, telephone, water, etc. In insurance, an all-round rate as distinct from differential rating. Also called flat premium. A flat rate is a uniform rate for advertising space or time. In personnel management, a type of piece rate where payment is the same for every unit produced. In personnel management, a fixed and predetermined hourly, daily, weekly or monthly wage rate that does not vary with respect to a worker's output. Also called flat rate pay. A fixed interest amount which is calculated on the original value of a credit/loan over its full period/term, even though the credit is repaid in installments. Note: this method assumes that there is no reduction in the principal owing over the life of the credit. This means that the effective/real interest rate exceeds the stated flat rate. Also called flat interest rate.

-

575

-

A tax that is applied at the same rate to all levels of income. Also called flat tax. flat yield

laufende Rendite, Umlaufrendite

Also called current/earnings/running yield. The annual dividend or interest received on an investment (eg shares/stocks or fixedinterest securities), divided by the price and multiplied by 100. fleet

Fuhrpark Flotte

The number of motor vehicles (usually more than ten) owned and operated by a company. A large group of airplanes, ships, trucks/lorries, etc. under the same management or ownership. fleet policy

Kraftfahrzeug(haftpflicht)sammelpolice, Kfz-Gruppenversicherung

Motor insurance policy covering a group of similar vehicles (owned by a single insured) with premiums calculated on an experience basis. The normal rates may oe reduced by a so-called fleet rating which is reconsidered from year to year. fleet rating

Fuhrparktarif

A special price given to the owner of a number of vehicles, for insurance, repairs, etc., provided mat the service is provided for all vehicles. flexibility

Flexibilität

The ability to change or be changed easily to suit a different situation, eg to change plans quickly. flexible budget

flexibles

Budget

Also called variable/sliding-scale budget. A statement of expected revenue and expenditure which varies with the actual level of production. flexitime/flexi-time

Gleitzeit, flexible/gleitende Arbeitszeit

Also called flexible time, flexible working time (FWT), staggering/variable working hours.

flextime,

flexihours,

or

The hours of working are flexible. All workers are expected to be present during certain hours called "core time" but within limits they are allowed to choose when they will work to make up the rest of their time. Workers may opt to work earlier or later

576 than normal. The use of flexitime allows workers to work when it suits them. Furthermore, flexitime can accommodate such aspects as efficiency, traffic, motherhood, disabilities, continuous operations, etc. A flexleave can be earned by working a little extra time. The system originated in Germany in 1965 where it is called "Gleitzeit" (glide/gliding time). flight capital

Fluchtkapital

Also called hot money or runaway capital. Capital removed from a country that seems to be economically or politically unstable, ana taken to a more stable country, eg to avoid the imminent devaluation of a currency or to take advantage of changes in the short-term interest rates. flight from cash

Flucht aus Bargeld

The moving of wealth from cash into assets as a result of hyperinflation. flight of capital

Kapitalflucht

The transfer of capital to other countries to avoid high taxation, high inflation, unstable economic or political conditions and a devaluation of the currency. flimsy (paper)

Durchschlagpapier

Also called carbon/copying/onion-skin paper. A thin paper used for carbon copies. float

Wechselgeld in der (Laden)Kasse Floaten (von Wechselkursen) Summe der umlaufenden, noch nicht abgerechneten Schecks/Überweisungen Wertstellungs-, Valutierungsgewinn (BaW) Startkapital(aufbringung) nicht plazierter Teil einer Anleihe

A sum of money kept in a till/cash register to enable the operator to give customers change. Also called (small) change or petty cash fund. The free fluctuation of exchange rates. Also called floating. In banking, the amount of cheques/checks or transfers waiting to be cleared. In banking, the profit from different value dates, created by the time lag in processing fund transfers. Economically, this is an interest-free credit extension to the banking system. There are two main types of float: 1. collection float (this is interest that may be lost to the depositor), 2. payment float (this is interest that may be gained by the payer).

-

577

-

Other types of float are: 1. central bank float (created by processing delays in fund transfers between the central bank and the banking system); 2. mail float (caused by delays in mail handling between cities); 3. holiday float (created when a bank is not open for business on public holidays); 4. return item float (created when cheques/ checks are returned, eg for insufficient funds). The initial raising of capital for a new company by means of public subscription to its shares/stocks. The portion of a new issue of bonds not yet absorbed by the market. flo(a)tation

Ausgabe von Aktien Gründung einer (Kapital)Gesellschaft

When a company's shares/stocks are sold on the stock market for the first time it is called a flo(a)tation. Also called fresh/new issue. The formation of a company. Also called establishment, foundation or promotion. flo(a)tation expenses

Börseneinfiihrungs-, Emissions-, Plazierungskosten

Also called flo(a)tation costs. The costs incurred by launching a new capital issue. They include legal, accounting and printing costs to produce the new issue. floater

variabel verzinsliche Anleihe zinsvariabler Schuldtitel kurzfristiges Geldmarktpapier Gründer einer Gesellschan Gelegenheitsarbeiter/in Abschreibe-, General-, Pauschalpolice

A variable rate bond with an interest rate that is periodically reset, usually every six months. Also called floating rate note (FRN). A debt instrument deposited with banks to secure overnight lending. A commercial paper payable to bearer, eg a first-class bearer security. A promotor/founder of a company/corporation. A worker who prefers casual employment. lobo(u)rer/worker or occasional worker.

Also

called

jobber,

In insurance, a floating policy (FP). floating Also called float.

Floaten, Floating, Wechselkursfreigabe

casual

-

578

-

Being allowed to fluctuate foreign exchange rates freely on a foreign exchange market. floating assets

Umlaufvermögen (UV)

Also called circulating/current/liquid assets. Liquid assets having a life of one year or less. Examples are: cash, accounts receivable/receivables, stock/inventory, marketable securities, bank balances, etc. floating capital

flüssiges

Kapital, flüssige Mittel

Also called liquid funds. Assets that can be converted into money quickly. floating charge

fließende/schwebende Belastung, gleitendes Pfandrecht

The opposite of fixed charge. A general charge that a creditor holds over all of the unencumbered assets of one of his/her debtors. Thus property rights are surrendered as security by a debtor. That means a charge is imposed on all of a company's assets or on a class of assets for the time being of a going concern, eg over stock, work-in-progress/process, machinery, cash, etc. If the debtor defaults then the chargee (ie the creditor) has the right, to appropriate the property or receive payment out ofthe sale of the debtor's unencumbered assets. Such a charge enables the company (ie the debtor) to deal freely with these assets until such time as the charge is enforced. floating debt(s)

kurzfristige Verbindlichkeit/en schwebende Schatzwechsel, kurzfristige Staatsschuld

A debt repayable at short notice. Also called current debt(s) or current/short-term liabilities. Short-term government borrowing via such instruments as Treasury bills and loans from the central bank. floating exchange rate

freier/flexibler/frei schwankender/ freigegebener Wechselkurs

Also called flexible/free/freely flexible/floating/fluctuating exchange rate. An exchange rate between one currency and others that is permitted to float (ie to move freely) according to market forces, ie the forces of supply and demand. No action is taken to control the rates of exchange and they are allowed to move freely (ie to float) in accordance with the supply of and demand for foreign currency; they are determined by market forces alone. The central banks occasionally intervene in the market to damp down violent fluctuations in the exchange rate.

-

579

-

If exports are worth more than imports, the currency will be in demand and will rise in value; if imports are worth more than exports, the currency will fall in value. When a country's currency depreciates all imports become dearer and exports become cheaper to foreign buyers. When the currency appreciates all imports become cheaper and exports become dearer. The effect of this is to bring the country's balance of payments into balance/equilibrium. The disadvantage of floating exchange rates is that they will fluctuate, and this is harmful to international trade, in spite of forward exchange rates. Moreover, floating/ free exchange rates tend to be inflationary. The advantage of floating exchange rates is that a country can pursue an independent monetary policy necessary to suit its economic policy. The modem system of floating currencies began in the early 1970s. floating policy (FP, fp)

Abschreibe-, General-, Pauschalpolice; laufende/offene Police (Vers)

Also called floater. A type of declaration policy used in marine and aviation cargo insurance. A policy that applies to all shipments made by someone (eg an exporter) over a time period. The sum insured is fixed at the outset and an initial premium is paid. As each shipment is made it is declared and its value is deducted from the (lump) sum insured until the full sum insured is exhausted. floor

Börsenparkett, Börsensaal untere Grenze Mindestpreis, untere Preisgrenze Zinsuntergrenze bei zinsvariablen Krediten Zinsuntergrenze bei zinsvariablen Anleihen

The commodity or stock exchange's trading premises; ie the place where floor brokers/traders engage in trading. Access to the floor is restricted and members of the public are not admitted. Computer dealing is replacing face-to-face floor trading. Also called exchange/trading floor. A lowest limil/bottom level of something. Note: the opposite is the cap or ceiling. The minimum price for certain commodities or services. Also called floor price. The minimum interest rate a bank can impose on a floating/variable rate loan/credit. The minimum interest rate imposed on a floating rate note (FRN). floor broker

Börsenmakler/in, Parketthändler/in

A member of a commodity or stock exchange who executes orders for a third party on the floor of the exchange.

580

floor loan

Mindestdarlehen

The minimum amount that a lender is willing to lend to a potential borrower. floor member

Börsenmitglied

Brokers represented on a commodity or stock exchange trading floor. floor plan

Raum(aufteilungs)plan

The arrangement of rooms in a building. floor support point

unterer Interventionspunkt

Also called bottom/lower support point. In foreign exchange trading, the bottom point at which the central bank will take action, ie sell its own currency, to offset fluctuations in the exchange rate. floor trader

Börsenmakler/in auf eigene Rechnung, freie/r Makler/in, Parketthändler/in

A floor broker who generally trades only for his/her own account. floorwalker

Ladenaufsicht

Also called shopwalker. Store security officer, usually mixing with customers and attempting to spot shoplifters. Also called store detective. A person who moves about a large shop/store, eg a department store, through various selling departments and assists customers in ways not handled by sales staff/personnel. flop

Flop, Pleite, Reinfall

Also called lemon. An activity, event or product which is a complete failure. Note: there is a lemon-of-the-year prize for the worst car, refrigerator etc. floppy disk/disc

Diskette

Also called diskette. A small magnetic disk used for storing data, records and programs in microcomputers.

581

flotsam

Strandgut, Treibgut

Also called flotsam and jetsam. Goods lost by shipwreck and found floating on the sea. flow

Stromgröße, Fluß, Strom

The amount of a particular type of transaction occurring over a given period of time, eg flow of funds, flow of goods, flow of imports, flow of income, flow of yields, etc. flow of funds

Geldstrom, Geldmittelbewegung Kapitalfluß, Kapitalbewegung

The transfer of money between the different sectors in the economy. Also called flow/movement of money. The money inflows and outflows. Also called cash/capital flow. flow of goods and services

Güter- und Leistungsstrom

The transfer of goods (the goods flow) and services (the transaction flow) between different sectors in the economy. flow of income

Einkommenskreislauf

Also called circular flow of income. A simple model illustrating the movement of resources between producers/businesses and consumers/households. A number of flows comprise the flow of income: 1. households (ie the owners of all factors of production in the economy) provide the factor services of labo(u)r, land, capital, and ownership to businesses (the flow of factor services); 2. in return, households receive paid wages, rent, interest, and profits (the flow of factor payments); 3. businesses provide goods and services to households (the flow of goods and services); 4. households buy the goods and services (the flow of spending) in return. Note: there is complete symmetry between the two sectors: households and businesses. Each provides the other with some real resource (factor services, goods and services) and receives cash (factor payments, spending) in return; and each spends that cash on the supplies of the other. flow of work

Arbeitsablauf

The path by which material or work passes through a factory or office.

-

582

flow production

-

Bandproduktion, Fließfertigung, Fließbandproduktion, -montage

Also called assembly line/continuous/conveyor belt/flow line/line production. A kind of mass production. A production technique in which machines are employed on the same operations and the product moves from one machine to the next as it nears its completed state. flowchart/flow chart

Flußdiagramm, Ablaufdiagramm Arbeitsablaufdiagramm, -ablaufplan

A graphic representation of the flow of data or the activities needed to solve a problem, or to complete a task or project and their timescales. In work study, a flowchart illustrates either the routes followed by workers in a workplace or the flow of materials and documents from department to department throughout an organization until the task in hand is completed. Also called labo(u)r explosion chart or flow/route diagram. fluctuation

Fluktuation, Schwankung

In general, a continuous or irregular change. Examples are: 1. a rise or fall in the price of anything, eg fluctuation in share/stock prices or in the rate of exchange; 2. the ups and downs of business activity and employment; 3. varying intensities of demand for a product or service; 4. changing quality levels, etc. fluff

Patzer, Schnitzer falsches Wechselgeld herausgeben

A mistake, eg in speech, an error or blunder. Colloquially, to short change. flurry

plötzliche, starke und kurzzeitige Kursbewegung

A burst of activity on a speculative market, particularly on a financial market such as the stock exchange. On the foreign exchange market, a sudden and temporary increase of activity, resulting in price movements. fly posting

unerlaubter/wilder Plakatanschlag

Illegal fixing of (fly) posters on another's property.

-

583

foil

-

Folie

Often called tin foil or silver paper. Thin film of metal, usually aluminium, used in packaging. folio

Kontobuchseite Foliospalte, Gegenkonto(spalte) Seitennumerierung, Paginierung Blatt Folioblatt (einmal gefalteter Druckbogen)

A page of a journal or ledger. The column in both sides of an account in which the folio reference (number) is recorded. Numbered sheet of copy. A sheet of paper. A large printed sheet folded once in the middle. folio reference (number)

Kontohinweis, Kontierung

Also called folio number. The identifying reference of the account to which an entry has been posted. In the double-entry bookkeeping system, it is necessary to know where the other entry for a transaction is. The entry of each item shows where the other entry is. follow up quotation

Nachfaßangebot

A quotation sent to someone who has not acted on the previous quotation. follow up system

Wiedervorlageverfahren

A system of filing correspondence and documents so that they are brought to notice on a predetermined date in order to initiate further action. The letter or document has to be followed up/resubmitted or "brought forward" for action at a later date. follow up/on order

Anschlußauftrag

Also called reorder or further/renewal/repeat/sequence order. An order placed by a buyer as a result of a previous order. The salesperson follows up after the first sale to ensure customer satisfaction and repeat business.

-

Food and Agricultural/Agriculture Organization (FAO)

584

-

Organisation für Ernährung und Landwirtschaft der UNO

A department of the United Nations (UN) which devotes its activities to problems of food production throughout the world to meet the needs of an expanding population. It promotes agricultural investment and offers technical assistance with the aim of improving the standards of living of agricultural areas. Food and Drugs Act (FDA)

Lebensmittelgesetz (GB)

In the USA called National Food Bill. In GB, this Act makes it an offence/offense to sell food or drink which is unfit for consumption; it controls the manner in which food and drugs are labelled and advertised; it lays down standards of composition and controls processing and it makes hygiene regulations. The Act is also concerned with the amounts of various ingredients found in food products. foot (ft)

Fuß

A measure of length, being 12 inches long, or the third part of a yard, or 0,3048 meter. footing

Summe einer Zahlenspalte Addition, Addieren Queraddition, Querrechnung Einstandsgeld, Eintritt Stellung, Position

A sum total, eg the total debits (left side of any account) and credits (right side of any account) to obtain a new balance. Also called total. Adding a column of figures. Since the activity is often done in pencil, it is commonly called pencil-footing. Also called casting up. Cross-footing or cross-adding refers to adding a (horizontal) row of figures which are the totals of a number of columns. Entry money (to pay one's footing). Also called entrance money. A position in society. Also called status. footloose industries

standortungebundene Industrie/Wirtschaftszweige

Industries which need no particular locations and thus can locate anywhere. footnote

Fußnote Anmerkung (RW)

A note at the bottom of a page giving more information of something. An explanation of an item appearing in the financial statements, ie the balance sheet and the profit and loss account.

-

585

for acceptance within χ days

-

zur Annahme innerhalb χ Tagen

An offer open only for the number of days stated. for collection

zum Inkasso

A situation where something, eg a cheque/check or bill of exchange (B/E) is left for someone to come and collect. for money

netto Kasse (Bö)

Also called for cash. On the stock exchange, dealings "for money" is a term for transactions paid for at the time they are made. for the account

für/auf Rechnung am nächsten Abrechnungstag (Bö)

The purchase of goods for one's own account. On the stock exchange, dealings "for the account" mean those transactions which will be settled on the next settlement/settling day. for the attention of (FAO, fao)

zu Händen von

In business correspondence, an attention line is used to bring a letter addressed to a business to the attention of a particular person (or department). It is typed between the address and the salutation. force majeure

höhere Gewalt

Also called act of God, fortuitous event, superior force/power, or vis major. A French term meaning: superior force. An accident or event that is the result of natural causes, without any numan intervention, that could not have been prevented. For example, events beyond the control of the parties to a contract, such as natural disasters, earthquakes, strikes or war. forced draught/draft expansion

beschleunigtes Wirtschaftswachstum

Also called accelerated growth. Economic expansion accelerated by special government measures and/or strong external influences. forced liquidation

Zwangsauflösung, -liquidation Notverkauf (Bö)

The termination of a company as a result of a court order, eg because it is unable to pay its debts. Also called compulsory liquidation/winding up or involuntary liquidation.

-

586

-

On the stock exchange, the sale of shares/stocks at declining or low prices in a situation of emergency. Also called distress selling. forced sale

Verkauf wegen Geschäftsaufgabe Zwangsverkauf

Also called winding-up sale. A closing-down sale, ie the sale of goods because the shop/store is closing forever. A sale not in the ordinary course of business, but a sale by order of court. forced saving

Zwangssparen

Also called compulsory/involuntary saving. A form of saving which occurs because consumers are unable to spend their money on desired consumer goods because those goods are unavailable. In free markets prices of goods will rise and suppliers will increase supply. forecast

Prognose, Vorhersage

Also called prediction. This is a semiscientific prediction of the future. The reliability of a forecast depends on three factors: 1. the accuracy of the research information which is used in the calculation of the forecast; 2. the relevance of the information which is included; 3. the number of unknown variables which form part of the prediction. There are three types of forecast which are important for businesses: 1. sales forecasts, 2. economic forecasts, and 3. technological forecasts. foreclosure Zwangsvollstreckung Also called judicial foreclosure or compulsory execution. In general, the taking away someone's property because they have failed to pay back the money that they nave borrowed to buy it. The process whereby a mortgagee becomes the owner of the mortgaged property. Thus, if property has been mortgaged as security for a loan and the mortgagor (ie the borrower) defaults in repayment, the mortgagee (ie the lender) may foreclose/sell the security and indemnify himself/herself out of the proceeds. Note: the right to foreclose requires the court's consent.

-

foreign aid

587

-

Auslandshilfe

Also called external economic aid or overseas aid. About 140 countries of the world are classified as LDCs (less developed countries). If these countries are to have any real hope of increasing the living standards of the bulk of their populations, they will require assistance from developed countries. It is possible to offer aid in a variety of ways: 1. commodity aid, 2. financial aid and 3. technical aid. foreign bank

Auslandsbank

These are the offices of overseas banks, or their subsidiaries in a foreign country. foreign bill (of exchange)

Auslands-, Fremdwährungswechsel

Also called external/foreign/foreign currency bill or foreign exchange draft. A bill of exchange drawn by a domestic party, eg an inland bank, on a foreign party, eg a foreign correspondent bank, payable abroad and denominated in foreign currency. The foreign bill is very similar to an inland bill - it is drawn by the creditor (the drawer), accepted by the debtor (the drawee) and, unless it is a bill payable on demand/at sight, it allows the debtor a period of credit, while at the same time enabling the creditor to receive payment at once (less discount) if he can discount it with a bank. The usual periods are sixty days and ninety days. foreign bond

Fremdwährungs-, Auslandsanleihe

Also called external bond/loan, foreign company loan, in GB also called bulldog bond, in the US Yankee bond. A bond issued by a borrower (eg a foreign company or government) who lacks capital in the national capital market of another country, and denominated in the currency of that country. foreign central banks

ausländische Zentralbanken

The central banks of foreign countries. The domestic central bank provides banking services for many foreign central banks. These banks provide reciprocal services. Today there are regular exchanges of views and information; sometimes there are joint decisions. foreign competition

Auslandskonkurrenz

Also called competition from abroad or foreign competitors/rivals. Competition caused by companies from abroad. If domestic/internal prices rise faster on average than those of foreign competitors, whilst exchange rates remain constant, our exports become less attractive in their markets, whilst the goods imported from these countries have a relative price advantage. Consequently, exports decrease and import spending increases (ceteris paribus) causing balance of payments difficulties.

-

588

-

Floating exchange rates tend to offset the relative price disadvantage, but a lower exchange rate inevitably causes import prices to rise, which may in itself contribute to further inflationary pressures. foreign corporation

ausländische Gesellschaft

A corporation that conducts its business in a country other than the one in which it was incorporated. foreign currency

Fremdwährung Devisen Sorten

Any currency other than the domestic currency, ie the money of any foreign country. A synonym for foreign exchange, ie foreign currency in any form, eg foreign (bank)notes and coins, cheques/checks and bills of exchange in foreign currency, etc. Foreign (bank)notes and coins. foreign currency account

Fremdwährungskonto, Valutakonto

Also called overseas currency account, foreign currency bank account or foreign exchange account. A bank account in which foreign currency is deposited by a customer. Where companies have both income and payments in a foreign currency, they may have a foreign currency bank account with their bank. This would avoid the need for selling and buying currency to the extent that foreign currency receipts and payments can be matched. foreign currency exposure

(Fremd)Währungsrisiko

Also called foreign currency/exchange risk. Matching currency receipts and payments is only feasible if the international trader has receipts and payments in the same currency to match. But many traders are not in such a lucky position and must either make a payment in a foreign currency or earn receipts in a foreign currency. This situation is called foreign currency exposure. foreign currency loan

(Fremd)Währungskredit

Also called foreign currency/exchange borrowing/credit. Banks are able to make credits/loans in foreign currencies to facilitate import-export business, foreign investment, commodity finance, etc. It is common for exporters to raise finance in foreign currency. An exporter can eliminate exchange risk by taking a loan in the same currency as that to be paid by an overseas buyer (the importer), so that fluctuations in the exchange rate cannot affect expected receipts from the buyer.

589

foreign currency notes

ausländische Banknoten

Foreign banknotes. An individual travelling abroad will often find it useful to take a small quantity of foreign currency banknotes. In some countries, US dollars are just as acceptable as local currency. Some countries have exchange control regulations whereby the export and repatriation of their banknotes is prohibited or restricted. foreign currency security

Auslandswert(papier), Valutapapier

Also called foreign security. Securities on which interest or dividends are payable in a foreign currency, and repayment of which will be made in foreign currency. foreign currency translation

Umrechnung von Fremdwährung, Währungsumrechnung

Also called currency conversion/translation. The process whereby accounting quantities expressed in a foreign currency are converted into the equivalent quantities in domestic currency. foreign currency travellers' cheque/check

Reisescheck in Auslandswährung

A travel(l)er can obtain travellers' cheques/checks denominated in a foreign currency, notably US dollars. However, these cheques/checks are available in a wide range of traded currencies (eg Australian dollars, Swiss francs). The cheques/checks nave the attraction for a travel(l)er that the exchange rate is determined m advance. Any unused cheques/checks will be exchanged back into domestic currency at the spot rate of exchange. foreign customs

ausländische Gewohnheiten/Sitten

Things which are usually practised by the population of a foreign country. A lack of knowledge ana understanding about the customs, habits and laws of the importer's/buyer's or exporter's/seller's country creates an extra degree of uncertainty between buyer and seller. foreign demand

Auslandsnachfrage

Also called external demand. The demand for domestic products from abroad, ie foreign demand for imports. foreign direct investment (FDI)

ausländische Direktinvestition

Also called direct foreign investment (DFI). An investment located in a foreign country and over which the investor has direct control, eg a factory operating abroad. Investors can acquire part or all of the equity of an existing foreign corporation either to control or share control over sales, production, and research ana development.

590

foreign domicile bill

auf ausländische Bank gezogener Wechsel

This is a bill of exchange which is payable abroad and therefore does not qualify for being handled in the domestic money market. foreign exchange (FOREX, FE, FX)

Devisen Devisengeschäft Guthaben in fremder Währung bei Auslandsbanken ausländischer Wechselkurs Auslandsbörse

In general, the currencies of foreign countries, eg Swiss francs or Japanese yen. In detail, foreign currency in any form, eg foreign banknotes and coins, travel(l)er cheques/checks in foreign currency, cheques/checks and bills of exchange in foreign currency and payable abroad, and electronic notifications of international debits and credits. Also called foreign currency. Foreign exchange is a country's principal means of settling its transactions with other countries. Thus, a country's demand for foreign exchange depends on its visible and invisible imports, its unilateral transfers to other countries, and its capital exports while the supply of foreign exchange available to it depends on its visible and invisible exports, its unilateral transfers received, and its capital imports. If foreign exchange expenditures exceed foreign exchange receipts, the country has a balance of payments deficit (external/payments deficit); if foreign exchange receipts are greater than foreign exchange expenditures (there is a foreign exchange surplus), the country has a balance of payments surplus. The activity of exchanging currencies through purchase and sale. Also called foreign exchange business/transaction. Balances in foreign currency with banks abroad. The foreign rate of exchange/exchange rate. A foreign exchange, ie a place where one can buy or sell securities. foreign exchange broker

Devisenmakler/in

Also called exchange broker. A broker who operates on the foreign exchange market, ie a dealer who buys and sells foreign exchange. The commission charged by the broker is called brokerage. foreign exchange contract

Devisenvertrag

A contract by which two parties agree to exchange currencies on a specified future date at a specified rate, both parties thereby protect themselves against exchange rate fluctuations. foreign exchange control Also called currency/exchange/monetary control.

Devisenbewirtschaftung, -kontrolle

-

591

-

Regulations aimed at rationing the available supply of foreign exchange according to a predetermined set of priorities. This means that it is not possible to purchase foreign currency freely. Note: exchange controls are often imposed by a government faced with balance of payments deficits or a currency not easily convertible into other currencies, usually nard currencies. foreign exchange loss

Währungs-, Devisenverlust

Also called loss on (foreign) exchange or exchange loss. The loss from holding monetary items, payable or receivable, in a foreign currency when exchange rates change. foreign exchange market

Devisenmarkt

Also called currency/exchange market. An international market in which foreign currencies are traded. The market consists of: 1. a spot market for immediate delivery, 2. a forward exchange market for delivery at a future date, and 3. an options market for hedges on future prices. The market has no central location, but is instead a network of banks and other participants who communicate easily and quickly with each other. Each country (except the the members of the European Union (EU) uses a currency which is not usually acceptable in other countries. Banks play a central role in the foreign exchange market, because they: 1. sell foreign currency and buy foreign currency (currencies can be bought or sold for immediate delivery at a spot rate or for deliveiy in the future at a forward rate); 2. help traders to eliminate or minimize their exchange risk/exposure in a number of different ways: 1. forward exchange contracts, 2. foreign currency borrowing, 3. foreign currency bank accounts, etc. Note: if speculation drives exchange rates beyond tolerable levels, one or more central banks intervene to influence exchange rates. foreign exchange profit

Währungsgewinn/Devisenerlös

Also called exchange gain or foreign (exchange) earnings. The gain from holding monetary items, payable or receivable, in a foreign currency when exchange rates change. foreign exchange rate

Devisenkurs, Wechselkurs

Also called exchange rate or rate of exchange. The foreign exchange rate is the rate at which one country's currency exchanges for another. The exchange rate may be devalued, that is, lowered, or it may be revalued upwards. Changes m the exchange rate may be used to cure an imbalance/ disequilibrium in a country's balance of payments.

-

592

-

Exchange rates are determined by demand and supply of currencies in the foreign exchange market. Demand and supply depends on: 1. the visible trade balance, 2. the invisible trade balance, 3. movements of capital. But there are underlying economic factors affecting trade and capital movements: 1. relative prices, 2. relative money incomes, 3. investment prospects, 4. the rate of interest, 5. government expenditure, 6. political factors and government policy. If no action is taken to control the exchange rates and they are allowed to move freely (to float) in accordance with the supply of and demand for foreign currency they are known as free/flexible/floating exchange rates. foreign exchange reserves

Devisenreserven

These are a country's reserves of gold, special drawing rights (SDRs), US dollars, and other convertible currencies. foreign exchange risk

(Fremd)Währungsrisiko

Also called currency risk or foreign exchange/currency exposure. In international trade, the exporter/seller must invoice the importer/buyer in a foreign currency (eg the currency of the buyer's country) or the buyer must pay in a foreign currency (eg the currency of the exporter's country). It is also possible that tne currency of payment will be the currency of a third country (eg US dollars). One problem for importers is therefore the need to obtain foreign currency to make a payment and, for exporters, there is the problem of exchanging foreign currency received for currency of their own country. Banks provide the service to importers and exporters of buying and selling foreign currency/exchange. The cost of imports to the buyer/importer or the value of exports to the seller/exporter might be increased or reduced by movements in foreign exchange rates. The firm paying in a foreign currency or earning revenue in a foreign currency therefore has a potential exchange risk from adverse movements in foreign exchange rates. But there is also a chance of making a profit out of favo(u)rable movements in exchange rates. The foreign exchange risk does not arise for a business that makes payments and earns receipts in the same currency, because payments in the currency can be made out of currency receipts. If "matching currency receipts and payments is carried out (this is made easier if firms hold a foreign currency account), foreign exchange risks can be avoided. Cover against foreign exchange risks can be obtained by means of: 1. forward exchange contracts, 2. matching foreign currency receipts and payments, 3. borrowing in a foreign currency at a fixed exchange rate, and then repaying the loan in the same currency, 4. currency options, or 5. futures. foreign exchange transaction Also called foreign currency transaction. A transaction denominated in a foreign currency.

Devisengeschäft

-

foreign investment

593

-

Auslandsinvestition

Also called investment abroad, international/offshore investment, capital expenditure abroad or spending abroad. The purchase of property or securities in a foreign country for investment. foreign license

Auslandslizenz

A license authorizing a firm in a foreign country to produce and market its products in that country for a fee. foreign money order

Auslandspostanweisung, internationale Geldanweisimg

Also called foreign currency order or international money order (IMO). This is used by the post office or bank as an easy means of sending small sums of money abroad. foreign payment

Auslandszahlung

Any payment that has to be made to a foreign country in return for goods and services or as repayment of debt. foreign portfolio investment

ausländische Portfolioinvestition

The purchase of shares/stocks and long-term debt obligations from a foreign entity. The investors do not aim to take control of a company/corporation. They can liquidate their investment at market value any time. foreign sector

Auslandssektor

The part of a nation's economy that is concerned with importing and/or exporting goods or services. foreign trade

Außenhandel

Also called external/international trade, external commerce or overseas trade. In general, commerce with other nations. This can be bilateral or multilateral. In detail, it is the buying and selling process between exporters and importers in different countries. Besides the normal problems of trade which arise in any type of business transaction, there are additional problems such as: credit risks, foreign exchange fluctuations, differences in law, customs regulations, etc. Before an order can be accepted, exporter and importer must agree on the mode/ method of payment. A frequently used payment method is the documentary credit which is opened by the importer in favo(u)r of the exporter at his bank. The invoice amount is paid to the exporter's bank which does not release the money until the exporter presents the documents (eg the bill of lading), stipulated in the sales contract, to prove that the goods have been dispatched.

594

If the goods are transported by sea, a bill of lading (B/L) is issued, usually in triplicate, by the shipping company. As the B/L is a document of title, the goods are handed over only against surrender of the B/L. Thus, when using a documentary credit, both exporter and importer are protected. foreman/forelady

Meister/in, Vorarbeiter/in, Aufseher/in

A person who is in charge of the factory workers; he/she tells them what to do and checks that they are doing their work correctly. Note: non-sexist alternative terms are supervisor or work supervisor. forfaiting

Forfaitierung

The term is derived from French "forfait", surrender of right to something. Forfaiting is a method of providing medium-term export finance. It is a straightforward quick way to arrange credit for overseas buyers/importers. It is normally used for export sales involving capital goods (eg machinery). Forfaiting is the business of discounting/negotiating term accounts receivable, medium-term promissory notes or bills (of exchange); normally at a fixed rate, notified by the forfaiter to the exporter. The exporter will deliver the goods and receive the promissory notes or accepted bills. He will then sell them to the forfaiter, who will purchase them without recourse from the exporter. The forfaiter must now bear the risks: eg the risks of nonpayment and the foreign exchange risk. Forfaiting provides the exporter with immediate cash from the discounted accounts receivable, (promissory) notes or bills (of exchange) and the importer (ie the foreign buyer) obtains medium-term installment credit from the forfaiting bank (the forfaiter) which must have confidence in the guarantee of the avalising bank (the importer's bank). Forfaiting works as follows: An exporter finds an overseas buyer (the importer) who wants medium-term credit to finance the purchase. The buyer must be willing to: 1. pay some of the cost (eg 10 %) at once, 2. pay the balance in regular installments (eg every six months) normally for the next 5 to 7 years, 3. issue a series of promissory notes (commonly used, because by endorsing notes to the forfaiter "without recourse" the exporter will be freed from further liability), or 4. accept a series of bills of exchange/drafts. In most cases, the buyer will be required to find a bank which is willing to guarantee/avalise the promissory notes or bills/drafts. Avalising is common practice with forfaiting. At the same time, the exporter must find a bank that is willing to be a forfaiter. The bank wants information about the credit amount, the period of time, the buyer's credit standing, and whether a bank is willing to avalize the promissory notes or bills/drafts. The currencies used in forfaiting are normally US dollars, euros or Swiss francs. Note: the difference to factoring is that factoring is sometimes with recourse to the exporter and that a factor buys short-term accounts receivable/receivables. forfeited share/stock

kaduzierte Aktie

Shares/stocks forfeited by decision of the board of directors by reason of calls being in arrear. That means the shareholder/stockholder has to forfeit his/her partly paid share/stock because of failure to pay a subsequent part or final payment.

595

Forfeiture does not extinguish the shareholder's/stockholder's liability on such shares/stocks unless and until they are reissued. forged note

H

Blüte", gefälschte Banknote

Also called counterfeit bill (USA). A forged banknote/bill (US). forgery

Fälschung

Also called fake or falsification. The crime of copying documents, money, or signatures, etc. Where the signature on a bill (of exchange) or a cheque/check is forged, the forged signature is wholly inoperative and no rights can be acquired through the forged signature. The person committing the crime is called falsifier, faker or forger; or counterfeiter (in the case of money). Something forged. In the case of money called counterfeit money. forklift (truck)

Gabelstapler

Also called fork/materials handling/industrial truck. A small vehicle with two metal arms in front, usually driven by electric batteries, for lifting, stacking and carrying loads on pallets from one part of a factory or warehouse to another. form

Formular, Vordruck

A printed document with blank spaces to be filled in with particulars before it is executed, eg an order form or a tax form. form letter (or card)

Formbrief, Formkarte

A form letter or card is a standardized letter or card - one with the essential material but lacking a date, inside name and address and salutation. These routine letters or cards save a great deal of time and are used to answer all correspondence of a similar and recurring nature, eg. order acknowledgements. formal group

formale Gruppe

A group that has the sanction of the company and thus possesses legitimate power. It is formed to accomplish particular tasks or functions. format The layout and order of presentation.

Anordnung, Aufmachung Format

-

596

-

Shape, size, or style of a publication. DIN formats (eg paper) are accepted all over the world. formation of a company

Unternehmensgründung, Gründung einer Kapitalgesellschaft

Also called establishment/flo(a)tation/promotion of a company/corporation. The establishment of a company/corporation. There are three main stages in the formation of a company: 1. the drawing up of the memorandum of association (GB)/incorporation certificate (US); 2. the drawing up of detailed articles of association (GBVincorporation (US); 3. a statutory declaration that all the legal requirements nave been complied with. If all is in order, the the registrar of companies will issue a certificate to commence business. Fort Knox

Fort Knox

This is the official place of storage for the gold reserves of the USA. Fortune 500

Liste der 500 größten US-Gesellschaften

A directory of the 500 largest US corporations, ranked by sales and published each year by "Fortune" magazine. A "Fortune" 100 company is one of the 100 largest. forward (fwd)

in Zukunft ... (auf Ziel, Zeit) nachsenden (Post) voraus, fortgeschritten (ab-,über-,ver-)senden, befördern von heute an

In the future, eg to pay or deliver in the future. In correspondence, to readdress and send on by post/mail a letter etc. to a new address after someone has left his/her former address. Afeo called redirect. Having developed or progressed quicker than usual, eg someone is well forward with the work. To send (off), dispatch, ship or transport goods, eg from one location to another. From this day forward. Also called from today (onwards). forward contract

Terminkontrakt Warentermingeschäft

The purchase or sale of a specific quantity of a commodity, foreign currency, or security at the current/spot price, with delivery and settlement/liquidation at a specified future time.

-

597

-

A financial instrument for deferred delivery of a given quantity of specified goods at a given price between the two parties named in the contract. Forward contracts are suitable for goods that can be graded (eg oil, grain, wool, sugar, coffee, cocoa, metal, etc.), the prices of all grades rising or falling together. By entering into forward contracts, the parties run the risk that prices may change to the advantage of one party and to the disadvantage of the other party to the agreement. Also called forward sale. forward cover

Terminsicherung

Also called futures hedging. A forward transaction intended to protect a buyer or seller of a commodity or financial instrument from unexpected price fluctuations. forward dating

Vordatierung

The dating of a document (eg cheque/check, bill of exchange) on some date in the future. The opposite of backdating. forward deal

Termingeschäft, -handel

Also called forward dealing. Trading in foreign currencies, goods or securities for delivery and payment at some date in the future. Note: the price has been agreed upon at the time of signing the contract. forward delivery (FD)

Terminlieferung

Also called future delivery. Delivery at some specified time in the future. forward discount

Deport, Terminabschlag (Bö)

Difference between the spot rate and the lower forward rate of a foreign currency. forward exchange contract (FEC)

Devisenterminvertrag, Devisentermingeschäft, -handel

Also called forward exchange, forward exchange deal/dealing/trading/transaction, or exchange futures. A forward exchange contract is: 1. an immediately firm and binding contract between a bank and its customer; 2. for the purchase or sale of a specified quantity of a stated foreign currency; 3. at a rate of exchange fixed at the time the contract is made; 4. for performance (îe delivery of the currency and payment for iti at a future time (either a specific date, or any time between two specified dates) which is agreed upon when making the contract.

598

The contract is effected to eliminate the risk of foreign exchange fluctuations. Note: the price (the forward rate) ist fixed on the day the contract is entered into (ie it is the current market price) but the payment is at a future date. forward forward

Termingeschäft gegen Termingeschäft

Also called forward against forward. A forward contract where the dealer takes two different forward positions, eg a forward sale against further forward purchase, or forward purchase against furtner forward sale of the same currency in the forward market, but for different maturity dates. For example, a forward buying of a currency for one term (eg three months) against a simultaneous forward sale at another term (eg six months). forward market

Terminmarkt

Also called futures market. A foreign exchange market where currencies can be bought or sold for delivery in the future at a forward rate. This market is useful to traders since it enables them to hedge or protect themselves against future movements in exchange rates. A market where dealers agree to deliver commodities or financial instruments at a fixed current price at a specified future date. forward option

Terminoption

A forward deal which allows the customer to complete the deal during an agreed period rather than on a specific date. forward price The price quoted for future delivery. The price quoted in forward contracts. forward purchase

Kauf zur späteren Auslieferung Terminkauf (Bö)

Goods that have been bought for delivery at some agreed date in the future. Buying currencies and money market instruments now (in anticipation of price rises) and for delivery at some agreed future date. Also called forward buying or buying forward. forward rate Also called forward exchange rate.

Devisenterminkurs, Terminkurs

-

599

-

The contractually agreed upon exchange rate at which foreign currency can be bought or sold for delivery at a future time. Note: the forward rate varies from the spot rate. The forward rate for selling the foreign currency may be at a premium, ie it exchanges for more domestic currency than the spot rate, or it may be at a discount if it exchanges for less. The difference between spot and forward rates is determined by market forces. forward rate agreement (FRA)

Terminkursvereinbarung Zinsterminkontrakt

An agreement whereby a currency is bought or sold at a future date at an agreed exchange rate. An agreement between two parties to hedge/protect themselves against future interest rate changes. They agree upon an interest rate for a future period which is valid for a predetermined amount of money. forward transaction

Termingeschäft

Also called forward deal(ing). To buy or sell (goods, currencies or securities) in the future, with payment and delivery at that future date. But the price has been agreed upon at the time of signing the contract. The opposite of spot sale. forwarding

Versand, Expedition, Ab-, Ver-, Senden Nachsendung

The activities (eg handling and processing documents) and procedures relating to the transport of goods. Also called dispatch, sending off or shipping. The sending of letters etc. arriving at a previous address to a new address (the forwarding address). Also called redirection. forwarding address

Zustelladresse

An address that you leave for someone when you move to a new place so that they can send your mail to you. forwarding agent

Spediteur

Also called forwarder or freight forwarder. A person engaged in collecting, transferring, warehousing, and delivering goods. His/her work involves documentation and he/she has a specialized knowledge of transport and of export and import regulations and procedures. He/she acts as intermediary/middleman between a consignor/sender or consignee/receiver and a carrier/carnage company; but usually he/she has his/her own vehicles and transports the goods himself/herself. His/her remuneration is by fees (often linked to the invoice value of the goods) plus any commission allowed by transporters, insurers, etc.

-

forwarding instructions

600

-

Liefer-, Versandanweisungen

Also called shipping instructions. Instructions given by the buyer to the seller showing how goods are to be shipped and delivered. forwarding note

Speditionsauftrag

Also called dispatch/forwarding order. An order advising a forwarder/forwarding agent to carry out the necessary procedures relating to the transport of goods. Furthermore, a note giving the description of goods, etc.; and the name and address of the consignee. The note is transmitted with the goods. foul bill (of lading)

unreines Konnossement

Also called claused/dirty/unclean bill. A bill of lading (B/L) which has a clause or statement declaring some defect in the condition of the exported goods or the packaging, or some other aspect of the consignment, eg the goods were short in quantity when received. Note: 1. the foul bill is issued as a receipt for goods by the carrier or forwarder, 2. the seller who presents a foul bill cannot collect payment against a letter of credit. foundation

(Unternehmens)Griindung Stiftung

The formation of a company or other organization. Also called flo(a)tation. An institution financed by a donation or legacy, as to support the arts, education, or research. founders' shares/stocks

Gründeraktien, Nachzugsaktien

Sometimes also called promoters Vmanagement/deferred shares/stocks. Shares/stocks issued to the founders/promoters for their services in forming a new company/corporation and designed to give their holders a residual share in the profits of the company. four dragons

Drachenstaaten, die "Vier Drachen"

These comprise the states Hong Kong, Singapore, South Korea and Taiwan. four Ps

vier P's/Elemente des Marketingmix

The abbreviations of the principal factors included in the marketing mix, ie product, price, place and promotion. Note: sometimes an S is included for service.

-

fourth market

601

-

computergestützter Interbankenmarkt für Wertpapiere

Direct buying and selling (aided by computers) of large blocks of securities between banks and other institutional investors to save brokerage commissions. fraction

Bruch Bruchteil

A quantity less than one, eg 1/2, 1/4. The line separating the numerator from the denominator is called (fraction) bar. A small part. fractional reserve banking

Bankensystem mit begrenzter Reservehaltung (nur em Teil der Kundeneinlagen wird als Zentralbankgeld gehalten)

When a bank operates with less than one hundred percent reserve backing, ie the bank keeps only a proportion of bank deposits that must be kept as legal reserves, it is referred to as fractional reserve bank. fragile

zerbrechlich

Easily broken, injured or destroyed. Fragile articles must be properly packed and marked "fragile, with care", "caution - with care", "handle with care", etc. Often symbols are used to indicate fragility. framework

Rahmen

A set of facts, ideas, etc from which more sophisticated ideas are developed, or on which decisions are based. A frame or structure composed of parts fitted together. franchise

Franchise, Vertragsvertrieb, Alleinvertriebsrecht (mit Lizenz oder Konzession) Selbstbehalt (Vers)

The privilege, often exclusive, granted to a distributor or dealer (ie the franchisee) by a franchiser/franchisor to sell the franchiser's products within a specified area. This type of trading agreement is often made between a supplier and a reail outlet whereby cooperation, support and promotional aids are provided by the supplier. In insurance, a policy where the insurer pays all losses over a given level, but no losses under that level. A franchise of, say, £/$ 200 is something like an excess, in that the insured pays all losses under £/$ 200. But if the loss exceeds £/$ 200, the insurer pays it all. Such a provision is rather rare these days. Note: the term is to be distinguished from excess.

602

franchise clause

Franchise-, Freiteil-, Bagatellklausel (Vers)

In insurance, a clause stating that the insured will be liable/responsible for a small stated sum arising from each claim for loss or damage, ie claims below a stated limit are not payable by the insurer. Franchising (Art von Filialsystem), Lizenzkonzessionserteilung

franchising

Franchising is the process whereby the owner of a business (the franchiser/franchisor) allows others to run it for him/her in return for certain payments. The franchiser supplies a name, products, services and general know-how and the franchisee contracts to use all or a major part of the franchiser's services in an agreed manner. The franchisee pays the owner a substantial sum for this privilege. There is an agreement that tne franchisee pays the franchiser either bv purchasing all materials from him/her or by paying a royalty (ie a fixed percentage of sales). franco (fco)

frei, franko

Also called free. A term used in quotations. It means the price quoted is inclusive covering all charges up to delivery at the buyer's premises. It is the seller who is liable for all costs of transport. franco domicile

frei

Haus

Also called free delivered/domicile/house or free to the door. The seller undertakes to deliver the goods free/franco to the buyer's premises, wherever they may be. franked income

Kapitalerträge nach Steuern Dividendenerträge nach Steuern

Also called franked investment income (FII). Income on which a tax has been paid so that the recipient of this income is not liable to tax a second time. Dividends received by one company from the profits of another. As the profits have already been subject to corporation tax once, no more corporation tax has to be paid on it by the receiving company. Corporation tax is not payable a second time on franked income. Note: unfranked income has not borne tax, and is subject to tax. franking machine

Freistempler, Frankiermaschine

Also called mailer, postage meter or postal franker.

- 603 A franking machine prints (usually in red) the postage on post/mail and saves the problem of sticking stamps. Anybody wishing to use a machine must obtain a license and then present me machine to a post office where it will be set with the amount prepaid. When the amount has been used up, the machine locks until further payment has been made. Each machine has a meter which can be set to various amounts. fraud

(arglistige) Täuschung, Betrug

A misrepresentation intended to deceive or cheat. Fraud is a crime, and every contract made where one of the parties is misled by fraudulent statements is void. Note: the representations made in the negotiations leading up to a contract must be true. fraudulent bankruptcy

betrügerische/r Bankrott/Insolvenz/ Konkurs

A bankruptcy caused by the owner(s) with the intention to deceive others for financial gain. fraudulent trading

unlautere Wettbewerbshandlung/en

The carrying on of a business with intent to defraud creditors. free kostenlos, unentgeltlich uneingeschränkt, erlaubt Without charge/free of charge; not subject to payment. Not subject to any special restrictions or regulations. free alongside ship (FAS) (named port of shipment)

frei Längsseite Seeschiff (FAS) (Incoterm)

Also called free alongside vessel. An incoterm. Under FAS, the seller/exporter undertakes to deliver the goods at his/her expense alongside the ship, at which point property and risk pass to the buyer/ importer. The seller/exporter must clear the goods for export, deliver them alongside the ship/ vessel (on the quay or in lighters) on the date or within the period stipulated, pay all delivery charges up to the point where the goods are alongside the ship (at named port of shipment) and give the buyer/importer notice that the goods have been delivered alongside the named ship. The seller's obligations are fulfilled when the goods arrive alongside the ship. This means that the buyer/importer has to bear all costs and risks of loss of or damage to the goods from that moment. The buyer must pay for loading, freight and insurance charges, and must give the seller notice of the ship/vessel name, loading place and required delivery time. Furthermore, the buyer pays for unloading and transportation from the port of destination to his/her factory. Moreover, the buyer/importer must clear the goods for import. Note: the term can only be used for ocean/sea or inland waterway transport.

-

free carrier (FCA) (named place)

604

-

frei Frachtführer (FCA) (Incoterm)

An incoterm in which, for the quoted price, the seller/exporter clears the goods for export and fulfil(l)s his/her obligation wnen he/she delivers the goods into the custody of the carrier (eg a shipping line, airline or forwarder nominated by the buyer/importer) at the named place ana on the agreed date. The risk of loss of or damage to the goods is transferred from the seller/exporter to the buyer/importer at the time the nominated carrier accepts them. The seller must supply the buyer with the transport documents as proof of delivery of the goods to the carrier. The buyer must clear the goods for import, pay all charges and assume all risks/responsibilities from the named place. This term may be used for any mode of transport, including multimodal. Note: if no precise place is named by the importer, the exporter may choose the place where the carrier shall take the goods into his/her custody. free collective bargaining

Tarifautonomie

Negotiations between trade associations and trade/labor unions without government interference. free competition

freier Wettbewerb, freie Konkurrenz

Competition between companies without government interference. Prices determined by the free, unregulated interaction of supply and demand. free cover

are

Lebensversicherung ohne Gesundheitstest

In life insurance, the level of cover allowed by an insurer/insurance company without proof of adequate health. free currency

frei konvertierbare Währung

Money that can be converted to foreign currency without restrictions. free delivery

Lieferung frei Bestimmungsort, freie/kostenlose Lieferung

A service given free of charge (foe) by a seller to his/her customers, of carrying the goods they have bought and delivering them to the named place of destination. free dock (fd)

frei Dock/Kai

In the case of imported goods, the price quoted (by the exporter) includes the cost of the goods and the cost of delivering them to the docks where they will be loaded on board (ie the port of shipment). The importer pays all other costs. free economy

freie Marktwirtschaft

Also called free enterprise economy/system or free/liberal market economy.

-

605

-

An economic system based on free competition. Prices are controlled only by the market forces of supply and demand. Furthermore, an economic system, characterized by noninterference by government, in which all wealth is owned by individuals and economic problems are solved by variations in supply and demand through the price mechanism. free entry

zollfreie Einfuhr

The customs procedures required to secure permisson to unload goods which are not liable to customs duty. free exchange rate

freier Wechselkurs

Also called floating/fluctuating/freely flexible exchange rate. The rate of exchange depends only on supply and demand on the foreign exchange market, without official intervention. Free exchange rates are the opposite of fixed rates. free from/of particular average (FPA)

frei von Teilhavarie, frei von Schäden in besonderer Havarie (Vers)

Basically, this is a limited form of cargo insurance cover inasmuch that no partial loss or damage is recoverable from the insurer. Thus, the FPA policy provides coverage for total losses and general average emerging from actual manne penis, eg the total loss of an insured consignment during discharge, loading or transhipment. But marine insurance contracts which are free from particular average cover (in addition to total losses) partial losses subject to the terms of the policy. That means, the goods are insured against the ship/vessel being stranded, sunk, burnt or involved in a collision. free gift

Werbegeschenk

Also called advertising/goodwill gift or giveaway. A promotional gift; something given away to (prospective) customers without any charge; a method of inducing impulse purchases. Free offer "mail-ins" are those wnere a gift is offered in return for the label or package; "on pack" means that the gift is attached to the product at the point of sale. free goods

freie

Güter zollfreie Waren

Free goods are those which have no opportunity cost (eg air). As the goods are available in unlimited supply, they have no market price. The wants for these goods can be satisfied without forgoing any alternative goods. Also called free resource or common property resource. In foreign trade, a term used for imported goods that are free of customs duty. Also called duty-free goods.

606

free in store (FIS)

frei Laden/Geschäft

A phrase stating that the producer is responsible for all freight and delivery costs, ie the ordered goods are delivered freight free to the customer, ie the shop/store where the goods are sold. free issue

Ausgabe von Berichtigungs-, Gratisaktien

Also called bonus/capitalization/scrip issue. The correct term is capitalization issue (cap issue). A public limited company (GB)/(stock) corporation (US) issues additional shares/stocks by using money from its reserves to pay for new shares/stocks, which are then distributed to existing shareholders/stockholders, in proportion to their holdings. System der freien Marktwirtschaft, marktwirtschaftliche Ordnung

free market economy

Also called free market system, free economy, enterprise system, or competitive/free market. A commodity market in which prices are determined by supply and demand and traders are free of interference by government regulations. free marketeer

Anhänger/in, Verfechter/in der freien Marktwirtschaft

A person supporting the system of a free market economy. free of charge (foe)

ohne Berechnung, kostenlos, gratis

A phrase indicating that no payment is to be made. free of interest

zinsfrei

Also called interest-free or non-interest-bearing. A situation where the borrower pays no interest on his/her credit. free of stamp (FOS)

frei

von Börsenumsatzsteuer, börsenumsatzsteuerfrei

Also called free of stamp duty. A stock exchange term. Securities (eg new issues) that can be dealt in free of stamp duty, ie duty levied on the transfer of securities on the stock exchange. free of tax

steuerfrei, abgabenfrei

Also called tax exempt/free or not subject to taxation.

-

607

-

An amount not subject to taxation. An amount may be free of tax because, although taxable, tax has been paid before the payment was made. The term "free of tax may also refer to sums which are not subject to taxation because of special tax laws. free on board (FOB) (named port of shipment)

frei an Bord, FOB (Incoterm) (benannter Verschiffungshafen)

An incoterm which goes one step further than FAS (free alongside ship). This quotation implies that the duty of the seller/exporter is to supply the goods in accord with the contract of sale, get them to the port of departure/snipment and see they are actually placed on board the ship/vessel (within the agreed period or on the agreed date) which the buyer/importer arranges. The seller pays transportation (and insurance) to the named port of shipment, including the loading costs until the gooas have passed the ship's rail on the named vessel at this port. Thus the price quoted covers all charges up to the time the goods cross the ship's rail at the named port of shipment. The seller has to provide a clean onboard bill of lading (thereafter the carrier will issue a clean bill of lading). FOB requires the seller/exporter to provide the export license and pay any export taxes and fees, ie the seller has to clear the goods for export. When the goods have passed over the ship's rail at the namend port of shipment, the seller's responsibilities cease. This means that the buyer/importer has to bear all costs and risks of loss of or damage to the goods from that point. The buyer/importer must obtain the necessary import license. The freight and insurance charges and all other expenses from the port of departure to the port of destination (eg unloading costs) are payable by the buyer/importer. The term FOB is to the advantage of the buyer inasmuch as the cargo can be conveyed/ carried on his national shipping line and insurance can likewise be arranged in his own country (this saves him foreign exchange). Note: 1. The point of delivery is the ship's rail, and the risk of loss of or damage to the goods is transferred from seller to buyer at that very point. 2. When the ship's rail serves no practical puipose, eg in the case of Ro/Ro or container traffic, the FCA (free carrier) term should be used. 3. The FOB term can only be used for ocean/sea or inland waterway transport. 4. In the USA, FOB is used for import valuations whereas CIF is preferred elsewhere. In the USA, FOB may also mean "free on anything", such as a truck. free on board at airport (FOA)

FOB Flughafen, frei Flughafen

Also called free airport or FOB airport (FOBA). A term that applies to airports and aircraft. The seller/exporter has to deliver the goods to the air earner at the airport of departure and completes his obligations by delivering the goods to the nominated air carrier at the departure airport. The risk of damage to the goods is transferred from the seller/exporter to the buyer/importer when the goods have been so delivered. The buyer pays the airfreight and insurance and all other cost following delivery of the goods by the seller to the nominated air carrier at the specified airport.

-

608

-

free on board stowed (FOB stowed)

frei an Bord und gestaut (Lieferklausel)

Also called free on board trimmed. Often an addition to the incoterm FOB (free on board). The cost and responsibility for the loading may be divided between seller/exporter and buyer/importer. The seller sometimes agrees to bear all loading costs by adding the word "stowed" (FOB stowed). free on quay (FOQ, foq)

frei (auf) Kai

An export trade term. The seller/exporter is responsible for delivering the goods to the loading quay at the port of shipment/departure, but not for loading them onto the ship. free on rail / free on truck (FOR/FOT)

frei/franko Waggon

Also called free on wag(g)on (FOW). Note: the terms FOR/FOT are synonymous, since the word truck relates to railway/railroad wag(g)ons. Under this cargo delivery term, the seller's/exporter's duty is to deliver the goods to the railway/railroad at the named departure point and, in the case of "full loads", to obtain and load the wagon(s). The buyer/importer accepts delivery of the goods when they have been delivered to the railway, and the invoice and transport documents have been provided by the seller. The buyer must pay all charges and assume all responsibilities from that moment onwards. Note: the terms should only be used when the goods are to be carried by rail. free port

Freihafen, zollfreier Hafen

Also called free zone. A port (eg Hamburg) where goods can be transshipped without payment of customs duty. Most free ports have now been replaced by the bonded warehouse system. free reserves

freie Rücklagen freie Reserven (BaW)

Also called uncommitted/voluntary reserves or nonstatutory capital reserves. The reserves of a business which are uncomitted. In banking, the amout of money a bank is free to lend. free rider

Trittbrettfahrer/in Schwarzfahrer/in Konzertzeichner/in, Spekulant/in

In economics, an individual who enjoys the benefits of consumption without sharing in the cost(s) of providing the good or service. An employee who is not a trade/labor union member but enjoys the benefits of the union's achievements (eg pay increases or job security) without paying union dues.

-

609

-

In commerce, a person dodging fares in public transport. Also called joyrider or fare dodger. A person who subscribes for a large quantity of shares/stocks in a new issue with the intention of selling them very quickly for a large profit. Also called stag (GB). free sample

Gratismuster, kostenloses Muster

An example of an article given free to prospective purchasers so that they can examine and test it. The best way of introducing consumers to a product is to let them try it out free. The free samples are given at particular shops or they are sent to every household. free trade

Freihandel

Also called liberal trade. The policy of allowing the free interchange of commodities between countries by the nonimposition or abolition of protective duties. The advantages of large-scale production can be enjoyed because there is a global/world market. free trader

Anhänger/in, Verfechter/in des Freihandels

A person who opposes any restriction on foreign trade. free trade area (FTA)

Freihandelsgebiet, -zone

Also called free trade zone (FTZ). A defined area consisting of several countries in which trade is based upon the unrestricted exchange of goods. No customs duties are imposed/levied on goods going from one of the member countries to another. free trade association

Freihandelsgemeinschaft

A group of countries having no import duties among member nations. Each country has its own tariffs with non-member countries. freedom of contract

Vertragsfreiheit

The constitutionally protected right to make and enforce contracts and to decide on the terms of the contract. Note: this freedom is restricted to persons with legal capacity. freehold

volles Grundeigentum, freier Grundbesitz

Property (land and buildings) which is owned absolutely. The absolute owner is called freenolder. The opposite of leasehold.

-

610

freelancer

-

Freiberufler/in

Also called (free) professional or professional worker. An independent/selfemployed worker (eg a journalist or management consultant) not on the staff of one employer but taking assignments from various employers. freely floating exchange rate

frei schwankender Wechselkurs

Also called freely flexible/fluctuating exchange rate. An exchange rate which is determined by the forces of demand and supply without any government intervention in foreign exchange markets. freephone (call)

gebührenfreier/unentgeltlicher Anruf

Also called freefone or toll-free call (US). A service offered by Telecom to companies by which potential customers who wish to answer an advertisement, ask for information or place an order by phone can do so by calling a certain number at the expense of the company. freepost

Rückumschlagsystem (ohne Wertzeichen), Gebühr/Entgelt bezahlt Empfänger, unfrei, gebührenfrei, unentgeltlich (GB)

A firm wishing to obtain replies from others without putting them to the expense of paying postage may include, in its correspondence, a business reply envelope. The reply can be posted/mailed in the normal way but without a stamp. The firm receiving the post/mail pays postage on all the replies received. For example, a potential customer can write to an advertiser to place an order or to ask for information to be sent, and the advertiser, ie the seller pays the postage. freesheet/free sheet

Anzeigenblatt, Gratiszeitung

Also called advertiser, freebee, giveaway paper, or shopper. A local weekly newspaper or magazine which is distributed free of charge and which is full of advertisements which are the sole source of their revenue. Most of the space in these publications is sold for advertising, leaving little room for editorial content. freeze

Stopp einfrieren, blockieren, sperren

Official action to fix prices of goods (price freeze) or wages (wage freeze) at a specific level, or within stated limits. To freeze/block an account or a credit, etc.

611

freight (fgt, frt)

Ladung, Fracht Schiffsladung, Luftfracht (GB) Frachtkosten, Beförderungskosten Schiffsmiete befördern, verfrachten befrachten, beladen

In general, the cargo in any mode of transport transported for pay. In GB, the cargo in sea transport or air transport. Charge for the transportation of goods. Also called carriage, freightage, freight charges, transport costs/expenses or cost of transport. Freight is also used for the hire of a ship/vessel. The movement of goods by some means of transport. To load a ship or other vehicle with cargo. freight charges

Frachtgebühren, -kosten

Also called freight or freightage. The amount of money charged for transporting cargo/freight. freight contract

Frachtvertrag

Also called contract of carriage/affreightment. A contract made by a shipper/consignor or consignee of goods with a carrier or forwarder for the carriage/transportation of cargo. The consideration paid to the carrier or forwarder, either by the shipper/consignor or the receiver/consignee, is known as freight/freightage. freight elevator

Lasten-, Güteraufzug

A strong lift for carrying goods. freight forward (frt fwd)

unfrei, Fracht gegen/per Nachnahme, Fracht zahlbar am Bestimmungsort, Fracht bezahlt Empfänger

Also called freight collect or carriage forward. An annotation to give evidence that freight has not been paid. Freight charges are payable at place ofdestination, ie the customer pays for transporting the goods. freight forwarder

Spediteur

A person or firm that arranges for transportation of goods within a country or between countries.

612 freight in and out

Eingangsfracht und Ausgangsfracht

Also called freight/carriage inward(s) and outward(s) or carriage in and out. The carriage/freight charges made by a carrier or forwarder for transporting goods from a supplier to our busmess or from our business to a purchaser of our goods. freight insurance

Frachtkostenversicherung Fracht-, Gütertransportversicherung

In marine insurance, freight is not a synonym for cargo. It is the charge levied by the shipowner for carrying the goods; it is usually paid in advance. If the goods are not delivered for some reason, the owner may face a claim for repayment of the freightage). It is customaiy for an insurance policy to be taken out against this possibility. Also called carriage insurance. Cargo insurance, ie insurance covering loss of cargo carried in ships or by other means of transport. freight market

Frachtenbörse, Frachtmarkt

The freight market is a highly organized market where those in search of a ship/vessel to carry cargo can find those with cargo space available. In GB, a specialized market of the Baltic Exchange (abbreviated name of the Baltic, Mercantile and Shipping Exchange, situated in the City of London). A market where ships are chartered to carry cargoes. Most of the chartering is confined to tramp ships, but cargo liners are also chartered at the Baltic Exchange. This central organization finds the right ship for the right cargo and vice versa. freight note

Fracht-, Transportkostenrechnung

Also called freight account/invoice. An account/invoice giving details of freight payable. freight plane

Transportflugzeug

An aircraft/airplane which carries goods, not passengers. freight prepaid (frt ppd)

Fracht vorausbezahlt, frachtfrei

Also called carriage paid (C/P) or freight paid. A term which indicates that the freight payable on the goods has been paid. freight rate

Fracht-, Gütertarif

Also called shipping/transportation rate. The charge for carriage/transport(ation). Some goods are charged on a weight basis, others on a volume basis, and valuable goods are charged on an ad valorem basis.

- 613 freight release

Frachtfreigabe-/Güterfreigabebescheinigung Güterfreigabe

When the freight has been paid the shipowner will issue a "freight release" instructing the superintendent of the dock to deliver/release the cargo. The release may be noted on the bill of lading or may constitute a separate document. If the freight is due and remains unpaid, the shipowner issues a "stop for freight" notice to the dock authorities. The act of making goods available to someone. freight station

Güterbahnhof

Also called goods station. The station from which cargo is transported by freight/goods train/freightliner. freight train

Güterzug

Also called goods train or freightliner. A train used for carrying goods. freighter

Frachter, Frachtschiff, Frachtflugzeug Befrachter Absender, Verlader, Verfrachter

A ship/vessel or aeroplane/airplane transporting goods. The charterer of a vessel or aeroplane/airplane. Also called shipper. One for whom freight is transported. Also called consignor or shipper. frequency

Häufigkeit

The number of times something happens during a given time period, eg the number of occurrences of a given type of event. frequency distribution

Häufigkeitsverteilung

A statistical table including the number of times an event occurs. It measures the relative frequency that a variable can take on a set of values. frictional unemployment

Fluktuationsarbeitslosigkeit, temporäre/friktionelle Arbeitslosigkeit

Also called casual/search/transitional unemployment. Minimum level of unemployment that is normal and unavoidable, generally of short duration.

- 614 Unemployment due to: 1. a temporary imbalance between the supply of specialized labo(u)r and the demand for specialized labor, 2. workers changing jobs, 3. immobility of laoor between jobs, 4. people looking for their first jobs, 5. seasonal workers. Additionally it may be caused by economic frictions, such as changes of demand and supply or the introduction of automation. Labor market policies can reduce this type of unemployment by making job information more available, so that new unemployed are able to find work more quickly. Note: even during full employment frictional unemployment will still exist. friendly society

Hilfs-, Unterstützungsverein Versicherungsverein auf Gegenseitigkeit ( W a G )

A nonprofitmaking organization run by its members for their mutual benefit or protection. Also called provident society. An insurance company owned by its policyholders. Profits, after deduction of business expenses, are distributed among the policyholders in proportion to the amount of business they do with the insurer. Also called benefit society, mutual company, mutual insurance association/company/society. friendly takeover

freundliche

(Firmen)Übernahme

Also called friendly acquisition. A situation where one company (the acquirer) is gaining control of another (the target/ victim company) with the approval of the second company's board of directors. fringe benefits

freiwillige

betriebliche Leistungen, Lohnneben-, Lohnzusatzleistungen

Also called ancilliary pay, perks or perquisites. Expenses and benefits in kind paid to employees over and above their salaries. Under this heading come such things as supplemental unemployment benefits, holidays with pay, health insurance, sports facilities, sick leave, company pensions, travel pay, luncheon vouchers, subsidized canteens, removal expenses, or the provision of a car. In some occupations it has always been customary for employees to receive some payment in kind in addition to their money wages, eg employees are provided with nouses, travel free or receive travel concessions, are allowed to purchase limited quantities of the goods they produce at reduced prices, etc. Some fringe benefits (eg the provision of a company car) are taken into account in assessing an individual s liability to income tax. front cover Also called front/title page. First page of a magazine, newspaper or journal.

Titelseite

-

front end fee

615

-

Abschlußgebühr (BaW) anfängliche Provisionsoelastung (Vers)

In lending, a fee payable at the beginning of a loan or credit. In insurance, the initial loading of administration charges and commission into the first premium paid for an insurance. Also called front (end) loading. front end load

hohe (Kredit)Anfangskosten

The placing of the greatest proportion of the administration expenses of a loan into the first payment by the borrower or in the early years. frontier

Grenze

The barrier/border between one country and another. frozen

gesperrt, eingefroren

Also called blocked. Accounts, assets, balances and credits which the owners cannot use as they are temporarily blocked, eg the USA froze the assets of the Afghans, Iranians or Iraqis heia in American banks. frozen assets

festliegende, schwer verkäufliche Vermögenswerte eingefrorene Vermögenswerte

In general, assets that cannot immediately be converted into cash. Assets that cannot be sold easily without damaging the business. Any asset that cannot be sold because of pending or ongoing legal action. Assets that for one reason or another cannot be used, sold or exported because of governmental decision. frustration

objektive Unmöglichkeit (der Vertragserfüllung) Frustration

In contract law, the failure of a contract because of some major event (that is not the fault of the contracting parties) which prevents fulfillment. Also callea frustration of contract or lapse of purpose. The state of feeling discontented because of not achieving one's goals. FT All Share Index Also called FT All or All Share Index.

FT-A11 (Aktienindex der Financial Times) (GB)

-

616

-

In GB, a share index published by the Financial Times (FT), giving share prices of all company shares listed/quoted on the London Stock Exchange. FT Index Also called FT 30, Financial Times 30 Index, Thirty-Share Index, Financial Times (FT) Ordinary Index or FT Industrial Ordinary Share Index. In GB, an index published by the Financial Times, giving share prices on the London Stock Exchange based on 30 blue-chip industrial shares. See also Financial Times. FTSE Share Index (Footsie)

Aktienindex (Footsie) der Financial Times (GB)

Also called FT 100, FTSE 100. Shorthand for the Financial Times Stock Exchange 100 Share Index. A computerized share index of GB's 100 leading companies (this is the main London index). It began life at a level of 1,000 on New Year s Day 1984. fulfillment

Vertragserfüllung Erfüllung

The carrying out of the terms of a contract. Also called completion/discharge/ fulfil(l)ment/performance of contract. The feeling of being satisfied, eg in your job. The action of doing what you have promised. The situation that something wanted, needed, etc happens. full bodied coin

Kurantmünze

A coin made out of a material that is as valuable in other uses than when it is used as money. full cost

Vollkosten

The cost of a unit of output which includes the variable costs of production and an appropriate proportion of fixed (costs). Cost of manufacture including direct/variable costs and a proportion of indirect costs/overheads and arrived at by absorption costing. full cost pricing Also called markup pricing.

Vollkostenkalkulation

-

617

-

The firm estimates the average cost of producing the good and then adds on a percentage markup for profit. full coverage

voller Versicherungsschutz, volle Deckung

Also called full cover. Any form of insurance which provides for full payment, ie without deduction, of all insured losses up to the amount insured. full disclosure

vollständige Offenlegung

The presentation of all significant or material data, eg in financial statements. full economy

erweitertes Wirtschaftskreismodell

An economy which contains the following sectors: 1. households, 2. trading enterprises, 3. financial enterprises, 4. government, 5. foreign/overseas trade. full employment (FN)

Vollbeschäftigung

A situation in which all those able and willing to work are provided with work, ie the number of jobs available at prevailing wage rates equals the number of people available for work. It does not necessarily mean that there is no unemployment; in practice 100 % employment cannot be achieved. Full employment is regarded as a highly desirable objective in our economic policy (note: most governments try to achieve some targeted level of unemployment, eg 4 % of the total workforce). An essential condition for full employment is that public and private expenditure are sufficient to prevent a general deficiency in demand. To maintain or achieve aggregate full employment, the government may apply labo(u)r market policies to encourage business expansion. There must also be organized mobility of labo(u)r. Experience has shown that the maintenance of full employment produces problems of its own: 1. the danger of inflation is increased (overinvestment is likely to occur; the high wages policy of the trade/labor unions), 2. the quality of labo(u)r may fall, 3. the level of employment is to a large extent dependent on export trade. full employment output

Ausbringung bei Vollbeschäftigung

Also called potential output. Output where the demand for and supply of labo(u)r (and other factors) are equal. full endorsement

Vollindossament

An endorsement showing the name of the endorsee and the signature of the endorser.

-

618

-

full fare

voller Fahrpreis

Ticket for a journey by an adult at the full price. full line forcing

Zwang zur Abnahme eines ganzen Sortiments

A form of tying arrangement in which a full-line supplier insists that the retailer takes all his product Tines and not just those which the retailer feels are good sellers. full payment

Zahlung in voller Höhe

Also called payment in full. Payment of all money owed. full price

voller Preis

The price with no discount. full service bank

Universalbank (Bank mit umfangreichem Dienstleistungsangebot)

Also called nonspecialized/one-stop bank. A bank offering the public most, if not all, of the banking services expected from banks. Today, many banks are full service banks so that they cover activities, such as: receiving deposits, transferring funds, keeping accounts, paying cheques/checks and bills of exchange, granting loans, issuing letters of credit, dealing in securities, etc. full settlement

volle Bezahlung, voller Ausgleich

Full settlement of a debt means that a debtor pays what he/she owes to a business in one amount. full time work

Vollzeit-, Ganztagsbeschäftigung

Also called full-time employment/job. A situation where a person works in a company on a full-time basis. Today many people, particularly women, work only half-time or part-time. fully blocked letter

Brief in Blockform

In business correspondence, these are letters in which all lines begin flush with the left-hand margin. fully comprehensive cover

Vollkaskoversicherung

Also called fully comprehensive/full coverage insurance or comprehensive (automobile/car) insurance.

-

619

-

This is a common form of motor/car insurance. It covers accidental loss or damage to the policyholder's own vehicle in addition to the cover provided by "third party, fire and theft cover". fully paid (up) policy

prämienfreie Lebensversicherung mit gekürzter Versicherungssume Lebensversicherung mit verkürzter Beitragszahlung

If a policyholder wishes to terminate his/her life assurance/insurance before policy maturity but does not want to accept a surrender value, it is possible to have such a policy. The sum assured/insured will be reduced and no further premiums are necessary. A limited payment life policy under which all premium payments have been made; no further premiums have to be paid and the policy remains in full force for the life of the insured. fully subscribed

vollständig gezeichnet

The situation that arises when the whole of a new issue o f shares/stocks or of a bond has been subscribed by investors. function

Funktion (Mathematik) Aufgabe, Tätigkeit Veranstaltung

A mathematical formular of a functional relationship. The values of a set of independent variables determine the value of the dependent variable. Functions can be expressed in different ways: as an equation (eg C = 0.8Y); a graph (eg C on one axis, Y on the other); or a tabulation (eg certain values of C in one column and the corresponding values of Y in the other). A usual notation is: Y = f(Xi, , X¡). Y is the dependent variable; X¡ is the ith independent variable; f( ) denotes the functional relationship. A major business activity which is controlled by a functional manager. A large party or event. functional discount

Funktionsrabatt, Handelsrabatt

Also called trade discount. A different discount granted to effect different prices for different customers. A price concession granted to an intermediary/middleman for providing such services as storage, handling, and selling. functions of banks

Aufgaben von Banken

There are many functions of banks: e.g accepting deposits (the oldest function), the issue of banknotes (today the right of the central bank), advances to customers (eg by loan, by overdraft, by discounting bills of exchange, by financing hire-purchase

-

620

-

transactions), agent for customers (provision of services such as: the purchase or sale of securities, me issue of t r a v e l l e r s ' cheques/checks and bank drafts, foreign exchange business, acting as trustee, acting as reference, etc.). functions of money

Geldfunktionen

Money has four main functions: 1. to act as a medium of exchange: this prevents the necessity for barter; goods and services are exchanged for money; 2. to act as a measure of value and a unit of account: accurate values can be alloted to different articles; 3. to act as a store of value: ie it acts as a store of wealth, but this is only useful if its value is stable; 4. to act as a standard for deferred payments: transactions can take place in the present and payment can follow at some future date; a system of credit can only operate in a monetary economy. fund

Kapital (Anlage)Fonds Geldmittel

Money or other resources set aside for a special purpose, eg from which to pay pensions or insurance claims. Money invested in an investment trust or unit trust. Money given to a financial adviser to invest on behalf of a client. fundamental disequilibrium

fundamentales Ungleichgewicht

An u n f a v o u r a b l e balance of payments which arises when the internal value of a currency falls below its external value. The currency is overvalued externally so that imports tend to rise and exports tend to fall. The u n f a v o u r a b l e balance of payments will persist until the internal and external values are brought into line, eg 6y raising the internal value of the currency by deflation or by reducing the external value of the currency by devaluation. Future contracts on financial instruments (eg bonds, promissory notes, Treasury bills), allowing the holders to take advantage of price movements and movements in interest rates. fundamental risk

Katastrophenrisiko, Risiko höherer Gewalt

This type of risk affects either society in general or groups of people, and cannot be controlled even partially by any one person. Such risk is present in tne forces of nature and the economy, since the outcomes are beyond individual control. funded debt Also called consolidated/permanent debt.

langfristige (öffentliche) Schuld/Verbindlichkeit, Anleiheschuld

-

621

-

The long term debt of the government or of a business, especially when it consists of bonds. funding

Refinanzierung am freien Markt Fundierung, Konsolidierung, Umschuldung Refinanzierung

Funding in the open market means the selling of securities (eg Treasury bills) by the central bank. The conversion of short term (government) debt into long term debt. Also called consolidation. The process of refinancing. funds

Eigenmittel verfugbare finanzielle (Geld)Mittel Kapital Wertpapiere der öffentlichen Hand (GB) Einlagen

Resources which a business uses. The finance (cash or its equivalents) available to an entity, ie money which is available for spending. Capital. British government stocks are sometimes known collectively as "The Funds". Deposits on which cheques/checks or bills of exchange can be drawn. funds transfer

Überweisung (von Geldern)

Also called remittance or transfer. Moving funds from one account to another. fungibles

fungible, vertretbare Sachen/Waren; Fungibilien

Also called fungible/merchantable goods. Assets which individually are so similar so that they are not distinguishable from one another. furniture

Büromöbel, Mobiliar

Also called office furniture. A general name for items like chairs, cupboards, desks, etc. which a business needs for its offices.

622

further education

Fort-, Weiterbildung

Also called further training. That part of education which is concerned with the education of those who have left school, but have not moved into higher education, eg at colleges or universities. Further education is primarly vocational and often takes place in evening schools or institutes of higher education. future delivery

Terminlieferung

Delivery of something at a later date. future shock

Zukunftsschock

A phrase coined by the contemporary writer Alvin Toffler which describes a situation when people suffer disorientation and confusion because social, economic, political, technological and scientific change is happening very quickly. futures

Termingeschäfte, Terminkontrakte Terminwaren

A "future" is a contract to deliver standard commodities or financial instruments in the future at a price fixed now. A futures contract takes the form of a fixed and binding contract, ie it obligates buyer and seller to fulfil(l) the contract. For some commodities the markets quote a number of prices, varying according to delivery date. There is, however, no intention of actually making a delivery. The contract will be fulfilled by paying or receiving the difference between the contract price and the then current price. Dealing in futures insures the buyer against a rise in prices and insures the seller against a fall in prices. The commodities in futures contracts. futures contract

Terminkontrakt

A contract for the sale or purchase of financial instruments (eg securities) or standardized goods at a particular price for future delivery. A futures contract obligates the purchaser to buy the underlying financial instrument or commodity and the seller to sell it. Many futures contracts take the form of options (which can be exercised at the discretion of the option holder) to hedge against uncertainty about future prices. futures exchange An exchange where futures contracts are traded.

Terminbörse

-

futures market

623

-

Terminbörse, Termin(kontrakt)markt Warenterminmarkt

A market dealing in futures and options on shares/stocks, bonds, foreign currencies and commodities. A commodity exchange where futures contracts are traded. Sometimes called terminal market because commodities are bought for delivery after a certain time. Dealings in futures take place in cocoa, coffee, sugar, certain cereals, oil, seeds, rubber, wool, cotton and some metals. In most of the markets the commodities can be very accurately graded and described, and it is because of this that dealing can take Çlace without an actual inspection of the goods being necessary, he purpose of futures is to insure against losses due to price movements and to enable makers and traders in the goods to ensure their business profits and not to make profits just by buying and selling futures. Note: different exchanges specialize in particular kinds of contracts. futures price

Terminkurs, Preis fur Termingeschäft

The price of a commodity or financial instrument (eg a currency) determined on a futures exchange. futures trading

Terminhandel

Purchasing or selling financial instruments (eg a currency) or commodities for future receipt or delivery. futures value

Zukunftswert

The value that a sum of money invested at its present value (PV) and at compound interest will have in the future. futurology

Zukunftsforschung

The study or forecasting of future trends or developments.

-

624

-

G Good ware makes quick markets. (Proverb, 1611)

gain

Gewinn, Ertrag Wertzuwachs Verdienst Kursgewinn Wecnselkursgewinn Vorteil, Nutzen

A term used to describe profits of an irregular or nonrecurrent nature, ie profits not arising from normal trading activity. Also called earnings, income or profit. An increase in value or wealth. Also called appreciation or increase in value. A payment received on the sale of an item when cash received exceeds book value. A profit received on the sale of securities. Also called stock price gain or market profit. A profit received on the sale of foreign exchange. An advantage or benefit. gain sharing

Beteiligung am Produktivitätszuwachs

An additional wage payment (ie a bonus) paid to employees due to productivity increases. gainer

Gewinner/in

A person or thing that gains, eg someone who gains on the stock exchange. gallon (gal)

Gallone

A measure of capacity, both for dry and liquid articles. One American gallon = 3,7853 1 (liquid measure) or 4,405 1 (dry measure). galloping deflation

galoppierende Deflation

A high rate of persistent deflation, ie a situation where prices fall continuously.

-

galloping inflation

625

-

galoppierende Inflation

Also called hyperinflation or cantering/raging/runaway/snowballing inflation. A very high rate of persistent inflation. Prices rise so rapidly so that the value of money declines to a fraction of its former value. People quickly lose confidence in the monetary system. gamble riskantes Unternehmen (Börsen)Spekulation To play a game of chance or skill for money; to take risks in the hope of gaining money or advantage. Any business venture in which risk and uncertainty predominate. Also called speculative venture. In the stock market, to deal in highly speculative stocks without knowledge of the risks involved. Also called speculation. gap analysis

Marktlücken-, Lückenanalyse

In general, gap analysis is used to investigate the difference between any target and any forecast. A systematical study of markets and of all known consumer wants of a particular product category to spot any gaps which exist in a market and that is not at present being provided with a particular product or service. Such an analysis shows up where new products can be introduced/launched because they find and are capable of satisfying unfulfilled wants and demands. garbology

Abfallwirtschaft, Müllkunde

The study of consumer behavio(u)r and preferences for foods and products by examining disposed goods found in the garbage and trash to learn what it reveals about a society's social or cultural patterns. garnishee

Dritt-, Pfändungsschuldner/in

A third party who has obtained notice from the court not to pay any money which he/she owes to another (the judg(e)ment debtor), who is indebted to the person giving the notice (the judg(e)ment creditor). garnishee order

Pfandungs- und Überweisungsbeschluß, Verbot der Zahlungsleistung an Dritte

Also called garnishment. This is an order from the court instructing a third party who owes money to a judg(e)ment debtor (the garnishee) to hold the judg(e)ment debtor's funds, or goods, for the benefit of the judg(e)ment creditor (the garnisner) in whose favo(u)r the order is granted.

62 6

gate money

Eintrittsgelder, (Sport)Einnahmen

A name for the cash receipts from entrance fees/admission charges for sports events, pop concerts etc. gazette

Staatsanzeiger, Gesetz-, Amtsblatt Zeitung USA)

An official publication issued by government authority, containing the current legal and state notices; bankruptcies, liquidations, dissolutions of partnerships, etc. Also called official register (US), official bulletin or official journal (EU). In the USA, a newspaper. gearing bevorrechtigten Kapitalien zu den Stammaktien) Also called leverage (US). One of the most important ratios to assess the capital structure of a company. The gearing is the ratio between a company's permanent loan capital and its equity. The greater the proportion of borrowings, the higher the gearing (the company is said to be high-geared); the lower the proportion of borrowing, the lower the gearing (the company is said to be low-geared). A company must pay interest on its permanent loan capital before it can decide on the dividend to award to stockholders/snareholders, and therefore the ratio between the two will affect dividends. Those firms likely to make very different amounts of profits (or even losses) from year to year should avoid having too much permanent loan capital (ie a high gearing). The ratio between a company's fixed-interest debt capital (ie preference shares/preferred stocks and bonds') and its equity (ie ordinary shares/common stocks). Bondholders and preference snareholders/preferred stockholders have a prior charge/preferential claim. general acceptance

unbeschränktes (reines) Akzept, bedingungslose Wechselannahme

Also called clean/unconditional acceptance. An accepted bill (of exchange) without special conditions. For example, the drawee (now the acceptor) accepts the bill of exchange without qualifying the tenor/term in any way. general agent (GA)

Generalvertreter/in

Also called free/universal agent or general representative. A person employed to conduct a particular business or trade within a specified area.

-

General Agreement on Tariffs and Trade (GATT)

627

-

Allgemeines Zoll- und Handelsabkommen

GATT resulted from a convention held in Geneva, Switzerland, in 1947 and was signed by 23 nations. It had the object of extending international trade by removing restrictive government measures such as import licenses and quotas. Member nations met periodically to negotiate tariff reductions which had to apply to all countries. The greatest tariff reductions were achieved in what was known as the "Kennedy Round" (1967) and the Uruguay Round (1986-1993). Note: in 1996, the GATT was replaced by the WTO (World Trade Organization). general average (GA, G/A)

große (gemeinschaftliche) Havarie, Havarie-Große

In marine insurance, general average relates to any loss, sacrifice or expenditure, extraordinary in nature, which is voluntarily or reasonably incurred for the common safety of a snip or its cargo. It refers to a loss or sacrifice that is "general", ie that it must be made good by all those parties who are involved in the marine venture, and not only to rest upon the owner(s) of the damaged or lost goods. All must contribute a fair share, ie the cost of such a loss is shared (or averaged) on a prorated basis by the shipowner and all remaining cargo owners. Note: the classic example of this is jettison to lighten a straded ship/vessel. general cargo

Stiickgut(ladung)

Also called piece goods or less than carload lot (LCL). Goods requiring less space when transported than that available in a single freight car. general contractor

Generalunternehmer/in

Also called prime contractor. A person who contracts for a whole project and hires subcontractors to do specialized work. general crossing

allgemeine Kreuzung, allgemeiner Verrechnungsvermerk (auf einem Scheck)

A crossed cheque/check, ie a cheque/check with two transverse parallel lines across its face/front. It must be cleared into a bank account. But it does not have to go into the account of the person named on the cheque/check - this is because it is an order cheque/check. general damages

Entschädigung/(Schaden)Ersatz fur persönliche Nachteile

Damages ordered by a court to be paid by one person to another when the loss or damage suffered by the injured party cannot be exactly assessed in financial terms, eg the loss of a limb.

-

628

general delivery

-

postlagernd (USA)

Also called poste restante (GB) or to be called for (US). In the USA, mail delivery at post office to persons who call for it. general demand curve

allgemeine Nachfragekurve

The law of demand and supply states that the more the price of a commodity is decreased, the greater the quantity that will be demanded.

general equilibrium (GE)

allgemeines/totales (ökonomisches) Gleichgewicht

Also called general economic equilibrium. A theoretical situation where all markets in an economy are simultaneously in equilibrium, ie prices and quantities of goods and services do not change. Supply equals demand in all markets. general inquiry

allgemeine Anfrage

A request for general information, ie the inquirer/enquirer only asks for price lists, catalogues/catalogs, visits from representatives, etc; he/she is not interested in specific details as requested in a special inquiry/enquiry. general insurance

Sachversicherung, das gesamte kurzfristige Versicherungsgeschäft

Insurance which is not long-term insurance, ie all kinds of short-term insurance, except life assurance/insurance.

629

general lien

allgemeines Pfandrecht, Zurückbehaltungsrecht

The general right of a person to retain goods in his/her possession, ie a type of security over property. Note: the property retained is not connected with the debt owed but includes all toe property owned by the debtor. Other types of lien are: 1. legal lien: the creditor has the right to retain possession of a debtor's property until the debt has been paid, 2. particular lien: the property retained is connected with the debt owed, 3. equitable lien: it may exist irrespective of possession and arises by operation of law. general manager (GM)

(Haupt)Geschäftsfuhrer/in, leitende/r Angestellte/r, Generaldirektor/in

A person (a senior manager or chief executive) who represents the executive of the firm. He/she determines and influences the broad objectives of a firm and is concerned with the formulation and interpretation of its policy and long-term planning. Futhermore, his/her duty is to supervise the various departments and to coordinate their activities. He/she has to know every detail of the firm's business, he/she must have energy and drive, he/she must have organizing ability, experience in marketing, knowledge of the law, of tariffs and of the complications of taxes, etc. On his/her efficiency depends to a very great extent the success of the firm. To help nim/ner in this he/she has an assistant manager (usually a junior manager) who takes all secondary jobs from his/her shoulders - it is the assistant manager who is often the general manager of tomorrow. general meeting

Hauptversammlung (HV)

Also called company/corporation meeting or shareholders'/stockholders' meeting. A meeting of the shareholders/stockholders of a company/corporation. At least one regular meeting is usually held each year (the annual general meeting, AGM). Note: notice of a general meeting must be given according to company legislation, and minutes must be kept of the proceedings. general merchandise

Gemischtwaren

Variety of consumer type merchandise. general offer

öffentliches Angebot

An offer to the public at large. general partner

Vollhafter/in, Komplementär/in, persönlich haftende/r Gesellschafter/in

Also called full/ordinary partner or personally/unlimited liable partner. The active partner(s) in a general/ordinary or limited partnership.

630

The partners have unlimited liability (ie they are fully liable) for the debts of the business and they are jointly and severally liable. They participate fully in the profits, losses, and management of the partnership (note: the general partners are entitled and obliged to manage the firm). The actions of all the general partners are binding on the partnership. Note: 1. all partners in a general partnership are general partners, 2. a limited partnership must have at least one general partner. general partnership

Offene Handelsgesellschaft (OHG) Personengesellschaft

A form of business organization in which two or more persons join together to carry on some form of business activity. All the partners participate fully in the profits, losses, and management of the business and are fully liable for its debts. The actions of all the partners are binding on the undertaking. Once a firm is liable under the contracts entered into by a partner, all the partners are jointly liable. The Partnership Agreement, often called the Articles of Partnership, is a formal agreement, mainly regulated by the Partnership Act. All the terms of partnership, other than those contained in the Act, must be stated in the partnership agreement. Each partner is allowed drawings/withdrawals which are really profits taken in advance. Books of account must be kept and each partner has access and the right to copy them. Also called ordinary partnership or unlimited partnership. Any association of two or more persons to pursue a business for profit as joint participants. Also called partnership general policy

Generalpolice, Sammelpolice, offene Police (Vers)

Also called floating policy, open cover/policy or floater. A term used in (export) insurance. Under this policy the seller/exporter declares the value of each shipment to the insurer when he/she makes it, up to a total amount previously agreed with the insurer. This policy is helpful when the seller/exporter is regularly dispatching goods which he/she wishes to insure. general post office (GPO)

Hauptpost(amt)

Also called head post office. The main post office in a city with several branch post offices. general price level

allgemeines Preisniveau

Also called general level of prices. A sort of average of the prices of all kinds of commodities (producer goods and consumer goods) and services. general reserve(s)

allgemeine, freie, offene Rücklage/n

Also called general purpose reserve(s) or disclosed/open reserve(s).

-

631

-

A revenue reserve created for unspecified purposes. Some part of the profit of a company is not distributed to the shareholders/stockholders. The retained/undistributed profit is transferred to a general reserve. general retail price index

Einzelhandelspreisindex

Also called retail price index (RPI). The RPI is based on a large series of items (commodities and services) which go into the average basket bought by households. Items are chosen that can represent price movements of commodities and services as a whole. Because some items are more important than others, they are weighted. Prices for the RPI are collected from selected areas. The main groups comprising the RPI are as follows: food, alcoholic drink, tobacco, housing, fuel and light, durable household goods, clothing and footwear, transport and vehicles, services, miscellaneous goods, meals bought ana consumed outside the home. Note: the RPI is an index of retail price changes and not a cost-of-living-index. general strike

Generalstreik

A strike of workers in all or most businesses of a country (then also called national strike) or area. general supply curve

allgemeine Angebotskurve

This curve indicates increased supplies coming on to the market as prices rise.

general terms and conditions

allgemeine Geschäftsbedingungen (AGB)

Also called general business/sales/standard conditions.

conditions or standard terms and

-

632

-

The standardized contract items that permit the contracting parties to refer to a preestablished set of rules that can be incorporated into their contract. general unemployment

generelle/allgemeine Arbeitslosigkeit

Sometimes called cyclical unemployment as it is associated with cycles or fluctuations in economic activity. Unemployment due to a general deficiency of demand and, therefore, affecting nearly all industries at the same time. If the government fails to generate an adequate level of aggregate monetary demand (AMD) there will be general unemployment in an economy. general union

Einheits-, Industriegewerkschaft, allgemeine Gewerkschaft

Also called industrial union. A type of trade/labor union which represents large numbers of skilled, semiskilled and unskilled workers from wide areas of industry. There is no limitation of recruitment interest, either occupationally or industrially. Problems can occur if groups within a general union follow sectional interests. Generally Accepted Accounting Principles (GAAP)

allgemein anerkannte Grundsätze der Rechnungslegung (USA), Grundsätze ordnungsgemäßer Buchführung (GoB, D)

In the USA, conventions, practices, guidelines, rules and procedures generally accepted in accounting. generic term

Gattungsbezeichnung, Gattungsname, Oberbegriff

Also called generic name. A name which is not registered and is applied broadly to a kind of product, eg aspirin, biscuits, instant food, margarine, petrol, etc. In marketing, applied to brand names which have become adopted as the general descriptive term for a product (eg people may refer to a "Biro", a "Fon" (a German term) or a "Hoover", where the generic terms are ball-point pen, (electric) hair-dryer or vacuum-cleaner. gentleman's agreement

Gentleman's Agreement, Vereinbarung nach Treu und Glauben, Gentlemanvereinbarung, Absprache unter Ehrenmännern

A contractual arrangement between two or more persons made orally and that is not enforceable by legalaction. It relies on goodwill and trust between the parties.

-

633

geographical mobility

geographische Mobilität

Also called geographic mobility. The ability or willingness of workers to move about the country in search of employment. geometric mean

geometrisches Mittel

Also called geometric average. In statistics, an average obtained by multiplying together the η given quantities and taking the nth root of the product. geometric progression

geometrische Folge

Also called geometric sequence. A series of numbers, or algebraic terms, in which each element is greater than the one before it by a constant multiple, eg 2, 4, 8, 16, 32. Giffen good

minderwertige Ware, Giffen-Gut

A commodity for which demand increases as its price increases and vice versa (ie demand falls at lower prices). Demand does not follow the classical laws of supply and demand. This behavio(u)r was noticed by the economist Sir Robert Giffen (1837-1910) Inferior goods are often called "Giffen goods". This is the term applied usually to those basic foodstuffs consumed by people on very low incomes. gift

Schenkung, Geschenk Zugabe

This is a gratuitous transfer of the ownership of property. Ownership passes when the donor delivers the goods to the donee. Also called donation. In marketing, an extra. Also called bonus, free gift or giveaway. gift tax

SchenkungsSteuer

Also called tax on donations. A tax levied on transfers of wealth between individuals, whether by gift during a person's lifetime or by bequest/legacy on death. gift voucher

(Geschenk)Gutschein

Also called (gift) coupon, token or voucher. A card, bought in a shop, which is given as a present and which must be exchanged in that shop for goods or services.

-

634

-

A document given to a customer as a special incentive to purchase, usually involving money-off against next purchase of qualifying brand, or providing an opportunity for a special purchase. gilt edged investment

Anlage in Staatspapieren, erstklassige (mündelsichere) Anlage

Bonds, (promissory) notes, commercial paper or other first-class/prime investments. gilt edged securities

Staatspapiere, Staatstitel (münaelsichere Wertpapiere)

Also called gilts. These are securities issued by the government representing their borrowing from the public to meet capital expenditure. They bear a fixed rate 01 interest guaranteed by the government, and in many cases are repayable at their face/nominal value at some future date. They can be regarded as an absolutely safe investment, because the holder knows that the government will pay him/her the amount on the day that the security matures/falls due. The problem is that inflation will have eroded the value over the life of the security. Their prices tend to fluctuate in accordance with interest rates generally. They are called gilt-edged securities, because the original gilts were recorded in a book that had gilt/gilded/golaen edges. gimmick

witzige, sensationelle Werbung; Werbetrick

Also called hook. In advertising, a clever idea or trick to get attention, increase popularity or to establish identity for a product image. The idea or object is novel or highly unusual. giro system

Girowesen, Giroverkehr bargeldloser Zahlungsverkehr, Überweisungsverkehr

A banking system through which payments are cleared. Transfers between accounts are effected through the banking system using the clearing house. The system was developed in Germany. Also called giro transactions/clearing. The transfer of funds from the debtor's account to the creditor's account. Also called giro/giro credit/cashless money transfer or cashless payment. giro transfer

Überweisungsverkehr

Also called (giro) credit transfer, cashless money transfer, or cashless payment, bank transfer payments.

or

The giro service enables people to make or receive payments at any bank or post office. It covers cheque/check and credit transfers, standing orders and direct debits.

-

girobank

635

-

Postbank (GB)

Formerly called National Giro. In GB, the giro system operated by the post office. It provides a current account banking and money transfer service. Holders of a current/giro account have the following facilities: the customer is provided with girocheques (these can be used to pay people without giro accounts or to draw cash); bills/invoices can be settled by transfer (the customer completes a transfer form and sends it to the National Giro Centre; the money is simply transferred from the customer's account to the payee's account); it provides an inpayment service by which cash payments can be made by people without giro accounts to people with giro accounts; it enables standing order payments, direct debiting services, and other banking services. giveaway

Werbegeschenk Werbezettel, Flugblatt Radio- oder Fernsehprogramm mit Geschenken/Preisen

Inexpensive promotional piece (eg plastic flowers, small toys) distributed to prospective/potential customers. Tnis is a method of motivating the consumer to buy one's brand in preference to that of competitors. Also called aavertising/free/goodwill gift. A leaflet. Also called flier/flyer, handbill or handout. A radio or TV game show where a prize or gift is given away to contestants/competitors or the listenership or viewership (the listemng or viewing audience). Also called giveaway program(me)/show. giveaway magazine

Anzeigenblatt, Werbezeitschrift

Also called freesheet/free sheet, freebee or shopper. A magazine depending entirely on advertising for its revenue and distributed free of charge. glamour stock

stark gefragte Aktie

Shares/stocks for which there is a great/heavy demand at the moment, thus driving up the prices. In times of a rising market, these tend to rise faster than the market. Often the shares/stocks are not expected to remain in demand for a long period of time. glass insurance

Glas(bruch)versicherung

Also called glass breakage insurance. Insurance that provides compensation for damage (accidental breakage) to plate-glass windows and doors as well as most other kinds of fixed glass. In private houses it is often covered by household policies.

636

global brand

Weltmarke(nartikel)

A product using the same brand name and promoting the same brand image in all countries in which the company does business. The essential argument in favo(u)r of the global brand is the increasing homogeneity of lifestyles, consumer perspectives and retailing and other distribution systems throughout the world. global company/corporation

Weltunternehmen

Also called international company/corporation. A company that markets its products worldwide and permits only minimal adaptations to local conditions and tastes from one country to another. All its strategies such as financial, advertising, and marketing are global and leave little room for regional or national differentiation as to their products. global economy

Weltwirtschaft

Also called world economy. All national economies which are interrelated through trade, etc. global player

weltweit tätiger Multikonzern

In international trade, a multinational company/corporation (MNC) with many foreign subsidiaries playing an important role in international competition. global policy

Gesamt-, Globalversicherung Mantelpolice (Vers)

A combination of several coverages to protect the insured. Also called comprehensive cover(age)/policy. An insurance policy providing same level of protection in several different countries. global product

Weltmarke(nartikel)

A product with a brand name which is known worldwide. globalization/globalisation

Globalisierung

Increasing internationalization of all markets, industries and commerce. Globalization views the world as a global market. The tendency for firms to operate in a global market, both for sales and supplies is accelerating. Modern managers believe that a one world approach to doing business is the key to strategic direction, operational efficiency, and cost minimization. A globalized firm markets standardized products in the same way all over the world. The marketing mix has been globalized as much as possible by employing standardized products, promotion campaigns, prices and distribution channels for afl markets. Brand name, product characteristics, packaging and labelling are among the easiest marketing mix variables to standardize; price may be more difficult.

- 637 More and more large firms offer globally standardized products such as electrical equipment, videos, films, soft drinks, rock music, cosmetics, sportswear, etc. Note: for some products, a global marketing strategy, including advertising, seems to work well, while for other products strategies must accommodate local, regional and national differences. glossy paper

Glanzpapier

Also called glazed paper. Paper having a shiny or lustrous surface. glut

Überangebot, Schwemme

Also called excess/excessive supply or oversupply. An excess supply/oversupply of a commodity, service or money. go-go fund

Investmentfonds, der schnellen Wertzuwachs anstrebt

An investment fund aiming at quick and high returns by investing in speculative securities. go slow

Bummelstreik, Arbeitsverlangsamung

In an industrial dispute workers perform their duties and tasks at a lower than normal f>ace in order to pressurize the employer. Workers do not strike or withdraw their abo(u)r but, instead, slow down and obstruct the work progress. This action has much the same effect as work to rule. going concern

aktives, erfolgreiches, gut gehendes/ arbeitendes Unternehmen

A functioning and successful firm that will continue in business. The values shown in the balance sheet are those that the assets are worth to the company (note: the accounts are valued at acquisition/original costs. Bank lending is made on a "going concern" basis. going public

an aie die Börse gehen corse genen in Aktiengesellschaft umwandeln

The issue and sale of shares/stocks of a company to the public for the first time. Also called initial public offering or go public. The conversion of a (private) company into a public limited company (PLC)/stock corporation (Corp) which has its shares/stocks listed/quoted on the stock exchange. Note: a company may decide to go public to raise additional capital and gain prestige. It also means that shares/stocks assume a market value, ie a value placed on expected future profits. On the other hand, the company must publish its accounts (ie the profit and loss account and the balance sheet).

638

going rate

geltender Preis

Also called current/ruling price. Current price for a product or service. going value

Markt-, Tages-, Zeitwert Teilwert, Buchwert herrschender Lohnsatz

Market value. Also called current/present value. The going concern value, ie the worth of a business to another person or company. Thus it is the liquidation value of the assets plus the goodwill. The wage rate or salary most commonly paid to workers in a given occupation and a given labo(u)r market. gold

Gold

Soft, heavy, yellow metal of great value. It is still a main backing of economies - a country's reserves are in gold and foreign exchange. gold exchange standard (GES)

Golddevisenwährung

A situation where a country that had no gold reserves, kept its reserves in the currency of another country. Some countries wanted to obtain the advantages of the gold standard without having a gold reserve at all. Instead they kept their gold exchange standard reserves in a currency based on the gold standard. The advantage was mat the reserve could earn interest, whereas the guarding of a stock of gold involves expenses; the disadvantage was that the countries became dependent on the "parent" country. Note: this standard does not exist anymore. gold fixing

Goldfixing, Festsetzung des Goldpreises

The manner in which the price of gold is established each business day. A limited number of brokers challenge one another until a firm price (the gold price/rate) is agreed. gold reserves

Goldbestände, Goldreserven

Also called gold holdings. A central bank's stock of gold. These are the gold reserves of a country. Gold reserves are held by a country for two purposes: 1. for settlement of international debts, 2. for backing its note issue.

- 639 gold share/stock

Goldaktie

Also called golds (PI). Shares/stocks in gold mining companies, mainly in Australia and South Africa. gold standard

Goldwährung, Goldstandard

Also called gold currency. Gold serves as legal tender. A monetary system in which each unit of currency is worth a fixed amount of gold. The full gold standard means that paper money must be convertible into gold. The amount of cash in the country therefore depends upon the stock of gold. In GB, the gold standard was abandoned in 1931. Today, there is no country in the world having a gold standard. Note: internationally, it provided a stable exchange rate, fixed to the price of gold. On the other hand, the functioning of the monetary system depended on the flow of gold. golden handshake

hohe Abfindung (PW)

Also called ex gratia payment. A substantial sum of money given to employees as compensation for dismissal or compulsory retirement, or to encourage that employee to retire. Note: such payments may be taxable. good

Gut, Ware Nutzen, Wert Vorteil

A product that is manufactured/produced or otherwise made available for sale. Note: usually used in plural (goods). A benefit or worth. An advantage or profit. good faith

guter Glaube, Redlichkeit, Treu und Glaube

Also called bona fide. Fair business or private dealings undertaken honestly without intention to mislead or seek unfair advantage. When a contract is made it is presumed that people will deal honestly with one another. good for

gut fur den Betrag von ...

A banking term meaning that a customer is able to pay, ie is good for £/$ X in one amount.

640

good merchantable quality and condition

handelsübliche Güte und Beschaffenheit

In a contract, this means that the goods delivered must be up to the ordinary standard of quality and in their customary sound state. good till cancel(l)ed order (GTC) Also called open order. A commodity or stock exchange term. An order to buy or sell securities or commodities, usually at a particular price, which remains in effect until it is either executed or cancel(l)ed. goods (gds)

Güter, Waren

Also called commodities. Generally, movable items offered for sale, eg by a merchant. Goods contribute directly or indirectly to the satisfaction of human wants. Goods may be classified as: 1. free good: this is a good which possesses utility, but is in such abundant supply that it can be obtained freely with almost no effort or cost; 2. economic good: a good which possesses utility but is scarce relative to demand and is only obtainable at a price; these goods can be divided into consumption/ consumer goods and investment/producer goods. goods and chattels

Hab und Gut

Goods, possessions and property, belongings. goods and services tax (GST)

Waren- und Dienstleistungssteuer

In Australia, Canada and New Zealand, a consumption tax imposed as a value added tax on the supply of goods and services, based on the value/price of the commodity or service. This tax is similar to VAT (GB) or sales tax (US). goods in transit insurance

Gütertransportversicherung

Also called transit insurance. An insurance policy that covers all risks of loss or damage from the time the goods begin to be loaded onto a vehicle until the time that unloading at destination is complete. Often insurances are subject to a small excess/deductible. The premiums charged depend on the nature of the transit, the goods to be transported, and the value of the goods. goods on approval

Waren zur Ansicht/auf Probe

Goods sent to a (prospective) customer who wishes to see them before deciding whether to buy.

-

641

-

The supplier/seller will allow the customer a stated number of days to make a decision. The customer must return the goods within the time allowed, otherwise he/she is presumed to have bought them and cannot afterwards compel the supplier to take them back. If he/she decides not to keep them, he/she must inform the supplier and return the goods. Note: when the supplier sends for inspection goods not asked for, the customer is not obliged either to buy them or to return them, out he/she must take reasonable care of them until he/she receives the supplier's instructions as to disposal. goods on consignment

Kommissionsware Konsignationsware (AuW)

Also called goods on commission or consignment/consigned goods. Goods sent to an agent for sale on a commission basis. Goods sent by an overseas firm to an agent in this country for sale on its behalf. The goods are not sold to the agent but only transferred to him. He sells them, deducts his expenses and commission, and sends the balance to the overseas firm. goodwill

Goodwill, (immaterieller) Firmen-, Geschäftswert

Goodwill - that part of the value of a business attributable to its reputation and connections. "Cat goodwill" is goodwill attached to valuable premises and "dog goodwill" is based on the special knowledge or skill of the people running a business. The seller of an old business will want to be paid not only for the net assets, but also for having saved the buyer the trouble of having to build up connections, ie for the goodwill. This goodwill has monetary value - but only when a business is sold. The amount to be paid for it is usually taken as being equal to the profits for one or more years. The value of goodwill may be nil if a business is unprofitable. The goodwill may be in: 1. the name of the business: the name may be associated with a certain quality of goods; 2. the trademark: people may buy the goods because of the trademark; 3. the place of the business. Note: goodwill is an asset, but appears in the balance sheet only when it has been bought and paid for. Gossen's laws

Gossensche Gesetze

The laws developed by the German economist H. H. Gossen (1810 - 1858). The first law states that the pleasure obtained from each additional amount consumed of the same commodity diminishes until saturation is reached. The second law states that once a person has spent his/her entire income, he/she will have maximized his/her total pleasure from it only if the satisfaction gained from the last item of each commodity bought is the same for each commodity. Gossen's third law, derived from the first two, states that a commodity has a subjective value, and the subjective value of each additional unit owned diminishes and eventually reaches zero.

-

governance

642

-

Herrschaft, Kontrolle

The philosophy or the exercise of authority, control or ruling. Note: corporate governance is the theory of the way companies should be run. government (govt)

Regierung

The act of governing. The persons who govern. The government of a state involves the carrying out of three functions: 1. the executive function, 2. the judicial function and 3. the legislative function. government bank

Staatsbank

Also called national/state bank. A country's central bank, ie the central monetary authority that performs a number of key functions, for example, issues the nation's currency, regulates the money supply in the economy, manages the external value of its currency, etc. For example, the Bank of England acts as banker to the government and maintains accounts for the government. The money received from taxation is paid into the Exchequer Account, and it is from this account that payments of current expenditure are made. government bills

kurzfristige Staatspapiere

These are short-term government securities, eg Treasury bills (T-bills). government bond

Regierungs-, Staatsanleihe

Also called government loan or state bond (US)/loan. A document issued by the government in return for a loan to finance expenditure which is not covered by taxation. The lender is guaranteed a fixed interest rate as well as repayment of the loan on maturity. government borrowing

Kreditaufnahme der öffentlichen Hand/des Staates

Also called public sector borrowing. Borrowing of the government. The main sources of government borrowing are: 1. the issue of loan stock/bond capital: government stock is issued on the stock exchange; the lender is guaranteed a fixed rate of interest as well as repayment of the loan; such stock is termed gilt-edged, 2. funds from overseas: investors want to hold their money in foreign currency, 3. Treasury bills :these are used to borrow on a short-term basis; the rate of interest is usually lower.

-

643

government broker

-

Broker, der im Auftrag der Regierung Staatspapiere kauft und verkauft; amtliche/r Makler/in

A stockbroker acting under instructions from the central bank who buys and sells government securities. government controlled pricing

staatlich dirigierte/verfugte Preispolitik

A pricing strategy where the government/state establishes the price of a product. government debt

Staatsschuld/en, öffentliche Schulden

Also called national/public/state debt. The total accumulated borrowings of the government/state. government deficit

Staatsdefizit

Also called public deficit. The excess of government/public spending over taxes collected, usually for a year. government economic policy

staatliche Wirtschaftspolitik

The governments have accepted overall responsibility for the regulation of the economy. Their main economic policy objectives are as follows: 1. to maintain a high level of employment, 2. to secure continuous economic growth, 3. to keep inflation to a low level, 4. to achieve a balance of payments equilibrium and 5. to keep a stable exchange rate. government expenditure(s)

Staatsausgaben, öffentliche Ausgaben

Also called government/public sector spending. Expenditure of the government at all levels, ie the sum of government purchases and transfers. Government expenditure is a part of public finance and is mainly on: defence, pensions and other social security benefits, education, health, housing, and economic policy: miscellaneous items such as interest on the national debt, grants and subsidies. The government finances: current expenditure from receipts and taxation; capital expenditure/spending from borrowing and budget surplus. Government expenditure frequently increases at a faster rate than GDP (gross domestic product). This inevitably gives rise to demands for a tighter control of government expenditure.

-

Government National Mortgage Association (GNMA)

644

-

bundesstaatliche Hypothekenkreditanstalt (USA)

Also called Ginnie Mae. In the US, a government owned corporation that assists the financing of federally guaranteed home mortgages. government grant

staatliche/r Zuschuß/Subvention

Also called government aid, subsidy or subvention (payment). Money given by the government for specified purposes, eg to encourage a business to set up in a particular area. government inflation

Inflation durch Kreditaufnahme des Staates

Inflation caused by borrowing of the government and its agencies to finance their commitments/obligations. Public sector/government borrowing contributes to the increase in the money supply and contributes to demand inflation. government policy

Regierungspolitik

Government policy may have the following economic aims: 1. growth of the national income to achieve a higher standard of living, 2. development of programs to increase employment or achieve full employment (eg by supply-side measures), 3. reduction of protectionism, 4. promotion of free trade, 5. increase in incomes, 6. to give greater freedom to the factor markets (ie the markets in which factors of production - land, labor, capital and enterprise - are bought and sold, and in which the prices of factors are determined by the interplay of demand and supply forces), 7. to control monopolies, 8. to privatize nationalized industries, 9. to achieve a balance of payments equilibrium, 10. to control public expenditure, etc. government purchases

Staatsverbrauch

Current expenditures on goods and services provided by the government. government purchases (G)

Staatsverbrauch

All goods and services purchased by the government; such as defense, education, health, highways, etc. government revenue(s)

Staatseinnahme/n, öffentliche Einnahme/n

Also called national/public revenue(s). The income of a government. The main items of government income are: 1. taxes on income (eg income tax, corporation tax); 2. taxes on capital (eg gift tax and inheritance tax); 3. taxes on expenditure (eg value added tax, VAT; sales tax, ST); 4. trade surplus; 5. rent, dividends and interest; 6. local/municipal rates; 7. customs duties (levied on imports); 8. excise duties (levied on exports).

-

645

government securities

-

Staatspapiere, Staatstitel, Wertpapiere der öffentlichen Hand

Also called government stock, gilts or gilt-edged securities. Funded loans of the government such as bonds, consols, Treasury stocks, etc. They are issued in units of $/£ 100, bought at a discount or premium and redeemed "at par" at the end of a stated number of years. Note: gilts are among the safest of all investments, as the government is unlikely to default on interest or on principal repayments. government transfers

staatliche Einkommensübertragungen/Transferzahlungen

Also called government transfer payments. The redistribution of funds from one group to another through programs such as social security, welfare payments, unemployment benefit (GB)/compensation (US). grace

Gnade Aufschub, Zurückstellung

A favo(u)r or goodwill. A favo(u)r shown by granting a delay. grace period

Nachfrist Respekttage, Nachfrist Freijahre, tilgungsfreie Zeit Karenzzeit (c.t.)

Also called days of grace, extension time or additional period of time. In general, additional days allowed for the doing of some act after the expiry of the original time limit. The right to defer/postpone payment of a bill of exchange, except sight bills, for a number of days. For example, three days grace are allowed in Great Britain. Thus, a three-months bill, dated 3 May, will fall due for payment on 7 August. In financing, the period of time during which the borrower is excused from making repayment of principal. Time period allowed for making payments on a loan. Payments made after due/maturity date, but within a certain number of days are considered timely payments and are therefore not subject to late charges. In insurance contracts, a provision that the policy will remain in force if premiums are paid at any time within a specific period. A short period allowed after a certain deadline, eg a concert or lecture starts 10 minutes after the given time.

-

grade

646

-

Güteklasse, Qualitätsbezeichnung Rang, Stufe

Category of something which is classified according to quality. Types of grade are: 1. top-grad (ie of best quality), 2. high-grade (ie of very good quality), 3. low-grade (ie not of very good quality). Also called grade level. Level or rank. grading

Güteklasseneinteilung

Also called classification of goods. The classifying of commodities, eg raw materials and foodstuff(s), into standard quality categories. Note:where commodities can be easily graded, dealings in futures are possible. graft

Bestechungs-, Schmiergeld Korruption harte Arbeit

Money or gifts to a person to persuade him/her to do something which he/she should not do. Also called bribe/slush money, grease, payoff, sometimes also kickback. Unfair use of political influence for one's own profit. Also called corruption. Hard work. gram/gramme (g, gr)

Gramm

A measure of weight. American/English pound, avoirdupois = 453.6 grams/grammes; German pound = 500 grams. grant

Beihilfe, Subvention Stipendium gewähren, zugestehen, erteilen

A subsidy, ie a payment made by the state or certain individuals or businesses. A grant does not form part of some exchange but represents a one-way transfer payment. Also called subsidy or subvention. Students receive a grant from the government. Also called scholarship. To grant something is to give or allow. Examples are: to grant a credit, a delay, a license or patent, a power of attorney; to grant deferred payment, etc. grant-in-aid

Zuschuß, Finanzhilfe

Financial assistance given by the government to local authorities/municipalities.

-

grantee

647

-

Kreditnehmer/in Immobilienerwerber/in Lizenznehmer/in

A person or company receiving a credit/loan. Also called borrower. Someone acquiring real estate/property. A person or company to whom a license is granted or issued. Also called licensee. grantor

Kreditgeber/in Immobilienveräußerer/in Lizenzgeber/in

A person or organization granting a credit/loan. Also called lender. A person conveying an interest in real estate/property. A person or organization granting a license to the grantee/licensee. graph

Graph, Grafik, grafische Darstellung, Diagramm, Schaubild Kurve

A diagram showing, by a solid, dotted or broken line or lines (often curved), the relation between quantities. We distinguish three main types: 1. line chart: by joining with a line given points which represent figures or values we can see clearly and instantly any upward or downward movement; 2. circle/pie/circular chart: it can be used to show the parts/components that make up a given total; this is done by dividing the circle into segments; 3. bar diagram/graph or histogram: the bars can be drawn individually or they can be stacked, each in a different colo(u)r or pattern. Note: there are vertical and horizontal bar charts/graphs. Also called chart or diagram. In statistics and mathematics, a curve. gratuity

Trinkgeld Dienstprämie, Gratifikation

Sum of money given to someone for a service. Sometimes people pay more than the full amount of the bill. The extra amount is called a gratuity or tip. Amount of money in addition to the salary given to a retiring employee at the end of a long-lasting employment. Also called bonus. graveyard

toter Markt

A market where prices are low and no one is buying because investors prefer to remain liquid.

-

graving dock

648

-

Trockendock

Also called drydock/dry dock. A place where a ship can be taken out of the water for repairs. gravity chute

Rohrpost

Also called pneumatic dispatch/post. A chute used to send documents or parcels from an upper to a lower floor. Great Depression

Weltwirtschaftskrise

Also called world/worldwide depression. The period of worldwide low economic activity and very high unemployment which characterized the years 1929 - 1935. International trade dwindled to small proportions. A depression of such length and severity had never previously been experienced. green card

tine Versicherungskarte reen Card (USA)

An international motor insurance card. A green card is simply a motor insurance certificate, green in colo(u)r, which is evidence that the motorist has purchased the statutory minimum insurance cover required for each of the countries named on the card. Also called (green) international insurance card. An official card, originally green, issued by the US government to foreign nationals permitting them to work in the USA. green chips

Wachstumswerte

Also called growth stocks. These are pure growth stocks, ie high ranking securities which are expected to appreciate over a relatively short period green clause credit

Vorschußakkreditiv mit druckter Klausel, Kredit^, gegen dingliche Sicherheit

ig

Also called green clause letter of credit or packing credit. One of the two types of packing credits, the other being the red clause credit. Under this type of documentary (letter of) credit, the advising/confirming bank (ie the exporter's bank) is authorized to make an advance or loan to the beneficiary/exporter against security, say a standby (letter of) credit or a warehouse receipt. This enables the seller/exporter to pay for the shipment of the goods. The bank collects the credit and fees when the letter of credit is presented for payment.

-

green label

649

-

grüner Punkt

A label awarded to a product that is considered ecologically beneficial/nonpolluting. green tax

Ökosteuer, Umweltsteuer

Also called environment tax (GB). A tax imposed/levied as an incentive to encourage industry and consumers to behave in ways tnat are harmless to the environment. greenback

Geldschein (USA)

A US dollar bill or any other paper money issued by the Federal Reserve Banks. greeting

Anrede Gruß, Begrüßung Grüße/Empfehlungen als Briefschluß

In correspondence, this should be made just under the inside address. The usual greetings are: Dear Sir, Dear Madam, Dear Sir or Madam, Dear Mr X, Dear Ms X, Dear Sirs, Gentlemen: (preferred in the USA), Mesdames, Ladies: (only in the USA), Ladies and Gentlemen: (USA), Dear James, Dear Marilyn. Also called salutation. First words used on seeing somebody. Expression or act with which somebody is greeted, eg "Good morning'. Greetings (pi): with best regards/wishes or kind regards, eg give her my kind regards. Greetings (pi): in correspondence, the complimentary close/closing, faithfully (GB), Yours sincerely or Sincerely (yours) (US). Gresham's Law

eg Yours

Greshamsches Gesetz

Sir Thomas Gresham (1519 - 1579"), a finance minister at the time of Queen Elizabeth I stated that "bad money forces gooa money out of circulation". When coins have been debased, the better coins will pass out of circulation; people will tend to hoard the good coins and pass on the bad ones. More precisely, the law asserts that when an item in use as both a commodity and money, it will be used where its value is greater. grievance procedure

Beschwerde-, Schlichtungsverfahren

Also called conciliation procedure. In personnel management, a carefully worked out procedure set up to resolve dissatisfaction systematically in such a manner as to eliminate the causes promptly. When grievances are not settled at the lower managerial level, they are dealt with at a higher level according to the procedure outlined in the employment/labo(u)r contract. If no settlement is made, arbitration is often necessary to effect a solution.

-

650

grocer

-

Lebensmittelhändler/in

Also called provision dealer or victualler. Generally a retail trader in food. gross

brutto Gros

Without deduction, eg gross profit makes no allowance for selling expenses, gross weight makes no allowance for the weight of the container, wrapping, etc. Numerically, 144 units or 12 dozen. gross amount

Bruttobetrag

The total amount before deductions. gross dividend

Bruttodividende

The yield of each dividend-bearing security, eg a share/stock, which is the return offered to the investor (shareholder/stockholder) before income tax is deducted. gross domestic capital formation

Bruttoinlandsinvestitionen

Also called gross domestic capital investment. A country's expenditure on fixed assets (eg buildings, plant, machinery), either for replacing, or adding to, the stock of existing fixed assets. gross domestic expenditure (GDE)

Bruttoinlandsausgaben

Also called gross national expenditure (GNE) or gross domestic spending. Gross domestic expenditure = domestic capital formation (ie increase in investment at home) plus consumption. gross domestic product (GDP)

Bruttoinlandsprodukt (BIP)

The total value in money of all the goods and services produced in a country by nationals and foreigners (ie residents and nonresidents) in a particular year, but excluding net income from abroad. It is calculated at what is known as factor cost, that is, excluding subsidies and taxes imposed on any goods or services. It may also be measured at market prices. GDP = GNP - net income from abroad. The deduction of depreciation converts GDP into net domestic product (NDP).

-

651

-

gross income

Bruttoeinkünfte Bruttoverdienst, Bruttogehalt Bruttoerlös

The total of a taxpayer's income from any source. The total amount paid to an employee each month before any deductions for tax, health insurance, etc. Also called gross earnings/pay/salary. The sales of merchandise net of returns and allowances. gross interest

Bruttozins

The total interest from an investment before payment of tax. The total price paid for the use of capital, ie the cost of the capital and the cost of the administration of the transaction. gross investment

Brutto(anlagen)investitionen

Also called gross capital expenditure/formation. The total production of capital/investment goods between one date and the next. If the depreciation and obsolescence for the period is deducted from the gross investment, one obtains the net investment. When the gross investment is insufficient depreciation and obsolescence, a society is consuming capital. Such a falling level of capital stock will lead to a lower future output of goods and services. gross loss

Bruttoverlust

When a business prepares a trading account, it has made a gross loss if the revenue from sales is less than the cost of sales. gross national debt

Staatsschuld, Gesamtstaatsverschuldung

The total indebtedness of a government. gross national expenditure (GNE)

staatliche Bruttoausgaben

Gross national expenditure (at market prices) = public and private expenditure on consumption goods (at market prices) + investments (at market prices) within the economy. Expenditures on imports are included, but exports are not. gross national product (GNP)

Bruttosozialprodukt (BSP)

Also called gross product. The GNP is the total value of all final products and services (valued at market prices) produced by a country's economy within a particular period of time, usually a year. Note: final means that intermediate inputs are excluded - no double counting; gross means before deduction of depreciation charges.

-

652

-

The GNP is the GDP (gross domestic product) to which is added income in the form of interest, profits and dividends from a country's investments overseas and similar payments for the investments of other countries m this country. GNP = GDP + net income from abroad (the value of exports less the value of imports). The estimates of GNP and GDP take no account of the fact that part of the country's output will be needed to make good the wear and tear and accidental damage to buildings, plant, machinery and vehicles, and to replace equipment that becomes obsolete. The net national product (NNP) is arrived at by deducting this depreciation from GNP. The GNP may be measured in three ways: 1. the output method (establishes the output of every firm); 2. the expenditure measure (counts the money spent on goods and services); 3. the income method (establishes the incomes of the owners of factors of production). Care must be taken to avoid double-counting. GNP comes to the same amount when determined by the three different methods. But note: in our complex economy with its complications, the measurement of the value of goods and services is complicated for five basic reasons: 1. the problem of government involvement in the economy; 2. the problem of transfer payments; 3. the problem of unpaid services; 4. the problems of imports and exports; 5. the problems of" timing. The GNP growth rate is the primary indicator of the status of the economy. The GNP at market prices is called the nominal GNP, the GNP at constant prices the real GNP (this may be calculated by applying a GNP deflator to the nominal GNP). gross national product (GNP) deflator

Bruttosozialprodukt (BSP)-Deflator

A price index that reveals the cost of purchasing the items included in the GNP during the period relative to the cost of purchasing these same items during a base year (eg 1999). Since the base year is assigned a value of 100, it indicates that prices have risen, as the GNP deflator takes on values greater than 100. gross national product gap (GNP gap)

Bruttosozialproduktlücke, Vollbeschäftigungslücke

A gap between actual and full employment output. When output (the production level/ volume) is above its full employment level, there is an inflationary or expansionary gap; when it is below this level, mere is a deflationary or contractionary gap. gross negligence

grobe Fahrlässigkeit

Extreme failure to use such care as a reasonable and prudent person would use under similar circumstances. gross output

Bruttoproduktion

Also called total output or total volume of output. The total quantity or value of goods produced by an economy, industry, firm, etc.

-

653

gross pay

-

Bruttoeinkommen, -lohn, -verdienst

Also called gross earnings/income/salary. The total amount paid to an employee each month (eg as wage or salary, overtime pay, bonuses, etc) before any deductions for tax, health insurance and so on. gross profit

Bruttogewinn, Rohgewinn

Also called gross earnings/income/proceeds. The difference between sales revenue and the cost of goods sold (eg the costs of depreciation, wages and salaries, rent of land or buildings, interest on capital and stock appreciation, etc!) ie the amount by which the selling pnce exceeds the cost price. gross receipts

Bruttoeinnahmen

Also called gross earnings/takings. The total receipts in a specified period before deducting any expenses. gross sales

Bruttoumsatz Bruttoerlöse

Sales at invoice prices including value added tax or sales tax, not reduced by discounts, allowances or returns. Also called gross turnover. The total revenue from sales in a specified period. Also called gross revenue. gross tonnage

Bruttotonnage

The cargo-carrying capacity of a ship, ie the space available inside a ship in tons (each ton = 100 cubic feet). gross turnover

Bruttoumsatz

Also called general turnover or gross sales. Total turnover, ie sales at invoice prices, including value added tax/sales tax, discounts, allowances, returns, etc. gross weight (gr.wt.)

Bruttogewicht

Gross weight = net weight + tare. gross yield Also called gross return.

Bruttorendite

-

654

-

The rate of return on an investment (eg a security) expressed as a percentage of the capital employed before payment of tax, costs and losses (if any). Note: the yield after tax is called net yield. ground rent

Grundrente, Bodenrente

Money paid annually by a leaseholder of land to the landlord during the life of the lease. groundage

Ankergeld, Anker-, Hafengebühr

Also called anchorage, dock/port charges or harbo(u)r dues. A charge made for allowing a ship/vessel to anchor in a port. group

Gruppe, Gruppierung Konzern, Firmen-, Unternehmensgruppe

A number of persons viewed as a collectivity. There are: 1. primary groups: the members interact on an informal face-to-face basis eg the familiy, 2. secondary groups: they have a formal structure, 3. interest groups: persons who have socioeconomic interests in common, 4. occupational groups, 5. income groups, 6. age groups, etc. A group of companies. group accounts

Gruppen-, Konzernabschluß, konsolidierter Abschluß, Konzernbilanz

Also called consolidated/group financial statements. A statement that combines all assets, liabilities, and operating accounts of a controlling/parent company and its subsidiaries. A controlling/parent company must prepare group accounts to give a true and fair view of the parent company and its subsidiaries as a whole, ie as a single entity. There must be a consolidated oalance sheet and a profit and loss account. group behavio(u)r

Gruppenverhalten

The forms of behavio(u)r as a group member. An important change occurs when an individual becomes a member of a group. He/she seems to take on two personalities or roles, one as an individual when he/she is alone and the other as a group individual when the others are present or when he/she knows he/she has their support. The same principle applies to any group. As a member of a group the person loses some of his/her individuality, but he/she feels a new form of power through the strength of the whole group. The group influences his/her behavio(u)r and the tendency for the group to stick together is very strong. The forms of behavio(u)r as a whole group.

655 group insurance

Gruppen-, Kollektiwersicherung

Also called collective/wholesale insurance or group policy. Insurance cover arranged for a group of people; the benefits are made available to members of a group (eg members o f a club or employees of a firm). The premiums paid are relatedless to me characteristics of individual group members than to those of the group as a whole. group leader

Gruppenleiter/in Kolonnenfiihrer/in

An employee who is responsible for a group of about three to six clerks and spends the most of his/her time on clerical duties. Thus his/her supervisory activities are restricted and his/her authority is correspondingly limited generally to issuing work, checking for errors, advising the staff, and maintaining output and quality. Also called group manager or senior clerk. An employee working with tools or production who also is to some degree concerned with supervision of other employees. Also called chargehand, lead man/woman, leading hand, working foreman, or working supervisor. group life insurance

Gruppenlebensversicherung

Group life insurance is usually provided by employers as part of an occupational pensions scheme. Contributions are normally made by the employer only, but the employee contributes where the benefits are part of an occupational pension scheme. There is the problem of transferability. I f a person leaves the firm he/she can as a rule convert his/her certificate into an individual life insurance, but usually at a higher premium. group norms

Firmen-, Gruppennormen

Forms of behavio(u)r, ideals, or opinions that are expected within the group as being acceptable and desirable. Group of Five (G5)

Fünfer-Gruppe, fünf wichtigsten Industrienationen (G5)

A group of leading industrial countries (the USA, Great Britain, Germany, France and Japan); the representatives meet regularly to discuss mutual problems, eg interest rates and other financial matters. The Group of Seven (G7) additionally comprise Canada and Italy. Group of Seven (G7)

Siebener-Gruppe, sieben wichtigsten Industrienationen (G7)

The members of the Group of Five (G5) plus Canada and Italy. Group of Eight (G8) The G 7 expanded to include Russia.

Achtergruppe, acht wichtigsten Industrienationen

Group of Ten (GIO)

656

Zehnergruppe, zehn wichtigsten Industnenationen (GIO)

Also called Paris Club. The world's ten principal creditor nations (created in 1962) which grew to eleven when Switzerland joined in 1984. The Group of Ten, comprising the central banks of the United States, Germany, Great Britain, France, Italy, Japan, Canada, the Netherlands, Belgium and Sweden, agreed to lend to the IMF (International Monetary Fund) in order to increase the lending resources ofthat institution. The group extended its original functions, eg it cooperated with the Bank for International Settlements (BIS) ana was responsible for the new currency parities agreed in 1971. Today, the Ten try to coordinate monetary and fiscal policies to create a more stable world economic system. group training

Gruppentraining

A training method where people learn through personal experience. The members of a group learn about group structures and processes by studying their own interactions as they experience them and by critically examining opposing viewpoints. The training of a larger number of people at the same time, eg by lecture. groupage Also called consolidation, grouped load, or joint cargo.

Sammelladung collective/consolidated/grouped/mixed

consignment,

Small consignments are grouped with those from other consignors. It is possible to ship small lots more cheaply than if sent alone. Some consignors (eg exporters) can fill a container completely and thereby qualify for FCL (full container load) terms (these grant preferential rates of freight). However, in many instances, consignors will not be able to do this, so they must ship on LCL (less than container load) terms. groupage bill of lading

Gruppen-, Sammel(ladungs)konnossement

Also called collective/combined/consolidated/global/grouped/omnibus bill of lading. A bill of lading (B/L) issued by the shipowner when forwarding agents group together particular compatible consignments from individual consignors to various consignees, usually situated at the same destination, and dispatch them as one consignment. growth

Wachstum

The expansion of a business enterprise. Also called increase or expansion. The rate of expansion of the gross national product (GNP) or the rate of expansion in the volume of production of goods and services of a country to meet final demands, eg goods and services for domestic consumption, capital goods for accumulation, export goods to pay for imports.

-

657

-

An acceleration of growth requires better management, better education and training of labo(u)r, higher capital investment, technological improvements, etc. Economic growth is so important as it determines the standard of living. Also called economic growth. growth rate

Expansions-, Wachstums-, Zuwachsrate

The percentage rate by which something increases, eg the annual increase in the output, sales, etc. of a business or whole economy. growth stock

Wachstumsaktie, Wuchsaktie

These are the shares/stocks of companies which are expected, as a result of higher productivity, to be able to increase their profits and cash dividends. Also called income stock. Shares/stocks which are expected to increase in market value over a relatively short period, ie investors expect capital gains rather than dividend payments. Also called green chip. growth theory

Wachstumstheorie

Also called theory of economic growth. There are two main theories: 1. the neo-classical theory and 2. the Keynesian (and the neo-Keynesian) growth theory. The theories are concerned with analyzing the determinants of the rate at which economies grow over time. guarantee

Bürgschaft, Garantie, Garantieerklärung, Gewährleistung

Also called guaranty. A guarantee is a collateral security involving three parties, in which the third party, the guarantor/surety agrees to be liable for the debts of a second party (the principal debtor) if he/she doesn't pay the first party (the principal creditor). Under a guarantee, the guarantor incurs secondary liability. Primary liability to pay must attach to the principal debtor. The guarantor only becomes liable to pay if the debtor defaults. A guarantee is good security provided the uarantor is sound. The creditor can take action against the guarantor as soon as he/she as demanded repayment from the debtor and he/she defaults. Having paid up under the guarantee, the guarantor has a right of action against the debtor.

f

There must be a valid debt between the creditor and the debtor, but the guarantor has no interest in the contract between them apart from an undertaking to pay if the debtor fails to do so. A guarantor has the right to determine the guarantee by giving notice as agreed in the guarantee and paying the amount due under it. Guarantees may be: 1. specific: the guarantee relates to one isolated debt only, 2. continuing: tne guarantee covers a series of transactions.

-

658

-

A promise that a service will be performed faithfully. A promise, given by a producer that a product will perform as promised to indemnify customers against defective/faulty goods (ie to repair or replace the product) over a limited period of time (the guarantee/warranty period). More correctly termed a warranty. guarantee fund

Garantiefonds

Also called guaranty fund. A fund formed by regularly setting aside a portion of the profits to meet any exceptional losses or payments. A fund maintained by the stock exchange which is designed to meet investors' losses arising from the failure of a stock exchange member. guarantee given by banks

Bankbürgschaft, Bankgarantie, Aval

Also called bank guarantee, banker's bond or bond. One way in which banks can help to promote economic activity (eg exports) is by providing guarantees/bonds. There are five main types of guarantee/bond issued by banks. These are: 1. a tender guarantee/bid bond, 2. a performance bond, 3. an advance/ progress payment bond, 4. a warranty/retention bond, 5. a standby letter of credit. guarantee of collection

Ausfallbürgschaft

Also called conditional/deficiency/deficit/secondary guarantee or indemnity bond. A guarantee where the guarantor has only secondary liability, i. e. he/she only becomes liable to pay if the debtor defaults. guarantee of payment

selbstschuldnerische Bürgschaft

Also called absolute/directly enforceable guarantee or suretyship. A marantee where the guarantor has primary liability - he/she must pay at once, ie he/she pays when the debtor does not. guaranteed annual wage (GAW)

garantiertes Jahreseinkommen, jährlicher Mindestlohn

An arrangement whereby an employer guarantees a full year's work or pay each year to all employees meeting certain minimum length of service requirements. guaranteed annuity

Rente fur bestimmte Anzahl von Jahren oder bis zum Tod des/der Versicherten

An insurance term. The annuity payment is guaranteed for a fixed number of years or until the annuitant dies, whichever comes later.

-

guaranteed minimum wage

659

-

garantierter Mindestlohn, Garantielohn

Also called guaranteed/minimum wage. The minimum remuneration to an employee so that he/she may have a basic standard of living. guaranteed stock

Wertpapier mit Dividendengarantie

Shares/stocks (usually preference shares/preferred stocks) upon which the dividend is guaranteed, eg by another company or the government (in the case of nationalized industries). guarantor

Bürge, Bürgin, Garantiegeber/in, Garant

Also called warrantor/warranter. An individual or organization who pledges to repay a debt of a third party if that party does not pay. The liability of the guarantor/surety is secondary only, îe it arises only if the person whose conduct is guaranteed defaults. Also called surety. A person who makes or gives a guarantee/guaranty, ie someone who promises that a product will perform as promised. guaranty

Sicherheit Bürgschaft Gewährleistung

Something given as securtiy. A guarantee, ie a promise to be responsible for a debt. A guarantee, ie a promise to repair or replace a defective/faulty product, or to perform a service faithfully. guardian

Vormund

Also called custodian. A person entrusted by law to look after someone (eg a charge or minor) who cannot look after himself/herself. guest worker

Fremd-, Gastarbeiter/in

A foreign worker allowed to enter and work in a country for a temporary time period. guesstimate

grobe Schätzung

An approximation which consists of a guess and a calculated estimate.

-

660

guide

-

Führer/in, Leiter/in Reisefiihrer/in Reiseführer Leitfaden Handbuch

A person who shows you the way to a place. A person who shows t r a v e l l e r s or tourists round a site or house. A book for t r a v e l l e r s or tourists, explaining the sights of a place, etc. Also called guidebook. Something that provides information on which you can base your activities or judg(e)ment. A book(let) with information, instructions, or advice. Also called handbook or manual, guide card Leitkarte Guide cards give a quick and easy guide to where individual cards may be found; they are inserted among mdex cards or files. They often have a different colo(u)r and a tap at the top on which is written the nature of the information which follows. guild

Gilde, Innung, Zunft

A society of individuals formed to promote the interests of the particular trade, eg a trade guild or a merchants' guild. Guilds developed during the fourteenth century for the purpose of helping each other improve their businesses. guillotine

Papierschneidemaschine

Also called paper cutter, paper cutting machine or trimmer. A machine for cutting paper. Guinea

Guinee (1,05 Pfund)

A gold coin formerly current in Great Britain. A guinea was £ 1,05 (or a unit of one pound and one shilling). gusset envelope

großer Umschlag fur Briefe

An envelope used for sending bulky enclosures that may be fastened by sealing, with a tuck-in pocket or with a metal fastener.

-

661

-

H

Hope for the best and prepare for the worst. (Proverb, 1565)

habit

Gewohnheit

Also called custom. Something that is done so often that it becomes a common practice. One of the influences on demand. Consumers continue to buy the same quantity of a is before despite a price change simply because they have acquired a

haggling

Feilschen, Gefeilsche

Also called bargaining. Individual bargaining between buyer and seller. To haggle means to argue about the price of something. In many countries you have to haggle before you buy anything. Hague Convention(s)

Haager Abkommen/Konvention/en

The Hague Convention in 1955 stipulated the limit for compensation to passengers in commercial aircraft on international flights for death or personal injury ana their baggage/luggage. The liabilities to passengers on domestic flights differ in different countries. A code of rules drawn up in 1921, modified in 1968, setting out the rights and liabilities of shipowners. hail insurance

Hagelversicherung

Insurance cover(age) that provides compensation for crops ruined by hailstorm; it may also include glass damage to property. Coverage is on a proportionate basis. haircut finance

Darlehen, das unter dem Wert der geleisteten Sicherheit liegt

Also called haircut. In lending, the difference between the amount paid out by the lender and the market value of the collateral security. That means, the amount of the loan granted is less than the full value of the collateral security.

-

662

-

hallmark/hall mark

Gütesiegel, Feingehaltsstempel

An official mark or stamp indicating a standard of purity, genuineness, good quality, etc. hammer

Zwangsverkauf Versteigerung, unter den Hammer kommen

A forced sale. To sell at auction; to come/go under the hammer. hammering

offizielle Bekanntgabe der Zahlungsunfähigkeit eines Börsenmitglieds (GB)

On the stock exchange, the formal announcement of the failure/bankruptcy of a London stock exchange firm or broker. To attract attention on the floor of the stock exchange, a hammer used to be banged; today, though, a bell is used. If a member firm fails to meet its obligatons it will be hammered. Note: the client's money is protected by the compensation fund. handbill

Flugblatt, Prospekt, Handzettel, Werbeblatt, Werbeprospekt

Also called flier/flyer, handout or throwaway. Form of printed advertising delivered personally into the hands of potential customers. Handbills are often left on the counter in retail shops/stores, are distributed by hand on the street, or are left on parked cars. handbook

Handbuch

Also called guide, manual, operator's manual, or reference book/manual. A small book giving guidance on a specific matter, eg instructions for use. handicapped person

Behinderte/r

Also called disabled person. Person with some mental or physical disability. handling charges

(Um)Ladekosten Bearbeitungsgebühr

Charges made for loading and reloading goods. Also called loading/reloading charges. A charge made for services rendered. Also called management charge/fee, processing fee or service charge.

-

663

handout

-

Werbeprospekt, Reklamezettel Pressemitteilung kostenlos verteilter Artikel

Low-priced leaflet for free distribution at exhibitions or for promotional purposes, especially at point-of-sale (POS). Also called flier, handbill or throwaway. A press memo. Also called press announcement/release. A product distributed free of charge to potential customers for advertising and promotional purposes. Also called giveaway (article). Hang Seng Index

Hang Seng Index (Börse Hongkong)

The stock index used by the stock exchange of Hong Kong. harbo(u)r dues

Hafengeld, Hafengebühren

Also called harbo(u)r fees, groundage or port charges/dues. Sums paid by ships for entering harbo(u)r and the use of certain harbo(u)r facilities, eg landing stages. harbo(u)r master

Hafenkapitän, -kommissar, -meister

Also called harbo(u)r commissioner or port captain/warden. The person in charge of a harbo(u)r. hard currency

harte Währung

Also called hard money or stable currency. National monies, freely convertible to other currencies, that are then used as international reserves by Central Banks of countries other than that to which the currency belongs. Hard currency is steadily priced at foreign exchange markets, ie it has a stable or rising value. It is usually based on a strong balance of payments and is commonly accepted throughout the world. Hard currencies are for example, the US Dollar, the Deutschmark (until 2002), the Swiss Franc and the Pound Sterling. hard money

Bargeld Münzgeld harte Währung

Cash, ie commonly coin in the pocket or (bank)notes in the wallet. Coins. A countiy's currency that has stability at home and abroad and that is freely convertible to other currencies. Also called hard currency.

-

hardcore unemployment

664

-

Boden-, Restarbeitslosigkeit

Jobless persons (eg because of lack of education or personal skills) whose average period of" unemployment is significantly longer than the average, extending perhaps to years with an increasing proportion regarded as unemployable. hardware

Hardware (DV) Eisenwaren, Metallwaren Haushaltswaren

The machines used in a computer system, including the computer itself. A computer consists of a number of hardware units or devices, eg card reader, processor, tape decks and disc drives, printer and console units, etc. Also called computer hardware. Metalware such as tools and building materials. Also called ironware or metalware. Solid goods for use in the house, eg cutlery, frying pans or cooking pots. Also called household goods/articles. harmonization

Harmonisierung

In general, the act of bringing into company with harmony or accord. This means that all countries within the EU (European Union) must obey the same rules (eg harmonization of taxes), so that the free competition which is being encouraged will be fair competition, not unfair competition (eg dumping is a highly reprehensible practice). hatch

Ladeluke

Also called hatchway. The opening in the decks of a ship/vessel giving access to the hold. haulage

Beförderung, Transport Transportkosten

The transport of goods by road, rail or canal. Also called carriage, shipment or transportation. The cost of transport. It does not cover the loading and unloading charges. Also called carriage, freight/transport charges or transport(ation) costs. haulage contractor

LKW-Transportunternehmen/r, Fuhrunternehmen/r, Kraftverkehrsuntemehmen/r

Also called haulage business/company, carrier, haulier, road/transport contractor, trucker, or trucking company. A person or firm that owns lorries/tracks and makes special contracts of carnage/transport with his customers to carry goods by road. In long distance road haulage, the contractor usually has his own collecting depots at various strategic spots. The contracter is required to possess a carrier's licence/license.

haulier

665

Fuhr-, Transportunternehmer

Also called hauler (US), haulage/transport contractor or road haulier. A contractor undertaking the transport of goods by road. hawker

Hausierer Straßenhändler/in, fliegende/r Händler/in

Itinerant dealer who carries his goods for sale from place to place, using a van to bring goods to the customer's door. Also called doorstep salesperson, huckster (US) or pedlar/peddler (US). A person selling merchandise on the street. Also called street seller/trader/vendor or itenerant salesperson. Hawthorne experiments

Hawthorne Experimente

The famous human relations experiments conducted between 1927 and 1932 by Elton Mayo at the Hawthorne (Chicago) Works of the Western Electric Company. The investigations demonstrated the importance of the social system of an organization and the importance of human relations for increased productivity. Thus, group norms, the social organization, conditions of work and psychological factors exert a greater influence on the workers and their behavio(u)r than do purely physical factors, managerial directives and/or financial payment systems. hazard

Risiko Gefahr Glücksspiel

Circumstance which is likely to increase the possibility of a loss occurring or the size of such a loss. Also called peril or risk. A danger. A gamble. Also called game of chance or game of hazard. hazardous cargo Also called dangerous cargo. Cargo that may be dangerous, eg explosives, chemicals. headed paper

Papier mit Briefkopf

Headed paper is usually bond paper of superior quality. The information of the letterhead is printed on it.

-

666

-

headhunt(ing)

Personalabwerbung, Jagd auf/Suche nach Führungskräften

Also called executive search. In personnel management, the practice of recruitment agencies and headhunters/ executive search consultants to recruit high achievers/performers. They do not advertise for senior executives (partly because top managers tend to hesitate to reply to advertisements) but directly approach key personnel/staff of other businesses, offer them higher salaries and other benefits, encourage their interest for the vacancy and try to induce them to leave their present employment and join a new business. heading

Briefkopf Titel(zeile), (Titel)Überschrift

The letterhead/heading is printed at the top of the letter sheet. It contains at least the firm's name, logo, and postal address. Other details, such as the directors, the registered office, the registered number, the telephone number, the fax number and the email address, are usually included as well (or shown at the bottom of the sheet). Also called letterhead. Title of report or published matter. Also called caption, head or headline. headline

Schlag-, Titelzeile, Titelüberschrift

Also called caption, head or heading. Dominant line of type in printing (eg at the top of a newspaper) to attract attention. headquarters (HQ)

Hauptverwaltung (HV), Hauptsitz, Zentrale

Also called head/main office or central administration/management. The center from which an organization is administered and controlled. health certificate

Gesundheitszeugnis, -paß

Also called bill/certificate of health. This document is needed for food and animal imports and certifies the state of health. health insurance

Kranken-, Gesundheitsversicherung

Also called sickness/medical expense insurance. This type of insurance policy covers loss by sickness and bodily injury, usually as reimbursement in part or in full of medical expenses. In some countries, for example GB or Australia, a government scheme that provides a health service for all the inhabitants of a country.

667

heavy cargo

Schwergut

Also called heavy cargo/goods or heavy lift (H/l). A unit of cargo that cannot be lifted by normal gear. heavy industry

Schwerindustrie

Also called heavy manufacturing/smokestack industry. An industry concerned with the production of heavy goods, eg machinery. Heckscher-Ohlin (H-O) law

Heckscher-Ohlin-Theorem, Faktorproportionen-Theorem (Faktorpreisausgleichs-Theorem)

Also called H - 0 theorem or Heckscher-Ohlin factor proportions theory. A theory introduced by the Swedish economist Heckscher in 1919 and subsequently developed by his compatriot Ohlin in 1933. The model suggests that trade arises because resource endowments differ between countries and because the methods by which the same good is produced may vary. Thus, in countries where labo(u)r is relatively abundant, we would expect a comparative advantage in labo(u)r intensive goods, which could be traded for the capital-intensive production of countries with different resource endowments. hedging

Hedgegeschäft, Hedging, Kurssicherungsgeschäft

Hedging is a type of economic insurance used by dealers in commodities, foreign exchange and securities, manufacturers, and other persons or firms to prevent loss due to price fluctuations. In other words, hedging is a general term used to describe actions to minimize financial risk. One sucn risk is foreign exchange risk, and any actions taken to minimize exchange risk are hedging. Thus, hedges are taken out against fluctuations in the exchange rate. Hedging, for example, can be applied to liabilities in a foreign currency where a domestic company suspects that the foreign currency will revalue or appreciate (ie float upwards). In this case, the exposure in liabilities will be covered by buying forward an amount of the currency, for a suitable forward date. On that date, the company will sell the currency it has bought. If the currency has revalued or appreciated in the meantime, the company will make a profit. This profit will match the loss arising from the increase in value, in terms of the company's domestic currency, of the liabilities. Some commodity exchanges provide facilities for the purchase or sale of commodities in advance of actual requirements. This can be particularly useful, for instance, in the case of goods where future supplies are uncertain and the possibility exists that prices may change appreciably. It means a purchaser, for example, may assure himself of supplies of raw materials at a price fixed in September, even though delivery is not to take place until December. Avoiding the risk of future price changes in this manner is called hedging.

-

668

-

An investor can hedge against inflation by purchasing an asset (eg shares/stocks) in the expectation that its price will rise at least as fast as, if not more than, the rate of inflation. A person buying shares/stocks might engage in hedging by simultaneously buying a put option for the shares/stocks in case their value should fall. In practice, perfect hedging may not be possible because spot and future prices will not balance one another out after the event, but a significant reduction in risk is normally possible. hedonism

Hedonismus

The philosophy phil that all human action is motivated by pleasure, ie people do behave as pleasure sure-seelcers. hegemony

Hegemonie, Vormachtstellung

Leadership, predominant influence, or domination, eg the predominance of one nation over another. heir/heiress

Erbe, Erbin

Also called beneficiary, inheritor or inheritress/inheritrix. A person entitled to receive the money, property or rank of a deceased person. hereditament

vererblicher Vermögensgegenstand

Any inheritable property, including land and buildings. heterogeneous commodities

heterogene Güter

Goods or services which are not identical in the eyes of buyers. Heterogeneous products may be close but not perfect substitutes for each other. heuristics

Heuristik

A trial and error technique of problem solving. The solution is discovered by evaluations of the progress made towards the final result. A method of learning by doing. hidden decision

versteckte Entscheidung

Any decision taken automatically and without question. hidden defect

verborgener, versteckter Mangel

Also called latent defect. A defect which could not be noticed when the product was tested.

-

hidden economy

669

-

Schatten-, Untergrundwirtschaft

Also called black/cash/moonlight/underground economy. A sector of the economy in which individual tradespeople deal directly with customers for cash, bypassing taxation. Not to be confused with a black market, which is illegal trade in goods in most cases produced legitimately. hidden inflation

verdeckte, versteckte Inflation

Also called camouflaged/concealed/masked/suppressed inflation. A hidden price increase. Generally, a reduction in the quality or quantity of a product or service while its price remains stable/static. hidden reserves Also called reserves.

stille Reserven/Rücklagen

concealed/invisible/secret/undisclosed

reserves

or

off-balance-sheet

The difference between the book value of assets (eg after depreciation) and their actual/current/market value. hidden tax

verdeckte Steuer

An indirect tax which is included in the price of a product or service and not separately shown, eg duties on alcoholic drink or on tabacco. The end/ultimate user is unaware of this tax. hidden unemployment

unsichtbare, verdeckte, verkappte, versteckte Arbeitslosigkeit

Also called camouflaged/concealed/disguised/fictitious/unrecorded unemployment. A form of unemployment in which people able to work do not seek work and do not appear in official unemployment statistics. A state of unemployment characterized by a level of employment in an industry which is higher than necessary or justified, there being no alternative employment available. These discouraged workers do not justify the wages they receive because their productivity is very low. Note: an estimate of the hidden unemployed should be added to the official unemployment figures. hierarchy

Hierarchie, Rangordnung

In general, any system of persons or things ranked one above another. Any organizational structure containing different levels of authority, control, and often responsibility, ie people have authority etc over the people in the rank below them, who then have authority etc over the people below them.

-

670

-

In employment, a systematic, traditionally pyramidal, arrangement of formal organizational relationships, functions and activities in which each level or rank is subordinate to the next one above it. The group of people in an organization who have power, control, responsibility, etc. hierarchy of wants

Präferenzordnung, Bedürfnishierarchie

Also called scale/order of preferences. Wants can be ordered; there is a hierarchy of wants. Some wants, such as the need for food and drink, must be satisfied before others can be considered. This means that there is an irreducibility of wants in the sense that we must first satisfy some wants before attempting to satisfy others. In exercising choice an individual, firm or country attempts to satisfy the greatest number of wants starting with the most important and going down the hierarchy. If individuals are seeking to satisfy different wants then, given the existence of limited resources to satisfy those wants, there may be a conflict of interest which may be difficult to resolve. high

Hoch, Höchststand höchster Kurs, Höchstkurs

A high point or level, eg a new high in the business/trade cycle. A market situation where prices are relatively high. On the stock exchange, the maximum value reached by the price of a security (eg a share/stock) during a definite period of time (eg one year). high coupon

hochverzinslich(e Anlage)

An investment yielding a high interest rate. high finance

Hochfinanz, Großkapital

The business of dealing with very large amounts of money. high income countries

Länder mit hohem pro-KopfEinkommen

Countries whose income per capita/head are high compared to the rest of the world. high pressure selling

aggressiver Verkauf

Aggressive selling activity (eg a high pressure sales talk) to achieve sales revenue irrespective of a consumer's real needs. Buyers are talked into buying unwanted or unneeded things.

-

671

high sea(s)

-

hohe (offene) See, offenes Meer

All seas outside territorial waters (usually three miles from shore) and free to all nations. high technology

Hoch-, Spitzentechnologie

Also called advanced technology or high tech. More complex and advanced technology relative to the general level, eg computers, lasers, solar energy systems. higher education

Hochschulbildung, höhere Bildung

Education beyond secondary eduation, eg education at a college or university. highflyer/flier

Börsenfavorit, favorisiertes Spekulationspapier Erfolgsmensch Akkordbrecher Spitzenunternehmen

A high-priced and higly speculative share/stock whose price varies greatly compared to other shares/stocks. A person whose career is moving rapidly upwards (eg through qualifications, experience, past performance or other attributes) or someone aiming high or perceived by others as likely to be veiy successful (ie he/she is seen as a high achiever/ performer). An employee (usually a piece rate worker) whose main object is to achieve maximum earnings for the time being, usually by disregarding fellow workers. Als called cowboy, ratebuster or job spoiler. An extremely successful enterprise. highlight

Glanzpunkt, Höhepunkt

An important conspicuous, memorable, or enjoyable event, scene, part, or the like. highly organized market

bestens organisierter Markt

In such markets feg the commodity exchanges, the stock exchanges) either buyers and sellers are brought together in the same building, or they are in easy touch with one another by computer, fax or telephone. Business is usually conducted according to a definite set of rules. highs and lows

Höchst- und Tiefstkurse

The highest and lowest prices for each share/stock over a defined period of time.

hire

672 Mieten, Miete mieten, leihen vermieten, verleihen einstellen Lohn

The hiring, eg of tools, machinery. Also called renting. If a person wishes to use a movable asset (eg a car) for a short period and a definite purpose but does not wish to buy the asset, he/she hires/leases/rents it. He/she pays an amount of money for this. Note: the hirer thus gains possession of the goods while ownership remains vested in the lessor. They hire (out), for example, boats to people on holiday. To engage a worker or an employee. Also called employ or engage. An old term for wages. hire purchase (HP, hp)

Ab-, Finanz-, Ratenzahlungs-, Teilzahlungskauf (GB) Mietkauf (GB)

A form of consumer credit in which the buyer of a good or service pays the principal and interest in regular i n s t a l l m e n t s over a period of time. Usually an initial deposit/downpayment is required. A nire purchase sale is the combined hiring and selling of an article. The purchase price (plus interest) is paid in i n s t a l l m e n t s and throughout the period during which these i n s t a l l m e n t s are oeing paid, the goods remain the property of the seller; they are merely being hired out by the seller to the buyer and they do not become the property of the buyer until all the i n s t a l l m e n t s have been paid. It payments are not maintained the goods can be taken back by the seller. If a person enters into a HP agreement and sells the goods to a third party before completing payment he commits a fraud. Also called i n s t a l l m e n t buying or deferred payment purchase (US). Note: with a credit sale, the goods become the legal property of the buyer at the beginning of the transaction. The buyer pays a deposit/initial i n s t a l l m e n t and the remainder by installments. If payments are not maintained the goods cannot be taken back by the seller and he/she must seek recovery of the monies via the courts. A contract for the hire of an asset which contains a provision giving the hirer the option to purchase the asset upon f u l f i l l m e n t of certain conditions. Also called leasepurchase agreement. hire retailer

Einzelhändler, der seine Ware vermietet

In a hire shop the equipment hired is used on the retailer's premises, eg the launderette enables customers to hire washing machines. The equipment is often used for do-ityourself activities.

-

histogram

673

-

Histogramm, Balken-, Stab-, Säulendiagramm

Also called bar chart or bar/block/column diagram. A graphical representation of a frequency distribution or probability distribution in the form of bar graphs which represent specific values. The bars can be drawn individually or they can be stacked, each in a different color or pattern. Note: there are vertical and horizontal histograms. historical cost(s)

Anschaffungs- (AK), Herstellungskosten (HK), historische Kosten

Also called acquisition/historic/initial/original/past cost(s). This is the actual amount of money (ie the net invoice price) that a firm or person paid for an asset when he bought it (plus all reasonable costs necessary to put the asset into its proper place for use). historical school (of economics)

historische Schule

Also called German Historical School. A group of nineteenth and twentieth century German economists who were particularly critical of the Classical School and its search for economic laws. They predicted future events from past experience. Their researches included administration, bank lending, fiscal policy, government and private enterprise, and industrial organization. Historical study was held to be of upmost importance for any legitimate study of economics. hoarder

Hamsterer

A person who buys and stores something, eg food or money in case of need. hoarding

Horten, Hortung Anschlag-, Reklametafel Litfaßsäule

A tendency by the public to hold cash. Some people keep their savings in cash hidden in the mattress or under the floor boards. Money saved does not necessarily have to be put to work by being placed in a bank or by being invested. Money hoarded is lost to the economy and this can have a detrimental effect on the economy. If the desire to hoard increases the result will be that money incomes fall; if there is a fall in the desire to hold money, incomes will rise. A very large board on which advertisements are stuck. An advertising or poster pillar.

-

hogshead (hhd)

674

-

großes Faß Flüssigkeitsmaß

A large cask. A liquid measure; 52.5 gallons in GB or about 238.5 litres, 62 gallons in the US or about 234.5 litres. hold

Schiffsraum, Laderaum

Also called shipping space. The hollow interior of a ship/vessel in which the cargo is stowed. holder

Inhaber/in Besitzer/in

A holder is the payee or endorsee of a bill of exchange or cheque/check who is in possession of it or the bearer of a bearer bill. The possessor or occupier, ie someone who possesses or has control of something, eg a ticket or piece of land. holder for value

entgeltliche/r Inhaber/in (BaW)

A holder of a bill of exchange (B/E) for which valuable consideration has been given. In banking, this term refers to the rights of a bank to the proceeds of a bill of exchange (B/E). When an advance is made, the bank will be a holder for value; ie it will have a lien on the bill giving it the right to retain the proceeds of the bill. holder in due course

legitimierte/r, rechtmäßige/r Inhaber/in

A person who takes an instrument for value, in good faith, and without defense against it. For example, a person takes a bill of exchange before it is overdue, in good faith, for value, without knowledge of any previous disnono(u)r and without notice of any defect of title of the person who negotiated it to him/her. He/she holds the bill free from all defects and can enforce payment against all parties liable on the bill. holder in good faith

gutgläubige/r Inhaber/in

Also called bona fide holder. A person who possesses something in good faith. holder of record

eingetragene/r Wertpapierinhaber/in

The owner of a company's securities as recorded on books (the share register/stock ledger) ofthat company.

-

holding

675

-

Beteiligung

Also called interest, participation, participating interest, or stake. Something held or owned, especially land, property or stocks/shares. If someone holds 10 percent or more of capital which is quoted and has unrestricted voting rights, this must be registered in the statutory books of the company. holding company

Holdinggesellschaft), Dach-, Muttergesellschaft

Also called controlling/parent company. The holding company (the controlling/parent company) is a company controlling a number of other companies (the subsidiaries) by holding at least more than 50 percent of their equity (ie anything over 50% of the voting shares/stocks). Control can also be exercised through control of the board of directors of the subsidiaries. The holding company is formed through securities manipulation. The holding may exchange its own share/stock capital for the original shares/stocks of the owners, or it may purchase the required shares/stocks. The subsidiaries may benefit from the financial skill and prestige of the holding company, preserve their identity and enjoy considerable independence of action, though mere is effective control. Companies controlled in this way may have their own subsidiaries, controlled in similar fashion. holding gain/loss

Wertzuwachs/Wertverlust

A gain or loss made when the market value of an asset rises or falls (appreciates or depreciates) after it has been acquired. This may be realized by selling the asset or remain unrealized. holiday insurance

Ferien-, Urlaubsversicherung

An insurance that provides the usual personal accident benefit if an accident occurs while the policyholder (and his/her family) are on holiday. It also covers the cost of any medical and emergency travel expenses incurred through accident or sickness (usually up to a certain amount). Package policies cover luggage/baggage and personal effects against loss or damage. home banking

Home Banking, Bankabwicklung von zu Hause

Also called video banking. A service provided by banks to enable clients/customers to transfer funds from one account to another. Computer terminals in customers' homes are linked to the bank's central computer. The bank clients can also access their accounts by telephone using the voice or a personal identification number (PIN) as a means of identification. The service offers monetary transfers, bill/invoice payments, balance information, etc. Home banking is viewed as a simple and convenient way for consumers to pay their bills/invoices and obtain information on financial matters. This service was introduced in the United States in 1982.

-

676

home consumption

-

Inlandsverbrauch

Also called domestic consumption. Goods and services consumed in a country, whether produced at home or imported. home country

Domizilland, Mutterland

Also called country of domicile. The domestic base of a national firm engaged in international trade. home economics

Hauswirtschaftslehre

Also called domestic science. The scientific study of the management of a home, ie the study of nutrition, food, clothing, child development, family relationships, and household economics. home improvement loan

Moderaisierungs-, Hausinstandsetzungsdarlehen

This is a personal credit/loan, designed specifically to provide finance for furnishing, renovating or extending homes. home loan

Haus- und Wohnungs(bau)darlehen

Also called housing loan. A credit/loan by a bank or building society (GB)/savings and loan association (US). The purpose of this loan is to provide finance for the purchase of domestic property (houses or flats/apartments), eg for occupation by the owner. home market

Binnenmarkt, Inlandsmarkt

Also called domestic market. The market in a producer's or supplier's own country. home office

Büro zu Hause Zentrale (US) Innenministerium (GB)

An office organized inside your own home. In the US, the main office. Also called headquarters. Note: Home Office: in GB, the government department which deals with keeping order inside the country. In the US called Department of the Interior.

-

677

-

home produce

Inlandsware, heimische Ware

Also called home produced goods. Products which are produced and sold within the country - neither exported nor imported. home service insurance

Kleinlebensversicherung

Also called industrial (life) insurance (US)/assurance (GB). Industrial life policies provide small benefits (eg to cover funeral expenses or a tombstone) for very tiny premiums. Premiums are sometimes collected by the agent at monthly intervals on a commission basis. The sum insured/assured on any one policy is limited. home trade

Binnenhandel

Also called domestic/inland/internal trade. All trade confined to a country, ie trade between buyers and sellers who are all in the same country. Note: home trade may be protected from foreign competition by the application of embargoes, quotas and tariffs to imported goods. homework

Heimarbeit

The work employees are assigned to do at home. homogeneity

Homogenität

The quality of goods, services or factors which ensures that they cannot be differentiated in the minds of consumers and suppliers. Note: homogeneous products are identical in the eyes of buyers, ie given complete knowledge, buyers will regard the products as perfect substitutes for one another; products may be physically distinct, but economically homogeneous. homogeneous commodity

homogenes Gut

Also called identical product. If each unit of a product offered by competing suppliers is exactly the same, it is known as a homogeneous product. The consumers consider the goods or services as perfect substitutes, ie they have no preference for the products of particular suppliers. honarium

Honorar

Also called professional fee. Amount of money paid to a person for his/her services.

hono(u)r a bill or cheque/check

678 Wechsel/Scheck einlösen/bezahlen

Also called to discharge/meet/pay a bill (of exchange) or cheque/check. A bill (of exchange) or cheque/check is discharged by payment in due course by or on behalf of the drawee or acceptor. hono(u)r policy

Gefälligkeitspolice (Police, die als Nachweis des Anspruchs ausreicht)

Also called policy proof of interest (PPI). A form of marine insurance policy. There is a clause pinned to the policy stating that in the event of a claim the insured may recover from the insurers/underwriters without necessarily having an insurable interest in the subject matter. Such a policy is not legally enforceable, but is fulfilled as a matter of hono(u)r if losses arise. honorary secretary

ehrenamtliche/r Geschäftsführer/in, Schriftwart (Verein)

This is normally a person who performs the funtion of a secretary in an honorary capacity - in other words without pay. Ouier honorary positions are: the honorary chairman and the honorary treasurer. horizontal equity

horizontale Steuergerechtigkeit

The notion that equally situated persons should be taxed equally. horizontal integration

horizontale/r Integration/Zusammenschluß

Also called horizontal combination/combine/expansion/merger, horizontal expansion or lateral integration. Horizontal integration occurs where firms producing or marketing the same product or service combine under the same management, eg the merger of two brewing companies. horizontal market

horizontaler Markt

Markets cutting across several types of industries, so that various segments are covered. horizontal mobility

horizontale Arbeitsmobilität

Also called horizontal labo(u)r mobility. A change of occupation (people change jobs or move to different areas) without change of status of the worker.

-

679

hospital cash insurance

-

Krankenhaustagegeldversicherung

Also called daily benefits insurance. An insurance policy which pays a daily cash sum (the hospital daily allowance) during periods of in-patient hospital treatment. hospital expense(s) insurance

Krankenhaus(kosten)versicherung

Also called hospitalization insurance. Insurance for those who wish to receive private treatment if they have to go to a hospital. hospitality

Gastfreundschaft

The friendly reception and treatment of guests or strangers. host country

Empfängerland Gastland Gastgeberland

The target nation of a direct foreign investment (DFI) or a country receiving goods from another country. Also called donee/receiver/recipient country. A country other than the country of origin where a person works. A country that provides services for a convention or a sporting event, eg the Olympics. hostile takeover

feindliche, unfreundliche (Firmen) Übernahme

Also called unfriendly/unwelcome takeover. A merger which occurs when the target/victim company's management opposes the deal (ie the takeover), and the acquiring company goes over their heads by making a tender offer/takeover bid to the shareholders/stockholders. As soon as it has acquired a majority (of the voting shares/stocks), it has management control. Note: according to takeover rules, the acquiring company has a time limit to persuade shareholders/stockholders to accept the offer. hot card

gestohlene, verlorene Kreditkarte

A credit card that has been reported lost or stolen, or has been cancel(l)ed by the issuer. Thus, it cannot be hono(u)red for payment when presented. hot issue

heiße Emission

A share/stock for which there is a heavy demand or an oversubscribed issue. Hot issue shares/stocks usually shoot up/rocket in price since there is an excess demand.

680

hot money

heißes/vagabundierendes Geld, Fluchtgela Falschgeld gestohlenes Geld

Interest-sensitive and speculative money which crosses frontiers to take advantage of high interest rates. This hot money will be repatriated as soon as this rate is lowered. Hot money improves the balance of payments and strengthens the exchange rate of the recipient country. Also called footloose funds or funk money. Counterfeit money. Also called bad/base/false/forged money. Stolen money. hourly wage rate

Stundenlohn

Also called hourly rate of pay, compensation per hour worked or wage(s) per hour; sometimes also time wage. The wage earned per hour. The most common form of paying wages is according to the length of hours actually worked in any one week or month. Generally, a certain minimum number of hours are stipulated in the conditions of employment, for which a fixed wage is paid. house agent

Grundstücks-, Immobilienmakler/in

Also called real estate broker or estate agent. A person whose business is the selling and letting houses and house bill

flats/apartments.

eigenes Akzept Spediteurkonnossement

A bill (of exchange) drawn by a business upon itself. A kind of bill of lading fbut it is not a document of title) made out by a forwarder. Also called forwarder's oill of lading (B/L) or forwarding agent' s B/L. house magazine

Hauszeitschrift, Hausmitteilungen Werkszeitung

Also called house journal/organ or company magazine/newspaper. A private magazine not issued for profit; periodically published by a company for public relations and/or sales promotional puiposes. The external house magazin is addressed to dealers or to users, customers and other outside readers, the internal magazine (also called staff magazine) informs employees of current company policy and is for employee motivation. House of Commons (HC, HOC)

britisches Unterhaus

GB Parliament has two chambers - the lower chamber is the House of Commons, the upper chamber is the House of Lords.

-

681

-

Members of the House of Commons are elected at a general election, normally for a parliamentary term of five years. After a general election the Queen asks the leader of the party which has won the election to form a government. The leader (the Prime Minister) then selects ministers who are approved by the Queen. House of Lords (HOL)

britisches Oberhaus

The upper chamber of GB Parliament, composed of the Lords Spiritual (archbishops and bishops of the Church of England), and the Lords Temporal (peers holding peerages in Great Britain). house owner's insurance

Hauseigentümerversicherung

Also called homeowner's insurance policy or house owner's (building) policy. The building policy covers loss or damage to the building caused by perils such as: fire, explosion, lightning, riot, strikes, storm, flood, tempest, burglary, theft, etc. The premium depends on the estimated original/reinstatement value of the building. Note: the policy may also cover the insured's liability exposure (the house owner's liability). house purchase insurance

Hypothekentilgungsversicherung

Also called mortgage insurance, mortgage redemption life insurance/assurance (GB) or mortgage protection policy. A life insurance/assurance (GB) that pays the balance of a mortgage if the mortgagor (ie the insured) dies. Most people purchase their houses by means of mortgage facilities provided by banks, building societies (GB)/savings and loan associations (US) or insurance companies. The latter offer house purchase insurances, under which any outstanding mortgage at the date of death is discharged and the house belongs to the widow or widower free of encumbrance/land charge. There are two ways of doing this: 1. a decreasing term insurance is effected to repay, in the event of death during the term of a mortgage, the sum outstanding at the date of death; periodical repayments are made so that the loan amount is reduced, 2. an endowment insurance (nonprofit endowment or with-profit endowment) is arranged for the amount and period of the mortgage. No periodical repayments are made, so that it is not a reducing mortgage. When the mortgage is due to be redeemed or if the mortgagor should die before the mortgage is due for repayment, then the policy moneys will be available to clear the whole debt and to extinguish the mortgage. The borrower pays interest charges on the full loan, plus the annual premiums for the life policy. house to house selling

Haustürverkauf, Direktverkauf (an Verbraucher)

Also called house-to-house sale or door-to-door selling. Direct sale made by visiting customers at their homes with or without an appointment. Usually, small producers with a limited product range sometimes turn directly to the consumer.

-

house union

682

-

Betriebsgewerkschaft

Also called company/enterprise union. A trade/labor union comprising (white-collar) employees of a single firm. It is usually influenced or even dominated by company management. household (HH)

Haushalt

Households are the owners of all factors (of production) in the economy; ie they provide the services of labo(u)r, land, capital, ana ownership to business. Households are production and consumption units. In market economies households acquire income from the sale of labo(u)r services which is then used to finance household activities. The behavio(u)r of households affects the level of demand for goods and services and, ¿trough production, the level of employment. Factors affecting the demand of households are: the tastes of the household; the price of other goods; the necessity of the commodity, and its alternatives if any; ana the income of the household. The proportion of income spent on certain goods falls as income rises (once basic necessities have been satisfied then increases in income are spent on other goods); the proportion of income spent on some goods rises as income rises (eg household durables, clothing). household insurance

Hausrat-, Haushaltsversicherung

Also called householder's policy, household and personal effects insurance or house/ residence contents insurance. This (insurance) policy covers the majority of perils to which the householder or house-owner is normally subject. The policy covers loss or damage by many perils, eg fire, explosion, lightning, storm, flood, riot, burglary, theft, etc. The insured is required to cover the full value of his/her property. Insurers also provide comprehensive policies, ie policies covering all risks except acts of God. Note: household policies may be issued for contents or buildings or both contents and buildings. housing benefit

Mietzuschuß, Wohngeld, Wohnungsbeihilfe

Also called housing aid/allowance. Such benefits are administered by local authorities to provide householders with help to meet rent and rates. The amount payable depends on the claimant's financial circumstances. hull insurance

Schiffskaskoversicherung

Insurance that covers the ship/vessel itself, including all its fixtures. It covers all perils of the sea and accidents caused by the negligence of the crew and stevedores; in the case of loss or damage, compensation is paid to the owners.

-

683

-

Hull policies may be divided into time policies (usually 12 months) and voyage policies (cover a specific voyage). Note: hull policies are also used in aviation insurance. human capital

Humankapital, Arbeitsvermögen

An alternative term for the factor of production labo(u)r. Ability and skills acquired through investment in one's earnings capacity, such as health, education, schooling, on-the-job training, etc. A well-educated and highly trained population will be more productive. Note: as in financial capital, its value can be increased by investment, in this case in education and further training. human relations

Human Relations, zwischenmenschliche Beziehungen

The activities of management which place heavy emphasis on the morale, social and psychological factors of people in their working environment. Employees must be treated as individual human beings, and not merely as units of the factor of production, labo(u)r, to foster improved job satisfaction. human resource(s) management (HRM)

Personalmanagement

Also called personnel administration/management. All the activities concerning the management of people, especially in relation to workforce planning and training, and the effective use of human resources to achieve an organization's objectives. human resources

Humankapital, -vermögen Arbeitskräfte

Economic resources consisting of: the ability of workers to perform physical tasks, human capital which refers to the skills and knowledge that people acquire during their lifetimes, the entrepreneurial ability of the owners of businesses. All the people who work for an organization in any capacity. human rights

Menschenrechte

The rights of the individual against the state, including liberty and security of the person, freedom from discrimination, and equality before the law, as guaranteed by a state's laws or as espoused by international organizations such as the United Nations (UN). hundredweight (cwt)

Hundredweight, (etwa) Zentner

A unit of weight; in Great Britain 112 pounds (lbs) or 50.80 kg, in the United States 100 lbs or 45.36 kg. A hundredweight is subdivided into 4 quarters (qrs), each containing 28 lbs.

-

hyperinflation

684

-

Hyperinflation, Superinflation, rasende Inflation

Also called galloping/runaway inflation. Inflation which cannot be controlled. As inflation proceeds, the velocity of circulation (the rate of money turnover) increases to an even greater extent because holding money entails considerable loss. Saving ceases, people begin to lose confidence in the value of money, and there is an increasing anxiety to turn all cash into real tangible assets. The result is a steeper rise in prices. Prices are rising faster and faster and the value of money (ie the purchasing power) is falling so fast that people are no longer prepared to accept money in payment for goods or services nor in settlement of debts. Debts dwindle away to almost nothing. The gains of debtors are, of course, the losses of creditors. Government usually have no alternative but the introduction of a new form of currency. hypermarket

Verbrauchergroßmarkt, Großmarkt, Hypermarkt

Also called superstore. Hypermarkets are really "super supermarkets" (a larger form of supermarket). There is usually a minimum of 3.000 square meters of selling space. They consist of stores usually at the edge of towns - providing easy parking, competitive prices, self-service and a wide range of goods (foods and nonfoods). The hypermarket has become a leading form of retailing. hypotenuse/hypothenuse

Hypothenuse

In mathematics, the side of a right-angled triangle opposite the right angle. hypothecation

Verpfandung

This is a legal transaction by which goods are made available as security. The security is granted by means of a letter of hypothecation (sometimes called a letter of lien). Hypothecation is a term which means agreement to give charge over goods, or documents of title to goods when it is not possible for the goods to be pledged. Note: it differs from a pledge and a mortgage in that neither ownership nor possession of the goods passes to the lender. The debtor (ie the borrower) signs a letter of hypothecation giving a charge over the goods and agreeing that if the creditor (ie the lender) wishes to sell the goods he/she will execute the necessary documents to give ownership of the goods to the creditor. Clearly, since the borrower retains both ownership and possession of the goods, there is always the possibility that he/she may fraudulently deal with them and thereby deprive a person of his/her security. hypothesis

Hypothese, Annahme

Something which is assumed in order to argue or explain; a theoretical explanation, eg saving is a function of disposable income.

-

685

-

/ Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery. (David Copperfield by Charles Dickens, 1812 - 1870)

iceberg principle

Eisberg-Prinzip

The concept that important business information is often hidden in summary data. Psychological concept that only a small portion of desires is apparent and the big rest is hidden deep down under the surface. In organization theory, the concept that the greater part of the organization, ie the feelings, attitudes and values of its members remain hidden from obvious view and that only the formal organization is visible. Also called organizational iceberg. ideal capacity

Betriebs-, Kapazitätsoptimum

Also called maximum/practical capacity. The absolute maximum number of units that could be produced in a given operating situation, if absolutely nothing goes wrong. identification initials

Diktatzeichen

Also called reference initials. The secretary indicates on the letter the initials of the person who dictated the letter and her own initials. The dicatator's initials are always placed first and separated from the secretary's by a stroke, colon or the like, eg GG/IG. Sometimes the identification/reference initials consist of numbers or letters which make it possible to refer to a department or find a document which has been filed, thus GG/123. Note: persons answering the letter, or referring to it, are expected to quote them in all correspondence. identifier

Kennzeichen, Identifikator

A symbol whose purpose is to identify or name a set of data.

-

identity

686

-

Identität(sgleichung), Gleichheit Wesensgleichheit

An equation which is true by definition, or which serves to define a variable. For example, Y = C + 1 (Y = national income, C = consumption, I = investment). Being exactly the same or alike. identity card

Personalausweis Ausweiskarte

Also called ID card. A card identifying the holder usually featuring the holder's name, signature, date and place of birth, nationality, address and photograph. A card issued by a company to prove who you are. idle balances

Spekulationskasse, brachliegende (Geld)Mittel

Also called idle money or speculative balances/holdings. Money that is withdrawn from circulation and held as a store of wealth, ie it is not invested or is not earning interest. According to Lord Keynes there is a speculative motive to hold money. idle money

brachliegendes Geld Spekulationskasse

Free capital or unemployed funds, ie money which does not "work", ie money that is not invested or is not earning interest. Also called idle funds or unemployed funds. In liquidity preference theory, money that is withdrawn from circulation and held by those who expect interest rates to rise as a store of wealth. Also called idle/speculative balances. if cheque/check

ungedeckter Scheck

Also called bad/dud/uncovered/cheque/check or bouncer. An uncovered cheque/check, ie the drawer/issuer of the cheque/check has insufficient funds (IF). illegal

illegal, gesetzwidrig

Behavio(u)r that is contrary to the principles of law. illegal contract

rechtswidriger Vertrag

This is a contract which is contrary to law; the contract cannot be sustained and is wholly without legal effect, ie it is unenforceable.

-

illegal strike

687

-

ungesetzlicher, wilder Streik

Also called outlawed/unofficiaVunauthorized/unlawful/wildcat strike. A strike that is not authorized by established unions or legal procedures. illiquidity

Illiquidität, Zahlungsunfähigkeit Mangel an flüssigen Mitteln

A form of insolvency, ie the business is unable to meet debts as they fall due/mature. Inability of a business to pay current liabilities out of current assets. The current ratio is low. There is a shortage of liquid funds, ie a situation in which assets cannot easily and quickly be turned into money. image

Image, Vorstellungsbild

A buyer's mental picture about an organization or its products, eg brand image. imaginary profit

imaginärer Gewinn, Scheingewinn

Also called anticipated/assumed/illusory/paper profit. A profit on an asset which has increased in price but has not been sold, ie an unrealized profit; a profit that theoretically accrues. An imaginary profit is often taken into consideration when concluding insurance cover, ie the amount insured is 10 % above the real value of the goods. immaterial wants

immaterielle Bedürfnisse

Also called nonmaterial wants. This term covers people's wants for services or invisible items such as leisure activities, educational and health services. immediate annuity

sofort fällige Rente, Sofortrente

In insurance, the simplest form of annuity. In return for a lump sum single premium, the annuitant receives a guaranteed income for the rest of his/her life (ie until the death of the annuitant). Payments commence as soon as the contract has come into force and the lump sum is received by the insurer. For example, the annuitant pays a single premium of $ 200,000 on May 1 of the current year and begins receiving a montnly mcome of $ 1000 for life starting June 1. Note: an immediate annuity is used as a method of turning capital into income. immediate or cancel (IOC) order

Wertpapierauftrag zur sofortigen Ausführung oder Stornierung

Also called fill or kill (FOK) order or immediate order. On the stock exchange, a buy or sell order requiring the broker to execute all or part of the order at once; the portion not executed is automatically cancel(l)ed.

-

688

immiserizing growth

-

Verarmungs-, Verelendungswachstum

A country's situation where, despite the wealth effect which tends to increase a country's welfare, the terms of trade (tot) may deteriorate so much as to lead to a net decline in the country's welfare. immobility of Iabo(u)r

Immobilität der Arbeitskräfte

Also called labo(u)r immobility. Unemployed workers' inability or unwillingness to move to other areas where jobs are available. Labor is relatively immobile, ie it does not easily move, eg because of housing difficulties, moving expenses, reluctance to leave friends and family, etc. Many people are disinclined to move to other areas to work, they prefer to stay in districts where they have been brought up. Structural unemployment is due to the lack of mobility of labor. If labor were perfectly mobile there would be no or less unemployment due to technological progress or change of demand. immovables

Immobilien, unbewegliches Vermögen

Also called real assets/estate/property or realty (US). Real property that cannot be moved, eg land. impact

(Aus)Wirkung, Einfluß

The effect or influence that someone or something has on someone or something. impact lag

Wirkungsverzögerung

The time period between policy changes and the time when the major effects of these changes occur. For example, the time required for the multiplier effect (ie the process by which a change in spending results in a greater change in income) to change employment, income, and production. impact of advertising

Werbewirkung

The way in which an advertisement or promotional message affects the audience receiving it. To achieve the greatest impact the advertiser has to position his/her advertising so that the greatest number of potential buyers will be exposed to it, remember it, and be motivated to purchase the advertised good or service. imperfect competition

unvollständige Konkurrenz, unvollständiger Wettbewerb

The market situation where at least one trader can materially affect the market price of a commodity or service. This occurs where there is a breach of the conditions of perfect competition.

-

689

-

There is a variety of situations between the two extremes of perfect competition and monopoly. In ordinary speech forms of very imperfect competition are described as monopoly. Imperfect competition exists in a great variety of forms, ranging from nearmonopoly at one extreme to nearly perfect competition at the other. Note: actual conditions lie between the two extremes of perfect competition and monopoly. Instead of many producers, as in perfect competition, or the single producer of monopoly, there may be only a few producers (when only a few firms compete, this is known as oligopoly) - their supply affects price; instead of a homogeneous commodity, products may be differentiated (product differentiation), giving rise to monopolistic competition; there may be restriction of entry of competitors into various lines of production either because of the size of the initial investment required or because of restrictive practices (the restriction of supply leads to monopoly profits). imperfect market

unvollkommener Markt

An imperfect market exists whenever any of the conditions necessary for a perfect market (eg customers have full knowledge of the state of the market, any buyer may deal with any seller and vice versa, etc.) do not exist. In this market, some of the producers and/or consumers can materially affect the price and quantity of goods. Thus, actual markets are imperfect markets. imperfect oligopoly

unvollkommenes Oligopol

A form of oligopoly where there is some degree of differentiation between the products. implementation

Durchführung, Ausführung

The process of putting plans into action. implied terms

mutmaßlicher Parteiwille, stillschweigende Bedingungen

Terms/conditions not specifically stated (in a contract) but which both parties would regard as "taken for granted". These conditions are not necessarily written into the contract, but are implicit in the nature of a contract. If any of these are contradicted by an express condition, it is the express condition that is effective. import controls

Einfuhr-, Importkontrollen

Controls that aim to reduce imports by imposing quotas, tariffs, import surcharges and nontariff barriers. import duty (ID)

Import-, Einfuhrzoll

Also called import tariff, customs duty on importation, duty on entry, or customs inward. A tax imposed/levied on goods entering a country.

- 690 import license (I/L)

Import-, Einfuhrlizenz

Permission obtained from a government to import goods. import penetration

Importdurchdringung, -penetration

The extent to which the domestic/home market is supplied by imports; the market share of importers. import restrictions

Einfuhr-, Importbeschränkungen, Einfuhr-, Importrestriktionen

In general, tariff and nontariff barriers imposed by an importing country to control the volume of imports. imported inflation

import-induzierte Inflation, importierte Inflation

Also called import push inflation. The domestic rate of inflation is directly affected by the prices of imported goods. Import prices may rise as a result of inflation in other countries or because of a falling domestic exchange rate. Thus, rising import prices may raise the domestic rate of inflation directly (in the case of imported manufactured goods) or indirectly by raising industrial costs, which are passed on in the form of higher pnces (in the absence of a profit squeeze). importer

Importeur, Importfirma Importland

A person or firm that purchases goods or services from another country. Also called import firm/trader. An importing country. importing country

Import-, Einfuhr-, Abnehmerland

Also called customer country. A country that imports goods or services from abroad. imports (Mp)

Importe

The volume of goods coming into a country. Commodities of foreign origin and goods of domestic origin returned to the producing country with no change in condition, or after having been processed and/or assembled in other countries. Importing commodities (food, raw materials, semimanufactured goods, finished goods) is of fundamental importance to the economy of any nation since no country in the world has every commodity it requires.

-

691 -

impost

(Einfuhrt(Zoll Steuer, AlLbgabe

This is a tax, particularly one on imports imposed/levied by a country to raise revenue or regulate trade. Also called import duty or duty on entry. A tax or levy. imprest fund

kleine Kasse, Spesenkasse, Wechselkasse

Also called petty cash fund. An advance of money given to a cashier in a shop for the petty cash box to make payments for expenses of small amounts. impulse buying

Impulskauf, Spontankauf

Also called impulse buy/purchase, impulsive buying or spontaneous purchase. A purchase made without careful prior consideration, ie on the spur of the moment; sometimes without apparent rational or logical justification. in arrears

im Verzug im Rückstand

Unpaid, to be behind with payments, eg arrears of interest. To have arrears of work. in stock

auf Lager, vorrätig

Also called on stock, in store or on hand. Goods available, ready for delivery. in the black

mit Gewinn arbeiten

This term describes a business that makes a profit. in the red

mit Verlust arbeiten

This term describes a business that suffers a loss. in transit

unterwegs, auf dem Transport

This term describes goods that have left the consignor's location and are en route to the place of destination.

inactive account

692 umsatzloses Konto

Also called dead/dormant account. An account that has little or no movement, ie an account with infrequent deposits or withdrawals. incentive

(Leistungs)Anreiz, Ansporn

Also called inducement. A motivational force that stimulates people to greater activity or increased efficiency. inchoate bill (of exchange)

nicht vollständig ausgefüllter Wechsel

A bill of exchange which is incomplete. income (Y)

Einkommen Gewinn Ertrag Bruttoeinkommen Einnahme

The inflow of wealth accruing to an individual or a business over a period of time. Income is received as wages or salaries, rent, interest and profits from labo(u)r, business and professions or property. That part of income which is not spent has been defined as saving(s). Another name for profit or earnings. Any receipt of a revenue item is regarded as income. Money received from all sources. The receipts of a business. income distribution

Einkommensverteilung

Also called earnings distribution or income transfer. The way in which income is distributed throughout the various socioeconomic levels. income effect

Einkommenseffekt

A situation meaning that, when prices fall, people can in effect buy the same goods for less, making them better off. This has the same impact as if their incomes had risen. Some of this additional income may go for buying more units of the good and thus increasing its quantity demanded.

-

income elasticity (of demand)

693

-

Einkommenselastizität der Nachfrage

This is a measure of the response of demand to a change in income. Changes in incomes (as well as changes in prices) will affect demand. If income increases or decreases, demand changes in relatively large volumes. If income elasticity of demand for a commodity is low it means that there will be little change in a consumer's demand for that commodity if income is either increased or decreased. If it is high, demand will change considerably following a change of income. It is calculated by dividing the percentage change in demand by the percentage change in income. Income elasticity of demand

=

% change in quantity (demand) % change in income

As a general rule, necessaries/necessities (eg food) tend to have an inelastic demand, whereas luxuries tend to have highly elastic demand. Unlike price elasticity, which is almost invariably negative, income elasticity is generally positive; but inferior goods have a negative income elasticity. income multiplier

Einkommensmultiplikator

The concept that an increase in investment causes an increase several times as large in income. income tax (IT)

Einkommens Steuer

A direct tax imposed/levied by the government upon a person's total taxable income, whether earnea or unearned. Everyone is allowed to receive a certain amount of income free of tax; the remainder is then taxed on a sliding percentage scale (known as progressive tax). Note: the tax on wages and salaries is deducted at source by employers. The income tax is the main source of revenue for the government. income tax allowance

Einkommensteuerfreibetrag

Also called earned income tax allowance or personal allowance. An allowance that is deducted from income before taxation. income velocity of circulation

Einkommenskreislaufgeschwindigkeit des Geldes

Also called circular velocity of money. Measurement of the rate at which money is circulating through an economy. incomes policy

Einkommenspolitik, Lohnpolitik

A strategy aimed at directly holding down incomes and prices. The aim of such a policy is to curb inflation and to avoid unemployment. Without it, higher pay would lead to higher prices (ie inflation); it would also lead to some people "pricing" themselves out of the labo(u)r market and becoming unemployed.

-

incoming mail

694

-

Eingangspost, Posteingang

Also called incoming post (GB) or inward mail (US). The mail/post received by a business. Once opened and date-stamped, the mail will be sorted according to its final destination, delivered to the various persons in charge and processed. inconvertibility

Nichtkonvertierbarkeit, Inkonvertibilität

The inability to exchange one national currency for another because of national restrictions. An inconvertible currency is less desirable to investors in other countries than a freely convertible currency. incorporated (company) (Inc.)

Aktiengesellschaft, AG (USA) Gesellschaft mit beschränkter Haftung, GmbH (USA)

In the United States, the same as a public limited company (PLC) in Great Britain. A designation indicating that the owners of a firm have limited liability. Also called (stock) corporation (Corp.) or joint-stock corporation. In the USA, the same as a private limited company (Ltd) in Great Britain. Also called (closed) corporation (Corp) or corportion with limited liability. incorporation

(Gesellschafts)Griindung

The act of bringing a company/corporation into legal existence. An incorporated body can enter into contracts and can sue and be sued in its own name. Note: 1. when the company/corporation has been registered, a certificate of incorporation is issued, 2. before tne incorporation the owners of the business are liable personally for all of its debts. incoterms

Incoterms, internationale Regeln fur die Auslegung handelsüblicher Vertragsregem; Lieferklauseln im Außenhandel

International Commercial Terms (Incoterms). A codification of international rules for the uniform interpretation of common contract clauses in international (export/import) transactions. Also called trade terms. At present there are 13 incoterms with three-letter symbols to identify them. They are: 1. EXW (ex works); 2. FCA (free carrier); 3. FAS (free alongside ship); 4. FOB (free on board); 5. CFR (cost and freight); 6. CIF (cost, insurance and freight); 7. CPT (carriage paid to); 8. CIP (carriage and insurance paid to); 9. DAF (delivered at frontier); 10. DES (delivered ex ship); 11. DEQ (delivered ex quay (duty paid)); 12. DDU (delivered duty unpaid); 13. DDP (delivered duty paid).

-

695

increasing marginal cost

-

steigende Grenzkosten

The cost of each additional unit of a firm's output is greater than the marginal cost of the previous one. increasing returns

zunehmende Erträge

They occur when the expansion of a firm produces economies and greater efficiency. If a firm is below the optimum size expansion will show increasing returns. incurred but not reported (IBNR) claim

entstandener, aber noch nicht gemeldeter Versicherungsanspruch

In insurance, a claim which has been incurred but not yet been reported to the insurer/ insurance company. indebtedness

Verbindlichkeiten, Verpflichtungen Verschuldung

A sum owed to someone. The state of being in debt or owing money. When a business owes money to someone, then the business is indebted for a certain amount. The amount of its indebtedness is X

indemnity

Schadenersatz, Entschädigung (Vers) Entschädigungsbetrag Abfindung(sbetrag) Haftungsrreistellung

A compensation for loss. Indemnity has always been considered a fundamental principle of insurance. Almost all policies of insurance, with the exception of insurances of the person (ie life, health and personal accident insurance - life, limbs and health cannot be precisely measured in financial terms), are contracts of indemnity. The object of indemnity is to place the insured after a loss in the same financial position as he/she was in immediately before the loss. Indemnity does not intend to provide profit from misfortune. If the subject matter of the contract is totally destroyed, the insured can recover no more and no less than its financial value at the time and place of loss. An insurance may be for less than a complete indemnity, but it may not as a rule be for more. Indemnity and insurable interest are closely linked, because the principle of indemnity means that the insured cannot recover any sum exceeding the extent of his/her insurable interest. Also called damages, compensation (for damage) or indemnification. The amount of financial compensation which an insured person can claim for loss or damage sustained. A money compensation to settle a legal claim. An exemption from liability incurred as a result of one's actions.

-

696 -

indemnity clause

Schadenersatzklausel

Also called exclusion/loss-payable clause. Contract clause placing an obligation on one party to indemnify/compensate the other for losses incurred in the course of the contract. Transfer of responsibility for paying losses may be undertaken either by insurance or via special clauses placed in contracts of sale, employment, rent and so forth. indemnity insurance

Schadenversicherung

Insurance that compensates/indemnifies the policyholder in the event of loss or damage with a sum of money for the repair or replacement of the item lost or damaged. indent

Auslandsauftrag, Indentgeschäft

Also called foreign order. Export orders are known as indents. An indent may be open or closed: 1. open indent: the agent receiving the order from an overseas principal can obtain the required goods from any producer he/she pleases. 2. closed indent: this names the producer from whom the foreign buyer desires the goods to be bought. independent good

autonomes Gut

A good that is neither a substitute nor a complementary good. If its price changes, it will not affect the demand for other independent goods. independent retailer

selbständige/r Einzelhändler/in

A retailer owning and operating one or more retail outlets which are not part of a larger retail organization. He/sne has complete control of his/her business. independent variable

unabhängige Variable

Also called argument. Take the function q = f(p); q represents quantity and ρ represents price. The variable on the left-hand side is termed the dependent variable and the variable on the right-hand side the independent variable. The function shows that the quantity depends upon price. It is mathematical convention to plot the dependent variable on the vertical axis (yaxis) and the independent variable along the horizontal axis (x-axis). index

Index, Verzeichnis Index

An ordered reference list of the contents of a file or document, together with keys for identification or location of those contents. In statistics, a measure of relative value, usually related to a base year. A well-known index is the consumer price index (CPI).

-

index linked insurance

697

-

Indexversicherung

A type of insurance policy where the amount of insurance cover automatically increases in line with inflation. index linking

Indexbindung, Indexierung

Also called indexing, indexation or value-linking. The automatic adjustment of monetary awards (eg wages) or long-term contracts (eg insurance contracts) to maintain purchasing power and to take account of inflation. The value of these items grows in line with changes in price levels measured by means of the retail price index (RPI). Indexing removes some of the injustices caused by continuing inflation. index number

Indexzahl, Indexziffer

Index numbers measure the average percentage change in the prices of a "set" of items calculated in relation to a base date. For example, in order to measure changes in the value of money we use index numbers. This is a statistical device which involves selecting a base data, measuring prices at that date, and comparing them with prices at later dates. The base year is selected and given the number 100. index of industrial production

Index der Industrieproduktion

An indicator of the overall state of the economy, showing the level of industrial production each month compared with the base year (= 100). index of retail prices (IRP)

Index der Lebenshaltungskosten, Einzelhandels(preis)index

Also called retail price index (RPI). The purpose of this index is to measure the retail prices of a group of major consumer goods and services, the prices being weighted to allow for the relative importance of each item. Weighting takes into account what the typical family spends on each product. The weights are revised annually. The weighted price is assumed to be 100 at the base date. Tne current price of each item is expressed as a percentage of the original price. indicative planning

indikative Planung

An instrument of economic policy. By indicative planning a government attempts to bring together decision makers (eg trade associations) in order to make better forecasts of future economic activity. It provides insights into businesspeople's expectations and indicates whether projected spending will be excessive or deficient (ie inflationary or deflationary).

-

indicator

698

-

Indikator

An instrument that indicates the condition of a special market, eg the stock market, or the economy as a whole. Indicators are observed in an attempt to forecast market conditions. indifference

Indifferenz, Gleichwertigkeit

In general, lack of interest or concern. For example, if an individual is indifferent then he/she neither prefers nor not prefers one good to any other good. His/her utility/satisfaction from good X is the same as his/her utility from goodY. indifference curve

Indifferenzkurve

This is a curve (plotted on a graph) showing how the consumer reacts when faced by an alternative choice of commodities which give him/her the same level of satisfaction. indirect cost(s)

indirekte Kosten, Gemeinkosten

Also called overhead cost(s). These are production costs that do not change very much (if at all) as production increases. They are not chargeable to a particular product. Examples are administrative and maintenance costs and rent. indirect loss or damage

Folgeschaden, mittelbarer Schaden

A consequential loss or damage, ie a loss or damage that is not a direct result of a peril. indirect quotation

indirekter Wechselkurs, Mengennotierung

The exchange rate is expressed as the number of units of the foreign currency per unit of the local currency. The opposite of direct quotation (eg Euro 0.85 per $). indirect taxes

indirekte Steuern

Taxes on spending (eg VAT (GB), sales tax (US), GST (AUS), customs and excise duties) are mdirect taxes. The tax is not imposed/levied directly on the person who is intended to pay; he/she pays indirectly and the revenue goes through several channels before it reaches the government. Indirect taxation offers a number of advantages (eg the taxpayer does not feel the burden so heavily because it is spread over a number of purchases; all groups of the population are taxed) and disadvantages (eg it is regressive, ie the smaller the income, the greater the proportion paid in tax; it is inflationary because increases in indirect taxation generally result in increased prices; the revenue is always uncertain unless the demand for the commodity in question is inelastic).

induced consumption

699 induzierter Konsum

The increased purchases (ie the additional spending) which are derived consumers as a result of increased income. induced investment

from

induzierte Investition

That part of investment which is determined by changes in output, ie the investment produced as a result of increases in consumption, ie spending by consumers. induction

Induktion (Arbeits)Einfuhrung, Einarbeitung

A method of reasoning from many specific cases to a general conclusion. The process of introducing new employees to a company and of informing them about company procedures and where to go tor help. industrial bank

Industrie(kreditit Gewerbebank, Industrie(kredit)bank Teilzahlungskreditinstitut (GB)

These banks (frequently subsidiaries of commercial banks) specialize in activities which are of interest to industry. Also called industrial loan company. In GB, a hire purchase house or finance company. industrial capacity

industrielle Kapazität

The amount of work which can be done in a factory or several factories. industrial company

Industrieunternehmen

A firm concerned with the production of industrial goods/products. industrial consumer

gewerblicher Abnehmer

A user of industrial products. Note: the term consumer here is incorrect - the correct term is industrial customer. industrial country

Industrieland

This is a country showing the following characteristics: 1. high level of income per head, 2. low birth rates, 3. the majority of workers is employed in industry and in the services sector, 4. relatively low rate of unemployment, 5. excellent infrastructure, 6. high level of education, 7. a balance of payments equilibrium or a favo(u)rable balance of payments, 8. a high degree of international trade, etc. Usually these countries export a large part of their goods and services to other industrial countries and less developed countries (LDCs).

- 700 industrial demand

industrielle Nachfrage

The market demand for industrial products. industrial democracy Also called codetermination, comanagement, employee/worker participation.

betriebliche Mitbestimmung employee/worker

involvement,

or

A system in which the workers participate in the firm's management and/or ownership. Thus, they may influence the firm's decision making. Possibilities range from complete workers' control, to participation schemes, works councils, worker directors, worker consultation, etc. industrial dispute

Streitigkeiten zwischen Arbeitgebern und Arbeitnehmern, Arbeitskampf, Arbeits-, Tarifkonflikt

Also called labo(u)r/trade dispute, industrial action/conflict/strike or job action. A disagreement between management and labor/trade union representatives. Industrial action is used by workers to put pressure on employers when collective bargaining has been unsuccessful. The main forms of action are: strikes, picketing, go-slow, work-to-rule, wildcat strike. Disputes between employers and employees arise over many matters: general conditions of work, hours of work, differences connected with wages, sympathetic action in support of other workers, etc. The traditional weapon of the union in these disputes has been to strike, the counterpart of the employers' lockout. Note: the dispute might be resolved by successful conciliation or arbitration. industrial equities

Industrieaktien

These are ordinary shares/common stocks of industrial undertakings. industrial espionage

Industrie-, Wirtschaftsspionage

Espionage undertaken in industry and commerce to obtain information which will be of economic or political advantage. industrial expansion

industrielle Expansion, Industrieausweitung

Growth of industries in a particular area or a country. industrial goods

Investirions-, Produktionsgüter Industrieprodukte

Goods sold to industry (eg machinery) and used in the production of other goods or services. Also called capital goods or investment goods. Goods produced by industrial companies.

- 701 industrial injury

Arbeits-, Betriebs-, Berufsunfall

Also called industrial/occupational accident, accident on the job, working injury, or workman's accident. An accident whereby an employee is injured in the course of his/her employment. If he/she can prove his/her employer's liability, he/she may claim damages from his/her employer or he/she may be entitled to benefits from the government. industrial law

Arbeitsrecht (GB)

Also called labo(u)r law (US/GB). Law which deals with contracts of employment, working conditions, collective labo(u)r relations, health and safety, individuai employment protection, etc. industrial life insurance/assurance

Kleinlebensversicherung (US/GB)

Also called debit (life)/industrial/home service insurance. A life insurance on which the premiums were sometimes collected on a monthly basis at the home of the policyholder. Today, insurance cover is sold on a debit basis. Contracts are generally simple, with comparatively small premiums, face values and benefits. In GB, it had its beginnings in the working classes created by the Industrial Revolution. industrial market

Industriegütermarkt

The market for customers who buy goods to be used in production. industrial policy

Industriepolitik

A government's policy to stimulate the development and growth of some industry, eg a hightech industry, in an industrial country. industrial product

Industrieerzeugnis

Also called industrial good. Products manufactured/produced for the industrial sector of an economy, ie products used to make other goods and sold to manufacturers/producers rather than consumers. industrial relations (IR)

Arbeitgeber-ArbeitnehmerBeziehungen, Beziehungen zwischen den Sozialpartnern

Also called labo(u)r/employee relations. Rules, practices and conventions governing interrelations between employers and employees. Industrial relations involves joint participation of employers and employees in determining policy concerned with wages, hours, working conditions, dealings with conflicts and disputes, employment procedures, etc.

- 702

-

There are three major areas of contract between management and labo(u)r: 1. union organization activities, 2. collective bargaining and 3. employee grievance procedure. industrial revolution

industrielle Revolution

The revolution in industry (that began in England about 1760), which occurred in Europe during the late eighteenth ana early nineteenth centuries, was brought about by the invention of power-driven machinery and the establishment of the first factories. As a result, industry increased the output of all kinds of goods, increased the division of labo(u)r, established mass production and specialization, improved transportation, etc. Note: according to Alvin Toffler it was the second wave of great change, the first being the agricultural revolution and the third is the technological revolution (which we are presently experiencing). industrial sector

Industriesektor

That part of the economy consisting of industrial companies. industrial society

Industriegesellschañ

A society characterized by the spread of advanced technology to all sectors of the economy. industrial trader

Industriekaufmann/-kauffrau

A person employed as a clerk in industry. industrial union

Industriegewerkschaft

Also called vertical union. A trade/labor union which organizes the workers in one specific industry, regardless of job type or level of skill. industrialization

Industrialisierung

The process of change in a society from a predominantly agrarian economy to an industrialized economy. industry

Industrie Wirtschaftszweig, Industriezweig

Firms concerned with the production of goods. A particular branch of industry which is directed to the production of a given class of goods, eg cars, machine tools, aircraft, etc.

- 703 inelastic demand

unelastische Nachfrage

Demand is inelastic if it does not change at a proportionate rate with the rate of change in price. That means, the quantity demanded does not alter, or changes minimally, with a considerable price change. inelastic supply

unelastisches Angebot

Supply is inelastic if the quantity of an item produced/offered does not alter, or changes minimally, with a price change. Supply is inelastic if the elasticity is less than 1. inelasticity

Inelastizität, Mangel an Anpassungsfähigkeit/Elastizität (Angebot, Nachfrage)

In general, the lack of flexibility. In economics, the state of not being responsive to changes in market conditions. If a fairly considerable change in price makes little difference to the quantity demanded, then demand is said to be inelastic. Demand is perfectly inelastic if the same quantity is demanded whatever the price. Supply is perfectly inelastic if the same quantity is supplied whatever the price. ineligible bill (of exchange)

nicht zentralbankfahiger Wechsel

Also called bill not eligible for rediscount. A bill of exchange (B/E) which a central bank is not prepared to rediscount. These bills carry a higher discount rate. inequality

Ungleichung Ungleichheit

A statement that two quantities are unequal, indicated by various symbols. The symbols denoting inequality are: > < > y a court of law, for example, if a company refuses to pay a debt. servant

Diener/in, Hauspersonal Beamter, Beamtin Angestellte/r

A person who serves another person for pay, eg a person who performs household duties in a private house. Also called help or domestic help. A person who works for the state. Also called civil/government/public servant. An employee of a company. service

Gefälligkeit Versorgung(sdienst) Kundendienst Dienstleistung Wartung, Service

Work done by one person that benefits another, ie an act of helpful activity. Also called favo(u)r or kindness. The supplying of utilities, commodities or other facilities that meet a public need, eg electricity, water, etc. Also called provision or supply. After-sales assistance provided by the manufacturer to maintain the quality of a product during its use. Also called customer service. The work done by an employee, adviser, consultant, etc for customers. The keeping of machines in good working order through overhauling, replacement of parts, and the like. Also called maintenance or upkeep. service charge

Kontofuhrungsgebühr Bearbeitungsgebühr Bedienungsgeld

Also called service fee. A charge imposed by banks (ie a bank charge) on accounts to cover the costs of handling these accounts. Also called account maintenance charge/fee. A charge made for services rendered. Also called handling charge. In hotels or retaurants, a charge (usually 10 % to 15 %) sometimes added to a bill to pay for the service.

-

service contract

1158

-

Wartungsvertrag Dienst-, Arbeitsvertrag

Also called service agreement. A contract under which a supplier undertakes to maintain/service equipment supplied for a stated period after sale or through a period of hire. Also called maintenance agreement. A contract between a company and an employee stating all conditions of work. Also called employment/labor contract. service industry

Dienstleistungsindustrie

Also called service economy. The tertiary sector. An industry that provides a service such as advertising, the buying and selling of goods, banking, entertainment, finance, health, insurance, transport, travel, warehousing, etc, to another industry or the public. service life

Nutzungsdauer

Also called economic/effective/operating/serviceable/useful/working life. The estimated economic life of an asset to a business, which may be less than its physical life. service sector

Dienstleistungssektor

Also called tertiary sector. That part of industry which offers services, such as banking, insurance, education, health, transportation, etc. serviceman

Service-Mann, Kundendienst (mitarbeiter)

A person or business who does the work of servicing. services

Dienstleistungen

In an economic sense, services are any activities or tasks for which there is a demand and that are fulfilled by persons and/or organizations, and for the benefits of which consumers are prepared to pay a price as they satisfy their needs and wants. Services are sometimes referred to as intangible/noneconomic goods which are usually nontransferable because they are consumea at the point of sale, eg a concert or medical care. Note: a service may also take the form of a physical asset, eg the bank service to provide a cheque/check or statement of account; a service in which knowledge is imparted if freely transferable from one consumer to another, eg a tax advice.

-

1159

-

Characteristics of the service sector, eg banking, business services, communications, distribution, insurance, etc., are: usually it is more labo(u)r-intensive and employs less capital per worker than the manufacturing sectors; trade in services is growing faster than trade in physical commodities and the export of invisibles is of growing importance. services rendered

geleistete Dienste, erbrachte Dienstleistungen

Also called services performed. When a business receives an invoice for services provided it usually says "To/for services rendered". servicetill/service till

Bankomat, Bank-, Geldautomat

Also called autoteller, automated teller machine (ATM), cash dispenser, cashomat, or cashpoint. A computerized machine outside a bank from which customers may obtain cash by withdrawing sums from their current/checking acounts. Today, it also provides bank statements, shows the account balance, etc. The cardholder has to insert a service card (the encoded bank card) which contains all necessary details, eg the personal credit limit, and to input the amount required. servicing

Wartung Bezahlung fälliger Zinsen Kundendienst Bedienung

Work undertaken to keep equipment, machinery, a plant, etc. in good working order. Also called maintenance or upkeep. The payment of interest due on a debt. All the work necessary to supply and dispatch goods ordered by a customer. The duties performed by a waiter or waitress. session

Sitzung Börsensitzung

A formal meeting of a company. Also called meeting. A working day on the stock exchange. Also called trading session. set of bills

Satz Wechsel bzw. Konnossemente

The original bill of exchange (B/E) or bill of lading (B/L) and its copies (usually two or three). If any one is cashed or presented, the others are automatically cancel(l)ed.

-

setback

1160

-

Rückschlag, Rückgang, Verschlechterung (Kurs)Einbruch

A small reduction in business activity, eg a setback in production. On the stock exchange, a fall in prices after a period when they were rising. setoff/set-off

Aufrechnung, Verrechnung

Also called balancing against, counterbalancing or offset. The balancing/setting off of one debt against another, or the balancing of a gain against a loss, so that only the net amount is recorded or paid by the one who owes the greater amount. Note: in banking, the bank issues a letter of setoff, which the customer countersigns to indicate agreement. settlement

Begleichung, Verrechnung Abrechnung (Bö) Schlichtung, Vergleich Abfindung Schadenersatz

Payment of an invoice (also called settlement of account), a bill, a debt, etc. On the stock exchange, the payment for securities by buyers. Also called liquidation. The ending of a dispute (eg an industrial dispute) by the parties reaching agreement. Also called arbitration, conciliation or mediation. The payment of a certain amount in settlement of a legal claim. Also called indemnity. In insurance, most payments are settled by payment to the insured. In rare circumstances the insurer may exercise his option to repair or replace. Note: policies may specify time limits for payment 01 claims or benefits. Also called claim settlement, compensation or indemnity. settlement day

Abrechnungs-, Erfullungstag, Liquidationstermin (Bö)

Also called account day or payday. On the stock exchange, the day on which all stock market transactions/bargains must be settled, ie the day on which bought securities must be delivered to the purchaser and payment made to the seller. settlement discount

Skonto, Barzahlungsrabatt

Also called cash discount. A discount given to debtors who pay their invoices promptly or within a specified time period, eg 2 % discount for payment within 14 days.

-

settlement price

1161

-

Liquidations-, Abrechnungs-, Schlußkurs (Bö)

Also called closing price. On the stock exchange, the average price at the close of a day's trading. setup cost(s)

Gründungskosten Einrichtekosten, Rüstkosten

The cost(s) of setting up/creating a business. Also called promotion cost(s)/expense(s) or setup expense(s).

flotation/formation/

The costs of getting a machine or a factory ready to produce a new product after stopping production of another one. For example, the cost(s) incurred to adjust machinery, process the work order, order and receive raw materials, etc. Also called preproduction/tooling-up cost(s). The costs incurred before production of an item can commence. several liability

Einzel-, Individualhaftung (Haftung jedes einzelnen auf das Ganze)

Legal liability falling on individuals who are members of a group and who are debtors to another party. In the case of several liability a creditor may choose any group member to recover his/her claim. Several liability is in contrast to joint liability. severance pay(ment)

Abfindung, Abfindungszahlung

Also called dismissal/redundancy/termination pay, ex gratia payment or terminal bonus. A sum of money paid to an employee who has been dismissed because of circumstances beyond his/her control or beause his/her contract of employment is terminated. shakeout/shake-out

Verdrängimg schwacher Unternehmen vom Markt Gesundschrumpfung Personalabbau Verdrängung von Spekulanten aus dem Aktienmarkt mäßiger Konjunkturrückgang

A process of natural selection, eg in industry many of the less profitable businesses are forced to leave the market so that only the profitable ones remain. The elimination of products owing to increased competition in a declining market or rising standards of quality. Also called slimming operation. The reorganization of a company, ie excessive labo(u)r is reduced and operations are streamlined. Also called labo(u)r cutback.

-

1162

-

In the stock market, a sharp drop in certain share/stock values and a shift in activity that forces speculators to sell their shares/stocks. A moderate decline in economic activity (ie a downtrend or economic slowdown) with falling prices and increasing unemployment. share

Aktie (GB) Anteil, Beteiligung Geschäftsanteil, (Kapital)Einlage Investmentanteil Insolvenz-, Konkursquote

In GB, the individual portion of a public limited company's fGBVistock) corporation's (US) nominal capital owned by a shareholder (GB)/stockholaer (US). The possession of shares/stocks entitles the holder to participate in the distribution of profits, to vote at company meetings (at least if he/she holds ordinary shares (GB)/common stocks (US) and to share in the residual/scrip value if the company goes into liquidation. Shares/stocks have a nominal/face/par value and a market/quoted value, they may be uoted/listed on the stock exchange and they are divided into different classes: . ordinary shares/common stocks (US), 2. preference shares/preferred stocks (US), 3. Α-shares (usually nonvoting ordinaiy shares), 4. bearer shares, 5. cumulative preference shares; 6. deferred ordinary shares/founder's shares, 7. forfeited shares, 8. fully paid-up/in shares, 9. new shares, 10. participating preference shares, 11. partly-paid shares, 12. preferred ordinary shares (ordinaiy shares that cany additional rights, eg extra dividend), 13. redeemable preference shares, 14. unquoted shares, 15. registered shares, 16. voting shares and 17. nonvoting shares, etc. Also called stock (US). A part of something, eg a share in joint property. A fixed portion of the capital of a company, eg a private limited company(GB)/ (closed) corporation ÍUS) or the interest/holding/stake in a general or limited partnership. Also called contribution. A portion in an investment fund/unit trust. Also called unit. The percentage paid by a debtor to a creditor in the case of bankruptcy. Also called dividend in bankruptcy. share capital

Aktienkapital, gezeichnetes Kapital (Grundkapital einer AG) (GB) Stammkapital, gezeichnetes Kapital (GmbH) (GB) Gesellschaftskapital Anteils-, Geschäftskapital

Also called stock capital (US) or capital stock (US). The authorized (nominal or registered) and issued capital of a public limited company (GB)/stock corporation (US) may consist of: 1. ordinary shares/common stock; 2. preference shares/preferred stock, ie cumulative, noncumulative, participating and redeemable preference shares/preferred stocks; 3. deferred (ordinary) snares/founders' shares/stocks, etc. The issued capital can never exceed the authorized capital.

-

1163

-

The share/stock capital is the amount of money subscribed by the shareholders/ stockholders at par and represents an amount owed by the company to the shareholders/stockholders. It does not include either reserves or loan capital. Each share/stock has a nominal/face/par value which is entered in the capital accounts section of the balance sheet and is commonly £/$ 1. The nominal value of the shares/stocks often bears little relationship to their true value, ie their market/listed/quoted value. The nominal capital of a private limited company (GB)/closed corporation (US). Also called subscribed capital ( G B ) or capital stock (US). The partnership capital in a partnership. The capital contribution put into a company by investors. share certificate

ÍNamens)Aktienzertifikat, (Inhaber)Aktienzertifikat ( G B )

Also called stock certificate (US) or certificate of stock (US). An official document issued to an investor (the shareholder/stockholder) by a public limited company (GB)/(stock)corporation (US) stating that the person named thereon is the registered proprietor of the shares/stocks (the registered snares/stocks), showing the number of shares/stocks held, stating the class and serial numbers of the shares/stocks held, and confirming entitlement to any dividend distributed by the company. share draft account

Spar-Giro-Konto, Art verzinsliches Giro-/Kontokorrentkonto Sparkonto, über das per Scheck verfugt werden kann (USA)

In the USA, a transaction account similar to a NOW (negotiable order of withdrawal) account, that is offered by cooperative banks/credit unions. In the USA, an interest-paying savings account on which checks/cheques to third parties can be written, thus, in effect, it is an interest-bearing checking/current acount. share index

Aktien(kurs)index, Börsenindex

Also called stock index (US) or share/stock price index. In general, an index figure based on the current market price o f certain shares/stocks on a stock exchange. In detail, a figure, using a base year as 100, calculated regularly to show changes (ie the ups and downs) in share/stock prices generally or in particular representative share/stock groupings, often expressed in percentage changes from the base year or from the previous day, month, etc. Among the best known indexes are the Dow Jones Industrial Average, DJIA (in the USA, a price-weighted average of 30 actively traded blue chip stocks), and the Financial Times Industrial Ordinary Share Index, FT Index (tracks the movement in the share prices of 30 blue chip companies o f British industry). The best known share index in Germany is the Deutsche Aktienindex (DAX), a share rice index for thirty leading ordinary shares/common stocks quoted/listed on the rankfurt Stock Exchange.

P

-

share issue

1164

-

Aktienemission

Also called stock issue (US), share/stock flo(a)tation, equity offering, or issue of shares/stocks. The act of selling shares/stocks to the public. A public limited company (PLC, GB)/(stock)corporation (Corp, US) wishing to raise capital may issue a number of new shares/stocks. The shares/stocks are placed on the market by an issuing bank and may be subsrcibed (ie purchased) by institutional investors, other companies and private investors (ie the subscribers for/to shares/stocks). share of audience

Einschaltquote, Prozentsatz der Gesamthörer-/Zuschauerschaft

Also called audience rating/share. The percentage of radio or TV sets in a coverage area that is tuned to a particular program, radio or TV station during a given time period. share option

Bezugsrecht auf neue Aktien Aktienbezugsrecht Aktienoption

The right of a shareholder/stockholder to subscribe for new shares/stocks within a specified time period. Also called option on new stock (US), stock option (US) or subscription right. An option granted by a company/corporation to its employees to buy shares/stocks of the company on a certain date at a price (normally well below market price) fixed in advance, or at a stated discount to the market price. Also called stock purchase warrant or stock/subscription right. The right to purchase or sell a share/stock at a specified price within a stated period. Also called stock option (US). share premium

Aktienagio, Emissionsagio, Agio aus Aktienemission

Also called stock (issue) premium (US). In a share/stock issue, the difference between the face/nominal/par value and the selling/issue price of a new share/stock when the issue price is the greater value. If the share/stock is likely to be in heavy demand then a high premium can be charged. Note: in the balance sheet, the value of the share/stock premium must be credited to a share/stock premium account. share price

Aktienkurs, Kurs, Notierung

Also called stock price (US), market price of share/stock, listing, or quotation. The prevailing market price of a share/stock, ie a unit of a company's equity capital.

-

1165

share transfer

-

Aktienübertragung Gesellschaftsanteilsübertragung bei der GmbH

The transfer of ownership of shares/stocks (registered shares/stocks or bearer shares/stocks) in a registered public limited company (GB)/(stock) corporation (US). Also called stock transfer (US) or transfer of shares/stocks. In a private limited company (GB)/(closed) corporation (US), shares/stocks may only be transferred with consent of fellow shareholders/stockholders. share warrant

Aktienzertifikat, -urkunde, Inhaber(aktien)zertifikat

Also called stock warrant (US), share/stock certificate or share/stock warrant to bearer. A warrant issued by public limited companies (GB)/(stock) corporations (US) in exchange for fully paid-up shares/stocks, stating that the bearer is entitled to the shares/stocks (the bearer shares/stocks) specified therein. shareholder

Aktionär/in GmbH-Gesellschafter/in Anteilseigner/in

A person who holds a share/stock or shares/stocks in a public limited company (GB)/(stock) corporation (US) and is part-owner of the company. He/she has the right to attend and vote (if he/she possesses ordinary shares/common stocks) at company meetings according to his/her holding of shares/stocks (but he/she cannot effectively control the business) and to share m the profits (distributed as dividends) of the company. The size of any dividend varies according to the type of share/stock. The shareholder's/ stockholder"s main advantage is that he/she has limited liability (note: liability is limited to the face value of the share/stock), which means that, in the case of bankruptcy, he/she is not liable to lose everything he/she possesses but he/she is only liable with the amount of money he/she has invested in/contributed to the company. But note: the money amount the shareholder/stockholder may lose is the value of his/her shares/stocks. Also called stockholder (US) or shareowner. The holder of a share in a private limited company (GB)/(closed) corporation (US)/ proprietary company (Aus). Also called stockholder (US). The holder of a share/stock in a joint property. shareholder value (SV)

Shareholder Value, Aktionärsnutzen

Also called stockholder value (SV, US). The utility a shareholder/stockholder can derive from owning a share/stock. Since the shareholder value concentrates on the value-maximizing management of investments in an enterprise, it may be defined as: S V=

cash flow capital costs

-

1166

-

Note: 1. cash flow and capital costs are being influenced by lots of variables. For example, the cash flow can be positively or negatively influenced: positive influences are, eg: sales increases, tax reductions, disinvestments, cost reductions, etc; negative influences may be, eg: sales decreases, tax increases, investments, repayments, interest payments, cost increases, etc. 2. capital costs are influenced by the bond rate and risk compensation (this is positively/negatively influenced by a decreasing/increasing debt-equity ratio, a conservative/aggressive business policy, growing/declining business, diversification/ product concentration, etc) 3. any management decision will influence the shareholder value. shareholders' equity

Beteiligungs-, Eigenkapital, Reinvermögen Netto-, Reinvermögen

The owners' equity of a company, ie the share/stock capital, reserves and retained profits, which is owned by its shareholders/stockholders. The balance sheet value is the subscribed capital, plus share/stock premium account, plus revaluation reserves, plus reserves (eg legal reserves), plus profit or loss brought forward, plus profit or loss for the financial year. Also callea stockholders' equity (US), equity/ownersnip/proprietor's/proprietary (US) capital, equity share/stocK capital, owner's capital/equity, shareholders'/stockholders' funds. The total assets of a business enterprise less the total liabilities. Also called net assets or net worth (US). shelf

Regal, Gestell

Flat piece of glass, metal, stone, wood, etc. attached to the wall or in a cupboard so that items for sale can be stored/shelved or displayed on it. shelf life

Lagerfähigkeit, Haltbarkeit, Verbrauchsfrist

Also called storage life or sell by date. In the case of food also called eat-by/use-by date. The tested or established period of time during which a product may stay on the shelf in a shop and still be good for use or sale (eg perishable goods such as milk etc. have a short-shelf life). Normally the goods bear a date code which indicates the date by which they should be sola or removed by the shelf filler. Sherman Antitrust Act (of 1890)

Sherman Antitrust Act, Sherman-Gesetz von 1890 (formales Kartellverbot), Kartellgesetz (USA)

Also called Anti-Trust-Law or Sherman Act. In the US, a federal statute promoting free competition by prohibiting contracts or acts in restraint of trade or tending to create a monopoly. In the United States action was taken against monopolies by the State as long ago as 1890 when the Sherman Act was passed declaring trusts to be an illegal form of business organization.

- 1167 shift

Schicht ÍArbeitsgruppe) Schicht (Arbeitszeit) Veränderung, Verlagerung Umschalttaste

A group of workers who work during different periods of the day and night. The period of time worked by a group of workers during a working day, indicated by length (eg an eight-hour shift) and/or by the time during which it takes place (eg the morning shift). Movement or change from one position, person, etc. to another. The key on a keyboard that you press to make a capital letter. Also called shift key. shift key

Umschalttaste

A key on a typewriter or computer keyboard which changes the position of a key, eg to type capital letters. A shift lock is a key which causes all letters to be written in uppercase/capitals. shift of demand curve

Verschiebung der Nachfragekurve

In general, a change/shift in demand causing an upward or downward movement of a whole demand curve because a variable, other than price, has changed. A demand schedule and matching demand curve show the relationship between price and quantities demanded when conditions of demand remain unchanged. It shows how demand changes when the good's price and only its price alters. Changes in demand which occur even when the price remains constant are called shifts in demand. A shift in demand is a change to a new demand curve and this is caused by a change in the conditions of demand (eg change of taste or fashion; more up-to-date commodities replace older things; changes in real incomes; changes in the prices of other goods; taxation changes, etc.) and not by a change in price of the commodity. A price change only produces an extension or contraction of demand and leads to a movement along an existing supply line or curve. When a shift occurs the whole relationship between price and demand changes, and a new demand line or curve is formed, eg increased income leads to increased demand for a commodity at each price and a new demand curve must be drawn to show the price-quantity relationship under the new conditions; the demand curve shifts to the right. Note: We must differentiate between moving along a given demand curve and shifts in the position of this curve. Movements along a demand curve show changes in the quantity demanded as price changes with all conditions of demand unchanged (ie all other things remain equal). When any of the conditions of demand change, a new demand curve is required (ie the demand curve shifts to the left or to the right). shift of supply curve

Verschiebung der Angebotskurve

In general, a change/shift in supply causing an upward or downward movement of a whole supply curve because a variable, other than price, has changed.

-

1168

-

A supply curve shows the relationship between prices and the quantity supplied when the conditions of supply remain unchanged. It shows how supply changes when the good's price and only its price alters. A shift in supply is a change to a new supply curve and this is caused by a change in the conditions of supply (eg costs of production, advance in technology, natural and political influences, the prices of other goods) and not by a change in price of the commodity. Even when the price remains constant, producers can change the amount they produce, ie there is a shift/change in supply. For example, improvements in production can cause an increase in supply, ie the original supply curve or line (SI) shifts to the right and a new supply curve or line (S2) is formed, showing that more is supplied at each and every price. Conversely, inefficient management or industrial disputes/strikes can lead to a reduction in supply, ie the original supply curve or line (SI) shifts to the left and a new supply curve or line (S2) is formed, snowing that less is supplied at each and every possible price. Whenever a condition of supply alters, a new supply curve must be drawn to show the relationship between price and quantity supplied under the new conditions. Changes in the conditions of supply lead to shifts m the supply curve to either the right or left. Note: We must differentiate between movements along a given supply curve or line (upwards or downwards) and shifts in the position of this curve or line. Movements show changes in the quantities supplied (extensions or contractions) as price alters with all conditions of supply remaining unchanged. Whenever the conditions of supply change, a new supply curve is required (either to the left or right of the original curve). shiftwork/shift work

Schichtarbeit

An arrangement of working hours whereby different groups of workers are employed for periods of work (the shifts), often of eight hours each, during different times in a period of 24 hours. A business may operate two periods, called the day shift and the night shift; or three periods, called morning shift, afternoon shift and night shift. ship

Schiff Flugzeug, Luftschiff, Raumschiff

A vessel, especially a large oceangoing one propelled by engines or sails. The more important types of vessels for sea transport are: cargo vessels, tankers, coasters, container vessels, lighter aboard ships (LASHs), ore/bulk/oil ships (OBOs), Ro/Ro vessels, train ferry vessels, hovercrafts, etc. An airplane, airship or spaceship. ship insurance

Schiffsversicherung

A type of marine insurance which relates to the insurance of the ship itself, namely, the hull and the ship's machinery. shipbroker

Schiffsmakler/in

A person who arranges shipping or transport of goods by ship.

-

shipment (shpt)

1169

-

Versand, Verschiffung (Schiffs)Ladung, (Waren)Sendung Transport

The act of sending/shipping goods. The amount/quantity of goods sent/shipped. Also called cargo, consignment, freight, or load. The transport(ation) of goods. Also called transport. shipped bill of lading (shipped B/L)

Verschiffungs-, Bordkonnossement

Also called onboard bill of lading. A type of bill of lading supplied by the shipowner to the shipper/sender proving that the goods have been actually shipped. shipper

Absender/in, Verlader, Versender/in Spediteur

A firm or businessperson who dispatches goods. Also called consignor, forwarder or sender. A person or company whose business is to send goods (eg abroad) by air, rail, road or ship. Also called forwarding/shipping agent, freight forwarder or forwarder. shipping

Versand Schiffahrt

The act or business of a person or firm that ships/forwards goods. Also called dispatch or forwarding. The number of ships, especially merchant ships, taken as a whole. shipping agent

(Seehafen)Spediteur Schiffsmakler/in, Schiffsagent/in

A firm or person who arranges movement of goods by sea or air transport, arranges for insurance, loading, unloading, warehousing, etc, serves the needs of exporters (and importers) by obtaining shipping space, attending to all the necessary documentation, ana seeing that customs requirements are properly complied with. Also called shipping and forwarding agent (S&FA), forwarding agent, (foreign) freight forwarder, or forwarder. A person responsible for ship chartering acting on behalf of a shipowner. Also called shipbroker/ship broker or ship agent. shipping company

Reederei, Schiffahrtsgesellschaft Transportunternehmen (USA)

A company that owns or operates ships. Also called shipping line. In the US, any transport undertaking/forwarding company.

-

shipping documents

1170

-

Transport-, (Waren)Begleit-, Verladepapiere, Verschiffungsdokumente

Also called shipping papers or transport documents. All types of documents evidencing acceptance, receipt and shipment of goods. The documents necessary depend on the mode of transport. Common documents required are, for example: invoices, insurance cover notes, insurance policies, air waybills/air consignment notes, combined transport documents (CT documents), railway/railroad consignment notes, marine bills of lading, eg clean B/Ls, dirty B/Ls, received for shipment B/Ls, consular invoices, certificates of origin, dock receipts, quality inspection certificates, weight certificates, warehouse receipts, etc. shipping invoice

Versandrechnung

Also called shipment invoice. A document prepared by the consignor/shipper giving details of the merchandise consigned/shipped and notifying the consignee/receiver of the amount due. shipping marks

Markierungszeichen, Versandmarkierung

Identification marks put on chests, containers, etc. Every consignment must bear comprehensive shipping marks, details of which also appear on the invoice. shipping note (S/n) Written notice sent by the supplier to a customer giving details of goods ordered and shipped but not yet delivered. It states the date of dispatch and may arrive before the goods. Also called advice of dispatch, advice/delivery/dispatch note, forwarding advice, or letter of advice. A document accompanying goods which are delivered to the docks. It informs the port authorities of the type of goods, their port of destination and the ship they are to be sent in. Also called delivery permit (US). shipping terms

(Export) Versandbedingungen, Lieferklauseln

Who pays what, and who is responsible for arranging transport, must be agreed when the export contract of sale is signed. There are various ways in which responsibilities and costs can be shared between exporter and importer, and these are described by certain shipping terms, known as incoterms. ship's master The captain of a merchant ship.

Kapitän (eines Handelsschiffes)

- 1171 shop

(kleines) Geschäft, Laden Werkstatt, Werkhalle

A small retail business where goods are stored and sold. Also called store (US). A location where production takes place. Also called workshop. shop assistant

Verkäufer, Verkäuferin

Also called (sales) assistant, salesclerk (US), salesman, saleslady, saleswoman, salesgirl, salesperson, or counter jumper (slang). Person employed, either full-time or part-time, in a shop/store to give advice and information, to serve customers ana to complete the sale on behalf of the shopkeeper/storekeeper, provided he/she is acting within the scope of his/her authority. shop order

Arbeitsauftrag, Fertigungsauftrag

Also called work order. An instruction to a manufacturing department to make or assemble specified items. shop steward (ss)

gewerkschaftlicher Obmann, Vertrauensmann eines Betriebes

Also called job/union delegate/representative or workplace representative. A trade/labor union official, elected by the employees, who negotiates at factory level with his/her employer or the management of his/her firm (eg on working conditions), settles disputes and handles union affairs within the firm. shopfloor/shop

floor

Betrieb Produktionsstätte, Werkstatt Fabrikarbeiter/innen Verkaufsfläche

Colloquially, the actual place of work. Also called plant or works. Production or other factory working area, ie the part where machinery is operated. Also cal(l)ed manufacturing/production plant. The ordinary workers (unskilled and manual workers) working on the shopfloor, ie in the factory or workshop. Also called factory/industrial workers. The area of operation in a shop/store. Also called selling space. shoplifting

Ladendiebstahl

Also called shrinkage. Stealing goods from shops/stores by customers and employees with the intention to evade payment. The person stealing the goods is called shoplifter.

- 1172 shopper

Käufer/in, Ladenbesucher/in Einkäufer/in Anzeigenblatt, -zeitung

A person who is buying/shopping goods, or is about to buy goods, from a shop/store. Also called buyer, purchaser or vendee. A person whose work is to buy goods for his/her employer. Also called buyer, buying agent, purchasing agent/officer, or head of the buying/purchasing department. A locally distributed newspaper, usually free of charge (foe), that advertises local shops/stores, shopping centers, restaurants, etc. Also called shopping newspaper or freesheet. shopping

Einkaufen Einkäufe

The action of going to shops/stores to buy goods, eg to go shopping around. The goods that have been bought from a shop(s)/store(s). shopping center

Shopping Center, (regionales) Einkaufs-, Geschäftszentrum

Also called shopping area/mall (US)/plaza (US)/precinct (GB). A group of shops/stores and service establishments of different kinds, often outside the center/centre of a town, to serve the interests of the local community. A specially designed building in which a number of different shops/stores are located. shopping goods

Shopping Goods, Gebrauchsgüter, Güter des nicht täglichen Bedarfs; Konsumgüter, bei deren Auswahl und Kauf der Kunde kritische Vergleiche anstellt

High-priced consumer goods (especially consumer durables) that are purchased only after the buyer compares the offerings of more than one shop/store with regard to price, quality, style, suitability, etc.; ie the goods are not bought on impulse. shopping mall

Laden-, Geschäfts-, Einkaufsstraße Einkaufszentrum (USA)

Also called shopping precinct (GB). Enclosed street or area for shopping, with a variety of shops/stores, banks, restaurants and other facilities. Also callea shopping promenade/street. In the USA, a shopping center.

-

Shopping precinct

1173

-

Einkaufsviertel, Geschäftsviertel Einkaufszentrum (GB)

Also called shopping mall/plaza (US). Part of a town which is closed to individual traffic so that people can make a shopping spree and shop. In GB, a shopping center. shoptalk/shop talk

Fachsimpelei, Reden über die Arbeit

Talk about professional, business or work matters. short bill (SB)

kurzfristig fälliger Wechsel

A bill of exchange payable at sight/on demand or which has only a few days to run to maturity, irrespective of the original currency of the bill. short coupon

Bond mit kurzer Restlaufzeit, kurzfristige Obligation/Schuldverschreibung, Kurzläufer

Also called short-dated bond or short. A bond with a relatively short maturity, usually five years or less. short covering

Deckungskauf zum Ausgleich eines Leerverkaufs (Bö)

The actual purchase of securities or commodities by a short seller to replace those sold but not owned at the time of a short sale. short credit

kurzfristiger Kredit

Also called short-term credit/loan. A credit/loan with a currency/term of less than one year, eg a bank overdraft or a bridging/ interim loan. short dated bill

kurzfristiger Wechsel

A bill of exchange with a currency/term/tenor of up to three months. short delivery (SD, sd)

Minderlieferung, unvollständige Lieferung

A delivery of goods that does not agree with the delivery note as, on arrival, some goods are missing or the goods are lower in weight. A disparity can arise from shrinkage, accidentalloss, or seller's fraud.

-

1174

-

short haul

(Güternahverkehr

Also called short haulage or short haul goods transport. The transportation of goods over a short distance, usually by small carriers. short sale

Blanko-, Leerverkauf (Bö)

Also called short selling or selling short. A sale of a security or commodity that the (short) seller does not own now, but which he/she thinks he/she can buy for less than the agreed selling price. short term borrowing

kurzfristige Kreditaufnahme, kurzfristiger Kredit

Also called short-term credit/loan or short credit. Money borrowed by a business for a short period (usually less than one year), eg a bank overdraft or an interim/bridging loan. short term capital gain

Spekulationsgewinn (liegt vor, wenn zwischen K a u f u n d Verkauf der Wertpapiere weniger als zwölf Monate liegen)

The profit realized from the sale of securities held twelve months or less. Short-term capital gains are taxable at ordinary income rates. short term rate

Zinssatz im kurzfristigen Bereich

Also called short-term interest rate. The rate of interest for short-term credits/loans. The fundamental rate is the short-term rate, and it is changes in this that affect the long-term rate (note: this is usually higher than the short-term on account of the greater risk). However, if the prevailing interest rate is very high, the short-term rate, may be temporarily higher than the long-term rate. short time work(ing)

Kurzarbeit

Also called short time/short-term work(ing), reduced working hours or shortened hours. An arrangement made by an employer for his/her employees to work less than the normal hows per week because of a shortage of work. Employees (ie the short-time workers) cannot be fully employed but have to work on a part-time basis. This is seen as a temporary measure to cut labo(u)r costs while maintaining the workforce.

- 1175 shortage

Knappheit Fehlbetrag, Fehlmenge, Defizit

Lack of something or not having enough. Also called scarcity. The amount by which something is lacking or needed. Also called deficiency, deficit, short, shortfall, or wantage. shorthand

Kurzschrift, Stenografie

Also called stenography. A system used to record the spoken word visually in less time than writing it in longhand. Shorthand systems either use symbols to record speech or they use some system based on letters of the alphabet. A shorthand typist takes dictation from a superior, and types back the information. shortlanded cargo

zu knapp gelieferte Ware

The quantity of cargo delivered is lower than the amount stated on the transport document, eg a bill of lading. shorts

kurzfristige Staatspapiere Kurzläufer, Wertpapiere mit kurzer Laufzeit leerverkaufte Aktien Leerverkäufer (Bö) Kassenfehlbetrag, -bestand

Government and local/municipal bonds with less than five years to go to the final redemption date. Also called snort coupons/gilts or short-dated bonds. An alternative term for short-dated securities. Shares/stocks sold which the seller (the short seller) does not own. Speculators who have sold short. Also called short seller. A cash shortfall. Also called cash deficit/short (US) or shortage of cash. show

Ausstellung, Messe Vorstellung, Vorführung ÍRadio/Fernseh)Sendung/Programm (Kino)Film

An exhibition of something, eg a motor show. Also called exhibition, exposition or fair. An entertaining performance. A radio or television program(me). A motion picture. Also called movie (US).

-

1176

show house/flat

-

Musterhaus/-wohnung

A house or flat/apartment built and furnished to show it to potential customers so that they are induced to buy similar houses or flats/apartments. showbusiness

Unterhaltungsindustrie, Showgeschäft, Showbusiness

Also called show biz or entertainment industry. The entertainment industry, as theater, motion pictures/movies, television, radio, carnival, and circus. showroom/show room

Ausstellungsraum

Also called display/exhibition room. A large room where goods are displayed for sale and where potential/prospective customers of a business may look at them before they decide to buy them. shredder

Reißwolf, Aktenvernichter

Also called shredding/document destroying machine. An electric machine used to destroy secret and confidential papers and documents. shrinkage

Schrumpfung Minderung, Schwund Ladendiebstahl Einlaufen

An act or process of shrinking. Difference between physical stocktaking and book stocktaking. Losses of stock may be caused by breakage, carelessness, counting errors, dishonesty, lack of skill, etc. Theft or pilferage by customers and employees. Also called shoplifting. Contraction of a fabric in finishing or washing. shutdown

Betriebsschließung, Stillegung

Also called factory/plant closure or plant shutdown. The closing of a business, factory or plant, often temporary only. shutouts/shut-outs

nicht verladene Güter/Fracht

Also called shutout cargo. Cargo refused shipment because it arrived after closing date/closing for cargo.

- 1177 sick pay

Krankengeld

Also called sickness allowance/benefit. Sick benefits and statutory sick pay (SSP) are paid to people who, because of illness or injury, are absent from work for at least a certain number of days. The money is paid by a government or private insurance company. sideline job

Nebenbeschäftigung, Nebenjob

Also called sideline employment, spare-time job or avocation. A job which is extra to one's normal work. sight bill

Sichtwechsel, Sichttratte

Also called sight/demand draft, demand/presentation bill or bill (payable) at sight. A bill of exchange (B/E) made out payable at/on sight, ie on demand or on presentation to the drawee, irrespective of when it was drawn. The bill does not have to be "accepted", it merely has to be paid. This bill carries no time delay for payment. Note: a B/E may be made payable, for example, at sight or after sight, which means it is payable on presentation or demand, or within a particular period after demand or presentation is made. sight credit

Sichtakkreditiv (AuW)

Also called sight documentary/sight against documents/payment credit. This is a documentary letter of credit, ie a (letter oÇ credit addressed by a bank to a person or firm (the beneficiary) undertaking to permit the beneficiary (ie the exporter) to obtain money either immediately or witnin a set period, provided that the beneficiary fulfil(l)s the conditions laid down in the letter of credit (L/C). sight deposit

Sichteinlage

Also called demand deposit (US). Deposit of a sum of money that can be withdrawn from a bank almost at once and without notice, eg a current/checking account deposit, call/overnight money. signatory

Unterzeichner/in

Also called signer. The person who has signed a document and given it his/her approval, eg a contract; or a company or country (the signatory state) that has signed a treaty.

signature index

1178

Unterschriftenverzeichnis

Also called signature book. In banking, a list containing facsimile signatures of bank officers responsible for conducting bank business. signature verification

Unterschriftsprüfiing

In the business of banking, a method to verify the genuineness of signatures. When verification is requested, the specimen signature is automatically retrieved from a data file, displayed on a monitor and then refiled. silent partner

inaktive/r, passive/r, stille/r Gesellschafter/in

Also called dormant/sleeping (GB)/undisclosed partner. A member of a partnership who invests money in the business, participates in the profits, is usually partly liable for the debts of the business (unless he/she is qualified as a limited partner), but takes no active part in its management and does not lend his/her name to it. Note: in Germany, the silent partner is not liable for the debts of the business. simple contract

alltäglicher, einfacher Vertrag

A simple contract may be oral or written and depends for its efficacy not on form, but on the f u l f i l l m e n t of the necessary requirements, eg capacity of the contracting parties, mutual assent, etc. simple interest

einfache Zinsen, Kapitalzinsen gewöhnliche, kaufmännische Zinsen

Interest calculated on the capital/principal only, not on any accrued interest as in compound interest (which is applied to principal plus accumulated interest). It is calculated by tne following formula: I = Pni, where I = amount of simple interest, Ρ = the principal, η = number of periods, and i = the simple interest rate per period. Sometimes also called ordinary interest. The same as ordinary interest, ie interest based on a 360-day year. single currency

Einheitswährung

he replacement of national currencies by a single currency, eg the EU-wide currency, known as the euro. single European market (SEM)

europäischer Binnenmarkt

The SEM was established in 1993. The ojective o f the SEM is to permit goods, services, capital and people to move freely between the member states of the European Union (EU).

-

1179

-

single life annuity

Leibrente, Rente auf ein Leben

An annuity which is paid only to one beneficiary. The opposite of a joint life annuity. single market

Gmeinschaftsmarkt, einheitlicher (Binnen)Markt

A market with no barriers to trade between members from different countries. single payment loan

Kredit mit Einmalrückzahlung

A loan whose entire principal is to be repaid in one amount on one due/maturity date. single premium insurance

Lebensversicherung gegen Einmalprämie, Einmalprämienpolice

Also called single premium life insurance/policy. A life insurance policy with only a single premium payment, whereby the premium is paid in advance. single proprietorship

Einzelunternehmen, -firma (USA)

Also called individual/sole proprietorship (US) or sole trader (GB). In the USA, a business owned and operated by one person only. single use goods

Konsumgüter (kurzlebige), Verbrauchsgüter

Also called consumer nondurables, nondurable (consumer) goods or soft goods. Consumer/consumption goods that are quickly consumed or used-up, eg food or clothing. sinking fund (SF)

(Schulden)Tilgungsfonds, Amortisationsfonds Amortisationsreserve, Tilgungsrücklage

Also called amortization/redemption fund. A fund created by a borrower by periodically setting aside out of earnings/revenues monies for the purpose of paying off all or part of a specific long-term debt, eg a sinking fund bond. The borrower is obliged to redeem specified amounts of the debt within specified periods. A fund created, ie money set aside to replace machinery, to meet some future commitment, or to pay for losses.

-

sitdown strike

1180

-

Sitzstreik

Also called sit-in. A strike in which workers occupy their workplace and refuse to work or to leave their workplace, often until an agreement has been reached. A sitaown strike is a rare form of work stoppage today. situation report (sitrep)

Lagebericht, Zustandsbericht

A report on the ciment situation or circumstances. skillcenter

Lehrwerkstatt Schulungs-, Fortbildungszentrum (GB)

A training workshop which trains and retrains young unemployed. It operates like a small business, uses up-to-date equipment and is supervised 6y trained instructors. Also called training workshop. In GB, a training center mainly offering vocational courses in manual skills. skilled worker

Facharbeiter/in

Also called crafts worker or skilled man/workman. A worker who has special skills and who has had long training so that he/she may perform skilled work. skills gap

Facharbeiterlücke

The difference between the total demand for a skill and the total supply. skim-the-cream pricing

Abschöpfungspreisstrategie, Absahnpreisstrategie

Also called price skimming or skimming. A pricing policy which sets a high initial price (the skim-the-cream price) for a new product. Makers of new products (eg in the fashion market) entering new markets generally use a skimming price technique. This allows them a high profit at a low manufacturing level - it is their hedge against things going wrong ana the risk is thereby minimized. The competitors bring the prices down as they copy their way into the market. slack demand

geringe, schwache, stagnierende Nachfrage

Also called slaggish/slight/sluggish/weak demand. A market situation where demand is decreasing or even low.

-

slackness of business

1181

-

Geschäftsflaute, Flaute

Also called slack business, slack, slackness, or business slowdown. A dull or inactive business, eg a slack period or season. sleeper

»otentieller Verkaufsschlager unterschätztes Wertpapier schlafender Riese Schlafwagen

A product that has not sold well so far but has the potential to become a runner. A commodity which does not sell at all but stays in the shelves. Also called unsaleable article, nonmoving item, shelf warmer, or slicker. A security whose market value has not risen for some time, but which may suddenly do so in tne ftiture. A large nonprogressive company which does not exploit opportunities. Also called sleeping giant. A manager who is defensive and does not exploit situations and/or opportunities. A train with carriages/coaches that have beds for passengers to sleep in. Also called sleeping-car. sleeping economy

schlafende Wirtschaft

An economy containing substantial resources and trade potentials that are not fully exploited. sleeping partner

inaktive/r, passive/r, stille/r Gesellschafter/in

Also called dormant/silent (US) partner. A partner in a partnership who is usually partly liable for the debts of business (unless he/she is a limited partner), provides capital and shares in the profits, but neither takes part in the conduct/management of the business nor lends his/her name to it. sliding wage scale

gleitende/r Lohntarif/Lohnskala

A type of wage agreement in which the payments to employees are related to the price of the finished product in order to protect employees from rises in the cost of living. slip

Beleg Deckungszusage, Versicherungsformular (Flüchtigkeits)Fehler, Lapsus

A written piece of paper giving evidence of a business or accounting transaction. Also called record, ticket or voucher.

-

1182

-

In insurance (eg at Lloyd's), a sheet of paper prepared by an insurance broker giving details of the subject matter of the insurance. It will show the following: name of insured; property to be insured; starting date and period of cover; type of cover; sums insured or limits of liability/indemnity; special conditions; expected premium. The broker will take the slip to the insurer/underwriter, who then stamps and signs (or initials) it to signify his/her acceptance of part or all of the cover. The first underwriter to accept the risk or part of it is called the "lead". If this sum does not cover the insurance required the broker submits the slip to one or more other underwriters. When the slip is fully underwritten the policy is issued. Slips are prepared for nearly all insurances placed at Lloyd's, particularly for marine insurance. Also called broker's slip or underwriting slip. A small mistake, eg a slip of the tongue. slogan

Slogan, Werbespruch

In advertising and marketing, catchwords, short memorable phrases or sentences associated with a product, service or company. Slogans are used repeatedly and provide a very simple, direct form of message, making small demand on the reader, viewer or listener. Ideally, the product or the name of the advertiser should be stated in the phrase. slope

Steigerung

A measure of steepness of a curve, calculated as the change in variable Y (measured on the vertical axis) divided by the change in X (measured on the horizontal axis). slot

Platz, Stelle Containerstellplatz Geldeinwurf (Automat) Schlitz (Werbe)Sendezeit

A place or position. Space, for example on board a vessel, occupied by a container. A narrow opening, eg one for receiving a coin in a vending machine. A slit, ie a long straight narrow cut or opening. Time period available for a TV or radio commercial. slot machine

Verkaufsautomat Spielautomat

A machine selling goods, eg food, drinks, etc., to customers who insert coins or notes into the machine's slot. Also called dispensing/vending machine or automat. A gambling machine operated by inserting coins into a slot and pulling down a long handle attached to its side.

- 1183 slow loan

zweifelhaftes Darlehen

A loan on which no repayments have been made on the due/maturity date, ie the debtor is in default/arrears. slowdown

Konjunkturrückgang, -abschwächung Bummelstreik

A decrease in economic activity, eg a slowdown in investments which will lead to a slowdown in economic growth. Also called cyclical decline, downtrend, business/economic slowdown, or slowdown in business/m the economy. A slowdown strike. slowdown strike

Bummelstreik

Also called go-slow (GB), labor slowdown (US) or slowdown (US). Form of industrial action in which workers reduce their pace of work but do not actually strike in order to achieve management concessions. sluggish market

flauer,

lustloser Markt

Also called dull/slack market. A market with no or little business activity. slumflation

Slumflation, Wirtschaftskrise mit Inflation

A period of declining economic activity and rapidly rising unemployment combined with inflation. The term is a combination of slump (reduced economic activity) and inflation (rising prices). slump

starker Konjunkturrückgang, Depression anhaltender Preis- oder Kursrückgang

Period of economic decline, recession, collapse and depression with falling production, low consumption, high unemployment, loss of trade, increased bankruptcies and liquidations. Prices tend to fall, confidence in the future is lacking, and investment is reduced. Also called depression or severe recession. The Slump = the world economic crisis of 1929-1933. Also called the (Great) Depression. A rapid fall in prices or quotations. Originally used to describe a stock market collapse.

- 1184 slush money

Bestechungs-, Schmiergeld

Also called bribe (money). Money given to people to persuade them to do or not to do something. small advertisement (small ad)

Kleinanzeige

Also called classified/small-space ad(vertisement). A short advertisement bought on a line-by-line basis, mostly inserted by private individuals in a newspaper or magazine, eg asking for jobs, properties required or selling small items. The advertisements are subdivided according to the types of products and services offered or sought. small business

klein- und mittelständisches Unternehmen, Klein- und Mittelbetrieb

Also called small company or small to medium-sized enterprise (SME). A company with low turnover and few employees, specified in the Companies Act (GB)/Corporation Law (US). smart card

Smartcard, intelligente Kreditkarte

A credit card with a microchip that gives the card the capacity to store and communicate information, eg necessary for withdrawing money from ATMs, or for purchases at EFTPOS terminals. smart money

rentable Anlage Schmerzensgeld

A profitable investment, usually because of inside information. A compensation for personal suffering. Also called injury/punitive damages or compensation for personal suffering. Smith, Adam (1723 - 1790)

Adam Smith ( 1723 - 1790)

The Scotsman Adam Smith was the first writer to produce a work ("Wealth of Nations", 1776) devoted purely to economics; he was the first "modern economist". He and those who followed him (particularly David Riccardo, 1772 - 1823; and John Stuart Mill, 1806 - 1873) were especially concerned with economic growth, ie the increase in production resulting from division of labo(u)r and technical progress. Furthermore, he was convinced that investment in capital equipment was necessary and that less state regulation and greater freedom for the individual (he established the idea of "laisser-faire , ie "to do it on your own") was the best way to achieve efficient capital accumulation and utilization. In his opinion, the free-enterprise society generates the maximum benefit for the state. On the other hand Smith also recognized trie need for state intervention, eg a tariff for infant industries and for the state mictions security and justice.

-

1185

-

Moreover, Smith argued that prices were determined by costs of production, though actual prices of commodities were determined by supply and demand on the market; profits, he thought, would fall through time owing to competition; taxes should be levied on people according to their ability to pay; foreign trade should be promoted. smuggling

Schmuggel, Schleichhandel

The taking of goods or currencies into or out of a country illegally, eg in order to avoid paying customs duties or because the goods are banned. snake in the tunnel

Schlange im Tunnel, Währungsschlange

Also called "snake". The snake came into operation in 1972. It comprised the German mark, French franc, Italian lire and Belgian and Luxembourg franc and limited movements (like the movements of a snake in a narrow tunnel) in exchange rates between each of these currencies by a maximum of 2 1/4 %. However, movements of rates against outside currencies could be 4 1/2 %. Central bank intervention in the foreign exchange markets by both the strong and the weak currency countries were required to maintain these relationships. In 1979 the European Monetary System (EMS) replaced the "snake". A diagrammatic illustration of this arrangement is known as the "snake in the tunnel". snob goods

Snob-Güter

Also called Veblen goods (named after the American economist Th. B. Veblen, 1857 1929). Goods for which the quantity demanded rises, when the price rises. Wealthy consumers might demand more in order to show off their status or wealth; some people derive utility/satisfaction from having a good which others cannot afford. social accounting

volkswirtschaftliche Gesamtrechnung (VGR) Sozialberichterstattung, Sozialkostenrechnung

The presentation of the national income and expenditure accounts in a form showing the transactions during a given period of time between the different sectors of the economy. It is a tool used to measure economic performance of a nation. Also called national (income)/macroeconomic accounting. Accounting which includes the reporting of benefits and costs of socially responsible activities by the business enteiprise. It involves such areas as health, education, energy savings, environmental/pollution control, safety measures, product safety, employment of disabled persons, donations to charities, etc. All the activities, their costs and benefits are listed in the annual report. Also called social responsibility accounting.

-

social benefits

1186

-

gesamt-/volkswirtschaftlicher Nutzen, Gemeinnutzen Sozialhilfe(leistungen)

These are the creation of wealth (eg roads, energy), the provision of employment and job security and the creation of social facilities in health, education and welfare. Thus, the benefits to the whole society. Money paid by the government to poor people. Also called welfare (benefits) or public assistance/welfare. Social Charter

Sozialcharta

The EU Charter on the rights of employees. It sets out workers rights to: 1. to work in an EU country of their choice, 2. a fair rate of pay, 3. improved living and working conditions, 4. social protection, 5. freedom of collective bargaining, 6. equal treatment for men and women, 7. health an safety at work, etc. social climber

Emporkömmling, soziale/r Aufsteiger/in

A person trying to get accepted in a higher social class. social cost(s)

gesellschaftliche/volkswirtschaftliche Kosten, soziale/externe Kosten

Also called external cost(s). The costs borne by the citizens (and not by the producer) which have been caused by the acts of the producer in the course of production, eg air and water pollution, destruction of forests, etc. These costs are not recorded in the accounts of the business enterprises and are often difficult to quantify. Taking into account social costs involves social accounting. Note: 1. this is different from private costs, which are the costs borne by a producer; 2. in accounting, these costs are not recorded in the accounts of an entity. social economics

Sozialökonomie

That branch of applied economics which deals with problems such as housing, population, poverty, social insurance, unemployment, etc. social indicator

volkswirtschaftlicher Indikator

A index which tries to measure the degree of human welfare/well-being or quality of life in a given area. It is influenced by such factors as real income, employment, housing, educational and cultural facilities, transport services, recreational facilities, environmental pollution, etc. social insurance

Sozialversicherung

Also called social security insurance, National Insurance, NI (GB) or Old Age, Survivors, Disability and Health Insurance, OASDHI (US).

- 1187 -

State operated insurance scheme against four broad categories: 1. accident, 2. old age, 3. sickness and 4. unemployment. Contributions are deducted at source from employee and employer. Note: in GB and the USA, self-employed persons are also required to pay social security contributions. Note: Germany under its Chancellor, Prince Otto von Bismarck (1815-1898), was the pioneer of social insurance. social responsibility

Sozialverantwortung

A person's or fimr's concern for the community and the environment. social sciences

Sozialwissenschaften

The branches of learning which are concerned with the study of man and society. social security

Sozialversicherung soziale Sicherheit

A government system for paying allowances/welfare aid to certain groups of people. Also called national insurance scheme, National Insurance (GB) or Ola Age, Survivors, Disability and Health Insurance (US). The aim of the social security system is to provide financial help to those who need it. Social security is provided so that people who are unemployed, poor, sick, retired or disabled and who are unable to earn a living wage are able to purchase essential goods or services. Social security is perhaps the best-known method by which the government tries to alleviate poverty. A relative new term in the USA, dating from the Social Security Act of 1935. This basic program, amended subsequently, provides insurance benefits for old-age survivors, disability and health insurance, and unemployment benefits. The Act also provides payments for food, housing, and child support. The various social security programs are financed by payroll taxes to which employers and employees contribute. All the arrangements made by the government and private individuals aimed at promoting the welfare of individuals and their dependents. social security contribution(s)

Sozialversicherungsbeitrag

Also called (federal) social security tax (US) or national/social insurance contribution (GB). The money amount deducted from the employees' wages and salaries and paid to the social insurance carriers to be used to provide medical care, sick pay, unemployment payment, and pensions in times of need. The employers also have to make certain contributions. Note: social insurance contributions increase the cost of labo(u)r to the firm.

-

1188

social services

-

Sozialleistungen

Also called social security/welfare payments. Services rendered by the state or supported by government money in order to secure or improve the living standard of parts of the population. social system

Gesellschaftssystem, -Ordnung

Also called social order. The way a society is organized. There are three main social systems. At one extreme is the free-enterprise system (laissez-faire or capitalist system); at the opposite extreme is the command system (collectivist or socialist system); the mixed economy uses some elements of both. social values

Gesellschaftswerte

The moral principles or standards of a society's people. Values determine the modes of behavio(u)r and help determine what an individual considers important and how he/she assesses other people's worth. Values may influence worx ethic, honesty, social responsibility, choice of career, etc. Values change over time and may vary across industries and from nation to nation. social wealth

Volksvermögen

Also called national wealth. The wealth owned collectively by the community, eg schools, hospitals, etc. The total wealth of a country consists only of real assets. socialism

Sozialismus

An economic system under which the production of goods and services for private profit plays a minor role; private ownership is unimportant; the means of production are owned by the state ana economic activity is planned and controlled by central and regional state authorities. socioeconomic groups

sozioökonomische Gruppen

Also called social classes; in some countries also called castes. The classification/grouping of the whole population into reasonably stable and longlasting economic and social groups, ie groups according to income and position. The assumption behind such grouping is that those who fall within a classification will behave in a certain way. For example, members of a class or group place importance on similar things, live similar kinds of lives, are interested in similar pursuits, and value certain kinds of behavio(u)r. In some countries classes are very rigid, in others they are considerably flexible and fluid, but still definable.

-

1189

-

In the USA, six social classes are usually identified: 1. the upper-upper class: it comprises less than 1% of the population; the members' wealth is inherited from previous generations and earned from investments; striving to get ahead is not part of their class ethics - they have already arrived; 2. the lower-upper class: the lower-uppers live on income earned through success and ability in business or the professions, are ambitious to attain upper-upper class status for their children ana tend to be prominent in social, political and cultural affairs; some of the members personify the term "nouveaux riches", others are members of the "jet set"; 3. the upper-middle class: it comprises about 12% of the population and its members are usually in the professions, support high culture and value well-fumished houses; 4. the lower-middle class: primarily composed of white collar workers and higherranking blue collar workers, comprises about 30% of the population; 5. the upper-lower class: comprises about 35% of the population, generally has little education and mainly works in unskilled manual jobs; 6. the lower-lower class: about 20% of the population, includes the rural poor, welfare recipients, the persistently unemployed, and the urban slum dwellers. In GB, there is the following classification: 1. upper middle class (eg senior managers), 2. middle class (eg middle managers), 3. lower middle class (eg clerical staff), 4. skilled working class (professional workers), 5. working class (unskilled workers), 6. lowest/subsistence level (unemployed, casual workers). sociogram

Soziogramm

An instrument used to describe the preferences people have in being with others. The technique of sociometric testing was developed by J. L. Moreno (1892 - 1974) and is used in choosing task-oriented teams, work partners, etc. sociometry

Soziometrie

The measurement of attitudes of social acceptance or rejection among social group members. soft currency

weiche, schwache Währung

Also called weak currency. A country's currency that is not freely convertible into the hard currencies (eg the US dollar or the Swiss franc) of other countries or a currency whose value is expected to devalue or depreciate against many other currencies or whose exchange rate must be supported by central barile intervention or exchange controls. It is fixed at an unrealistic exchange rate and it is not backed by gold. As there is a surplus of it on the market, it is relatively cheap. soft landing

sanfte, weiche Landung

A situation where an economic action to fight inflation does not cause or increase unemployment or deteriorate the living standard.

-

1190

-

soft loan

zinsgünstiger Kredit zinsverbilligter Kredit

Also called low-interest loan. A credit/loan at a very low or nil interest. A credit or loan with a very low interest rate, eg a loan from a company to an employee or a loan used as a form of international aid to LDCs (less developed countries). Typically, soft loans have extended grace periods in which only interest charges are due, longer repayment periods than customary, and lower interest rates than usual bank loans. Also called (interest-)subsidized loan. soft market

rückläufiger Markt, Markt mit nachgebenden Preisen

Also called buyer's market. A market (eg a soft stock market) where there is an excess of supply over demand so that prices have a declining tendency. soft money

Banknoten

Paper currency, ie banknotes, as contrasted with hard money, ie coins. soft spot

rascher Kursverfall eines Wertpapiers Scnwachstelle

On the stock market, a weakness in selected securities in the face of a generally strong market, ie the stock market as a whole remains steady. A particular place which can easily be attacked or a particular weakness of character. Also called potential trouble spot or weak spot. soft terms

günstige Bedingungen

Very favo(u)rable terms granted to a particular person or party. softening price

abbröckelnder Preis

A price that is constantly decreasing/falling. softs

Weichwaren (kurzlebige Verbrauchs-/Konsumgütei) Textilwaren

Consumer goods that are consumed, or used up, soon after they are bought, such as agricultural commodities. Also called consumer nondurables or soft goods/ commodities. Cloth of all kinds. Also called fabrics or textiles.

- 1191 sola bill

Einzelwechsel Solawechsel, Eigenwechsel

Bills can be drawn in copies (bills in a set) or can consist of one document only, in which case it is called a single bill (of exchange). A promissory note (P/N). Also called sole bill (of exchange). sold note

Effekten-AVertpapierverkaufsabrechnung, Schlußnote, Verkaufsnote

Also called (sold) contract note. On the stock or commodity exchange, a formal document, giving particulars of the transaction (eg price, commission), sent by a broker, who has carried out his/her client's order to sell a security or commodity, to the seller. sole agent

Alleinvertreter/in

Also called exclusive agent or sometimes sole distributor. An agent who buys and sells in his/her own name and for his/her own account. He/she is the only representative of a manufacturer (his/her principal) in a particular area/territory, eg an overseas market. Often he/she will be responsible for maintaining stock levels to meet demand fluctuations and also be prepared to offer spare parts ana an after-sales service. sole owner

Alleineigentümer/in, Alleininhaber/in

Also called unconditional owner. A person who owns a business or any other property on his/her own, with no partners. sole proprietor

Alleineigentümer/in, Alleininhaber/in Einzelkaufmann

A person who owns a business or any other property on his/her own with no partners. Also called sole/unconditional owner. A person who owns and runs a business by himself/herself but has not registered it as a company/corporation. Also called a sole trader (GB). sole proprietorship

Einzelfirma, Einzelunternehmen, Einpersonengesellschaft (USA) alleiniges Eigentumsrecht

Also called individual/single proprietorship (US), sole trader (GB) or one-person business/company. In the US, a business enterprise owned and operated by a single person. In this form of business one person (the sole proprietor or sole trader) is solely responsible for providing the capital and for bearing the risks of the enterprise. He/she takes the profit or stands the losses, he/she is the sole owner and upon his/her shoulders alone falls the burden of management.

- 1192 The sole proprietor/trader is subject to unlimited liability, ie if the business fails, and the assets are insufficient to pay his/her creditors, he/sne is liable to lose everything he/she possesses, and not merely what he/she has invested in the business. Note: as the owner and the business are legally inseparable, he/she is fully liable for any business debts incurred. He/she has no legal obligation to make his/her accounts publicly available. In some cases the proprietor may employ no one but himself/herself, but he/she may also employ hundreds of workers. If a sole proprietor/trader trades under a name other than his/her own, his/her actual name and address must be shown on invoices (the billhead), letter headings and displayed at the business address. The advantages of this form of business are quicker decision-making and a greater incentive to run the business efficiently. The disadvantages include lack of access to larger financial resources and unlimited liability. Sole proprietors are the most common form or business unit but expansion often leads to its being turned into a partnership or a private limited company (Ltd, GB)/corporation (Corp, US). Also called individual/single proprietorship or "oneperson" firm/business. A situation where a person (the sole owner) owns something, eg a business, on his/her own. Also called sole ownership. sole trader

Alleininhaber/in, -eigentümer/in Einzelkaufmann Einzelfirma, -unternehmen

In GB, a trader who owns his/her own business or any other property. Also called sole owner/proprietor (US). A person who owns a business and manages its affairs, provides the capital, bears all the risk and is entitled to receive the profit earned. Also called sole proprietor (US). A sole proprietorship. Also called sole proprietor or one-person business/company. solicited offer

verlangtes Angebot

An offer submitted by the offerer, ie the seller, in reply to an inquiry. solicitor

(Rechts)Anwalt/Anwältin

Also called lawyer. A lawyer involved in the administration and processing of legal business, including giving legal advice, preparing cases for litigation and for barristers to try in the higher courts, and representing customers in the lower courts. solus advertisement

Inselanzeige, alleinstehende Anzeige/Werbung

Also called island advertisement. An advertisement which occupies a solus/island position, ie it is separated from any immediate, especially competitive advertisement. A single advertisement on the page (eg the front page) likewise enjoys a solus or preferred position.

solvency

1193

Solvenz, Zahlungsfähigkeit

Also called solvability. The ability to pay one's debts in full when they fall due. The balance sheet shows whether a business is solvent or insolvent. If all the assets are greater than the creditors (GB)/payables (US), the business can pay its debts in full, for, if need be, the assets can be sold and the cash received for them will be enough to pay the creditors. source .

e

The thing or place where something comes from or has been obtained. Also called origin. A manufacturer or supplier from whom goods have been obtained. Also called source of supply or buying (ressource. A source of information. Also called information source. source tax

Quellensteuer

Also called collector tax, pay as you earn tax (GB), tax (deducted) at source or withholding tax (US). A tax which taxes income at source, ie the tax is removed before the income is paid. sovereign debt

Staatsschuld/en

Also called government/national/public/state debt. The debt of a national government. sovereign risk

Länderrisiko

Sometimes also called country risk, although there is a difference. The risk to a lender that a foreign government may default on its financial commitments/obligations. Sovereign risk arises when the sovereign government of a country refuses to repay a loan or debt or fails to hono(u)r other ousiness commitments because of a change in national policy. The lender, often an exporter, is then powerless to pursue the debt. Thus, banks often limit their lendings to one government. space

u i ^ w i g v i u a u Anzeigenfläche, ;Anzeigenraum Reklamefläche, Werbefläche (Werbe)Sendezeit, Frachtraum, Laderaum i u u i v i g v i u i u v i i v ,

In advertising, the pages or parts of pages in newspapers and magazines which can be used for advertisements. Also called advertising space.

-

1194

-

In advertising, the hoarding or billboard available. Also called advertising space. Advertising time in the broadcast media. Also called slot. The room in which goods are transported. Also called cargo/freight space. space arbitrage

Belegungsarbitrage, Arbitragegeschäft unter Ausnutzung von Preisunterschieden auf verschiedenen Handelsplätzen zum gleichen Zeitpunkt

Arbitrage that consists of taking advantage of different market prices on different trading locations. space bar

Leertaste, Leerzeichen

Also called space character or blank. A bar on a typewriter or computer keyboard used for inserting space between characters or words. span of control

Kontroll-, Leitungsspanne, Subordinationsquote

Also called span of authority/management/responsibility/supervision. A management concept stating the number of people a manager/executive can supervise effectively. In allocating functions and duties one must determine the span of control in order to avoid overburdening the managers. special agent

Vertreter/in für einzelnes Rechtsgeschäft, Sonderbevollmächtigte/r Bezirksvertreter/in (Vers)

An agent appointed to act for his/her principal in a particular matter only. An insurance agent who represents his/her company in a particular area. special crossing

besondere Scheckkreuzung, d.h. der Scheck kann nur bei der bezeichneten Bank eingelöst werden

A cheque/check is specially crossed when, with or without the addition of two parallel lines, the name of a particular bank is written across the face of the cheque/check. The cheque/check can only be paid into an account with the specified bank. special delivery

Eilzustellung (USA)

Also called express (GB)/rush delivery. A very fast delivery performed by the post office or a private mailing firm. An additional fee has to be paid.

-

special deposits

1195

-

mindestreserveähnliche Einlagen bei der Zentralbank

Special deposits are a call on the whole banking system to deposit a certain percentage of some or all of their eligible liabilities (basically their deposits) with the the central bank. These deposits have to be regarded as nonliquid because they are repayable only when the central bank (eg the Bank of England or the Fed) chooses; they therefore reduce the liquid reserves of the banks. The effect is to take money out of the banking system, which means that the banks must restrict or reduce their lending, ie the banks' ability to create credit will contract, thus restricting the growth of the money supply. This will cause an increase in interest rates. When the monetary authorities (eg in Britain, the Treasury and the Bank of England) wish to increase bank lending, they will make a repayment of special deposits, knowing that money put back into the banking system will quickly be lent out by the banks. Interest is usually paid on special deposits. special development area

bes. Entwicklungs-, Fördergebiet

Also called assisted area. A particular region where a government wants to encourage industrial and commercial development by offering special financial incentives to investors. special drawing rights (SDRs)

Sonderziehungsrechte (SZR) beim IWF ("Papiergold")

SDRs are an official international reserve asset created by the International Monetary Fund (IMF) and introduced on 1 January 1970. They serve the same purpose as gold reserves and therefore they are called "paper gold.". Within conditions set by the IMF, SDRs can be used by a country with a deficit in its balance of international payments to settle debts with another country or with the IMF. Member countries with balance of payments surpluses may convert cash into SDRs. Their supply, valuation and the interest payable on them are all determined by the IMF but the allocation among the member countries of the IMF is in proportion to their quota in the fund, which in turn is based on their gross national product (GNP). Each member country agrees to back its SDRs with the full faith and credit of its government, and to accept them in exchange for gold or convertible/hard currencies. special endorsement/indorsement

Namens-, Speziai-, Vollindossament

Also called full endorsement or endorsement in full. An endorsement which specifies the name of the person (or his order) to whom a bill of exchange or cheque/check is to be payable (eg "pay James Dean or order, signed Ilka Böhm). Other types of endorsement are: 1. endorsement in blank (ie it consists of the signature only, rendering the bill payable to bearer); 2. restrictive endorsement (prohibits any further negotiation of a Dill, eg "pay James Dean only").

-

1196

special inquiry/enquiry

-

bestimmte Anfrage

Also called specific inquiry. A potential customer/buyer asks a supplier/seller to submit a detailed offer, including the terms of payment ana delivery. special interest account

Sparkonto (USA)

The American term for savings account. special offer

Sonderangebot

An article or service offered for sale at a reduced price. special order

Sonderauftrag, Sonderbestellung

The goods ordered are to be manufactured specially for the buyer (the orderer) and are not saleable in the ordinary course of the seller's business. special peril

Extra-, Sonder-, Spezialrisiko

Also called extra peril or special hazard/risk. A risk of more than average danger, duration or size. In insurance, an extra risk added to an insurance policy not originally designed to cover that risk. For an additional premium, however, extra risks/perils can be covered by the policy. specialist shop

Fachgeschäft

Also called specialty/specialized shop, one-line (GB)/single-line (US)(retail) shop/ store or specialty store (US). A retail outlet that offers a large selection/assortment in a limited/narrow line of merchandise. Specialist shops (eg video and record shops, men's and ladies' wear stores) can provide customers with more information and a better service. specialist

Fachmann, Fachfrau

A person who knows a lot about a particular subject or is very skilled at it. specialization/specialisation

Spezialisierung Fachgebiet

The fine division of an operation or task into separate simplified, suboperations or subtasks, each of which is then performed by a separate individual. The study of one particular subject.

-

specie

1197

-

Hart-, Metall-, Münzgeld in natura; in bar/klingender Münze

Coined money, not paper money/currency. Also called coins. Note: in specie = in the same kind or in coin. species

Art, Gattung

Class of individuals having some common characteristics or qualitites. specific guarantee/guaranty

bedingte, zweckgebundene Bürgschaft

A guarantee/guaranty is related to the primary debt and thus there are two main types: 1. the continuing guarantee and 2. the specific guarantee, where the guarantor limits his/her liability to a particular transaction between the debtor and the creditor. Note: if the debtor varies his/her transactions with the creditor, the guarantee becomes unenforceable unless the guarantor's consent to the variation is obtained. specific offer

bestimmtes, spezielles Angebot

A precise offer/quotation by the seller with the intention to obtain a contract. specific tax

spezifische Steuer

Taxes on goods and services are either specific or ad valorem. Specific taxes are levied in terms of a fixed amount of money upon a particular good or service (eg £/$ X are levied on each bottle of champagne). specification

Spezifikation, Beschreibimg Packliste Ausiuhrerklärung, Exporterklärung Patentschrift

A detailed information about the work to be done and materials to be used in the completion of a task. It is often associated with a price quotation or the goods to be supplied. A list of the articles contained in a particular package or container. Also called packing list/sheet/slip. A list containing details of goods exported. Also called export declaration. A very detailed written statement of a patent. Also called printed patent specification. specimen signature

Musterunterschrift, Probeunterschrift

To enable someone, eg a bank, to recognize a person's signature, he/she will be asked to provide specimen's) of his/her signature, to show the manner in which he/she will sign documents, eg cneques/checks.

- 1198 speculation

Spekulation

In general, a discussion about a future event. In economics, the practice of forecasting changes in prices, whether in shares/stocks, land, commodities or currencies, with the intention of ouying and selling at a profit, or avoiding a loss. On the stock exchange, speculation means dealing in shares/stocks, ie the purchase or sale of shares/stocks in the hope of making a quick profit by anticipating whether the share/stock value will rise or fall. Speculators deal in shares/stocks not for the sake of the dividends (the income from investment) they will earn, but for the quick profits they can make through buying and selling shares/stocks. There are three types of speculators: 1. bulls: they buy shares/stocks believing that the price will rise and that they can sell them quickly at a profit; 2. bears: they sell shares/stocks hoping that the price will fall so that they can buy them back at a lower price; 3. stags: they subscribe for (ie buy) new issues because they believe that the price fixed by the issuing bank is too low and that when the stock exchange starts to deal in them they can sell the shares/stocks allotted to them quickly at a profit. The presence of speculators is often of great service to the ordinary investor as this makes it possible for others to buy or sell shares/stocks at the times most convenient to them - speculators will usually buy or sell at any time. Speculators also tend to steady prices by buying when other people want to sell or by selling when others wish to buy. Speculation is bad only when speculators tiy by their own activities to force prices up or down to suit their own interests. Professionals try to limit their losses by the use of hedging, options trading and transactions in futures contracts. Note: do not confuse speculation with gambling which is based on random chance. speculative balances

Spekulationskasse

Also called speculative holdings. Lord Keynes (1883 - 1946) gives three motives for holding money: 1. the transactions motive, 2. the precautionary motive and 3. the speculative motive. Speculative balances is money held for speculative motives, ie money is held in the expectation that prices will fall or interest rates rise. We know, for example, that the price of fixed-interest securities, eg bonds, varies inversely with their interest yield. That means if the interest rate is low the price of bonds will be high and speculators will want to hold cash in anticipation of a rise of interest rates which will bring down the price of bonds. When bond prices are low (and interest rates are high), speculators will buy bonds, reducing their cash holdings, ie that their speculative demand for money to hold will be low. When the rate of interest is low, people prefer to hold money; when it is high, people do not wish to hold money. Thus, the demand for money as a speculative asset (speculative balances) varies inversely with the rate of interest. Note however: the demand for transactions and precautionary balances depend on the level of income.

-

speculative buying

1199

-

Spekulationskauf

Speculative buying/purchasing is an attempt to gain considerable profits by buying an excess of materials, securities, etc. at greater than normal risk when prices are considered to be at a low point. Unlike market buying, it makes price trends the primary factor in buying and gives less regard to the strict/material requirements of the business so that large losses may arise. In the case of material buying there is danger of obsolescence of material, large investments in inventory, etc. speculative funds

Spekulationsgelder

Large-scale movements of hot money/footloose funds are poured into a country from abroad because of international differences in interest rates or because of rumours of devaluation. speculative motive

Spekulationsmotiv

According to Lord Keynes there are three motives for holding cash: 1. the transactions motive, 2. the precautionary motive, 3. the speculative motive. The speculative motive states that money is held in the expectation that prices will fall or interest rates rise. The prices of fixed interest securities (eg bonds) and market interest rates vary inversely with one another. If the interest rate is low the price of fixed interest securities will be high and speculators will want to hold cash in anticipation of a rise in interest rates which will bring down the price of fixed interest securities (eg bonds). When this happens, the speculators will buy bonds, reducing their cash holdings, and receiving a greater profit/yield on their bonds because they have bought at lower prices. Conversely, when interest rates are high and bond prices are low, cash holdings will be reduced as people buy bonds which they hope to sell when interest rates fall and the price of bonds rises. Thus, the demand to hold money will vary with the interest rate; the higher the interest rate, the smaller the demand to hold money. speculative risk

spekulatives Risiko

A risk that holds out the prospect of a gain as well as loss or breakeven. In the business world, speculative risks are very common. In insurance, a speculative risk is not insurable as it cannot be calculated and formulated. speculative security

Spekulationspapier, -wert

Securities that have an unusually high promise of capital gain or loss. speculative share/stock

spekulative Aktie

A risky share/stock whose quotation may heavily fluctuate so that there may a share/ stock appreciation or depreciation.

-

speculator

1200

-

Spekulant/in

On the stock exchange also called gambler, market operator or punter; bull (bull market), bear (bear market) or stag (new issue). A person who engages in speculation, ie who buys goods, shares/stocks or foreign currencies in the hope that tneir market price will mcrease so that he/she can make a profit in the future. A speculator is willing to assume above average risks in the hope of gaining above normal profits. speedup/speed-up

Beschleunigung Produktionsbeschleunigung

An increase of speed. An approach by the management of a company to increase production without any pay increase. Also called speedup of production. spendable earnings

disponibles/(frei) verfügbares Einkommen, Nettoeinkommen

Also called spendable/personal disposable/disposable personal income, take-home pay, or net wages. The gross wages/salary less deductions for taxes and social insurance, ie the amount available for spending. spending power

Kaufkraft

Also called buying/purchasing power. The amount of money a person can spend on goods or services. The amount of goods or services that money can buy at a given time. spillovers

Externalitäten, externe Wirkungen, Volkswirtschaft. Nebenwirkungen

The indirect benefits or losses received from other developments. For example, goods and services which benefit not only tne persons who buy them but spill over to others as well (eg a producer installs antipollution devices), or costs imposed upon the community external to the costs borne by the producer (eg a smoker causes harm to a nonsmoker). These spillover effects are also called external/neighbo(u)rhood effects or externalities. s p i r a l l i n g inflation

sich spiralenförmig nach oben bewegende/ schnelTwachsende Inflation, Inflationsspirale

A type of inflation where price rises make employees demand higher wages which then increase prices again - higher prices induce higher wages, higher wages induce higher prices, etc.

-

split

1201

-

Aufteilung, Spaltung, Entzweiung Aktienaufteilung, -split, Splitting

The act of splitting or dividing up. A serious disagreement that divides an organization or group of persons into smaller groups. The division of shares/stocks in a company into units of smaller denomination in order to reduce the price per share/stock ana thereby increase their marketability, ie to make ownership more affordable to small/retail investors. The numoer of shares/stocks is increased without any change in the shareholders'/ stockholders' equity, ie the total value of the shares/stocks remains unchanged. For example, if a share/stock at £/$ 100 face value splits 2-for-l, the number of shares/ stocks doubles and the price per share/stock drops by half, to £/$ 50. Certainly, the dividends per share/stock will also fall proportionately. A split lowers the price per share/stock and this will increase demand and thus ultimately raise the price. Also called splitting, split up or share/stock split. split consignment

Sammelladung/Warensendung, die am Bestimmungsort an verschiedene Empfänger verteilt wird

A consignment of goods which is split at the place of destination and distributed to different consignees/receivers. Note: do not confuse a split consignment with a groupage consignment. split load

gespaltene Ladung

Cargo in a single shipping unit which has more than one place of destination. split opening

gespaltene Eröffnung

On an exchange, a situation when there are different opening prices for the same thing because several traders have started simultaneously. split order

Auftrag zu verschiedenen Kursen zu kaufen/verkaufen

A large order for a commodity or security that is separated into smaller units which are sold or bought over a lengthy time period in order to avoid substantial price fluctuations. split price

gespaltener, unterschiedlicher Preis (auf verschiedenen Märkten)

Also called differential price. The practice of producers or traders of charging different prices for the same product in/on different markets. Sometimes the products are branded or packed differently.

-

spoilage

1202

-

Ausschuß Materialabfall Verderb

Goods that are not up to standard and are sold for disposal value. Also called rejects. Materials wasted or spoiled during production process. Also called scrap or waste. The act of spoiling, ie the act of becoming bad or unfit for use, as food or other perishable substances. spokesperson

(Presse)Sprecher/in

A personw ho speaks for another, for a group or for a company, etc. sponsor

Förderer, Förderin Geldgeber/in, Sponsor Jemand, der Radio- und Fernsehprogramm finanziert und dafür Werbung betreiben darf Bürge, Bürgin Konsortialnihrer

In general, someone who supports a person or thing. Also called promoter. A person or company which pays to help someone or finances all or some of the costs of particular events, eg sporting events or musical concerts, in return for advertising rights. Also called financier, financial backer or funder. A company which gives financial support to a radio or television program(me), in return for die right to advertise its products during the program(me). A person who promises to be responsible for another person. Also called guarantor or surety. The managing bank (ie the consortium leader) in a banking consortium (the underwriting group) which brings a new issue to the stock market. sponsored event

durch Werbung finanziertes/r Ereignis AVettbewerb

The financing by a sponsor (eg a car producer) of all or some of the costs of sporting events (eg horse races, tennis tournaments), musical concerts, art shows, research grants or other activities in order to gain publicity and goodwill from its association with them. sponsorship

Sponsoring, Mäzenatentum, Schirmherrschaft

The act of sponsoring, ie a form of advertising in which a company offers funding to a group, club, sporting or entertainment event, etc in return for a range of promotional opportunities. The prime objective is to increase sale of the sponsor's product(s) or service(s).

- 1203 spot

sofort lieferbar, sofort zahlbar Werbespot, Werbesendezeit Erfullungstermin ist der übernächste Arbeitstag (Bö)

A condition stating that the goods must be delivered or paid immediately. A single radio or television advertisement appearance. Also called spot advertisement or time slot. An exchange deal where the exchange rate is determined at "today's prices", for settlement in two working days' time. spot cash

sofortige Bezahlung, Sofortkasse Barmittel, Sofortliquidität

The buyer must pay for the goods, when he/she takes possession of them. Note: prompt cash allows two or three days to examine and check the goods and invoices before paying. Immediate cash available for the purchase of goods. spot delivery

sofortige Lieferung (gegen Kasse)

Immediate delivery against payment of cash. spot exchange rate

Devisenkassakurs

Also called spot rate/price or cash price. The rate of exchange (selling or buying) which is used for currency dealings to be made on the spot, ie without any forward contract. A spot rate is a rate quoted immediately, for delivery of the currency two working days later (called the spot date). Settlement is also made on the spot date. spot market

Kassamarkt

Also called cash/physical market. A market, eg a commodity or stock exchange, which deals in goods, currencies or securities for prompt delivery. The goods are there on the spot and can be delivered upon immediate payment of the spot price, although a few days may be allowed for settlement. Note: the spot market differs from the futures market because the latter provides for the delivery of goods, currencies, and securities at a future date. spot payment A situation where a buyer pays immediately.

sofortige Zahlung

-

spot price

1204

-

Spotkurs, Kassakurs, Lokopreis (Warenbörse) (Devisen)Kassakurs

In commodity markets, the price quoted is for spot/immediate delivery with immediate payment and for goods where they lie, ie their delivery is at the buyer's expense. Also called cash/loco/warehouse price. In the foreign exchange markets, the buying or selling price quoted for a transaction to be made on the spot. Also called spot exchange rate, spot rate or cash price. spot sale

Kassageschäft

Also called cash sale or spot dealing/trading/transaction. A deal made on the commodity, foreign or stock exchange which is for immediate cash payment and for immediate delivery. spot trading

Kassageschäft

Also called spot dealing/sale/transaction or cash sale. A trading situation where commodities, currencies or securities are sold at a cash price for immediate delivery. spread

Differenz zwischen zwei Preisen, Marge Handelsspanne, Verdienstspanne Differenz zwischen An- und Verkaufskursen (Bö) Spread, Spanne (Bö) Kursdifferenz (Bö) Differenz zwischen zwei Zinssätzen (Soll- und Habenzinsen) Bandbreitenabweichung Konsortialprovision Aufschlag auf Kreditzinssatz doppelseitige Anzeige ganzseitige Anzeige Risikostreuung (Vers)

The difference between two prices. The difference between the cost price or purchase price and the selling price, ie the profit margin. Also called margin or operating/price/trade margin. On the stock exchange, the difference between buying/bid price and selling/asked price. The difference in prices between a put option (price below the prevailing market) and a call option (price above the prevailmg market) with both options referring to the same stock/security. The difference between the high and low price of a particular security over a given period of time.

-

1205

-

The difference between two interest rates, ie the debtor and the creditor rate. A larger-than-normal difference in foreign exchange rates. A deviation from exchange margins (the official spread). The payment an issuing syndicate/group receives for its services when issuing new shares/stocks. The payment is the difference between the proceeds an issuing company receives and the price paid by the public for the new issue. Also called overriding commission. In banking, the profit margin on a credit/loan, ie the difference between the cost of funds and the lending/loan rate. In advertising, two facing pages in a publication over which one advertisement is printed. This advertisement enjoys a solus/island position. If the pages are in the center of the publication, the advertisement is known as a center spread. Also called doublepage spread or double truck. In advertising, a single page advertisement. Also called full-page advertisement. In insurance, the spreading of risk, ie an insurer bears only part of any one insurance contract and passes the rest to others (ie he reinsures his risk), so that tne risk is spread over and shared by other insurers as well. Also called spreading of risk. squeeze

Knappheit, Mangel Einengung, Restriktion Kreditrestriktion

In general, a situation when an item on a market becomes scarce. Also called shortage. A situation in which borrowing, prices, wages, etc are strictly controlled by the government to fight inflation. Also called restriction. A situation when it is difficult to get credit and when interest rates are high. A credit squeeze is used to reduce economic activity by restricting the money supply. Also called credit squeeze/contraction/restriction. stabilization fund

Währungsausgleichsfonds

In GB called Exchange Equalization Account (EEA), in the USA Exchange Stabilization Fund. Money kept with the central bank, for use in buying and selling foreign currencies in order to stabilize the exchange rates between die domestic currency and the major foreign currencies. stabilization of the economy

Konjunkturstabilisierung

Policies designed to stabilize the business/trade cycle and level out unemployment and inflation through fiscal and monetary policy.

-

stabilization policy

1206

-

Stabilisierungs-, Stabilitäts-, Konjunkturpolitik Sicherung der Geldwertsstabilität, Kursstützung

Policies by governments designed to reduce fluctuations in economic/industrial activity to return the economy to foil employment. This is accomplished by increasing either aggregate/total demand or aggregate/total supply. These fluctuations may be seen as causing undesirable movements in national income, prices, balance of payments and the rate of economic growth, and removing them offers targets for economic policy. The instruments of policy which are capable of reducing disturbances are: 1. monetary policy, 2. fiscal policy, 3. exchange rate policy and 4. various other nonprice measures. There are two main points of view: 1. The Keynesian view: Keynes believes that the economy is inherently unstable and that there are no mechanisms to bring it back to full employment once equilibrium at that position is disturbed. Hence the need for active management of aggregate/total demand to stabilize the economy. If aggregate demand were too low, causing unemployment, then the remedy was for the government to increase demand. This policy was conducted with great success until around 1970, for most countries enjoyed low levels of unemployment and of inflation. 2. The monetarist view (established by Milton Friedman): it believes that there is no such need, as: in the long run, changes in the money supply do not have any effect on the economy (eg on output, wages, unemployment, etc.); in the short run, changes in the money supply do influence output and employment but with unpredictable time lags; if the government does not intervene, there are various mechanisms in the economy that will help bring it back to full employment. Consequently, the government should not use its budgetary/fiscal or monetary policy deliberately to reflate the economy; it should set its expenditure/spending and tax rates so that (at full employment) it would have its budget in balance; men it should expand the money supply by some steady but low rate. A policy of buying or selling of a country's own currency to protect its exchange rate. Also called pegging. stabilizers

Stabilisatoren

In a free market economy, those economic influences (eg government expenditure/ spending, taxation, unemployment benefits, interest rates) that have a tendency to reduce wide swings in the level of employment, incomes, prices and production. stable currency

stabile Währung

Also called stable money. Money that remains constant in terms of the goods and services it can purchase, ie the buying/purchasing power is stable. The relations between the domestic currency and other foreign currencies are stable, ie there are stable exchange rate relations.

- 1207 stable market

fester, stabiler Markt

A market situation where sales volume shows little change when prices change. stacking

Stapelung

The placing of cargo on top of one another in aircraft, ship or truck hold; container or warehouse, etc. staff

Belegschaft, Mitarbeiter, Personal Stab(skräfte)

The number of people employed by a company. Also called personnel or manpower. Employees who advise and assist line managers and other employees. Also called staff employees. staff appraisal

Mitarbeiter-, Personalbeurteilung

Also called staff assessment/rating. A management technique applied to assess the ability, job performance, potential leadership, initiative, etc. of an employee. staff association

Personalvertretung

A group of people formed to represent workers in a particular company. staff department

Personalabteilung Stabsabteilung

A company's personnel department. Also called employee relations/human resources department. A department that provides assistance and support to line departments. Also called staff division/unit, staff and service department. staff development

Mitarbeiterförderung, Personalentwicklung

Also called personnel/human resources development (HRD). Planned training activities and work experiences designed to train personnel/staff in order to: improve their knowledge, skills, communication ability, problem-solving techniques, etc, and/or bring tnem up to date with company objectives ana developments. staff magazine Also called house organ or works magazine.

Hausmitteilungen, Werkszeitung

-

1208

-

A magazine issued free of charge to staff which shows a company's activities and future policy. staff manager

Personalleiter/in, Personalchef in Stabsleiter/in

In a company, the person who is responsible for the selection and engaging of the personnel/staff ana the head of the personnel/staff department. Also called employment manager or personnel manager/officer. A manager who advises line managers but does not take or implement final decisions. staff representation

Personalvertretung

Also called staff association/committee. A group of employees formed to represent the views of the employees of a particular company. Frequently they negotiate with the management on pay, working conditions, job safety, etc. staffing

Personalbeschaffung, Stellenbesetzung

The process of employing people to perform work for the organization. stag

Spekulant/in, Konzertzeichner/in (jemand der in Neuemissionen spekuliert)

Also called free rider (US). A speculator who buys shares/stocks in a new issue with the intention of selling them very quickly for a large profit when dealings on the stock exchange commence a few days later. If a new issue is oversubscribed, then the market price of the share/stock is higher than its issue price and the stag will make a big profit. This person stags in a new issue, the procedure is known as stagging. stages of production

Produktionsstufen

Also called production stages. There are three broad stages of production: 1. the primary industry, 2. the secondary industry and 3. the tertiary sector. The different stages of the production process, stagflation Stagflation Stagflation implies that there is no growth in the economy, ie there is stagnation, and at the same time inflation and unemployment are rising, so that a lower living standard must result for those on fixed incomes.

-

1209

-

A crucial obstacle when fighting stagflation is that fiscal and monetary policies aimed at stimulating the economy and reducing unemployment only intensify trie inflationary effects. The term was coined in the 1970s when there was a heavy increase in oil prices imposed by the OPEC; this raised price levels while slowing down economic activity. stagnation

Stagnation, Flaute

Also called lull or sluggishness. An economic situation implying that there is only low economic/industrial activity and therefore no or only minimal economic growth. stake

(Kapital)Beteiligung/Einlage Wett-, Spieleinsatz Interesse

An amount of money invested, eg in a business. For example, one can have a minor or a controlling stake. Also called holding or interest. Money (stake-money) risked in a game of chance or in guessing the result of an event, eg a horse-race/racing. Any great interest in something, especially if money is involved, eg shareholders'/ stakeholders' interests in the activities of a company. Also called interest. stakeholders

Interessengruppe

Also called interest group. Persons who have an interest in how a particular project or organization operates. stale bull

Haussespekulant/in; Haussier, der/die Gewinne nicht glattstellen kann

On the stock market, a dealer/trader who has bought securities in the hope that prices will rise but cannot then sell at a profit, either because prices have remained static or fallen, or because nobody wants to buy. stale cheque/check

verfallener Scheck

Also called out-of-date/overdue cheque/check. A cheque/check is stale when it has been in circulation for a considerable period of time, usually more than six months (ie bears a date several months earlier than the date of presentation). The bank usually refuses to honor/pay the cheque/check, marks it "Out of date" and requires confirmation by the drawer before it pays the amount in question. stamp book Also called post/postage book.

Portobuch

-

1210

-

An account book which records various details and the postage paid on letters, packets, parcels, etc. stamp duty

Börsenumsatzsteuer (BUSt) Stempelgebühr bei Urkunden

Duty sometimes levied on the transfer of securities on the stock exchange. Also called transfer stamp duty, stock exchange turnover tax, stock (exchange) transfer tax, transfer stamp, or stamp duty on stock exchange transactions. Duty levied on the completion of certain transfer documents, eg property transfer documents. The stamp(s) must by law be stuck on the documents. stamp pad

Stempelkissen

Also called ink(ing) pad. A soft pad of cloth moistened with marking ink on which a stamp is pressed, before marking the paper. stamped addressed envelope (SAE, sae)

adressierter Freiumschlag

An envelope with your own address written on it and a stamp stuck on it to pay for return postage. stand

(Messe)Stand, Verkaufsstand Haltestelle Zeugenstand

A place where a company's goods are shown and sold, eg at an exhibition or fair. Also called stall. A place where buses or taxes/cabs regularly stop and wait. Also called stop. In law, the witness box (GB)/stand (US). Standard and Poor's index

Aktienindex, der auf 500 repräsentativen US-Werten basiert

Also called Standard + Poor's 500 or S + Ρ 500. A leading US stock index. Similar to the Dow Jones Industrial Average (DJIA), it is a broad-based measurement of changes in US stock markets based on the performance of 500 widely held common stocks/ordinary shares (GB), calculated by Standard and Poor's Corporation. standard cost(s)

Plan-, Rieht-, Sollkosten

Also called attainable/budget(ed)/estimated/forecasted/planned/predicted/scheduled/ target(ed) cost(s).

-

1211

-

In cost accounting, the planned cost(s), eg of making a unit of production, operating a department or carrying out an operation in the factory, under specified conditions of working. standard deviation (SD)

Standardabweichung, mittlere quadratische Abweichung

Also called mean square deviation. In statistics, a measurement of the extent of variability (or dispersion) in a data set. It is based on the difference between each value in the data set ana the mean of the group. standard for deferred payments

Wertmaß fur aufgeschobene Leistungen

A separate function of money; the others being: 1. medium of exchange, 2. store of value, 3. unit of account. Money provides a standard by which future payments can be measured. standard form contract

Einheits-, Formular-, Standardvertrag

Also called standard agreement/contract. A contract made on a standard form, ie a printed contract form, which has been drawn up by the businessperson and contains tne terms and conditions under which he/she usually provides goods or services, and is designed to give him/her the maximum protection. standard label

Gütesiegel (auf Produkten) TÜV-Zeichen, TÜV-Plakette

There are a number of institutions which allow manufacturers/producers to display a symbol on their products to show that the goods meet its standards, eg the standards of quality or safety. Also called stamp of quality or kitemark (GB). A special label or tab attached to a device (eg electrical) or machine (eg car) to indicate it has been tested (by an institute) and is safe for use. standard letter

Einheits-, Standardbrief

A letter typed or printed in the same format and containing the same message to be sent to various addressees/recipients. standard of living (SOL)

Lebensstandard

Also called living standard. A measure of welfare of a nation's inhabitants. Conventionally, a rise in the national income is seen as an indication of a rise in the living standard. But the national income figure must be related to the size of population; thus average income per head is a better indication of well-being.

-

1212

-

To indicate the current living standard, the average personal disposable income might even provide a better indication. However, a person's living standard also depends upon the quality of his/her working life, the quality and quantity of goods and services he/she is aole to buy, the quality of social security, etc. standard rate

Einheits-, Standardsteuersatz Tariflohn, -verdienst Eck-, Grundlohn, Grundgehalt Einheits-, Pauschalgebühr

The basic rate of income tax which is paid by persons whose income is above a certain level, after the deduction of allowances. People with income above this level will pay extra rates, called higher rate tax. Also called basic rate or basic tax rate. In employment, the usual weekly, fortnightly, monthly or annual rate of pay. Also called standard pay/wage. The agreed base pay for a job or occupation. Also called standard wage rate or base/basic/corner rate. A charge which stays the same, at least for a particular period. Also called flat rate. standard time

Ortszeit Vorgabezeit, Zeitvorgabe, Standardzeit Normalarbeitszeit

The official local time for a country, or an area within a country. There are 24 time zones in the world, the time in each being generally one hour different from the next. The standard time recorded in GB is Greenwich Mean Time (GMT); in the USA there are four time zones: Eastern Standard Time (EST or ET), Central Standard Time (CST or CT), Mountain Standard Time (MST or MT) and Pacific Standard Time (PST or PT); in Germany there is the World Time or Weltzeit. Also called local time. The time an average employee needs to complete a task or job under normal conditions of work. It consists of: basic/base time, relaxation allowances, contingency allowances (eg for additional work), unoccupied time allowances (eg a worker has to wait for other workers of a team), interference allowances. Also called time standard, standard operation time, incentive time, or allowed time. The usual working time, eg 8 hours a day. Also called standard work(ing) hours. standardization/standardisation

Normung, Typung, Standardisierung, Vereinheitlichung Standardisierung

In general, standardization is the process of making things in standard parts, which can be used in many similar articles. Through standardization managers establish rational specifications for types of product, measurements, quality, processes, and practices. Business operations improve and costs decline when materials, procedures, and products are predetermined so that future practices will conform and be appraisable.

-

1213

-

In pharmacy and medicine, the guarantee/guaranty that each unit (eg tablet, ampoule, etc.) contains exactly the same amount of active ingredient, eg standardized at 8 mg acetylsalicytic acid per tablet. standards

Normen

Agreed and accepted values, practices, conventions etc. for carrying out business, technical or other activities. standby agreement

Standby-Abkommen, Bereitschaftskreditabkommen (Kreditzusage des IWF)

Also called standby arrangement. An agreement whereby the International Monetary Fund (IMF) agrees to make currency available to a member country should it be necessary over the following few months, as long as the member has observed the performance criteria and other terms specified in the agreement/arrangement. standby costs

Bereitsschafts-, Bereitsstellungkosten

Capacity costs incurred even if operations are not taking place. standby credit

Bereitschaftskredit, Standby-Kredit Garantieakkredititv

A credit which is available if a company needs it. A standby letter of credit (SLC). standby letter of credit (SLC)

Garantieakkreditiv, Standby Letter of Credit

Also called standby credit. An instrument used in export finance. A standby credit is another form of letter of credit (L/C), issued by a bank on behalf of an importer and in favo(u)r of an overseas beneficiary (ie the exporter). It is a form of insurance that if payment is not made in the usual way to the seller/exporter, then he/she can make a claim under the SLC. Thus it provides a guarantee to the exporter against defaults by the applicant (ie the importer) for the credit. It requires the issuing oank to make payment to the exporter upon presentation of documents evidencing nonpayment by the importer. standing committee

ständiger Ausschuß

Also called standing commission. A committee that meets regularly and prepares reports and recommendations for the management.

-

1214

-

In politics, a group of people chosen by the British parliament or the US Congress to deal with a designated subject. standing order (STO, SO, so)

Dauerauftrag (BaW) laufender Auftrag, Dauerauftrag Geschäftsordnung Kauf auf Abruf Abonnement

A standing order is a standing instruction given by an account holder to his/her bank to make a regular fixed payment from his/her current/checking account to the account of a stated beneficiary/payee of the same or other bank, until further notice or for a set period of time. Each order must be signed by the customer (the account holder) in accordance with the account mandate and it can only be cancel(l)ed or altered on the written instruction of the account holder. The standing order is particularly useful if a customer has regular payments to make, like mortgage repayments, insurance premiums, club subscriptions, etc. The bank will make the payments automatically when they fall due and relieve the customer of the trouble of writing out cheques/checks or transfer forms and of the task of remembering to make such payments, provided he/she ensures that there is sufficient money in/on his/her account. Clearly, however, standing orders are not suitable for payments which, although they fall due at regular intervals, vary each time as to amount. Also called bank(er's) order. An authorization for the regular performance of certain operations, eg the production or purchase of goods, as need or opportunity arises, usually limited by a stated maximum; the maintenance of machines or the replenishment of stock, etc. At meetings, rules and regulations framed for permanent guidance as to procedures, which remain in force until repealed by the proper authorities. Also called bylaw, code/rules of procedure or rules and regulations. An order which calls for goods to be delivered in specified quantities at certain intervals until further notice. The buyer may also call forward/off the quantities he/she needs from time to time. Also called call purchase. An agreement made between a company and an individual for the purchase of a newspaper, magazine, etc. Also called subscription. standstill agreement

Stillhalteabkommen, Moratorium

Also called moratorium. An agreement between two parties when one party cannot pay its debts to the other, that it will be granted to defer payment for a certain fixed time period. An agreement between two countries by which the debtor country is granted a fixed prolongation of payment. staple

Massenerzeugnis, Stapelware Heftklammer

Products which are essential and in constant demand, eg basic food or raw materials. Also called staple commodity/product.

-

1215 -

A thin wire driven into sheets of paper in order to fasten them together by a stapler/ stapling machine. stapler

Heftmaschine, Heftapparat

Also called stapling machine. A machine, available in a range of sizes, used to fasten sheets of paper together by taking wire staples of different sizes and strengths. A staple extractor/remover may be used to remove staples. startup

neu gegründetes Unternehmen, Neugründung, Jimgunternehmen Inbetriebnahme

A company that is beginning business. Startups usually have high startup/starting costs. Also called startup/start-up company. The activity or process of putting a business or machine into operation. Also called coming/putting on stream. startup capital

Gründungs-, Startkapital

Also called initial/launch/opening capital or seed capital/money. The first contribution of a person (the founder/promoter) who creates/establishes/ launches a business or other venture, either in the form of a loan or an equity investment. state bank

Bank mit einer Konzession eines Bundesstaates (USA)

Also called state-chartered bank. In the USA, a commercial bank organized under a charter granted by the state (state charter), as distinguished from a national bank, which is federally chartered (ie this bank has a charter from the Comptroller of the Currency). State banks have the option of joining the Federal Reserve System (the US central bank), national banks have to join it. state bond

Staatsanleihe, -obligation Anleihe eines Bundesstaates (USA), Kommunalanleihe, -obligation

A government bond, ie fixed-interest(-bearing) security issued by the government. In the USA, a bond issued by one of the 50 states for the financing of capital projects. Also called local government/municipal bond.

-

1216

state capitalism

-

Staatskapitalismus

An economic system in which the capital, ie the means of production, is largely owned by the state, but the use and management of this capital are mainly left to private businesspersons (who are under state control). state enterprise

staatliches Unternehmen, Staatsbetrieb

Also called government/state-owned enterprise or nationalized firm. An enterprise owned and controlled by the government/state. Production in the public sector; this may be by government departments, public corporations or local/municipal authorities. state pension

Staatspension, Staatsrente

Also called public service pension or government annuity. A pension paid to anyone, who has paid enough in national insurance/social security contributions. state planned economy

staatlich gelenkte Wirtschaft

Also called state-controlled economy. In such an economy the state decides what shall be produced, how much shall be produced and how to allocate the productive resources among the various producers. Today, there is neither a free economy nor a completely state-planned economy. In all of them there is a public sector and a private sector. state revenue(s)

Staatseinkünfte

Also called national/public revenue(s). Money received by a government from taxation. state tax

einzelstaatliche Steuer, Landessteuer

A tax that is paid to a federal state rather than to the federal government. state university

Staatsuniversität

A public university mainted by the government of the state. stated account

bestätigter Abschluß

An account that shows how much one party owes to another. It is accepted by both parties and is legally binding unless it is proved to be wrong.

- 1217 stated value

angegebener, ausgewiesener Wert

A value assigned to something that does not have a nominal value. statement

Kontoauszug, Bankauszug Kontoauszug, Rechnungsaufstellung, Abrechnung (Finanz)Ausweis, Finanzstatus Bericht, Verlautbarung, Statement

A printed record issued by a bank and sent to its customers at regular intervals. It shows all transactions affecting a customer's current/checking account, with dates, cheque/check serial numbers, payments out of and credits into the account, and the balance on the account. Also called account/bank statement or statement of account. A document sent by a supplier to his/her customers, at monthly intervals, setting out: the balance brought forward from the previous statement (if any); invoices and debit notes on the debit side; payments and credit notes on the credit side; the balance still outstanding. Also called statement of account or account statement. A document giving details of a financial position, eg the balance sheet or the profit and loss account. Also called financial statement. The stating of facts, views, problems, etc. Also called report. state-owned enterprise (SOE)

Staatsbetrieb, staatliches Unternehmen

Also called govemment(-owned) enterprise or nationalized firm. An enterprise owned and controlled by the state. static economy

statische Wirtschaft

An economy which does not grow or decline significantly over a time period. stationery

Bürobedarf, Büromaterial

Also called office stationery/supply. Office supplies such as envelopes, paper, carbons, pens, files, staples, rubbers/erasers, correcting fluids, etc. statistician

Statistiker/in

A person who analyzes statistics. statistics

statistische Daten, Statistik Statistik (als Wissenschaft)

Numerical data acquired, eg by observations, measurements, experiments, etc., for the purpose of drawing conclusions or forecasts from them. The data may be presented in tabular, graphical, diagrammatic or pictorial form.

-

1218

-

The science of facts in the form of numbers. status

Rechtsstellung, Status Finanzlage (gesellschaftliche) Stellung, Rang Familienstand

The standing of a person before the law, eg the status indicates whether a person is a major or a minor. Also called legal status/standing. The financial standing of a person or company. Also called financial position/status. A person's importance or position in society, or of an employee in the hierarchy of a business enterprise, as based on job title, income, etc. In official documents, the status of a person may be: married, separated, divorced, single/unmarried or widowed. status report

Kreditauskunft

Also called status inquiry/information or bank(er's) opinion/reference. An inquiry to a bank or credit reference agency about the standing and creditworthiness of a customer. These institutions keep lists of defaulters, bad payers, and persons who have infringed credit/loan agreements. Status reports are requested oecause they are rightly considered to be a reliable guide to the inquirer in his/ner dealings with the customer. The reply form used by the bank or credit reference agency is usually headed "confidential for your own private use only and without responsibility on the part of the bank or its officials". status symbol

Statussymbol

An object by which the social or economic status of the possessor may be determined, eg a prestigious product bought more for purpose of ostentation than for its utility. statute

Gesetz Satzung, Statut

An Act of Parliament (GB); a law enacted by a legislative body. A permanent rule established by an entity, eg the articles of a company such as the articles of association (GB)/incorporation (US). statute law

Gesetzesrecht, kodifiziertes Recht

Also called statutory law. Law created by legislation, as opposed to law developed by courts.

-

1219

statute of limitation(s)

-

Verjährungsvorschriften Verjährungsfrist

Statutes or laws that fix the time limits beyond which rights cannot be claimed, ie legal action is lost after the lapse/passage of a certain period of time after the cause of action arose. For instance in GB, action on a simple contract must be taken within six years, on specialty contracts the time limit is twelve years. Also called statutory limitations/ rules. The time period within which an action must be brought or during which a right must be enforced. The cause of action or right is barred from legal remedy after the time limit has elapsed/expired. Also called limitative/statutory period, period/term of limitation or limitation period. statutory company/corporation Also called public body/corporation. A company/corporation incorporated by statute or special Act of Parliament to carry on some public activity. Such companies are usually concerned with public utilities, such as electricity, gas, water, etc. (known as public utility enterprise/company/ corporation). statutory declaration

eidesstattliche Erklärung/Versicherung, Erklärung/Versicherung an Eides statt

An affirmation or declaration in lieu of an oath. The declarant signs it before an authorized person. Also called affidavit or statement in lieu of an oath. Note: in GB, the promoters of a company must present the following documents to the Registrar of Companies: the memorandum of association, the articles of association ana a statutory declaration. This states that the promoters have complied with the requirements of the Companies Acts. statutory holiday

allgemeiner, gesetzlicher Feiertag

In GB called bank holiday. An official holiday fixed by law - most businesses are closed. statutory liability

gesetzliche Haftung/Haftpflicht

Also called legal liability. A liability that has been created by legislation. statutory minimum wage

gesetzlicher Mindestverdienst/-lohn

The minimum wage an employer must pay an employee by law. The law is to protect the lower paid.

-

1220

statutory monopoly

-

staatliches Monopol, Staatsmonopol

Also called state monopoly. A monopoly established by the government. statutory sick pay (SSP)

gesetzliches Krankengeld

Also called statutory sick(ness) benefit (GB). A payment made to employees who, because of illness, are absent from work for at least a certain number or days. steady market

fester Markt

Also called firm/strong market. A market situation where demand for products and services continues in a regular way. stencil

Matrize

A sheet of paper specially coated which has a backing sheet attached to it and used for obtaining a large number of copies. When the stencil nas been typed or written upon it is placed round the drum of an ink or stencil duplicator and the ink penetrates to the sheets of paper placed beneath, producing a copy. A thermal stencil is produced on a thermal photocopier. sterling (stg)

von Standardwert (Gold, Silber) Pfund Sterling (englische Wähnrng)

With reference to gold and silver of fixed value and purity. Anything of good quality or solid worth. One British pound, the British money (£). The word "sterling" was originally used merely in order to distinguish the pound sterling (the money pound) from the pound avoirdupois (the pound weight). At one time, a pound avoirdupois of silver was worth a pound sterling. sterling area

Sterlingblock

Also called sterling bloc. A group of countries that transact their international business in pounds sterling (f stg, GB £) and maintain their international reserves in London, GB. The pound sterling is the main trading currency. stevedore (stvdr)

Schauermann, Stauer, Hafenarbeiter

Also called docker (GB), dockworker or longshoreman. A person who loads and unloads ships.

-

steward

1221

-

gewerkschaftlicher Vertrauensmann Steward

A shop steward. A man who looks after passengers on a ship or plane. sticker

Mitarbeiter/in, der/die Beförderung ausschlägt Aufkleber Ladenhüter

In personnel management, an employee who is unwilling to accept promotion. In marketing, a label, poster or other printed sheet or plastic used as an advertisement medium for display purposes, eg on wmdows. Also called self-adhering label. An unsaleable article. Also called shelf warmer or slicker. stock

Kapital Aktie (USA) Aktienkapital, gezeichnetes Kapital, Grundkapital (AG) gezeichnetes Kapital, Stammkapital (GmbH) Wertpapier festverzinsliches Wertpapier (GB) (Anleihe, Schuldverschreibung, Obligation) (Lager)Vorrat, Lagerbestand

The capital of a company, expressed in money terms. In the USA, a security representing an ownership interest in a corporation, evidenced by stock certificates. There are two main types of stock: 1. common stock/ordinary share (GB): common stockholders assume the main risk, receive dividends if declared by the board of directors, and have the right to vote at annual general meetings; 2. preferred stock/preference share (GB): preferred stockholders usually have no voting rights, often receive a fixed dividend, and have a claim to assets of a corporation ahead of common stockholders in the event of liquidation or bankruptcy. Also called share (GB). The capital of a public limited company (GB)/stock corporation (US). Also called share capital (GB), stock capital (US), capital stock (US), or issued/subscribed capital. The capital of a (closed) corporation (US)/private limited company (GB). Any security, eg a share/stock or a bond. In GB, a fixed-interest security that is denominated in units of £ 100, eg government securities. Also called bond or debenture.

-

1222

-

A quantity of something, eg materials, work-in-progress/process, finished goods, supplies or merchandise held for sale, that is stored for use as the need arises. In the plural form (stocks) it means the total amount or total value of a firm's stocks of materials, finished goods etc. Also called stock in/on hand, stockpile, store, supply, or holding. In the plural form also goods on hand or inventory. stock account

Warenbestandskonto

Also called inventory account. An account in which a business records the value of its opening stock, the receipts and issues of stock, and the closing stock. stock appreciation

Kurssteigerung Wertsteigerung von Vorräten

The increase in value of securities, eg shares/stocks or bonds, during a time period. Also called advance/increase/rise in share/stock prices. The increase in the nominal value of goods as a result of a rise in prices during a time period. For example, goods produced early in the year and valued at £/$ 10 at the time of production, may be worth £/$ 12 by the end of the year. stock control

Lagerwirtschaft, Lager(bestands)kontrolle

Also called inventory control/management. The application of management techniques designed to determine and implement the best levels of stocks, eg raw materials or finisheagood stocks. stock corporation

Aktiengesellschaft (USA)

Also called incorporated (company) (Ine, US), (stock)corporation (Corp, US), stock company (US), or public limited company (PLC, GB). In the USA, a company whose capital is divided into shares/stocks (GB) evidenced by transferable share/stock certificates. stock depreciation

Kursverschlechterung Wertminderung von Vorräten

The decrease in value of securities during a time period. The reduction in value of stock kept in a storeroom or warehouse, eg as a result of falling prices. Also called stock loss. stock exchange (SE, S/E stk exch)

Aktien-, Effekten-, Wertpapierbörse

Also called market, securities exchange or stock market. Outside GB and Englishspeaking countries, a stock exchange is usually known as a bourse.

-

1223

-

A stock exchange is a highly organized financial market where bonds and shares/ stocks issued by public limited companies (GB)/(stock) corporations (US), public/statutory bodies and governments can be bought or sold. The main function of the stock exchange is to provide a market for existing capital in order to facilitate the transfer of shares/stocks from one person (or group) to another. Furthermore, it assists industry in raising capital by the introduction o f new issues and it enables the government to borrow by the issue of government stock/gilts/gilt-edged securities thus extending the national debt to finance expenditure. The stock exchange has often been described as the nearest thing to a perfect market in that demand increases the price, while an excess of supply reduces it. Public limited companies (PLCs)/corporations (Corps) are able to apply to the stock exchange council (SEC) for their shares/stocks to be quoted/listed and if this is agreed there will be a price quoted for those shares/stocks and this will be determined by the demand for, and the supply of, the shares/stocks. If there are any irregularities in the conduct of the company's affairs the quotation/listing may be discontinued. On a large stock exchange, trading takes place in many thousands of different company shares/stocks and government securities. The stock exchange enables savers to lend their money to industry and to the government. When an investor has decided which share/stock he/she wants to buy or sell, he/she gives the necessary instructions to his/her bank to buy or sell within a given price range. I f he/she is buying shares/stocks, he/she states the number of shares/stocks he/she requires; if bonds, uie money amount. Movements in share/stock prices are determined by supply and demand, and are a useful barometer of opinion as to the future prospects for industry and commerce and of the likely future trend for interest rates. Note: 1. the first stock exchange was in Amsterdam, where in 1602 shares in the United East India Company could be traded; the first stock exchange in G B dates from 1673; 2. maior international stock exchanges are based in New York, London, Frankfurt/M, Tokyo, Zürich, Hong Kong, Singapore, and Sydney. Stock Exchange Council (SEC)

Börsenvorstand, -ausschuß

Also called Securities and Exchange Commission, SEC (US), stock exchange board or Council of the Stock Exchange (GB). The council makes and enforces the regulations needed to insure the proper working of the stock exchange. It admits new members and disciplines those who transgress. Furthermore, it lays down strict rules for a company requiring an official listing/quotation to observe. Thus, an official quotation will not be given unless the number of shares/stocks is reasonably large, the issue is publicly advertised and at least two-thirds of the total shares/stocks allocated to the public. If there appear to be any irregularities the council will stop dealings in the securities and investigate. Stock Exchange Daily Official List (SEDOL)

amtliches (Börsen)Kursblatt (der Londoner Börse)

Also called Official List. A daily publication of the London Stock Exchange (LSE) showing all the dealings made, the closing quotations o f shares/stocks traded, and full details o f the previous day's trading.

-

stock exchange introduction

1224

-

Börseneinfuhrung

Also called stock exchange launching. The introduction of a company's shares/stocks to the stock exchange. A company seeking this privilege must apply to the stock exchange and must ultimately nave its approval. Then the shares/stocks are listed/quoted on this stock exchange. stock exchange quotation

Börsennotierung, -kurs

Also called stock exchange listing. The published price of a security that is quoted/listed on the stock exchange. The quotation may fluctuate from day to day and is fixed by the market each day. stock flo(a)tation

Aktien-, Effekten-, Wertpapieremission

Also called issue of shares/stocks or share/stock issue. The placing of shares/stocks into the free market by private companies/corporations. stock option

Aktienoption, Wertpapieroption Aktienbezugsrecht, Bezugsrecht auf neue Aktien (USA)

The right to buy a given share/stock (call option), or to sell it (put option), at a fixed price, over a period of time, usually three months, on the stock exchange. The transactor taking out an option pays a price for it (the option price). Trading in stock options is a form of forward dealing. In the USA, an option granted to employees to buy shares/stocks of the employer's share/stock at a stated price and under certain conditions. Also called preemption/ preemptive right, right, stock right, stock purchase warrant, stock warrant, or subsription right/privilege. stock order

Effektenorder, Wertpapierauftrag Lageraufìtrag

An order to buy or sell securities. An instruction to produce a quantity of goods which is to be stored by the producer; there is no order from a customer for the goods. Also called stocking-up order. stock ratings

Aktienbewertungen

Stock ratings indicate the quality of stock. In the USA, the Standard and Poor's credit ratings of common stock/ordinary shares (GB) are as follows: A+ (highest), A (high), A- (above average), B+ (average), Β (below average), B- (low) and C (lowest); the ratings of preferrei stock are: AAA (prime), AA (high grade), A (sound), BBB (medium grade), BB (lower grade), Β (speculative) ana C (submarginal).

-

stock split

1225

-

Aktiensplit

Also called share split (GB). If the market price of a stock/share is thought to be too high, a company may decide to issue bonus stocks/shares to its holders, increasing the number of stocks/shares on the market, and thus decreasing the price of each. stock symbol

Börsensymbol

Also called trading symbol. Letters used to identify listed/quoted companies on the stock exchanges on which they trade. This enables a quick and convenient indentification of a company's security, particularly on the screen. stock transfer

Wertpapiertransfer, -Übertragung, Aktientransfer, Aktienübertragung

In general, the transfer of securities from one holder to another. The sale of registered shares/stocks issued by a public limited company (GB)/corporation (US) by the transferor (the seller) to the transferee (the buyer). The old snare/stock certificate is cancel(l)ed and a new share/stock certifícate is issued in the name of the transferee. This change in ownership is recorded in the company's share/stock register. The transaction is accompanied by a share/stock transfer form (STF) which is signed by the transferor and contains the name of the company, the description of the security, the number of shares/stocks or the amount of stock sold and the names of transferor and transferee. Also called share transfer or transfer of shares/stocks. stock valuation

Bestands-, Vorratsbewertung Aktien-, Wertpapierbewertung Aktien-, Wertpapierbestandsbewertung

Also called valuation of stock. The money valuation of inventory/stock in/on hand, ie raw materials, work in progress/process, finished goods or goods for resale. The business needs to make a stock valuation at the close of a financial year to find: 1. the cost of goods sold in the profit and loss account and 2. the value of stock in the balance sheet. The act of valuing securities, eg shares/stocks. In the case of a stock exchange security, valuation is taken from the daily listing/quotation; in the case of unlisted/ unquoted shares/stocks, valuation is estimated from the company balance sheet. The summary of the value of a securities portfolio at a particular time. Also called valuation of security holdings or valuation of securities portfolio.

-

1226

stockbroker

-

Aktien-, Effekten-, Börsenmakler/in, Wertpapierhändler/in

Also called broker, broker dealer or sharebroker (GB). A member of the stock exchange who buys and sells securities (eg shares/stocks) and acts as an intermediary/middleman between a buyer and seller, usually charging a commission (the brokerageV Stockbrokers are connected to the world of securities trading by computer. stockbroking

Aktien-, Wertpapierhandel

Also called securities dealings/trading/transactions. The buying or selling of securities. stockholder

Aktionär/in (USA) Anteilseigner/in (USA) GmbH-Gesellschafter/in (USA)

Also called shareholder (GB). A person who holds a share/stock or shares/stocks in a (stock) corporation (Corp, US)/public limited company (PLC, GB). The holder of a share/stock in a joint property. The holder of a share/stock in a (closed) corporation (Corp, US)/private limited company (Ltd, GB). stockholding

Aktienbestandt Lagerhaltung

All the shares/stocks in a company owned by someone. Also called shareholding (GB). The storage of goods in a store/warehouse. Also called stockkeeping. Stockholm Convention

Stockholmer Abkommen

In 1959 seven countries came together in Stockholm, Sweden to form the European Free Trade Association (EFTA) which came into operation in 1960. The founder members were Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and the United Kingdom; in 1961 Finland became an associate member and in 1970 Iceland a full member. Denmark, Ireland and the GB left in 1972 and joined the European Community (EC). The main objective of the EFTA was the abolition of trade restrictions between members. In 1992, the EFTA and the EC agreed to form the European Economic Area (EEA). stockist Also called specialized/specialty retailer.

Fach(einzel)händler/in

- 1227 A a dealer or a person who runs a retail shop/store and specializes in one particular line of products, often high-quality products. stockist agency

Fachgeschäft, Fachhändler/in mit größerem Auslieferungslager

An agency stocking commodities. The stockist/agent fixes the selling price - the difference between buying and selling price covers cost and profit - and undertakes to buy larger amounts of stocks for his/her own account. This could significantly improve sales turnover where the goods are such that the demand is always for prompt delivery. stockmarket/stock market

Börse, Wertpapierbörse Aktienmarkt, Wertpapiermarkt Viehmarkt

A stock exchange (SE, S/E). The market which exists between buyers and sellers of securities. The operations of this market have been institutionalized in the stock exchange, including the over the counter (OTC) market. The stock market is the principal component part of the capital market, le the market for medium and long-term funds (in contrast to the money market). Also called equity/share/securities market. A market for cattle/livestock. Also called cattle/livestock market. stockout

Fehlbestand, Fehlmenge

Also called shortage. The condition of having no stocks of particular goods or materials. stockpicking

Stockpicking

The act of selecting shares/stocks, making a choice as to which shares/stocks to buy. stockpile

Lagerbestand, (Lager)Vorrat

Also called stock (in/on hand). A quantity of something, eg a quantity of essential products originally obtained to meet stock/inventory requirements. stockpiling

Bildung von Vorratslagern (besonders durch den Staat) Warenbevorratung

Also called stocking-up. The building up of reserves of strategic raw materials or other essential commodities, usually by the state, for use in a shortage or national emergency.

-

1228

-

The situation in which persons or firms buy multiple units of products to hoard them for future use. Also called Stockbuilding. stocks and shares

Wertpapiere, Effekten (GB)

Also called securities or stock exchange securities. Stock is a term with three meanings: 1. in GB, a fixed-interest security usually quoted per £ 1 0 0 nominal/face/par value and is usually issued by the government and other public bodies (in the US called bond); 2. in the USA an alternative term for share; 3. sometimes also used in GB for ordinary share (common stock in the USA). In GB, a share is a security that represents the proportion of interest in a puolic limited company (PLC)/(stock) corporation (US). Shares are of two main types: 1. ordinary shares/common stocks (US) and 2. preference shares/preferred stocks (US). Note: in practice, stocks and shares are interchangeable terms. stocktaking

Bestandaufnahme, -ermittlung

Also called inventory taking. Physical counting of trading stock/stock in/on hand. A company's periodic checking, listing and valuation of all materials currently held in stock for the purpose of correcting records for stock control and for the compilation of the trading account and the balance sheet. Preparations for stocktaking often start weeks before the actual date; goods are arranged in their respective classes, measured, weighed or counted. There are two main methods of stocktaking: 1. perpetual inventory/stocktaking and 2. yearly stocktaking. stockturn (rate)

Waren-, Lagerumschlag, Umschlagshäufigkeit

Also called rate of stockturn/turnover, stock turnover (rate), inventory turnover, turnover of stock or turnover rate. The number of times the value of average inventory/stock in/on hand is used and replaced over a stated period, eg a year or month. stop buy order

Stop-Buy-Order (Bö) (Gegenstück zu Stop-Loss-Order)

Also called stop order or stop-order-to buy. On the stock exchange, an order to a bank or broker to buy securities at the market price as soon as the securities are offered at a specified price, called the stop price. A stop order to buy, always at a stop price above the current market price, ist designed to protect a profit.

-

stop go policy

1229

-

Stop and go-Politik, antizyklische Wirtschaftspolitik, Zickzackpolitik, Deflations- und Inflationspolitik

Macroeconomic strategies pursued by a government to moderate and later strengthen economic conditions. During boom periods when full employment is accompanied by inflation in varying degrees of intensity, the government implements deflationary (ie stop) policies (eg through higher taxes and credit contraction) in an attempt to reduce inflation. Such restrictive and disinflationary policy is likely to lead to higher interest rates which will tend to harm domestic industries investment activities which will bring about an increase in unemployment. As soon as there is nigh unemployment, the government seeks to reflate the economy, eg through lower taxes (ie fiscal policy), credit expansion and low interest rates (ie monetary policy), in order to stimulate demand ana investment and return to full or over-full employment. This created the "go" phase of the cycle. stop loss insurance

Jahresüberschadenversicherung, Gesamtschaden-ExzedentenVersicherung

Also called aggregate excess insurance. The policyholder (the insured) pays for all his/her individual losses incurred in a year until the accumulated total exceeds the agreed stop loss level; the insurer then meets all subsequent losses for the rest of the year. This type of insurance is taken out by: 1. insurance companies as protection against an excessive number of claims in a particular time period, 2. by employers in order to limit their payments under self insurance medical plans. stop loss order

Stop-Loss-Order (Bö)

Also called stop loss/order, stop out order or cutting limit order. On the stock exchange, an order to a bank or broker to sell securities "at best" as soon as the securities are offered at a given price, ie if the price (the quotation) falls below a specified limit. Through this instruction, the seller tries to limit an eventual loss if securities drop, or protect a profit that has already been made. stop order

Stop-Order, Stop-Buy-Order (Bö) Stop-Order, Stop-Loss-Order (Bö) Anordnung der Börsenaufsicht(sbehörde), den Wertpapierhandel einzustellen Schecksperre

On the stock exchange, an order to a bank or broker to buy securities at the market price as soon as the securities are offered at a specified price, called the stop price. A stop order, always at a stop price above tne current market price, is designed to protect a profit. Also called stop-order-to buy, stop buy order or stop out order. A stop loss order. An order suspending trading in a particular security.

-

1230

-

In banking, an instruction given by the drawer/issuer of a cheque/check to his/her bank to block/refiise/stop payment of a specific cheque/check. Also called stop payment order, payment stop or check embargo (US). stoppage in transit

Ausübimg des Zurückbehaltungsrechts des Verkäufers an auf dem Transport befindlichen, verkauften, aber nicht bezahlten Waren

Also called stoppage in transitu. This is the right of a seller to resume possession of goods still in course of transit (ie the goods are in possession of a earner or other bailee) when he/she discovers the buyer to be insolvent (or unwilling to pay). When a carrier is notified of a stoppage order, goods are redelivered to the seller. The seller's right of stoppage continues until the goods are received by the buyer. Repossession of the goods only gives the seller the right to resell them under certain conditions: 1. the goods are perishable; 2. the intention to resell is notified to the buyer who does still not pay; 3. the right to resell was expressly reserved in the original sales contract. Note: The seller shipping to a buyer of doubtful credit can protect himself/herself by shipping COD (cash on delivery), if a stoppage order is not issued, delivered goods are subject to seizure by the buyer's creditors. stopped cheque/check

gesperrter Scheck

Also called blocked cheque/check. An order given by the drawer/issuer of a cheque/check to his/her bank to stop/refuse payment of the cheque, eg because the cheque was given in error or was stolen. The cheque is returned unpaid with the statement "payment countermanded/stopped by order of the drawer". Unless an order is given to stop payment, a bank is obliged to make payment, provided that all details are correct. storage

Lagerhaltung, Lagerung Lagerraum, Lager Lagergeld, Lagergebühr, Lagermiete

The act of storing goods. The holding of goods for future use. Almost any product may require storage at a particular time for various reasons, eg the goods are produced seasonally but consumed continuously. Also called stockkeeping or warehousing. The space for storing goods. Also called stockroom, storeroom or warehouse. A charge made for storing goods. Also called storage/warehouse charges. storage capacity

Lagerkapazität

The amount of stock/inventory that can be stored in a warehouse.

- 1231 storage charge(s)

Lagergeld, -gebühr/en, -miete

Also called warehouse charge(s) or storage. A payment made to or charged by a business which stores commodities in its storeroom/stockroom/warehouse. store

Laden, Geschäft (USA) Lager, Lagerraum

In the USA, a shop, ie an establishment where merchandise is sold, usually on a retail basis. A place where goods and materials can be stored/stocked. Also called storeroom, stockroom, storage or warehouse. storekeeper

Ladeninhaber/in (USA) Lagerverwalter

In the US someone who owns and/or manages a store/shop. In GB called shopkeeper. Someone who looks after a warehouse. Also called warehouse keeper/manager. store of value

(Geld als) Wertaufbewahrungsmittel

Also called store of wealth or store of purchasing power. One of the functions of money, the others being medium of exchange, unit of account, standard for deferred payments. Money possessing current and future purchasing power to buy goods and services. To be a store of wealth the value of money must be stable; tnis does not mean that the value must remain completely unchanged during the time it is held. But there is a limit beyond which confidence in a currency drops so much that its holders will switch to commodities as soon as possible; such a situation may occur in times of hyperinflation. storeroom

Lager, Lagerraum Vorratskammer

A room where stores are kept/stored. The storeroom should be functionally arranged with adequate aisle space, handling facilities, light, and ventilation. Sufficient room should be provided for receipt, inspection, and issuance of materials. The storage equipment (eg racks, forklifts, etc.) should be suitable for the types of items carried and the storeroom should provide the required storage capacity, flexibility, protection, durability and safety. Also called stockroom, storage or warehouse. A room in which food supplies are stored. stores receipt

Wareneingangsbescheinigung

Also called stock receipt. A document issued by the storekeeper/stock clerk when receiving a certain quantity of a specified product, material, etc.

- 1232 stowage

(aufgestaute Güter/Ladung Stauen, Stauung, Verstauung Staugeld, Staugebühr Laderaum, Stauraum

Cargo that is properly stored/stowed. The act of stowing cargo. Basically there are four main factors to consider in the stowage of cargo: 1. the prime consideration is the safety of the transport unit employed which may be a container, vessel, aircraft or road vehicle; 2. the best possible use should be made of the available deadweight capacity or cubic capacity in order to avoid broken stowage; 3. cargo which is fragile, spoils very easily, is liable to leakage, is liable to sweat etc. requires proper segregation; 4. different consignments for various destinations, ports, countries must be separated from one another in order to prevent delay in distribution and avoid double handling. The charge made for stowing cargo. The space for stowing cargo. Also called loading space or (cargo) hold (in the case of ships). straddle

Straddle, Stellage, kombinierte Baisseoptionsposition (Bö)

Sometimes called double as it involves two transactions. In an options market, simultaneously buying and selling put options and call options in the same underlying security or commodity at the same strike/striking price and due/maturity date in order to make a profit if the price of the security or commodity moves in either direction. Note: a straddle consists of an equal number of put options and call options. straight bill of lading

Namens-, Rektakonnosement, nicht übertragbares Konnessement

Also called nonnegotiable/straight bill (of lading). A nonnegotiable bill of lading (B/L) in which the goods are consigned/sent directly to a named/specified consignee - the carrier is obliged to deliver the goods to that consignee only. straight bond

Anleihe ohne Wandelrecht, konventionelle Anleihe

A bond which has no right or option of conversion into any other form of security. straight line depreciation

gleichbleibende/lineare Abschreibung, Abschreibung in gleichen Jahresbeträgen

Also called straight-line method or fixed/equal installment method of depreciation.

-

1233

-

Depreciation calculated by dividing the cost(s) of an asset, less its residual/scrap value, by the estimated lifetime in years. This method of depreciation allows an equal amount to be charged to the profit and loss account as depreciation for each year of expected use of the asset. The original cost value is reduced each year oy an agreed and fixed percentage or amount of that cost. The formula employed is as follows: depreciation provision per annum

= cost price - residual value estimated lifetime m years

The method has two main advantages: 1. it is simple to calculate the depreciation allowance/amount of depreciation and 2. the valuation of the asset appearing annually in the balance sheet is reasonably fair. It is by far the most commonly used method of depreciation. strategy

Strategie, Marschroute

A plan or method for achieving a company's major goals, eg to offer the right products to the right markets at the right time with the right quality and at the right price. Coherent and well-prepared business strategies enable the company's management to coordinate its diverse activities more efficiently, to allocate its resources more effectively, to monitor and control its activities, to react to changes in competitors' behavio(u)r accordingly and in time, to compare results against predetermined targets, etc. The clearer the strategy the more obvious the objectives, eg the size of the market share and the net profits, that need to be attained for its successful implementation. Note: a firm without a strategy is ill-prepared to adapt its activities to meet the demands of rapid environmental change. In international marketing, the following strategic decisions are highly relevant: 1. the products the firm will supply; 2. the marketis) in whicn the business is to operate; 3. quality and price levels; 4. how to finance foreign operations; 5. how to sell the productes) abroad; 6. how to promote the product(s); etc. street market

Straßenmarkt Nachbörse Freiverkehr (Bö)

An outdoor/open-air market held in specific streets of a town where a variety of goods is sold by street traders. On the stock exchange, a continuation of business on an unofficial market after official trading hours. Also called kerb market. A market for securitites that are not quoted/listed on any registered stock exchange. Also called kerb market or over the counter (OTC) market. strict liability

Gefahrdungshaftung, verschuldensunabhängige Haftung

Also called absolute liability, liability without regard to fault or liability based on causation irrespective of fault.

-

1234

-

Liability imposed on a party which commits a tort and causes a damage, even when that party has exercised reasonable care or is unaware of his/her negligence or fault. For example, in some countries product liability is regarded as strict, so that injured parties can claim damages without having to prove fault on the part of the insured. strictly confidential

streng vertraulich

The act or behavio(u)r of keeping a spoken or written information completely confidential. strike

Streik, Ausstand

Also called strike/industrial action or withdrawal of labo(u)r. A strike is a complete withdrawal of labo(u)r by employees, ie it is a drastic form of industrial action. Employees refuse to work under the existing conditions. A strike is used by employees to put pressure on employers when collective bargaining has been unsuccessful. Almost all strikes are directed against a particular organization and are undertaken either to remedy a grievance or to try to improve wages, fringe benefits, job safety, working conditions or to shorten working time, etc. The effects of strikes are widespread: loss of output; permanent or temporary loss of markets; the greater the number of workers on strike, the greater the overall loss of production; one successful strike may inspire the next one, etc. Note: 1. it is illegal for public employees to strike, 2. a strike may need to be settled by conciliation or arbitration. strike ballot

Streik-, Urabstimmung

Also called strike vote. A vote by unionists/unionized employees to decide if a strike should be held, continued or stopped. Note: if the ballot favo(u)rs striking, it will be an official strike. strike benefits

Streikgeld

Payments by a trade/labor union to its striking members. strike fund

Streikfonds, Streikkasse

Money collected by a trade/labor union from its members (the unionists or unionized employees), used to pay strike benefits/pay while their members are on strike. strike price

Basispreis, Ausübungspreis (Bö) Emissionspreis (Bö) Abschluß-, Basis-, Optionspreis, Strike Price

The price at which securities originally offered for tender are sold. All those tendering at or above the strike price should receive the amount of the security for which they

- 1235 have applied. Usually, those who bid below the strike price receive nothing. Also called exercise/striking price. The issuing price of a new share/stock. Also called initial offering/issue price. The price at which an option for the purchase or sale of a security or commodity is exercised. Also called exercise/striking price. strikebreaker

Streikbrecher/in

Also called blackleg, fink, knob or scab. A person who attempts to make a strike fail, ie an employee who goes on working while everyone else (ie the strikers) is on strike or who accepts employment to replace striking workers. striker

Streikende/r

A person who is on strike, ie who refuses to work under the existing working conditions. strong market

lebhafte Nachfrage feste Börse

A market on which there is a heavy demand. Also called active/brisk demand. On the stock exchange, this means that prices are rising, ie there are firm/hard/strong prices. Also called advancing/buoyant/fuWsteady market. strongbox

Geld-, Stahlkassette

Also called cashbox, money chest or till. A small safe or heavy metal box which cannot be opened easily, in which money and other valuable documents can be kept. strongroom

Tresor(raum), Stahlkammer

Also called vault. A room, fire-proof and burglar-proof, in which money and other valuables can be stored for safekeeping. structural inflation

strukturelle Inflation

Increasing prices caused by a heavy demand (demand-pull inflation) or cost pressures (cost-push inflation) in a key industry, even when the economy's total demand is in balance with its total supply. Prices rise because producers are unable to adjust production quickly to changes in the structure of the economy.

-

structural unemployment

1236

-

strukturelle Arbeitslosigkeit

Also called structural joblessness. Structural unemployment results from permanent changes in industrial structure (eg changes in technology which lead to an oversupply of labo(u)r with particular skills or in specific areas, the decline of major industries, the migration of industry from one region or country to another), immobility of labo(u)r and long-term changes in the conditions of demand and supply. Consequently, there is a mismatch between job seekers and job vacancies because the unemployed do not have the skills required or are not located in the right places. stub

Scheckabschnit, -leiste Beleg-, Kontrollzahlungsabschnitt

Also called counterfoil. A piece of paper left in a cheque/check book after a cheque/check has been issued and taken out. Also called cheque/check stub/voucher. The returned portion of a ticket used as proof that you have paid. student loan

Studienbeihilfe

A repayable loan made to a student to help him/her through college or university. studentship

Stipendium

Also called scholarship (US) or student grant (GB). A financial grant for academic study at college or university. stuffer

Anzeigenbeilage, Werbebeilage

Also called insert, free-standing insert/stuffer, giant insert, newspaper/sheridan stuffer, or supplement. Sales promotional material placed into the pages of a publication or enclosed in an envelope. stunt

spektakuläre Werbeaktion Kunststück

In advertising, an unusual or risky show or entertainment to attract public attention to a particular product or firm. An exciting performance displaying a person" s (stuntman's/stuntwoman's) skill or dare, eg for use in a cinema/movie film or commercial. subagent

Untervertreter/in

An agent appointed by another agent who is acting for the principal.

- 1237 subcontract

Neben-, Untervertrag, Subkontrakt

A contract between the general/main contractor for a whole project and another firm who will do a piece of the work. subculture

Subkultur

A group that shares the values and beliefs of the larger society but also disposes of distinctive practices and preferences. The cultural patterns distinctive of such a group. subject line

Betreffzeile

Also called reference/topic line. In a business letter, a feature which is to show the reader at a glance what the letter is about. Note: 1. in GB it is usually placed after the salutation; in the USA it is placed before it; 2. in the USA it is often preceded by the term Re (reference): 3. to make it stand out it is normally written in bold type, capitalized or underlined. subject matter of insurance

versicherter Gegenstand, Versicherungsgegenstand

Also called subject matter insured. The property, thing, person or liability covered by an insurance policy. Strictly spoken, however, an insurance does not protect the material property which is the subject matter of the insurance, but the pecuniary interest of tne insured (this interest is the subject matter of the contract). subject to (prior) sale

Zwischenverkauf vorbehalten, freibleibend

A condition in an offer to sell stipulating that the offeror can withdraw/revoke his/her offer if the property offered is sold before the offeree has accepted the offer. sublease

Untervermietung, Unterverpachtung

Also called sublet, derivative lease or underlease. A lease that is given by a person or company (the sublessor) who is already the lessee of the property under a headlease. The person or company which takes a property on a sublease is called subtenant or sublessee. sublicense

Neben-, Unterlizenz

A license granted to a third party (the sublicensee) by a licensor.

- 1238 subordinate

Untergebene/r

Also called inferior. A member of staff who is under the power and authority of someone (the superior/superordinate), ie he/she is lower in the corporate hierarchy. subordinate debt

nachrangige Verbindlichkeit

Also called junior/subordinated debt. A debt which, in the case of the liquidation/winding-up of a company, is deferred/postponed behind the claims of ordinary/general/nonprivileged creditors. The debt is repayable only after other debts with a higher claim have been satisfied. subrogation

Subrogation, Rechtsnachfolge, Gläubigerwechsel, Forderungsübergang, Übergang von Ersatzansprüchen

Subrogation literally means "to stand in the place of'. Thus, subrogation means the substitution of one creditor or claimant for another. In law, subrogation is the right of one person to stand in the legal place of another and avail himseUTherself of all the rights and remedies of that other, whether already enforced or not. Subrogation exists so that indemnity does not fail. In insurance, one of the two corollaries of indemnity, the other being contribution. Subrogation entitles an insurer to any benefit received or that may accrue to the insured in respect of the loss insured against. It means that the person insured can recover only the actual amount of loss sustained. Subrogation is to be applied merely for the purpose of preventing the insured from obtaimng more than a full indemnity; the insured may not make a profit out of his/her loss. It only applies where the insurance contract is one of indemnity (ie payment is made to compensate for actual loss sustained) but it does not apply to life insurance contracts as tney are not contracts of indemnity (they pay a fixed amount). Note, the right is contained in a policy's subrogation clause. subscribed capital

ausgegebenes/gezeichnetes Kapital

Also called subscriber/issued capital. The amount of a company's authorized capital offered for subscription, and allotted/ issued to shareholders/stockholders. Note: when subscribed capital is paid for, it becomes paid-up capital. subscriber

(Aktien)Zeichner/in Griindungsgesellschafter/in Unterzeichner/in Spender/in Fernsprechteilnehmer/in Subskribent Abonnent/in

A person who has applied for shares/stocks in a new/fresh issue or who agrees to purchase a specific number of other securities, eg bonds.

-

1239

-

One of the founders/promoters of a private or public limited company (Ltd or PLC, GB)/closed or stock corporation (Corp, US). A person who signs his/her name on a document. Also called signatory or signer. Someone who gives something, especially money, to a person or organization in order to help them. Also called donor. Someone who pays for the use of a telephone connection. A potential buyer of a new article who places his/her order before a specific date or within a certain period. A person who subscribes, eg to a newspaper or magazine, cable TV, a series of concerts or theater performances, etc, for a sum paid. subscriber trunk dial(l)ing (STD)

Selbstwählferadienst, -fernwahl

Also called direct distance dialing (DDD, US). * ' '

hone service which enables the telephone subscriber to dial direct to numbers

subscription

Zeichnen, Zeichnung (Bö) Abonnement Gewerkschaftsbeitrag Mitgliedsbeitrag Unterschrift Unterschriftsleistung Grußformel (Schriftverkehr)

A written application to buy a certain amount of shares/stocks of a new/fresh issue. If the shares/stocks are allotted to the subscriber he/she is obliged to take them. In the case of an oversubscription he/she has no legal claim to obtain all the shares/stocks subscribed. A person who subscribes, eg to a publication or cable TV service, a series of concerts or theater performances, etc, for a sum paid. The amount of money a trade/labor union member regularly pays to his/her union. A regular contribution or payment made to a club or society. Also called membership fee. The signature on a document. The act of signing a document. The closing phrase of a letter. Also called complimentary close/closing.

-

subscription price

1240

-

Emissions-, Zeichnungskurs (Bö) Bezugsrechtskurs (Bö) Abonnementspreis Bezugspreis Subskriptionspreis

The price at which new shares/stocks are issued and can be subscribed to by subscribers. Also called issue/coming-out price. The price at which existing shareholders/stockholders of a company are entitled to purchase new shares/stocks in a rights issue/offering. The price at which an item of goods or a service is bought. The price paid to receive a publication, cable TV service, etc regularly. A special price offered to a potential buyer of a new article, eg a new book, provided he/sne places his/her order before a specific date or within a certain period. In the case of books, also called prepublication price. subscription privilege

Bezugsrecht, Zeichnungsprivileg, Zeicnnungsvorrecht

Also called subscription right, stock right (US) or right. The privilege granted to existing shareholders/stockholders of a company to subscribe to shares/stocks of a new/fresh issue before it is offered to the public, usually on a prorata basis. subscription warrant

(Aktien)Bezugsrechtsschein

Also called stock purchase warrant (US). A certificate issued to existing shareholders/stockholders of a company which issues new shares/stocks by way of rights (ie a rights issue). The warrant represents the right to buy shares/stocks (normally below market value) in proportion to the existing shareholding/stockholding or is freely transferable. subsidiary company/corporation

Tochtergesellschaft, Tochter (unternehmen)

Also called subsidiary or controlled company/corporation/enterprise. A company/corporation which is controlled by another company (the parent/holding company), ie the parent company owns more than 50 % of the subsidiary's voting shares/stocks. The subsidiary s financial figures form part of the parent company's consolidated accounts. Note: it becomes a wholly-owned subsidiary when the parent company owns 100% of its shares/stocks. If less than 50 % of a company is owned by another company, it is called an affiliate/ affiliated company of the larger company.

-

subsidy

1241

-

Subvention Beihilfe, Zuschuß, Subvention

Also called subvention. A payment made by the state to certain individuals or businesses. Subsidies may be regarded as negative taxes, and the main motives to grant them are: 1. to reduce the price of essential goods to consumers; 2. to increase the supply c>f these goods; 3. to keep certain proaucers in business, eg farmers; 4. to enable certain producers to compete with overseas producers. A payment made by the government to employers who protect certain jobs or who employ additional personnel (to keep down unemployment). Any kind of financial help. Also called assistance or grant. subsistence economy

Bedarfsdeckungswirtschaft, Bedarfswirtschaft

Also called needs economy. A type of economy which supplies only survival needs, eg food, clothing, shelter, etc. subsistence level

Existenzminimum

Also called minimum survival needs. The minimum living standard (for survival), ie the lowest standard compatible with existence. subsistence theory of wages

Existenzminimumtheorie des Lohnes

Also called the iron law of wages. A supply theory of wages from the early 19th century formulated by the English economist David Ricardo (1772-1823) and based on the theories of population growth of Thomas R. Malthus (1766-1834). The theory states the view that wages cannot fall below the subsistence level for a long period of time because such a level cannot maintain the labo(u)r force. If wages fall below the subsistence level, people die, the supply of labo(u)r contracts, and competition forces wages up again. Moreover, it states that if wages rise above a certain level an increase in population will occur. This increased population would inevitably lead to more workers and wages would therefore be forced down. The theory appeared to be true from about 1750 - 1850, but today pay rises will improve the living standard. Note: there are three main theories of wages: 1. the subsistence theory, 2. the wage(s)-fund theory and 3. the marginal productivity theory. substantial shareholding/stockholding

wesentliche Beteiligung

Also called substantial equity holding or substantial investment.

-

1242

-

The state of owning a large number of shares/stocks in a company/corporation. The Companies Act (GB)/Coporation Law (OS) requires a company/corporation to state particulars of its holdings in any otner company that is not a subsidiary company/corporation of the first, where those holdings exceed 10 % of the Companys nominal capital. substitute good

Substitut, Substitutionsgut, substitutives Gut

Also called substitute or competitive good. A substitute good is one that can replace another to the satisfaction of the consumer, more or less serving the same purpose as the original good, eg margarine can replace butter. The majority of goods available to the public are substitute goods. substitute money

Geldsurrogat, Quasigeld

Also called near/quasi money. A thing which takes the place of money, eg cheques/checks, bills of exchange, money orders etc., or anything which is not banknotes or coin. substitution effect

Substitutionseffekt

The effects of a price change. Price changes (with money incomes constant) have two effects: 1. an income effect and 2. a substitution effect. For example, a fall in price leads to an increase in real incomes as the consumer is able to buy as many goods as he/she did at the previous price and still has money left to spend on extra goods, ie demand will increase. Part of this increase in demand may thus be ascribed to the income effect. The remainder of the increase in demand is attributable to the substitution effect, ie the tendency of the consumer to increase purchases when the commodity price falls as it then represents a better bargain when compared with other goods (as the commodity is a substitute for another commodity). subtenant

Untermieter/in

Also called sublessee. A person or firm to which a property has been sublet. subtotal

Zwischensumme

Also called intermediate total. The total of one section of a complete set of figures, not the whole amount. successor

Nachfolger/in

One who comes after, who follows somebody in time, eg someone who takes a position previously held by someone else.

-

1243

sum insured

-

Versicherungs-, Deckungssumme

Also called amount insured or insured value. The amount of insurance cover, that is, the maximum amount the insurer will pay the insured in the event of loss or damage. The premium payable is based on this amount. summer sale

Sommerschlußverkauf

Also called summer closing sale. The selling of goods at reduced prices for a limited time period at the end of the summer season in order to get rid of surplus stocks. sundry articles

diverse Artikel

Also called sundries or sundry items. Small items which are not listed in detail. sunrise industry

Hochtechnologie-, Zukunftsindustrie, aufstrebende Industrie

An industry in the forefront of technological developments and which may become a large industry in the future. An industry which is in decline, usually due to technological developments is called sunset industry. superannuation

Pension, Ruhegehalt, Versorgungsvergütung Altersversicherungsbeitrag

A pension or lum sum amount paid to the beneficiary of a superannuation fund or his/her dependants on retirement. Note: the pension can also be paid out on the occurence of death, disablement or serious illness, depending on the conditions of the fund. Also called superannuation benefit. The amount deducted from employees' wages to pay for a pension on retirement. Also called superannuation contribution. superior good

superiores Gut

Also called normal good. Goods and services that are demanded in larger quantities as incomes rise, holding prices constant. A majority of goods are superior goods. supermarket

Supermarkt

A large retail self-service store where goods are prepacked, labelled and well displayed for the customer to examine.

-

1244

-

Skilled labo(u)r and hence service facilities are kept to a minimum; staff is needed only to replenish/restock the display racks with merchandise drawn from the storeroom; cashiers check the goods purchased and collect the money. No personal selling of any kind is required. The main advantages of supermarkets are the great variety of goods offered and the keen price level; often they use cut prices and special offers to stimulate trade. Small supermarkets are often called superettes, large ones superstores and very large ones hyperstores. supervision

Beaufsichtigung, Überwachung

The function or act of directing and overseeing the execution and performance of work by subordinates to assure that it is well done. The state of being supervised. supervisor

Aufseher/in, Aufsichtsperson, Kontrolleur/in

Anyone who supervises (directly or indirectly) the work of others or a particular area of operations in a company. His/her main duty is to ensure that tasks specified by others are performed correctly and efficiently. Furthermore, he/she is responsible for making the most efficient use of the resources of employees, materials and machinery in that area and is usually a person belonging to the first or second level of management in a company. supervisory board

Aufsichtsrat, Kontrollausschuß

In general, the upper level of a two-tier board of directors. In detail, a committee of executives who meet regularly under the direction of a chairperson, appointed by the shareholders/stockholders and employees, for example of a German public limited company (PLC)/coiporation (Corp), to supervise the activities of the managing/management board (the Vorstand), to appoint the managing board, to fix their pay, to monitor their performance, and to throw out the management board, or any of its members, if necessary. But it does not directly manage the company's affairs; that rests entirely with the management board. Note: supervisory boards are mandatory for large companies in most EU countries. supplementary benefit

Sozialhilfe (GB)

Also called social benefit, public assistance, supplementary welfare benefit, or welfare aid (US). Payments made to persons who have such a low income and no other resources that they cannot manage to meet all their expenses/outgoings. supplier

Lieferant, Lieferer, Lieferfirma Zulieferer, Zulieferbetrieb Anbieter/in

A person or business who supplies goods or services. Also called deliverer, seller, supplying firm, or vendor.

-

1245

-

A firm supplying components to a prime/general contractor or producer. Also called component/external/outside supplier, subcontractor or subsupplier. In economics, someone who supplies/offers goods or services. The opposite is a demander. supplier credit

Liefer-, Lieferantenkredit

The granting of credit terms by a seller to a buyer. Also called trade credit. In international trade, there are two types of export credit, buyer credit and supplier credit. Under the latter an exporter allows credit terms to an importer in the sales contract and then obtains finance to cover these terms from a domestic bank. supplies

Hilfs- und Betriebsstoffe Zulieferungen

Material goods that are used by a firm but are not directly incorporated into a product. Also called materials and supplies or auxiliary material. Components supplied by a supplier belonging to the components supplying industry. supply (S, sy)

Angebot Lieferung, Be- und Anlieferung Vorrat Versorgung

The second of the two forces, the other being demand, which influence the market price of a commodity or service. The supply of a commodity or service is that quantity which sellers/suppliers are preparedto sell at a certain price, in a given period of time. The supply of a commodity does not comprise the entire stock in existence, but only the amount drawn into the market by the price ruling at the time. The quantity that suppliers are prepared to sell at each price will change if the conditions/factors affecting supply change. The chief conditions/factors affecting supply are: 1. the price of the commodity (the pnce affects the prospects of profitability and profitability will encourage tne supplier to produce me supplies required); 2. the conditions of supply (ie the costs of production, the state of technological development-improvements in technology will reduce costs); 3. natural influences (eg the weather), 4. political influences (eg taxes or subsidies) and 5. the prices of other goods (eg if the prices of other goods rise the producer mignt switch to tne good whose price has risen as he assumes higher profits). The most important influence is me price; other things being equal, more of a commodity will be supplied if the price rises. The second law of demand and supply states that the higher the price, the greater the quantity that is supplied. But another law states that an increase m supply will reduce the price of a commodity and lead to an increase in the quantity demanded. The price at which demand and supply are equal is the equilibrium price. At this price the same quantity will be supplied as is demanded.

-

1246

-

There are five laws of supply and demand: 1. the lower the price of a commodity the greater will be the quantity demanded; 2. the higher the price the greater will be the quantity supplied; 3. at the equilibrium price the quantity demanded will be equal to the quantity supplied; 4. an increase in demand will increase the price and the quantity supplied; 5. an increase in supply will reduce price but increase the quantity demanded. The delivery of goods or services by a seller (the supplier) directly to a buyer. Also called delivery. The availability of goods needed for a certain purpose, eg the goods needed by a company to ran its business. Also called stock in/on hand or stockpile. Providing something which is needed, eg gas or water supply by public utilities. Also called provision. supply and demand

Angebot und Nachfrage

The market forces that in a free market economy determine the price (the market price) of a product or service. At one price, and at only one price, the quantity the sellers are prepared to sell/supply will equal the quantity the buyers wish to buy/demand. This price is called the equilibrium price. supply and price

Angebot und Preis

Normally, a supplier is prepared to supply more when the price is high (second law of supply and demand) than when the pnce is low. However, this is not always possible since the supply or some goods is strictly limited (eg Picasso paintings) and with others it takes a good while to be able to increase the supply. supply contract

Liefer-, Zulieferungsvertrag

Also called supply agreement. A contract between seller/supplier or subsupplier and buyer to supply/deliver goods. supply curve

Angebotskurve

Also called supply line. A curve on a diagram showing the quantity of a commodity supplied at different price levels (the price on the vertical or y-axis, the ordinate, and the quantity supplied on the horizontal or x-axis, the abscissa), if the conditions of supply (eg tne costs of production) remain unchanged. Note: a change in the conditions of supply will shift the position of the supply curve, either to the right or left. The supply curve normally slopes upwards from left to right, ie the curve obeys the second law of supply and demand, in other words, it indicates increased supplies coming on to the market as prices rise. Supply extends as price rises, and contracts as price falls. Extensions and contractions of supply depend on price alone; they are not changes/shifts in supply.

- 1247

-

A change/shift in supply is a change to a new supply curve and this is caused by a change in the conditions of supply (eg an advance in technology, an increase in the production costs, an increase or decrease in the prices of other goods, etc). It is usual to label the supply curve SS. supply inflation

Angebotsinflation, angebotsinduzierte Inflation

Inflation induced by increased prices without reference to demand, eg price increases due to higher interest rates, higher profits, higher import prices, or wage increases. Also called supply push inflation or sellers1 inflation. Sustained inflationary processes are inseparable from m o n e t a ^ expansion. On this view, many economists call increases in the supply of money (induced by the central bank) the principal direct determinant of inflation. Accordingly, control of the money supply is the obvious way of stopping inflation. supply of money

Geldmenge Geldangeoot, Geldversorgung der Wirtschaft

Also called money supply. The total stock of money available in a country. Also called money stock. See money supply. The availability of money in the money market and the flow of money into the economy. Today, the supply of money (banknotes, coin, bank deposits) depends on the policy of the monetary authorities ana the banking system (note: the supply of commodities depends on tne price and other conditions, eg the cost of production). An increase in the money supply is regarded as the primary cause of inflation (but it may maintain full employment or reduce unemployment). Also called offer of money. supply price

Angebotspreis Lieierpreis

The price at which something is offered to a potential/prospective buyer. Also called bid/offer/quoted price. The price at which a particular quantity of a commodity is supplied/delivered. Also callea delivery price. supply push inflation

angebotsinduzierte Inflation, Angebotsinflation

Also called supply/sellers' inflation. Inflation induced by increased prices without reference to demand, eg producers (or the government) increase their prices due to wage increases, higher import prices, higher interest rates, or higher profits.

-

supply schedule

1248

-

Angebotstabelle

A schedule is simply a list or table of figures. A supply schedule is a table showing the quantity of a commodity or service that will be supplied at different price levels; all other conditions which determine supply, eg the production costs or the prices of other goods, remain unchanged. The schedule relates to a specific period of time and provides the basis for the supply curve for a commodity. supply side economics

Supply-Side Economics, angebotsorientierte Wirtschaftspolitik

Also called supply side policies. From World War II to the late 1970s governments concentrated upon demand side policies (ie Keynesian policies), ie aggregate/total demand, to cure economic problems and to achieve their macroeconomic objectives full employment, price stability, external balance/equilibrium, economic growth, environmental protection and the redistribution of income and wealth. Supply side policies were disregarded. Supply side policies concentrate on increasing the supply or output of the economy by encouraging factors of production and enterprise to increase effort, efficiency and hence output. Supply side policies are directed towards improving all aspects of industrial performance. These policies are designed to make the markets (ie the markets for land, labo(u)r, capital and enterprise) work better. The measures taken include the following: 1. encourage the mobility of labo(u)r, 2. improve staff training, 3. relate wage increases to productivity, 4. reduce strikes and their impact, 5. lower tax rates on personal incomes and business profits (this will result in a great increase in industrial investment in producer goods not in demand for consumer goods; and it is this investment that is the real driving force behind the economy), 6. increase the degree of competition in labo(u)r and product markets, 7. phase out investment subsidies, 8. privatize/denationalize nationalized industries, 9. restrict the growth of money supply to control inflation, 10. encourage investments, etc. Supply side economics believes: 1. if workers and companies are free to operate according to market forces, then overall output will increase and employment will result; 2. the volume of money should grow in line with the growth of output generated by capital accumulation and labo(u)r force growth; 3. flexible wages (supply side economists believe that much unemployment is due to workers refusing to accept a lower real wage and thus they are voluntarily unemployed) and prices will automatically ensure full employment and an appropriate level of aggregate/total demand. Monetarists (the term monetarism was introduced by Karl Brunner in 1968), eg Milton Friedman, believe in supply side incentives to increase output and thus pursue classical economic beliefs in the free market in accordance with J.B. Say's (French economist, 1767 - 1832) dictum that supply creates its own demand. Supply side policies are intended to achieve growth in the economy not by increasing demand (which monetarists believe will only result in inflation) but by increasing productivity and therefore the supply of goods and services available.

-

1249

-

The reasons for the increased emphasis on supply side policies were the failure of demand policies of the 1960s, the nse of monetarism based upon neoclassical views of the economy and the adoption of these policies by like-minded governments (eg in GB the conservative government under M. Thatcher). In the early 1980s these policies gained prominence with the election of the conservative US President Ronald Reagan (the policy was then label(l)ed "Reagonomics", a doctrine complementary to monetarism). Supporters of supply side economics are called supply-siders. support

Unterstützung Stützung(skauf) Unterhalt

The giving of money or any other form of aid to help. A central bank supports its own currency (ie its rate of exchange) by spending its holdings of foreign currencies in buying the currency of its own country m order to stop its value from falling or to raise its value (through the laws of supply and demand). Also called pegging/supporting purchase. The practice of actively buying securities, eg bonds, in order to stop their market value from falling. Also called supporting purchase. Money paid by someone who is divorced to their former wife or husband and/or children). Also called maintenance (GB). support point

Interventionspunkt

Also called dealing limit or peg point. In foreign exchange trading, the points at which the central bank will take action, ie buy or sell its own currency, to offset fluctuations in the exchange rate. suppressed inflation

zurückgestaute Inflation

Also called repressed inflation. A condition in which effective demand is greatly in excess of supply, but the effect on prices is dampened temporarily or completely halted by government action, eg rigid price controls. surcharge

Aufpreis, Aufschlag Zusatzsteuer

A charge over and above the normal price of something. Also called extra charge. An additional/extra tax on something already taxed. Also called surtax. surety

Bürge, Bürgin, Garantiegeber/in Bürgschaft, Garantie, Sicherheit

One who undertakes to be liable/responsible for the debt, default or actions of another. Also called guarantor.

-

1250

-

Money or something of value (eg shares/stocks) deposited as security, eg for a loan, or that something will not be lost or damaged, or that a person will act as he/she has promised to do, etc. Also called guarantee/guaranty. surface mail

gewöhnliche Post

Also called ordinary mail. Mail sent by land or sea. surplus

Gewinn Überschuß Angebotsüberschuß Remvermögen Überschußreserve (Vers) Exzedent (Vers)

In a nonprofit-making organization, a situation where revenue/income exceeds expenditure (ie this is the profit in a private enterprise). The excess/surplus is shown in the income and expenditure account of the nonprofit enterprise. An excess over that which is needed or owed. An excess of supply: this occurs if the price is above the equilibrium price. Also called excess/surplus supply. A company's assets (A) minus its liabilities (L). A - L = NW (net worth). In life insurance, the amount by which an insurer's assets exceed his liabilities as revealed in the annual valuation of the life fund. Also called surplus fund. In reinsurance, the amount ceded for reinsurance after the direct insurers have determined their own retention. In other words, it is the amount by which the sum insured exceeds the ceding company's retention. surplus budget (SB)

Überschußetat, Haushaltsüberschuß

A condition where government income exceeds government expenditure. When there is inflationary pressure in the economy, the government will take measures to raise taxation and reduce spending. This will lead to a surplus. The resulting contraction of aggregate monetary demand (AMD) will reduce the demands for goods and services. This will prevent prices rising and ease the inflationary pressure. Whether this policy is successful depends on the taxpayers' reactions, eg they may claim higher wages or they may increase the velocity of money which will be inflationary. surplus value

Mehrwert

In Marxian theory, the profit derived from the amount above labor/employment costs, ie the value produced by labor in excess of the amount needed to maintain it.

-

1251

surrender value (sv)

-

Rückkaufwert (Vers)

Also called cash value or cash surrender value. The sum of money an insurance company will pay if a life insurance policy it issued is cancel(l)ed or returned to it, ie surrendered by the policyholder before its due/maturity date. The amount paid depends on the type 01 policy, the number of years the premium has been paid and other conditions. surtax

Zusatzsteuer

Also called additional/extra tax or surcharge. An additional/extra tax on something already taxed, eg an extra tax that may be charged on high incomes, ie incomes which exceed a certain level. survey

Erhebung, Umfrage Überblick, Übersicht Gutachten

In statistics, the evaluation, analysis and description of a population based upon a sample drawn from it. A general view of something, eg the work done. A thorough examination and detailed report on the condition of something, eg a building or cargo. Also called appraisal report, expert opinion, expert's report, expertise or report. survey report

Expertise, Schadenattest, Sachverständigengutachten, Besichtigungsbericht (Vers)

Also called certificate of damage. In insurance, a report on a damage by a surveyor, made at the insurer's request, to determine the indemnity payable. surveyor

Gutachter/in

A person who prepares surveys. survivorship annuity

einseitige Überlebensrente

Also called reversionary annuity. In life insurance, an annuity paid to an annuitant for life upon the death of the insured. Note: should the annuitant predecease the insured, the contract is terminated and no benefits are ever paid.

-

1252

survivorship insurance

-

Hinterbliebenen-, Überlebensversicherung

A life insurance policy which is payable on the death of the last survivor of joint policy owners. suspension

Unterbrechung Beendigung eines Unternehmens Aussetzung der amtlichen Notierung zeitweilige Beurlaubung vorübergehende Bankschließung

The act of stopping something which happens regularly for a time period, eg a suspension of payments or deliveries. Also called discontinuation. The closing down of a business due to insolvency or bankruptcy. The act of temporarily stopping trade in a company's shares/stocks. In employment, a disciplinary action in which an employee is not allowed to work for his/her firm (usually because he/she has done something wrong) for a specified time period. Note: a suspension is less critical than a dismissal, because normally the employee can resume employment after the suspension period has elapsed. The temporary shut down of a bank which desires to liquidate part of its assets in order to meet the demands of its creditors. suspension file

Hängeablage

In a suspension file, the folders or pockets are suspended vertically from runners which are fitted inside cabinet drawers. The files are hung so that they are held clear of the bottom of the drawer and can be indexed by means of tabs or indexing strips. suspension of payment(s)

Zahlungseinstellung

The cessation of payments to creditors by a debtor because of insolvency. sustained growth

stetiges Wachstum

Also called steady/sustainable growth. A steady rate of (economic) growth that can continue for a long time period. swap

Swap, Swap-, Devisenreportgeschäft Swap, Devisentauschgeschäft

Also called swap deal/operation/transaction. In terms of the foreign exchange market, a swap deal means: 1. buying a currency spot ana simultaneously selling it forward; 2. selling a currency spot and simultaneously buying it forward (ie there is a purchase and sale of currency for two different time periods).

- 1253 Swap deals are used by banks and other investors to cover their own foreign exchange commitments. In central banking, a device to increase international liquidity. One central bank agrees to lend its currency to another central bank in exchange for a loan from that bank in its country's currency. For instance, the Fed (America's central bank) might credit the account of the Bank of England with $ 100 million and in exchange the Bank of England would credit the account of the Fed the equivalent of $ 100 million in sterling. In this way, international liquidity is increased by $ 200 million, as the United States can make use of $ 100 million of sterling and GB can make use of $ 100 million of dollars. sweetener

zusätzlicher Anreiz Bestechungs-, Schmiergeld

An additional incentive to do something. Something that you give to someone to persuade them to do something. Also called bribe (money) or graft. sweetheart contract

Freundschaftsvertrag, Geschäft unter Freunden Tarifvertrag mit Vorteilen für Arbeitgeber und Gewerkschaften

Also called sweetheart agreement/deal. A contract placed by a buyer with a seller because of their close or special relationship. In employment, a collective bargaining agreement that is favo(u)rable to the employer and the trade/labor union but not to the union members, other parties possibly affected by it, or society as a whole. SWIFT

SWIFT, internationales Datenübertragungsnetz fur Auslandszahlungen

SWIFT = Society for Worldwide Interbank Financial Telecommunications. SWIFT, set up in 1977, is an international cooperative society of banks formed to speed up the transfer of international payments and administrative messages and, more recently, securities settlements between themselves (normal transfers within 10 minutes, urgent ones in one minute). The system is available 24 hours a day, handles every transaction reliably and enables the parties to recall from the system a record of their activities. switch

Verschiebung, Wechsel (Portefeuille)Umschichtung

A complete, and usually sudden, change or shift from one thing to another. Exchanging securities of one kind, for example shares/stocks, for others, say, giltedged securities/gilts. Also called switching or switching of securities.

-

1254

switchboard

-

Telefonzentrale, Vermittlung

Also called operator, (telephone) exchange or switching office (US). In a large company where there are many telephones, these are connected to a switchboard which is looked after by a switchboard operator. The internal telephones in the various offices are called extensions. switching policy

Maßnahmen zur Änderung der relativen Preise (AuW)

In foreign trade, measures designed to change the ratio of import prices to domestic prices, and thus improve the balance of payments situation. SWOT analysis

SWOT-Analyse

Also called situation analysis. A method of finding out how well a business is doing by examining its strenghts (S), weaknesses (W), business opportunities (O) and threats (T). The analysis includes an examination of both the internal factors (to identify S and W) and external factors (to identify O and T). Knowing exactly what each of these are for your business, one has the key to the present and the future. sympathy strike

Sympathiestreik

Also called sympathetic/secondary strike. A strike by workers who have no direct dispute with the company but simply wish to show that they agree with other workers who are on strike. Note: sympathy strikes give additional power to workers by presenting a united front. syndicate

Konsortium, Arbeitsgemeinschaft Verkaufs-, Absatzkartell Versicherungskonsortium (Banken)Konsortium

Any joint venture, eg a temporary combination of businesspersons or companies working together for tne financing and completion of some specific project or to reach a certain business aim, eg to control the market in a particular commodity. A joint selling organization. Also called marketing cartel. In insurance, a group of (eg Lloyd's) underwriters who insure a large risk. Also called insurers' syndicate or LloydPs syndicate. A group of banks (eg investment banks, issuing banks or underwriters) formed to place a new/fresh issue of shares/stocks. Also called underwriting group. A group of banks formed to finance very expensive projects. Also called bank group or banking consortium/syndicate.

- 1255 syndicate credit/loan

Konsortialkredit

Also called syndicated/consortium credit/loan. A loan that is spread among several banks, usually because the total amount is too big for one bank. Often applied in international lending. synergy

Synergy

Sometimes known as the " 2 + 2 = 5 effect". Producing greater effects by joining activities or forces than by acting separately. Thus, synergy occurs when tne combination of separate parts makes up a whole greater than the sum of these parts. systems seller

Systemanbieter

A seller who sells a number of different products which have some functional relationship jointly, and not separately.

- 1256 -

Τ If you If you If you If you

drive a car, I'll tax the street. try to sit, I'll tax your seat. get too cold, I'll tax the heat. take a walk, I'll tax your feet. (The Taxman by The Beatles, 1966)

Τ account

T-Konto

Also called T-form/skeleton account. An account with a T-shaped layout which has two sides, the debit side (on the left) and the credit side (on the right). The name of the account may be written across the top. tab

Tabulator Reiter unbezahlte Rechnung

In typewriting and computing, a tabulator (key). In an office, a label used as aid in filing to identify, name or record documents and files. In the USA, an unpaid bill. Also called outstanding account or unpaid invoice/bill, table Tabelle An arrangement of words, numbers, or signs, usually in parallel columns, displaying a set of facts or relations in a cmpact and comprehensive form. tabulation

Tabellarisierung Tabelle

Arranging facts or figures shortly and clearly in a list, table or column. A table, list or schedule. Also called chart. tabulator (tab)

Tabulator

Part of a typewriter or computer which positions words or figures automatically at a specified point on a line. Tabs are stored electronically ana can be cleared in one operation.

- 1257 tag

Etikett, Anhänger kurze Absage am Ende einer Fernseh/Radiosendung

A label (eg of paper or plastic) on a product or package that shows its price, identifies its contents or serves as an advertising medium. Also called label or ticket. A short announcement made at the end of a broadcast program(me) or commercial. Erfüllung

take-down Also called fulfillment.

The time when a deal is actually performed, such as when goods have been both delivered and paid for. takeover

(FirmeniÜbernahme/Aufkauf Machtübernahme

The joining together of two or more firms through the acquisition of control over the assets of a target/victim company, either by direct purchase of its assets or by purchase of more than 50% of its voting snare/stock capital. A takeover may be in the form of a friendly acquisition/takeover and merger or an unfriendly bid/takeover. Also called acquisition. The act of getting control of a country. takeover bid (TOB)

Übernahmeangebot, -offerte

Also called takeover/tender offer (US), corporate takeover proposal or paper bid. An attempt by one company (the acquiring/raider company) to gain control of another company (the target/victim company) by seeking to buy out the shareholders/stockholders or by gaining a substantial or controlling part of the target/victim company's voting share/stock capital. The offer will probably be cash payment per share/stock together with an offer in shares/stocks in the acquiring company. Sometimes the terms offered to shareholders/ stockholders are so attractive that the directors have little alternative but to recommend acceptance. taker

Abnehmer/in, Käufer/in Optionsnehmer/in, Optionskäufer/in

A person who wants to buy. Also called buyer or purchaser. The buyer of an option. Also called option buyer. taking delivery

Abnahme

Accepting receipt of goods or securities from someone, usually documented by any form of receipt or acknowledgement.

-

1258

takings

-

(Bar)Einnahmen

Also called cash earnings/receipts/takings. Especially in retailing, the total amount of money which a shop/store receives from cash sales for a period, eg a day. tall organization

vielstufige Organisation

An organization whose structure has many levels. The opposite of a flat organization. tallyman

Inhaber/in eines Abzahlungsgeschäfts Fracht-, Ladungskontrolleur/in

A businessperson who sells goods on credit for payment by installments. A person who checks a vehicle's ιcargo against a cargo list (the tally) as it is loaded or unloaded. tilo; Also called tally clerk. talon

Talon, Erneuerungsschein

Also called renewal coupon. The last portion of a dividend coupon sheet or interest coupon sheet attached to a bearer security (eg an ordinary share/common stock or bond), by means of which the holder applies for a fresh sheet of coupons. tangible assets

materielle Aktiva/Vermögenswerte

Also called tangibles. Literally, assets that may be touched, eg machinery, plant, etc; assets other than intangible assets. Tangible assets (current and long-term assets) have physical substance, a life greater than one year, they are not held for resale in the ordinary course of business and they have money value. tangible fixed assets

Sachanlagen, Sachanlagevermögen, materielles Anlagevermögen

Also called fixed tangible assets. Assets having physical existence, eg fixtures and fittings, land, machinery, plant, vehicles. The bulk of the fixed assets of a company are tangible fixed assets. When first purchased, these items will appear in the balance sheet at their cost price. Over the years, however, this value will not be maintained: the items (except land) wear out and depreciate in value until eventually they have no value at all.

-

1259

tap stock

-

Regierungsanleihe unter Umgehung der Börse (GB) Daueremission, Tap-Emission (GB)

Also called or tap issue. In GB, government securities (eg Treasury bills, savings bonds) which the government broker will supply, without using the money market or the stock exchange, at a given price, which is set in consultation with the central bank. Tap stock is used to control the money market and to influence interest rates in general. Also called tap bond. In GB, a system of selling government stock by the Bank of England where the stock is constantly available for sale to the public at large. tape quotation

Tickernotierung (Bö)

Also called tape price. The market prices quoted/listed on the commodity or stock exchanges which are transmitted to business offices via tape machines/tickers. Note: today's ticker tape is a computer screen. tare (t, tr)

Tara(gewicht), Verpackungsgewicht Eigen-, Leergewicht

Also called tare weight. The weight of the case, container, wrappings, or other packing materials, etc in which the goods are contained, ie gross weight - tare = netweight (ie the actual weight of the goods themselves). The weight of vehicle without cargo, passengers, etc. Also called deadweight or empty/unladen weight. tare weight

Tara, Verpackungs-, Taragewicht Eigen-, Leergewicht

Also called tare. The weight of the packaging material and/or the container without the weight of the goods it contains. The unladen weight of a transport vehicle. target

Ziel, Sollvorgabe Übernahmeziel Zielgruppe, -publikum

A target is the precise restatement of an objective (which is often stated in rather general, broad terms), often given in figures. For example, it may be a company's objective to increase its turnover; restated as a target this might be 'to increase the turnover by 10 % within the next two years".

-

1260

-

A company for which a takeover bid is made. Also called target/victim company. A target audience/group. target company

Zielfirma, -gesellschaft, Unternehmen dessen Übernahme geplant ist

Also called victim company. A company for which a takeover bid has been made, ie a company that is attractive for takeover by another company, the potential acquirer. The acquirer/acquiring company may buy up a certain percentage (less than 10 %) of the target's stock without public disclosure. target group

Zielgruppe

Also called target audience or target. A group of people that an advertiser wants to reach by using advertising material. The group of (potential) customers whose needs and wants a company wishes to satisfy. target market

angestrebter Markt, Zielmarkt

In marketing, also called market segment or segment. The market on which a company plans to sell its products or services, eg the overseas market. The group of potential/prospective customers which a company is attempting to reach. Also called target group. target pricing

Zielpreisfestsetzung, -bildung, Gewinnzielkalkulation

Also called target return pricing. A method of calculating prices to reach a profit objective. Target pricing is aimed at securing in a given time period a predetermined rate of return on investment (ROI). To reach this objective one must calculate an average markup on average costs and simultaneously project sales revenue at various stages of the product life cycle (PLC). target rate of return The desired rate of return on an investment.

Rentabilitätsziel, angestrebte Kapitalverzinsung

-

1261

target risk

-

schwer versicherbares Risiko, Spitzenrisiko attraktives (Versicherungs)Risiko

A large, hazardous risk that is difficult to insure or reinsure. Policyholders or prospects for insurance whose business develops large premiums. tariff

Zoll Zolltarif Gebühren, Kostentarif, Steuersatz Preisverzeichnis, Preisliste Preis Versicherungstarif Speisekarte

Taxes or duties imposed/levied on imports (or exports) when they enter the importing country (or leave the exporting country). Tariffs can be specific (ie the duty or tax does not vary with the value of the goods) or ad valorem (ie the duty or tax is expressed as a percentage of the import price). Tariffs are barriers/impediments to free trade between countries in that they make foreign goods uncompetitive with similar home-produced goods or discourage the purchase o f certain goods, in order to protect domestic/home industries. Also called customs duty. The rate of duty to be paid for importing (or exporting) products. Any scale of charges or tax rates. A list of the scale of prices for something, eg in a hotel for rooms and service. In transport, a table of freight or passenger rates charged by a transport company. In insurance, a collective agreement between insurers (the tariff companies) to regulate prices, eg to fix basic minimum rates for particular risks, not to form a price ring out to ensure that competition does not cut rates below an economic figure. In a restaurant, the bill of fare. Also called menu (card). tariff barriers

tarifáre Handelshemmnisse

Any tariff (ie tax) imposed/levied on imports by a country (sometimes there is also a tax on exports), regardless of its legitimacy, that prohibits, restricts or impedes the free flow of goods and services. task

(Arbeits)Aufgabe

Any piece of work. A definite amount of work assigned to or expected of a person. A matter of considerable labo(u)r or difficulty.

-

taskforce/task force

1262

-

Arbeitsgruppe, Einsatzgruppe, Spezialeinfieit, Taskforce

Also called interdisciplinary/task team, task/work group or working party. In general, a group of persons or a committee formed for a short time to examine or solve a specific problem. A small group or team of individuals (workers and/or managers), often representing various departments, organizations or interests, working together to deal with a certain problem, reach a certain aim or complete a specific project or task which usually has a fairly high level of importance and urgency. The group is normally disbanded when the task has been successfully completed. Taskforces are characteristic for companies that have a system of management by objectives (MBO). * '

taskwork

m

The amount of work expected to be performed during a given time period. Also called workload or work schedule. Work paid for by the job or task rather than by the time it takes to perform. Also called job work or piecework. taskworker/task worker

Akkordarbeiter/in

Also called pieceworker or operator on incentive. A worker earning task wages as he/she is engaged in taskwork. He/she is paid by the job or task rather than by the time it takes to do . He/she is paid an agreed sum of money for each job/task completed in an agreed standard time. If he/she completes the job in less time, he/she will earn a higher pay; but if he/she needs more than standard time, he/she will earn less. tasteless advertising

geschmacklose Werbung

Any advertising message that either offends or embarrasses the receiver(s) (ie the audience), either because o f the topic or the way in which it is presented. tax

Steuer Mitgliedsbeitrag Gebühr

A compulsory financial contribution imposed/levied on individuals and companies (the taxpayers) and payable to the state. Taxes are imposed to provide revenue to cover government expenditure/spending. Taxes may be classified into direct (eg income or property tax) and indirect taxes (eg value added tax, VAT or sales tax, ST). Types of tax, for example, are: 1. income tax: levied upon income derived from wages, 2. property tax: levied upon assets or real property, 3. sales tax (US)/value added tax (GB): levied upon the sale or purchase of goods and services, 4. corporation tax: a tax paid by companies on their profits,

-

1263

-

5. capital gains tax: a tax on the profit made on the increase in value of a capital asset when it is sold, 6. inheritance tax: a tax levied by the state on property inherited, 7. gift tax: a tax on large gifts, 8. airport tax: a tax included in the price of the air ticket to cover the cost(s) of running an airport, etc. A contribution levied on members of an organization or club to meet expenses. Also called membership contribution/due/fee. A burdensome charge. tax advice

Steuerberatung

Also called taxation advice or tax counsel(l)ing/consultation. Advice on tax problems to take advantage of any tax allowances and tax concessions. As the taxation system is so complex, nearly each individual or firm is subject to several different taxes, there are constant changes to both levels and methods of taxation, tax advisers/consultants advise their clients or take over the whole of the workload, including such items as the completion of clients' whole tax returns, negotiating with the tax authorities and so on. tax allowance

Steuerfreibetrag

Also called personal allowance, allowance against tax, tax-exempt amount or tax-free allowance/amount. Part of the income which a person is allowed to deduct from total income and not pay tax on, thus making part of the income tax-free. The part remaining is the taxable income. tax anticipation note (TAN)

Steuergutschein einer Kommune (USA)

In the USA, TANs are short-term state or municipal securities issued to provide temporary funds needed to finance current expenditures while taxes are being collected. tax arrears

Steuerrückstände

Tax amounts which are due, but unpaid, ie overdue tax payments. tax assessment

Steuerveranlagung, -festsetzung

The placing of value on real or personal property for tax purposes. tax authority

Finanz-, Steuerbehörde

Also called revenue office (US), tax office ( G B ) or taxman (GB). The government department that collects taxes.

-

1264

tax avoidance

-

Steuerausweichung, -Vermeidung

Also called tax dodge/dodging/mitigation/planning. The (legal) arrangement of one's financial affairs so as to minimize tax liability, eg by making sure that all possible expenses are claimed and/or tax allowances used. tax base

Steuerbemessungsgrundlage

Also called taxable amount/base or basis of tax assessment. The measure on which tax liability is determined, ie the amount of income, capital gain, or value of property on which tax is liable to be paid. Note: for income tax it is the taxable income. tax based income policy (TIP)

steuerorientierte Einkommenspolitik

Policies to control inflation more effectively, particularly cost-push inflation, by the use of surtaxes and tax credits to penalize and reward compliance with a predetermined target of acceptable wage increases. The basis for TIP is that most inflation is wage based. tax bracket

Steuerklasse

Also called tax band/class/group/position, scale of taxation or taxation schedule. One of the classes into which income is divided for the purpose of calculating the tax amount payable. tax burden

Steuerlast, Steuerbelastung

Also called tax charge/load. The actual amount of tax paid expressed as a percentage of income or profit. tax consultant

Steuerberater/in

Also called tax adviser/counsel(l)or. A professional giving advice on tax matters. tax credit

Steueranrechnung, Steuergutschrift, Anrechnung gezahlter Steuern

Also called tax offset (US). A direct subtraction from tax owed, for other taxes paid, for certain special purposes. Unlike deductions or exemptions, which reduce the amount of income subject to tax, a tax credit reduces the actual amount of tax owed. The amount of tax given to a shareholder/stockholder for his/her share/stock of the advance corporation tax (ACT) paid by a company on the dividends distributed.

- 1265 The company gives the shareholder/stockholder a document (called tax voucher) showing the amount of his/her tax credit. The taxpayer can offset the amount against any income tax that he/she has to pay. The document avoids that the shareholder's/stockholder's dividend is taxed again. Note: tax credit is no tax refund. tax cut

Steuersenkung

Also called tax reduction. The act of reducing the tax rate. tax deduction

Steuerabzug, steuerliche Absetzung

The sum of money that a taxpayer may substract before he/she computes his/her taxable income. tax due

fallige Steuer

Also called tax payable. The tax amount which a person or company owes to the tax authorities. tax evasion

Steuerhinterziehung

Also called tax fraud or evasion of tax. The illegal nonpayment or underpayment of tax. It usually takes place by the failure to make a full declaration of income. Note: tax evasion is a fraud. tax exemption

Steuerbefreiung

Also called exemption/immunity from tax(ation) or tax concession/exclusion. A situation where a person or company does not have to pay tax, in whole or in part, on certain types of income or property. tax exile

Steuerexil Steuerflüchtling

A foreign country which a firm or person (the tax expatriate) chooses as his tax domicile/residence because there the tax rate is lower than in the nome country. A person who prefers to be domiciled in a foreign country, the tax domicile, where the tax rate is lower than in the home country. Also called tax dodger/expatriate. tax expenditure(s)

entgangene Steuereinnahmen

The costs of tax allowances and tax reliefs, eg a tax relief on payments of mortgage interest and dependents allowances.

-

1266

tax form

-

Steuererklärungsformular

A printed form which has to be filled in by the taxpayer with details of income and allowances and sent to the tax office each year within the filing period for taxpayers. tax fraud

Steuerbetrug

The crime of paying less taxes than owed. tax free earnings

steuerfreie/s Bezüge/Einkommen

Also called tax-free income. That portion of total income which is not liable to income tax. tax haven

Steueroase, Steuerparadies, Niedrigsteuerland

Also called tax resort/shelter, sometimes also tax paradise. A country refusing to conclude double-taxation treaties and where certain taxes are low or nonexistent, so that the country can benefit from increased commercial and financial activity. By setting up its head office (HO) in a tax haven, a foreign company is treated as resident and avoids paying taxes which it would have to pay elsewhere. tax holiday

Steuerfreijahre, steuerfreie Zeit Steuervergünstigung

Also called tax break. The absence of corporation tax (the tax payable on profits) for a set number of years, in order to attract investment or new industries. An agreed period when a company pays a reduced tax. tax impact

Steuerwirkung

Also called tax effect. The effect of a tax upon production and consumption of the good being taxed. tax inspector

Finanzbeamter/beamtin, Steuerpriifer/in

Also called tax collector. The person deciding how much tax individuals and companies should pay.

- 1267 tax liability

Steuerpflicht Steuerschuld

A taxpayer's obligation to pay taxes. Also called taxability or liability for tax. The amount a taxpayer has to pay to the tax authority/office. tax loophole

Steuerlücke, Steuerschlupfloch

A loophole/gap in the tax laws/statutes - ie regulations are open to interpretation or even nonexistent - providing legal means of not paying tax or of minimizing the amount of tax payable. tax loss

Steuerverlust

A loss that is declared to the tax authority/office with the aim of reducing the tax amount due. tax loss carryback

steuerlicher Verlustrücktrag

Also called loss carryback. A loss made/suffered by a business for a given year may be deducted from/offset against the assessment of profits for the previous years, with the earliest year first, thus reducing tax due on them. tax loss carryforward

steuerlicher Verlustvortrag

Also called carryover, loss brought forward/carried forward/carried over/carryforward or debt balance carried forward. A loss made by a company for a period may be offset against the profits in the immediately preceeding years, with the earliest year first (loss carryback). After the (loss) carryback, the company may carry forward/carryover losses for a certain number of years. In accounting, a tax benefit that allows a company to apply losses to reduce tax liability. More precisely, offsetting the current year's net operating loss against future year's net incomes for tax purposes, assuming mat a loss carryback is not possible in whole or in part. tax on capital

Kapital(vermögens)steuer

Also called capital levy/tax. A tax on capital transactions. One of the objectives of fiscal policy is to redistribute incomes and wealth, and this is mainly done by taxes on capital: eg capital gains tax, gift tax or wealth tax.

-

1268

tax policy

-

Steuerpolitik

Also called taxation policy. The policy whereby the government structures its tax rates and applies tax measures to influence the level of business/economic activity and social policy. tax rate

Steuersatz

Also called level/rate of taxation. The amount of tax applied per unit of tax base, expressed as a percentage. tax refund

Steuerrückerstattung, -rückzahlung

Also called drawback. The repayment of tax to a person or company which has paid too much tax. tax relief

Steuererleichterung, Steuervergünstigung, Steuervorteil

Also called tax advantage/benefit/break. A tax relief is any spending which a person or business is allowed to deduct from income or profits, because it has been ment in a special way, before the tax payable is determined. Tax benefits/reliefs are, for example, granted to induce investments in certain areas or projects, eg a tax relief on mortgages. tax reserve

Steuerrückstellung

Also called deferred tax provision. An amount of money set aside for payment of tax when due. tax return

Steuererklärung

Also called tax declaration/report/sheet. A statement of a taxpayer's sources and totals of income, expenses and tax allowances. The statement is required by the tax authorities and it is the taxpayer's legal obligation to submit/file it annually. From this, the taxpayer's liability to pay, for example, income tax, corporation tax, value added tax, sales tax, etc, is calculated. The printed form on which a taxpayer's statement is made. tax revenue

Steueraufkommen, -einnahmen

Also called tax collections/collection revenue/receipts/yield. The proceeds of taxation to a government.

-

tax search

1269

-

Steuerfahndung

Also called tax investigation. An official search to determine whether there are any tax liabilities that have been unpaid. tax shelter

Steuerbegünstigung Niedrigsteuerland, Steueroase, Steuerparadies

An arrangement of avoiding paying tax or of reducing the tax amount payable, eg by investing in a pension fund. A way of using another country's tax laws to reduce the tax amount due. A tax haven. tax shifting

Steuerüberwälzung, -Verlagerung

Also called shifting of taxes or tax shift/passing forward. The opportunity of those on whom taxes are levied/imposed to pass the tax burden either partly or fully on to others, eg the final/ultimate consumer. tax subsidy

Steuersubvention

A tax advantage designed to encourage specific behavio(u)r that furthers public policy, eg mortgage interest deductions to encourage citizens to buy houses, investment tax credits to encourage firms to create new jobs, etc. tax swap

steuerbedingte Portefeuilleumschichtung

Also called tax switching. Selling a security and reinvesting the proceeds in another security to gain a tax advantage. tax table

Steuertabelle

Also called tax schedule. A table issued by the tax/fiscal authorities which gives details on calculating tax deductions and tax liabilities. tax threshold

Steuereingangsstufe, -schwelle

The level of income at which a person's liability to tax begins or the point at which another percentage of tax is payable.

-

tax treaty

1270

-

Steuerabkommen

Also called tax agreement. A treaty between two nations with the objective of avoiding double taxation. tax voucher

Steuerbeleg Steuerbeseneinigung (bei Dividendengutschrift), Steuergutschein

A receipt or written document used for tax purposes. Dividend warrants sent to shareholders/stockholders are accompanied by a tax voucher showing the tax deducted by the company. This voucher is used by the shareholder/ stockholder in supporting any claim he/she may make for a return of tax by the tax/ fiscal authority. Also called tax bond (US). tax year

Steuerjahr, Wirtschaftsjahr Haushaltsjahr, Rechnungsjahr

A period of twelve months (starting with any actual calendar month) on which taxes are calculated. Also called fiscal/taxable year. Any annual period which a government or company may select as its financial year. Also called financial/fiscal year. taxable capacity

steuerliche Belastungsgrenze/ Leistungfäigkeit

Also called taxation capacity. The maximum amount of tax someone is able to pay. taxable income

steuerpflichtiges/zu versteuerndes Einkommen

Also called charg(e)able/qualified income, taxable earnings/pay or income liable to taxes. The amount remaining after deducting tax deductible and tax-free/nontaxable items from total pay, ie the amount of a person's income on which tax is charged. taxable value

Steuerwert

Also called assessed value or value for tax purposes. The assessed value used for taxing income, items or property.

-

taxation (Τ)

1271

-

Steuerwesen Besteuerung Steuereinnahmen, -aufkommen

The system of charging taxes. Also called fiscal/tax system. The act or process of taxing someone or something. Also called tax treatment. Taxes are compulsory charges, imposed/levied on its citizens by the government, for which no direct services or goods are given in return. Taxation is the major source of public revenue. The main objectives of taxation are: 1. to raise revenue, 2. the management of the economy, 3. the redistribution of income and wealth, 4. to influence specific expenditures/spendings. The principles of taxation, as laid down by Adam Smith (1723 - 1790) are: 1. equity: îe taxes should be levied according to the ability to pay; 2. certainty: ie the amount due, the time and manner of payment and the probable yield to the government must be known to all concerned; 3. economy: ie taxes should be levied as economically as possible, ie the cost of collecting must be low; 4. convenience: ie the method of payment should be as convenient as possible. Today, one might add other principles: 1. impartial treatment of all taxpayers, 2. absence of disincentive effects on work or enterprise, 3. consistency with government policies, 4. adjustability if necessary. taxman

Finanzamt, Steuerbehörde Finanzbeamter/-beamtin

The government department that collects taxes. Also called tax authority/office. A tax collector/inspector. taxpayer

Steuerzahler/in, -pflichtige/r

The organization or person who pays tax or is subject to taxation. All taxpayers must have a taxpayer identification number. team

Team, Mannschaft

A work(ing) group, the members of which cooperate and coordinate their activities and work together to achieve the group's aims. teaser ad(vertisement)

Neckwerbung, Neugier weckende Werbimg, Teaser

Also called teaser or hooker. A commercial or promotion designed to arouse curiosity in the audience.

-

technical aid

1272

-

technische (Entwicklungs)Hilfe/ Unterstützung

Also called technical assistance. A type of aid/assistance offered to less developed countries (LDCs) by developed countries (DCs). Technical aid consists of the recruitment of skilled personnel in the donor county and its subsequent employment in the donee/recipient country, the whole being paid for by the donor. Another way of providing aid is to undertake the education of personnel from the LDCs in the donor's educational institutions, ie the provision of grants/scholarships. It also includes assistance through the United Nations and other international organizations. technical analysis

technische Aktienanalyse

Also called charting or chart analysis. On the stock exchange, the analysis of demand for and supply of shares/stocks based on trading volume and price studies to forecast/predict pnce movements so that one can decide whether to buy or sell a particular share/stock. To do this, an analyst may compare a company's present profits with its future business prospects. Tne analysis is based on the assumption that the market has its own internal powers and influences. Unlike fundamental analysis, it is not concerned with a company's financial position or the industry in general. technical economies

technische Kostenersparnisse durch Größenvorteile

Also called technical economies of scale. Economies brought about because different techniques and equipment can often be employed in large-scale production which cannot be adopted by small-scale producers. technical progress

technischer Fortschritt

Also called technological advance/improvement/progress or engineering progress. Technical progress is a main factor in economic growth and enables more output to be produced for unchanged quantities of the inputs of labo(u)r and capital to the roduction process.

Progress may be characterized by improvements in the methods of production (eg

more advanced specialization, better utilization of labo(u)r, equipment and materials), improvements in the quality of products, etc. technical rally

markttechnische Erholung

Also called technical recovery. On a stock or commodity market, a rise in prices resulting from a shortage of securities or commodities.

-

technological life

1273

-

technologische Nutzungsdauer

The estimated number of years of a piece of equipment before it becomes obsolete due to technological changes. technological unemployment

technologische Arbeitslosigkeit

Also called technical unemployment. A situation where workers become unemployed because of new methods of production. Industries become more capital intensive, less labo(u)r intensive. This type of unemployment is inevitable as modern techniaues are adopted by industry, ie labo(u)r is displaced by machinery, eg computers, robots, etc. This type of unemployment has concerned workers since the Industrial Revolution, but until me present time the majority of unemployed persons has always been reabsorbed in other parts of the economy, eg the service industries. Note: if a new technology reduces costs and prices, demand and employment may increase. Technological unemployment can be regarded as a form of structural unemployment. technology

Technik, Technologie

The branch of knowledge that deals with applied science, engineering, the industrial arts, etc. The application of knowledge, scientifically derived or otherwise, to the creation or modification of useful products or processes, ie for practical ends. technology transfer (TT)

Technologietransfer

A situation where technology (ie the science or study of the practical uses of scientific discoveries) developed in industrial countries is made available/transferred to less developed countries (LDCs), eg in the form of know-how, patents, trademarks, technical assistance programs, etc. or it may be embodied in plant and equipment and in human capital, ie trained personnel. An agreement to conduct research and development (R&D) abroad, to provide technical assistance to a subsidiary company or joint venture of overseas investment. telebanking

Telebanking

A method by which bank customers carry out their bank transactions from their homes or offices, using a computer linked to the bank's computer. telecommunication(s)

Telekommunikation, Datenfernübertragung (DFÜ)

The sending and receiving of messages over great distances, especially by telephone, computer, radio, television and telgraph.

-

1274

-

teleconference

Telekonferenz

A conference using telecommunications to enable meetings at different locations to be held with all participants linked, eg a video conference. telefax

Telefax, Telekopierer, Fernkopierer

Also called fax, telecopier, facsimile terminal/transceiver, or telefacsimile. Telecopiers enable written messages to be sent over the ordinary telephone network at high speed. The system is based upon a transceiver (ie transmitter and receiver). Writing, or drawing, with a ballpoint pen on the transceiver (ie the transmitter) is automatically transmitted any distance to give an instantaneous copy on the transceiver (ie the receiver). telegraphic address

Telegrammadresse, Drahtanschrift

Also called cable address. A firm's abbreviated name and address, registered with the post office, to receive telegrams or cables. Today, they are rarely used because firms send messages by fax or computer. telegraphic money order (TMO)

telegraphische Geldan-/überweisung

A means of payment provided by the post office. A sum of money can quickly be made available to a person at distance. An extra charge is made to cover the cost(s) of the telegram. telegraphic transfer (TT, T/T)

fernschriftliche/telegraphische Überweisung/Zahlung

Also called cable transfer or wire transfer (WT). The settlement of financial accounts using cable or telegraph, ie using a kind of electronic funds transfer (EFT). In international trade, a method of transferring money to a transferee abroad. The transferor (the importer) instructs his bank to contact an overseas bank to pay the transferee (the exporter). The exporter (the transferee) will be credited with a sum in his own currency and the importer (the transferor) will be debited by his bank with the domestic currency equivalent plus expenses. TT is the more speedy form of payment because it is electronic/telegraphic, but it is more expensive man the slower mail transfer (MT). To a considerable extent the TT system has been replaced by SWIFT. teleordering A method of placing orders by using a computer.

elektronische Bestellung

-

telephone banking

1275

-

Telefonbanking

A method of contacting a bank, often day and night, without visiting its premises. Inquires and transactions are made by phone, using a personal identification number (PIN). telephone (tel)

Telefon

Also called phone. A device for sending and receiving the sound of the voice by electrical signals; the most popular telecommunications device. There is a range of telephones available, for example: the standard telephone, the press-button telephone, the payphone, the wallphone, the callmaker (enables preselected numbers to be dialled oy pressing a button), the extension phone, the car telephone, the portable telephone, the viewphone, etc. telephone alphabet

Buchstabiertafel, Telefonalphabet

Also called spelling table. The telephone alphabet is used when spelling names or giving information over the telephone. In GB, the following could be used: A (Albert or Andrew); Β (Barry or Benjamin); C (Charles or Charlie); D (David); E (Edward or Eric); F (Frank or Frederick); G (George); H (Harry or Henry); I (Ian or Isaac);J (Jack or John); Κ (Keith or King); L (Lion or Lucy); M (Mark or Mary); Ν (Nellie or Nine); O (Oliver or Orange); Ρ (Peter); Q (Queenie or Quick); R (Robert); S (Simon or Sugar); Τ (Tommy or Trevor); U (Uncle); V (Victor or Victory); W (Walter or William); X (X-Ray); Y (Yellow); Ζ (Zebra). A person spelling the name "Ron" would spell it as Robert for R; Oliver for 0 ; Nellie forN. In Germany: A (Anton); A (Ärger); Β (Berta); C (Cäsar); CH (Charlotte); D (Dora); E (Emil); F (Friedrich); G (Gustav); H (Heinrich); I (Ida); J (Julius); Κ (Kaufinann); L (Ludwig); M (Martha); Ν (Nordpol); O (Otto); O (Ökonom); Ρ (Paula); Q (Quelle); R (Richard); S (Samuel); Sch (Schule); Τ (Theodor); U (Ulrich); Ü (Ubermut); V (Viktor); W (Wilhelm); X (Xanthippe); Y (Ypsilon); Ζ (Zacharias). In USA: A (Abel); Β (Baker); C (Charlie); D (Dog); E (Easy); F (Fox); G (George); H (How); I (Ikon or Item); J (Juliett or Jig); Κ (King); L (Love); M (Mike); Ν (Nan); Ο (Oboe); Ρ (Peter); Q (Queen); R (Roger); S (Sugar); Τ (Tare); U (Uncle); V (Victor); W (William); X (eks); Y (Yoke); Ζ (Zebra). International: A (Amsterdam); Β (Baltimore); C (Casablanca); D (Denmark); E (Edison); F (Florida); G (Gallipoli); H (Havana); I (Italy); J (Jerusalem); Κ (Kilogram); L (Liverpool); M (Madagascar); Ν (New York); O (Oslo); Ρ (Paris); Q (Québec); R (Roma); S (Santiago); Τ (Tripoli); U (Upsaía); V (Valencia); W (Washington); X (Xanthippe); Y (Yokohama); Ζ (Zürich). International Civil Aviation Organization (ICAO): A (Alfa), Β (Bravo), C (Delta), E (Echo), F (Foxtrot), G (Golf), H (Hotel), I (India), J (Juliet), (Lima), M (Mike), Ν (November), 0 (Oscar), Ρ (Papa), Q (Quebec), R (Sierra), Τ (Tango), U (Uniform), V (Victor), W (Whisky), X (X-ray), Y (Zulu).

(Charlie), Κ (Kilo), (Romeo), (Yankee),

D L S Ζ

- 1276 When dictating numbers you read the numbers in pairs counting from the last figure. The number 29351 would be given as two, nine three, five one. A double number at the beginning is always read separately; 33475 would be given as three three for double three), four seven, five. Nought is given as zero. Double numbers are normally given separately. telephone calls record book

Belegbuch für (Telefon)Anrufe

A book used to enter all outgoing official (and personal) calls, particularly trunk/longdistance calls, in order to identify telephone expenses. telephone directory

Telefonbuch

Also called telephone/phone book. A book that contains information about telephone services and lists subscribers in alphabetical order. Customers who do not want their telephone number published for whatever reason are ex-directory and their details are known to Telecom only. There are various types of directories, eg: the Yellow Pages, a classified telephone directory (contain details of a wide range of goods and services offered by subscribers); business directories (list businesses in alphabetical order); and telephone dial(l)ing codes (provide details of national and international dial(l)ing codes). telephone exchange

Fernsprechamt Telefonvermittlung

Central office where the telephones of a certain area are linked/connected. Central point in a company's telephone system where all internal and external lines meet. Also called (telephone) switchboard. telephone marketing

Telemarketing, Telefonmarketing, Telefonverkauf

Also called telemarketing, telephone selling, telesales, or teleselling. Selling operation by telephone. The telephone is used to contact existing and potential customers and to solicit orders without any personal selling calls. The main advantages are: quick advertising and assessable results; rapid contact over a wide market; cost advantages. telephone order (TO)

Telefonauftrag, telefonische Bestellung

In general, an order placed or received by telephone. In banking, a verbal/oral instruction to the bank to transfer funds from one bank account to another. A direction that a merchant receives by (tele)phone from a credit cardholder who wishes to charge/debit the purchase amount to his/her bank account.

-

1277

-

In mail order business, the buyer's permission to charge the invoice amount to his/her bankcard or credit card. No signature is required, and tne buyer has the usual consumer rights and obligations. telephone rates

Telefon-, Fernsprechgebühren

Also called telephone charges. The costs charged for using a telephone. The cost of a telephone call depends on the following: a private line or a public telephone; the distance over which the call was made; the time of day or week. There are peak rate calls, standard rate calls and cheap rate calls. telephone services

Telefondienste

Various telephone call services are provided in addition to the normal telephone services, eg advise duration and charge (ADC) call, reverse charge call/collect call, telephone information services, etc. telephone survey

telephonische Befragung

Also called telephone interview. Market research by telephone to question consumers with regard to purchases of certain goods, eg cars or household goods. telephone transfer

telefonische Überweisimg

The transfer of money from one account to another, or from payer to payee made by telephone order, rather than traditional written documents. teleprinter

Fernschreiber

Also called teletypewriter (US). A machine operating like a typewriter and capable of transmitting messages over telephone lines. telesales

Televerkauf, Telefonverkauf

Also called telephone selling. Selling products or services over the phone. teleshopping

Teleeinkauf, Teleshopping

A service offered by shops/stores and mail order houses which enables customers to order goods for delivery over the telephone, by means of a television screen and a personal computer.

-

1278

teletext

-

Bildschirmtext (Btx)

Also called teletex, videotex or viewdata. A service broadcast by television which provides all kinds of up-to-the-minute pages of information on many subjects (such as news and sports results) on the TV screen. It is like a televised news magazine. teletransmission

Teleiibertragung

The transfer of a message or money by telex or SWIFT. television rating (TVR)

Fernseheinschaltquote

Also called TV/audience rating or viewing rate. A unit of measure which shows the relative audience or viewership achieved by a TV program, commercial or station. For example, one TVR represents 1 % of the total TV audience (the universe). The figures can be expressed for various population subgroups, eg homes, housewives, children, teenagers, etc. telex (tx)

Fernschreiber Fernschreiben, Telex

A fast means of printed communication, a copy of the message being produced on teleprinters (this resembles a printer and is connected to a telephone line) at both the sending and receiving installations. The subscribers may be obtained by direct dial(l)ing and the messages may be sent to, or received by, a subscriber even though his/her teleprinter/teletypewriter is unattended, eg at night. There is also an answer back system by which one immediately knows that one's message is received. A message sent or received by telex. teller

Stimmenzähler/in Kassierer/in

A person who counts votes at a meeting. Also called scrutineer. A person who takes and counts money or pays money, both in cash and in cheques/checks, to customers at a bank. Also called bank teller, cashier, collector, or cash/counter clerk. Any person employed to receive money at the cash desk/checkout, eg in a shop/store. Also called cashier, collector or cash/counter clerk. temperature

Temperatur

The amount of heat or cold. Temperatures are either measured in Celsius (Anders Celsius, 1701 - 1744, Swedish astronomer) or in Fahrenheit (Daniel Gabriel Fahrenheit, 1686 - 1736, German glass blower and physicist).

- 1279 Celsius (C) 0 5 10 15 20 25 30

Fahrenheit Celsius Fahrenheit Celsius Fahren (C) (F) (C) (F) (F) 32.0 41.0 50.0 59.0 68.0 77.0 86.0

35 40 45 50 55 60 65

86.0 104.0 113.0 122.0 131.0 140.0 149.0

158.0 167.0 176.0 185.0 194.0 203.0 212.0

70 75 80 85 90 95 100

Minus degrees (ie degrees below zero or below freezing point): Celsius -1 -5 -10

Fahrenheit

Celsius

30.2 23.0 14.0

-15 -20 -25

Fahrenheit 5 -4 -13

The following formulas may be used to convert temperatures from one scale to another. Celsius (centigrade) - Fahrenheit: 1.8 C + 32. Fahrenheit - Celsius: 0.556 F - 17.8. Fahrenheit scale: 12 χ 8 temperature.

0

(= 98 °) between freezing point of iced salt H 2 0 and body

Celsius scale: 100 degrees between freezing point of H 2 0 and boiling point of H 2 0. Normal temperature of the human body is 98.6 ° F or 37 ° C. temporary (temp)

Aushilfskraft

Also called temporary worker. A person employed to work on a temporary basis. temporary credit

Zwischen-, Überbrückungskredit

Also called bridge/bridge-over/bridging/interim/intermediate credit/loan. A short-term working capital loan (unsecured or secured by a lien on the company's assets) to finance a company's inventory or receivables/accounts receivable. temporary employment

Aushilfsarbeit

Also called temporary work. Full or part-time work lasting for a limited period. temporary exports

vorübergehende Ausfuhren

Goods which are exported only for a certain period of time and used as samples or exhibits and which are then reimported again by the same state. If certain customs procedures are observed, they may be initially exported and imported free of duty.

-

temporary personnel

1280

-

Aushilfspersonal

Also called temporary/casual staff or nonpermanent employees. Persons (called temps or temporary workers) employed to work on a temporary basis/ limited period in return for a remuneration, eg to cover holiday periods, illness, etc. tenancy

Miet-, Pachtverhältnis

The agreement by which someone can hold certain land or buildings under a lease. tenant

Mieter/in, Pächter/in

Also called lessee. A person or company which rents or leases a building or land. The person or business does not own the property but has the exclusive right of possession, use and enjoyment for a fixed period, usually in return for paying a certain amount of money (the rent) to the owner(s). tender

Zahlungsangebot Ausschreibungsverfahren, Submissionsverkauf Leistungs-, Lieferungs-, Submissionsangebot Angebot, Offerte Tender-Offerte, Zeichnungsangebot, Emission auf dem Submissionsweg gesetzliches Zahlungsmittel Beiboot

A formal offer to pay by a debtor of money due to his/her creditor. A type of auction which can be used for selling any sort of asset. Bids are made in writing to be submitted by a specific date and tne owner of the asset selects the most attractive bid. An offer, usually in response to an advertisement, for the supply of specified goods or the performance of specified work at prices and under conditions set out in the tender. The tender is often made in competition with other tenderers and is made on the advertiser's own forms, which set out the terms in detail. When the tender is accepted by the tenderee, ie when the tenderer obtains the tender award, it results in a binding agreement. Also called bid. An offer to supply goods or services. Also called offer or tender offer. Shares/stocks may be issued by the process of inviting tenders above a stated minimum price and then selling to the highest bidder. The bidder fixes the final price and not the issuer. Also called issue by tender or subscription/tender offer. Currency, ie coins and banknotes offered as a medium of exchange. Also called legal tender or lawful money. In shipping, a boat that is used for taking goods or passengers to or from a larger ship.

-

tender offer

1281

-

Übernahmeangebot Tender-Offerte, Zeichnungsangebot Ausschreibungsangebot

The offer of a company to buy shares/stocks of another company, usually at a premium above the shares'/stocks' market price, for cash, securities, or both, with the aim of controlling or acquiring a target/victim company. Also called takeover bid. A method of selling securities (shares/stocks or bonds) to the public. The seller sets a minimum price (the tender price) at which he/she is prepared to sell the securities for a specified period and invites offers at, or above, that price (nothing below the tender price is acceptable). The securities then go to the highest bidders. It there are not enough acceptable bias, the offer lapses and the whole issue may be withdrawn. A price quotation for the performance of a job or the supply of goods under conditions specifiea by the potential/prospective customer. tender to contract cover

Versicherungsangebot zur Deckung in Fremdwährung, Kurssicherung zwischen Angebotsabgabe und Vertragsabschluß (Auw)

In international trade, insurance cover intended to help an exporter tendering in a foreign currency for project or capital goods contracts (usually only available for contracts expressed in US dollars). The cover will protect an exporter between the limits of 1.5 per cent and 25 per cent of the contract price against losses arising from exchange rate movements wnich occur from the time the exporter's tender is submitted to the time the contract is awarded. tender Treasury bill

regelmäßig angebotener Schatzwechsel (GB)

Also called tender bill. In GB, Treasury bills offered by tender issue. The Bank of England invites tenders every Friday for bills to be issued the following week to cover the government's short-term finance. Tenders for these bills are made by discount houses and clearing banks. Each tender must be for a minimum amount, eg £ 50,000. If the issue is oversubscribed allotment is made at the highest tender rate and downwards, until the whole issue has been allotted. tenderer

Bieter/in, Submittent

Also called bidder. A person or company making a tender. tenderfoot An inexperienced beginner.

Anfänger/in, Greenhorn

-

tendering

1282

-

Angebotsabgabe

A method of purchase. The seller, ie the bidder/tenderer, makes a bid (called tender) which cannot be changed, once made. Usually, but not necessarily, the lowest bid is the one accepted by the prospective buyer, ie the tenderee. Government and local authority contracts are awarded to those organizations which tender the best bargain (price and delivery times are the most important factors). tenor

Laufzeit Abschrift, Kopie (wesentlicher) Inhalt/Sinn

The length of time between date of issuance and maturity/due date, eg a bill of exchange (B/E) is issued on 3 May and the tenor is three months, ie the maturity/due date is 3 August. Also called currency or term. An exact copy of something. The general meaning of something, eg a letter or speech, term

Dauer, Laufzeit Ausdruck, Bezeichnung, Begriff Term, Glied (Mathematik) Semester, Trimester

A definite period of time, eg the period of a contract or bill of exchange. Also called currency, duration, tenor or tenure. A word or phrase with a special meaning, eg an accounting, marketing or stock exchange term. In mathematics, part of a compound quantity joined by the mark + or -, eg a + b - c has three terms. Part of the year at school, college or university during which instruction is given. term bill

Ziel-, Tag-, Datumswechsel Nachsichtwechsel, Zeit(sicht)wechsel Datowechsel

Also called term/time draft or time/period/usance bill. A bill of exchange (B/E) payable at a specified future time. Also called day/date bill or date draft. A bill payable at a fixed period after sight, ie after presentation. Also called after-sight bill or term sight bill/draft. A bill payable a fixed period after date of issue. Also called after-date bill (of exchange) or bill (payable) after date.

-

1283

term deposit

-

Festgeld, Termineinlage

Also called time deposit or fixed term deposit. Money deposited in an interest-bearing account for a set period of time; the funds cannot be withdrawn before the end of the term or can be withdrawn only by giving notice, ie they are not repayable on demand. The rate of interest is usually fixed for the term, but may also be variable, ie linked to market interest rates. term draft

Zeit(sicht)wechsel, Wechsel mit bestimmter Frist, Nachsichtwechsel, Zieltratte

Also called term/tenor/usance bill or time bill/draft. A bill of exchange (B/E) which must be sent to the drawee for acceptance and which is payable at a fixed or determinable future time, eg 30, 60, 90 or even 180 days after sight of the bill. Alternatively, a bill might be payable one, two or three months etc. after the date of shipment. The bill would then be payable 30, 60 or 90 days after the date of the bill. The buyer receives a period of credit, known as the term/tenor of the bill. term insurance

Risikolebensversicherung, abgekürzte Todesfallversicherung

Also called term/temporary assurance (GB) or temporary life/term life insurance. A life assurance/insurance for a specified period, payment onlv being made by the assurer/insurer if the life assured/insured dies within the specified period/term. If the insured survives to the end of the policy term then the contract ceases and no payment is made, ie there is no savings element. This is the cheapest and oldest form of life cover available, often used to cover outstanding liabilities in the case of premature death. Note: 1. the premiums are directly related to the probability of the life insured dying during the term of the policy, 2. the policy has no surrender value. term loan

mittelfristiger Kredit langfristiges Darlehen

A medium-term secured or unsecured credit/loan granted to a company, eg by a bank or insurance company, to finance capital equipment or provide working capital. Repayment may be made throughout the period (in regular installments with interest), sometimes ending with a balloon payment. Also called intermediate/intermediary/medium-term credit. A long-term loan. Also called long-sighted loan. term mortgage

Hypothek mit fester Laufzeit

A mortgage with a fixed period in which only interest is paid.

-

terminal

1284

-

Endstation Umschlagplatz, Umladeplatz Terminal (DV)

A place where a railway/railroad line, bus route etc. ends, ie a place where passengers arrive or depart, or where goods are loaded or unloaded. A port/airport is usually regarded as a terminal for ships/airplanes. Also called terminus (rail or bus). A place where interchange (reloading, trans(s)hipment) facilities exist, eg a seaport; railway/railroad, airport or road haulage depot. Also called reloading/transfer station or transshipment point. In data processing, a device which can input or output data. terminal bonus

Abfindungszahlung (PW) Schlußdividende (Vers)

A payment made to an employee who has been dismissed because of circumstances beyond his/her control. Also called terminal gratuity or dismissal/severance/terminal/ termination pay. In insurance, a bonus/dividend paid on maturing with-profits life insurance policies. The bonus is paid out of profits and is a voluntary payment. Also called terminal dividend or special bonus. terminal market

Terminmarkt, Warenterminbörse

Also called forward/futures market. Commodity market that deals in the sale of goods for future delivery. terminal value

Endwert

The estimated value of an investment at the end of its economic life. termination of contract

Vertragsbeendigung, -auflösung

The bringing to an end of the contract. This may be done by the consent of the parties (termination by agreement), by the giving of a notice of such length as is agreedin the contract (termination by notice) or by the performance of the parties' obligations (termination by performance). Also called discharge/cancel(l)ation of contract. termination of employment

Beschäftigungsbeendigung, Beendigung des Arbeits-/Beschäftigungsverhältnisses

The voluntary or involuntary bringing to an end of an employment contract. Employment is a contract between a company and an employee which can be ended at any agreed time or particular occasion by either party. Forms of termination may be: 1. resignation: the employee terminates the employment contract, usually by giving notice; 2. dismissal without notice: an employer terminates the contract of employment and may dismiss an employee for serious misconduct;

- 1285 3. dismissal with notice: the employee can ask the employer to give reasons for the dismissal; 4. redundancy: may occur when a company closes down or when reorganization takes place; 5. retirement: women can usually retire from work at 60 and men at 65; 6. retrenchment: the dismissal oi an employee, usually due to economic factors. termination of offer

Erlöschen eines Angebots, Angebotsbegrenzung

An offer may come to an end by: 1. revocation: the offerer has the power to withdraw his/her offer at any time before it has been accepted by the offeree; 2. rejection: to be effective the rejection of an offer must be communicated to the offerer; any attempts by the offeree to change the terms of the offer amounts to a rejection; 3. operation of law: eg if the offerer dies or becomes insane before the offer has been accepted; when the offer specifies a time within which it may be accepted, it comes to an end at the expiry/expiration of the stipulated time. terms

Bedingungen, Bestimmungen Beziehungen, Verhältnis Honorar, Gebühren Zahlungsbedingungen Lieferbedingungen Preise

Rules or conditions, eg the conditions of a loan or contract, the terms of supply or demand, the terms of payment or delivery, etc. Personal relations, eg the management is on friendly terms with the staff. A fee for professional services. Also called honorarium. The terms of payment. Also called payment terms. The terms of delivery. Also called delivery terms. The prices charged by sellers for the supply of goods including discounts and bonuses. terms and conditions

Verkaufs- und Lieferbedingungen Versicherungsbedingungen

In sales contracts, the arrangements on which the seller is willing to sell his/her goods. They are usually printed on his/her price lists and invoices. Also called terms/conditions of sale or conditions of sale and delivery. The conditions of an insurance policy. Also called terms/conditions of insurance. terms net

Netto-Zahlungsbedingungen

Terms of sale that indicate that no cash discount is allowed.

-

terms of delivery

1286

-

Lieferbedingungen

Also called delivery terms. The terms of delivery specify the time, place, and mode of delivery of goods. Furthermore, they indicate whether the sender/consignor or the receiver/consignee shall pay the delivery charges, or whether the charge shall be divided between them. Who is to pay the charges is laid down in the delivery terms quoted in the sales contract between the two parties. The following are a few examples of terms of delivery as they may be used in domestic trade: 1. at present our delivery time is χ weeks; 2. delivery is to be made not later than ... or by χ May; 3. delivery can be effected within χ weeks or immediately after receipt of order; 4. please arrange the goods to be forwarded by air, rail, road, ship; 5. carriage forward (ie the consignee/receiver pays the delivery charge); 6. carriage paid (ie tne sender/consignor pays the delivery charge); 7. loco (ie the buyer has to bear the transport costs); 8. franco/free domicile (ie delivery free of any charge to the consignee's premises); 9. S and S = station to station (freight charges include the transport from one railway/ railroad station to another, but no cartage); etc. In foreign trade, there is a wide range of internationally recognized terms of delivery which not only determine the responsibilities of the buyer/importer and seller/exporter for the payment of the delivery charges/expenses involved but also establish the points at which the titles to the goods change hands. To overcome any difficulties in interpreting these terms used m foreign trade contracts, a set of international rules have been agreed by the member countries of the International Chamber of Commerce (ICC). These rules are known as Incoterms. Naturally, other terms do exist. terms of payment (ToP)

Zahlungsbedingungen, -modalitäten Zahlungsziele, -modalitäten

Also called payment terms. The conditions for paying something. The terms of payment specify the time of payment, the method of payment, and discounts, if any. The terms are negotiable between the contracting parties and may be laid down explicitly and in detail in the sales contract. Goods may be purchased on any of the following terms: 1. cash in advance (eia), 2. cash payment; 3. cash with order (CWO); 4. cash on delivery (COD); 5. prompt cash (payment within a few days); 6. monthly account; 7. spot cash (the buyer must pay for the goods when he/she takes possession of them); 8. hire-purchase terms; 9. credit terms (eg payment within 30 days); 10. cash against documents (CAD); 11. open account terms (settlement is made on the basis of statements of account sent by the supplier); 12. payment on receipt of goods, 13. payment by cheque/check or bill/draft, 14. payment by installment, 15. strictly net, 16. on invoice; 17. documents against payment (D/P); 18. documents against acceptance (D/A); 19. downpayment; 20. deferred payment; 21. credit card, etc. The payment methods in international trade, eg payment by letter of credit. terms of reference Also called tasks set.

Aufgabenstellung, Aufgabengebiet

- 1287 The framework under which a particular body or subcommittee works. terms of sale

Verkaufsbedingungen Preisforderung

The responsibilities of the buyer and seller in a sale, including: the conditions of a sale, such as the price, the seller's given time to pay an invoice, other special credit arrangements, guarantees, arrangements for return of goods, etc. Also called terms and conditions. The basic price asked for something offered for sale. Also called price asked or asking price. terms of trade (TOT, ToT, tot)

Terms of Trade (ToT), Austauschrelationen, (Verhältnis von Exportzu Importpreisen), Preisrelationen im Außenhandel

Often used incorrectly as the same as terms of sale. By the terms of trade we mean the quantity of another country's (eg GB) products which a nation (eg Germany) gets in exchange for a given quantity of its own products. territorial waters

Hoheitsgewässer

Also called home/national waters. Part of the offshore coast and sea over which a country exercises its rights, sovereignty and control. territory manager

Gebietsleiter/in

Also called area/regional manager or division area supervisor. A manager responsible for a particular area/territory within a company organization structure. He/she must analyse, plan, implement, ana control all sales activities within his/her sales area. tertiary sector

tertiärer Sektor, Dienstleistungsbereich, -sektor

Also called tertiary industry or service producing sector. A tertiary sector is a service industry. Unlike the primary sector (which produces raw materials) and the secondary sector (which manufactures products from raw materials), the tertiary sector provides services to industry or to the consumer. test case

Musterprozeß Testfall

In law, a legal action where the (judicial) decision/judg(e)ment will fix a principle which other cases can follow, thus making further legal actions unnecessary. Also called test action or model suit.

-

1288

-

In commerce, a test to find out if something is working well or is possible. test certifícate

Abnahme-, Prüfiingsbescheinigung

Also called certificate of acceptance or inspection certificate. A certificate issued after something has successfully passed a test. test marketing

Durchführung von lokalen Markttests

A well-established device to test the public accetability of a new product or the likely response to changes to existing products. Because the costs involved in a test marketing are only a fraction of the costs of a national campaign, this method provides a comparatively cheap way in which to detect defaults in tne product or its promotion and to correct mem. testament

Testament

Also called will or last will and testament. A formal document in which an individual states his/her intentions for the disposition of his/her property after his/her death. The person making the testament/will is called the testator (male) testatrix (female); the person(s) receiving the property are the beneficiaries/heirs/legatees. testator/testatrix

Erblasser/in, Vermächtnisgeber/in

The person who makes a will or testament. testimonial

(Führungs)Zeugnis, Referenz, Empfehlungsschreiben Anerkennungsschreiben Ehrenbankett, Festbankett

A certificate given by a qualified person bearing testimony to the character, qualifications, ability, conduct, credit etc. of another person. Also called reference, letter of reference or (letter of) recommendation. A letter appraising the qualities of a product or service. A public occasion when a person is hono(u)red for what he/she has done. Also called testimonial dinner. theft insurance

Diebstahlversicherung

Formerly called burglary insurance. An insurance policy providing compensation to the insured in the event of theft of property.

-

1289

-

In the event of theft, the insured has to notify the police, complete a claim form and to furnish to the insurer full details of the property lost, stolen or destroyed, with particulars of the value of the property at the date of purchase, and the present value. Before compensation is paid, the insurer will make allowance for depreciation. theories of taxation

Steuertheorien

Also called tax/taxation theories. There are three theories: 1. the benefit theory: taxes ought to be assessed as representing a payment for services provided by the state to individual members of the community; 2. the faculty theory: taxpayers ought to be taxed according to their ability to pay, ie the rich should be taxed more heavily; 3. the redistribution theory: taxes ought to be levied in such a way as to redistribute the nation's wealth, ie the rich should De taxed at a high rate. theory of comparative advantage

Gesetz des komparativen Vorteils

Also called law of comparative advantage, theory of absolute cost advantages or comparative cost theory. An economic theory stating that a person, business or nation should produce that good or service for which the costs of production are least, measured in terms of opportunity/alternative costs. Tnat means, for example, that if one country can produce a product relatively more efficiently than another country, it is beneficial to both countries for the first country to export that product to the other. theory of distribution

Verteilungs-, Distributionstheorie

The theories relating to the mechanism by which the national income is distributed between individuals and groups in the economy. theory of income determination

Einkommenstheorie

The theory describing the factors affecting national income. The total income of a country is dependent on the amount of real capital investment which depends on such factors as saving, consumption, interest rates, marginal efficiency of capital, expectations of entrepreneurs, etc. J. M. Keynes' economic theory in which aggregate/total demand is the decisive factor determining the level of real output, growth and employment. theory of market structure

Marktformenlehre

This theory distinguishes between markets according to their structural characteristics, in particular the number of buyers and sellers involved. Thus, market situations may be classified as follows: 1. perfect competition, 2. oligopoly, 3. oligopsony, 4. bilateral oligopoly, 5. monopoly, 6. monopsony, 7. bilateral monopoly, 8. duopoly, 9. duopsony.

-

theory of price determination

1290

-

Theorie der Preisbestimmung

The theory states that prices are determined by the point of intersection of demand and supply curves, since at this point the quantity supplied equals the quantity demanded ana hence there is no tendency for prices to alter/cnange. theory of value

Werttheorie

There are various theories of value. In general, explanations of what determines the value of different commodities. If defined in terms of money, value determines price. The two main notions of value are: 1. value is determined by the utility/satisfaction it gives a consumer and is reflected in the demand for it (ie high utility, high value); 2. value is determined by the cost of producing the commodity and is reflected by the supply of it (ie high cost, high value). The classical economists (eg Adam Smith, David Ricardo) determined the value of a commodity by its costs of production. The neoclassical economists (eg Alfred Marshall) of the late nineteenth century focused on the determinants of market price and concentrated on the utility of a commodity. According to Alfred Marshall (1842 - 1924; one of the chief founders of the school of neoclassical economists), tne market price was determined by the interaction of demand and supply. If value is taken to mean the determination of price, it depends on the relation between demand (based on marginal utility) and supply (based on the costs of production). thermal copier

Thermokopierer

Also called thermal-heat copier. The original and the copy paper (the thermal stencil) are fed into the copier once, taking only seconds to make a copy. thin market

begrenzter, enger Markt

Also called narrow/tight/weak market. An inactive market, ie a market in which there are few bids to buy and few offers to sell, or both. Prices in thin markets generally are more fluctuating than in markets with great liquidity. The term may be applied either to the market as a whole, or to a particular commodity or security. think tank

Denkfabrik

A group of experts who deal with the grand issues of science, society, technology, etc. third country

Drittland

A non-EU state. A country which is not a member of an economic union.

- 1291 third market

ungeregelter Freiverkehr (Bö) außerbörslicher Handel mit börsennotierten Aktien, Börsendrittmarkt

A stock exchange term. A market for securities too speculative even for the regulated over-the-counter (OTC) market. The securities are traded outside the usual exchange, ie they are traded privately between brokers and clients. Also called offboard trading, inter-broker market or unregulated over-the-counter (OTC) trading. A market in which listed/quoted securities are bought and sold privately. Note: most company takeovers are third market transactions. third of exchange

Wechseldrittausfertigung

The original bill of exchange (B/E) is called First of Exchange. There may be two more copies of this, the Second of Exchange and the Third of Exchange. The wording of one copy is, for example, "Ninety days after sight of this Second of Exchange, First and Third of the same date and tenor (exact copy) unpaid", whilst the wording of the third copy is "Ninety days after sight of this Third o f Exchange, First and Second... unpaid". The three bills of exchange therefore exclude one another. If one has been accepted or paid the other two are null and void. The drawee accepts or pays only the bill wnich is first presented to him/her. third party (TP)

Dritte/r, dritte Person

Any person who is not one of the two main persons (the principal parties) involved in an agreement, contract, transaction, etc. For example, a person who is not a party to a contract (but who may be affected by the actions of the contracting parties). third party liability insurance

Haftpflichtversicherung

Also called third party cover/insurance or personal/legal/public liability insurance. An insurance policy which covers liability incurred by the insured (the first party) to any other party (the third party) but excluding contract/contractual liability. Note: the insurer/insurance company is the second party. third party motor insurance

Kfz-Haftpflichtversicherung

Also called third party cover/automobile insurance, motor vehicle liability insurance, motor third party liability, or motor/automobile insurance. Motor insurance cover providing compensation for injury to third parties and damage to their property. Motor insurance is compulsory; but it is the user of the car, not the driver, who must be covered by insurance. Insurers offer alternative kinds of policies, according to the extent of the cover required by the proposer/applicant. For example: third party, fire and theft cover (this covers liabilities to third parties plus damage or loss to the policyholder's own car from fire or theft) - this is a kind of part comprehensive cover; full comprehensive cover (this covers loss or damage to the insured's own car and liability to third parties, both for injury and for property damage).

-

1292

-

third quarter

drittes Quartal

The time period from July 1 to September 30. Third World

Dritte Welt

These are the less developed countries (LDCs) and are made up of countries that need time and technology, rather than massive foreign aid/assistance, to build modern, developed economies. Threadneedle Street

Bankbezirk in London

The financial area of London, including the Bank of England (the Old Lady of Threadneedle Street). three Ls

drei Ls

The abbreviations for luxury, leisure, and longevity/long life. These three factors are confronting a society after a period of long-lasting economic growth. threshold country

Schwellenland

Also called newly industrializing country (NIC). A country which is not a less developed country (LDC) anymore but which is still below the development level of highly industrialized countries. threshold price

Schwellenpreis, Eingangs-, Einschleusungspreis

Under the Common Agricultural Policy (CAP) of the EU, the lowest price for imports (eg grain, rice, sugar, milk, etc.) from outside the Union. It is the price necessary to bring the price of imports into line with the target price so that these imports cannot compete with any price advantage. thrift account

Sparkonto (USA)

In the US a savings account or special interest account. throughput economy

Durchflußwirtschaft

An economy in which resources are continuously used up without replacement or recycling. throwaway

Reklame-, Werbe-, Handzettel

Also called broadsheet, dodger, flier/flyer, handbill, or leaflet.

-

1293

-

A single sheet of paper imprinted with an advertising message or announcement of a special sale or event. Frequently, they are distributed by hand on the street, left on parked cars or they are left on counters in hotels, shops/stores, etc. for customers to pick up while shopping. ticker

(Börsen)Ticker

Also called stock ticker. A device which immediately transmitted a running report of trading activity, quotations and other news on the stock exchange. Today, the ticker has been replaced by the computer. ticket

Fahrkarte, Flugticket, Eintrittskarte Etikett Strafmandat

A small piece of paper giving permission to the person to travel on a passenger transport mode or to enter a cinema/movie, theater, sports ground, etc. A small piece of paper or plastic showing the price of a commodity in a shop/store. Also called label or tag. A summons issued for a traffic or parking violation. ticket agency

Fahrkarten-, Vorverkaufsstelle

A shop/store which sells tickets, eg bus, train or theater tickets. tickler

Terminkalender Fälligkeitsliste

A memorandum pad (memo pad) serving to remind one of appointments, etc. Also called appointment book/diary/schedule, engagement book or desk calendar. A list showing the due/maturity dates of financial or other obligations. Also called maturity tickler. tickler file

Terminablage

A chronological collection of documents, eg invoices, used to remind someone to make timely payments or perform certain tasks in time. tie in sale

Kopplungsgeschäft, -verkauf

Also called tie-in transaction. A sale in which the buyer contracts to purchase some extra, often unwanted, item in addition to the required goods or services as one product or service cannot be bought without the other.

-

1294

-

tied aid

gebundene Entwicklungshilfe

Also called tied assistance or procurement tying. Financial aid given by a developed country, DC (the donor country) to a less developed country, LDC (the donee/recipient country). It is practice of donor countries to tie tneir aid in two ways: first, the aid is given on condition that it is spent in the donor country; second, the aid is tied to a particular project which is to be supplied by the donor country. By tying aid the donor may win additional export orders, expand his markets and increase employment or decrease unemployment, etc. tied credit/loan

gebundene/r/s Kredit/Darlehen

Also called direct credit/loan. A loan which obliges the borrower to use the proceeds for a very specific purchase. A loan from one country (the lender) to another (the borrower) whereby the borrower is bound to spend the proceeds of the loan only in the loan-making country. tight monetary policy

kontraktive/restriktive Geldpolitik, Politik des teuren Geldes

Also called tight money policy or monetary restraint. A policy exercised by the monetary authorities (usually the central bank) to restrict money supply. Interest rates are very high and credits are difficult to obtain. tight money

knappes, teures Geld

Also called dear money. An economic condition in which credit (ie money) is difficult to obtain, usually as a result of central bank action to reduce the money supply in an attempt to curtail economic activity. Funds therefore become scarce and interest rates are thus high. till

Ladenkasse Geldkassette

The money drawer in a shop's/store's cash register. Also called cash desk/till. A box in which money is kept. Also called money box. till money

Kassenbestand Bargeld einer Bank Tageseinnahmen (GB)

Money kept in the cash register/till of a business. Also called counter money, cash (balance), cash in/on hand, cash assets/holdings, or money in cash/hand. A bank's cash, ie money in banknotes and coin.

-

1295 -

In GB, the total cash taken during a day by a business, especially a retail shop/store. Also called takings. time charter (T/C)

Zeitcharter

A ship or aircraft charter which lasts for an agreed period of time. Charter parties can be voyage charters and time charters. time clock

Stechuhr

Also called punching clock, time stamping clock or attendance/time recorder. A clock that records employees' exact time of arrival (clocking-in/on) and departure (clocking-off/out) so that the manager can see at a glance who has arrived punctually at, or before, the time when work begins or who has gone away before working time ends. The time of attendance is recorded by punching the clock and thereby stamping the times on clock/time cards. time deposit

Festgeld, Termineinlage

In GB called fixed deposit. In banking, an interest-bearing deposit of money for a fixed time period, during which it cannot be withdrawn without penalty interest. time draft

Nachsicht-, Zielwechsel

Also called time bill. A bill/draft payable at a specified time after acceptance. time lag

Wirkungsverzögerung, zeitliche Verzögerung

Also called operational lag. The delay between the occurrence of an event and its effects on the company or economy. In other words, a time period which elapses before the effect of an action, eg an interest rate cut or a tax decrease or increase, becomes apparent. time limit

Frist, Zeitlimit Termin

The period of time, eg as provided by the contract, during which something should be done or completed. Also called time allowed/span. The date by which something has to be done. Also called appointed day/time, deadline or target date.

-

time of delivery

1296

-

Liefertermin, Lieferfrist, Lieferzeit

Also called delivery time. The date on which or the period within which something will or has to be delivered. In the performance of a sales contract, the seller must have the goods ready for collection or deliver them at the time fixed in the contract. If no time is fixed he/she must have them ready for collection or deliver them within a reasonable time. If he/she fails to do so, the buyer may refuse to accept delivery. The buyer may, however, give the seller further time for delivery. time order

zeitlich begrenzter Auftrag (Bö)

A stock exchange term indicating an order which becomes a market order (ie order to buy or sell at best) or limited price order at a specified time. time policy

Zeitversicherungspolice, zeitlich befristete Versicherungspolice

In (marine) insurance, a policy effected for a specified period of time, eg from noon, 3 May, to noon, 7 September. time preference

Zeitpräferenz

The relative evaluation of present versus future goods. According to the Austrian economist Eugen von Böhm-Bawerk (1851-1914), most individuals value present consumption more highly than future consumption ana prefer a sum of money now to an equal amount at a later date (when interest rates are low) but are more willing to save wnen interest rates are high. time rate

Zeitlohn

Also called day/time wage/timework rate, time-related payment or time rate payment. The simplest method of paying labo(u)r is in relation to the time worked. An employee is paid by the amount o f time spent at work, eg he/she is paid per hour, week, month or even per year. time study

Arbeitszeitstudie, Zeitstudie

Also called work measurement or work time study. A work measurement technique for recording the time it takes people to perform a specified job or subdivisions or elements thereof under specified conditions to obtain the time necessary for a worker to do a job in a prescribed manner, under standard conditions and at a defined level of performance.

- 1297 time(s) covered

Verhältnis Gewinn/Dividende, Deckung einer Dividendenausschüttung durch die Gewinne des Unternehmens

Also called dividend cover or earnings-dividend ratio. The amount of money a public limited company(GB)/(stock) corporation (US) has available for distribution as dividend to shareholders/stockholders is termed cover and this is divided by the amount acutally distributed. Thus the term "times covered" indicates how many times the dividend actually paid to shareholders/stockholders was covered by the net profits earned (ie after tax"). If the result is one or more, the dividend is that number of times covered. If the result is less than one, the dividend is uncovered. A negative result is unusual, and is taken as a sign that the company is in difficulties. time-price doctrine

Auffassung, daß Kreditkäufe teurer sein dürfen als Barkäufe

The idea that a higher price may be charged for things bought on credit than for the same things paid for in cash (this is a way for sellers to get around usury laws). times earnings ratio

Kurs-Gewinn-Verhältnis (KGV)

Also called price earnings ratio (p/e ratio, PER, P/E) or price earnings multiple. The current market price of a share/stock divided by its earnings per share/stock. For example, a share/stock selling for £/$ 20 that has earned £/$ 1 has a P/E of 20; if the same share/stock had earnings of £/$ 2, the P/E would be 10. The P/E gives investors an idea of how much they are paying for a company's earning power. The higher the P/E, the more investors are paying, and therefore the more earnings growth they are expecting. timesharing/time sharing

Zeitteilung, Time-Sharing, Jobsharing Benutzung von TimeshareEigentum Computerbenutzung mehrerer Anwender

In personnel management, a full-time job shared by two (or more) people, each performing the same function, but working at different times. Also called job sharing. The use of a property for a time period each year, or for several times over some years as agreed, by persons owning shares/stocks in it. Time sharing is most commonly applied to resort and holiday/vacation properties, but may be useafor other properties. The use of a computer by two or more users at the same time (from their individual terminals). timetable

Zeitplan

A tabular statement of the times at which certain things will occur or are scheduled to occur, eg the departure of a plane.

-

1298

tip

-

Trinkgeld Tip, Hinweis, Wink Müllabladeplatz

Money given to someone feg a waiter or waitress) who has rendered a service, over and above the bill. Also called (staff) gratuity. A useful piece of advice that helps you do or understand something or a piece of information about what may happen passed to someone who is interested. Also called hint or pointer. Place where rubbish is put. Also called refuse dump or dumping ground. tip sheet

Börsenzeitung für Investoren

A newspaper or magazine which gives information on/about securities which should be held, bought or sold. title

Rechtsanspruch Eigentumsurkunde Titel, Bezeichnung Titel (Buch, Film, etc)

A legal claim or right. Also called legal entitlement/title or jurisdictional claim. A document certifying legal ownership in something including the right to sell it. Someone who has title to something owns it though he/she may not possess it. Also called deed of ownership or title certificate/deed. A word put in front of somebody's name to show his/her position, rank or work, eg Professor, Export Manager, etc. The name of a specific publication, book, film, play, etc. title deed

Eigentums-, Grundstücksurkunde

Also called deed of ownership, title certificate or title. A legal document which gives somebody the title to land or property. Someone who has title to something owns it though he/she may not possess it. title defect

Mangel im Eigentum

Also called cloud on title or clouded title. A resolved claim or other condition (eg ownership has not been recorded properly) against the ownership of land or property which prevents presentation of a marketable title.

-

1299

-

token

Beweis Andenken, Souvenir Gutschein

Something offered or taken as evidence or proof. A souvenir, ie a usually small and relatively inexpensive article given or kept as a reminder of a place visited, an event, etc. Also called souvenir. A card bought in a shop/store, used instead of money and given as a present which must be exchanged in that shop for goods, eg a book, flower or gift token. Also called coupon or voucher. token coin

Scheidemünze

Also called base/divisional/fractional/subsidiary coin. Our coins today have only a "token" value, that is to say their face/nominal value far exceeds their metal value. token payment

Draufgabe Draufgeld erste Ratenzahlung, kleine Teilzahlung symbolische Zahlung

The extra quantity granted to the quantity agreed in the sales contract. Also called bargain money. When making a contract, the amount of money given by a buyer to a seller to bind a bargain made orally. Also called earnest/token money. An initial payment of a small part of an amount owed to show that one agrees to pay the whole amount. Also called first/initial installment or part(ial) payment. A small payment requested to show that something is not given away free of charge. token strike

Warnstreik

Also called demonstration/protest/spontaneous/warning strike. A short stoppage of work, eg a one-day strike, to indicate the attitude and strength of trade/labor union members in an industrial dispute. The strike may be official or unofficial, local or national and is a warning to employers that a real strike may take place. tolerance

Toleranz, Spielraum Tolerierung, Duldung

The standard or limit within which a measurement should fall. The zone of acceptability is bounded by upper and lower limits. Also called deviation. The readiness to allow something to be done although one does not like it or endure somebody or something one does not like. Also called toleration.

-

1300

toll

-

Straßen-, Brückenbenutzungsgebühr, Maut Fernsprechgebühr (USA)

A charge made at a tollgate for using certain roads (toll-roads, toll-ways, turnpike roads), bridges (toll bridges) or tunnels. In the USA, a charge made for a toll/long distance/trunk call. A toll charge meter/callcharge indicator records the number of call charge units. ton/tonne (t)

Tonne

A measure of weight. The shipping measures are as follows: 1 register ton = 100 cubic feet = 2,831 m 1 freight ton (measurement or shipping ton) = GB 40 cubic feet (US also 42 cubic feet) = 1,133 m 3 (1,189 m 3 ). 1 displacement ton = 35 cubic feet = 0,991 m . A metric tonne = 1000 kg. A US tonne = 2000 lbs. An imperial tonne = 2400 lbs (GB). tonnage

Frachtraum (Schiff) Tonnage, Tragfähigkeit Gesamtschiffsraum Tonnengebühr Gesamtproduktion (in Tonnen)

The space available inside a ship in tons (each ton = 100 cubic feet). Also called freight tonnage or (cargo) hold. The amount of cargo a ship can actually cany (each ton = 40 cubic feet). Also called carrying/load capacity. All the ships belonging to a country or company measured in tons (each ton = 1 0 0 cubic feet). The money amount paid for cargo per ton (each ton = 40 cubic feet). A company's total production measured in tons. top management

Topop-Management, Unternehmens-, Führungsspitze, obere FührungsFiinn kräfte, oberste Leitungsebene

The top level of an administrative hierarchy. The top managers/senior executives of a modern business formulate the policies, decide upon tne organization structure, and coordinate finance, production and distribution. They are accountable for the achievement of the company objectives for which they have delegated responsibility and authority.

-

1301

topout

-

Spitzenbedarf, Spitzennachfrage

Also called peak demand. The peak period of demand for a product or service, after which demand decreases. tort

unerlaubte Handlung

Also called civil wrong or tortious/wrongful act. An offense infringing some individual right, not a crime or a breach of contract. Examples are negligence, libel and trespass on property. The wronged person may get damages from the tortfeasor/tortfeaser. total

Gesamtbetrag, (Gesamtsumme

Also called grand/sum total or total amount. The sum after adding everything up, eg if you add 3 + 5, the total is 8. total and permanent disability

vollständige und dauernde Arbeits-/ Erwerbuniahigkeit, Vollinvalidität

Also called complete/total disablement or total disability/incapacity. Complete inability to work with no prospect of improvement or recovery. The person is held to be unable to ever resume work in the occupation for which he/she is qualified. total assets

Gesamtvermögen, Summe der Aktiva, Bilanzsumme

The total book value of all assets. total cost(s) (TC)

Gesamtkosten

Also called overall cost(s) or total outlay. The total costs of a firm consist of total fixed cost(s) plus total variable cost(s). It is an assumption of perfect competition that total costs include normal profit, that is, a return to the entrepreneur which is sufficient to keep him/her in business. Total costs will always rise as output rises. total gross income

Bruttoeinkünfte

A person's income from all sources before any deductions are made.

-

1302

total loss (T/L)

-

Gesamt-, Totalschaden, Gesamt-, Totalverlust

The subject matter of the insurance contract is totally destroyed and cannot be repaired or rebuilt to equal its condition prior to the loss. The insured can recover no more and no less than its financial value at the time and place of loss. Note: 1. in marine insurance, total loss may be either actual or constructive, 2. the policy excludes payments for general average (G/A). total price

Gesamtpreis

The total amount payable for a product or service. The total sum payable by the buyer under a hire purchase/deferred payment contract. total revenue (TR)

Gesamtumsatzerlös Gesamtsteueraufkommen

The total receipts of a company from the sale of a particular output, ie the price per unit multiplied oy the quantity sold (TR = price χ quantity sold). A country's total tax collections. Also called total tax revenue/yield. total utility

Gesamtnutzen

This is the total satisfaction we derive from the possession of a commodity. Usually total utility will continue to rise as we acquire more and more of the same goods. But there mignt come a point with many commodities where total utility has reached a maximum and a further supply will have not further positive effect. totalitarism

Totalitarismus

A political system characterized by the absence of widespread participation in decisionmaking, which is restricted to only a few individuals. tourism

Fremdenverkehr, Tourismus

A tertiary industry catering for individuals travelling within their own country or overseas. Today, tourism is an important source of mcome and employment. For some countries, tourism is a valuable source of export income. tourist baggage insurance

Reisegepäckversicherung

Also called baggage (US)/luggage insurance. Insurance coverage for personal belongings of a tourist, such as apparel, toilet articles, photography equipment, watches, jewelry, laptops, etc.

-

1303

towage

-

Bugsiergebühr, Schlepplohn Abschleppgebühr

The amount charged for towing a ship by tugboat/tug into or out of a port. Also called tug charge. The amount charged for towing cars. Also called towage charge. town clearing

Platzgiroverkehr, Town Clearing

The clearing of cheques/checks paid into and drawn on banks in a town. trade

Handel Handelsware Beruf Branche, Wirtschaftszweig Handwerk Kundschaft Außenhandel Geschäft (USA) Naturaltausch Aktien-, Wertpapierhandel

The business of buying and selling commodities or services. Also called commerce. Stuff, material or commodities for buying or selling. Also called merchandise. An occupation or employment. Also called profession. A sector of the economy or a particular branch of commercial activity. Also called industry, line or (line of) business. A manual occupation that requires particular training and a high degree of skill. Also called craft. A firm's customers. Also clientele or custom. Trade with other countries. Also called foreign/overseas trade. In the USA, a bargain. Also called deal or transaction. The exchange of goods and services without the use of money. Also called barter. The buying or selling of securities. Also called securities dealings/trading/transactions or stockbroking. trade acceptance

Handelsakzept, Handels-, Warenwechsel Außenhandelsakzept

Also called accepted bill (of exchange). A bill/draft drawn on the buyer (the drawee), payable at a future date, that is accepted by the drawee. This acknowledges his/her legal obligation to pay on the stated future date. The trade acceptance is only as good as the buyer's credit. Also called commercial/commodity/mercantile/trade bill.

-

1304

-

A bill/draft drawn by an exporter (the seller) on an importer (the buyer) which has been accepted by that importer. The importer obliges himself/herself to pay the face amount of the bill at/on some future date. trade agreement

Handelsabkommen, -Vereinbarung Tarifvertrag

An agreement made by two (bilateral agreement) or more countries (multilateral agreement) concerning the supply of goods and services. Also called commercial agreement/treaty. An agreement between employers and trade/labor union(s) or employees on wages, conditions of employment, etc, arrived at by collective bargaining. Also called collective/pay/wage agreement or labor contract (US). trade association (TA)

Fach-, Unternehmer, Wirtschaftsverband

Also called employers' association. A group of firms in the same trade formed to represent, safeguard and promote their mutual interests at all levels. It acts as a pressure group on behalf of the member firms. trade balance

Handelsbilanz

Also called balance of trade/visibles/merchandise trade or merchandise/visible balance. The difference in the money value between the total exports and imports of visibles of a counùy over a period of time. The trade balance may be favo(u)rable or u n f a v o u r a b l e as exports are greater or less than imports. See balance of trade. trade barriers

Handelsschranken, -barrieren

Government measures applied to prevent imports and thus protect the domestic/home market. trade bill

Handelswechsel, Warenwechsel

Also called trade acceptance or commercial/commodity/mercantile bill. A bill of exchange (B/E) between traders, payable at a future date, and drawn to finance trade or otner commercial or production activities. It has been accepted by a business (the drawee). This acknowledges his legal obligation to pay when the bill falls due/matures. A trade bill is an instrument of short-term credit; if the creditor wants cash now, he can discount the bill. The value and acceptability of the bill depends upon the (credit) standing of the accepting trader. trade credit Also called commodity/supplier credit.

Handels-, Waren-, Lieferantenkredit

-

1305

-

The facility by which a company which purchases goods is allowed to delay/postpone payment for the goods it has bought. The buyer does not pay as soon as the goods are delivered but pays in arrears, ie he/she is in effect receiving a loan from his/her supplier/seller. During inflation it is profitable to delay the payment of creditors, and, of course, the money acquired in this way does not bear interest. trade creditor

Handels-, Waren-, Lieferantengläubiger/in, Gläubiger/in aus Lieferungen und Leistungen

A person or firm who is owed money by another person or firm for having supplied goods to them. trade creditors

Lieferantenverbindlichkeiten, Kreditoren, Verbindlichkeiten aus Lieferungen und Leistungen

Also called trade accounts payable (US), accounts payable - trade, accounts payable for goods and services, or payables (US). Accounts payable arising from the purchase of goods or services, ie amounts owed to sellers/suppliers. In accounting, trade creditors is/are a liability account which is transferred to the balance sheet at the end of the business year. trade cycle

Konjunkturzyklus, Konjunkturphase

Also called business/economic/boom-slump cycle. The fluctuations of economic activity between boom and slump, the period between the booms being on an average five years. The business/trade cycle is characterized by: a decline from boom to slump followed by a period of depression (the downward part lasts on average some four and a half years), followed by a slow recovery (lasting about three and a naif years). trade day

Schlußtag (Bö)

Also called trading day. On the stock or commodity exchange, the date an order is executed to buy or sell securities or commodities. This is not the settlement date on which payment or delivery are due. trade debtor

Handelsschuldner/in

A person or firm owing money to suppliers of goods or services.

- 1306 trade debtors

Forderungen aus Lieferungen und Leistungen, Debitoren

Also called trade accounts receivable (US), accounts receivable - trade, accounts receivable from sales and services, customers' accounts, outstanding trade debts, or receivables (US). Accounts receivable arising from the sale of goods or services, ie amounts owing to a business. In accounting, trade debtors is/are an asset account which is transferred to the balance sheet at the end of the business year. trade deficit

Handelsdefizit, (Außen)Handelsbilanzdefizit, passive Handelsbilanz

Also called trade gap, deficit on merchandise trade, or adverse/negative/unfavo(u)rable trade balance. An unfavorable/negative/adverse trade balance. This means that, over a given period of, say, a month or a year, the value of a country's visible imports exceeds the value of its visible exports. An adverse/negative trade balance can be corrected by increasing export earnings and/or reducing the amount spent on imports. Trade Descriptions Act (TDA)

Gesetz über Warenbeschreibung/ wahrheitsgemäße Angaben auf Waren una Verpackung (GB)

In GB, a law stating that any information given about a product or service in advertisements or on packaging must be true and clear. Thus, this Act makes false and misleading statements about goods (eg labels on packets must give a true description of the contents) and services and uie use of a trademark registered by another firm illegal. For example, it is an offense to pretend to lower prices by crossing out high prices which were not charged for at least a certain number of days. This Act lays down heavy penalties for traders who deceive the public. trade directory

Branchen-, Firmenverzeichnis, Bezugsquellennachweis

Also called trade register or Yellow Pages. A publication or database giving the names and addresses of companies operating in a particular field. trade discount

Nachlaß (vom Listenpreis) Händlerrabatt, Wiederverkäuferrabatt Nachlaß über 2 % Skonto, Rabatt

A deduction made by a manufacturer or wholesaler from list prices which represents the retailer's gross profit margin. That is, the difference between the retailer's buying price and his/her selling price, ie his/her markup. Also called functional discount. A reduction in the normal selling price of goods given to a person or firm who will resell the goods.

-

1307

-

Any deduction of more than 2 % from the price offered to customers. The size of the discount may depend on the size of the order, the importance of the customer, etc. Also called rebate. trade dispute

Gewerkschaftsauseinandersetzung Handelsstreit

A dispute/conflict between employees and employers or their representatives which relates wholly or mainly to matters such as working conditions, employment, dismissal, allocation of work, recognition, pay, etc. The dispute may be evidenced by a withdrawal from work, or by a paper dispute. An actual strike is not necessary. Also called industrial conflict/dispute or labo(u)r dispute/struggle. A disagreement between two or more countries concerning trade matters, eg balance of trade problems, sometimes escalating into a trade war (eg between the USA and the European Union), which has two mam fronts: 1. protectionism (eg quotas, tariffs, etc.) and 2. competitive devaluation (note: both aim to increase exports while reducing imports). trade embargo

Handelsembargo

A government regulation about imports and exports. The export of certain goods from a country might be prohibited; more likely, however, the import of certain goods might be prohibited or the import of goods from certain countries might be prohibited for political reasons. trade fair

Fachmesse, Fachausstellung

Also called trade exhibition/show. A place where a firm can promote a particular product or range of products to a very receptive audience of visitors, who usually come with the firm intention of placing orders. Furthermore one can find out what one's competitors are offering. trade imbalance

(AußeniHandelsungleichgewicht (Außen)Handelsdefizit

The imbalance between the visible imports and visible exports of a country. A situation where a country" s visible imports exceed its visible exports. Also called trade deficit or adverse/unfavorable trade balance. trade-in

Inzahlungnahme, in Zahlung gegebener Gegenstand

Also called part exchange (GB). A commodity or an old asset exchanged in part consideration or part payment of a purchase of new goods or a new asset, eg if you buy a new car your old car will be accepted as a trade-in.

- 1308 Fachzeitschrift

trade journal

Also called trade magazine or professional (eg medical)/technical journal. Publications dealing with business or other professional subjects. Handelsliberalisierung

trade liberalization

The lowering or elimination of tariffs and nontariff trade barriers between countries as a result of trade negotiations among such countries. Handelsmission

trade mission Also called commercial mission.

A group of businesspeop!le who make a short visit to another country to establish and develop trade between tn(e two countries. trade policy

Außenhandels-, Handelspolitik

Also called external policy or foreign trade policy. All measures taken by a government to control exports and imports (foreign trade) of oods and services. In general, governments tend to promote exports (for example by ìe payment of export subsidies, government export financing, export credit insurance, etc.) because they provide foreign exchange, and to restrict imports (eg by imposing import duties) because they incur an outflow of foreign exchange.

§

trade price

Großhandels-, Wiederverkäuferpreis

Also called resale/wholesale price. The price of a commodity charged by a wholesaler or any other reseller. trade reference

Firmenreferenz, Handelsauskunft

A company seeking credit terms from a supplier may be asked for a trade reference, ie to furnish another supplier's name with whom he has dealt previously and who is willing to comment on nis creditworthiness. trade sanctions

Wirtschaftssanktionen

The application of bans, boycotts, embargos, or trade restrictions on a country having broken international agreements or laws. trade secret

Betriebs-, Geschäftsgeheimnis

Also called business/industrial/operational secret. A particular knowledge, eg the process of making a product, known only to the company and to no one else. It should not be told to others without the firm's permission.

-

trade surplus

1309

-

Außenhandels-, Handelsbilanzüberschuß

Also called balance of trade surplus or surplus on visibles. An excess of visible exports over visible imports, resulting in a positive balance of trade/trade balance. trade tax

Gewerbesteuer

Also called (local) business tax. A tax imposed/levied on any business enterprise by the local authority/municipality in whose local authority area the business is located. trade terms

Verkaufsbedingungen Handelsbedingungen Incoterms

The responsibilities of the buyer and seller in a sale, including: the conditions of a sale, price, the buyer's given time to pay an invoice, other special credit arrangements, guarantees, arrangement for return of goods, etc. Also called terms of sale. A scale of discounts granted by a wholesaler to retailers. A phrase often used is: "please supply at best trade terms", that is, at lowest prices and highest discounts. Also called terms of trade. The incoterms. trade union (TU)

Gewerkschaft (GB)

Also called union, labor union (US) or rarely labor organization (US). The trade union movement emerged in the early years of the 19th century. Trade/labor unions are combinations of employees formed for the purpose of collectively bargaining with employers. They follow the old adage/proverb of "united we stand, divided we Fall". The main aims of unions include: 1. improvement of working conditions; 2. education, social and legal benefits; 3 . improvement of standards of work; 4. increase in pay by collective bargaining; 5. cooperation with the government on economic policy; 6. full employment; 7. security of employment; 8. industrial democracy, etc. There are six mam types of union: 1. the craft union, 2. the general union, 3. the industrial union, 4. the white-collar union, 5. the company union, 6. the occupational union. At the top of the union movement is the Trades Union Congress, TUC (GB) and the American Federation of Labor-Congress of Industrial Organizations, AFL-CIO (USA). trade union dues

Gewerkschaftsbeiträge

Also called trade/labor union contributions or union dues/contributions/fees/subscriptions. The amount of money a trade/labor union member (the unionist) regularly pays to his/ her union.

- 1310 Sometimes there is a checkoff arrangement, ie employers deduct union dues from the wages or salaries of unionsts and transfer them to the union(s) concernced. trade usage

Handelsbrauch, Usance

Also called commercial custom/practice/usage or usage of the market. A well-established custom of a particular trade or industry which governs the rights and duties of the parties dealing in that environment. trade war

Handelskrieg

A conflict between nations on trade matters. trade weighted exchange rate

gewogener Außenwert einer Wähning, nach Handelsvolumen gewichteter Wechselkurs

Also called trade weighted revaluation rate. The external value of a currency expressed by its value in terms of a large number of currencies, ie there are many different external values (eg the value of the yen may fall against the US dollar, but rise against the Swiss franc, and so on). If a single figure measuring the external value of a currency is required, one must use an index comprising the most important foreign currencies (the hard currencies). The average of all external values of a particular currency (eg the yen) is set equal to 100, and changes are expressed as percentages (eg the value of the yen expressed in terms of a currency index is 120, this means that it nas increased by 20 % on the base year). But as this increase is an average, it may mask sharper rises in terms of several currencies, which are offset by falls or smaller rises in other currencies. To reflect the relative importance of the component currencies, a weighted currency index is used. To determine the weights one calculates them on the basis of the percentage shares of external trade denominated in a particular foreign currency in the total value of foreign trade of the country whose currency is being measured. traded option

handelbare Option

Options which can be bought or sold throughout their life, and exercised by the eventual holder at their expiry/expiration date. trademark/trade mark (TM)

Warenzeichen, Handelsmarke

A unique name (the tradename), symbol, logo, etc., registered in the trademark register for the exclusive use of one firm to distinguish its products from all others (identified by the symbol ® for registered). A trademark is given legal protection and thus is protected from infringement by competitors. But TMs also protect the public because consumers who bought a particular product can usually feel confident that they received the product they desired. A trademark normally has to be registered separately in each country where it is used.

- 1311 tradename/trade name (TN)

Markenname Handelsname Firmenname Firmenzeichen

A name applied to a product supplied by one company that does not have the exclusive character of a trademark. Also called brand name. The name by which an article is known to the trade. The name under which a business advertises, operates and sells its product(s). A name can be registered if there is not already a similar company with a similar name operating. Registration prevents other companies from using the same, or similar, names and ensures that tne owner of a business can be located if, for example, one of its products causes harm to someone. Also called business/company/corporate/firm name. A trademark that is used to identify a product. Also called logo. Note: it is wise to pick a short, easy-to-remember name. tradeoff

Tradeoff, Austauschbeziehung

This means that activities which provide benefits also incur disadvantages and vice versa, or the exchange of one benefit at the sacrifice of another. trader

Geschäftsmann, -frau, Händler/in, Kaufmann, Kauffrau Händler/in, Handeltreibende/r Außenhändler/in Wertpapierhändler/in Handelsschiff

A person whose business is to buy and sell goods with his/her own money and for his/her own profit, often a shopkeeper/storekeeper. Also called tradesman, businessman or businesswoman. In general, a person who trades. Also called merchant. A person whose job is to buy and sell products in large quantities, especially by trading with other countries. Also called foreign trader or merchant. In the USA, a trader/dealer in securities. A merchant ship. Trades Union Congress (TUC)

TUC, britischer Gewerkschaftsdachverband

An association of representatives of British trade unions. The TUC was founded in 1868 and is the national center of the trade union movement in Britain. Its objectives are to promote the interests of its affiliated organizations and to improve the economic and social conditions of working people. The TUC deals with all general questions which concern trade unions both nationally and internationally, gives assistance on questions relating to particular trades/industries and participates in discussions relating to the national economy.

- 1312

Handel

trading

(Börsen)Handel/Verkehr Also called dealing. The business of buying and selling goods and services. The amount of business done in a certain period. On the stock exchange, the business of buying and selling securities. Handelsblock

trading bloc Also called trade block.

Countries which form themselves into groups in order to encourage trade between them and to promote more uniformity in economic affairs, eg the North American Free Trade Area (NAFTA). Handels-, Einzelhandelsbetrieb

trading business Also called retail business/establishment.

A business organized for the primary purpose of selling a product or a group of products, usually to the final/ultimate consumer. Gewerbegenehmigung, -schein

trading certificate

Also called certificate to commence business of trading. A certificate issued by the registrar to a company allowing it to begin/commence to trade. Transaktionswährung

trading currency Also called transactions currency.

A currency (eg the USD) in which international trade is invoiced. Industriegebiet, Gewerbegebiet Geschäftsviertel, Einkaufszentrum

trading estate

Area of land, usually outside a town, set aside for commerce and industry. Also called industrial estate/park. A shopping center. trading

floor

Also called floor. The trading area of any stock exchange.

Börsenparkett, Börsensaal

-

1313 -

trading partner

Handelspartner

Also called trading party. A firm or country trading with another, usually by preference or from experience etc. trading post

Börsenstand

Also called trading pitch. A miniature market place on the floor of a stock exchange where particular securities are bought and sold. trading profit

Betriebsgewinn, -Überschuß, " ' ' ' gebnis

The profit/surplus earned from normal business transactions, ie the difference between operating revenue/income and operating expenses/costs in the main commercial activities of the firm in a given period, usually a year. Also called earnings from operations, earned surplus or operating profit. On the stock exchange, the profit made by speculation. Also called speculative gain/ profit. trading stamp

Rabattmarke

Also called discount ticket. Special stamps given by traders to customers at so many per pound, dollar, franc, euro, etc spent. The trader uses them as means of increasing sales and the customer saves them and later exchanges them either for cash (the cash redemption value must be shown on the stamp) or for goods. Trading stamps are thus a kind of discount. trading unit

Börsenschlußeinheit, Kontraktgröße

Also called lot, round lot or unit. Minimum number or amount of securities or commodities accepted for ordinary trading on a stock or commodity exchange. traditional economy

klassische, traditionelle Wirtschaft

An economy mainly dependent upon agriculture. An economy dominated by methods and techniques that enjoy strong social support even though they may be out of date.

-

1314

-

traffic

Verkehrsaufkommen Verkehr (Güter, Personen) jede wirtschaftliche Tätigkeit Handel Kundenverkehr, Besucherfluß Markt

The amount of vehicles moving alone roads, or the amount of airplanes, trains or ships moving along a route. Also called traffic volume or total traffic. The business of transporting passengers or cargo/freight by railway/railroad, road, water or air. Any commercial activity. Also called commerce. Any trade, usually illegal. The total number of persons who enter a shop/store or the total number of persons or cars who pass the frontage of the shop/store whether they enter or not. Also called customer traffic. Traffic in the meaning of market, especially in the phrase "take what the traffic will bear". traffic department

Versandabteilung Warenauslieferungsabteilung eines Warenhauses Terminabteilung (Werbimg)

The traffic department is charged with handling all matters dealing with outgoing shipments. To obtain economical and reliable shipping, it selects the type of shipping service (eg railway/railroad, lorry/truck, airplane) and the specific carriers on the basis of the lowest freight, best care of goods, etc., prepares packing instructions, transport documents, etc. Also called dispatch department. The department of a large store (eg a department store) responsible for the delivery of goods to customers. In advertising, the department responsible for progress control and for the meeting of deadlines. trainee

Auszubildende/r, Azubi, Lehrling Anlernling, Praktikant/in

A young person being trained in a vocation for a fixed time, being bound by a contract (called indenture), and being supervised by an experienced employee. Also called apprentice. A person who attends a specific training program that is designed to prepare him/her to perform the normal operations of a specified task. Also called student/apprentice/employee trainee or improver. training

Ausbildung, Schulung

Systematic development and improvement of an employee's ability, skill, knowledge, habits or attitudes, as may be required to perform a specific task or job.

-

1315 -

A systematic training program(me) improves the quality and quantity of work, safeguards employees ana machinery, reduces costs, raises employee earnings, employee morale, etc. Training may consist of an apprenticeship, industrial training, vocational training, updating training, on-the-job or off-the-job training, adult education, seminars, etc. training officer

Ausbilder/in, Ausbildungsleiter/in

Also called training manager. A person responsible for all aspects of company training. His/her duties may include advising his/her company on training policy and ensuring its implementation; organization of internal and outside training courses, teaching, etc. training on the job

Einarbeitung am Arbeitsplatz

Also called on-the-job training (OJT). Job-related training which occurs at the workplace. OJT is the most common type of training undertaken in the workplace. The opposite of training off the job. tramp

Trampschiff

Also called tramp ship/steamer. A ship/vessel chartered/hired by a charterparty. A voyage charter hires the ship for a particular voyage, whilst a time charter hires it for a certain period. Tramps go wherever they can obtain cargo and have no set sailing routes, nor do they sail at fixed times; they will pick up cargo at any port and carry it to any destination in the world. The freight rates depend largely upon the demand for or the supply of shipping and may fluctuate over a period of time. tranche

Tranche, Teilausgabe

Tranche, from the French word tranche, meaning slice. The issue of securities in tranches. A proportion of a total of a bond issue. When large sums of money are to be raised through the government or large companies the total amount of the bond is issued in blocks (sometimes at a different price) as the issuer does not require the full amount immediately, and as the market needs time to absorb new issues. Also often used to indicate a borrowing by a country from the International Monetary Fund (IMF), which consists of a part of an agreed sum. Also called credit tranche. transaction

The act of carrying out some dealing.

Durchführung, Vorgang Geschäft, Transaktion Geschäftsvorfall (RW) Abschluß (Bö) Rechtsgeschäft

-

1316

-

A business deal that usually involves an agreement to provide goods or services for the payment of money. Also called deal or operation. In accounting, an event that is recorded in the accounting system, eg the sale of goods to a customer, the payment of a creditor or the depreciation of machinery. All transactions can be expressed in terms of debit entries and credit entries. Also called accountable event/condition or business transaction. On the stock and commodity exchange, the execution of an order to buy or sell securities or commodities. A legal act/transaction. transaction cost(s)

Transaktionskosten

The cost(s) associated with carrying out a particular transaction, eg brokerage. transactions holdings

Transaktionskasse

Also called transactions balance(s). The holding of cash (or near cash) by people or firms to finance forseeable expenditures (money is used as a medium of exchange). This transaction(s) demand for money mainly depends on: the volume and type of transactions to be financed and the interest rate. The transaction(s) demand for money is positively related to the level of national income. That is, as the level of national income rises, the quantity demanded of active money balances increases (usually in the same proportion) because the volume of transactions is greater. transactions motive

Transaktionsmotiv

As of all forms of wealth, only money has "perfect liquidity", people hold (ie demand) money balances. Lord Keynes gives three motives for holding money: 1. the transactions, 2. the precautionary and 3. the speculative motive. The wealth we have to keep in liquid form (ie cash) for immediate use in the transactions of everyday life. Everyone requires to hold a certain amount of money, because receipts and expenditures/spendings do not coincide in time, to cover ordinary everyday expenditure(s). The average amount held will depend partly on the frequency of paydays (the more frequent they are the lower the holding of cash) and partly on the income level of the individual (tne wealthy generally hold more than the poor). transactions tax

Mehrphasenumsatzsteuer

Also called multiple sales tax or turnover tax. A tax charged not only on retail prices but also on the prices charged by producers and wholesalers.

-

1317

transfer (TRF, trf)

-

(Eigentums)Übertragung Übertragungsurkunde Versetzung (PW) Überweisung Umbuchung unentgeltliche Übertragung Aktienübertragung Transfer Abziehbild umsteigen

In law, the passing of a right of ownership from one person or company (the transferor) to another (the transferee). Also called transfer or title, transfer/passage of title to property, passage of ownership, or passing of title. A document recording the change of ownership. Also called (transfer) deed. In personnel management, shifting an employee from one job to another within the same company. Also called relocation or transferral. In banking, the transfer of money from one account to another. Also called remittance. In accounting, the transfer of a balance from one account to another. Also called book transfer, reclassification or reposting. A transfer payment. On the stock exchange, the transfer/sale of securities. Also called stock transfer. The transfer of a person or thing, eg the transfer of a football player from one club to another. A design, drawing, etc. transferred from one surface to another. Also called decal or decalcomania. The change from one transport mode to another. transfer charge call (TCC)

R-Gespräch

Also called collect (US)/reverse-charge (GB)/transferred charge call. A telephone call where the costs of the call are transferred to the called number (the recipient) if the call is accepted when the operator offers it. An extra fee is payable for this service. transfer deed

Übertragungsurkunde

A document proving the transfer of land, securities or other property from the transferor to the transferee. In the case of registered shares/stocks the document is also called share/stock transfer deed/form or transfer form.

1318

transfer duty

Börsenumsatzsteuer (BUSt)

Also called (stock) exchange turnover tax, stamp duty/tax, stamp duty on stock exchange transactions, stock exchange tax, or transfer stamp/tax. Duty levied on the transfer of securities, except on, for example, new issues. Most countries do not charge it anymore. transfer fee

Überweisungsgebühr

Also called transfer charge or remittance fee/charge. A fee charged by banks for the time and expense involved in transferring/remitting money form one account to another. transfer form

Überweisungsformular, -träger Übertragungsformular, -urkunde

A document used by a bank customer who wants to transfer/remit money from his/her current/checking account to another person's (the payee's) account. The payer (ie the transferor) makes out the transfer slip/form (sometimes in duplicate one copy stays with his/her bank, one copy is retained by himself/herself as evidence of the transfer) which instructs his/her bank to remit/transfer money to a named transferee/payee. Also called remittance form, transfer slip/voucher or credit transfer form/slip (GB). A deed that is used to transfer property from one person to another. Also called transfer deed. transfer income

Transfereinkommen

Also called nonfactor income. Payments (the transfer payments) made to individuals by the government which do not arise from any contribution to current production, eg family allowances, unemployment benefits, interest on the national debt, pensions, etc. transfer line

Transferstraße

Also called automated flow line, transfer line system or transfer machine. A device which automatically transports an item of work from one workstation to another. transfer of ownership

Eigentumsübertragimg

The act of transferring or shifting the ownership of something from one person to another. transfer of securities Also called securities/stock (GB) transfer.

Effekten-, Wertpapierübertragung

-

1319

-

The passing of the rights of ownership of securities from one person or company (the transferor) to another (the transferee). transfer order

Überweisungsauftrag Übertragungsanweisung

An instruction given by a bank customer to his/her bank to debit his/her current/checking account and transfer/remit a sum of money to another person's or company's current/ checking account. Also called bank(er's) (GB)/remittance order or order for remittance. An order from a bank to a warehouse keeper requesting him/her to transfer goods, held to the order of the bank, to the person or firm named in the transfer order. transfer payments

Transferzahlungen, Einkommensübertragungen

One-way flows of tax revenue from government to individuals for pensions, social security payments, welfare payments, unemployment benefits, interest on national debt, subsidies, etc. for which no goods or services are received in return. These payments are not included in the gross national product (GNP). transfer price

Transfer-, Verrechnungspreis

Also called transfer cost. A price that is charged on goods sold between business enterprises that are related to each other through stock ownership, such as a parent (company) and its subsidiaries or subsidiaries owned by the same parent. Transfer prices are used where each entity is managed as a profit center and must therefore deal with the other internal parts of the multientity company on a market basis. Such a price may also be charged between departments/divisions of the same company. transfer risk

Konvertierungs- und Transferrisiko (internationaler Zahlungsverkehr)

Also called exchange transfer risk. In foreign trade, the risk, when exporting goods, that (foreign) exchange control regulations will change so as to prevent or delay payment by the importer in a currency other than the importer's domestic currency. transfer stamp

Börsenumsatzsteuer (BUSt)

Also called stock exchange transfer tax, transfer/stamp dutv/tax, (stock) exchange turnover tax, exchange transfer tax, or stamp duty on stock exchange transactions. Stamp duty imposed by the state on stock exchange transactions. Most countries do not charge it anymore.

-

1320

transferable credit

-

übertragbares Akkreditiv

Also called assignable/transferable (letter of) credit. A documentary letter of credit that can be transferred in whole or in part by the original beneficiary to one or more second beneficiaries. transferee

Überweisungsempfänger/in Abtretungsempfánger/in, Rechtsnachfolger/in, Zessionar Versetzte/r (PW) Indossatar

Someone to whose account money is transferred/remitted. Also called remittee. A person to whom a title or property is transferred. Also called legal successor or succeeding party. A person who is transferred from one place or job to another. Someone to whom a bill of exchange is transferred. Als called endorsee/indorsee. transferor/transferer

Überweisende/r Abtretende/r, Zedent, Rechtsvorgänger/in Indossant

The person who transfers money from one account to another. Also called remitter. In law, a person who transfers a title or property. Also called legal predecessor. An endorser/indorser of a bill of exchange. transit insurance

(Güter)Transportversicherung

Also called transport/transportation insurance. Insurance which provides compensation to the owners or carriers of goods which are lost or damaged in transit. transit traffic

Transitverkehr

Also called international transit. The transportation of goods through a third country on their way from the country of exportation to the country of importation (to avoid the payment of customs duties, the lorries/trucks, wag(g)ons etc. are sealed at the border station of the exporting country). The warehousing of goods in a bonded warehouse in a third country while they are waiting to be reforwarded to the country of destination (the goods stored must neither be sold nor processed).

-

transitional unemployment

1321

-

friktionelle/temporäre Arbeitslosigkeit, Fluktuationsarbeitslosigkeit

Also called frictional unemployment. A form of temporary unemployment because of the ebb and flow of demand and supply in the labo(u)r market. For example, entrepreneurs will be obliged to dismiss workers from time to time because of fluctuations in the demand for their products, and although other employment opportunities may be available there may oe a time lag before the people concerned find suitable vacancies in other firms. This is the minimum level of unemployment which will exist even during full employment. translation

Währungsumrechnung, Wechselkursumrechnung, Konvertierung

Also called currency translation or conversion of exchange rates. The conversion of values of foreign currency into equivalent values expressed in a different currency. transnational corporation (TNC)

transnationale Gesellschaft, multinationales Unternehmen

A multinational enterprise, ie a company owned and managed by nationals in different countries. transparency

Transparenz

Also called transparence. The quality or state of being transparent. For example, the extent to which agreements and practices are open, clear, measurable, and verifiable. transport

Transport, Beförderung

Also called transportation. The conveyance of persons, goods or materials from one place to another. Transport is the moving link in the distribution channel/chain. Entrepreneurs are concerned with getting tneir products to their customers at the right time and at the right price. Without an adequate transportation system, commercial activity is impossible. The particular mode of transport employed depends on: distance, nature of the goods, urgency, value, risk of damage, cost ana buyer's instructions. Transport modes are: rail, road, ship, air, hovercraft, ro-ro, etc. transport charges

Transportkosten

Also called carriage, freight, carrying/freight/transportation charges, transport(ation) costs, transport expenses, or costs of transport. The costs of carrying goods or materials from one place to another.

-

1322

-

Transportation charges are of two types: 1. Charges for transporting merchandise to the company are freight in/inward or carriage inward. This will be an additional cost of acquiring the goods. 2. Outward bound charges to transport goods the firm sola are freight out/carriage outward. transport document

Beförderungspapier, Transportdokument

Also called transit document. The term transport documents is used to refer to the documentation associated with the transportation of goods, eg from one country to another. Note: the term shipping documents is used to refer to all the documents associated with the sending of goods (ie invoices, insurance policies etc. as well as the transport documents). Transport documents include: the bill of lading, charterparty bill of lading, liner waybill, road waybill, railway/railroad consignment note, etc. transport insurance

(Güter)Transportversicherung

Also called transportation/transit insurance. Insurance covering land vehicles, railway/railroad rolling stock, aircraft, ships, goods in transit, motor vehicle and aircraft liability and liability for ships. transshipment (transhpt)

Umladung, Umschlag, Ableichtern

Also called reloading, reshipment or transshipping. The process of transferring (loading or discharging) freight/cargo from one transport mode, eg a railway/railroad wagon, vessel or aircraft, to another. A transshipment charge arises when cargo is t r a n s s h i p p e d en route to continue its transit. travel accident insurance

Reiseunfall-, -krankenversicherung

Special purpose health insurance policy that covers an insured for accidents while travelling. Cover may be obtained for one specific trip or for all trips taken in a year. Note: policies can be purchased in airport vending machines or from an insurance agent. travel agency

Reisebüro

Also called travel agent/bureau. A business which arranges journeys, holidays etc. for other people. travel agent A travel agency.

Reisebüro Reiseveranstalter

-

1323

-

A person or company acting on behalf of third parties, eg airlines, in selling package tours. Also callea tour operator. travel insurance

Reiseversicherung

Also called tourist policy or voyage insurance. Insurance cover for pitfalls associated with travel. The insurer provides cover for overseas journeys, for example for medical expenses, for accidental death or disability/disablement, for loss of baggage/luggage or travellers' cheques/checks, personal liability cover, additional expenses for cancellation of flights. traveller's letter of credit

Reisekreditbrief

Also called circular letter of credit. A letter of credit which allows for travellers abroad to obtain cash. The letter of credit is issued by the traveller's bank in his/her favo(u)r and is payable by the named overseas bank(s) on presentation. On such presentation the paying (ie the overseas) bank will draw a bill/draft on the issuing bank (ie the traveler s domestic bank) for the value specified by the traveler (which must oe within the total value of the credit). This bill/draft is signed by the traveler and is then cashed (the traveler will receive the local currency equivalent of the bill/draft value) and sent for collection. The traveler may be called on to pay the full value of the credit when opened or he/she may be allowed to pay by debit to his/her current/checking account when bills/drafts are received. Today, the use of credit cards and travellers' cheques/checks has greatly reduced the demand for travellers' letters of credit. travel(l)ing salesman/saleswoman

Reisende/r, Vertreter/in

Also called commercial travel(l)er or sales representative. A person appointed to represent his/her firm by visiting customers and trying to obtain orders from them. Usually, he/she receives a basic salary plus a commission on the value of the orders he/she takes. traveler's check

Reisescheck, Travellerscheck

Also called traveller's cheque (GB)/check or circular check. A remarkably clever method of payment invented in the nineteenth century. Where a person is going abroad, travelers' checks are a convenient method of carrying money. The cheques/checks are usually valid worldwide, and have no due/maturity date. Travelers' checks are available from banks and credit card companies and may be used throughout the world. The purchaser pays for the checks in advance, and signs them. They can be exchanged for cash or used directly to pay for goods or services provided to the traveler. They are made out in convenient denominations of US dollars or other currencies and are signed by the holder on their issue by the bank; when they are to be cashed the holder countersigns them in the presence of the cashier who checks the two signatures before

- 1324 making payment. As an additional precaution the cashier will also request to see the holder s/presenter's passport to verify his/her signature and identity. Lost or stolen checks may be stopped by notifying the issuing baiik and the holder can obtain a full refund, provided the checks were properly signed at the time of issue. The checks are sold at their face value and a commission charge (generally 1 % of the face value) is levied at the time of issue. Unused checks will be repurchased by the issuing bank, also at face value. Travelers' checks were first issued in 1891 by American Express Co., which uses the spelling travelers cheque. treasurer

Finanzdirektor/in Finanzleiter/in Kassenfuhrer/in, Kassenwart Finanzminister/in (Australien)

The main financial manager of a company who controls investment funds and securities, is in charge of financial reports and manages other related matters. Also called financial manager. A person who looks after the money belonging to a club, society, etc. A person not paid for such a position and functioning for voluntary purposes only, is called an honorary secretary (hon. sec.). In Australia, the finance minister. Also called Chancellor of the Exchequer (GB) or Treasury Secretary (US). Treasury (Treas.)

Finanzministerium

Also called Ministry of Finance, Finance Ministry, Exchequer (GB), Treasury Department (USA) or Department of the Treasury (USA). In GB, the ministry that is responsible for the country's finances, the management of its monetary system, and the carrying out of the government's economic policy. It is under the direction of the Chancellor of the Exchequer (the Finance Minister), although the Prime Minister, as First Lord of the Treasury, is its nominal head. In the USA, the federal agency established in 1789 to handle most national finance matters (eg to manage the public debt or to coin and print money) and tax matters. Its full name is Department of the Treasury. Treasury bill (TRB)

Schatzwechsel

Also called T-bill. In GB a short-term security issued weekly by the government for certain minimum amounts and sold by tender (ie competitive bidding). The total amount of bills offered each week varies with govenment borrowing requirements. Treasury bills are sold oy the central bank on behalf of the government and are issued with a life of ninety days after which they are repaid at face value. They do not carry interest, but are sold at a discount on their face value (ie the purchaser will get back more than he/she paid for it) and are allotted to those with the highest bids/tenders, that is, with the smallest rate of discount. The difference between the purchase price and the redemption price (ie the face value) represents the investor's profit. Treasury bills are usually a relatively cheap way for the government to borrow money. But they may also be issued as a means of influencing credit and money supply.

-

1325

-

An obligation of the United States Treasury. TRBs are maturing in less than one year and are issued on a discount basis and the investor receives the face value at maturity. In the USA, a treasury bill is commonly called bill or T-bill and has a time to maturity of up to one year. In Australia, short-term securities, issued by the Reserve Bank of Australia on behalf of the federal government. They are issued at a discount, ie at less than their face value, and thus do not pay any interest. Treasury bond

Schatzanweisung, -anleihe, -obligation

Note: in GB called Exchequer/Treasury stock. In the USA, long-term debt obligations of the government with maturities of 10 years or longer, issued in denominations of $ 1,000 to $ 1 m. Bonds pay interest semiannually, with principal amount paid at maturity. In Australia, medium to long-term securities ranging from two to twenty years, issued by the federal government through the Reserve Bank of Australia. Note: Treasury bonds are usually not issued when interest rates are high. Treasury directive

Anweisung des Finanzministeriums an die Banken (GB)

In GB, instructions to banks from the Treasury designed to regulate the level of bank loans to customers. The directive is part of the government's monetary policy. Treasury note

Schatzanweisung (USA)

Also called Exchequer bond (GB) or T-note. In the USA, intermediate securities with maturities of one year to ten years, issued by the government in denominations ranging from $ 1000 to $ 1 million or more. Notes pay mterest semiannually, and the principal amount is payable at maturity. treasury stock

eigene Aktien (USA) mündelsichere Wertpapiere Staatsanleihe, langfristige Staatspapiere (GB)

In the USA, stock reacquired by the issuing company. Shares/stocks held as treasury stock are not entitled to vote, receive dividends, or snare in assets upon dissolution of the company. Treasury stock is shown on the balance sheet as a deduction from capital. The common stock account is unaffected by treasury stock transactions. Also called reacquired/ repurchased shares/stock, shares held in treasury or own/treasury shares. Government securities or other first-class securities in which trustees may invest. Also called gilt-edged securities, gilts or trustee securities. Treasury stock: in GB, long-dated, fixed-interest securities issued by the government.

-

1326

treaty

Vertrag Handelsvertrag Staatsvertrag, -abkommen Rückversicherungsvertrag

A formal agreement between individual persons, eg buyers and sellers, reached by bargaining. Also called contract. A formal agreement between countries relating to trade between them. Also called commercial treaty or treaty o f commerce. A written and signed agreement between countries. In reinsurance, a contract between a ceding company (the reinsured) and a reinsurer (the accepting company) where the former agrees to cede and the reinsurer agrees to accept reinsurance for risks falling within the terms of the treaty. Also called treaty reinsurance. Treaty of Rome

Römische Verträge

The European Economic Community ( E E Q , the predecessor of the European Community (EC) and the European Union (EU) was established by the Treaty of Rome in 1957, to which the signatories were France, Germany, Italy, Belgium, the Netherlands and Luxembourg. The main aim was entirely economic (eg the treaty reduced tariffs on internally traded goods, created the Common Agricultural Policy, CAP, etc) as it was hoped that economic cooperation would lead in time to political union. trend

Trend, Entwicklungsrichtung

The general course or prevailing tendency. trial

Versuch, Probe (Gerichts) Verhandlung

A test to see if something is good or suitable. A court case to judge a person accused of a crime. Also called court hearing. trial offer

Probeangebot

Also called free trial offer or free examination offer. An offer that allows a first-time buyer to examine, use, or test a product for a short period o f time before deciding to purchase it (or return it). Or it may grant the first-time buyer a special reduced rate, eg a trial subscriber may obtain a reduced rate for his/her trial subscription. trial order

Probeauftrag, -bestellung

Also called sampling/tentative order. A small order, placed to test and judge the value or quality of a commodity, before placing a substantial order.

- 1327 -

In the case of a trial and return order, the customer (the trial buyer) can check the goods and keep them for a trial/probation period. trial purchase

Erstkauf, Probekauf

A small initial purchase of or order for a product by a trial/first-time buyer to test its suitability, quality, value, etc. trigger price mechanism (TPM)

Mindestpreismechanismus

Generally, a price level at which certain action is taken. A floor price (known as the threshold/trigger price) is used as a reference price for intervening in/on commercial markets to support the preferred price of a commodity. In the USA, a minimum price specified by government for certain imports. If the import price falls below a certain level set then the government (the Treasury) investigates to ascertain whether dumping is applied and if this is the case tne government action may begin to curb levels of importation. trillion

Trillion (GB) Billion (USA)

The fading British trillion is equal to a million times a million times a million (million χ million χ million = 10 ). The US term for one British trillion is one quintillion. In t^e USA, a trillion is a million million (million χ million) or a thousand billion

trotting inflation

trabende Inflation

Also called galloping/runaway/snowballing inflation. A very high rate of persistent inflation. As prices rise rapidly, people lose confidence in the monetary system. troubleshooting

Fehlersuche

Also called troubleshoot or faultfinding. A person's activity to locate and eliminate the source of trouble in a task or operation, ie the process of discovering and solving problems. trough

Tief, Tiefpunkt Konjunkturtief, Talsohle

In general, a low point or minimum amount of something. Also called bottom or low. The bottom of the business/trade cycle contraction, ie of a recession or depression, the point at which recovery begins. Also called bottom, bottom of economic activity, cyclical depression, economic low, or low point in the cycle.

- 1328 truck

Lastkraftwagen (LKW, USA) Güterwagen (GB)

In the US, a large motor vehicle for carrying goods and materials. Also called lorry (GB). In GB, a freight car that is part of a train and carries commodities. Also called goods waggon. truckage

Transport durch Bahn und LKW Frachtkosten, Fuhrlohn

The transportation of cargo by railway/railroad or lorry/truck. The charge made for conveying/transporting goods by railway/railroad trucks and other trucks. Also called carriage, freight(age) or freight charges. true rate of interest

effektiver Zinssatz

Also called effective/market/real interest rate. The real interest rate one has to pay and not the nominal interest rate. trunk call (TC)

Ferngespräch (GB)

Also called long-distance call or toll call (US). In GB, a telephone call made to a subscriber outside the caller's local area. trust

Trust, Konzern, Holding Treuhandverhältnis Investmentfonds, -gesellschaft Vertrauen

A trust, which is of American origin, is a very large company which arises as a result of two or more companies merging/amalgamating, losing their legal and economic independence. The shareholders/stockholders in the constituent firms receive trust certificates in exchange for their shares/stocks. The constituent firms, at least the weaker of them, completely lose their identity. The term trust in the commercial sense was used for the first time when the Standard Oil Company combined/merged most of the oil refineries in the USA (1879) under its control. Antitrust laws seek to prevent such mergers. Today, the trust has largely been replaced by the holding company. An obligation binding a person or group of persons (the trustee/s) to administer money or property in the interest of others (the beneficiaries). An investment fund/trust. Also called trust company (GB). A strong belief in the honesty, goodness, etc of someone or something. Also called confidence or faith.

- 1329 trust company

Treuhandgesellschaft Investmentgesellschaft (GB) Treuhandbank (USA)

A company acting as a trustee for a will. Also called fiduciary/trustee company. In GB, an investment company. Also called investment company/fund/trust. In the USA, a state-chartered company/corporation engaging in the usual activities of a bank or financial institution, eg it accepts deposits, makes loans and performs other banking services. Also called trust bank. trust deed

Treuhandvertrag

Also called trust agreement or deed of trust. A formal agreement creating a trust, appointing a trustee(s) and stating the purposes of the trust and other details. trust fund

Treuhandvermögen, -fonds

Also called trust assets/estate/property. The assets including property of any kind, held in trust by a trustee for the benefit of the trust. trust receipt

Sicherungsübereignungsurkunde Treuhandquittung, -bescheinigung

In banking, an agreement between a bank and a borrower or debtor whereby the bank turns over possession of durable goods, which it held as collateral, but retains title to the goods until the borrower or debtor repays the bank. Note: today, one usually uses a security agreement. In general, a document acknowledging receipt of and responsibility for property held in trust for a specified party. A document signed by a pledgor/pawnor acknowledging that he/she has been given control of goods pledged/pawned by him/her only as trustee for the pledgee/pawnee and that the contract or pledge is still in force. Also called trust certificate. In foreign trade, a bank financing an import shipment gives the importer, on the basis of such a receipt, possession of the shipping documents fand thus of the goods) but retains title to tnem. The importer (the banKs trustee) is ooliged to keep the goods or the proceeds from their sale separate from his/her other assets and hold them at the bank's disposal. trustbusting

Entflechtung, Zerschlagung von Trusts/Monopolen

Also called demerger, devestiture, divestment, decartelization, or déconcentration. The efforts of governments and trustbusters to prevent monopolistic abuse and to encourage competition (the main evils of monopolies are: higher prices, lower output,

-

1330

-

bigger profits) and, in some cases, to prevent mergers or takeovers that create dominant firms. In Germany, the Bundeskartellamt (Federal Cartel Office) can ban restrictive practices and mergers; in Great Britain there is the Office of Fair Trading (OFT); and in the USA the Federal Trade Commission in cooperation with the Antitrust Division of the Department of Justice is the "watchdog of competition". trustee

Treuhänder/in Vermögensverwalter/in Insolvenz-, Konkursverwalter/in

A person charged with the responsibility of administering the trust estate/fund for the benefit of another person (the beneficiary), eg the estate of a dead person on behalf of the heirs. A person entrusted to administer property on behalf of others. The trustee has control over the property but is required to deal with it as specified in the trust deed. A person appointed to manage the affairs of a bankrupt. Also called bankruptcy trustee or trustee in bankruptcy. Trustee Savings Bank (TSB)

Sparkasse (GB)

A big British savings bank which was sold to the public in 1986, although nobody really knew who owned it. That was why the government gave the proceeds to the bank and not to the Exchequer. trustee securities

mündelsichere Wertpapiere

Also called gilt-edged securities, gilts or safety/trustee stocks (GB). Securities which are recognized by law as being investments without any financial risk and therefore suitable for a trustee to make on behalf of those for whom he/she is acting, eg orphans or widows. truth

Richtigkeit, Wahrheit

The true or actual state of a matter. tuition

Kurs-, Schul-, Studien-, Unigebühr Unterricht, Anleitung

The charge/fee for instruction, as at a course, private school, college or university. Also called tuition fee. The act of teaching or of instruction, usually teaching one person or a small group.

-

1331

turn

-

Handelsgewinn, Marge Umsatz Spanne, Spread (Bö)

The difference between a buying and selling price where business done has resulted in a profit. To "make a turn" means to buy ana sell at a profit. Also called dealing/trading profit or spread. The short form for turnover. On the stock exchange, the difference between the buying and selling price of a security or currency, ie the profit on the transaction. Also called spread. turnaround

Tendenz-, Trendwende, Turnaround, Umschwung Tumarouna mittlerer Lagerumschlag Be-, Entladen Wendezeit Wendestelle

Also called turnround (GB). A recovery, eg in business sales; or a change from loss to profit, etc. Also called trend reversal. The time between the making of an investment and receiving a return. The value of goods sold during a specific time period, eg a year, divided by the average value of goods held in/on stock. The action of emptying, refuel(l)ing, reloading, etc of a ship, plane, etc and getting it ready for another transport. In transport, the time needed for emptying a plane, ship or other vehicle. A place or area having sufficient room for a vehicle to turn around. turning point

Wendepunkt

The time when an important change takes place. turnkey/turn-key contract Bauvertrag mit schlüsselfertiger Übergabe A contract in which the customer commissions a specialist firm to cany out a complex project so that the customer only has to "turn a key" to set it working. There is no farther commitment beyond satisfactory completion of the project. A construction project for which a contractor undertakes to deliver a fully operational and tested facility before being entitled to payment.

- 1332 turnover (TO, to)

Umsatz(erlös) Umschlag(shäufigkeit) Personalfluktuation Börsenumsatz, -volumen

The total amount of goods or services sold over a certain time, usually expressed in terms of value, sometimes also in terms of units sold. The value of sales made is the gross turnover; the amount of gross turnover less goods which have been returned (the returns inwards/sales returns) is the net turnover. Net turnover therefore means the amount of effective sales. Also called billings, sales or sales revenue. The number of times average stock/inventory is sold during a given period, eg a year. Also called turnover rate/ratio. In personnel management, the rate at which employees move into and out of employment during a fixed period. Also called labor/personnel/staff turnover. On the stock exchange, the volume of business in a security or in the entire market. turnover tax

Umsatzsteuer (USt), Bruttoallphasenumsatzsteuer

Also called cascade tax or cumulative all-stage turnover tax. An indirect tax, typically on an ad valorem basis. The turnover tax is a multistage sales tax, ie it is a tax levied by the government on a product or service at each stage of production or distribution. The value taxed at each stage includes the tax paid at earlier stages, which means that tax is paid on tax. The tax is generally passed on to the end/final consumer in the retail price. twenty four hour trading

Börsenhandel rund um die Uhr Handel rund um die Uhr

Also called all-day trading. The ability to trade in securities around the clock. Since some blue chips and bonds are quoted/listed on several stock exchanges around the world in different time zones, it is possible to buy and sell securities at any time. A firm is open day and night, eg 24-hour trading in supermarkets. Note: 24-hour banking allows customers to obtain cash beyond normal banking hours by using automated teller machines (ATMs). twin pack

Doppelpackung

A retail product package made up of two containers of the same product packaged together and usually offered at a discount price. two factor theory (of motivation)

Zwei-Faktoren Theorie

Also called motivation-hygiene theory. Frederick I. Herzberg's (an American psychologist) approach to motivation developed in the 1950s.

-

1333

-

According to his theory there are two key factors (1. hygiene/maintenance factors, 2. motivator/satisfier factors) which influence motivation in the workplace. Hygiene/ maintenance factors are necessary to keep workers from feeling dissatisfied, but only motivators/satisfiers can satisfy and motivate workers. two name paper

Wertpapier mit zwei Zahlungsverpflichteten

Also called double name paper. Securities on which two persons are liable for payment at maturity, eg trade and bank(ers) acceptances: drawer and acceptor are liable. two sector economy

Zwei-Sektoren-Kreislaufmodell

An economy which contains only households and trading enterprises. two tier board

zweistufige Unternehmensleitung

A system where a company has two boards of directors, a board which manages (the management/managing board) the company, and a board which supervises (the supervisory board) its results. two tier foreign exchange rate

dualer, gespaltener Devisenkurs

Also called dual/split (foreign exchange) rate. A few countries set two exchange rates, one for financial transactions and the other for commercial/trade purposes. two way price

gespaltener Kurs, doppelte Kursnotierung, Geld- una Briefkurs

Also called two-way quotation. In foreign exchange dealing it is normal for a bank, when asked by another bank to quote an exchange rate, ie to quote its buying and selling price. tycoon

Industriemagnat, Tycoon

Also called captain of industry. A businessperson who has made a great deal of money and thus is potentially influential. tying contract

Koppelungsvereinbarung, -vertrag

Also called tying arrangement. A condition of sale requiring the buyer of a particular product to purchase another, perhaps undesirable, product (often complementary to the first product), eg a service contract for a machine purchased.

- 1334

-

Tying arrangements/contracts are generally illegal and act as a barrier to entry by denying new firms access to the market. typewriter

Schreibmaschine

An office machine which may be manually operated, electric or electronic and which is used to prepare printed documents with letters and numbers of the same style and size. Most typewriters have a display panel so one can see what one is typing before it is committed to paper. The typewriter first came on the scene in 1874 and was manufactured by E. Remington and Sons, Gunsmiths, of Ilion, New York. The first typewriter had no shiftkey mechanism - it wrote capital letters only. The first shiftkey typewriter - the Remington model 2 - appeared on the market in 1878. Note: the first novelist to submit his work in typewritten form to a publisher was the American author Mark Twain (1835 - 1910). typing pool

zentrales Schreibbüro, Schreibdienst, -zimmer

A room where all (or most) of the typists in a company work together instead of in separate offices, and where the work is shared among them.

-

1335

-

υ A university should be a place of light, of liberty, and of learning. (Benjamin Disraeli, 1804- 1881)

ullage

Schwund, Flüssigkeitsverlust, Leckage Fehlmenge Leerraum

The difference between the capacity of a bottle, container, cask/barrel and its contents due to loss of liquid by handling, leakage, evaporation, etc. The amount by which the contents fall short of filling a bottle, container, cask, etc. Also called deficiency or shortage In shipping, the distance between top of cargo and the hatches. ultimate user

End-, Letztverbraucher/in

Also called end/fmal/ultimate consumer. Not necessarily the ultimate buyer but someone who actually consumes or uses a product or service. ultimatum

Ultimatum

Plural is ultimatums or ultimata. A final demand which must be agreed to, eg to deliver a statement to someone that unless he/she does something within a periodof time, action or legal proceedings will be taken against him/her. ultimo (ult)

vorigen, letzten Monat letzter Tag eines Monats, ultimo

Commercial Latin for "of the previous month" or "last month". In banking, the last day of the month; sometimes also the last day of the year. In security trading, limited orders are usually valid only by ultimo. ultra cheap money policy

extreme Niedrigzinspolitik

A monetary policy of very cheap money, ie extremely low interest rates, usually to stimulate investment (often despite of inflationary pressure).

- 1336 ultra vires

Vollmachtsüberschreitung, Überschreitung der Befugnisse/Satzung

Ultra vires (Latin) means beyond the legal power or authority. An ultra vires act is an act which the person or company is not authorized to perform under any circumstances or conditions. For example, actions of a company or its directors that are not authorized by its memorandum and articles of association/incorporation or charter, or an excessive use of powers granted. umbrella liability insurance

Überschußhafitpflicht-, Pauschalhaftpflichtversicherung

A liability insurance covering excess liability above the limits of a basic business liability insurance policy. For example, if a basic policy has a limit of $ 300,000, and is exhausted by claims, the umbrella will pay the excess above $ 300,000 up to the limit of the umbrella policy. umbrella organization

Dach-, Spitzenorganisation, Zentralverband

Also called cover/parent organization. A large organization which includes several smaller ones. umpire

Kampf-, Preisrichter/in Obmann, (Ober)Schiedsrichter/in, Unparteiische/r

In general, a person selected to settle disputes about rules or usages. The person in some sports, games or contests who makes sure that the players or contestants obey the rules. In insurance, an arbitrator who settles disputes over the amount of loss when an insurer and an insured do not agree. In the collective bargaining system, a person chosen to decide an industrial conflict/ labor dispute when the original arbitrators disagree. unanimous decision

einstimmige/r Entscheidung/ Beschluß

Also called unanimous resolution/vote. A decision taken or a resolution adopted by all members present, eg all the members vote for a motion. unascertained goods

Gattungssachen, Gattungsware

Also called fungible/generic/unspecified goods or fungibles. Goods sold by description only, ie goods which are not actually identified and agreed upon at the time of the contract, eg goods of a particular type or goods where the contract relates to part of a larger quantity of goods.

-

1337

-

unbalanced growth

ungleichgewichtiges Wachstum

Also called unsteady growth. Economic growth in which certain sectors of the economy grow faster than others. uncashed cheque/check

nicht eingelöster Scheck

A cheque/check that has not been cashed. uncertainty

Ungewißheit, Unsicherheit (Unternehmer)Risiko nicht versicherbares Risiko

The state of being uncertain. A problem situation in which the probabilities to the consequences associated with decision alternatives are unknown; the outcomes cannot be predicted. Also called hazard or risk. An uninsurable risk. Also called noninsurable risk. unclaimed cheque/check

nicht eingelöster Scheck

A cheque/check that has not been presented for payment by the payee. uncleared goods

unverzollte Ware

Goods which have been imported but have not been customs cleared, ie no duty has been paid so far. unconscionable bargain

sittenwidriges, unredliches, unsittliches (Recnts)Geschäft

Also called immoral/unconscionable transaction. A contract where one party has exploited a particular weakness of another, eg a person is inexperienced, unable to speak the language, very poor or weak-minded. Note: unconscionable bargains are voidable. unconvertible currency

nicht konvertierbare Währung

Also called inconvertible currency. A currency which cannot be freely exchanged for other currencies. uncovered bill (of exchange)

ungedeckter Wechsel

A bill of exchange (B/E) not covered by sufficient funds and thus dishono(u)red when presented for payment.

-

1338

uncustomed goods

-

zollfreie Waren zollpflichtige Güter, fur die aber noch kein Zoll entrichtet wurde

Goods that are not liable to customs duty. Also called duty-free goods. Goods on which customs duty is payable but has not been paid. undated securities

Wertpapiere ohne Fälligkeitsdatum/ Tilgungstermin

Government securities not bearing a redemption date. undeliverability

Unzustellbarkeit

A situation in which something is undeliverable to a receiver, eg because the address is invalid or incomplete. under reserve

unter Vorbehalt

Also called on condition. A situation where someone does something only on the condition that something stipulated will be fulfilled. For example, if, under a documentary credit, a negotiating bank pays the beneficiary, it reserves me right to claim indemmity, ie a refund, against the beneficiary should the documents presented be dishono(u)red for any reason. under separate cover

mit gleicher/getrennter Post

Also called by the same post/mail or by separate post/mail. A phrase indicating that something is sent the same day as the accompanying/covering letter but in a separate envelope or package. under the table money

Bestechnungs-, Schmiergeld

Also called bribe, bribe money, graft or payoff. Money given to someone secretly to persuade him/her (the payee) to do something he/she would not otherwise do, eg to grant rights or privileges to the payer. Offering or accepting bribe money is usually a criminal offence. underbidder

Unterbieter; jemand, der auf einer Versteigerung zu wenig bietet

At an auction, a person who bids less than the actual buyer. The opposite of overbidder.

- 1339 undercapitalization

Kapitalunterdeckung, Unterkapitalisierung

The situation in which a business does not have enough capital to carry out its normal business activities. If it wishes to expand, it will either have to issue new shares/stocks to shareholders/ stockholders to raise further capital or borrow the extra funds. Undercapitalization exists when the book value of the firm's issued share/stock capital is less than the market value of the net assets and is small relative to the earning power of the firm. The situation in which a company does not have enough capital to take it through the initial burnout period immediately after startup. undercharge (u/c)

zu niedrig berechneter Betrag

A charge that is below what it ought to be, eg because a customer has been charged too little on the invoice. Usually the customer is sent a debit note (D/N) ior the undercharged amount. underclass

Unterklasse, Unterschicht, unterpriviligierte Klasse

Also called the underclassed. Economically and socially disadvantaged people in a society. A social class consisting of persons living in persistent poverty and social isolation. These people must count their cents or pennies even when making the most basic purchases. underconsumption theory

Unterkonsumtheorie

Just as too much of certain goods may be consumed, so it is possible for too little of many other goods to be consumed (according to the prevailing aims and values of society). Such underconsumption may be general (a household underconsumes generally when its means/funds are inadequate to finance a certain living standard) or specific (ie a household consumes too little of those goods and services which benefit everyone). According to the underconsumption theory, this lack of spending by the public (due to low wages or excessive savings) leads to a recession or depression. underdog

Verlierer/in, Unterlegene/r sozial Benachteiligte/r, (zu Umecht) Verfolgte/r Benacnteiligte/r

The person or team in a competition or conflict that is expected to lose. Also called loser. A victim of social or political injustice. A person, group, country, etc that is weak and is always treated badly.

-

underground economy Also called economy.

1340

-

Untergrund-, Schattenwirtschaft

black/cash/dual/hidden/informal/irregular/parallel/shadow/subterranean

Portion of the economy that goes largely undetected by taxing authorities because it involves cash payments or payments in kind for goods and services provided. Furthermore, income is derived from legal (eg moonlighting) and illegal sources (eg gambling, drug trade and prostitution). These payments are neither declared by the receiver for income tax purposes nor otherwise notified by the person or business making the payment. It is difficult or almost impossible to determine the size of the underground economy. underinsurance

Unterversicherung

The sum insured under an insurance policy is less than the value at risk. Thus the person or company does not have sufficient insurance to cover all losses. In this case the insured cannot be restored to the original financial position he/she was in before the loss or damage took place. underlease/under-lease

Untervermietung, -Verpachtung

Also called sublease/sub-lease or derivative lease. A lease given by someone who is already the lessee of the property under a headlease. underlying mortgage

vorrangige Hypothek, Vorranghypotnek

Also called prior mortgage. A mortgage which has priority over some other mortgage, eg a first/senior mortgage has priority over a second/junior mortgage. undermentioned (u/m)

unten erwähnt

Also called below/hereinafter mentioned or mentioned below. A term indicating that something is mentioned below, later in the document or letter. underpayment

Unterbezahlung

A payment that is too little, often due to a mistake, eg only £/$ 300 is paid instead of f/S 330 for goods delivered. The seller may either bill/invoice again for the remaining amount, accept the amount received as full payment, or proportionately reduce the service or goods to be delivered (if possible). In personnel management, the payment of too low wages.

-

1341

underselling

-

Preisunterbietung

Also called undercutting. A situation where a firm sells its goods more cheaply than its competitors. undersigned

Unterzeichnete, Unterzeichner/in unterzeichnende Stelle

A person who has signed a letter, contract or other document. A person who has authority to sign a letter, contract or other document. undersubscription

nicht vollständig gezeichnete Wertpapieremission

Also called undersubscribed security issue. A situation which exists when fewer persons apply/subscribe for a new/fresh issue of shares/stocks than are offered in the prospectus. undertaking

Vereinbarung Unternehmen, Betrieb Versprechen, Zusicherung Verpflichtung Beerdigungsinstitut

An agreement to do something. Also called agreement or stipulation. Any business enterprise, especially a public utility. Also called business/commercial undertaking, firm, business (enterprise), or business firm. A promise, eg an undertaking to pay. A legally binding promise. A commitment or obligation - to enter into an undertaking. The business of an undertaker or funeral director. undertone

Marktstimmimg, Börsenstimmung Unterton

The underlying tendency of market prices and the current feeling that influence the actions of buyers and sellers in/on the market, particularly on a commodity exchange or stock exchange. The undertone may be weak, steady or strong. Also called general mood of the market. A feeling or thought that is not directly expressed but can still be recognized. Also called overtone. undertrading

Erzielung zu niedriger Umsätze

Insufficient trading either to generate a profit or obtain an adequate rate of return.

-

underutilization

1342

-

Unterbeschäftigung Unterausnutzung

A situation when workers have insufficient work to fill their time or are allowed to use few of their skills and abilities to perform boring tasks that lack sufficient challenge. Underutilization (as well as overload) is associated with stress symtoms such as weariness, headaches, nervousness, frequent absence, and proneness to injury. Also called underemployment. In equal employment practices, the situation of employing fewer minority group employees in specific jobs than would nomally be available for such jobs. Also called underemployment. Operating a machine or firm with excess capacity. Also called operating/working below capacity. undervaluation

(Vermögens)Unterbewertung Kursreserve unterbewertete Währung unterbewerteter Versicherungswert

The stated value of an asset is below its true worth. Also called unterrating or understatement. A share/stock sold below the market value analysts believe it deserves. A company's shares/stocks may be undervalued because the company is not well known or trie industry/line is out of favo(u)r. Note: 1. analysts try to spot undervalued shares/stocks and advise their clients to buy them before they become fully valued, 2. undervalued companies are often targets of takeover attempts, since the acquirers can buy their assets cheaply this way. A situation where a currency is given a lower value externally than internally, ie the currency's exchange rate is below its free market level (eg because of government controls). The effect of this is to make imports dearer and exports cheaper in order to restrict imports and stimulate exports. Also called undervalued currency. In insurance, the fixing of the insurance value in a policy at a lower level than the true value of the subject matter. This results in lower premium payments. But, in the event of loss or damage, the insurer may not be liable for the full extent of the loss or damage. undervalued currency

unterbewertete Währung

Also called undervaluation. A currency whose exchange rate is below its free market equilibrium. The currency's purchasing/buying power is lower abroad than it is at home. The effect of this is to make imports dearer and exports cheaper in order to restrict imports and stimulate exports. underweight

Fehl-, Mindergewicht

Deficiency in weight below a standard or requirement.

-

underwriter (U/W)

1343

-

Versicherer, Versicherungsgeber Syndikatsmitglied bei Lloyd's Versicherungsvertreter/in Emissionsbank Konsorte, Konsortialmitglied

An individual or insurance company who covers an insurance risk in return for a premium payable by the insured. In marine insurance, originally merchants - meeting at the coffee house of Edward Lloyd in London in the late seventeenth century - who did not go to sea themselves but who insured ships and their cargoes. They promised to pay for ships and cargoes lost at sea and wrote their names under a document (later called policy) indicating the proportion of the risk they were prepared to cover and the premium to be chargea thereon. In time, such signatories came to be known as underwriters. Today, every insurer, whether a company or an individual, is an underwriter. Also called insurer. An underwriting member of Lloyd's who makes decisions on whether or not to accept insurance business. He/she agrees to take liability for a certain proportion of the insurance required, accepts insurance risks for his/ner personal profit or loss and is liable to the full extent of his/her private fortune to meet his/her insurance obligations. Lloyd's underwriters have no contact with the insuring public and their premium income is entirely dependent on the initiative and enterprise of Lloyd's brokers (the placing of a risk is a matter of negotiation between Lloyd's broker and the underwriter). The underwriters are grouped into syndicates varying in size from just a few to more than a thousand individuals (there are thousands of underwriters in some 70 countries). An insurance agent, ie an intermediary who acts as the agent of the insurer in accepting or obtaining insurance. Also called underwriting agent. A bank which agrees to purchase a new issue of securities from an issuer (the issuing company) and distribute it to investors, in return for a commission (the underwriting commission). For the issuer, the underwriter represents a guarantee that the whole issue will be subscribed, since it agrees to take up the shares/stocks that are not taken up by the public. Also called issuing bank/house (GB). A member bank of an underwriting group or syndicate placing a bond or share/stock issue. Also called syndicate member. underwriting

Übernahme einer Versicherung Übernahme einer Emission Kreditrisikoübernahme Übernahme der Fernseh- und Rundfunkfinanzierung durch Nichtwerbeträger

The process by which an insurer/insuring company evaluates the risk of a proposal/ application of insurance, decides whether or not to enter into a contract, ana if so on what conditions, in what proportion and at what price (ie premium). The process of purchasing securities from the issuing company or government entity at an agreed-upon price and to resell them at a public offering price, the difference representing the underwriting spread. If the public does not subscribe fully to the new issue the underwriters take up the remaining securities.

- 1344 In banking, a detailed credit analysis preceding the granting of a loan, based on credit information furnished by the borrower and the lender's evaluation of the borrower's credit needs and ability to pay. In media, the process of providing financial support for a TV or radio program(me) without the larger money investment involved in sponsorship or advertising. underwriting group

Emissionsübernahmekonsortium Versicherungskonsortium

Also called underwriting syndicate. An association of banks that purchases a new issue/offering of securities, generally for immediate resale to investors (ie subscribers) through a public offering/issue by prospectus. In insurance, a group of underwriters (eg underwriters with Lloyd's) who specialize in underwriting a particular risk. underwriting profit

Emissionsgewinn Versicherungsgewinn

Also called underwriting gain. The money difference between the amount paid by the underwriter(s) in a new issue of securities and the price at which the securities are offered for sale to the public. Also called underwriting spread. In insurance, the profit that remains after paying claims and expenses. Underwriting profit = earned premiums - incurred claims - expenses. Note: insurers generate profits from underwriting and from investment income. undischarged bankrupt

nicht entlasteter/rehabilitierter Gemein-/Insolvenz-/Konkursschuldner

Also called uncertified bankrupt. A bankrupt or debtor who has not paid off his/her debts and received a discharge from the court. undisclosed factoring

stilles, verdecktes Factoring

Also called confidential/non-notification factoring or invoice discounting. Factoring can be on a notification, or a non-notification basis. In the latter case, the client's (the seller's) debtors are not notified and the client collects payment as agent for the factor/factoring company and remits payments to the factor as they are received. Factoring is normally done without recourse, meaning that the factor cannot turn to the client (the seller) in the event accounts prove uncollectlible - the factor assumes the risk of nonpayment.

-

undisclosed principal

1345

-

stille/r, unbekannte/r Auftraggeber/in

A principal whose status as such is not disclosed to the third party. undistributed profits

einbehaltene/nicht ausgeschüttete/ thesaurierte Gewinne

Also called retained profits/eamings/income, earnings retained in the business, profit retentions, nondistributed/ploughed back (GB)/plowed back (US)/unappropnated/ undivided profits, or undistributed earnings/income. Profits that have not been paid to shareholders/stockholders in the form of dividends but have been retained in the company. Undistributed/retained profit is a revenue reserve and will appear as such on the balance sheet. Profits may be retained for various purposes: 1. to buy new assets, 2. to replace worn out assets, 3. to meet possible future losses, 4. to pay dividends to shareholders/stockholders when (in future years) there are no profits or low profits, 5. to expand business, etc. undrawn profits

nicht ausgeschüttete/entnommene Gewinne

Also called retained earnings/income/profit, ploughed back/plowed back/undistributed profits or (profit) retentions. Profits which a partner or partners in a partnership have not taken out of/withdrawn from the business. undue debt

noch nicht fällige Verbindlichkeit

An obligation/debt that is not yet due for payment. undulation

Wellenbewegung

Also called undulating movement. A wavelike motion. unearned discount

unberechtigter Skontoabzug

The act of deduction discount although one is not entitled to do so. unearned income

Besitz-, Kapitaleinkommen, Einkommen aus Vermögen transitorische Passiva (RW)

Income from investments or property (eg dividends, interest, rent), rather than from salary, wages or other employee compensation. Also called unearned revenue or property income.

-

1346

-

In accounting, money that has been received, but not yet earned; money that is collected in advance of earning. For example, a landlords receiving a January rent payment in December. Unearned revenue is usually shown on the balance sheet as a current liability. Also called prepaid income, deferred credit/income/revenue or revenue collected in advance. unearned increment

unverdienter Wertzuwachs

Also called unearned appreciation/increase (in value). An increase in the value of an asset because of changing economic or social conditions beyond the owner's control. unearned premium (reserve)

Deckungsrückstellung, Deckungsrücklage (Vers) Prämienreserve (Vers)

Monies set aside by insurers/insurance companies to cover potential liabilities on policies still in force at the end of the accounting/business year. Also called cover/insurance reserve. In insurance, a fund that contains the portion of the premium that has been paid in advance for insurance cover that has not yet been provided. Also called premium reserve. unemployables

Nichtbeschäfitigungsfähige

Persons who cannot be employed because they are chronically sick, too young, too old, untrained, mentally subnormal, too lazy, or criminal. unemployed funds

brachliegendes Geld

Also called idle money. Money not invested and therefore not earning any interest or dividend. unemployed person

Arbeitslose/r

Also called jobless person or person out of work. A person who does not have a job, but who is actively seeking work. As a plural concept, one speaks of "the unemployed", eg "two thousand unemployed", etc. unemployment (UnN)

Arbeitslosigkeit Arbeitslosenquote

The state of being without paid work, though willing and able to work, actively seeking work, but unable to find suitable paia employment. But unemployment must be involuntary and exclude the unemployables. To keep it to a minimum, people must be prepared to switch jobs.

-

1347

-

The main types of unemployment are: 1. cyclical unemployment: it is due to downturns in the economy, ie there is inadequate demand in the economy. Keynesian economists believe that it can be reduced by the government increasing its expenditure; 2. frictional unemployment: it is due to normal workings of an economy, eg workers quit to find better jobs; 3. structural unemployment: it occurs where there is a change in the pattern of demand for particular industries; 4. seasonal unemployment: it appears at certain times of the year; 5. regional unemployment: it occurs in a certain geographic area; 6. technical/technological unemployment: it results from changes in production technology which reduce the amount of labo(u)r required; 7. voluntary unemployment: individuals prefer to be unemployed though they could find a job; 8. involuntary unemployment: individuals are jobless through no fault or wish of their own; 9. hidden unemployment: unemployeds who are able to work do not seek work and do not appear in unemployment statistics; 10. residual unemployment: it occurs among people who are unable to do the work available; etc. 11. natural unemployment: the total of frictional and structural unemployment. Unemployment goes up in a recession because more people lose jobs and find that it takes longer to find new jobs. Some factors which have probably contributed to the rise in unemployment are: 1. lack of aggregate/total demand generally; 2. uneven distribution of demand in industries, occupations and places, with immobility of factors giving rise to unemployment; 3. a (small) rise in the size of the working population (eg the rise in the activity rate of women); 4. higher social-security payments; 5. higher real wages; 6. prejudices of employers or of other workers (eg towards older people or some ethnic minorities); etc. Note: 1. some degree of unemployment is for statistical purposes considered to be compatible with full employment. Effects of unemployment on the economy are: 1. less tax revenue: fewer jobs means less income tax, which leads to a bigger government deficit; 2. higher government costs: unemployed persons are paid unemployment benefit/ compensation; 3. less consumer spending: as the disposable income of jobless people has decreased, they are forced to buy less; 4. empty shops/stores: retailers sell less and thus they may have to dismiss employees; 5. production cuts: when consumers buy less and retailers sell less, many proaucers are forced to cut jobs as sales of their products fall. Note: elimination of unemployment and achievement of full employment are principal objectives of macroeconomic policy (ie fiscal and monetary policies). The proportion of labo(u)r force that is without paid work. A decrease in unemployment is favo(u)raole for the economy. Also called unemployment/jobless rate.

-

unemployment benefit

1348

-

Arbeitslosengeld, -Unterstützung

Also called unemployment compensation (US)/pay, jobless benefit, unemployment insurance benefit, or dole (colloq.). An amount of money paid to people who are unemployed but are capable of and available for work as an employee, and who have registered at a local unemployment office/jobcentre/employment exchange (GB)/labor office/employment service (US). unemployment insurance (UI)

Arbeitslosenversicherung

Part of social insurance paid for partly by the employer and partly by the employee. In return for these contributions the insured persons may receive unemployment benefits/ compensation in the case of unemployment. unemployment rate

Arbeitslosenquote, -rate

Also called jobless rate, unemployment ratio or rate of unemployment. Percent of the labor force/workforce (ie employed plus unemployed) that is unemployed. One is unemployed if actively seeking work or waiting to be recalled or to report to a job. unexecuted order

unerledigter/noch nicht ausgeführter Auftrag

Also called back/open/outstanding/unfulfilled order. An order received in the past that has yet to be processed or supplied. unfair competition

unlauterer Wettbewerb

Also called dishonest trading or unfair methods of competition. In general, a company's attempts to do better than another company by using unfair trade practices, eg: 1. wrongly criticizing a competitor's products; 2. unfair, untrue, or misleading advertising; 3. too closely imitating a competitor's trademark, product, package, etc. in order to take away its business (also callea passing off); 4. pirating a product; 5. selling below the cost of manufacture; 6. dumping; etc. In many countries there are laws to prohibit unfair trade practices. unfair contract terms

mißbräuchliche Vertragsklauseln, unlautere Vertragsbedingungen

Restrictive clauses in a contract, eg guarantees can never exclude or restrict liability for loss or damage caused by goods which are defective.

-

1349

unfair dismissal

-

grundlose Entlassung, ungerechtfertigte Kündigung

Also called dismissal without cause or unjust/unlawfiil/wrongful dismissal. An action by an employer to end an employee's contract of employment without cause. This would include anything other man gross misconduct, incapability, genuine redundancy, or some other substantial reason. Unfair/wrongful dismissal is a breach of contract. unfair trade practices

unlautere Wettbewerbshandlungen

Also called fraudulent trading. Discriminatory commercial activities and false representations and misleading conduct of various kinds. Examples are: unfair subsidies, dumping, the sale of counterfeit products/fakes, etc. unfavourable balance of payments

defizitäre, negative, passive Zahlungsbilanz

Also called adverse/negative balance of payments or balance of payments deficit. This balance indicates that the monetary value of total imports (ie visible and invisible imports) has exceeded the monetary value of total exports (ie visible and invisible exports) so that payments made to foreign countries are greater than payments received from foreign countries in a given perioaof time, eg a particular month or year. unfavourable balance of trade

defizitäre, negative, passive Handelsbilanz

Also called adverse/negative trade balance. A situation where the visible goods/visibles imported by a country are greater in monetary value than those exported. An adverse/unfavo(u)rable trade balance can be corrected by increasing export earnings and/or reducing the amount spent on imports. The former is preferable. But if a country is nearing the limit of its foreign currency reserves and borrowing power, reduction of imports may become imperative. Note: the balance of trade is favo(u)rable when exports are greater than imports. unfavourable exchange rate

ungünstiger Wechselkurs

An exchange rate for the domestic/home currency which is not good for international trade. unfranked investment income

nicht besteuerte Kapitalerträge

Income from investments which is received net of tax; tax (eg corporation tax) has been deducted at source by the payer.

-

1350

-

unfriendly takeover

unfreundliche, feindliche Übernahme

Also called hostile/unwelcome takeover. A merger which occurs when the target/victim company's management opposes the takeover but the acquiring company goes over their heads by making a tender offer to the shareholders/stockholders. As soon as it has acquired majority, it has management control as it can vote in its own directors at a general meeting. Note: according to the takeover rules, the acquirer has a time limit to persuade shareholders/stockholders to accept the offer. unified transfer tax

einheitliche Erbschafts- und Schenkungssteuer (USA)

In GB called capital transfer tax (CTT). In the USA, a federal tax on transfer of wealth, whether by lifetime gifts (gift tax) or by way of property passing at death (inheritance tax). Uniform Business Rate (UBR)

einheitliche Grundsteuer fur Betriebe

A tax collected by local authorities based on the rat(e)able values of business properties. Uniform Customs and Practice for Documentary Credits (UCPDC)

Einheitliche Richtlinien fur Praktiken für Dokumentenakkreditive (ERA) (AuW)

Usually only called Uniform Customs and Practice (UCP). A standardized code of practice formulated by the International Chamber Commerce (ICC) regarding the processing of documentary (letters of) credit. These are internationally accepted standard customs and practice (but the articles not have the force of law) which greatly simplify and clarify the administration documentary credits and thereby make the system more workable as a method payment in international trade. uniform delivered pricing

of do of of

einheitliche Preisstellung frei Haus/für alle Entfernungen

Also called uniform delivery/geographic pricing. A pricing method whereby all products are sold at the same delivery/delivered price, ie identical prices are charged to any destination. uniform price

Einheitspreis

A price which is the same for the same type of product and which is set by a government for price control purposes. In domestic trade, a price which is the same on all markets.

-

1351 -

In international trade, a standardized price, ie a price which is the same in the markets of various countries. A firm, essentially in a monopoly or differentiated oligopolistic situation may price its products uniformly on a global scale. Uniform Rules for Collections (URC)

Einheitliche Richtlinien für Inkassi (ERI) (AuW)

The internationally recognized rules (developed by the International Chamber of Commerce, ICC) for collections of bills/drafts, their payment or nonpayment, protest and for documentary collections (ie documents against payment, D/P, and documents aigainst acceptance, D/A). unilateral contract

einseitiger Vertrag

Also called naked/nude contract. A legal agreement in which only one of the two parties makes legally enforceable promises. For example, the offeree (ie the person to whom an offer is made) exchanges for the offeror's promise something other than a promise; ie the contract is only binding on one person (who has a unilateral obligation). Note: m a bilateral contract mutual promises are exchanged and each party is both promisor and promisee. unilateral transfer

einseitige/r Transfer/Übertragung

Unilateral transfers form part of the balance of payments on current account and include all transfers (in the form of commodities, services or money) made to, or received from, non-residents without any consideration. unincorporated association

nicht rechtsfähige Vereinigung Unternehmen ohne eigene Rechtsersönlichkeit, nicht rechtsfähiges internehmen

t Also called unincorporated body.

An association consisting of a number of persons who have come together in pursuance of a common interest, eg a sports club or a charitable society. Sucn a body has no separate legal personality and needs no special form for its creation. A company which has no separate legal personality, eg a sole trader or a partnership. An unincorporated business cannot have unlimited liability and its life is no longer than those of its proprietors. Also called unincorporated company. uninsurable risk

nicht versicherungsfahiges Risiko

Also called noninsurable risk or uncertainty. Risks that fail to meet the requirements of insurable risks. That means, these are risks which cannot be measured by past experience or which are too uncertain to evaluate.

-

1352

union

-

Gewerkschaft Union, Vereinigung

A formal organization of employees formed to negotiate with their employers about wages, working conditions, etc. Also called trade union (GB) or labor union (US). The act of uniting or the state of being united. A number of persons or firms joined together for some common purpose. A uniting of states into one economic and/or political body. union dues

Gewerkschaftsbeiträge

Also called union contributions/fees. The membership fees which trade/labor unionists pay to their particular union. union representative

Gewerkschaftsvertreter/in

Also called union delegate A person representing union members in discussions with employers, eg about pay and working conditions. union shop

Betrieb, der nur gewerkschaftlich organisierte Arbeitnehmer beschäftigt

Also called post-entry closed shop. A place of employment where all the employees must be members of a (trade/labor) union. New employees must join the union within a stated period, usually 30 days, after being hired. union wage rate

Tariflohn

Also called (negotiated) standard/agreed wage rate, scale/scheduled/ standard wage(s), or standard pay. The minimum wage rate, established by collective bargaining, paid to qualified workers before any overtime or premium pay is calculated. unique selling proposition (USP)

einzigartiges, einmaliges Verkaufsargument

USP is a creative strategy based on some point of physical differentiation of the product, ie the product itself must offer a feature, unavailable in others. The USP is used as a key theme in advertising as it offers the consumer a logical reason for buying a product.

-

unit

1353 -

Einheit, Stück Fondsanteil Geschäfts-, Unternehmensbereich, Betrieb, Tochtergesellschaft Börsenschluß (Mindestbetrag eines Wertpapierabschlusses) Aggregat Element, (Bau)Einheit, Teil Einer (Mathematik) Gruppe Schuljahr (USA) Lernheinheit

In general, any division of quantity as a standard of measurement or of exchange, eg a single product for sale or the unit of a country's currency such as a dollar, Swiss franc, pound, yen (a monetary unit or unit of currency). A single share in a unit trust. Part of a larger business entity, eg a division (also called functional group or operational area), plant (ie a production unit) or subsidiary. Minimum number or amount of securities or commodities accepted for ordinary trading on a stock or commodity exchange. Also called lot, round lot, or trading unit. A device that has a special function. Also called unit assembly. A piece of equipment, sometimes made up of several parts. In mathematics, the smallest whole number, the number one, eg tens and units. A single person or group. In the USA, a school year. An instruction or teaching unit, eg a text focusing on a specific topic. unit banking

Einzelbankensystem, filialloses Bankensystem

A bank operating in this system is called unit bank or single-office institution. A banking system that prohibits branching, ie a bank is a single, independent enterprise without branches. Thus, the bank conducts all of its operations at one office. Note: today, branch banking and bank holding companies are prevailing. unit billing

Sammel(ab)rechnung

A list of all purchases by a customer, prepared on a single statement or invoice. unit cost(s)

Stückkosten

Also called cost per unit (CPU), cost per unit of output, piece costs, costs of article produced or unit production cost.

-

1354

-

The total costs (ie total variable costs and total fixed costs) of producing a number of units of a product over time divided by the number of units. Because of fixed costs, unit cost(s) will depend on the level of production as well as on the quantities of material and labo(u)r used. It is the unit costs rather than the total costs which give a better representation of the efficiency of a company. There is a relationship between unit costs and the unit price: unit costs + % profit = unit price. unit costing

Stückkostenrechnung

Also called item/process/product costing; sometimes also single/output costing. Practice of determining the cost per unit of output of a product through dividing total costs by total output. This method of costing is used where manufacture/production is continuous and the unit of cost is identical throughout. unit linked policy

fondsgebundene Lebensversicherung

Also called unit/unit-linked life assurance (GB) or share-linked life insurance. In life insurance, a contract which allows a policyholder to receive benefits which may differ from the basic sum insured. The benefits paid are directly related to the investment performance of certain prespecified assets, eg the actual monetary value of benefits received depends directly on the value of the shares in a unit trust's portfolio. unit load

Containerstapel, Einheitsladung, Unit-Load

Also called unitized cargo/load. In containerized or palletized traffic, grouped cargo carried in pallets, containers, etc. The main advantages are: 1. faster handling of fewer items making for quicker turnaround of carrying vehicles, ships, aircraft; 2. reduction in labo(u)r costs (offset in some degree by heavy investment in equipment); 3. greater security; 4. less packing materials; 5. better freight rates. The principle is that one large unit is speedier and easier to handle than numerous smaller items. unit of account (U/A)

Rechen-, Rechnungseinheit (Geld als Wertmaßstab)

One of the functions of money (the others being medium of exchange, store of value and standard for deferred payments) used for measuring purchasing/spending power or the prices paid for goods and services (the things one buys are all expressed in common units, eg dollars and cents). In this way, we are able to compare one item's worth to other things, especially if we express values in real terms. The prices of all commodities can be defined and then compared. Also called standard of value. The monetary unit in which accounting records are kept and financial statements drawn up.

-

1355

-

Note: multinational companies/corporations (MNCs) use either the currency of their head office (HO) or of the country where most of their operations are carried out, or a hard currency such as the US dollar. Als called accounting unit. unit of production

Fertigungs-, Produktionseinheit

Also called production/work unit or unit of manufacture/output/product. A separate piece of a product or a single product produced by a manufacturer/ producer. unit of trading

(Börsen)Schluß, Mindestmenge Handelsgröße, Kontraktmenge (Bö)

The minimum number or amount of securities traded on the stock exchange; most securities are traded in round lots of 100 shares/stocks each. Also called lot, regular/round lot, or contract/trading unit. The normal number of commodities constituting the minimum unit of trading on a commodity exchange. Also called contract size/unit. unit pack(ing)

Einzelverpackung

Pack which contains only one product or unit. unit price

Stückpreis

Also called price per item/piece. The price charged per unit of a product. unit production

Einzelfertigung

Also called individual/single unit/single item/unique unit production. The manufacturing/production of products one at a time. According to Peter F. Drucker (US management consultant), there are three major systems of production: 1. unit production, 2. process production and 3. mass production. unit quotation

Stückkurs, Stücknotierung

Also called price per share/stock. On the stock exchange, the listing/quotation of dividend-bearing shares/stocks (also called dividend papers) per unit. This means that the price of a security (the market value) is quoted per unit - but the quoted unit price may fluctuate from day to day, or minute to minute. Note: fixed-interest bearing securities are listed/quoted as a percentage quotation, eg 98 %, or 102 %.

-

unit tax

1356

-

Einzelsteuer

A tax per unit sold which usually takes the form of sales or purchase tax. unit trust

offene (GB)/eeschlossene Investmentgesellschaft (USA)

In GB, an organization which gives thousands of small investors (the unit holders) the opportunity to invest in shares, bonds, gilts, foreign shares, or other property, etc. (whatever the trust deed specifies) in a way that is supposed to have less risk. The investors hold a unit in the trust, which reflects the underlying value of the investments. The value of the units rises or falls in line with the market value of the investments and the interest and dividends paid. Unit holders can sell their units back to the unit trust. After deducting all charges, the profit received as dividends from the securities or other investments is distributed to the unit holders. In the USA called mutual fund or open-ended investment company (OEIC). In the USA, an investment company that purchases a fixed portfolio of incomeproducing securities, such as bonds or preferred stock/preference shares (GB). Units in the trust are sold to investors (the unit holders) who receive an interest in the amount of capital they invest. The portfolio remains fixed until all the securities fall due/mature. Also called unit investment trust or closed end investment company (CEIC). unitary elasticity (demand)

Elastizität = 1 (Nachfrage)

Also called unitary demand elasticity or unit elasticity. A situation where in response to a given percentage change in the market price of a good, there is an equal (and opposite) percentage change in the quantity demanded. unitary taxation

Globalbesteuerung

Also called overall taxation. A method of taxing based on a percentage of a company's worldwide earnings rather than on profits in the area where the taxing authorities are located. Thus the state corporation tax paid by a company may have no relationship to its profitability in the state. United Nations (UN)

Vereinte Nationen (VN)

An association officially created on 24 October 1945 of countries that have agreed to abide by the principles originally laid down in the UN Charter. Its major purposes are: 1. to maintain international peace and security; 2. to develop friendly relations among nations; 3. to achieve international cooperation in solving international problems of an economic, social, cultural or humanitarian nature; and 4. to be a center for harmonizing national efforts in these areas. The principal organs of the UN are the General Assembly, Security Council, Economic and Social Council and Secretariat.

-

1357

-

The UN has organized a number of specialized agencies to influence the world economy: the World Trade Organization (WTO), the World Bank, the International Monetary Fund (IMF), the United Nations Conference on Trade and Development (UNCTAD), etc. United Nations Conference on Trade and Development (UNCTAD)

UNCTAD, Handels- und Entwicklungskonferenz der Vereinten Nationen

A multinational institution, based in Geneva, Switzerland, established in 1965 to represent the economic interests of less developed countries (LDCs) and to promote international trade especially with a view to accelerating economic development. United Nations Educational, Scientific and Cultural Organization (UNESCO)

Organisation der Vereinten Nationen fìir Erziehung, Wissenschaft und Kultur (UNESCO)

An organization which "contributes to peace and security by promoting collaboration among the nations through education, science and culture for justice, for the rule of law, and for the human rights and fundamental freedoms which are affirmed for the peoples of the world, without distinction of race, sex, language or religion, by the charter of the United Nations". unity of management

Konzept der einheitlichen Leitung

Also called unity of direction. An administrative management principle developed by the French industrialist Henri Fayol (1841 - 1925) expressing the management concept that there should be only one head and one plan for each organizational segment. All business functions must pursue a common direction for the achievement of company objectives. This is accomplished by the board of directors. universal agent

Generalvertreter/in Generalbevollmächtigte/r

An agent who has (unlimited) authority to represent a business within a specified area/ territory. Also called free/general agent. A chief executive, ie a person with complete signing authority. Also called executive/ general manager. universal banking (system)

Universalbankensystem

Also called unibanking. Universal banking means that a bank (the universal bank) is able to offer every kind of service (eg to accept deposits, lend money, underwrite an issue, buy and sell securities, advise on investments, act as insurer etc.) in every type of financial market (eg the Eurodollar market)· The advantages oi this type of banking system are that it permits better use of customer information and allows Danks to sell more services under one roof as a financial supermarket.

-

1358

-

The main disadvantage is that it permits concentration o f economic power in a handful of large banks (eg German banks own about 9 % of all German quoted companies). Universal banks are commonly found in Germany, the Netherlands and Switzerland. universal product code (UPC)

UPC-Strichcode

A number (a barcoded identification number) used to identify a product (a barcoded product). university

Universität, Hochschule

An institution of learning at the highest level, where you study for an undergraduate or a graduate degree, eg a master's degree. university of applied sciences

Fachhochschule (FH)

Also called college, business/technical ( G B ) college or professional school (US). In Germany, a college where students who have finished school study for further qualifications, especially in practical subjects. The college provides vocational, technical, or professional education and grants a bachelor" s degree, eg a B B A . university of cooperative education

Berufsakademie (BA)

In Germany, an institution of practice-oriented education on college level. A student enrolled at the Berufsakademie (BA) is both a student and a trainee (ie he/she requires an employment contract with the company providing on-the-job training). Studying at the Berufsakademie is based on the idea that practical experience (provided by the company) and theoretical knowledge (provided oy the Berufsakademie) should be obtained at the same time. Thus the student spends a certain period at the Berufsakademie followed by a period of equal duration at the company and he/she also receives pay while at the Berufsakademie. Note: the Berufsakademie grants a degree equal to the bachelor's degree. university of the air

Funkkolleg

An academic institution whose students are taught through radio/TV programs and periodic seminars; final examinations are those o f recognized university degrees (MA, MBA, BA, B B A , etc). unjust enrichment

ungerechtfertigte Bereicherung

Also called undue/unjustified enrichment or gain without legal cause. A legal term meaning that when a person obtains money or property unfairly, it should be returned. unladen weight

Eigen-, Leergewicht

Also called deadweight (dwt) or empty/unloaded weight. The weight of a vehicle without its load/cargo.

-

unlawful act

1359

-

unerlaubte, rechtswidrige Handlung

Also called illegal/tortious/wrongfiil act, tort or wrong. An act against the law or an illegal act. unlimited company

Gesellschaft mit unbeschränkter Haftung

A general/ordinary partnership whose members/partners have unlimited liability, i.e eacn member/partner has to pay his/her full share of the debts of the company if it is brought to an end. unlimited liability

unbegrenzte, unbeschränkte Haftung

Also called full/personal liability. A liability to pay all the debts incurred by a business. Thus the liability of the owner(s) of the business is not limited to the owner's investment. When a business (eg a sole proprietorship or general partnership) is subject to unlimited liability, the owner(s)/trader(s)/proprietor(s) is/are fully liable for all the debts of the business if it fails/goes bankrupt. This may mean losing not only the capital he/she has invested into the business, but it includes if necessary the sale of his/her own personal possessions (eg his/her home, car, etc.) to realize money to pay his/her debts. Note: if the debts of the Business are greater than the personal assets of the owner(s)/proprietor(s), he/she/they may be forced into bankruptcy. unlimited mortgage

offene Hypothek

Also called open-end mortgage. A mortgage under which the mortgagor (ie the borrower) may secure additional funds from the mortgagee (ie the lender, eg a bank), up to a preset amount, on the same note. unlimited partnership

offene Handelsgesellschaft (OHG)

A general/ordinary partnership. unlisted securities market (USM)

Freiverkehrsbörse, geregelter Freiverkehr/Markt

In the US called over-the-counter market (OTCM). In GB, formerly a market for dealing in company shares/stocks that have not obtained a full stock exchange listing/quotation, now replaced by the Alternative Investment Market (AIM). Note: the USM enables smaller companies to raise new capital without having to meet the stringent listing requirements and the expense of obtaining a full/official quotation.

-

1360

-

unlisted security

Freiverkehrswert, amtlich nicht notiertes Wertpapier

Also called unquoted/outside security or curb (US)/kerb (GB)/third market stock. A security that is not listed/quoted on an organized stock exchange. unloading

Entladen, Abladen, Löschen Abstoßen von Wertpapieren Niedrigpreisverkauf

The taking of goods off a vehicle, eg a ship. Also called discharge. The selling of securities which do not seem attractive in order to avoid a loss due to a falling market. The practice of putting on the market large quantities of a certain product at a low or concessionary price. Slang for dumping, ie the selling of goods at lower prices than those charged on/in the domestic market. unmerchantable goods

unverkäufliche Ware

Also called unsal(e)able goods or dead stock. Goods that cannot be sold because they are in any way below the usual standard (eg of substandard quality) or not in their natural sound state. Note: shares/stocks that are unsal(e)able are called sour stock. unofficial strike

nicht genehmigter, wilder Streik

Also called illegal/unauthorized/wildcat strike. A strike not sanctioned or ratified by the union(s) concerned. unpaid balance

Restschuld

Also called remaining/residual or surviving debt. Part of a debt that is unpaid. On a credit purchase, the difference between the buying/purchase price and the deposit/downpayment. On a cash loan, the difference between the total loan and the amount that is still owed.

-

unplanned economy

1361

-

freie (Marktwirtschaft

Also called free/liberal/market/uncontrolled economy or private enterprise. A capitalist society based on private ownership. In this system, the use of resources is controlled by price movements. These movements are due to the actions of millions of people whose purchases and use of services affect supply and demand. As the consumer is very important, the producer tries to satisfy his/her needs; as there are numerous producers, there is keen competition so tnat the quality of the commodities is nigh and prices are reasonable. unquoted company

nicht börennotiertes Unternehmen

Also called unlisted company. A company whose shares/stocks are not admitted for trading on a stock exchange. But the shares/stocks may be quoted and traded on unlisted securities markets (USM)/overthe-counter (OTC) markets. unrealized appreciation

nicht realisierter Wertzuwachs nicht realisierter Kursgewinn

Also called paper profit. An increase in the value of a fixed asset (the appreciation) that is still being held. An increase in the quoted value of securities (the appreciation) that are still held. unrealized profit/loss

nicht realisierter Gewinn/Verlust

A change in value of an asset that is still being held - the profit or loss has not become actual. The profit or loss is realized when a commodity or security in which there is a gain or loss is actually sold. unsecured loan

unbe-, ungesichertes Darlehen unbe-, ungesicherte Anleihe

A loan granted on the strength of the borrower's impeccable (first-class, sound) financial standing, rather than a pledge of assets or specific properties as collateral. The borrower only signs a promissory note (P/N) stating the terms and conditions of repayment. Also callea character/good faith loan. An unsecured bond, ie a bond that is not secured against specific assets of the company. Also called plain bond. unskilled work

ungelernte/unqualifizierte Arbeit, Hilfsarbeit

Also called unskilled labo(u)r or lowest-grade work. Work which does not require any complex training or previous experience. It consists of simple manual operations which can be learned in a short time and which do not require a particular ability, talent or independent judg(e)ment.

-

1362

-

These occupations are often highly repetitive, boring and poorly paid; much unskilled work could De performed by machmes, but the capital cost would be too high. The person performing sucn work is called unskilled worker or common laborer. unskilled worker

Hilfsarbeiter/in, ungelernte Arbeitskraft

Also called manual worker or common labo(u)rer. A worker who performs work requiring no particular ability, talent or independent judg(e)ment and little or no training. unsocial hours

unsoziale, unzumutbare Arbeitszeit

Hows of employment, agreed between employer and employee, that do not coincide with the hours worked by most other people and therefore disrupt normal social and family life outside work, eg shiftwork. unsolds

an den Lieferanten zurückgegebene (nicht verkaufte) Waren

Also called unsold goods. Goods that are returnable to the supplier by a retailer as he/she could not sell them, eg newspapers. Any goods returned to a supplier who has supplied them on sale or return. unsolicited goods

unaufgefordert zugesandte, unbestellte Waren

Goods which have been sent to someone who has not requested or ordered them; the sender/supplier cannot demand payment for them. unsolicited offer

unverlangtes Angebot

Also called voluntary offer. An offer sent to a customer who has not made an inquiry. Unsolicited offers are often made to regular customers to inform them of a special opportunity (eg special offers), to customers who have not placed orders for a long time, or to potential customers to create new business. Voluntary offers are often made in the form of sales letters. unsought goods

verstecktes Produktpotential, nicht bewußte/bekannte Waren; latent vorhandene Waren

These are goods that the consumer does not know about or knows about but does not normally think of buying, eg new products. Consequently, the consumer must not only be informed about their availability but he/she must also be presented with the attributes and value of the goods through unique advertising ana personal selling efforts.

-

1363

unstuffing

-

Entladen eines Containers

Unloading cargo from a container. unvalued policy

Versicherungspolice ohne Wertangabe, untaxierte/offene Police, Pauschalpolice

Also called nonvalued/open/untaxed policy. An insurance policy in which the value of the subject matter is not stated, but is left to be assessed when a claim is made. update

Aktualisierung

Also called updating. A new or current information added to something to make it up to date (update it). updating

Aktualisierung Modernisierung

The act or process of revising something and bringing it up to date. Also called update. The act of making something more modern in the way it looks or operates. Also called facelift or modernization. upgrading

Höhergruppierung, höhere Tarifeinstufung, Beförderung Erweiterung/Verbesserung des Warensortiments Ausbau, Erweiterung

In personnel management, the assigning of a job to a higher status or an advancement of qualified workers, eg after a training program(me), usually accompanied by a pay increase. If an employee is upgraded/promoted, a higher level of responsibility and/or skill may also be required. Also called promotion. In retailing, the offering of a greater assortment/product range and superior goods to customers. Making a computer or other machine better and able to perform more things. upkeep

Wartung Wartungskosten

The maintenance of any form of property, eg machinery, tools, etc. Also called maintenance or servicing. The cost of maintaining property, eg machinery, in sound workable condition. Also called maintenance cost/cnarges or cost of upkeep.

-

upper class

1364

-

Oberschicht

One of the various social classes consisting of the very rich and the well-to-do. upper lower class

obere Unterklasse, Arbeiterklasse

Also called working class. In the USA, one of the various social classes, comprising about 35% of the population. Its members have little education and mainly work in unskilled manual jobs. Marketers know that shoppers of this class have a high degree of brand loyalty and frequently buy impulse goods. upper middle class

obere Mittelklasse

In the USA, one of the various social classes, comprising approx. 12% of the population. Its members usually work in the professions, such as law, medicine or science. Marketers know that these people strongly support education and culture, value a comfortable, well-furnished house, and purchase quality items. upper support point

oberer Interventionspunkt (AuW)

Also called upper intervention rate or buying point. In foreign exchange trading, the upper support point at which the central bank will take action, îe buy its own currency, to offset fluctuations in the exchange rate. upper turning point

oberer Wendepunkt

This is the highest point in the business/trade cycle. It is usually reached when there are shortages of skilled labo(u)r and capital/investment goods, ana when rising costs reduce investments so that the Doom will change into a downswing/downturn. upper upper class

obere Oberklasse

In the USA, about 1% of the population who have inherited their wealth from previous generations and earned from investments. Striving to get ahead is not part of their class ethics - they have already arrived. uppercase/upper case (UC)

Großbuchstaben, Großschreibung

Also called uppercase/capital letters. The capital letters of the alphabet, as compared to the small letters (lowercase, LC). upscale

gehobene soziale Oberschicht

Persons at the upper end of a social or economic class, such as people with high incomes, high levels of education, or professional status.

-

upset price

1365

-

Mindestpreis (bei Versteigerungen)

Also called floor/reserve price. At an auction, the lowest price a seller is prepared to accept for an article being auctioned. It is the beginning price asked prior to public bidding. upstick/up stick

Börsengeschäft zu einem besseren Kurs als dem vorherigen Kurs leichter Kurs-, Preis-, Wertanstieg

On the stock exchange, a sale that is made at a higher price than the one obtained immediately before. The opposite of downstick/down stick. Also called plus stick. A minor rise in price or value, eg a slight upstick in the Australian dollar or an increase in a stock quotation. upswing

Konjunkturaufschwung, Aufschwung (scharfer) Anstieg (z.B. Preis, Kurs)

One of the phases in a typical business/trade cycle characterized by an upturn/recovery in the level of economic activity and economic growth. A recovery from a slump may arise for a variety of reasons but once under way, business confidence will grow and generate aggregate demand, which may come about autonomously or be induced by expansionaiy fiscal and monetary policy. Investment, production, employment, profit, incomes and consumer spending will all begin to rise; but prices begin to rise slowly, too. An upswing can lead to a boom. Also called recovery, upturn, upward phase, cyclical/economic upswing. Movement of prices, quantities, etc. that has changed to an upward direction, eg there was an upswing in the price of houses or shares/stocks, in the output of cars or in demand. Also called uptrend or upturn. uptrend

Aufwärtstrend, -entwicklung

Also called upswing ur upturn. Increase of some general kind, eg an increase in sales, economic activity, etc. Upward direction in market prices, the price of securities, commodities, etc. upward mobility

vertikale Mobilität

Also called vertical mobility. Movement from one socioeconomic class to a higher one, eg with regard to income, education, material goods, lifestyle, etc. urban renewal

Stadterneuerung

Also called urban redevelopment. The process of improving poor city areas by renovating buildings or demolishing and replacing them witn new ones.

- 1366 -

urbanism

Stadtleben Urbanistik

The way of life of people who live in a city. Also called city life. The study of city life. Uruguay Round

Uruguay Runde

The multinational trade negotiations started in 1986 and completed at the end of 1993 created the most significant trade agreement in GATT" s histoiy. More than 100 nations agreed on greater liberalization of trade, eg tariffs will fall by an average 40 percent throughout the world by the end of the century; the USA and the EC each cut tariffs on the orner' s products by 50 percent immediately, with more cuts to follow; agricultural subsidies are to be cut; etc. Additionally, rules to protect intellectual property were introduced, eg patents are protected for 20 years and copyrights for at least 50 years from the creator's death. Note: GATT was renamed as the World Trade Organization (WTO). usage of the market

Handelsbrauch

Also called custom/usage of the trade, business/commercial/trade usage, customary practice, or mercantile custom. Accepted manner of commercial dealing. usance

Laufzeit eines Wechsels Zinssatz Gewinn Beschäftigung

The period of time for which bills of exchange not payable on demand (ie sight drafts/ demand bills) are drawn, ie the period of time between the date a bill of exchange is presented (ie accepted) and the date it is paid (the due/maturity date). Usually, the usance is up to three months or longer (this bill is called term/time/usance bill). Also called currency, term or tenor. The rate of interest (a meaning now little used). Any income received by the owner of wealth, ie his/her profit. Also called earnings, gain, income or profit. Employment. usance bill

Nachsichttratte Uso-, Usancewechsel

Also called usance draft. A bill/draft that has been drawn to be payable after a specified number of days. Also called after-time draft. A bill of exchange that is drawn/issued in accordance with the custom of the particular trade, eg it may be the custom to draw a bill/draft 30 days after sight.

- 1367 user

Anwender/in, Benutzer/in User

Persons who actually use the purchased product. A person who uses a computer. user charge

Benutzer-, Benutzungsgebühr

Also called user fee or occupancy/usage charge. A specific sum that users (or consumers) of a service have to pay to receive that service. user customer

Weiterverwender

The user customer is one who uses a given product to make other products for either consumer or industrial product companies. user's guide

Benutzerhandbuch

Also called user's/operator's manual or set of instructions. A book showing someone how to use something. usufruct

Nießbrauch, Nutzungsrecht

Also called usufructary right. A person's (the usufructuary's) right to use another person's property without damaging it or lowering its value. usury

Wucher Wucherzinssatz Wucherzinsen

Formerly, the practice of lending money and charging interest for doing so whether the rate charged was high or low. Today, the lending of money at more excessive/exorbitant rates than allowed (ie at usurious interest/loan shark rates) by law. An agreement to pay more than the legally permissible maximum interest rate for a loan of money is usurious. The rates in consumer credit contracts are controlled by law, and the highest permitted rate is called the usury ceiling/rate. The excessive rate of interest charged. Also called usurious interest or loan shark rate. The amount received in such interest. utilitarianism

Nützlichkeitslehre, Utilitarismus

A moral philosophy concerned with maximizing happiness, pleasure and utility for the greatest number of people. Thus, utilitarians select actions and options promising the best results for all people affected.

-

1368

utilities

-

Versorgungsbetriebe

Also called public utilities. These are industries which provide the most basic services such as water, gas, electricity, etc. Note: before privatization it was generally accepted that utilities were state-owned and natural monopolies. utility

Nutzen Nützlichkeit

•

'

OJSA)

The amount of satisfaction derived by a person from buying goods or services. As people have individual tastes and preferences, utility varies from person to person. Utility is subjective in that it denotes someone's personal estimate of satisfaction; therefore utility as such cannot be measured in absolute terms, but for practical purposes the utility of a good to a particular consumer can be gauged by how much ne/she is prepared to pay for it as compared with other things (but note: a rich person may be prepared to pay much more than a poor one for a certain article - but it does not follow that he/she will get greater satisfaction from it). Furthermore it will vary for the same person at different times, ie utility is not constant. Also called satisfaction, pleasure, or benefit. Note: utility is not always synonymous with benefit. To say that a thing has utility for a consumer does not necessarily mean that he/she will derive benefit from it - there are many things which satisfy consumers' desires and yet undoubtedly do harm them, eg drugs. Usefulness, ie the state of being practical, helpful or advantageous, eg for some specific purpose. In the USA, privately owned corporations engaged in public-service enterprises supplying electricity, gas, telephone, water and orner services. Also called publicservice company or public utility corporation. A certain computer program(me) that provides specific fundamental functions, such as sorting data. Also called utility program/software. utility function

Nutzenfunktion

A preference function stating on what a consumer's satisfaction/utility is dependent. Generally, it is expressed as follows: U = f (x, y, ...). This shows a consumer s utility as a function of the quantities of goods X, Y , . . . that ne/she consumes. utility goods

Also called (consumer) durables. Basic goods that are needed for everyday life.

Gebrauchsgüter

1369

utility maximization

Nutzenmaximierung

An economic theory that seeks to explain consumer behavio(u)r; it is the aim of the consumer to purchase those goods that enable him/her to achieve his/her highest possible level of satisfaction/utility among all the goods available to him/her and which he/she can afford. The economic problem of consumers is that they have only a limited amount of income to spend and therefore cannot buy all the goods they would like to have. Therefore, demand theory assumes that the goal of the consumers is to select the combination of goods in line with their preferences that will maximize total utility/satisfaction. Total utility is maximized when the ratios of marginal utility to price for all goods consumed are equal, eg for two goods X and Y, total utility is maximized when: marginal utility of X price of X

marginal utility of Y price of Y

In other words, utility maximization is a state of consumer equilibrium. Given a fixed/limited income and fixed prices, we spend our money (eg dollars) in order to realize an equilibrium of marginal utility per monetary unit (per dollar) for all items purchased. utmost good faith

höchste Gutgläubigkeit (Recht) unbedingte Beachtung von Treu und Glauben, höchste Gutgläubigkeit/ Redlichkeit, Grundsatz uberrimae fidei (Vers)

Uberrima fides is the Latin for utmost good faith. In law, a term applied to contracts which impose on the contracting party a duty to disclose any facts likely to be material to the other party's decision whether or not to conclude/effect the contract. Certain classes of contract (eg contracts to take shares/stocks in companies or for the sale of land, insurance contracts) require utmost good faith by the parties making them. Each party must make a full disclosure to the other of all material facts bearing on the contract. Failure to reveal vital information, even if not asked about it, gives the aggrieved party the right to regard the contract as void. One of the principles of insurance (the others being insurable interest and indemnity): both parties to an insurance contract must disclose all facts material to the contract. The insured must show the utmost good faith to provide the insurer with all necessary details to assess the risk and calculate the premiums.

-

1370

-

V

Nothing venture, nothing win. (Proverb, 15 th c)

vacancy

freie/offene Stelle/Position leerer Platz/Raum, freies Zimmer

A position or job which has not yet been filled by a new employee; an employment opportunity. Also called job vacancy or open/vacant position. An empty place or room, eg in a hotel. vacation (vac)

Gerichtsferien, Semesterferien (GB) Ferien, Urlaub

In GB, the part of the year when the law courts or the universities are closed. In the USA, a holiday. vacation pay

Urlaubsgeld

Also called vacation allowance/bonus, cash/holiday bonus or cash pay (GB). An employee's compensation received for a specified vacation/holiday period. vacillating customer

unentschlossene/r Kunde/Kundin

A customer unwilling, or unable, to determine own needs when presented with a positive proposition/offer. valid contract

(rechts)gültiger/verbindlicher Vertrag

Also called binding contract. An agreement signed by both contracting parties that meets the requirements of law and is therefore in force. validated inflation

in Kauf genommene Inflation

Inflation which is allowed to persist because the money supply is expanded at the same rate as inflation.

-

1371

validation

-

Gültigkeitserklärung, Bestätigung

Checking and showing that something is what it claims to be or is legally correct. Often a validation certificate is issued. Making something legal or effective, eg signing one's name to a bill of sale. valorization

behördliche Preisfestsetzung, Valorisation

The placing of a value on an article or service by government regulation at a level that differs from market price. valuable consideration

geldwerte Gegenleistung

Also called pecuniary consideration. Any consideration sufficient to support a contract and therefore an essential element in a contract. Money payment is a common form of valuable consideration. It is taken for granted that a contract must be beneficial to both parties, and some valuable thing or some worthwile service must pass between them. valuables

Wertgegenstände, Valoren

Also called objects of value or valuable items. Any property which has monetary value and which could be sold for a lot of money or pledged as a security, eg gold or precious metals, securities, etc. valuation (vain)

Bewertung, Wertbestimmung Reservenberechnung (Vers) Risiko-/Schadensbewertung (Vers) Bestimmung des Barwertes einer Lebensversicherung Vermögensbewertung, Wertansatz Ermittlung des Einheitswerts

The process of deciding or estimating the value of something or somebody. Also called appraisal or evaluation. In insurance, a method of setting insurance company reserves to pay future claims. In insurance, a method of determining the worth of property to be insured, or of property that has been lost or damaged. In life insurance, the fixing of the present value of a policy. In accounting, the process of arriving at the probable present value of assets or liabilities and the value so arrived at. The value is needed in preparing the balance sheet. Also called valuation of assets. In taxation, the process of appraising the value of real property (the assessment/standard value), ie of lana and buildings, to fix the rates payable on the property.

- 1372 valuation adjustment

Wertanpassung Wertberichtigung (RW)

Also called value adjustment. A small change made to the value of something, eg a car. In accounting, an entry on the liabilities side of a balance sheet, made to offset overvaluation of assets, eg current and fixed assets, inventories, investments, receivables, securities, etc. valuation charge Also called value surcharge. Transportation charges imposed an shippers who declare a value of goods higher than the value of carriers or forwarders' limit of liability. Where consignments are offered for international air transportation, a declaration of value must be made. It is permissible to make the statement - "no value declared". Where goods have declared value for carriage per kilogram(me) higher than a certain level, a valuation charge will apply in addition to the freight charges. Valuable items/valuables, eg gold, diamonds, legal banknotes, securities etc., are charged at the current air cargo rate plus a surcharge. valuation of assets

Bewertung von Aktiva, Vermögensbewertung

Also called asset valuation. Attaching prices to assets, especially to nonmonetary assets, eg buildings or machinery. Depreciable fixed assets have to be valued at cost (note: the principle of valuation at the lower of cost or market value). valuation of stock

Bewertung von Vorratsvermögen, (Lager)Bestandsbewertung Aktienbewertung

Also called stock valuation. The assessment of the value of goods unsold at the end of the accounting period. Also called valuation of inventory or inventory valuation/pricing. The valuation of shares/stocks. valuation reserves Reserves providing for losses in asset value.

Wertberichtigungen

- 1373 value (val)

Bewertung, Schätzung Wertstellung, Valutatag (BaW) Abrechnungstermin bei Börsengeschäften Wert, Tauschwert Geldwert, Vermögenswert Gebrauchswert Nutzen (angemessener) Marktpreis Kaufkraft

A written estimate of market value by a qualified appraiser/valuer, based on an analysis of relevant data. Also called appraisal. In banking, the date on which a bank deposit becomes effective. Also called value date. The date on which currency and security transactions must be paid. Also called settlement date/day. The power an article or commodity has to exchange itself for other goods and services, either in units of money or in quantities of goods. Also called value in exchange (a term used by Adam Smith). What an article or commodity is worth. This may be what something costs, what it would cost to replace it, what it would bring on the open market, etc. Also called worth. The quality of being useful, ie the amount of satisfaction that is obtained from an article, commodity or service. Here value is considered only in relation to its usefulness to man, not to its price. Also called usefulness or value in use (a term used by Adam Smith). The quality of satisfying man's wants. Also called satisfaction or utility. The price at which an asset passes from a willing seller to a willing buyer (frequently the basis for tax assessments). Also called fair market/actual cash value. The value of money, ie what money will buy at any given time. Also called buying/purchasing/spending power. value added

Wertschöpfung

Also called added value, increase in value, real net output, or value creation. The difference between the selling price of a company's product and the cost of the bought-in components, ie the value which a company adds to a bought-in product by its own efforts (the manufacturing and administrative costs, interest payments and profit). value added tax (VAT, vat)

Mehrwertsteuer (MwSt)

In general, an indirect tax imposed/levied as a percentage of the invoice value of goods and services. In detail, an indirect tax levied by a government at specified rates on the value added to a good or service from primary production to final consumption.

-

1374

-

The tax is based on the difference between the sale/selling price of the goods and services (outputs) and the cost of bought-in inputs. At each point of exchange the tax is passed on in the form of higher prices. The final amount of tax is added on to the selling/sale price of the good or service and is passed on to the buyer. That means, each registered trader sells his/her outputs at a price increased by the appropriate percentage of VAT. He/she is then liab le to the fiscal/tax authorities for the payment of the tax obtained from his/her customers, but he/she is allowed to deduct any VAT that he/she has had to pay to his/her suppliers (ie, his/her input tax) from his/her overall VAT liability, which, in certain cases, may result in a refund. His/her customers do likewise, and so on down to the final consumer. Thus, if a manufacturer buys raw materials, he/she will pay VAT at this stage; when he/she, in turn, sells to a wholesaler, VAT is levied on the difference between the sums paid for the inputs (his/her purchases) and the outputs (his/her sales). Businesses do not bear any VAT included in the invoices for the inputs which they buy from suppliers, but act as collecting agencies. Being at the final point in the chain of exchange, VAT is ultimately borne by the final consumer, who is unable to shift the tax. Some goods and services are zero-rated, ie they are not subject to VAT (eg exports), some are exempt from VAT (ie VAT is not charged on the sales; examples are banking and insurance, education and health services), and some are subject to special rates. Exporters do not charge VAT to their customers; imports on the other hand, are subject to import VAT (plus customs duties, if any). Note: VAT is levied in all EU member states, in Japan and in many other countries but not in the USA, which have sales tax (ST). Australia, New Zealand and Canada have GST (goods and services tax). value analysis (VA)

Wertanalyse

Also called value engineering. A formal approach to identifying and eliminating costs of products or services that are not necessaiy. Furthermore, one is looking at alternative materials and methods to get the best product at the lowest cost(s). For example, cost may be cut either by using cheaper material or by redesigning a product to use fewer components. value and price

Wert mid Preis

Value and price are not equivalent terms. Price reflects value, not so-called "intrinsic value", but value in exchange. Therefore, value may be considered as the power of a commodity or service to attract other commodities or services in exchange for itself. Price is the market value of the commodity or service, ie value translated into monetary terms. value in exchange

Tauschwert

The amount of money or goods actually paid for a product or service.

-

1375 -

value in use

Gebrauchswert

Also called practical/service/user/utility value. The usefulness of an item to its user as opposed to its market value. The opposite of value in exchange. value of money

Geldwert, finanzieller Wert

Also called money/monetary value. Money is used as a measure of value and the value of money can be measured only indirectly in terms of the goods and services it can buy. If the prices of goods and services remain the same, the value of money remains stable; if the prices rise, the value of money falls; if the prices fall, the value of money rises. Changes in the value of money mean changes in the general level of prices. In recent years this has meant increases in the general price level which has farreaching effects; eg: 1. for the individual on a fixed income this results in a lowering of the living standard; 2. the borrower of money has his/her position improved whereas the lender has his/her position worsened; 3. price increases may adversely affect foreign trade - export prices will increase and the volume exported will probably decrease whereas imports will probably increase, etc. value paradox

Wertparadoxon

Also called paradox of value. The value paradox is the apparently illogical assignment of value to an article or commodity. For example, water is cheap though it is indispensable while diamonds, which are "useless", are expensive. Water has a higher value in use/user value than diamonds and diamonds have a greater value in exchange than water. An article may be valuable in terms of exchange, but totally worthless in terms of use or vice versa. valued customer

geschätzte/r Kunde/Kundin

A customer who is esteemed highly and whose interests and requirements must be given priority. valued policy

Versicherungspolice mit Wertangabe, taxierte Police

An insurance contract in which the value of the subject matter is expressly stated by an independent expert's valuation and the insurer agrees to pay the sum stated in the event of total loss without the usual allowance for depreciation or appreciation. Normally, such policies are only issued in respect of articles of stable or increasing value, such as a piece of jewellery or work of art. Furthermore, marine and life insurance policies (the amount of money that a life insurance policy pays as a death benefit is a definite amount) are valued policies.

-

1376

values

-

Wertvorstellungen

Also called moral concept. Shared principles and standards of what is acceptable and unacceptable, good and bad, desirable and undesirable, right and wrong, etc. variable

Variable, Veränderliche

A number that may take different values in different situations and that may be dependent or independent. For example, the quantity of a commodity demanded will change according to its price. variable annuity

dynamische/veränderliche Rente, Versicherungsrente mit variablen Zahlungen

Also called equity annuity. A life insurance annuity contract whose value fluctuates with that of an underlying securities portfolio. The premium payments are invested into a securities portfolio ana the annuitant receives lifetime retirement payments that vary in amount with the results of the portfolio investments. Proponents of variable annuities believe they provide a better hedge against inflation than the more common fixed annuities. variable cost(s) (VC)

variable/veränderliche Kosten

Also called variable charges (VC)/expenses. Costs which vary in total in direct proportion to the volume of production of a business within a relevant range. The main ones are raw materials, wages and power. There are four different types: 1. proportional costs: variable costs change in step with volume of output; variable cost per unit is constant; 2. degressive costs: eg output increases by 50 %, variable costs increase by 30 %; 3. progressive costs: eg output increases by 40 %, variable costs increase by 60 %; 4. regressive costs: variable costs fall in absolute terms when output increases. variable lending rate (VLR)

schwankender, variabler Kreditzinssatz

An interest rate on loans which varies in line with other market rates. variable life insurance

fondsgebundene Lebensversicherung

Also called equity-linked/investment-linked/unit-linked insurance policy. A whole life insurance policy that provides a benefit which is linked to an underlying portfolio of securities. The annual premium is fixed but part of it is earmarked for the investment portfolio.

- 1377 The policyholder bears the risk of securities investments, while the insurance company guarantees a minimum death benefit unaffected by any portfolio losses. The better the total return on the investment portfolio, the higher the death benefit of the policy. variable overhead (cost)

variable Gemeinkosten

Also called variable indirect cost/expense or variable oncost. Overhead which is not chargeable to a particular product and which varies directly with the volume of production to which it relates. Examples are factoiy overhead, indirect labo(u)r or indirect materials. Note: most overhead is fixed overhead. variable pricing

freie, variable Preisfestlegung

Also called flexible pricing or variable price formation. A marketing strategy that allows a different price to be charged to different customers or at different times. Reasons for variable pricing are: 1. the granting of cash, quantity or trade discounts; 2. "off-peak" or "out-of-season" pricing. Variable pricing is most commonly applied to products (or services) with known variable time demands. It may be used to take advantage of extra profit at peak periods or to reduce production and overhead costs by stimulating demand m non-peak periods. variable rate

variabler Zins(satz)

Also called floating rate/interest rate. An interest rate either given or taken, that is not fixed by the contract but varies, eg in accordance with some predetermined index, such as the discount rate or prime rate. variable rate bond

variabel verzinsliche Anleihe

A bond whose coupon rate (nominal interest rate) is not fixed. These bonds reduce the risk to the borrowing firm when the interest rate declines while it increases the risk for the lending institution. The risk will shift when the interest rate increases. variable rate loan

variabel verzinsliches Darlehen

A loan whose interest rate is not fixed but varies in line with other interest rates. variable rate mortgage (VRM)

variabel verzinsliche Hypothek

Also called adjustable rate mortgage (ARM) or flexible/floating rate mortgage. A mortgage whose interest rate can be varied in line with other market interest rates, usually every six months.

- 1378 Lenders usually set the introductory rate (often called teaser rate) below those on comparable fixed rate mortgages, as an incentive to get borrowers to take variable rate loans because they know they can adjust the rate later on if interest rates should rise. variable rate security

variabel verzinsliches Wertpapier

Also called variable interest(-bearing) security. Securities for which the interest rate is not fixed, but varies. Such securities are common in the Eurobond market and in the USA, where they are known as floating rate note (FRN) or, more generally, floater. variance

Abweichung Widerspruch, Unvereinbarkeit Streuung, Varianz (Stat)

In general, the state of one thing being different from another. In cost accounting, the difference between a standard/predicted cost and the comparable actual cost incurred. In budgeting, the difference between budgeted and actual results, or between planned costs/revenues and actual costs/revenues, etc. Also called discrepancy. Having a difference of opinion. Also called disagreement. In statistics, a measure of dispersion of probability distribution. Also called deviation or dispersion. variety shop/store

Klein-, Niedrigpreisgeschäft

A retail shop/store that sells a wide range/assortment of low-priced, popular merchandise. The services given are restricted; the selling staff merely take payment and wrap the articles (in the USA). VAT included

einschließlich Mehrwertsteuer

In GB and many other countries, a price quotation including value-added-tax (VAT). vault

Tresor, Stahlkammer Schließfach, Stahlkassette

An armored storage facility meeting minimum security standards used for storage and safekeeping of valuables. In a bank, a place where safe-deposit boxes are located. Also called strongroom or safe deposit vault. Sometimes a safe(-deposit) box or strongbox.

-

1379

vault cash

-

im Tresor lagerndes Geld, Bargeld/Kassenbestand einer Bank Barreserve

Cash in a bank's vault that is used for day-to-day business needs. In other words, money held at banks in the form of (bank)notes and coins. Also called bank's cash reserve or vault money. A bank's banknotes plus its deposits with the central bank. Also called legal reserves. Veblen effect

Vebleneffekt

Also called conspicious consumption effect. A theory of consumption created by the American economist Thorstein Β. Veblen (1857-1929). The Veblen effect suggests that the quantity demanded of a particular commodity varies directly with a change in price - as price increases, demand increases (an abnormal market behavior) because consumers practice conspicious/ostentatious consumption or because they believe that a higher price is evidence of better quality (whereas a falling price is considered as a deterioration in quality). Note: one of the laws of supply and demand states that as price increases, the quantity demanded falls. vector

Vektor (Math)

A set of numbers or elements arranged as a row (row vector) or a column (column vector). A vector of order η contains η elements; the null/zero vector is a vector whose elements are all zero; a unit vector has one element equal to unity, the rest being equal to zero. The common notation for a vector is its symbol underlined, eg a = [a ... a„]. vehicle

~

smittel um

Something which can be used as a means of transport for persons or goods, especially one with wheels, eg a bus, car, cart, lorry/truck, etc. Somebody or something through which feelings, thoughts etc. can be expressed. Any medium, eg a newspaper, poster, radio or TV program(me), used for advertising. Also called advertising medium/vehicle, media vehicle, or medium. vehicle insurance

(Kraft)Fahrzeugversicherung

Also called vehicle cover or automobile/motor insurance. In order to be allowed to drive a vehicle, one must be covered by a vehicle insurance policy. The cost of coverage depends upon the area in which the insured lives, the type of car, the age and occupation of the insured, the insured's marital status, the experience of tne insured, the type of cover, eg comprehensive cover, etc.

-

1380

velocity of circulation

-

Geldumlaufgeschwindigkeit, Umlaufgeschwindigkeit des Geldes

Also called velocity of money, velocity of circulation of money, rate of money turnover or transactions velocity. The rate at which money circulates through the economy in order to finance transactions, ie the number of times money changes hands in a fixed period of time, usually a year. If, for example, a country's total value of final output is $ 100 billion and the total money supply is $ 10 billion, then each dollar unit has changed hands 10 times (PT = $ 100 bn, M = $ 10 bn, V = 10; MV = PT; 10 χ 10 = 100). The underlying theory of money is often shown in the formula: MV = PT (the quantity theory of money developed by Irving Fisher). M is the amount of money, V the velocity of circulation. Τ is the volume of trade and Ρ is the general price level. vendee

Erwerber/in, Käufer/in

Also called buyer, purchaser, acquirer or taker. Someone to whom something is sold, ie someone who buys something. A term especially used in law. vending machine

Verkaufsautomat

Also called automatic vending/dispensing machine, vendor, or robot salesman. A self-service outlet, open day and night, making goods available when a coin or note is inserted. Vending machines are used to sell drinks, food, refreshments, tickets, etc. and help to increase a retailer's sales and save time in handling goods and receiving payment. The machines contain only a small quantity of goods, and therefore require frequent restocking. Note: a vending machine operation usually needs about a 55 percent markup. vendor/vender

Verkäufer/in Straßenverkäufer/in Lieferer, Lieferant Verkaufsautomat

Someone who sells something; ie a seller of goods or services. A term especially used in law. Also called seller. In street marketing, a retailer of merchandise, especially one without an established place of business. Also called sidewalk/street vendor. An individual or company which supplies goods to a customer. Also called seller or supplier. A vending machine.

-

1381

vendor's lien

-

Zurückbehaltungsrecht des Verkäufers

Also called seller's /vendor's retaining lien or seller's/vendor's right of retention. A seller's legal right to retain (or reclaim) possession of property sold to a buyer if the buyer falls behind in payments. venture

risikoreiches

Unternehmen

A business, or a business deal, involving potential risk, which is accepted in the expectation of making a (greater) profit. venture capital

Risiko-, Wagniskapital Spekulationskapital

Also called risk capital. Initial money invested in high-risk companies or companies specializing in new technologies that offer the potential for aoove average future profits. An important source of financing for startup companies. Capital open to considerable risk of loss. venue

Gerichtsstand Schauplatz, Austragungsort

The place where a suit/action is brought. Also called forum or place of jurisdiction/litigation. A place where an event or meeting, eg sports meeting, happens. verbal contract

mündliche/r Vereinbarung/Vertrag

Also called oral agreement/contract or viva voce agreement. An arrangement agreed by word of mouth (orally/verbally) and not set up on paper/in writing. Note: to be able to show proof, a contract should be in writing, but a verbal contract, even on the telephone ana not necessarily confirmed in writing, may be held to be a legal contract on the grounds that there was implicit intent to enter into a contract. verification

Bestätigimg, Beglaubigung (Nach)Prüfiing

Evidence/proof of the accuracy or truth of a statement. Also called attestation, authentication, certification, or legalization. The act of verifying or being verified. Also called check(ing).

- 1382 vertical merger

vertikale Fusion/Integration/ Verflechtung/Zusammenschluß

Also called vertical integration. An amalgamation/merger made by two or more firms carrying out different stages of production within the same industiy. One firm controls successive stages of production, which might otherwise be independent, in an industiy. The control of successive stages of production distinguishes it from diversification, in which the firm controls other apparently unrelated firms, ie the inputs of one are not the outputs of another. vertical suspension file

Hängeablage, Vertikalregistratur

Also called suspension/suspended file. A filing system where files are hung vertically in suspended pockets. Files may be arranged alphabetically or numerically within a classification such as geographic or subject. vested right(s)

Besitzstand, wohlerworbenes Recht/ Anrecht Sonderprivilegien

Also called acquired right(s) or vested interest(s). A claim or privilege that has become legally established as a present right to future property or benefit, eg if an employee leaves his/her firm he/she may retain his/her pension rights in the firm's pension scheme. Special rights and privileges of persons who have strong powers and rights over property, finance and business. viability

wirtschaftliche Existenzfähigkeit Zahlungsfähigkeit

The ability of a person, company or country to support itself, or of a product to survive in a market (and generate profit). Also called economic viability. The ability to meet financial obligations. Also called ability/capacity to pay or solvency. vicarious liability

Haftung fur Dritte/für fremdes Verschulden

A concept whereby a person is liable for the actions of another person (legal responsibility for the fault of another). The injured party is allowed to sue the person vicariously liable instead of the actual wrongdoer. For example, an employer is held liable for the negligent acts of his/her staff in the course o f their employment; a debtor is answerable for any default on the part of his/her assistants as though it had been his/her own.

- 1383 vice president (VP)

Vice President (oft stellvertretende/r Vorsitzende/r, Vizepräsident/in) (USA)

In the USA, a second-tier executive whose position can vary from second in command to one of innumerable subordinates. But usually he/she is a member of the board of directors, who is in charge of a specific functional area, eg finance, marketing, production, etc. A person subordinate to the president of a company. Roughly the equivalent to a director in GB, ie a member of the board of directors. videophone

Bildschirmtelefon

Also called video telephone or viewphone. A facility where a small television screen allows speakers to see each other during a telephone conversation. videotex

Bildschirmtext, Videotext (Btx und Videotext)

Also called broadcast teletext/videotext, teletext or viewdata (GB). A service by which information stored in page form on a computer is broadcast or can be accessed by telephone and is shown on the screen of a TV in the home. Companies use this service to advertise their products and/or to enable potential buyers to place orders and pay for them by transmitting a credit card or bank account number. viewer

Fernsehzuschauer/in Zuschauer/in

A person watching/viewing a television program(me) (the TV broadcast). Also called televiewer. A person who views. Also called spectator/spectatress, looker-on or onlooker; in the plural also audience. viewer rating

(Fernseh)Einschaltquote

Also called viewing rate, audience rating or share of audience. The number of individuals (the viewing audience) watching a commercial or other television broadcast. visa

Visum

An official endorsement made on a passport, permitting the bearer to enter the country making the endorsement. Visas are required by many countries.

-

visible balance

1384

-

(Außen)Handelsbilanz, Warenhandelsbilanz, Bilanz des Warenhandels

Also called (visible) trade balance, balance of merchandise trade, merchandise balance (account), merchandise trade balance, or balance of trade/visibles. The difference in the money value between the total exports and imports of goods/visibles of a country over a period of time. visible card index

sichtbare Kartei

Also called visible edge index. A filing system where cards are placed in trays overlapping each other. The edges of the cards are visible to the user and colo(u)r markers/signals or indicators may be affixed to the cards to display key details. visibles

sichtbare Ein- u. Ausfuhren/Posten

Also called visible items. Tangible goods entering into the international trade (the visible trade) of a country, ie visible exports (eg cars, machinery) and visible imports (eg food). When imports expenditure and exports income are compared the former is subtracted from the latter to obtain the balance of trade/visible balance (either there is a visible trade deficit or a visible trade surplus). visit brief

Kunden-Info, Instruktionen vor einem Kundenbesuch

A short account of the chief objectives of a customer visit, together with pertinent data based upon the customer's record. visiting card

Visitenkarte

Also called business/calling card. A card on which is printed a person's name, address, fax, email and telephone numbers, Internet address, his/her position and the company he/she represents. visitors' book

Besucherbuch

A book kept at the reception desk which records the name of visitors and their times of arrival and departure. Usually the visitors are asked to sign the book whether they have an appointment or not. visual

Verbildlichung einer Werbeidee, Layoutskizze

A drawing or illustration of an advertisement used as one of the first rough layouts. The designer responsible for producing visual ideas is called a visualizer.

-

1385

visual display unit (VDU)

-

Bildschirmgerät, Datensichtgerät

Also called visual display terminal, VDT (US). A unit (similar to a TV screen) which enables characters and graphics to be displayed on a screen. vocational counselling

Berufsberatung

Also called careers/occupational/vocational guidance, careers information, career/job counselling, or career advice. Advising people (especially young people and school-leavers), perhaps as a result of interviews, questionnaires, aptitude or vocational tests, on the occupations for which they appear to be most suited and the training they will need. The person advising is the vocational adviser/counsel(l)or or job c o u n s e l l o r . Note: the term career/employment c o u n s e l l i n g is commonly applied to adults. vocational training

Berufsausbildun berufsbezogene

That part of commercial or technical education and knowledge that a person (the trainee) needs to do a certain job, especially a skilled or semiskilled job. The training can be attended m a vocational school, commercial or technical college, a company or in a school or college and a company (dual system). Also called job/industrial/preemployment/professional/trade training or professional education. Training aiming to provide adults with new skills, in order to prepare them for employment. Also called competency-based/career-oriented training. voice mail

Sprachpost

A telephone system in which messages are recorded, stored, and retrieved. void contract

nichtiger/ungültiger Vertrag

A contract that cannot be enforced by either party as it is null and void/invalid from the outset. A void contract is no contract (no one is or ever was legally bound). Therefore, the expression "void contract" is a contradiction in terms. voidable contract

anfechtbarer Vertrag

Also called impeachable contract. A contract which is initially valid but which is voidable, ie that one or both parties can legally get out of it due to such grounds as fraud, duress, contractual incapacity, insanity, or minority; but the contract is effective and binding if no one chooses to get out of it. Note: voidable means that something can be legally avoided or declared void but is not automatically void.

-

1386

-

stark schwankende, fluktuierende Wertpapiere

volatile securities

Securities whose price frequently moves up and/or down. A speculator in securities will make use of volatile securities. volatility On a stock or commodity exchange, a situation where there are rapid and extreme price fluctuations within a short-term period. For example, a share/stock may be volatile because the outlook for the company is very uncertain, or because of various other reasons. A state of quickly changing one's purpose or ideas. Also called skittishness. Umsatzvolumen Volumen Buch, Band

volume (vol)

The number of units (the total amount/quantity) traded during a specified time period. Often also called turnover or volume of business. The amount of space occupied by something, usually shown in cubic meters, etc. A bound book, especially one of a series of several such books, eg one of a threevolume book. voluntary deductions

freiwillige

(Lohn-/Gehalts)Abzüge

Also called noncompulsory deductions. Amounts taken from the gross income/pay of employees at their request, by the employer, eg repayments of loans, savings, etc. voluntary offer

unverlangtes Angebot

Also called unsolicited offer. An offer on the seller's own initiative in an effort to create new business. Voluntary offers are a form of sales letters and therefore have the same objective and often take the form of offers of free samples, goods on approval, special discounts and so on. The person making an offer (the offerer) should win the reader's interest at once, otherwise his/her letter will quickly disappear into the wastepaper bin. Note: offers may also be submitted in reply to an inquiry (solicited offer). voluntary payment

freiwillige

Zahlung/Zuwendung

A payment made without a court order, deed or legal agreement. No action can be taken to enforce payment if it is not forthcoming.

-

1387

voluntary reserve(s)

-

freie Rücklage/n

Also called available/free/uncommitted reserve(s). Revenue reserves (ie amounts set aside from profits) formed by a company, but not required by law, for any of a number of reasons, eg to meet contingencies or for future investment. If the money is found later to be no longer needed to be kept in reserve, it may be distributed as dividend. voluntary settlement

außergerichtlicher Vergleich

Also called compromise, amicable/out-of-court settlement or voluntary adjustment. Businesses can fail despite good profits and rapid growth - they simply do not have the money to pay their bills (called technical insolvency). A voluntary settlement is arranged with creditors rather than legal bankruptcy proceedings and may be used with either technical insolvency or bankruptcy. The procedure aims at rehabilitation of an insolvent business by scaling down the indebtedness. The insolvent business must get agreement from a qualified majority of the creditors to a new plan of the business and pay back a certain percentage of what it owes within a specific time period. Note: if the creditors cannot agree with the terms of the business, then it goes bankrupt. voluntary unemployment

freiwillige/verschuldete losigkeit

Arbeits-

A situation where individuals prefer to be unemployed though they could fmd a job, perhaps because they do not wish to work, because they cannot fmd a job that is well enough paid, because they are taking an extended break before taking up a new job, etc. The unemployed persons are sometimes called workshy or scroungers. voluntary winding up

freiwillige

Auflösung/Liquidation

Also called voluntary liquidation. A winding up in which the company decides to stop operating. The winding up may be because of difficulty in paying debts, or it may be for quite a different reason, such as an amalgamation/merger with another company, or the company's existence may have served the purpose for which it was formed. vostro account

Lorokonto, Vostrokonto

Also called loro account. A vostro account is an account held in its domestic currency by a bank on behalf of its correspondent bank overseas. For example, a major bank in GB will be responsible for a large number of individual sterling accounts of banks in foreign countries. All these sterling accounts, to the British bank, are vostro accounts, - ie "yours" - because the sterling is owned by the other banks, and represent liabilities of the British bank. The vostro account is the nostro account of the other banks, and is used primarily to arrange foreign exchange transfers between the respective banks.

- 1388 -

The accounts that correspondent banks keep with each other are called nostro and vostro accounts. Nostro is the Latin word for "our" and vostro is the Latin word for "your". voteless share/stock

nichtstimmberechtigte/stimmrechtslose Aktie

Also called nonvoting share/stock. Shares/stocks which do not allow the shareholder/stockholder to vote at company meetings. Preference shares/preferred stocks are normally voteless shares/stocks. voting paper

Stimmzettel

Also called vote card/sheet/ticket. Paper on which the voter puts a cross to show for whom he/she wants to vote. voting right

(Aktien)Stimmrecht

Also called voting power or right to vote. The rights of shareholders/stockholders to voting at company meetings. Voting here means to agree or disagree with financial decisions of the company, or the appointment of directors and auditors, which management and shareholders/stockholders discuss at the meeting. Voting rights are commonly restricted to the ordinary shareholders/common stockholders, ie to holders who own ordinary shares/common stocks. However, other types of shares/stocks can sometimes vote on matters that directly affect their class of shares/stocks, usually preference shares/preferred stocks. This is called vetoing stock or contingent voting stock and often comes into play if dividends are unpaid. voting share/stock

stimmberechtigte Aktie

Shares/stocks (usually ordinary shares/common stocks) which give the holder (the voting shareholder/stockholder) the right to vote at meetings of the company. Furthermore, it entitles the holder to proxy votes. voucher (vou)

Beleg Quittung, Rechnungsbeleg, Bon Buchungsbeleg Gutschem Zeuge, Zeugin Eintrittskarte

A written document or other form of evidence attesting the performance of a business transaction, eg a financial transaction. Also called (original) document, record or slip. A document which shows that a certain amount of money was paid. Also called acquittance or receipt.

- 1389 In accounting, any document that proves or supports an accounting entry. Also called accounting/bookkeeping record/voucher. A paper which is given instead of money and which may later be used to claim goods or services, eg a gift voucher/token or luncheon voucher. Also called coupon or credit note. A witness, ie a person who is present at an event or a person who gives testimony, as in a law court. An admission ticket. Also called entrance card/ticket. voyage charter

Reisecharter

A charterparty/contract of affreightment by which a ship or aircraft is hired for a specified voyage or series of voyages between certain agreed ports or airports, to carry a stated cargo at a fixed freight rate.

-

1390

-

w The worth of a thing is best known by the want of it. (Proverb, 1586)

wage(s) (W)

Lohn Löhne und Gehälter, Entgelt

Payment received for work, based on hourly, daily, weekly or piece-work rates. Note: when payments are made every month the word used is salary. The rewards paid for human effort. To the economist, the word includes salaries, fees, profits, commissions, fringe benefits, bonuses, tips, etc. Wages perform two important functions: 1. they provide labo(u)r's income; 2. they enable a distribution to be made of the labo(u)r force/workforce among various trades and occupations. Types of wages are: 1. nominal wages: the actual sums of money received by the worker; 2. real wages: îe what the nominal wages will purchase - this will be affected directly by the general price level; ie during inflationary times real wages will fall if money wages remain unchanged; 3. time wages: wages paid in return for a given period of work, eg so many hours or days; 4. piece wages: the worker is paid at an agreed rate per unit of output. wage agreement

Tarif-, Lohnabschluß

Also called wage settlement. An agreement reached between trade/labor unions and employers that settles outstanding questions regarding wage rates. wage and price control

Lohn- und Preiskontrolle

Also called wage and salary stabilization. A government order which limits the size of wage and price increases, usually during a national crisis or a period of governmental wage and price restraints. Wage and pnce controls are established to restrain inflation. In the past, wage and pnce controls generally have failed in that prices shot up once the controls were removed. Wage and price guidelines are similar to wage controls, but they are voluntary rather than legally required restrictions. Wage and price freezes are government orders which permit no price and wage increases.

-

1391

wage assignment

-

Lohnabtretung

An arrangement in which a person allows that part of his/her wages are paid directly to a creditor. wage claim

Lohnforderung

Also called wage demand. The demand of employees and trade/labor unions for higher wages. wage differential

Lohngefalle

Also called earnings gap or pay differential. The difference in wage rates earned by one type of worker compared with another one or the difference in wage rates paid in different areas for the same kind of work. Wage differentials occur because of the scarcity of some skills and the excessive demand for them. wage drift

Lohndrift

Also called earnings drift or wage gap. The difference between wage rates and average earnings. There is a tendency for actual pay to rise/drift above nationally agreed levels. Average earnings are frequently higher than the wage rate (ie the amount of money that is paid to employees, expressed as so much per unit of time, eg month Y Many employees receive overtime payments, bonuses, shiftwork allowances and otner additions to the basic wage. A wage drift may happen when labo(u)r is short in supply and employers bid against each other to compete for available labo(u)r. wage earner

Lohnempfánger/in

Also called wageworker. A person, engaged mainly in manual work, who is paid an hourly or weekly wage for work done. wage escalator clause

Lohngleitklausel

Also called cost of living escalator clause. A clause in a collective agreement linking wages to the change in the cost of living, in order to maintain or improve the buying power of employees. Cost of living adjustments (COLA) automatically increase wages during the life of a wage contract as a function of changes in the consumer price index (CPI). wage freeze Also called freeze on wages.

Lohn- und Gehaltsstopp

-

1392

-

A period during which a government has imposed a ban on wage increases in a country. A period during which wages are fixed by agreement within a single company or industry. wage indexation

Lohnindexbindung

Also called pay indexation. The adjustment of wages in line with changes in the cost of living. wage inflation

Lohn(kosten)inflation

Also called wage-cost/wage-induced/wage-push inflation. An inflationary situation in which increasing wages are not offset by increasing productivity so that costs rise which will lead to higher prices for goods produced. To be sure, a continued rise in money wages is invariably involved in every process of inflation, since if money wages did not rise, the rise in the price level could not continue beyond a certain point, whatever the nature of the forces underlying the price rise. But a distinction can be drawn between a situation in which the rise in wages reflects the forces making for the rise in prices and one in which the rise in wages causes the rise in price to take place, ie in which the rise in wages is primary and the rise in prices secondary. wage packet

Nettolohn, Nettoverdienst Lohntüte

The amount of wages employees actually receive after all deductions including taxes have been made. Also called take-home pay. The envelope in which a worker receives his/her wages on payday, usually weekly. Also called wage envelope/packet. wage pause

Lohnpause Lohn- und Gehaltsstopp

Also called pay pause. A voluntary and temporary pause during which trade/labor unions and management (ie employers) agree not to increase wages and salaries. A wage freeze, ie a government, company or industry ban on wage increases. wage price spiral

Lohn-Preis-Spirale

Also called inflation/inflationary spiral. In a period of inflation, the granting of higher wages is followed by the manufacturers increasing their prices for their products which in turn leads to increases in the cost of living. Increased prices through increases in wages induce further increases in prices and then lead to further demands for increased wages, and so on.

-

wage push inflation

1393

-

Lohn(kosten)inflation

Also called wage/wage-cost/wage induced inflation. An inflationary situation in which increasing wages are not offset by increasing productivity so that costs rise which will lead to higher prices for goods produced. wage rate

Lohnsatz, Arbeitslohn

The rate of pay for a wage earner, based on the period of time worked (time rate), on the output produced (piece rate), or on other factors. There are different methods of calculating wages: 1. standard rates, 2. time rates, 3. piece rates (there are team rates, flat rates, progressive rates, regressive rates), 4. profit-sharing schemes, 4. wages and the cost of living, 5. wage drift. wage tax

Lohnsteuer

Also called employment/income/payroll/withholding tax. A tax charged on wages and salaries and deducted from the paycheck of a worker before he/she is paid. wage theories

Lohntheorien

Macro- und microeconomic models used to explain the determination of wages, the general wage level, the structure of wages, the movements of wages, the distribution of wages, and the functions of wages in the labo(u)r market. The main theories of wages are: 1. marginal productivity theory: the view that wages tend to equal the discounted value of the marginal product, ie a person's wage tends towards the increase in income his/her employers would gain if another person would be employed; 2. the subsistence theory of Thomas R. Malthus (1766 - 1834): the view that if wages rise above a certain level an increase in population will occur; this would inevitably lead to more workers and wages would therefore be forced down; 3. the wages-fund theory: the view that the amount of money available for wages is limited by the amount of capital available; 4. the market theory: wages are determined by supply and demand in the labo(u)r market at any given time; 5. the bargaining theory: wages are decided by the bargaining of the trade/labor unions and the employers organizations. wages fund theory

Lohnfondstheorie

A wage theory developed by the English economist John Stuart Mill (1806-1873) in the 19th century. It states that the average level of wages depends on the number of wage earners and that proportion of the working capital of a country which is set aside for wage payments. Wagner's law

Wagnersche Gesetz

A hypothesis developed by the German economist Alfred Wagner in 1883.

- 1394

-

It stated that the development of an industrialized economy would be accompanied by increasing public expenditures, for example, on rising public administration costs and increasing cultural and welfare activities provided by the state. waiting line theory

Warteschlangentheorie, Bedienungstheorie

Also called queuing theory (GB). In operations research (OR), a quantitative technique for balancing services available with services required. It evaluates the ability of service facilities to handle capacity and load at different times during the day. waiting period

Karenzzeit (Vers) Sperrfrist, Wartezeit (Bö)

The period of time specified in certain insurance policies that must pass before payment will begin. Also called qualifying period. The period required by the stock exchange supervisory body between the filing of a registration in a securities offering and the time the securities may be offered to the investing public. waiver

Verzicht(s)erklärung

Also called disclaimer. The action of giving up a claim or right. An express waiver is actually declared; an implied waiver is to be understood from the actions of the party in question. The document by which a claim or right is waived. walk-in

Laufkunde, -kundin ungeladene/r Besucher/in Stellensuchende/r, der/die uneingeladen persönlich vorspricht

A customer who walks into a shop/store from the street without an appointment. Also called chance/street customer. A person who visits another person without an appointment. A job seeker/work searcher who comes to a company seeking/searching employment, often in response to "help wanted" signs at work sites. This is a very inexpensive source of job applicants, especially for lower-skilled workers. walkout

Arbeitsniederlegung, Ausstand

Also called industrial stoppage or stoppage of work. A kind of strike, ie a withdrawal of labo(u)r from the employer's premises - the workers leave the job or the workplace.

wall chart

1395

Wandschaubild, -übersicht(stafel)

A chart fixed to a wall in order to convey information, eg the location of staff, sales figures, visually at glance. Wall Street

Wall Street, New Yorker Finanzzentrum Börse in New York

The financial district of New York. Also called The Street. The New York Stock Exchange (NYSE). The Wall Street Crash (1929), ie the collapse o f prices on the New York Stock Exchange ushered in the Great Depression in the United States and the world. want creation

Maßnahmen zur Ankurbelung der Nachfrage

The stimulation of demand by monetary (eg lowering interest rates) and fiscal (eg cutting taxes) policy, eg to keep up the level o f employment or to reduce the unemployment/jobless rate. The stimulation of demand through mass advertising media in order to increase a company's or industry's sales. Latent consumer needs are converted into conscious wants. wants

Bedürfnisse

Also called wants and needs or tastes and preferences. The desire for goods and services to satisfy a human need or wish. All living things have wants, eg air, food, water. The wants o f man in modern society are many, varied and complex, eg clothing, housing, cars, television, education, medical care, etc. The attempt to satisfy wants forms the basis of all economic activity. Wants are expressed in the marketplace not by need or desire but by willingness and ability to purchase the good or service in demand. That means, only those wants are of economic importance that are backed up by the purchasing power necessary to satisfy them, and it is these wants that are the basis of effective demand. Wants vary from person to person, from community to community, from one period to another and from generation to generation. war risk insurance

Kriegsrisikoversicherung

An insurance policy that covers risks arising from war, usually written as part of a marine insurance policy. ward

Mündel

Also called charge. An infant or minor, ie a person under eighteen, under the legal protection or guardianship of another person or of a law court.

warehouse (whse)

1396

Lagerhaus, Lager Warenlager

A building or room in which companies can stock/store their wares/goods/commodities, usually in large quantities, oefore they deliver them to their customers, in conditions that protect them from the weather ana from thieves. Also called stockroom, storeroom or storehouse. A place of deposit for goods until they can be moved into a shop/store for sale. Also called depot, magazine, stockroom or storeroom. warehouse capacity

Lagerkapazität

Also called storage capacity. The space available in a warehouse/storeroom to warehouse/store goods. warehouse receipt (WR, W / R )

Lagerempfangsschein, Lagerschein

Also called warehouse certificate/warrant (WW, W/W). A document issued to someone, eg the owner of goods imported and deposited with a warehouse by a warehouser/warehouse keeper as evidence of ownership. The receipt must identify the goods, the terms of agreement of storage, and the persons involved. It may be either negotiable or nonnegotiable. If negotiable, it represents title to the goods, and transfer of the receipt and the goods can be arranged by endorsement. If nonnegotiable, the holder must issue a delivery order which authorizes the warehouse to release the goods to a named person. warehousing

Lagerhaltung, Wareneinlagerung Lagergeld, -kosten, -gebühren anonyme Beteiligung, (Strohmannbeteiligung)

The storing of goods in a warehouse for the following reasons: 1. most goods are produced ahead of demand, and warehouses are required for storage during the interim period; 2. many commodities are seasonal and therefore they are warehoused until required throughout the year; 3. to avoid large fluctuations in prices; without large buffer stocks in warehouses, a sudden increase in demand would lead to scarcity and a rapid price increase. Also called stockkeeping or storekeeping. The charge made for storing goods in a warehouse, usually based on the amount of floor space or cubic space taken. Also called warehousing charges or storage (charges). The anonymous purchase of small blocks of shares/stocks through nominees until the acquirer has a sufficiently large interest/holding/stake in the target/victim company to make a takeover bid for it. warning bulletin

Liste unsicherer Bankkarteninhaber

Also called hot/restricted card list. In banking, a list of cardholder accounts on which transactions are restricted.

- 1397 warrant

Bezugsrecht(schein), Optionsschein Kommunalooligation (USA) Vollmacht Lagerschein Garantie Gerichts-, Haftbefehl

A certificate, given by a company to holders of a particular security, giving them the right to subscribe for future issues, at a stated price for a stated period or at any time in the future, either of the same or some other security. Also called subscription stock purchase warrant. In the USA, a short-term obligation of a municipality/local authority. Also called municipal bond/warrant. A formal document that gives somebody legal authority to do something, eg a dividend warrant gives a bank authority to pay a dividend. Also called mandate. A receipt that describes goods held in a warehouse. Also called warehouse certificate/ receipt (W/R). A guarantee/guaranty, ie a promise that something will be done or will happen, eg a promise by a firm to repair or change a product that develops a fault within a particular time period. Also callea warranty. An official document signed by a judge, allowing the police to take a particular action, eg to search someone's nome or arrest a person. warrant of attachment

Beschlagnahme-, Pfändungsverfugung, Zwangsvollstreckungsbefehl

Also called warrant of arrest/distress, writ of attachment, or charging/confiscation/ confiscatory/requisition/sequestration order. A court order authorizing property to be seized. For example, when a aebtor does not pay his/her debts the creditor may obtain a warrant of attachmant so that any money owed to the debtor by other parties can be used to pay the debts. warranty

Zusicherung Garantie(erklärung), Gewährleistung unwesentliche Vertragsbestimmimg Zusicherung der Richtigkeit der Angaben (Vers)

In general, a promise or statement concerning the quality or characteristics of something, eg a warranty that the goods sold are fit for a particular purpose. Furthermore, the buyer has the right to claim damages/indemnity but he/she is not entitled to cancel the contract. Also called promise. A warranty in ordinary commercial contracts is a guarantee/guaranty, ie the seller (the warrantor/guarantor) assumes responsibility for the quality or performance of the goods s o l i That means, the seller guarantees that the goods purchased will perform as promised, or a refund will be given, an exchange made, or a repair done at no charge.

-

1398

-

For example, the warranty that a new car is in roadworthy condition means that any defect will be remedied by the seller, but the contract of sale still stands. The buyer has the right to sue for damages but cannot return his/her car and demand his/her money back. Note: warranties are effective for a limited time period and usually include limitations that exclude defects not caused by the manufacturer. There are two types of warranty: 1. express warranty: one that is clearly expressed/stated in the contract document; 2. implied warranty: one that is not written in the contract document but which is automatically applicable as both parties understand it to be included in the contract. Also called guarantee (GB)/guaranty (US). A promise or binding statement in a contract but which is not essential to the main purpose of the contract, and which when broken gives the innocent party the right to damages/indemnity and not to terminate the contract. Note: a warranty is different from a condition which gives the innocent party a right to damages and to rescission/withdrawal. In insurance, a pledge by an insured in writing and part of the actual contract, that facts given by him/her are true and that any breach (whether innocent or fraudulent) is sufficient to enable the insurer to avoid the policy, ie the whole contract (either "ab initio", ie from the beginning, or from the date of the breach). Warranties must be complied with strictly and literally. Note: in insurance, a warranty has the same effect as a condition in contract law; thus, a warranty, if breached, entitles the innocent party to cancel/rescind the contract and claim damages. Warsaw Convention

Warschauer Abkommen

Formal name: The Convention for the Unification of Certain Rules Relating to International Carriage by Air. An international agreement, signed in Warsaw in 1929, specifying the liability of airline operators to their passengers for death, injury, and property damage. The agreement was amended by the Hague Protocol in 1955 and the Montreal Intercarrier Agreement in 1966. wash sale

Scheingeschäft

Also called wash trade. In general, the selling of something (eg securities) and then buying an indentical number of the same thing again in order to incur a loss for tax purposes. A stock exchange term meaning the sale and purchase of (a block of) securities by an investor(s) simultaneously or within a short period in order to create a false impression of a security. Usually there is neither a profit nor a loss to either party. Where manipulation is involved, the parties try to create an artificial market activity and boost prices and induce investors to buy in order to profit from a rise in the security's price. Wash sales are prohibited by stock exchange rules.

- 1399 wastage

Verschleiß Vergeudung, Verschwendung Arbeitskräfteabgang

The deterioration of machinery or property. Also called wear (and tear). The act of wasting or being wasted. Also called waste. The loss of employees due to death, resignation, retirement, and dismissal. Also called labo(u)r wastage. waste

Materialabfall Abfall Verschwendung, Vergeudung

Material lost in a manufacturing process. Also called scrap or spoilage. Material already used and no longer needed. Also called refuse, rubbish, garbage (US), or trash (US). The act of wasting or being wasted. Also called wastage. waste circulation

Fehlstreuung, Streuverluste (Werbung)

Also called circulation waste. The readers, viewers or listeners in an advertiser's audience who are not potential customers for the product or service being advertised. Advertising for a product or service in an advertising medium in an area where the product or service is not offered. waste material

Abfallstoffe, Abfallprodukt/e

Also called waste product(s). Material left over from a manufacturing process that is of no value. Some can be easily disposed of but others create great problems, eg radioactive waste products. waste removal

Abfallbeseitigung

Also called garbage (US)/refuse/waste disposal or disposal of wastes. The disposal of garbage/refuse/rubbish/trash, litter waste and rubble. wasting asset

Anlage-AVirtschaftsgut mit begrenzter Nutzungsdauer, Abnutzungsgut

Also called limited-life asset. Any asset whose value expires at a specified time in the iuture, eg a lease. A fixed asset which gradually depreciates, ie an asset with a limited useful life.

-

1400

-

An exhaustible natural resource ('eg a forest or oil deposit) which has a limited useful life and is subject to depletion. Also called nonrenewable asset. watchdog

Aufpasser/in, Aufsichts-, Überwachungsbehörde

A person or committee whose job is to make sure that persons or companies do not do anything harmful or illegal. A person or group that supervises and checks public spending. watermark

Wasserzeichen

A mark made on some papers by manufacturers to distinguish their papers from those of other manufacturers. A mark in banknotes. waybill (WB, W/B))

Frachtbrief Luftfrachtbrief Versandanzeige Passagierliste

A paper which accompanies goods on transport. Also called consignment note (C/N). An air consignment note (ACN). Also called air waybill (AWB). An advice of dispatch. Also called dispatch note. A list of passengers. Also called passenger list. weak currency country

währungsschwaches Land

A weak currency is a currency which is less desirable as a means of payment than other currencies. Weak currency countries have frequent currency devaluations against currencies of hard/strong currency countries, balance of payments deficits, or political instability. weak market

lustloser/schwacher Markt, Marktschwäche

A market which is constantly in danger of collapsing, eg due to an unstable government and/or a weak economy. Prices tend to fall. On the stock or commodity exchange, an inactive market, ie a market in which there are few bids to buy and few offers to sell, or both. Usually the prices tend to fall. Also called inactive/narrow/thin/tight market.

-

wealth

1401

-

Wohlstand Vermögen Reichtum Volksvermögen

The usual meaning of wealth (Old High German/OHG, welida = riches) is prosperity. Articles which have value, are limited in quantity (ie scarce) and which can be exchanged for a money price. The stock of net assets owned by someone. A large amount of money. Wealth may be classified as follows: 1. private (eg one's house), 2. social (eg public buildings), 3. personal (one's skills), 4. material (eg machinery) wealth. The state of being rich, of having a great store of valuable possessions. Also called affluence or riches. In aggregate terms, a country's total stock of wealth. Also called national wealth. Note: whilst individuals view their wealth in terms of assets held (eg bank deposits), a country's wealth is usually measured in terms of physical resources and the potential productive ability of its workforce. wealth effect

Realkasseneffekt, Pigou-Effekt

Also called real balance/Pigou effect (after the English economist A.C. Pigou, 18771959). The process by which falling interest rates and slowing inflation produce a rise in spending. Simply expressed, tne wealth effect states that if you feel wealthier, you will spend more money and thereby increase consumption. wealth tax

Vermögenssteuer

Also called asset/property tax. An annual tax paid on property and other forms of wealth belonging to a person, when the total value of his/her wealth exceeds a certain prescribed amount. wear and tear

natürliche Abnutzung, Abnutzung durch Gebrauch, Verschleiß Absetzung/Abschreibung für Abnutzung (AfA), Abschreibung für Wertminderung

The physical deterioration in the efficiency and the loss in value which a productive asset (eg machinery) suffers as a result of its normal use in business activities over time. As the condition of the plant and equipment used in production deteriorates over time, these items will eventually have to be replaced. Accordingly, a company is required to make financial provision for depreciation of its assets. Depreciation for wear and tear.

-

weekly return (WR)

1402

-

Bankausweis der Bank von England Wochenausweis

Also called bank return According to the 1844 Bank Charter Act, the Bank of England has to issue a Weekly Return showing the assets and liabilities (ie the balance sheet) of its two departments, the Issue Department and the Banking Department. A weekly report sent by commercial banks to the central bank, showing their balance sheet assets and liabilities. weight list

Gewichtsliste

A list stating the total or partial weight of a shipment or merchandise. weight note

Gewichtsbescheinigung, Wiegeschein

Also called weight certificate or certificate of weight. A commercial document declaring the weight of the goods of a consignment. weighted index

gewichteter/gewogener Index, Bewertungsindex

An index which gives more value to some important items than to less important ones. Widely known weighted indexes are, for example, the retail price index (RPI) and the Dow Jones Index (DJI). welfare

Sozialhilfe Wohlergehen (soziale) Fürsorge

Financial or other assistance given to those in poverty or need. Also called public welfare or welfare payment(s). The wellbeing of people. It includes material wealth, health, happiness, wellbeing and many other qualities which are virtually impossible to measure. The helping of people in need, eg to see that they have enough food or clothing. Also called welfare activity. welfare economics

Wohlfahrtsökonomik, -theorie

The study and application of economics to improving the economic welfare of the people, ie to maximize economic output, the welfare of society and social justice. It uses value judg(e)ments about what should be produced, how production should be organized, and how income should be distributed.

-

welfare payment(s)

1403

-

Sozialhilfe, Wohlfahrtsunterstützung

Also called public assistance/welfare or welfare aid/benefits. Payments by the government to members of the general public whose present welfare is for some reason unsatisfactory, eg the homeless or unemployed. welfare state

Wohlfahrtsstaat

A state with a social system that offers comprehensive, often excessive social services, especially in matters of social security, education, health care and housing. The government undertakes major social programs. wharf

Dock, Kai, Pier

Also called dock, pier or quay. A quay alongside which ships can be made fast/moored to load and unload cargo. For using the wharf the shipping company has to pay wharfage/dock charges. Note: plural is wharfs or wharves. wheeler

Geschäftsmacher/in, gerissene/r Geschäftsmann/-frau

Also called wheeler dealer. A person who lives on money from a series of profitable business deals. whistleblower

Hinweisgeber/in

A person who reveals corruption, illegal acts, or other wrongdoings in an organization. white collar (w/c) crime

Wirtschaftskriminalität, -verbrechen

Also called white collar offence/offense. Dishonest or criminal activities of businesspeople, both employers and employees, such as tax evasion, computer crime, bribery, embezzlement, forgery, fraud, pricefixing, stock manipulation and other commercial offenses. white collar (w/c) union

Angestelltengewerkschaft

A trade/labor union representing nonmanual workers (called white collar employees/ workers, blackcoats, black-coated/office workers), eg administrative workers, salespersons, shop assistants/sales clerks, teachers, managerial staff, scientists, artists, etc. white collar (w/c) worker

Angestellte/r

Also called white collar/nonmanual/salaried employee, blackcoat, black-coated/office worker, or salary earner.

-

1404

-

Nonmanual employees who work in an office and are engaged in clerical, administrative, supervisory or managerial duties. Note: the term white collar presumably derives from the idea that office work is cleaner (and more respectable) so that a suit, tie and shirt with a white collar can be worn. white paper

erstklassiger Wechsel Weißbuch, Gesetzesvorlage

A fine/prime bill of exchange, ie a bank or trade bill that has been accepted by a reputable bank or firm. An official statement of government policy on some important economic or social issue before a new law is introduced. Also called white book. whiteboard

Whiteboard, weiße Tafel

A large board with a white, smooth, glossy surface used in classrooms for writing on with a colored pen or marker. whole coverage

Volldeckung, vollständige Deckung (Vers)

An insurance policy which provides for payment of all losses without any deductions. whole life insurance

lebenslängliche Kapital-/ Todesfallversicherung

Also called whole life policy or ordinary/permanent/straight life insurance. A life assurance (GB)/insurance policy under which the benefits are payable only at the death of the policyholder (the life assured/insured) whenever it occurs. Premiums may be payable throughout life, or, for a little extra, they can cease at a specified age, say 60; but single premium contracts are also available. The premiums are calculated by reference to the number of years the life assured/insured is expected to live. Bonuses may accrue annually and be added to the policy out of the assurer's/insurer's surplus profits. wholesale banking

Firmenkundengeschäft einer Bank

Also called corporate banking. Banking services such as lending, cash management, acceptance of deposits, etc., offered to companies with a sound financial position. The making of loans or acceptance of deposits between banks and other financial institutions, such as pension funds. wholesale cooperative

Konsumgroßhandelsgesellschaft, Großeinkaufs-, Zentralgenossenschaft

Also called cooperative wholesale society, CWS (GB).

-

1405

-

A cooperative (coop) founded for producing and wholesaling. It has its own factories and transport facilities to supplv retail cooperatives. Profits are distributed to retail coops in proportion to their purchases. wholesale price

Großhandelspreis Freiverkehrskurs (Bö)

The price a wholesaler charges when he/she sells products to a retailer. On the stock exchange, the unofficial quotation of securities. Also called free market price/rate, kerb (GB), curb (US), over-the-counter/unofficial quotation. wholesale price index (WPI)

Großhandelspreisindex

The monthly measure of wholesale prices, ie an index showing the rises and falls of wholesale prises. wholesaler

Großhändler/in, Grossist/in, Großhandelsunternehmen

Also called wholesale dealer/merchant/trader. A person or an organization owning a warehouse and who acts as the middleman/intermediary between manufacturer/producer and retailer. The wholesaler is one link in the chain of distribution. His/her main functions are: 1. to economize in distribution, that is, to buy in large quantities from the producer and to sell in smaller quantities to retailers (called breaking bulk); 2. to warehouse goods, ie to hold stocks to meet sudden mcreases in demand; 3. to give credit to retailers although paying his/her own suppliers promptly; 4. to grade and pack some goods; 5. to pass information between producer and retailers; 6. to help to develop new markets; 7. to brand and advertise goods; 8. to sell goods from small producers under his/her own brand name; 9. to provide storage facilities for both manufacturer and retailer so that their costs of warehousing are reduced, etc. Wholesalers must know where to buy their commodities in the quantities and in the quality they want, and they must also know when to buy them so as to be able to obtain them at the lowest prices. Wholesalers may be broadly divided as follows: 1. traditional wholesalers, ie those who operate solely as wholesalers; they can be subdivided into general wholesalers (they stock a wide variety of goods) and specialist wholesalers (they limit their activities to particular types of goods); 2. wholesalers who for a period own and warehouse goods, but carry out no process in connection with them; 3. wholesalers who own and store goods and prepare them for sale; 4. wholesalers who combine wholesaling with manufacturing and/or retailing. Today, the function of the wholesaler is often undertaken by manufacturers/producers who sell directly to consumers and by retailers who buy directly from manufacturers; therefore, wholesaling as a separate activity is declining.

-

1406

wholesaling

-

Großhandel(sgewerbe)

Also called wholesale business/trade. Wholesaling includes establishments or places of business primarily engaged in selling merchandise to retailers, to industrial, commercial, institutional, or professional business users or to other wholesalers. Any sale made to anyone except the final consumer is a wholesale transaction. wholly owned subsidiary

100%ige Tochtergesellschaft

Also called fully owned subsidiary. A subsidiary which is completely owned by another company or by a parent company (which owns 100% of the subsidiary's shares/stocks). wildcat bank

Winkelbank, finanziell schwaches/ unzuverlässiges Geldinstitut

A financial institution one cannot rely on. In the USA, originally, a state-chartered bank which issued its own banknotes. Many of these banks did not like to take deposits or make loans; the majority of them failed. Note: a wildcat company is a business one also cannot rely on. wildcat security

hochspekulatives Wertpapier

Highly speculative securities. The person speculating in these securities is called wildcatter. wildcat strike

wilder Streik, Spontanstreik

Also called illegal/outlaw/quickie/spontaneous/unauthorized/unofficial strike. A sudden withdrawal of labo(u)r without warning. The work stoppage is not sanctioned by union leadership and contrary to existing labor/employment contracts. Most wildcat strikes arise from disputes at workshop and factory level, including working hours, safety conditions, fringe benefits, etc, and are of fairly brief duration. The persons on strike are called wildcatters. wildcatter

wilde/r Spekulant/in wild Streikende/r

A person speculating in highly speculative securities. A person participating in a wildcat strike. will Formally called last will and testament.

Testament

- 1407

-

A written and signed declaration of a person (the testator) stating his/her wishes and intentions about what should happen to his/her property ana money after death. win

Gewinn, Erfolg

Success or victory, especially in a game. windbill

Gefälligkeits-, Keller-, Reitwechsel

Also called accommodation/fictitious bill, kite or windmill. A bill of exchange (B/E) signed by one person in order to help another to raise a loan. The person signing promises to pay if the person getting the loan fails to pay. windfall gain/profit or loss

unerwarteter Gewinn/Verlust, Zufallsgewinn/-verlust

Also called windfall. Gains or losses of an unexpected nature (eg an unforeseen increase or decrease in the price of a commodity or security) or that came through no effort or financial cost of the person or firm that benefits. windfall tax

Spekulations-, Kapitalgewinnsteuer

Also called (short-term) capital gains tax (CGT). A tax on sudden profits due to speculation (speculation gains/profits), eg speculation in shares/stocks. winding up

Liquidation, Abwicklung, (Gesellschafts)Auflösung

Also called liquidation. The liquidation of a company or partnership (either compulsorily or voluntarily) for the purpose of ceasing its operations, selling its assets, the payment of its debts, and the division of any surplus among the members. window banner

(Schau)Fensteraufkleber, -plakat

Also called window bill/card/streamer/strip. An advertising poster hung in a shop/store window. window dressing

Schaufensterauslage Schaufenstergestaltung, -dekoration Augenwischerei, Schönfärberei Bilanzkosmetik, Bilanzfrisur

The displaying of goods in a shop/store window in such a way as to impress and attract customers. Also called window display/trim.

-

1408

-

The process of arranging and presenting goods in a shop/store window by a window dresser/ trimmer to oest advantage to impress and attract customers. Also called window trim/trimming. The presentation of the most favo(u)rable aspect of something, especially when unpleasant facts are concealed. For example, something added to a report or presentation because of its eye appeal. In accounting, the attempts made to create favo(u)rable-looking financial statements to make a busmess seem more profitable or efficient than it really is (eg paying off current debts, running down inventories, executing transactions shortly before the end of an accaunting period such as delaying the purchase of assets to impress and show more cash in the balance sheet); both the lawful, but misleading arrangement of affairs as well as the fraudulent falsification of accounts. window envelope

Fenster(brief)umschlag

Also called panel envelope. An envelope where the inside name and address can be seen through a window which is covered with transparent foil. window shopping

Schaufensterbummel

Visiting shops/stores and looking at window displays without an immediate intention or inclination to buy. winter sale

Winterschlußverkauf

The selling of goods at reduced prices for a limited time period at the end of the winter season in order to get rid of surplus or out-of-date stocks. win-win relation

Win-Win-Beziehung

A relation where both parties in a working relationship, an activity, a negotiation, etc. "win". That means they work together so that they can Doth achieve their objectives. with average (WA)

mit Havarie (SeeVers)

In marine insurance, a cargo insurance policy which provides cover against all loss fie total and partial loss) or damage due to marine perils throughout the duration of tne policy. with profits policy

(Lebens)Versicherung mit Gewinnbeteiligung

Also called participating policy. An (life) insurance policy which gives the policyholder the right to receive a share in the profits of the insurance company in return for a higher premium. The profit is calculated periodically and is added as a bonus to the basic sum insured under the policy.

-

with recourse

1409

-

mit Regreß/Rückgriff(sanspruch)

The right of the holder (ie the payee) of a bill of exchange or other means of payment that is dishono(u)red at its maturity to claim payment from the other parties involved, ie the drawer or endorser(s). withdrawal (W)

(Bank, Geld)Abhebung Abhebungsbetrag Zurücknahme Sickerverlust, Entzugseffekt Rücktritt (vom Vertrag) Austritt (eines Gesellschafters) Privatentnahme Lagerentnahme Auftragsstornierung Kreditkündigung

Taking money out of a bank account or other deposit account, eg by writing a cheque/check or a withdrawal form/slip, or by using a bankcard. Certain deposits require a notice of withdrawal/withdrawal notice before funds are withdrawn (otherwise the bank may charge an early withdrawal penalty). Also called withdrawal of funds/money. Also called drawing. The amount of money withdrawn from a bank account or other other deposit account. The act of withdrawing or taking back. Also called revocation. The removal of money by households or firms from a (circular) flow of income by saving, taxation, imports, overseas investment, etc. Thus, withdrawals are that part of national income not spent by households on consumption of domestically produced goods and services. The economist's term for withdrawing purchasing power. Also called leakage. The opposite is an injection, usually in the form of government expenditure, exports or industrial investments. The refusal to perform a contract. Also called repudiation (from contract), rescission/ withdrawal from contract. The voluntary withdrawal of a partner in a partnership. In a partnership, the cash drawings of a partner. Also called private withdrawal/ drawing. A withdrawal from stock. A withdrawal of an order. Also called order cancellation. A withdrawal of a credit. Also called credit cancellation. withholding tax

Zinsabschlags-, A b z i Q u e l l e n steuer, einbehaltene 4 italertragssteuer Lohnsteuer (USA)

A tax that is deducted from income at its source. For example, the amount of income tax that a bank or other financial institution is required bv law to withhold/keep back from a person's dividend or interest income when dividend or interest is paid.

-

1410

-

The tax amount is payable to the government. Also called pay as you earn tax (GB), source tax or tax (deducted) at source. In the US, income tax deducted from the paycheck of a worker before he/she is paid. Also called employment/payroll/wage tax. without engagement

freibleibend,

unverbindlich, ohne Gewähr

Also called subject to change without notice or subject to confirmation. A term used in an offer when an offeror quotes prices of goods liable to fluctuate suddenly so that he/she does not want to be bound. The price quoted is the market price at the moment, but the quotation is not binding on the offeror. without recourse Also called sans recours or nonrecourse. A term sometimes put upon a bill of exchange indicating that the holder cannot obtain compensation from the acceptor or endorser who has added these words after his/her endorsement, in the event of the bill being unpaid/dishono(u)red. An agreement between seller and buyer stating that the buyer accepts all risks in the transaction, and gives up all the rights to any recourse. word processing (WP)

Textverarbeitung

The electronic storage, editing and processing of text by using a word processor, which consists of a keyboard, a visual display unit (VDU), a disk drive, a central processing unit (CPU), the necessary software and a printer. work

Arbeit

The energy of mind or body, or of a machine used for a definite purpose. What one must do to make a living, profession or trade. It involves the completion of tasks and the assumption of responsibilities. The nature of work mcludes three typical elements: 1. work content, this focuses on either the specific tasks done or on some specific behavioiu)rs, duties, relationships or responsibilities; 2. the qualifications required to perform work, ie skills, abilities, experience and knowledge; 3. the returns and rewards for performing work, ie pay, promotions, benefits, praise, pleasant working conditions and satisfaction. People work for a number of reasons, eg to satisfy their basic needs; to achieve reward and material or career success; to assume personal responsibility and calculated risks; to achieve a high living standard; work as a habit - many people have problems in deciding what to do with free time; etc. Most people in industrial societies could satisfy their basic necessities/necessaries by working fewer hours than they do.

-

1411

-

The quality of work life (QWL) is shaped by three factors: 1. work climate, 2. job design, 3. organizational culture. work at home

Heimarbeit

Also called homework or outwork. A practice in which an employee works at home instead of in a company. work control

Arbeitskontrolle, -Überwachung

Also called job control. A continuous process whereby a superior or supervisor is kept informed of what is going on, in order that he/she may be able to compare current activity with planned activity. Control is exercised over: the quantity and quality of work performed and the time scheduling. work cycle

Arbeitstakt Arbeitsgang, Arbeits-, Produktionszyklus

The specific period of time over which working hours can be arranged. The time required to complete a work task before being ready to repeat the cycle or begin a new task. The complete sequence of tasks that an employee has to perform in order to complete an activity, operation or a unit of work. Also called job cycle. work experience

Arbeits-, Berufserfahrung (Berufs)Praktikum

A person's past work history and the skills and knowledge gained through employment. A time period spent doing (unpaid) work in a workplace environment by young people who have not previously been employed, as preparation for future employment. Thus trainees learn in a training course what it is like to work in a real job. work group

Arbeitsgruppe, Arbeitskreis

Also called working group/party, taskforce or study group. A group of employees engaged to perform a specific task or function or to work closely together. Also called team or work unit. A group of employees who, because of some characteristics, common interests, and behavio(u)r patterns have influence and authority in a department or company.

-

1412

-

In general, their are two kinds of groups: 1. formal groups: they are sanctioned by the organization and are formed to accomplish a designated task or function; 2. informal groups: they are created by the employees themselves and are not sanctioned by the organization; they may be created around a workplace (interest group) or an activity around the workplace (friendship group). Groups, classified according to their purpose, can be: 1. functional/command groups, 2. task groups, 3. interest groups, 4. friendship/peer groups. Other specific characteristics of groups are: 1. group behavio(u)r norms: forms of behavio(u)r, ideals, standards, or opinions that are accepted within the group as acceptable and desirable; 2. group size: a group should not be too small or too large - but it should be able to accomplish the assigned tasks; the ideal group size allows its members to know and rely upon each other and to feel a sense of obligation to the group; 3. group status: this is dependent upon the importance of the task assigned, the success of the group, the status of the individual workers, and the nature of the rewards to the group's members by the company. In the linkpin view (a concept of Rensis Likert, 1903 - 1981) an organization is seen as a series of interrelated groups and management must understand how groups relate to one another if they are to achieve success. work in progress/process (WIP)

unfertige Erzeugnisse, Halberzeugnisse, Halbfabrikate laufende/noch nicht ; ^ Dssene/ in Ausführung begriffene Arbeit

Inventory/stock-in-trade in an intermediate stage of production, ie at a stage between raw materials and finished goods. The products are partially completed at a specified date, usually at the end of a financial period. Note: at the end of the accounting period, WIP is usually included as inventory in the balance sheet. Also called goods/material in process, partly finished goods, or semifinished/unfinished products. Work which has not yet been performed or completed. work legislation

Arbeitsgesetzgebung, arbeitsrechtliche Vorschriften

Also called employment/labor legislation. The acts regulating employment. work order Also called job order. An order for a job to be done in the business.

Arbeitsauftrag

-

work overtime

1413

-

Überstunden machen

The hours worked by an employee are beyond the standard hours agreed to in the contract of employment. The hours worked overtime are paid at overtime rates (the overtime pay) or the employee is granted compensatory time, ie he/she receives time off pay. work permit

Arbeitserlaubnis

Also called employment permit. A permission issued by the government of a country authorizing a foreigner to seek work and to work in the country for a certain time. work sharing

Aufteilung der verfügbaren Arbeit Arbeits(platz)teilung, Job-Sharing

During a slowdown in the economy, a procedure for dividing the available work as evenly as possible among all eligible employees as an alternative to layoffs so that all employees can at least have part-time work until economic conditions improve. There are three types: 1. reduction in hours (by far the the most common), 2. division of work, 3. rotation of employment. The splitting of one full-time job into two or more part-time jobs. Also called job sharing/splitting. work study

Arbeitsstudie

Also called motion and time/time and motion study. A systematic recording, examination, analyzing and measuring of ways of performing work that involve human activity in order to develop and apply easier and more effective and economic methods and to reduce costs. work to rule

Dienst nach Vorschrift, Bummelstreik

Also called work by the book, go-slow (GB) or slowdown (US). In an industrial dispute one of the actions which employees can take against their employers. The employees do not withdraw their labo(u)r or go on strike but, instead, remain at work to slow operations down by rigidly interpreting all rules of the workplace and obeying them to the letter, m addition, employees can limit their cooperation by refusing to work overtime. In a work to rule the company can still function, but not without problems, eg the amount of work done is limited. workaholic

Arbeitsbesessene/r, Workaholic

The term is a blend of work and alcohol and is used to describe a person who desires to work constantly and whose involvement in work is so excessive that health, wellness, interpersonal relations, recreation, social functioning and sometimes personal happiness are adversely affected.

-

workday

1414

-

Arbeitstag Arbeitszeit pro Tag

Also called working day. A day on which work is done. The amount of time that a person spends working during a day. worker participation

(Arbeitnehmer)Mitbestimmung, Arbeitspartizipation

Also called employee/workers' participation, employee/worker involvement, or worker say.

codetermination,

comanagement,

The participation by employees in the management decision making and profits of the company for which they work. workfare

Sozialleistung/en mit Gegenleistung

A public welfare program(me) that ties the welfare benefits received to the participation in a job-training program(me) or any other activity such as community service work. workforce/work force

Belegschaft, Personalbestand Erwerbsbevölkerung

Also called labo(u)r force. The number of workers employed by a company. Also called staff/manpower level, payroll, or staff number. The number of persons willing and able to work and either employed or registered as unemployed at a particular time. Also called working population. working capital (wc)

Betriebskapital, Betriebsmittel Nettoumlaufvermögen, -betriebskapital, Liquiditätsüberschuß

Capital in the form of circulating/current assets as opposed to fixed assets. It is completely changed in form or consumed by its use, eg raw materials, work in progress/process, cash in/on hand, etc. Also called circulating/current/floating/ operating/trading capital. The amount by which current assets exceed current liabilities of a business. Working capital is a measure of a company's liquidity and it is therefore very important to nave a large enough working capital. A shortage of working capital can mean that the business may get into financial difficulties and not be able to pay its debts when they are due, or it can mean that creditors cannot be paid on time thus losing valuable cash discounts, or it can mean that the business cannot take part in certain profitable transactions, eg bulk purchase at a low price. Also called net working capital or net current assets.

-

1415

working class

-

Arbeiterklasse

Also called labo(u)ring class. Persons working for wages, especially in manual labo(u)r. working control

absolute Mehrheit

Theoretically, ownership of more than 50 % of a company's voting shares/stocks (majority interest). In practice, however, effective control of a company by a shareholder(s)/ stockholder(s) with 50 % or less of the voting shares/stocks. This is possible if the minority shareholders/stockholders act in concert or when share/stock ownership of the company is widely dispersed. working expense(s)

Betriebskosten

Also called operating/working cost(s) or running expenses. The costs of running a business, eg wages, rent, insurance, etc. and entered in the profit and loss account. working hours

Arbeitszeit/en Geschäftszeit/en

The hours which an employee agrees to work or is required to work under an employment contract, eg per day, week or month. Special arragements may be necessary for flexitime and shiftwork. Also called working time or hours of work. The time during the day when banks, offices, shops/stores, etc are open for work. Also called business/office/shopping/trading hours. working life

Nutzungsdauer Berufs-, Arbeitsleben

The number of years which a fixed asset is useful to a business. Also called service/ useful life. A person's years in business. Also called occupational/professional life. working partner

aktive/r Gesellschafter/in, aktive/r Teilhaber/in

Also called acting/active/managing partner. A partner in a firm who takes part in the daily activities of the firm and who works full-time for the firm. working population

Zahl der Erwerbstätigen, Erwerbsbevölkerung

Also called labo(u)r force, workforce/work force or active/working population.

-

1416

-

The number of persons willing and able to work and either employed or registered as unemployed at a particular time. workload/work load

Arbeitsbelastung, -pensum

The amount of work which a person or machine has to do during a given time period. workman

Arbeiter, Handwerker

Also called worker. A man employed in some form of manual, mechanical, or industrial work. workmanship

Geschicklichkeit, Fertigkeit, Qualifikation Arbeitsqualität, Ausführung, Qualitätsarbeit

The skill of a specialized workman or artisan. The quality of a work done. workmate

(Berufs)Kollege/Kollegin

Also called colleague or fellow employee/worker. A person you work with, eg in an office. workplace

Arbeitsplatz

Also called job site or workstation. In general, the room, building or other place where persons work. In detail, an area reserved and particularly designed where an employee can perform assigned responsibilities without interference from or disturbing others. With the shift to an information-based economy has come a change in the workplace and its environment. Nowadays the workplace layout has to include computers and modern office equipment ana has to be economically designed, ie designed to fit man's physical makeup. works

Betrieb, Werk(sanlage)

In business, a place of work, especially a factory. The person who is responsible for the works, is called works manager. workstation/work station

Arbeitsplatz Bildschirmarbeitsplatz

The area designed to provide a suitable environment for a specific set of tasks. Also called workplace or job site.

- 1417

-

In data processing and office systems, the place where an operator performs his/her tasks, normally it consists of a visual display unit (VDU), a keyboard, a printer, a telephone, etc. World Bank (WB)

Weltbank, Internationale Bank für Wiederaufbau und Entwicklung

Also called International Bank for Reconstruction and Development (IBRD). It was established in December, 1945 as a result of the Bretton Woods Conference (held at Bretton Woods, New Hampshire, USA, in July, 1944) and finances approved large-scale capital projects by making long-term loans at a commercial rate of mterest, mainly to less developed countries (LDCs), and usually direct to their governments. World Trade Organization (WTO)

Welthandelsorganisation, World Trade Organization (WTO)

In 1996, the General Agreement on Tariffs and Trade (GATT) was replaced by the WTO in Geneva, Switzerland, with authority not only in trade in industrial products but also in agricultural products and services. Trade disputes are now settled by a vote of two-thirds or three-quarters of the nations rather than unanimously as under GATT (note: this meant that the guilty nation could block any action against it). world wide web (www)

World Wide Web (WWW)

A collection of information stored on a network of computers. writ

Ladung, Vorladung, Klagezustellung gerichtliche Anweisung/Verfügung rfändungsverfugung, Ärrestberehl

A court order ordering a defendant to appear and answer a plaintiffs complaint. Also called summons or writ of summons. A written order from a court commanding someone to do or not to do something. Also called judicial writ. A court order to the police to seize property or arrest a person. Also called writ of attachment. writ of payment

Zahlungsbefehl, -anordnung

Also called order of payment, order/notice to pay, precept or payment order. A legal order to pay debts which are overdue. writedown

(Teil)Abschreibung

Also called (partial) depreciation. A (partial) writeoff, ie the recording of an asset at a lower value.

-

writeoff/write-off

1418

-

Sofort-, Vollabschreibung Ausbuchung Forderungsabschreibung

In accounting, the process of reducing to zero the undepreciated or recorded value of an asset (a full reduction in an asset indicates it is not worth anything, ie it has no future benefit) or writing off a debt/receivable by debiting the profit ana loss account. Also called writeoff in full or immediate writeoff/chargeoff. In bookkeeping, the cancellation of an entry in an account by an off-setting entry. Cancel(l)ation/elimination of a debt/receivable because of ^collectibility. The receivable is treated as an irreparable or nonrecoverable loss and is debited to the profit and loss account. Also called bad debt allowance. written offer

schriftliches Angebot

Also called offer in writing. An offer made in writing. wrongful act

gesetz-/rechtswidrige Handlung

Also called illegal/unlawful act, malfeasance or wrong. An unjust/not lawful act, especially one that harms, offends or interferes with a legal right. There is a private wrong/tort and a public wrong. wrongful dismissal

grundlose/ungerechtfertigte Entlassung

Also called dismissal without cause or unfair/unjust/unlawful dismissal. A termination of a contract of employment in a manner which breaches that contract as it contravenes an employee's rights under prevailing employment legislation.

-

1419

-

Χ We have no more right to consume happiness without producing it than to consume wealth without producing it. (George Bernard Shaw, 1856 - 1950)

XA (ex all)

ausschließlich aller Rechte (Bö)

A stock exchange term which means without dividend, bonus or return of capital and without rights to any new securities to be issued. All benefits belong to the seller/vendor. \-axis

X-Achse

Also called horizontal axis or abscissa. The horizontal axis in a coordinate system. XC (ex capitalization) (X cap, Xcp)

ex/ohne Gratis-/Berichtigungsaktien

Also called ex bonus or ex scrip (XS). XC indicates that a share/stock has been bought without the right to participate in a forthcoming scrip/bonus/capitalization issue. All benefits belong to the seller/vendor rather than the buyer/vendee. Xd (ex dividend)

ex/ausschließlich Dividende

Also called X, ex-d, X-div, coupon detached or dividend off. A symbol used to signify that a share/stock is trading ex dividend, that is, without dividend (note: usually securities are bought with any rights to dividend or interest accumulated since the last payment). The stock exchange marks shares/stocks xd some weeks before payment of dividend is due. The share/stock price is then adjusted to take account of the fact that the buyer will not be entitled to receive the forthcoming dividend, by subtracting the value of the dividend. The right to dividend remains with the seller (the opposite of cum dividend). xenophobia

Fremdenfeindlichkeit

An unreasonable fear or hatred of foreigners or strangers or of that which is strange or foreign. It can express itself in unfair and illegal practices.

-

x-press callmaker

1420

-

Telefon mit Wahlwiederholung und Nummernspeicher

A special type of telephone. The X-press callmaker can store up to X numbers of the operator's choice using push buttoms instead of a dial. XR (x rts, ex rights)

ex/ohne Bezugsrechte

Also called ex claim (XC, ex.c.) or ex new (Xn, ex.n.). Without any right to claim new shares/stocks about to be issued. The opposite of cum rights. X-Theory

Theorie X

A traditional view of human motivation. See theory X and theory Y.

-

1421

-

Y The years teach much which the days never know. (Ralph Waldo Emerson, 1803 - 1882)

Yankeebond/Yankee bond

Anleihe eines ausländischen Emittenten am US-Kapitalmarkt, ausländische US-Dollar Obligation

A foreign bond, ie a bond that is issued in US dollar denominations in the USA by foreign oanks. The bond is issued in the US when market conditions there are more favo(u)rable than on other markets, eg the Eurobond market or the domestic market overseas, and offers the foreign investor some degree of protection against fluctuating exchange rates. A Yankeebond is the US equivalent of the Eurobond. Similarly, foreign banks raise sterling loans in London through bulldog bonds/bulldogs and yen loans in Tokyo through Samurai bonds. Yankees

Wertpapiere amerikanischer Gesellschaften

Also called Americans. A slang term used for US securities. yard (yd)

Yard (Längenmaß) Werft Lagerplatz 100 US Dollar

A measure of length equal to three feet (ft) or 36 inches (in); 1 yard (yd) = 0,914 meters (m). A factory which builds ships. Also called shipbuilding yard or shipyard. An enclosed place for the storage of materials. Also called storage yard. American slang for a $ 100 note. yardage Also called space rental. The charge for the use of a yard or enclosure.

Platzmiete, -nutzungsgebühr

- 1422 yardstick

Yardmaß, Maß-/Zollstock Kriterium, (Beurteilungs)Maßstab

A stick a yard (ie 3 feet or .9144 meters) long used for measuring length. Any standard of measurement or judg(e)ment, eg profit is not the only yardstick of success. y-axis

Y-Achse

Also called vertical axis or ordinate. The vertical line forming a right angle with the horizontal axis (x-axis) in a coordinate system. yearbook

Jahrbuch

Also called annual. A book published annually, usually in the form of a reference book, containing information, statistics, etc about the past year. yearling

Jährling, Kommunalschuldverschreibung mit kurzer Laufzeit

Also called yearling bond. Bonds issued by a municipal authority (ie a municipal bond) with a short term (usually one year but under five years) to maturity and a fixed rate of interest. yellow dog contract

Arbeitsvertrag mit Verbot des Gewerkschaftsbeitritts

Also called ironclad. An agreement by which companies require prospective employees, as a condition of employment, to agree not to join a trade/labor union. This form of unfair labo(u)r practice is illegal because union membership is a legal right of all employees. Yellow Pages (YP)

Gelbe Seiten, Branchenfernsprechbuch, Branchenverzeichnis

A special telephone directory printed on yellow paper. It lists addresses and telephone numbers of local firms alphabetically classified by business or profession and publishes details of a wide range of goods and services offered by subscribers. yellow press Also called tabloid or yellow journalism. Sensationalized and exaggerated journalism.

Regenbogen-, Sensationspresse

-

1423

yenbond/yen bond

-

Yen-Anleihe

Any bond issue denominated in Japanese yen, usually issued in the Japanese money market. If issued in the Euromarket it is called a Euroyen bond. Note: sumurai bonds are yenbonds issued in Japan. Effektiwerzinsung, Rendite Ertrag, Gewinn Steueraufkommen Ernte(ertrag)

yield

The percentage return/yield on capital invested. For example, if a shareholder/stockholder wants to calculate his/her return/yield on his/her capital invested, he/she needs to relate the dividend to the market price. Suppose an investor buys 600 £/$ 1 shares/stocks in a company at a market price of £/$ 2 per share/stock; a dividend of 18 % is announced. To calculate the yield %, the following formula is employed: Yield % = nominal value X dividend (%) (on shares/stocks) market value

=

600 χ 18 1200

=

9 o/o

or in general: Yield %

annual return χ 100 amount of investment

Also called rate of return. The proceeds of a transaction or the profit made by a firm. The tax amount received by a government. Also called tax revenue/yield. In agriculture, the amount of crops (eg wheat, rice, fruit, etc) you get. Also called crop or crop/harvest yield. yield gap

Renditelücke, Renditegefálle

Also called yield differential. The difference between the dividend yield on equities (ordinary shares/common stocks) and that on fixed-interest government securities. yield to maturity (YTM)

Rückzahlungsrendite

Also called yield to redemption or maturity yield (US). The rate of return an investor will receive if a long-term, interest-bearing investment, eg a bond, is held to its due/maturity date. York-Antwerp Rules (Y/A, YAR)

York-Antwerpener Regeln (Vers)

In marine insurance, rules drawn up in order to secure international uniformity in the adjustment of general average.

-

Yours faithfully

1424

-

Hochachtungsvoll, Mit freundlichen Grüßen (GB)

In British correspondence, a complimentary close used above the writer's signature to end a letter that begins with Dear Sir, Dear Madam or Dear Sir or Madam (ie the addressee's/recipient's name is unknown). Yours sincerely

Hochachtungsvoll, Mit freundlichen Grüßen

In correspondence, a complimentary close/closing (US) used above the writer's signature to end a letter that begins with the addressee's/recipient's name, eg Dear Mr/Mrs/Ms Monroe. Note: 1. other letter closings are: Sincerely (yours), Yours (very) truly or Very truly yours; 2. if the writer is on first name terms with the addressee/recipient, less formal endings (often in combination with the more formal endings) such as With best/kind regards, Best regards, Regards, Cordially (yours), Yours cordially, etc, are also possible.

yo-yo stock

stark schwankende Aktie

A stock whose price fluctuates wildly, ie its price rises and falls quickly like a yo-yo. Y-Theory

Theory Y

A theory of human motivation. See theory X and theory Y. Yuppie

Yuppie, Yumpie

Also called yumpie. Yuppie/yumpie = young upwardly mobile professional. The term is derived from young urban professional; came into vogue in the 1980s (first used in the USA) and describes young career-minded, fashionable persons having relatively high incomes and education, seeking instant success and well connected on Wall Street, m the City of London or on other stock exchanges. Their lifestyles are upwardly mobile and they represent a target audience for firms selling prestige items, such as Porsche cars and Boss men's wear. Other popular terms are: Buppies or Bups (black upwardly mobile professionals), Dinks (double income, no kids), Dobies (daddy older, baby younger), Mobies (mummy older, baby younger), Flyers (fun loving youth en route to success), Hanks (health and nature keeper), Limers (less income, more excitement), Woopies (well off older people), Yollies (young old leisure living people), Yuppie-dinks (young urban professional people, double income, no kids), etc.

-

1425

-

Ζ Zeal without knowledge is fire without light. (Proverb, 1732)

zapper

Zapper, Umschalter, d.h. Fernsehzuschauer/in, der/die häufig das Programm wechselt

A term used for TV viewers who switch over to other channels, eg during the commercial breaks.

zapping

Zapping, häufiges Umschalten des Fernsehprogramms/Kanals

Also called channel flicking/zapping. The act of using a remote control to change TV channels, eg when a commercial begins. zero

Null (Zahl oder Zeichen)

The number or figure 0. The noun nought/naught. zero base(d) budgeting (ZBB)

Nullbasis-Budgetierung, ZBB-Planung, Budgetierung auf Nullbasis

A financial management technique to formulate budgets; one develops next year's budget without reference to last year's budget. zero coupon bond

Nullkouponanleihe, abgezinste Anleihe, Zero Bond

Also called zero bond or zero. A fixed-interest bond that has no interest coupon/warrant attached and that pays no interest during its stated lifetime. Instead it is sold at a deep discount from its face/nominal value. The holder (the zero customer) receives the rate of return by the gradual appreciation of the bond, which is redeemed at face value, thus providing a guaranteed capital gain, on a specified due/maturity date. Note: both the principal and the accumulated interest are paid at maturity.

- 1428

-

A a priori ab ab dato/heute Abänderung Abänderung Abandon (Vers) Abbau Abbau Abberufung Abbestellung Abbruchwert Abbuchung durch Einzugsermächtigung Abbuchungsverfahren (BaW) Abbuchungsverfahren (BaW, USA) ABC-Kundeneinstufung Abendzeit, frühe, zu der Getränke in Lokalen reduziert sind Abfahrt Abfahrtsdatum (Schiffahrt) Abfall Abfallbeseitigung Abfallprodukt Abfallprodukt/e Abfallstoff/e Abfallverwertung Abfallwiederaufbereitung Abfallwirtschaft Abfertigungsschalter Abfindung Abfindung (PW) Abfindung (PW) Abfindung, hohe (PW) Abfindung(sbetrag) Abfindung(szahlung) (PW) Abfindung(szahlung) (PW) Abfindungserklärung (Vers) Abfindungszahlung Abfindungszahlung (PW) Abfluß liquider Mittel Abgabe Abgabe Abgabe Abgabe von Angeboten Abgaben Abgaben, kommunale abgabenfrei Abgabepreis

a priori ex after date amendment rectification abandonment downsizing exploitation recall countermand breakup value direct debit direct debit preauthorized payment (method) (USA) ABC classification happy hour departure sailing date waste waste removal byproduct waste material waste material salvage recycling garbology checkin desk/counter settlement compensating payment compensation golden handshake indemnity ex gratia payment severance pay(ment) release redundancy pay(ment) terminal bonus cash drain charge impost levy bidding dues local rates free of tax selling price

—

Abgeber/in einer eidesstattlichen Erklärung Abgeld Abgrenzung, periodengerechte Abhakungszeichen Abhängigkeitsrate Abhebung Abhebung vom Bankkonto Abhebungsbetrag Abhilfe Abhol- und Zustelldienst Abholgebühr Abholgroßhändler Abholgrossist Abholung Abkommen, bindendes/verbindliches Abkommen, internationales Abkiihlungszeit während eines Arbeitskonflikts Abladen Ablage Ablage(korb) Ablage(korb) Ablage, alphabetische Ablage, alphanumerische Ablage, numerische Ablagekorb Ablagestück Ablauf Ablauf Ablaufdatum Ablaufdiagramm Ablaufplan Ablauftermin Ablaufverfahren Ablehnung Ablehnung Ablehnung der Vertragserfüllung Ablehnung eines Versicherungsantrags Ableichtern Ablieferungstermin Ablieferung ablösen (Schuld) Ablöserecht Ablösung Ablösungsrecht Ablösungsrecht Abmachung Abmachung, bindende, vorläufige Abmachung, vorherige

1429 affiant discount accrual accounting check dependency ratio withdrawal bank withdrawal withdrawal remedy pickup and delivery service collection charge cash and carry wholesaler cash and carry wholesaler collection binding agreement international agreement cooling off period unloading filing communication tray pending tray alphabetic filing alphanumeric filing numerical filing filing basket file copy expiry lapse maturity date flowchart schedule expiry date process disclaimer rejection repudiation declinature transhipment delivery date delivery clear right of redemption redemption equity of redemption right of redemption arrangement binder prearrangement

1430 Abnahme Abnahme Abnahme Abnahmebescheinigung Abnahmebescheinigung Abnahmebescheinigung Abnehmende/r Abnehmer, gewerblicher Abnehmer/in Abnehmer/in Abnehmer/in Abnehmer/in Abnehmer/in Abnehmerland Abnutzung, durch Gebrauch Abnutzung, natürliche Abnutzung, übliche Abnutzungsgut Abo-TV, bei dem nur Einschaltzeit bezahlt wird Abonnement Abonnement Abonnementspreis Abonnementsverlängerung Abonnent/in Abrechnung Abrechnung Abrechnung Abrechnung Abrechnung (Bö) Abrechnung, nur zur Abrechnungsbank (GB) Abrechnungskurs (Bö) Abrechnungsschreiben (Vers) Abrechnungstag Abrechnungstag Abrechnungstag (Bö) Abrechnungstag (Bö) Abrechnungstag, am nächsten (Bö) Abrechnungstermin bei Börsengeschäften Abrechnungszeitraum Abrechnungszeitraum (Bö) Abrufauftrag Abrufauftrag Abrufvertrag Absagebrief Absahnpreisstrategie Absatz Absatz Absatz

decline decrease taking delivery acceptance certificate certifícate of inspection test certificate accepter/acceptor industrial consumer buyer customer purchaser purschaser taker importing country wear and tear wear and tear fair wear and tear wasting asset pay per view standing order subscription subscription price renewal subscriber clearance clearing invoicing statement settlement not negotiable clearing bank settlement price discharge form account day prompt day payday settlement day for the account value accounting period account call order call purchase call off purchase agreement letter of regret skim the cream pricing marketing sales selling

—

Absatz(menge) Absatzförderung Absatzgebiet Absatz kartell Absatzkette Absatzkosten Absatzlehre Absatzleiter/in Absatzmarkt, monopolistischer Absatzmittler/in Absatzorganisation, gemeinschaftliche Absatzplan Absatzprognose Absatzvorbereitung Absatzweg Absatzweg Absatzwirtschaft abschicken Abschlag Abschlag(szahlung) Abschlag, mit... Abschlagsauktion Abschlagszahlung Abschlagszahlungen Abschleppgebühr Abschluß Abschluß (Bö) Abschluß (PW) Abschluß (RW) Abschluß, bestätigter (RW) Abschluß, konsolidierter (RW) Abschluß, konsolidierter (RW) Abschlußbuchung Abschlußbuchung/en Abschlußdividende Abschlußgebühr Abschlußgebühr (BaW) Abschlußkurs (Bö) Abschlußpreis (Bö) Abschlußstichtag (RW) Abschlußtag Abschlußtest (PW) Abschnitt Abschöpfungspreispolitik Abschöpfungspreisstrategie Abschreibepolice (Vers) Abschreibepolice (Vers) Abschreibepolice (Vers) Abschreibung Abschreibung

1431

-

sales volume sales promotion outlet syndicate sales chain distribution cost(s) marketing sales manager captive market mercantile agent joint sales organization sales plan sales forecast merchandising channel of distribution distribution channel distributive trade(s) consign discount advance pay at a discount Dutch auction payment on account progress payments towage deal transaction qualification financial statement stated account consolidated accounts group accounts closing entry close final dividend acquisition fee front end fee exercise price strike price closing date contract date posttest counterfoil price skimming skim the cream pricing declaration policy floater floating policy amortization depreciation

- 1432 Abschreibung Abschreibung für Abnutzung (AfA) Abschreibung für Wertminderung Abschreibung, beschleunigte Abschreibung, degressive Abschreibung, degressive Abschreibung, in gleichen Jahresbeträgen Abschreibung, lineare Abschreibung, lineare/gleichbleibende Abschreibung, steuerbegünstigte Abschreibung, vorzeitige Abschreibung/en, akkumulierte/ aufgelaufene Abschreibung/en, steuerliche, für Investitionen Abschreibungskonto Abschrift Abschrift Abschrift, beglaubigte Abschwung Abschwungphase Abschwungpotential absenden Absenden Absender/in Absender/in Absender/in Absender/in Absender/in Absender/in (von Waren) Absenderanschrift Absentismus absetzbar, steuerlich Absetzbarkeit Absetzung für Abnutzung (AfA) Absetzung, steuerliche Absichtserklärung, schriftliche Absprache Absprache (geheime) Absprache unter Ehrenmännern Abstimmung Abstimmung (RW) Abstimmung, geheime Abstimmung, geheime Abstimmung, namentliche Abstinenz Abstinenztheorie des Zinses Abstoßen

-

writedown wear and tear wear and tear accelerated depreciation declining balance method reducing balance method (of depreciation) straight line depreciation fixed i n s t a l l m e n t method (of depreciation) straight line depreciation accelerated depreciation accelerated depreciation accumulated depreciation capital allowance(s) depreciation account copy tenor attested copy contraction contractionary phase downside risk forward forwarding freighter addresser/addressor poster sender shipper consigner return address absenteeism deductible marketability wear and tear tax deduction letter of intent arrangement collusion gentleman's agreement poll matching ballot secret ballot named vote abstinence abstinence theory of interest divestment

- 1433 Abstoßen von Wertpapieren Abstzanalyse Abszisse Abteilung Abteilung für Sonderangebote Abteilungsleiter/in Abtretende/r Abtretende/r Abtretung Abtretung (Vers) Abtretung einer Lebensversicherung Abtretung(sdokument) Abtretungsempfänger/in Abtretungsempfänger/in Abtretungsurkunde Abtretungsurkunde Abwälzung Abwanderung von besonders qualifizierten Fachkräften Abwehr Abweichen Abweichung Abweichung Abweichung Abweichung, mittlere Abweichung, mittlere quadratische (Stat) Abwertung Abwertung Abwesende/r (PW) Abwicklung Abwicklung Abzahlungsgeschäft, Inhaber/in eines Abzahlungskauf Abzahlungskauf (GB) Abzahlungsvertrag Abzahlungsvertrag Abziehbild Abzinsungssatz Abzug Abzug bei Rückzahlung eines Darlehens vor Fälligkeit Abzug, bar ohne Abzüge, freiwillige Abzugssteuer Achse Achtergruppe (G 8) Addieren Addiermaschine Addition Addition

unloading market research abscissa department bargain basement department head assigner/assignor transferor/transferer cession abandonment assignment of life policy assignment assignee transferee deed of assignment letter of assignment passalong brain drain defense deviation deviation discrepancy variance average deviation standard deviation depreciation devaluation absentee liquidation winding up tallyman i n s t a l l m e n t buying hire purchase credit sale(s) agreement deferred payment contract transfer discount rate deduction rebate net cash voluntary deductions withholding tax axis Group of Eight (G 8) footing adding machine casting footing

Additiv Administration Adressant/in Adressat/in Adressat/in, unbekannt Adreßbuch Adresse Adressenliste Adressenverlag Adressiermaschine Adressiermaschine Affidavit After Sales Service Agenda Agent/in Agentur Aggregat Agio Agio Agio aus Aktienemission Agiotage Agrarerzeugnisse Agrarevolution Agrargenossenschaft Agrarpolitik Agrarpolitik, gemeinsame Agrarsektor Agrarsubvention Agrarwirtschaftspolitik Agrarwissenschaft Agroindustrie Agroindustrie A IDA-Modell (Mk) Akkordarbeit Akkordarbeit Akkordarbeiter/in Akkordarbeiter/in Akkordbrecher Akkordlohn Akkordrichtsatz Akkreditiv Akkreditiv Akkreditiv mit aufgeschobener Zahlung Akkreditiv, avisiertes Akkreditiv, bestätigtes Akkreditiv, bestätigtes, unwiderrufliches Akkreditiv, einfaches Akkreditiv, einfaches/reines (AuW) Akkreditiv, revolvierendes

1434

-

additive administration addresser/addressor addressee addressee unknown directory address mailing list list broker addresser/addressor addressing machine affidavit after sales service agenda agent agency unit agio premium share premium agiotage produce agricultural revolution agricultural cooperative agricultural policy Common Agricultural Policy agricultural sector agricultural subsidy agricultural policy agricultural economics agribusiness agroindustry AIDA-model piecework taskwork jobber taskworker highflyer/flier piece rate j o b rate credit letter of credit deferred payment (letter of) credit advised letter of credit confirmed letter of credit confirmed irrevocable letter of credit clean credit open credit revolving letter of credit

-

1435

Akkreditiv, übertragbares Akkreditiv, unwiderrufliches Akkreditiv, widerrufliches Akkreditivabtretung Akkreditivanzeige Akkreditivausstellung Akkreditivavis Akkreditivbank Akkreditivbank Akkreditivbedingungen Akkreditivbegünstigte/r Akkreditivbestätigung Akkreditivlinie Akontozahlung Akquisiteur Akronym Akte Akte, abgelegte Aktendeckel Aktennotiz Aktenstück Aktentasche Aktenvermerk Aktenvernichter Aktenzeichen Aktenzeichen Aktenzeichen Aktie ( G B ) Aktie (USA) Aktie dritter Klassifizierung ( G B ) Aktie mit einem Nennwert von US $ 25 Aktie mit niedrigem Nennbetrag und Kurs Aktie, dividendenberechtigt, aber stimmrechtslos Aktie, erstklassige Aktie, Gewinn je/pro Aktie, junge Aktie, kaduzierte Aktie, konjunkturempflindliche Aktie, nennwertlose Aktie, nichtstimmberechtigte/ stimmrechtslose Aktie, spekulative Aktie, stark gefragte Aktie, stark schwankende Aktie, steigende Aktie, stimmberechtigte Aktie, stimmrechtslose Aktie, voll eingezahlte Aktie, zinsreagible

-

transferable credit irrevocable letter of credit revocable letter of credit assignment of letter of credit notification of credit issue notification of credit accepting bank issuing bank credit terms beneficiary confirmation letter of credit limit payment on account canvasser acronym file dead file binder memorandum (memo) file portfolio memorandum (memo) shredder file reference reference reference number share stock A share quarter stock penny share/stock A share chip earnings per share new share/stock forfeited share/stock cyclical stock no par value share/stock voteless share/stock speculative share/stock glamour stock yo-yo-stock boom share/stock voting share/stock nonvoting share/stock paid up-share/stock interest sensitive stock

- 1436 Aktien Aktien(kurs)index Aktien, Ausgabe von Aktien, eigene (USA) Aktien, gängige Aktien, leerverkaufte Aktien, mit hohem Umsatz Aktien, Mitteilung über die NichtZuteilung von Aktien, risikoarme Aktien, schneller Kauf/Verkauf, um auch geringfügige Kursschwankungen zu nutzen Aktien, Verkauf und Rückkauf innerhalb von 2 Tagen Aktien, wenig gehandelte Aktien, Zuteilung von Aktienagio Aktienanalyse Aktienanalyse, technische Aktienanteil eines Zeichners Aktienaufteilung Aktienausgabe Aktienausgabe Aktienbank (GB) Aktienbesitz, anonymer Aktienbestand Aktienbestandsbewertung Aktienbewertung Aktienbewertung Aktienbewertungen Aktienbezugsrecht Aktienbezugsrecht (USA) Aktienbezugsrechtsschein Aktienbörse Aktienemission Aktienemission Aktienemission Aktienemission Aktienemission, Kosten der Aktienfinanzierung Aktienfonds Aktiengattungen Aktiengesellschaft (AG) Aktiengesellschaft (AG) Aktiengesellschaft (USA) Aktiengesellschaft, AG (GB) Aktiengesellschaft, AG (USA) Aktiengesellschaft, AG (USA) Aktiengesellschaft, umwandeln in eine Aktiengesetz (GB)

equities share/stock index flo(a)tation Treasury stock active shares/stocks shorts active shares/stocks letter of regret defensive shares/stocks scalp bed and breakfast deal neglected shares/stocks allotment share premium chart analysis technical analysis allotment split capital issue issue of shares/stocks joint stock bank nominee shareholding/stockholding stockholding stock valuation stock valuation valuation of stock stock ratings share/stock option stock option subscription warrant stock exchange capital issue issue of shares/stocks share/stock issue stock flo(a)tation preliminary expenses equity financing equity fund classified stock joint stock company limited liability company stock corporation public limited company incorporated company public corporation going public Companies Act

Aktienhandel Aktienhandel Aktienhandel Aktienindex der New Yorker Börse Aktienindex, australischer Aktienindex, britischer (Footsie) Aktienindex, der auf 500 repräsentativen US-Werten basiert Aktienkaduzierung Aktienkapital Aktienkapital Aktienkapital Aktienkapital Aktienkapital Aktienkapital Aktienkapital, ausgegebenes Aktienkapital, genehmigtes Aktienkurs Aktienmakler/in Aktienmakler/in auf Provisionsbasis Aktienmarkt Aktienmarkt, Verdrängung von Spekulanten aus dem Aktiennachkauf bei steigenden Kursen Aktienoption Aktienoption Aktienpaket Aktienpaket Aktienpaket Aktienpaket Aktienprospekt Aktiensplit Aktiensplit (USA) Aktienstimmrecht Aktientransfer Aktienübertragung Aktienübertragung (USA) Aktienübertragung Aktienurkunde Aktienzeichner/in Aktienzeichner/in Aktienzeichnung Aktienzertifikat Aktienzertifikat Aktienzertifikat, vorläufiges Aktienzuteilung, Antrag auf Aktionär/in Aktionär/in Aktionär/in (USA) Aktionärsnutzen

1437

-

securities trading stockbroking trade New York Stock Exchange Index AU Ordinaries Index FTSE Share Index (Footsie) Standard + Poor's Index forfeiture of shares equity equity capital nominal capital registered capital share capital stock issued capital authorized capital share price stockbroker commission broker stock market shakeout pyramiding share/stock option stock option large block lot parcel parcel of shares/stocks prospectus split stock split voting right stock transfer share transfer stock transfer transfer share warrant applicant subscriber application share certificate share warrant scrib certificate letter of application member shareholder stockholder shareholder value

- 1438 Akt onärsversammlung Akt va Akt va Akt va, antizipative Akt va, Bewertung von Akt va, flüssige/liquide Akt va, immaterielle Akt va, materielle Akt va, Summe der Akt va, transitorische Akt va, transitorische Akt va, unproduktive Akt va, zentralbankfähige Akt vgeschäft einer Bank Akt vierung (RW) Akt vitätskennzahlen Akt vkonto Akt vsaldo Akt vsaldo Akt vsaldo der Zahlungsbilanz Akt vseite Aktualisierung Aktualisierung Akzelerationsprinzip Akzelerator Akzept Akzept Akzept gegen Dokumente Akzept, Dokumente gegen ... (AuW) Akzept, eigenes Akzept, uneingeschränktes/reines Akzeptant/in Akzeptanz (Mk) Akzeptbank Akzeptbank Akzeptbank (auszahlende Bank) Akzeptkredit Akzeptobligo Akzeptobligo Algorithmus All-or-none-Auftrag AII-or-none-Emission AU-or-none-Emission All-or-none-Order All-Time-High All-Time-Low Alleineigentümer/in Alleineigentümer/in Alleineigentümer/in Alleininhaber/in

-

company meeting asset(s) left hand side accrued revenue(s) valuation of assets liquid assets intangible assets tangible assets total assets expenses prepaid prepaid expense(s) dead assets eligible assets earning assets capitalization activity ratios asset account credit credit balance balance of payments surplus left hand side update updating acceleration principle accelerator acceptance accepted bill (of exchange) acceptance against documents documents against acceptance house bill general acceptance accepter/acceptor acceptance accepting bank merchant bank accepting bank acceptance credit acceptance liability bill payable algorithm all or none order all or none issue all or none all or none order all time high all time low sole owner sole proprietor sole trader sole owner

Alleininhaber/in Alleininhaber/in Alleinvertreter/in Alleinvertretung Alleinvertriebsrecht (mit Lizenz oder Konzession) Allerweltsproblem alles oder nichts (Bö) allgemein anerkannte Grundsätze der Rechnungslegung (GAAP, USA) Allgemeines Zoll- und Handelsabkommen Allgemeingültigkeit Allonge Alpha-Aktie (Spitzenaktie) Alte mit Schwung Alternativkosten Alternativkosten Alternativplan Altersrente Altersrente Altersrente (für Selbständige und Freiberufler) Altersversorgung American Express Amerikanisierung Amortisation Amortisationsfonds Amortisationsreserve Amortisationszeit(raum) Amt (USA) Amt für Verbraucherschutz (GB) Amtliches Börsenkursblatt Amtsbefugnis Amtsblatt Amtsführung Amtsführung, Nachlässigkeit in der Amtskollege/-kollegin Amtsmißbrauch Amtszeichen (Telefon) an die Börse gehen An- und Verkaufskurse, Differenz zwischen (Bö) Analysator der Aktienkursbewegungen Analyse, makrodynamische Analyst/in Anarchismus Anbau Anbieter/in Anbieter/in Anbieter/in

1439 sole proprietor sole trader sole agent exclusive agency franchise bread and butter issue all or none Generally Accepted Accounting Principles General Agreement on Tariffs and Trade currency allonge alpha stock grays on the go alternative cost(s) opportunity cost(s) contingency plan age pension old age pension self employed annuity pension American Express Americanization amortization sinking fund sinking fund payout period bureau Office of Fair Trading daily official list authority gazette administration misfeasance counterpart misfeasance dial(l)ing tone going public spread chartist macrodynamics analyst anarchism extension marketer offerer/offeror supplier

- 1440

-

tenderer Anbieter/in sellers over Anbieterüberschuß token Andenken amendment Änderung Aneignung, rechtswidrige/widerrechtliche misappropriation conversion Aneignung, widerrechtliche recognition Anerkennung testimonial Anerkennungsschreiben tenderfoot Anfänger/in departure Anfang opening stock Anfangsbestand opening stock Anfangsinventar initial capital Anfangskapital opening capital Anfangskapital (RW) Anfangskosten, hohe front end load damper Anfeuchter on demand Anfordern, auf Anforderung requirement requisition Anforderung inquiry/enquiry Anfrage (USA/GB) general inquiry Anfrage, allgemeine special inquiry Anfrage, bestimmte letter of inquiry Anfragebrief declaration Angabe (Vers) Angaben data Angaben particulars offer Angebot Angebot proposal Angebot quotation Angebot supply Angebot tender Angebot und Annahme offer and acceptance Angebot und Nachfrage supply and demand Angebot und Nachfrage, Gesetz von law of supply and demand Angebot und Preis supply and price Angebot zur Rückerstattung des Kaufrefund offer preises bei Nichtgefallen der Ware Angebot, aggregiertes aggregate supply Angebot, bedingtes conditional offer Angebot, bestimmtes/spezielles specific offer Angebot, elastisches elastic supply termination of offer Angebot, Erlöschen eines firm offer Angebot, festes/verbindliches offer subject to confirmation Angebot, freibleibendes open offer Angebot, freibleibendes bargain offer Angebot, günstiges Angebot, im on offer Angebot, inverses regressive supply joint supply Angebot, komplementäres/verbundenes competitive supply Angebot, konkurrierendes

1441 Angebot, konkurrierendes Angebot, öffentliches Angebot, Preiselastizität des Angebot, schriftliches Angebot, unelastisches Angebot, unerwidertes (Bö) Angebot, unverbindliches Angebot, unverlangtes Angebot, unverlangtes Angebot, verlangtes Angebot, vollkommen unelastisches Angebot, zusammengesetztes Angebote werden entgegengenommen Angebote, Abgabe von Angebotsabgabe Angebotsänderung Angebotsannahme Angebotsannahme Angebotsannahme Angebotsbedingungen Angebotsbegrenzung Angebotsdeterminanten Angebotsdeterminanten, außerpreisliche Angebotselastizität Angebotsempfanger/in Angebotsfunktion Angebotsgesetz Angebotsinflation Angebotsinflation Angebotskurs (Bö) Angebotskurs (Bö) Angebotskurve Angebotskurve, allgemeine Angebotskurve, Verschiebung der Angebotsmenge Angebotsmonopol, echtes Angebotsoptimierung (Mk) Angebotsoptimierung (Mk) Angebotspreis Angebotspreis Angebotspreis Angebotspreis Angebotspreis Angebotsrückgang Angebotsschrumpfung Angebotstabelle Angebotsüberhang Angebotsüberhang Angebotsüberschuß Angebotsüberschuß

composite supply general offer price elasticity of supply written offer inelastic supply bid not offered open offer unsolicited offer voluntary offer solicited offer perfectly inelastic supply composite supply open to offers bidding tendering change in supply acceptance of offer acceptance of proposal award conditions of supply termination of offer determinants of supply nonprice determinants of supply elasticity of supply offeree supply function law of supply supply inflation supply push inflation asked price offer(ed) price supply curve general supply curve shift of supply curve quantity supplied pure monopoly merchandise merchandising bid price offer(ed) price quotation quoted price supply price decrease in supply contraction of/in supply supply schedule excess supply sellers over sellers over surplus

—

Angebotsverschiebung Angeklagte/r Angeklagte/r Angeklagte/r Angelegenheit Angelegenheit Angestelle/r Angestellte/r Angestellte/r Angestellte/r (leitende/r) Angestellte/r, kaufmännische/r Angestellte/r, leitende/r Angestellte/r, leitende/r Angestellte/r, leitende/r Angestelltenbeurteilung, betriebliche Angestelltengewerkschaft Angstkauf Anhang Anhang Anhang (am Wechsel) Anhänger (Mk) Anhänger (Mk) Anhänger/in der freien Marktwirtschaft Anhänger/in des Freihandels Anhäufung Ankauf (und Bevorschussung) von Forderungen Ankauf und Bevorschussung von Forderungen Ankaufkurs Ankergebühr Ankergebühr Ankergebühr Ankergeld Ankergeld Ankerplatz Anklage Anklage Anklage Anklage(erhebung) Ankündigung Ankündigung AnkiindigungsefTekt Ankunft Ankunftsanzeige Ankurbelung der Konjunktur/Wirtschaft Ankurbelungsmaßnahmen Anlage Anlage

1442 change in supply accused defendant respondent business case white collar worker employee servant officer clerk executive general manager senior manager employee rating white collar union panic buying encumbrance schedule allonge label tag free marketeer free trader mountain factoring debt factoring buying rate anchorage groundage keelage anchorage groundage berth accusation charge complaint prosecution announcement notice announcement effect arrival advice of arrival pump priming reflationary measures construction facility

—

Anlage Anlage (Schriftverkehr) Anlage in Staatspapieren Anlage noch nicht realisierter Gewinne Anlage, erstklassige (mündelsichere) Anlage, feste Anlage, geldnahe Anlage, hochverzinsliche Anlage, rentable Anlage, technische Anlageberater/in Anlagebewertung Anlageerträge Anlagefonds Anlagegegenstand Anlagegut mit begrenzter Nutzungsdauer Anlagegüter Anlageinvestition Anlagekapital Anlagekredit Anlagen, öffentliche Anlagenausschlachtung Anlagenersatz Anlagenintensität Anlageninvestition Anlagenkonto Anlagevermögen Anlagevermögen (AV) Anlagevermögen (AV) Anlagevermögen, Gegenstand des Anlagevermögen, materielles Anlageverwaltung Anlagewert Anlagewerte, immaterielle Anlaufen (eines Schiffes) Anlaufen von Zinsen Anleger, institutioneller Anleger/in Anleihe Anleihe Anleihe Anleihe Anleihe Anleihe eines ausländischen Emittenten am US-Kapitalmarkt Anleihe eines Bundesstaates (USA) Anleihe mit Endfälligkeit Anleihe mit Zinseinschluß im Kurs Anleihe ohne Wandelrecht Anleihe, abgezinste

1443 installation enclosure gilt edged investment pyramiding gilt edged investment fixture near money high coupon smart money plant investment adviser investment appraisal investment income fund fixed asset wasting asset capital goods fixed investment fixed capital investment credit amenities asset stripping plant replacement capital intensity capital investment accounting entity capital asset(s) fixed capital noncurrent asset fixed asset tangible fixed assats investment management asset value intangible assets call accumulation institutional investor investor bond debenture loan obligation stock yankeebond state bond bullet loan flat bond straight bond zero coupon bond

- 1444 Anleihe, aufgerufene (gekündigte) Anleihe, ausgeloste Anleihe, festverzinsliche Anleihe, festverzinsliche Anleihe, festverzinsliche Anleihe, festverzinsliche Anleihe, gesicherte Anleihe, gesicherte Anleihe, hochverzinsliche Anleihe, konventionelle Anleihe, kündbare/rückzahlbare Anleihe, langfristige Anleihe, nicht plazierter Teil einer Anleihe, nicht rückzahlbare/unkündbare (USA) Anleihe, nicht vorzeitig kündbare Anleihe, übernommene Anleihe, unbe-/ungesicherte Anleihe, ungesicherte Anleihe, unkündbare Anleihe, variabel verzinsliche Anleihe, variabel verzinsliche Anleihebewertung Anleihegläubiger/in Anleihegläubiger/in Anleiheinhaber/in Anleihekapital Anleihekapital Anleihekapital Anleihekonversion Anleiheschuld Anleiheverbindlichkeit/en Anleihezins Anleihezinssatz Anleitung Anlernling Anlieferung Anmeldeformular Anmeldeschluß Anmeldung einer Insolvenzforderung Anmeldung einer Konkursforderung Anmerkung Anmerkung Annahme Annahme Annahme Annahme eines Vorschlags Annahme unter Vorbehalt Annahme, bedingte Annahme, teilweise

called bond drawn bond active bond fixed interest loan fixed rate bond fixed rate loan secured bond secured loan cushion bond straight bond redeemable bond long bond float irredeemable bond noncallable bond assumed bond unsecured loan naked bond noncallable bond floater variable rate bond bond rating bond creditor bondholder debenture holder debt capital loan capital loan stock conversion funded debt fixed debt(s) coupon rate coupon tuition trainee supply application form closing date proof proof footnote note acceptance assumption hypothesis acceptance of proposal conditional acceptance conditional acceptance partial acceptance

- 1445 Annahme, zur ... innerhalb χ Tagen Annahmeerklärung Annahmeerklärung Annahmeerklärung Annahmeerklärung (Wechsel) Annahmeort Annahmeschluß Annahmeschreiben Annahmevermerk (Wechsel) Annahmeverweigerung Annahmeverweigerung Annahmeverweigerung annoncieren Annuität Annuitätenhypothek Annullierung Annullierung Annullierung Anordnung Anordnung der Börsenaufsicht(sbehörde) den Wertpapierhandel einzustellen Anpassung Anpassungsfähigkeit, Mangel an Anpassungsinflation Anrechnung gezahlter Steuern Anrechnungspunkt Anrecht, wohlerworbenes Anrede Anrede (in Geschäftsbriefen) Anrede, Form der Anreiz Anreiz Anreiz, zusätzlicher Anruf, gebührenfreier/unentgeltlicher Anrufbeantworter Anrufer/in Anschaffung Anschaffungen Anschaffungskosten (AK) Anschaffungskosten (AK) Anschaffungskosten (AK) Anschaffungskosten (AK) Anschaffungspreis Anschaffungswert Anschaungsmodell Anscheinsvollmacht Anschlagbrett Anschlagtafel Anschlagtafel (Mk) Anschluß

for acceptance within χ days acceptance notice letter of acceptance notice of acceptance acceptance place of acceptance deadline letter of acceptance acceptance dishono(u)r nonacceptance rejection insert annuity level payment mortgage cancellation countermand defeasance format stop order adjustment inelasticity adaptive inflation tax credit credit vested right(s) greeting salutation address appeal incentive sweetener freephone (call) answerphone caller acquisition purchases acquisition cost(s) cost historical cos(s) original cost(s) cost price entry value mockup apparent authority noticeboard bulletin board hoarding accession

1446 Λ rischili ß auftrag Anschlußauftrag Anschlußmarkt (Bö) Anschlußmarkt (Bö) Anschreibebuch Anschreibekonto Anschreibekonto Anschrift Anschriftenzeile Ansicht Ansicht Ansicht, zur Ansporn Ansprache (bei Rede) Anspruch Anspruch auf Versicherungsleistung Anspruch, einklagbarer Ansprüche, ausgeschlossene (Vers) Anspruchsberechtigte/r Anspruchsteller/in Anstellung Anstellungsvertrag Anstellungsvertrag Anstieg Anstieg (scharfer) (z.B. Preis, Kurs) Ansturm auf eine Bank Anteil Anteil Anteil staatlicher Leistungsempfänger anteilig anteilmäßig Anteilseigner/in Anteilseigner/in (USA) Anteilskapital Anthropologie (Lehre vom Menschen) Antidumpingzoll Antiselektion Antitrustgesetz (USA) Antitrustrecht (USA) Antizipationslager antizyklisch Antrag Antrag Antrag auf Aktienzuteilung Antrag auf Börsenzulassung Antrag auf Insolvenzeröffnung Antrag auf Konkurseröffnung Anträge zur Klage Anträge zur Widerklage Antragsannahme (Vers)

-

add-on sale follow up/on order aftermarket secondary market passbook charge account running account address address line judg(e)ment point on approval incentive address entitlement claim chose in action excluded claims beneficiary claimant employment contract of employment employment contract rise upswing bank run interest share dependency ratio prorata prorata shareholder stockholder share capital anthropology antidumping duty adverse selection antitrust law antitrust law anticipation stock countercyclic(al) application motion letter of application application for quotation petition in bankruptcy petition in bankruptcy particulars particulars acceptance of proposal

- 1447

-

application form Antragsformular Antragsformular proposal form claim form Antragsformular (Vers) applicant Antragsteller/in claimant Antragsteller/in proposer Antragsteller/in reply card Antwortkarte consign anvertrauen attorney Anwalt/Anwältin barrister Anwalt/Anwältin solicitor Anwalt/Anwältin attorney Anwalt/Anwältin legal charges Anwaltsgebühren qualifying period Anwartschaftszeit (Vers) directive Anweisung Anweisung des Finanzministeriums an die Treasury directive Banken (GB) Anweisung, gerichtliche writ Anweisung, keine (Wechsel) no advice Anweisungen briefing Anwender/in user Anwendung employment Anwesen premises Anwesenheitsgehalt attendance money Anwesenheitsliste attendance sheet Anzahl, beschlußfähige quorum Anzahlung advance Anzahlung deposit Anzahlung downpayment/down payment Anzahlung payment on account Anzahlungsgarantie (AuW) advance payment bond Anzeige complaint Anzeige (Bildschirm) display Anzeige (Mk) advertisement Anzeige (Mk) insert Anzeige, alleinstehende (Mk) solus advertisement Anzeige, doppelseitige (Mk) double page spread Anzeige, doppelseitige (Mk) spread Anzeige, ganzseitige (Mk) spread Anzeige, laut as per advice Anzeige, Preis für ganzseitige page rate Anzeige, redaktionell aufgemachte advertorial Anzeige, rubrizierte classified advertisement Anzeigenbeilage stuffer Anzeigenblatt (Mk) freesheet Anzeigenblatt (Mk) shopping newspaper Anzeigenblatt (Mk) shopper Anzeigenfestpreis (Mk) flat rate Anzeigenfläche (Mk) space Anzeigengrundpreis (Mk) base rate

-

1448

Anzeigengrundtarif (Mk) Anzeigenkunde Anzeigenraum (Mk) Anzeigentarif Anzeigentext Anzeigenzeitung (Mk) Anzeigetafel anziehen (Bö) Anziehungskraft Anzug, guter dunkler Aquivalenzprinzip Arbeit Arbeit Arbeit, Aufteilung der verfügbaren Arbeit, harte Arbeit, laufende/noch nicht abgeschlossene Arbeit, selbständige Arbeit, ungelernte/unqualifizierte Arbeit, vorausbezahlte Arbeiter Arbeiter/in Arbeiter/in Arbeiter/in Arbeiterklasse Arbeiterklasse Arbeitgeber Arbeitgeber und Arbeitnehmer Arbeitgeber-Arbeitnehmer-Ausschuß ( G B ) Arbeitgeber-Arbeitnehmer-Beziehungen Arbeitgeber-Arbeitnehmer-Beziehungen Arbeitgeberanteil Arbeitgeberbeitrag Arbeitgeberhaftpflichtversicherung Arbeitgeberkredit Arbeitgeberstreikversicherung ( G B ) Arbeitgeberverband Arbeitgeberverband Arbeitgeberverband ( G B ) Arbeitnehmer, die die Firma verlassen Arbeitnehmer/in Arbeitnehmer/in Arbeitnehmer/in, (sozial)versicherungspflichtige/r Arbeitnehmeranteil Arbeitnehmerausbildung Arbeitnehmerbeitrag Arbeitnehmermitbestimmung Arbeitnehmermitbestimmung Arbeitnehmermitbestimmung

-

open rate advertiser space advertising rate advertising copy shopper board firm appeal business suit benefit principle labo(u)r work work sharing graft work in progress/process self employment unskilled work dead horse workman blue collar worker labo(u)r manual worker upper lower class working class employer master and servant Joint Industrial Council industrial relations labo(u)r relations employer contribution employer contribution employer's liability (insurance) beneficial loan mutual strike aid association of employers employer association Federation of British Industries quits employee labo(u)r covered employee employee contribution employee training employee contribution codertermination (of labor) employee participation worker participation

Arbeitnehmerschulung Arbeits(platz)teilung Arbeitsablauf Arbeitsablaufdiagramm Arbeitsablaufplan Arbeitsamt Arbeitsamt ( G B ) Arbeitsamt, Internationales Arbeitsanalyse Arbeitsaufgabe Arbeitsauftrag Arbeitsauftrag Arbeitsauftrag Arbeitsaufwand, direkter/unmittelbarer Arbeitsbelastung Arbeitsbessene/r Arbeitseignung Arbeitseinführung Arbeitseinkommen Arbeitseinkommen Arbeitsentgelt Arbeitsentgelt (jede Art von) Arbeitserfahrung Arbeitserlaubnis Arbeitsgang Arbeitsgemeinschaft Arbeitsgemeinschaft Arbeitsgesetz Arbeitsgesetzgebung Arbeitsgruppe Arbeitsgruppe Arbeitskampf Arbeitskollege Arbeitskollegin Arbeitskonflikt Arbeitskontrolle Arbeitskosten Arbeitskosten Arbeitskraft, angelernte Arbeitskraft, ungelernte Arbeitskräfte Arbeitskräfte Arbeitskräfte, billige Arbeitskräfte, Immobilität der Arbeitskräfte, produktive Arbeitskräfte, verfügbare Arbeitskräfteabgang Arbeitskräftemobilität Arbeitskreis Arbeitsleben

1449

-

employee training work sharing flow of work flowchart flowchart Iabo(u)r exchange jobcentre/job centre International Labo(u)r Organization j o b analysis task j o b order shop order work order direct labo(u)r workload workaholic aptitude induction earned income earnings remuneration compensation work experience work permit work cycle consortium syndicate employment law work legislation taskforce/task force work group industrial dispute colleague colleague industrial dispute work control labo(u)r cost(s) payload semiskilled worker unskilled worker human resources labo(u)r cheap Iabo(u)r immobility of labo(u)r direct labo(u)r manpower wastage labo(u)r mobility work group working life

- 1450 Arbeitsleistung Arbeitslenkung Arbeitslohn Arbeitslose/r Arbeitslosengeld (GB) Arbeitslosenquote Arbeitslosenquote Arbeitslosenrate Arbeitslosenunterstützung (GB) Arbeitslosenunterstützung (GB) Arbeitslosenversicherung Arbeitslosigkeit Arbeitslosigkeit Arbeitslosigkeit, freiwillige/ verschuldete Arbeitslosigkeit, friktionelle/temporäre Arbeitslosigkeit, friktionelle/temporäre Arbeitslosigkeit, Gebiet mit hoher Arbeitslosigkeit, generelle/allgemeine Arbeitslosigkeit, konjunkturbedingte Arbeitslosigkeit, latente Arbeitslosigkeit, latente/versteckte Arbeitslosigkeit, natürliche Arbeitslosigkeit, regionale Arbeitslosigkeit, saisonale Arbeitslosigkeit, strukturelle Arbeitslosigkeit, technologische Arbeitslosigkeit, unfreiwillige Arbeitslosigkeit, unsichtbare/verdeckte/ verkappte/versteckte Arbeitslosigkeit, verdeckte Arbeitslosigkeit, verschleierte Arbeitslosigkeit, zyklische Arbeitsmarkt Arbeitsministerium (GB) Arbeitsmobilität Arbeitsmobilität, horizontale Arbeitsniederlegung Arbeitsordnung Arbeitspartizipation Arbeitspensum Arbeitspensum Arbeitsplan Arbeitsplatz Arbeitsplatz Arbeitsplatz, Sicherheit des Arbeitsplatzbeschreibung Arbeitsplatzgestaltung Arbeitsplatzsicherheit Arbeitsplatzteilung

-

performance direction of labo(u)r wage rate unemployed person unemployment benefit unemployment unemployment rate unemployment rate dole unemployment benefit unemployment insurance redundancy unemployment voluntary unemployment frictional unemployment transitional unemployment distressed area general unemployment cyclical unemployment concealed unemployment disguised unemployment natural unemployment regional unemployment seasonal unemployment structual unemployment technological unemployment involuntary unemployment hidden unemployment concealed unemployment concealed unemployment cyclical unemployment Iabo(u)r market Department of Employment mobility of labo(u)r horizontal mobility walkout code of practice worker participation taskwork workload schedule workplace workstation/work station job security job description ergonomics job security job sharing

- 1451 Arbeitsproduktivität Arbeitsproduktivität Arbeitsqualität Arbeitsrecht Arbeitsrecht (GB) Arbeits riickstand Arbeitsschutzgesetz (GB) Arbeitssicherheit Arbeitsstudie Arbeitsstunde Arbeitstakt Arbeitsteilung Arbeitsteilung, internationale Arbeitsüberwachung Arbeitsunfähigkeit Arbeitsunfähigkeit, dauernde Arbeitsunfähigkeit, vollständige und dauernde Arbeitsunfall Arbeitsunfall Arbeitsverfahren Arbeitsverhältnis Arbeitsverlangsamung Arbeitsvermittlung (GB) Arbeitsvermittlung(sbüro) Arbeitsvermögen Arbeitsversäumnis Arbeitsverteiler/in Arbeitsvertrag Arbeitsvertrag Arbeitsvertrag Arbeitsvertrag mit Verbot des Gewerkschaftsbeitritts Arbeitsvertragsauflösung Arbeitsverweigerung Arbeitsvorgang Arbeitsweise Arbeitswertlehre Arbeitszeit, flexible/gleitende Arbeitszeit, unsoziale/unzumutbare Arbeitszeit/en Arbeitszeitstudie Arbeitszeugnis Arbeitszufriedenheit Arbeitszyklus Arbitrage (Bö) Arbitragegeschäft unter Ausnutzung von Preisunterschieden auf verschiedenen Handelsplätzen zum gleichen Zeitpunkt Arbitragerechnung

efficiency of labo(u)r productivity of labo(u)r workmanship labo(u)r law industrial law backlog Factory Act job safety work study man-hour work cycle division of labo(u)r international division of labo(u)r work control disability permanent disablement total and permanent disability industrial injury occupational accident process employment go slow jobcentre/job centre employment agency human capital absenteeism dispatcher contract of employment employment contract service contract yellow dog contract abrogation ban operation procedure labo(u)r theory of value flexitime unsocial hours working hours time sudy reference job satisfaction work cycle arbitrage space arbitrage

arbitration of exchange

- 1452 Arbitrageur Archiv Archivierung Arme, absolut Armutsfalle Armutsgrenze Armutsindex Arrestbefehl Art Artikel Artikel Artikel, die immer auf Lager sein müssen Artikel, diverse Artikel, führender Artikel, kostenlos verteilter Asien-Dollars Assembler (DV) Assistent/in Assistent/in, persönliche/r Asymptote At-the-Market Atmosphäre Attest, ärztliches Audienz auf Abruf auf tägliche Kündigung auf Verlangen Aufbewahrung Aufbewahrung Aufbewahrung, sichere Aufbewahrungsstelle für postlagernde Sendungen Aufdeckung Aufeinanderfolge Aufenthaltsland Auffassung, daß Kreditkäufe teurer sein dürfen als Barkäufe Aufforderung Aufforderung, auf Aufforderung, ein Vertragsangebot abzugeben Aufforderung, zahlbar bei Aufführung Auffüllung Aufgabe Aufgabe Aufgabe Aufgabe Aufgabe Aufgabe (Vers)

arbitrager archives filing absolute poor poverty trap poverty line misery index writ species article product never outs sundry articles leader handout Asian dollars assembler assistant assistant asymptote at the market atmosphere medical certificate audience at call at call at call custody deposit safe custody poste restante discovery sequence country of residence time price doctrine demand on demand invitation to treat payable on demand performance replenishment assignment duty function job task abandonment

-

1453

Aufgaben von Banken Aufgabengebiet Aufgabenstellung Aufgeld Aufgeld aufgeschoben Aufhebung Aufhebung Aufhebung Aufhebung der Börsennotierung/ -Zulassung Aufhebungsrecht (Re) Aufkauf Aufkauf (einer Unternehmung) Aufkauf (zwecks Monopolbildung) Aufkauf einer Unternehmung durch das eigene Management Aufkaufen großer Mengen zum Wiederver-kauf zu überhöhten Preisen Aufklärungswerbung Aufklärungswerbung Aufkleber Aufkleber aufladen Aufladen Auflage Auflage Auflage (z.B. Buch) Auflage, begrenzte/beschränkte Auflagenhöhe Auflassung Auflassungsurkunde Auflösung Auflösung Auflösung Auflösung Auflösung (einer Unternehmung) Auflösung, freiwillige (Man) Aufmachung Aufmachung Aufmerksamkeit Aufmerksamkeit Aufnahme Aufnahme (als Mitglied) Aufnahme von Fremdmitteln Aufnahmefähigkeit, geistige Aufpasser/in Aufpreis Aufrechnung Aufrechnung

-

functions of banks terms of reference terms of reference agio premium deferred cancellation defeasance revocation delisting right of rescission takeover buyout corner leveraged buyout abbroachment educational advertising informative advertising label sticker load loading circulation edition issue limited edition circulation conveyance conveyance breakup disintegration liquidation winding up dissolution voluntary winding up format layout attention notice admission admission borrowing capacity watchdog surcharge offset setoff

Aufschiebung Aufschlag Aufschlag für vorzeitige Tilgung Aufschlag, zusätzlicher Aufschub Aufschub Aufschub Aufschub Aufschub Aufschwung Aufschwung Aufschwung, erwarteter Aufschwung, starker Aufseher/in Aufseher/in Aufseher/in Aufseher/in Aufsichtsbehörde Aufsichtsbehörde für Warentermingeschäfte (USA) Aufsichtsperson Aufsichtsrat Aufsichtsrat Aufstellung Aufstellung (tabellarische) Aufstellung von Waren Aufstieg Aufteilung Aufteilung der verfügbaren Arbeit Auftrag Auftrag gültig bis zum Widerruf (Bö) Auftrag zu Festpreisen Auftrag zu verschiedenen Kursen zu kaufen/verkaufen Auftrag zur sofortigen Ausführung (Bö) Auftrag, bedingter Auftrag, interessewahrender (Bö) Auftrag, laufender Auftrag, limitierter Auftrag, noch nicht ausgeführter/ unerledigter Auftrag, offener Auftrag, unerledigter Auftrag, unerledigter Auftrag, unerledigter Auftrag, unerledigter Auftrag, uniimitierter (Bö) Auftrag, zeitlich begrenzter (Bö) Auftraggeber/in Auftraggeber/in

1454

-

postponement surcharge prepayment penalty additional markon abstinence deferment delay grace postponement recovery upswing anticipated economic upswing boom controller foreman/forelady overseer supervisor watchdog Commodity Futures Trading Commission supervisor board of directors supervisory board return table display advancement split work sharing order open order fixed price contract split order fill or kill (order) conditional order discretionary order standing order limit unexecuted order open order back order open order outstanding order unfilled order no limit order time order contractor principal

-

Auftraggeber/in (Bö) Auftraggeber/in, stille/r, unbekannte/r Auftragnehmer/in Auftragsabwicklung Auftragsabwicklung Auftragsannahme Auftragsausführung Auftragsbearbeitung Auftragsbearbeitung Auftragsbestätigung Auftragsbestätigung Auftragserfüllung Auftragserteilung, zahlbar bei Auftragsnummer Auftragsrückstand Auftragsstornierung Auftragsstornierung Auftragsvergabe Auftrieb Auftrieb Aufwand Aufwand Aufwand Aufwands- und Ertragsrechnung, periodengerechte (RW) Aufwandsentschädigung Aufwandskonto Aufwandskonto Aufwandszins/en Aufwärtsentwicklung Aufwärtstrend Aufwendungen Aufwendungen, betriebliche Aufwendungen, betriebsfremde/neutrale Aufwendungen, betriebsfremde/sonstige Aufwendungen, vorausbezahlte Aufwendungen, vorausbezahlte Aufwendungen, wiederkehrende Aufwertung Aufwertung Aufzeichnung Aufzeichnungen Aufzinsung Augenwischerei Augenzeuge/-zeugin Auktion Auktion Auktion Auktion (Holländische) Auktionator/in

1455

-

client undisclosed principal contractor order processing purchase order processing acceptance of order execution of order purchase order processing sales order processing acknowledgement of order confirmation of order order f u l f i l l m e n t cash with order order number backlog order cancellation withdrawal award boost bounce cost expenditure expenses accrual accounting reimbursement expense account nominal account debit interest uptrend uptrend expenses operating expense(s) nonoperating expense(s) other expenses prepaid expense(s) expenses prepaid period cost(s) appreciation revaluation record records accumulation window dressing eyewitness auction public sale sale by auction Dutch auction auctioneer

1456 Auktionsmarkt Auktionsposten Auktionsverkauf Ausbau (DV) Ausbeutung Ausbeutung Ausbilder/in Ausbildung Ausbildung Ausbildung Ausbildung am Arbeitsplatz Ausbildung, berufsbezogene Ausbildungsleiter/in Ausbildungsversicherung Ausbildungvertrag Ausblick Ausbringung Ausbringung bei Vollbeschäftigung Ausbuchung (RW) Ausdruck Ausdrucksmittel Ausdrucksweise, umgangssprachliche/ ungepflegte Ausfall Ausfallbürgschaft Ausfertigung Ausfertigung (einer Urkunde) Ausfertigung, fünfte Ausfertigung, vierte Ausflaggen Ausflaggung Ausflug Ausfuhr Ausfuhr (als Vorgang) Ausfuhragent/in Ausfuhren, unsichtbare (Dienstleistungen) Ausfuhren, vorübergehende Ausfuhrerklärung Ausführung Ausführung Ausführung Ausführung Ausführungsanzeige (Bö) Ausfuhrzölle Ausgabe Ausgabe Ausgabe Ausgabe Ausgabe von Aktien

auction market odd lot auction sale upgrading depletion exploitation training officer background education training on the job training vocational training training officer education endowment (insurance) contract of apprenticeship outlook output full employment output writeoff term vehicle jargon failure guarantee of collection copy execution quintuplicate quadruplicate flagging out flagging out excursion exporting exportation export agent invisibles temporary exports specification execution implementation performance workmanship contract note customs copy disbursement edition issue flo(a)tation

Ausgabe von Banknoten Ausgabe von Berichtigungsaktien Ausgabe von Gratisaktien Ausgabe von Gratisaktien Ausgabe von Gratisaktien Ausgabe von Gratisaktien Ausgabe von Gratisaktien Ausgabe/n Ausgabe/n Ausgabekurs Ausgabekurs Ausgabekurs bei Fondsanteilen Ausgaben Ausgaben der öffentlichen Hand Ausgaben zur freien Verfügung Ausgaben, autonome Ausgaben, autonome Ausgaben, investive Ausgaben, öffentliche Ausgaben, öffentliche Ausgaben-pro-Kopf Ausgabenkürzung Ausgabensteuer Ausgabenstreichung Ausgabenverpflichtung Ausgabewert Ausgänge (Geld) Ausgangsfracht Ausgangsmaterialien Ausgangspost Ausgangsrechnung ausgesetzt ausgezeichnet Ausgleich (AuW) Ausgleich, voller ausgleichen Ausgleichsabgabe (AuW) Ausgleichsbilanz (BaW) Ausgleichsfonds (Bö) Ausgleichsguthaben (BaW) Ausgleichslager Ausgleichsposten Ausgleichstransaktion Ausgleichszahlung Ausgleichszoll Ausgliederung Aushilfsarbeit Aushilfskraft Aushilfspersonal Aushöhlungseffekt

1457

-

issue of banknotes free issue bonus issue cap capitalization capitalization issue free issue expenditure expenses coming out price issue price selling price outgoings public expenditure discretionary spending autonomous expenditure(s) autonomous spending capital expenditure government expenditure(s) public expenditure(s) per capita expenditure abatement expenditure tax abatement capital commitment issue price outgoings carriage outward(s) raw materials outgoing mail outgoing invoice deferred A 1 matching full settlement balance countervailing duty compensating balance compensation fund compensating balance buffer stock balancing item accommodating transaction compensating payment countervailing duty divestment temporary employment temporary temporary personnel backwash effect

1458 Auskunft Auskunft Auskunftei Auskunftgeber/in Auskunftsbüro Ausladen Auslage Auslagekasten Auslagen, kleine Auslagenbehälter Auslagenkiste Auslagepackung Ausland, im Ausland, i m . . . Lebende/r Ausländerkonto Auslandsanleihe Auslandsanleihe Auslandsanleihe, in Pfund Sterling Auslandsauftrag Auslandsauftrag mit Herstellerspezifizierung Auslandsbank Auslandsbank/en, Guthaben in Fremdwährung bei Auslandsbond Auslandsbörse Auslandsgeschäft Auslandsgespräch Auslandshilfe Auslandsinvestition Auslandskonkurrenz Auslandskonto Auslandslizens Auslandsnachfrage Auslandsnachfrage Auslandspostanweisung Auslandspostanweisung Auslandsschuld/en Auslandsschulden Auslandssektor Auslandsverschuldung Auslandsvertreter/in Auslandswährung, Reisescheck in Auslandswechsel Auslandswert(papier) Auslandszahlung Auslassung Auslauftag Auslegung (Re)

-

office reference credit reference agency referee office discharge disbursement display cabinet petties display bin display bin display pack offshore expatriate nonresident account external loan foreign bond bulldog indent closed indent foreign bank foreign exchange currency bond foreign exchange international business overseas call foreign aid foreign investment foreign competition nonresident account foreign license external demand foreign demand foreign money order international money order international debt(s) external debt(s) foreign sector external debt(s) overseas agent foreign currency t r a v e l l e r ' s cheque/ check foreign bill (of exchange) foreign currency security foreign payment omission expiry date construction

1459 \ li si i efe rt' r Auslieferung Auslieferung, K a u f zur späteren Auslieferungsauftrag Auslieferungsschein Auslosung Auslosung, inklusive (Bö) Auslosungsanleihe Auslösungsrecht Ausmaß Ausnahme ausrichten Ausruf, offener (Bö) Ausrüstung Ausrüstungsvermietung Ausscheiden (Man) Ausschlachtung eines Unternehmens ausschließlich ausschließlich aller Rechte (Bö) Ausschließung Ausschluß Ausschluß Ausschlußklausel (Vers) Ausschreibungsangebot Ausschreibungsgarantie Ausschreibungsverfahren Ausschuß Ausschuß Ausschuß Ausschuß, ständiger Ausschußteil Ausschußware Ausschüttung Ausschüttung Ausschüttungspolitik Außenbeitrag (AuW) Außenbeitrag (AuW) Außendienstmitarbeiter/in Außenfinanzierung Außenhandel Außenhandel Außenhandel, Gewährung gegenseitig gleicher Bedingungen Außenhandelsakzept Außenhandelsbilanz Außenhandelsbilanzdefizit Außenhandelsdefizit Außenhandelsdokumente Außenhandelspolitik Außenhandelsüberschuß

-

distributor delivery forward purchase delivery order delivery order drawing cum drawing premium bond equity of redemption degree exception justify open outcry equipment operating leasing retirement asset stripping ex ex all exclusion disclaimer exclusion memorandum (memo) tender offer bid bond tender commission committee spoilage standing committee reject defective goods distribution dividend dividend policy net exports net foreign demand field staff external financing foreign trade trade fair trade trade acceptance visible balance trade deficit trade imbalance documents in foreign trade trade policy trade surplus

-

1460

Außenhandelsungleichgewicht Außenhändler/in Außenstände Außenstände Außenstände Außenwerbung Außenwerbung, alleinstehende Außenwerbungsempfänger Außenwirtschaftspolitik (USA) Außenzoll, gemeinsamer Außerbetriebnahme Außerkraftsetzung eines Gesetzes Aussetzung der amtlichen Notierung (Bö) Aussicht Aussichten Aussieben Aussöhnung Aussortieren Aussperrung Ausstand Ausstand Ausstattung Ausstattung, feste Ausstellen und Zusenden von Rechnungen (USA) Aussteller/in Aussteller/in Aussteller/in Aussteller/in Ausstellung Ausstellung Ausstellung Ausstellung Ausstellung von Waren Ausstellungsdatum, nach.... Ausstellungsgelände Ausstellungsraum Ausstellungstag Ausstellungsvitrine Aussteuerversicherung ausstreichen Austausch Austauschbeziehung Austauschrelationen (AuW) Austrade (Institution zur Exportförderung Australiens) Austragungsort Austritt (eines Gesellschafters) Austritt (Man)

-

trade imbalance trader account(s) receivable amounts outstanding outstanding debts outdoor advertising solus site rating commercial policy common external tariff abandonment abrogation suspension outlook prospects screening reconciliation screening lockout strike walkout equipment fixture billing drawer exhibitor issuer maker exhibition fair issue show display after date exhibition grounds showroom date of issue display case children's insurance delete exchange tradeoff terms of trade Austrade (Australian Trade Commission) venue withdrawal retirement

-

1461

Ausübung des Zurückbehaltungsrechts (Ware unterwegs, verkauft, noch nicht bezahlt) Ausübungspreis (Bö) Ausverkauf Ausverkauf Ausverkauf Ausverkauf Ausverkauf wegen Geschäftsaufgabe Ausverkaufsware/n ausverkauft Auswahl Auswahl Auswahl Auswahl (PW) Auswahl (Stat) Auswanderer/in Auswanderung Ausweichnachfrage Ausweichplan Ausweis Ausweiskarte Auswertung, sekundärstatistische Auswirkung Auszahler/in Auszahlung Auszahlung Auszahlung Auszahlung(sbetrag) ( B a W ) Auszahlung, briefliche Auszahlung, telegrafische Auszahlungsakkreditiv mit aufgeschobener Zahlung Auszahlungsschreiben (Vers) Auszeichnung Auszeichnung mit gebrochenen/ungeraden Preisen Auszubildende/r Auszubildende/r Auszug Autarkie Autarkie Automatenverkauf Automation Automatisierung Autonomie Autorenhonorar Autorität Autoschalter (Bank) Aval

-

stoppage in transit

strike price bargain sale closeout sale sellout closing down sale sales goods out of stock choice collection range screening sample migrant emigration alternate demand contingency plan statement identity card desk research impact payer disbursement payment payout net proceeds mail transfer cable transfer deferred payment (letter of) credit discharge form premium odd pricing apprentice trainee abstract autarchy self sufficiency automatic vending automation automation autonomy royalty authority drive in bank aval

-

1462

Aval Avalbank Avis, gemäß Azubi Azubi

-

guarantee given by banks aval bank as per advice apprentice trainee

Β B-Aktie Baby Bond Bachelor (niedrigster akademischer Grad, GB, USA) Backwardation (Bö) Bagatellklausel (Vers) Bagatellsteuer Bahn (GB) Bahnavis (GB) Bahnfrachtbrief Bahnfrachtbrief (GB) Bahnfrachtbrief (GB) Bahnhof Bahnhof, ab Bahnmitteilung über Frachtankunft (GB) Bahntransport Bahnwerbung Baisse Baisse, auf eine .... hindeutend Baissemanöver Baissemarkt Baisseoptionsposition (Bö) Baisseposition Baissespekulant (Bö) Baissetendenz Baissier (Bö) Baissierangriff Baissiergruppe Bakkalaureus der Naturwissenschaften Bakkalaureus der philosphischen Fakultät Balkencode Balkendiagramm Ballen (Warenmenge) Baltic Exchange (Frachten- und Warenbörse in London) Band Bandbreite (Währung) Bandbreitenabweichung Bandproduktion Bank Bank Bank der Banken

Β share baby bond Bachelor backwardation franchise clause nuisance tax railway railway advice bill railway bill of lading railway consignment note depot ex rail railway advice rail transport railroad showing baisse bearishness bear raid bear market straddle bear position bear bearishness bear bear raid bear clique BSC (Bachelor of Science) Bachelor of Arts barcode histogram bale Baltic Exchange volume currency band spread flow production bank banker bankers' bank

- 1463 Bank für internationalen Zahlungsausgleich Bank mit einer Konzession eines Bundesstaates (USA) Bank von England (Zentralbank) Bank von England (Zentralbank) Bank von England, Notenemissionsabteilung der Bank, akkreditiveröffnende (AuW) Bank, Aktivgeschäft einer Bank, anerkannte (GB) Bank, Ansturm auf eine Bank, auszahlende Bank, avisierende Bank, bestätigende (AuW) Bank, bezogene Bank, bezogene Bank, federführende Bank, genossenschaftsähnliche Bank, multinationale Bank, negoziierende Bank, übersendende Bank, überweisende Bank, von der Bundesregierung zugelassene (USA) Bank, zweitbeauftragte (beim Akkreditiv) Bankabhebung Bankabwicklung von zu Hause Bankakzept Bankakzept Bankangestellte/r Bankantrag zur Akkreditiverteilung Bankanweisung (GB) Bankauftrag Bankauskunft Bankausweis der Bank von England Bankausweis der Bank von England Bankauszug Bankauszug Bankautomat Bankautomat Bankautomat Bankautomat Bankaval Bankbezirk in London Bankbuch Bankbürgschaft Bankbürgschaft Bankdarlehen Bankdarlehen

Bank for International Settlements state bank Old Lady of Threadneedle Street Bank of England Issue Department issuing bank earning assets recognized bank bank run paying bank advising bank confirming bank drawee drawee bank lead bank mutual savings bank multinational bank negotiator remitting bank remitting bank national bank paying bank withdrawal home banking bank acceptance bank bill banker bank lodg(e)ment form bank giro credit bank order bank reference bank return weekly return bank statement statement automated teller machine cash dispenser cashpoint servicetill bank guarantee/guaranty Threadneedle Street bank book bank guarantee/guaranty guarantee given by banks bank advance bank loan

- 1464 Bankdienstleistungen Bankdirektor/in Bankdiskont Bankdiskont(satz) Bankeinlagen Bankeinlagen bis zu zwei Jahren Laufzeit Bankeinlagengrenze Bankeinzahler/in Banken, Aufgaben von Banken, die Wechsel bei der Zentralbank rediskontieren können Bankenkonsortium Bankenkonsortium Bankensystem mit begrenzter Reservehaltung Bankensystem, duales Bankensystem, filialloses Bankenverband (USA) Bankenviertel, Londoner Bankett Bankfeiertag Bankgarantie Bankgarantie Bankgebühren Bankgeschäft/e in Steueroasen Bankgeschäfte, elektronische Abwicklung von Bankgiro Bankguthaben Bankguthaben Bankguthaben Bankguthaben Bankguthaben Bankinkasso Bankkarte Bankkarte Bankkassierer/in BankkaufTrau Bankkaufmann Bankkonto Bankkonto Bankkonto Bankkonto, Abhebung vom Bankkonto, gemeinsames Bankkredit Bankkredit Bankkredit Bankkredite Bankleitzahl Banknote

banking services bank manager bank discount bank discount rate bank deposits eligible liabilities deposit ceiling depositor functions of banks eligible banks consortium syndicate fractional reserve banking dual banking (system) unit banking American Bankers Association Lombard Street banquet bank holiday bank guerantee/guaranty guarantee given by banks bank charges offshore banking electronic banking bank giro bank balance bank credit cash at/in bank cash balance credit balance bank collection bankcard debit card bank teller banker banker account bank account current account bank withdrawal joint account bank advance bank credit bank loan bank lending bank code/number bank bill

Banknote Banknote Banknote Banknote, gefälschte Banknoten Banknoten, Ausgabe von Banknoten, ausländische Banknoten, ausländische Banknoten, im Umlauf befindliche Banknotenausgabe Banknotenausgabe Banknotenumlauf Banknotenumlauf BanköfTnungszeiten Bankomat Bankomat Bankomat Bankprovision Bankreserven Bankrott Bankrott Bankrott, betrügerischer Bankschalter, automatischer/ multifunktionaler Bankschalterbeamter/-beamtin Bankscheck Bankscheck Bankschließfach Bankschließfach Bankschließung, vorübergehende Bankspesen Banktratte Banküberweisung Banküberweisung Banküberweisung Banküberweisung Bankwechsel Bankwechsel Bankwechsel Bankwechsel Bankwechsel, erstklassiger Bankzins/en Bannware Barabfindung Barabhebung Baratterie Barausschüttung Barbestand Bardeckung (BaW) Bardividende

1465 banknote bill (USA) note forged note soft money issue of banknotes foreign currency foreign currency notes bank paper issue note issue active circulation (of banknotes) note circulation banking hours cash dispenser cashpoint servicetill bank commission bank reserves bankruptcy insolvency fraudulent bankruptcy automated teller machine cashier bank cheque/check bank draft deposit box lockbox suspension bank charges bank draft bank giro bank order bank transfer credit transfer bank acceptance bank bill bank draft bank paper fine bill bank interest contraband cash settlement cash withdrawal barratry cash dividend balance in/on hand cover cash bonus

-

1466

Bardividende Bareboatcharter Bareboatcharter Bareinkauf Bareinnahme Bareinnahmen Bareinschuß (Bö) Barentnahme Bargeld Bargeld Bargeld Bargeld Bargeld Bargeld einer Bank Bargeld einer Bank Bargeld, Flucht aus Bargeldbestand Bargeldkarte Bargeldumlauf Bargeschäft Bargeschäft Barguthaben Barkasse Barkredit Barmittel Barmittelreserve Barmittelstrom Barometeraktie Barpreis Barpreis Barregulierung Barrel (Hohlmaß) Barren (Gold, Silber) Barreserve Barreserve ( B a W ) Barreserve ( B a W ) Barreservesatz ( B a W ) Barscheck Bartergeschäft Barverkauf Barverkauf Barwert Barwert Barwert Barwert aller künftiger Einnahmen und Ausgaben einer Unternehmung/Investition Barzahlung Barzahlung Barzahlung bei Auftragserteilung Barzahlung bei Lieferung

-

cash dividend bareboat charter demise charter cash purchase cash receipt takings margin cash withdrawal cash cash in/on hand hard money money ready cash till money vault cash flight from cash cash in/on hand cash card currency cash dealing cash sale cash in/on hand barge cash credit spot cash cash reserve(s) cash flow barometer stock actual price cash price cash settlement barrel ingot cash reserve(s) legal reserve(s) vault cash cash ratio open cheque/check barter cash dealing cash sale actual cash value net present value present value discounted cash flow cash cash payment cash with order cash on delivery

1467 Barzahlung bei Lieferung Barzahlung bei Versand Barzahlung bei Verschiffung Barzahlung vor Lieferung Barzahlung vor Versand Barzahlung, Frist für Barzahlungsbeleg Barzahlungspreis Barzahlungspreis Barzahlungsrabatt Barzahlungsrabatt Barzahlungsrabatt Barzahlungsrabatt Basic (DV) Basis, monetäre Basiseinkommen des Haushalts Basisexporte Basisjahr Basispreis Basispreis Basispreis (Bö) Basispreis (Bö) Basispunkt Basiszeitraum Basiszinssatz Batchverarbeitung Bau Baud-Rate Baueinheit Baum der Alternativen Bausparkasse (GB) Bausparkasse (USA) Bausparkassenzentralbank (USA) Baustoff Bauteil Bauunternehmer Bauvertrag mit schlüsselfertiger Übergabe Bayessche Regel Be- und Entladen, Zuschlag ( 1 0 % ) für besonders sorgfältiges Beachtung Beachtung, unbedingte von Treu und Glauben Beamter/Beamtin Beamter/Beamtin Beamter/Beamtin Beamter/Beamtin Bearbeitung Bearbeitungsgebühr

-

delivery against payment cash on shipment cash on shipment cash before delivery cash before shipment discount period petty cash voucher actual price cash price cash discount purchase discount sales discount settlement discount basic cash base breakeven income level basic exports base year basic price basic rate exercise price strike price basis point base period base rate batch proccessing construction baud unit decision tree building society savings and loan association Federal Home Loan Bank System material component contractor turnkey/turn-key contract Bayes' rule primage attention utmost good faith officer civil servant public servant servant processing arrangement fee

—

Bearbeitungsgebühr Bearbeitungsgebühr Bearbeitungsstempel Bearbeitungszeit Beaufsichtigung Beauftrage/r Beauftragte/r Beauftragte/r Beauftragte/r Bebauungsplan Bedarf Bedarf Bedarf Bedarf, aggregierter Bedarf, möglicher Bedarfs(deckungs)wirtschaft Bedarfsanalyse Bedenkzeit Bedienstete/r, öffentlich Bedienstete/r, öffentlich Bedienung Bedienungsanleitung Bedienungsgeld Bedienungstheorie Bedienungstheorie Bedingung Bedingung Bedingung der Zug-um-Zug-Erfüllung Bedingung der Zug-um-Zug-Leistung Bedingung, ausdrücklich festgelegte Bedingung, gegenseitige (Zug-um-Zug) Bedingungen Bedingungen der englischen Seeversicherer Bedingungen, günstige Bedingungen, stillschweigende Bedürfnis Bedürfnisbefriedigung Bedürfnisbefriedigung Bedürfnishierarchie Bedürfnishierarchie Bedürfniskoinzidenz Bedürfniskoinzidenz Bedürfnisse Bedürfnisse, Hierarchie der Bedürfnisse, immaterielle Bedürfnisse, materielle Bedürftigkeitsprüfung Beendigung

1468

-

handling charges service charge/s date stamp lead time supervision assignee agent commissioner representative zoning ordinance demand need requirement aggregate demand potential demand subsistence economy demand analysis cooling off period civil servant public servant servicing operating manual service charge queu(e)ing theory ( G B ) waiting line theory (US) condition qualifiction condition concurrent condition concurrent express condition condition concurrent terms institute cargo clauses soft terms implied terms need need satisfaction satisfaction of wants hierarchy of wants need hierarchy coincidence of wants double coincidence wants scale of preferences immaterial wants material wants means test closure

- 1469 Beendigung des Arbeits-/ Beschäftigungsverhältnisses Beendigung eines Unternehmens Beerdigungsinstitut Befähigung Befähigung Befähigung Befähigung Befähigung Befehl Befehlsweg Befolgung befördern befördern Beförderung Beförderung Beförderung Beförderung Beförderung Beförderung (Güter) Beförderung (PW) Beförderung (PW) Beförderungskosten Beförderungsmittel Beförderungsmittel Beförderungspapier Beförderungsunternehmen Beforderungsunternehmer Beforderungunternehmen befrachten Befrachter Befrachter Befrachtung Befrachtungsagent/in Befrachtungsvertrag Befrachtungsvertrag Befragte/r Befragung Befragung Befragung, telefonische befreit Befreiung Befreiung von einer Verbindlichkeit Befriedigung Befriedigung, berufliche Befugnis Befugnis Befugnis Begabungstest Begebbarkeit

termination of employment suspension undertaking aptitude capacity eligibility eligibility qualification command line of command compliance forward freight advance advancement carriage conveyance transport haulage promotion upgrading freight conveyance vehicle transport document carrier private carrier private carrier freight charterer freighter loading chartering agent affreightment contract of affreightment respondent interview poll telephone survey exempt exemption release satisfaction job satisfaction authority competence power intelligence test negotiability

1470 Begebung Begebung eines Wechsels Beggar-my-neighbour-Politik Beginndatum einer Versicherungspolice Beglaubigung Beglaubigung Beglaubigung Beglaubigung Beglaubigungsvermerk Begleichung Begleichung Begleichungstermin Begleichungstermin Begleitbrief Begleitpapiere Begleitschreiben Begrenzung Begrenzung Begriff Begrüßung Begünstigte/r Behälter Behälter Behauptung Beherrschung Behinderte/r Behinderung Behörde Behörde Behörde Behörde für Zölle und Verbrauchssteuern (GB) Behördenleiter/in Beiboot Beihilfe Beihilfe Beihilfe (PW) Beilage, lose (Mk) Beirat Beitrag Beitrag (Vers) Beitrag (Presse) Beiträge Beitragseinzug (Vers) Beitragsleistende/r Beitragspflichtige/r Beitragspflichtige/r Beitritt Bekanntgabe Bekanntgabe

-

negotiation negotiation of a bill of exchange beggar my neighbo(u)r policy date of inception attestation authentication certification verification attestation discharge settlement maturity maturity date covering letter shipping documents covering letter cap limitation term greeting beneficiary bin container claim command handicapped person encumbrance agency authority office Customs and Excise commissioner tender grant subsidy benefit loose insert council contribution premium feature dues premium income contributor contributor contributory accession announcement disclosure

-

Bekanntgabe Bekanntgabe der offiziellen Zahlungsunfähigkeit eines Börsenmitglieds ( G B ) Bekanntmachung Bekanntsein Beklagte/r Beklagte/r beladen beladen Beladen Beladen belasten Belastung Belastung Belastung Belastung Belastung, dingliche Belastung, feste Belastung, fließende/schwebende Belastung, hypothekarische Belastungsanzeige Belastungsanzeige Belastungsgrenze, steuerliche Beleg Beleg Beleg Beleg Beleg Belegabschnitt Belegbuch für (Telefon)Anrufe Belegschaft Belegschaft Belegschaft Belegschaft Belegschaft Belegungsarbitrage Belegzeichen Beleihung einer Lebensversicherung Beleihungsgrenze Beleihungswert Belieferung Belohnung Bemerkung Benachrichtigung Benachrichtigungsadresse Benachrichtigungsschreiben (AuW) Benachteiligte/r (sozial) Benachteiligung Benchmark Benutzer/in

1471

-

publication hammering bulletin publicity defendant respondent freight load loading turnaround debit burden charge debit load encumbrance fixed charge floating charge mortgage debit advice debit note taxable capacity coupon document receipt slip voucher stub telephone calls record book labo(u)r force manpower personnel staff workforce/work force space arbitrage reference number policy loan lending limit loan value supply payment remark notification notify party letter of advice underdog discrimination benchmark user

- 1472 Benutzergebühr Benutzerhandbuch Benutzung Benutzung von Timeshare-Eigentum Benutzungsanleitung Benutzungsgebühr Berater/in Berater/in Beratung Beratung Beratung beim Stellenwechsel Beratung, gemeinsame Berechnung, ohne Berechnungsverfahren, effektives Berechtigte/r Berechtigung Berechtigungsschein Bereich Bereich Bereich Bereicherung, ungerechtfertigte Bereitschaftskosten Bereitschaftskredit Bereitschaftskreditabkommen (IWF) Bereitstellung Bereitstellung Bereitstellungsgebühr Bereitstellungskosten Bereitstellungskredit Bereitstellungsprovision Bereitstellungsprovision Berg Bergelohn Bergen Bergung Bergungswert Bericht Bericht Bericht Bericht Bericht der Geschäftsleitung Berichtigung Berichtigung Berichtigung Berichtigungsaktien, Ausgabe von Berichtigungsaktien, Ausgabe/Emission von Berichtigungsaktien, Emission von Berichtigungsaktien, ex/ohne Berichtigungsaktien, ex/ohne

user charge user's guide employment time sharing directions for use user charge adviser/advisor consultant advice consultation outplacement joint consultation free of charge algorithm beneficiary entitlement scrib certificate field

range sector unjust enrichment standby costs standby credit standby agreement appropriation provision arrangement fee standby costs commitment credit activation fee facility fee mountain salvage salvage salvage salvage account report return statement directors' report adjustment correction rectification free issue scrib issue capitalization issue ex capitalization XC (ex capitalization)

-

1473

-

currency adjustment factor Berichtigungsfaktor bei Wechselkursänderungen mutual will Berliner Testament Berne Union Berner Verband consideration Berücksichtigung business Beruf job Beruf occupation Beruf profession Beruf trade Beruf university of cooperative education Berufsakademie (BA) j o b analysis Berufsanalyse vocational training Berufsausbildung contract of apprenticeship Berufsausbildungsvertrag vocational c o u n s e l l i n g Berufsberatung work experience Berufserfahrung professional indemnity insurance Berufshaftpflichtversicherung occupational disease Berufskrankheit working life Berufsleben work experience Berufspraktikum permanent health insurance Berufsunfähigkeits- und Krankenversicherung, private industrial injury Berufsunfall professional association Berufsverband malpractice Berufsvergehen appeal Berufung(sklage) appellee Berufungsbeklagte/r Berufungskläger/in appellant Beschädigung average Beschädigung damage Beschädigung der Ladung (Betrugshandlung barratry Beschaffenheit quality Beschaffenheit und Güte, handelsübliche good merchantable quality and condition Beschaffung procurement Beschaffung purchasing Beschaffungskosten ordering cost(s) Beschaffungskredit buyer credit BeschafTungspreis purchase price Beschaffungswesen purchasing BeschafTungszeit lead time Beschäftigte employed Beschäftigte eines Unternehmens payroll Beschäftigte in einem Wirtschaftszweig labo(u)r force Beschäftigte/r employee Beschäftigung business Beschäftigung employment Beschäftigung job Beschäftigung occupation Beschäftigung usance

1474 Beschäftigung als (unbezahlte/r) Praktikant/in Beschäftigungsbeendigung Beschäftigungsfunktion Beschäftigungsgrad Beschäftigungshilfen Beschäftigungspolitik Beschäftigungsquote Beschäftigungstheorie Bescheinigung Bescheinigung Bescheinigung über die Eintragung einer Grundstücksbelastung Bescheinigung, ärztliche Bescheinigung, durch die einer AG die Berechtigung zur Aufnahme der Geschäftstätigkeit erteilt wird (GB) Beschenkte/r Beschlagnahme Beschlagnahme Beschlagnahme Beschlagnahme Beschlagnahme Beschlagnahme Beschlagnahmeverfügung Beschlagnahmung Beschleunigung Beschleunigungsprinzip Beschluß(fassung) Beschluß, einstimmiger Beschlußfähigkeit Beschränkung Beschreibung Beschwerde Beschwerdebrief Beschwerdeverfahren (PW) Besetzen einer offenen Position Besetztzeichen (Telefon) Besetzung Besichtigungsbericht Besichtigungsschein (Vers) Besitz Besitz Besitz(tum) Besitzeinkommen Besitzer/in Besitzer/in Besitznutzen Besitzpfandrecht Besitzstand

-

internship termination of employment employment function activity rate employment subsidies employment policy employment rate employment theory certificate certification certificate of charge medical certificate certificate of trading

presentee attachment confiscation distraint levy seizure sequestration warrant of attachment seizure speedup acceleration principle resolution unanimous decision quorum limitation specification complaint letter of complaint grievance procedure cover engaged tone occupation survey report certificate of survey estate property possession unearned income holder proprietor possession utility possessory lien vested right(s)

-

Besitzwechsel Besitzwechsel Besitzwechsel Besoldungsgruppe besondere Scheckkreuzung, (Verrechnungsscheck) Besonnenheit Besorgnis Besprechung Bestand an Handelswaren Bestand, eiserner Bestand, eiserner Bestände Bestandsaufnahme Bestandsbewertung Bestandsbewertung Bestandsermittlung Bestandskonto Bestandskonto Bestandteil bestätigen Bestätigung Bestätigung Bestätigung Bestätigung Bestätigung Bestätigung Bestätigung Bestätigung Bestätigung Bestätigung Bestätigung der guten Herkunft (von Waren) Bestätigungsschreiben Bestätigungsschreiben Bestechnungsgeld Bestechung Bestechungsgeld Bestechungsgeld Bestechungsgeld Bestechungsgeld Bestechungsgeld Bestechungsgeld Bestellerkredit (AuW) Bestellformular Bestellkosten Bestellmenge, optimale Bestellmenge, optimale Bestellnummer bestellt

1475

-

bill receivable note(s) receivable remittance salary scale special crossing prudence concern interview merchandise inventory base stock minimum stock level inventory stocktaking stock valuation valuation of stock stocktaking asset account real account component endorse/indorse acknowledgement attestation certificate certification confirmation endorsement/indorsement ratification recognition validation verification blacklist certificate confirmation note letter of a c k n o w l e d g e m e n t under the table money bribery bribe graft kickback slush money sweetener under the table money buyer credit order form ordering cost(s) economic order quantity optimum order quantity order number on order

-

Bestellung Bestellung Bestellung, auf Bestellung, auf Bestellung, bei Bestellung, feste Bestellung, in Bestellung, telephonische bestens Bestensauftrag (Bö) Bestensauftrag (Bö) Besteuerung Besteuerung Besteuerung, aufgeschobene Besteuerungsgerechtigkeit Bestimmtheit Bestimmung Bestimmung Bestimmung des Barwerts einer Lebensversicherung Bestimmung des Barwerts einer Lebensversicherung, Bestimmungen Bestimmungsgröße, exogene Bestimmungshafen Bestimmungsort Bestimmungsort Bestimmungsort, Fracht zahlbar am Bestimmungsort, Lieferung frei... Besuch, kurzer Besuch, unangemeldeter Besucher Besucher/in Besucher/in, ungeladene/r Besucherbuch Besucherfluß Besuchsrate Betaaktie Betafaktor (Bö) Betakoefflzient (Bö) Beteiligung Beteiligung Beteiligung Beteiligung Beteiligung Beteiligung Beteiligung am Produktivitätszuwachs Beteiligung der Arbeitnehmer Beteiligung, anonyme Beteiligung, gegenseitige

1476 order purchase order against order on order on order firm order on order telephone order at best discretionary order market order assessment taxation deferred taxation equity of taxation certainty provision regulation valuation valuation terms exogenous factor port of destination destination place of destination freight forward free delivery call cold call audience caller walk-in visitors' book traffic call rate beta share/stock beta coefficient beta coefficient holding interest investment participation share stake gain sharing copartnership warehousing cross holding

1477 Beteiligung, wesentliche Beteiligungsfìnanzierung Beteiligungsgesellschaft Beteiligungsgesellschaft Beteiligungsinvestition Beteiligungskapital Beteiligungskapital Betrag Betrag, falliger Betrag, falliger Betrag, gerundeter/runder Betrag, steuerlich absetzbarer Betrag, zu niedrig berechneter Betrag, zu viel gezahlter Beträge in Zahl und Worten differieren (Scheck, Wechsel) Betreffzeile Betrieb Betrieb Betrieb Betrieb Betrieb Betrieb(sanlage) Betrieb, der auch Nicht-Gewerkschaftsmitglieder beschäftigt Betrieb, der nur gewerkschaftlich organisierte Arbeitnehmer beschäftigt Betrieb, nicht gewerkschaftspflichtiger Betriebs- und Geschäftsausstattung Betriebsanlage Betriebsaufwand Betriebsausstattung Betriebsbudget Betriebseinrichtung Betriebsergebnis, positives Betriebsgeheimnis Betriebsgewerkschaft Betriebsgewerkschaft Betriebsgewinn Betriebsgewinn Betriebskapital Betriebskapital Betriebskosten Betriebskosten Betriebsmaximum Betriebsmittel Betriebsoptimum Betriebsplanspiel Betriebsschließung Betriebssparen

-

substantial shareholding equity financing affiliated company associated company direct investment equity capital shareholders' equity amount amount due balance due round figure allowable deduction undercharge overpayment amounts differ subject line firm shopfloor undertaking unit works plant open shop union shop open shop fixtures and fittings facility operating expense(s) equipment operating budget plant trading profit trade secret company union house union operating profit trading profit circulating capital working capital running cost(s) working expense(s) maximum capacity working capital ideal capacity management game shutdown contractual saving

1478 Betriebsstätte Betriebsstillegung Betriebsstillstandsversicherung Betriebsstörung Betriebsüberschuß Betriebsunfall Betriebsunterbrechung Betriebsunterbrechungsversicherung Betriebsunterbrechungsversicherung Betriebsunterbrechungsversicherung Betriebsverlust Betriebsvermögen Betriebsvermögen, Umwandlung von... in Geldkapital Betriebswirtschaft(slehre) Betriebswirtschaft(slehre) Betrug Betrug Bett Beurkundigung Beurkundungsvermerk Beurlaubung Beurlaubung, zeitweilige Beurteilung Beurteilung Beurteilung ( P W ) Beurteilung der Kreditwürdigkeit Beurteilungsmaßstab Beutel Bevölkerung Bevölkerung, alternde Bevölkerung, nicht erwerbstätige Bevölkerung, rückläufige Bevölkerungsdichte Bevölkerungsstatistik Bevölkerungszahl, optimale Bevollmächtigte/r Bevollmächtigte/r Bevollmächtigte/r Bevollmächtigte/r Bevollmächtigung Bevollmächtigung Bevollmächtigung Beweggrund Beweis Beweis Beweise Beweisermittlungsverfahren (Re) Bewerber/in Bewerberauswahl

-

facility closure business interruption insurance breakdown trading profit industrial injury breakdown business interruption insurance consequential loss insurance loss of profits insurance operating loss circulating capital conversion business administration business studies deceit fraud berth authentication attestation leave suspension assessment judg(e)ment appraisal credit rating yardstick bag population aging/ageing population dependent population declining population density of poplation demography optimum population agent attorney proxy representative authorization delegation power of attorney motive proof token case discovery applicant screening

-

1479

Bewerbung Bewerbungsbogen Bewerbungsformular Bewerbungsschreiben Bewertung Bewertung Bewertung Bewertung Bewertung Bewertung Bewertung von Aktiva Bewertung von Vermögen Bewertung von Vorratsvermögen Bewertung, erstklassige... eines Wertpapiers Bewertungsindex Bewertungsüberschuß Bewilligung Bewilligung Bewußtsein Bezahler/in Bezahltmeldung Bezahlung Bezahlung fälliger Zinsen Bezahlung, gewinnbezogene Bezahlung, gleiche Bezahlung, sofortige Bezahlung, volle Bezeichnung Bezeichnung Beziehungen Beziehungen zwischen den Sozialpartnern Beziehungen, industrielle Beziehungen, zwischenmenschliche Bezirksvertreter/in (Vers) Bezogene/r Bezogene/r Bezogener Bezüge, steuerfreie Bezugnahme Bezugsgruppe Bezugskosten Bezugsmarke Bezugspreis Bezugspunkt Bezugsquelle Bezugsquellennachweis Bezugsrecht Bezugsrecht auf neue Aktien Bezugsrecht auf neue Aktien (USA)

-

application application form application form letter of application appraisal appraisement assessment evaluation valuation value valuation of assets accounting valuation valuation of stock premium rating weighted index appreciation surplus allowance allowance awareness payer advice of payment payment servicing profit related pay equal pay spot cash full settlement term title terms industrial relations labo(u)r relations human relations special agent accepter/acceptor drawee payer tax free earnings reference reference group carriage inward(s) benchmark subscription price benchmark source trade directory subscription privilege share/stock option stock option

1480 Be/u gsrech t(.schei π) Bezugsrecht, ex/ohne Bezugsrecht/e, mit/einschließlich/ inklusive Bezugsrechte, ex Bezugsrechte, ex/ohne Bezugsrechtsangebot (Bö) Bezugsrechtsausgabe (Bö) Bezugsrechtsemission (Bö) Bezugsrechtskurs (Bö) Bezugsrechtsschein Bezugswährung Bezugszeichen Bezugszeichen Bezugszeichen Bezugszeitraum Bezugszeitraum Bias Bierdeckel Bietende/r Bieter/in Bieter/in Bieter/in, niedrigste/r Bietungsgarantie Big Bang (Bö) ( G B ) Big Bang (großer Knall an der Londoner Börse) Bilanz Bilanz (USA) Bilanz der laufenden Posten Bilanz der laufenden Posten Bilanz des Warenhandels Bilanz, geprüfte Bilanz, konsolidierte Bilanz, passive Bilanzbuchhalter/in Bilanzfrisur Bilanzgerade Bilanzgewinn Bilanzgleichung bilanzieren Bilanzierung, periodengerechte Bilanzkontinuität, Grundsatz der Bilanzkonto Bilanzkosmetik Bilanzprüfung Bilanzsumme Bilanzverlust Bildschirmanzeige Bildschirmarbeitsplatz

-

warrant ex new cum rights ex rights X R (ex rights) rights offer rights issue rights issue subscription price subscription warrant base currency reference reference initials reference number base period base year bias coaster bidder bidder tenderer lowest bidder bid bond May Day/Mayday Big Bang balance sheet asset and liability statement balance on current account current account visible balance audited financial statement consolidated balance sheet adverse balance accountant window dressing budget line net profit accounting equation balance accrual concept consistency convention real account window dressing audit total assets net loss display workstation/work station

Bildschirmgerät Bildschirmtelefon Bildschirmtext (Btx) Bildschirmtext (Btx) Bildschirmtext ( G B ) Bildung von Vorratslagern Billigflagge Billigkeitsrecht Billigpreisgeschäft billigst Billigung Billigung Billion ( G B ) Billion (USA) binär Binärziffer bindend Binnenhandel Binnenhandel Binnenhandel, Zahlungsweisen im Binnenmarkt Binnenmarkt Binnenmarkt Binnenmarkt Binnenmarkt, einheitlicher Binnenmarkt, europäischer Binnenmarkt, europäischer Binnennachfrage Binnentransportversicherung Binnenwährung Binnenwasserstraßen Bit Black Box Blankoabtretung Blankoauftrag Blankoindossament Blankokredit Blankokredit Blankoscheck Blankoverkauf (Bö) Blankoverkauf (Bö) Blankoverkauf (Bö) Blankowechsel Blankozession Blatt Blaubuch Blaupause Blind Copy Blindmarkierung Blindtest

1481

-

visual display unit video phone teletext videotex ceefax stockpiling flag of convenience equity bargain store at best approval sanction billion trillion binary bit firm domestic trade home trade payment methods in home trade domestic market home market internal market local market single market European domestic market Single European Market domestic demand inland marine insurance domestic currency inland waterways bit black box blank transfer blanket order blank endorsement blank credit open credit blank cheque/check selling short short haul short sale blank bill blank transfer folio bluebook blueprint blind copy blind marking blind test

-

Blindtext Block Blockabstimmung Blockade Blockform, Brief in Blockhandel (Bö) blockieren Blockverkauf (Bö) Blue Book Blüte Board (Man) Board of Directors Board of Directors Board of Directors (GB) Board of Directors, Mitglied des Boden Bodenarbeitslosigkeit Bodenrente Bodmereibrief Bon Bond mit kurzer Restlaufzeit Bondmarkt Bonität Bonitätsanfrage Bonitätsbeurteilung Bonitätsbewertung Bonus Bonus (PW) Bonus (Vers) Bonus, zusammengesetzter (Vers) Bonussparkonto Boom Boomjahre Bordempfangsschein (AuW) Bordkarte Bordkonnossement Bordkonnossement, reines Börse Börse Börse Börse Börse in New York Börse, an die ... gehen Börse, feste Börse, feste Börse, feste Börse, mit ausreichenden Umsätzen Börse, New Yorker Börse, schwarze Börsen, Notierung an zwei

1482

-

blind copy block block voting blockade fully blocked letter block trading freeze block sale bluebook forged note management board board board of directors directorate director land hardcore unemployment ground rent bottomry bond voucher short coupon bond market creditworthiness credit inquiry credit rating rating bonus premium extra dividend compound bonus bonus savings account boom boom years mate's receipt boarding card shipped bill of lading clean shipped on board bill bourse change market stock market Wall Street going public advancing market firm market strong market liquid market Big Board black bourse dual listing

-

1483

Börsenabschlüsse Börsenaufsichtsbehörde ( G B ) Börsenaufsichtsbehörde (USA) Börsenauftrag über weniger als 100 Aktien Börsenauftrag über weniger als l O O Aktien Börsenauftrag, bei Erreichen eines bestimmten Kurses zu kaufen/verkaufen Börsenauftrag, bestimmte Wertpapiere zu bestimmten Limits zu kaufen/verkaufen Börsenauftrag, der bis zu seiner ausdrücklichen Annullierung gültig ist Börsenauftrag, dessen Durchführung im Ermessen des Maklers liegt Börsenausschuß Börsenbericht Börsenbrief Börsendrittmarkt Börseneinführung Börseneinführung Börseneinführungskosten Börseneinführungsprospekt, vorläufiger Börseneröffnung (bei) Börsenfavorit Börsengeschäft Börsengeschäft zu einem besseren Kurs als dem vorherigen Kurs Börsengeschäfte Börsengeschäfte, Abrechnungstermin bei Börsenhandel Börsenhandel rund um die Uhr Börsenhandel, computergesteuerter Börsenhandel, zugelassen zum Börsenhändler/in, zugelassene/r Börsenindex Börsenklima Börsenkurs Börsenkurs, zum Börsenkursblatt, amtliches Börsenkursblatt, amtliches (London) Börsenmakler/in Börsenmakler/in Börsenmakler/in ( G B ) Börsenmakler/in auf eigene Rechnung Börsenmitglied Börsenmitgliedschaft Börsenname (von Aktien) Börsennotierung Börsennotierung

-

bargains Council of the Stock Exchange Securities and Exchange Commission broken amount odd lot market if touched order scale order good till cancel(l)ed order at discretion stock exchange council market report market letter third market introduction stock exchange introduction flo(a)tation expenses red herring (prospectus) at the opening highflyer/flier bargain upstick/up stick bargains value trading twenty-four-hour trading automated screen trading admitted to dealings authorized dealer share/stock index market sentiment market price at market daily official list Stock Exchange Daily Official List floor broker stockbroker jobber floor trader floor member seat on the exchange nickname application for quotation stock exchange quotation

Börsennotierung/-zulassung, Aufhebung der Börsenparkett Börsenparkett Börsenrat (GB) Börsensaal Börsensaal Börsensaal Börsenschluß Börsenschluß Börsenschluß Börsenschluß (bei) Börsenschluß (Mindestbetrag eines Wertpapierabschlusses) Börsenschluß, amtlicher Börsenschluß, amtlicher Börsenschluß, gebrochener Börsenschluß, Handel nach Börsenschluß, voller Börsenschlußeinheit Börsensitz Börsensitzung Börsenspekulant/in Börsenspekulant/in Börsenspekulant/in, zahlungsunfähige/r Börsenspekulation Börsenstand Börsenstimmung Börsenstimmung Börsensymbol Börsentag Börsenticker Börsenumsatz Börsenumsatz Börsenumsatzsteuer (BUSt) Börsenumsatzsteuer (BUSt) Börsenumsatzsteuer (BUSt) Börsenumsatzsteuer (BUSt) Börsenumsatzsteuer, frei von börsenumsatzsteuerfrei Börsenverkehr Börsenvolumen Börsenvorstand Börsenwert Börsenwert Börsenwerte, Spitzengruppe der Börsenzeitung für Investoren Börsenzulassung Börsenzulassung Börsenzulassung, Antrag auf

1484

-

delisting floor trading floor Council of the Stock Exchange floor ring trading floor close lot unit of trading at the close unit close official close odd lot after hours dealings round lot trading unit seat on the exchange session operator punter lame duck gamble trading post market sentiment undertone stock symbol market day ticker mark turnover ad valorem stamp duty stamp duty transfer duty transfer stamp free of stamp free of stamp trading turnover stock exchange council market value quoted price AAA tip sheet permission for quotation registration application for quotation

Boss Bote Bote/Botin Both-to-Blame-CoIlision-Klausel (Vers) Botin Botschafter/in Bourgeoisie Boutique Boykott Boykott (Arbeitskampf) Brainstorming Branche Branche Branche Branche Branche, konjunkturabhängige Branchenadressbuch Branchenfernsprechbuch Branchenverzeichnis Branchenverzeichnis Branchenverzeichnis Branchenverzeichnis Brandschaden Brandschutztür Brauch Brauch, allgemeiner Breakeven-Analyse Breakeven-Preis Breakeven-Punkt Brechen Bremse, fiskalische BremseiTekt der Steuerprogression Brett, schwarzes Brett, schwarzes Bretton Woods System Brief Brief (Bö) Brief in Blockform Brief, eingeschriebener Brief, kurzer Brief, persönlicher Brief, unzustellbarer Briefaufbau Briefdatum Briefform Briefgestaltung Briefhauptteil Briefkasten Briefkasten Briefkasten

1485 boss messenger runner both to blame collision clause messenger ambassador/ambassadress bourgeoisie boutique boycott blacking brainstorming business line line of business trade cyclical industry classified directory Yellow Pages classified directory directory trade directory Yellow Pages fire damage fire door custom common practice breakeven analysis breakeven price breakeven point breakage fiscal drag fiscal drag bulletin board noticeboard Bretton Woods System letter asked price fully blocked letter registered letter note personal letter dead letter letter layout date on letters letter style letter layout body letterbox mailbox post

1486 Br efkasten, elektronischer Br efkastenfirma Br efkastenfirma Br efkopf Br efkopf Br efkurs Br efkurs (Bö) Br efkurs (Bö) Br efkuvert Br efoffner Br efpapier Br efschluß Br efstil Br efträger/in (USA) Br efumschlag Br efumschlag Br efumschlag mit Sichtfenster Br efverkehr, elektronischer Br tische Woche Broker Broker, der im Auftrag der Regierung Staatspapiere kauft und verkauft Broschüre Broschüre Broschüre Bruch Bruch(schaden) Bruchschaden, Entschädigung für Bruchschluß (Bö) Bruchschluß (Bö) Bruchteil Bruchteilversicherung Brückenbenutzungsgebühr brutto Brutto(anlagen)investitionen Bruttoallphasenumsatzsteuer Bruttoausgaben, staatliche Bruttobetrag Bruttodividende Bruttoeinkommen Bruttoeinkommen Bruttoeinkommen, berichtigtes Bruttoeinkünfte Bruttoeinkünfte Bruttoeinnahmen Bruttoerlös/e Bruttoerlös/e Bruttogehalt Bruttogewicht Bruttogewinn

electronic mail bubble company letterbox company heading letterhead selling rate asked price offer(ed) price envelope letter opener notepaper close letter style mail carrier cover envelope aperture envelope electronic mail British Week broker government broker brochure leaflet pamphlet fraction breakage breakage broken amount odd lot fraction partial insurance toll gross gross investment turnover tax gross national expenditure gross amount gross dividend gross pay income adjusted gross income gross income total gross income gross receipts gross income gross sales gross income gross weight gross profit

- 1487 Bruttogewinn Bruttoinlandsausgaben Bruttoinlandsinvestitionen Bruttoinlandsprodukt (BIP) Bruttolohn Bruttomehrwertsteuer Bruttoproduktion Bruttorendite Bruttosozialprodukt (BSP) Bruttosozialprodukt (BSP) zu Marktpreisen Bruttosozialprodukt (BSP)-Deflator Bruttosozialprodukt, nominales Bruttosozialproduktlücke Bruttotonnage Bruttoumsatz Bruttoumsatz Bruttoumsatzerlös Bruttoverdienst Bruttoverdienst Bruttoverlust Bruttozins/en Buch buchen Biicherbestellkarte (in Bibliothek) Buchführung Buchführung, doppelte Buchführungsrichtlinien Buchführungssystem Buchgeld Buchgeld Buchgeld Buchgeld Buchgewinn Buchgewinn Buchgewinn Buchhaltung Buchhaltung Buchhaltung Buchhaltung Buchhaltungsänderung Buchhaltungsänderung Buchhaltungskreislauf Buchhülle Buchinventur Buchkredit, offener Buchprüfung Buchrücken Büchse Buchstabe

-

margin gross domestic expenditure gross domestic capital formation gross domestic product gross pay output tax gross output gross yield gross national product current gross national product gross national product (GNP) deflator nominal gross national product gross national product gap gross tonnage gross sales gross turnover return gross income gross pay gross loss gross interest volume post call card bookkeeping double entry bookkeeping accounting principles accounting system bank money book money deposit money primary deposits accounting profit book profit paper profit account accountancy accounting bookkeeping accounting change accounting change accounting cycle dust cover book inventory charge account audit back cover can letter

-

Buchstabiertafel Buchung Buchung (RW) Buchungsanzeige Buchungsbeleg Buchungsfehler Buchungsfehler, sich gegenseitig aufhebender Buchungsmaschine Buchungsvorfall Buchverlust Buchwert Buchwert Buchwert Buchwert Buchwertabschreibung Bude Budget Budget, ausgeglichenes Budget, flexibles Budget, starres Budget-Finanz-Kontrolle Budgetbeschränkung Budgetgerade Budgetierung auf Nullbasis Budgetkontrolle Budgetrestriktion Budgetüberschuß Bugsiergebühr Bulletin Bummelstreik Bummelstreik Bummelstreik Bummelstreik Bund Bündel Bundesbankbeirat (USA) Bundesbankrat (USA) Bundeseinlagenversicherung (USA) Bundeshypothekenanstalt (USA) Bundeskartellamt (Deutschland) Bundeskartellbehörde (USA) Bundesobligation (USA) Bundeszentralbankstädte (12) der USA Bürde Bürge Bürge/Bürgin Bürge/Bürgin Bürgerberatungsbüro (GB) Bürgerinitiative

1488

-

telephone alphabet reservation entry advice note voucher accounting error compensating error accounting machine accounting event paper loss asset value book value cost going value declining balance method booth budget balanced budget flexible budget fixed budget budget control budget constraint budget line zero base(d) budgeting budget control budget constraint budget surplus towage bulletin go slow slowdown slowdown strike work to rule bundle bundle Federeal Advisory Council board Federal Deposit Insurance Corporation Federal National Mortgage Association Federal Cartel Office Federal Trade Commission federal bond Federal Reserve cities load guarantor sponsor surety Citizens Advice Bureau civic action group

Bürgerinitiative Bürgin Bürgschaft Bürgschaft Bürgschaft Bürgschaft Bürgschaft Bürgschaft, bedingte/zweckgebundene Bürgschaft, gesamtschuldnerische Bürgschaft, selbstschuldnerische Büro Büro zu Hause Büroangestellte/r Büroarbeit/en Bürobedarf Bürobedarf Bürobote Bürobotin Bürogebäude Bürogebäude Bürogehilfe Bürogehilfin Bürohaus Bürohochhaus Büroklammer Bürokrat Bürokratie Bürokratismus Bürokratismus Büromaterial Büromaterial Büromöbel Büropersonal Büropersonal Bürostunden Bürozimmer Bushel (Hohlmaß) Bußgeld Byte

1489

-

public interest group guarantor bond guarantee guaranty security surety specific guarantee joint and several guarantee guarantee of payment bureau home office office clerk paperwork office supplies stationery office boy office girl office block office building office boy office girl office block office building paper clip bureaucrat bureaucracy bureaucracy red tape office supplies stationery furniture office office staff office hours office bushel penalty byte

c CAD CAM Cambridge Gleichung Cambridge Schule Carnet Cash und Carry Geschäft Cash-Flow, abgezinster Cashflow

computer aided design computer aided manufacturing Cambridge equation Cambridge School carnet cash and carry discounted cash flow cash flow

Cashflowbericht Catering Centstück (USA) Cesser-Klausel (Vers) ceteris paribus (Klausel) Chairman Chance Charakter Charakteristikum Charisma Chart-Analyst Chartanalyse Chartanalyse, technische Charter(vertrag) Charterausdrücke Charterer Charterpartie Chartervertrag Chartervertrag Chartismus (Bö) Chartist Checkliste Chef/in Chef/in Chefsekretär/in Chief Executive Officer (CEO) Chiffreanzeige Chiffreanzeige Chiffrenummer Chip (DV) Chip (Spielbank) CIF-Linienschiffahrts-Frachtbedingungen City von London Clearing Clearing-House (BaW) Clearingbank (GB) Clearingstelle (BaW) CMR-Konditionen Cobol Cobweb Theorem Code Codierung College, das nur die ersten beiden Jahre unterrichtet (USA) COM (DV) COMECON Commercial Paper Compiler Computer Computer-Hardware

1490

-

cash flow Statement catering penny cesser clause ceteris paribus chairman opportunity character feature charisma chartist chart analysis chartism charter chartering terms charterer charterparty charterparty contract of affreightment chartism chartist checklist boss principal personal secretary chief executive officer blind advertisement keyed advertisement box number chip chip cif liner terms city clearing clearing house clearing bank clearing house CMR conditions cobol cobweb theorem code coding junior college computer output on microfilm COMECON commercial paper compiler computer hardware

- 1491 Computerausdruck Computerbenutzung mehrerer Ani Computerhandel Computerhilfsprogramm Computerkomponenten Computerprogramm Computersprache Container Container, Entladen eines Container, zylindrischer Containerfrachtbrief Containerfrachtbrief Containerfrachtladestelle Containerstapel Containerstapel Containerstellplatz Containerverkehr Containerverkehr, Umstellung auf Contango (Bö) Controller Copyright Corporate Identity Coupon Coupon Couponwerbung Courtage Courtage Crash Crowding Out Cursor

computer printout time sharing automated screen trading utility computer components computer program(me) computer language container unstuffing drum combined transport bill of lading container bill of lading container freight station unit load unitized cargo slot containerization containerization contango controller copyright corporate identity counterfoil coupon admail brokerage courtage crash crowding out cursor

D Dachgesellschaft Dachgesellschaft Dachorganisation Dachverband Damen (als Titel) Damnum Damnum (BaW) Darbietung Darlehen Darlehen Darlehen Darlehen Darlehen, besichertes Darlehen, besichertes Darlehen, das unter dem Wert der geleisteten Sicherheit liegt Darlehen, festverzinsliches

holding company parent company umbrella organization federation Mesdames bank discount discount presentation accommodation advance credit loan asset based loan collateral credit/loan haircut finance fixed interest loan

Darlehen, gebundenes Darlehen, gesichertes Darlehen, jederzeit/täglich kündbares Darlehen, langfristiges Darlehen, notleidendes Darlehen, täglich kündbares Darlehen, täglich kündbares Darlehen, unbe-/ungesichertes Darlehen, ungesichertes Darlehen, variabel verzinsliches Darlehen, zinsgebundenes Darlehen, zweifelhaftes Darlehensabgeld Darlehenserlös/e Darlehensgeber/in Darlehensgewährung Darlehensgrenze Darlehenskonto Darlehenskonto Darlehenskosten Darlehensnehmer/in Darlehensnehmer/in Darlehensnehmer/in Darlehensvertrag Darlehenszinssatz Darstellung Darstellung, falsche Darstellung, grafische Darstellung, graphische Datei (DV) Daten Daten(erfassungs)kasse Daten, außerbetriebliche Daten, empirische Daten, statistische Daten, verschlüsselte auf Packungen Datenaustausch, elektronischer Datenbank Datenblock Dateneingabe Dateneingabe Datenerfassung Datenerfassung Datenfernübertragung (DFÜ) Datenmatrix Datenschutzgesetz (GB) Datensicherungskopie Datensichtgerät Datenträger Datenübermittler

1492 tied credit/loan secured loan call loan term loan nonperforming loan call demand loan unsecured loan fiduciary loan variable rate loan fixed rate loan slow loan bank discount proceeds loaner extension of credit credit line credit account loan account loan charges borrower debtor loanee loan agreement loan rate account misrepresentation graph diagram file data point of sale system external data empirical data statistics blind date electronic data interchange data bank block data entry input collection data collection telecommunication(s) data matrix Data Protection Act backup copy visual display unit data carrier common carrier

1493 Datenverarbeitung (elektronische) Datenverarbeitung, automatische Datenverarbeitung, elektronische (EDV) datieren Datowechsel Datowechsel Datowechsel Datum Datum des Inkrafttretens Datumsbedingungen Datumsspeicherung Datumsstempel Datumswechsel Datumswechsel Dauer Dauerarbeitslosigkeit Dauerauftrag Dauerauftrag Dauerauftrag, langfristiger Daueremission (GB) Dauerfinanzierung Dauerinflation Dauerinflation Dauerinvalidität Dauerkarte Dauernachfrage Dauerschuldverschreibung DAX (Deutscher Aktienindex) Day Trading Dealer Debetsaldo Debetseite Debetseite Debitnote Debitor Debitor/en Debitoren Debitoren Debitorenverkauf Decke Deckladung Deckung Deckung (Vers) Deckung einer Dividendenausschüttung durch die Gewinne des Unternehmens Deckung für genannte Gefahren (Vers) Deckung für genannte Gefahren/Risiken (Vers) Deckung im Leergeschäft (Bö) Deckung, keine (BaW)

data processing automatic data processing electronic data processing dating after date bill of exchange date bill term bill date effective date date terms dating date stamp day bill term bill term chronic unemployment bank order standing order blanket order tap stock permanent financing creeping inflation persistent inflation permanent disablement season ticket repeat demand perpetual bond DAX index day trading dealer debit balance debit debit side debit note debtor account(s) receivable receivables trade debtors factoring cover deck cargo cover protection time(s) covered named peril insurance named policy cover no funds

1494 Deckung, offene (Vers) Deckung, ungenügende (Vermerk auf Schecks und Wechseln) Deckung, volle (Vers) Deckung, volle (Vers) Deckung, vollständige (Vers) Deckungsbeitrag Deckungsbeitrag Deckungsbeitrag Deckungsbeitragsrechnung Deckungsbeitragsrechnung Deckungsgeschäft, Abschluß eines Deckungsguthaben ( B a W ) Deckungskauf vornehmen (Bö) Deckungskauf zum Ausgleich eines Leerverkaufs (Bö) Deckungsrücklage (Vers) Deckungsrückstellung (Vers) Deckungsschutz (Vers) Deckungsschutz, automatischer (Vers) Deckungssumme (Vers) Deckungszusage (Vers) Deckungszusage (vorläufige) (Vers) Deckungszusage, vorläufige (Vers) Decoder Defizit Defizit Defizit Defizit Defizit Spending Defizit Spending Defizitetat Defizitfinanzierung Defizitfinanzierung Deflation Deflation, galoppierende Deflations- und Inflationspolitik Deflationspolitik Degressionsgewinne Deindustrialisierung Deklarationswert (AuW) Dekodierer Delegation Delikt Delkredere Delkredereagent/in Delphi-Befragung Deltaaktie Demand-Side Economics Demo

-

open policy insufficient funds comprehensive cover(age) full coverage whole coverage contribution contribution margin margin contribution costing direct costing hedging compensating balance buying in short covering unearned premium (reserve) unearned premium (reserve) insurance cover automatic cover(age) sum insured slip cover note binder decoder adverse balance deficiency deficit shortage deficit financing deficit spending deficit budget deficit financing deficit spending deflation galloping deflation stop go policy deflationary policy economies of scale deindustrialization declared value decoder delegation offense/offence del credere del credere agent delphi method delta share/stock demand side economics demonstration

Demographie Demonetisierung Demonstration Denkfabrik Denkpause Deponierung Deport (Bö) Deport (Bö) Deport- und Reportspesen, ohne Berechnung von (Bö) Depositenbank Depositenbuch Depositenkonto Depositenzertifikat Depositor Depot Depot, firmeneigenes Depotaufbewahrung Depotkonto Depotkonto Depotkonto Depotschein Depotschein Depotversicherung Depression Depression Deregulierung Derivative Design Desinflation Desinvestition Destinatar Deutsche M a r k (DM) Deutsche M a r k (DM) Deutscher Aktienindex (DAX) Devaluation Devisen Devisen Devisen Devisen Devisenankaufskurs Devisenarbitrage Devisenbewirtschaftung Devisenbewirtschaftung Devisenbewirtschaftung Devisenerlös/e Devisengeschäft Devisengeschäft Devisenhändler/in Devisenhändler/in

1495

-

demography demonetization demonstration think tank cooling off period lodg(e)ment backwardation forward discount even deposit taking company passbook deposit account certificate of deposit bailee depot company owned warehouse safe custody custodial account deposit deposit account deposit receipt deposit slip deposit insurance depression slump deregulation derivatives design disinflation disinvestment consignee mark deutschmark DAX index currency depreciation currency exchange foreign currency foreign exchange right hand side arbitration of exchange exchange control foreign exchange control rationing foreign exchange earnings foreign exchange foreign exchange transaction cambist exchange broker

1496 Devisenkassakurs Devisenkassakurs Devisenkonto Devisenkontrolle Devisenkontrolle Devisenkurs Devisenkurs Devisenkurs Devisenkurs, dualer/gespaltener Devisenkurs, künstlich gestützter Devisenmakler/in Devisenmakler/in Devisenmakler/in Devisenmarkt Devisenmarkt, Intervention am Devisenmittelkurs Devisenmittelkurs Devisenreportgeschäft Devisenreserven Devisenspekulation Devisentauschgeschäft Devisentermingeschäft Devisentermingeschäft Devisenterminhandel Devisenterminkurs Devisenterminvertrag Devisenverkaufskurs Devisenverlust Devisenvertrag Dezentralisation Dezentralisierung Dezimalkomma Dezimalpunkt Dezimalsystem Diagonalzusammenschluß Diagramm Diagramm Diagramm Diebstahl, geringfügiger Diebstahlversicherung Diebstahlversicherung Diener/in Dienst nach Vorschrift Dienst(leitungs)vertrag Dienst, öffentlicher Dienste und Güter, bezahlte, aber noch nicht gelieferte Dienste, geleistete Dienstgespräch Dienstleistung

spot exchange rate spot price currency account exchange control foreign exchange control exchange rate foreign exchange rate rate of exchange two tier foreign exchange rate adjustable peg (system) cambist exchange broker foreign exchange broker foreign exchange market exchange intervention mean price middle price swap foreign exchange reserves currency speculation swap currency futures contract forward exchange contract forward exchange contract forward rate forward exchange contract selling rate foreign exchange loss foreign exchange contract decentralization decentralization point point decimal system diagonal merger chart diagram graph pilferage burglary insurance theft insurance servant work to rule contract of/for service civil service dead horse services rendered business call service

Dienstleistungbereich Dienstleistungen Dienstleistungen, erbrachte Dienstleistungsbilanz Dienstleistungsindustrie Dienstleistungssektor Dienstleistungssektor Dienstleistungsverkehr Dienstprämie Dienststelle Dienststelle (USA) Dienstverhältnis Dienstvertrag Dienstvertrag Dienstweg Dienstzeugnis Dienstzimmer Diffamierung Differentialzoll Differenz Differenz zwischen An- und Verkaufskursen Differenz zwischen Schlußkurs einer Aktie an best. Tag und dem des Vortages Differenz zwischen zwei Preisen Differenz zwischen zwei Zinssätzen Differenzierung Diktatzeichen Diktatzeichen Diktatzeichen Diktiergerät DIN-Norm für Papier Diplom Direct Costing Direktabsatz direktbezogen (Wareneinkauf) Direktdienste Direkteinkauf Direktexport Direktimport Direktinkasso Direktinvestition Direktinvestition, ausländische Direktion Direktmarketing Direktmarketingunternehmen Direktor/in Direktor/in Direktor/in (GB) Direktor/in ohne Geschäftsbereich

1497

-

tertiary sector services services rendered invisible balance service industry service sector tertiary sector invisible trade gratuity office bureau employment contract of employment service contract chain of command reference office libel differential duty difference spread net change spread spread differentiation identification initials reference reference initials dictaphone A 1 diploma direct costing direct marketing first hand direct services buying round direct export direct import direct collection direct investment foreign direct investment directorate direct marketing direct mail house director principal vice president nonexecutive director

1498 Direktor in, geschäftsführende/r ( G D ) Direktor/in, geschäftsführende/r, hauptberufliche/r Direktor/in, geschäftsführende/r/ leitende/r Direktor/in, kaufmännische/r Direktor/in, leitende/r Direktorat Direktorium Direktorium Direktorium Direktorium Direktorium Direktorium des US-Zentralbankensystems Direktverkauf Direktverkauf (an Verbraucher) Direktversandwerbung Direktwählverkehr, internationaler Direktwerbung durch die Post Disagio Discounter Discounter Disintegration Diskette Diskette Diskont(satz) Diskontbank Diskontbank ( G B ) Diskonterträge Diskontgeber/in Diskontgeschäft Diskonthaus ( G B ) diskontieren Diskontierer/in Diskontierung (eines Wechsels) Diskontierung von Forderungen en bloc Diskontmarkt Diskontsatz Diskontsatz ( G B ) Diskontsatz der B a n k von England Diskontsatz, niedrigster Diskontspesen Diskontwarenhaus Diskrepanz Diskretion Diskriminierung Diskussionsrunde Dispacheur Dispatcher

-

executive director executive director managing director commercial director chief executive directorate board board of directors directorate directory executive Board of Governors of the Federal Reserve System direct marketing house to house selling direct mail advertising international direct dia!(l)ing direct mail advertising discount discount house discounter disintegration disk floppy disk/disc discount merchant bank discount house discount(s) received discounter discount house discount house discount discounter negotiation block discounting discount market discount rate bank rate minimum lending rate finest rate of discount discount charge(s) discounter discrepancy discretion discrimination panel average adjuster dispatcher

- 1499 Dispokredit Dispokredit Disponent/in Disponent/in Disponibilität, berufliche Dispositionsguthaben (BaW) Dispositionskredit Dispositionskredit Dispostionspapier Distanzfracht Distribution Distributionsmix Distributionstheorie Diversifikation Diversifikation der Tätigkeit Diversifizierung Dividende Dividende pro Aktie Dividende, aufgelaufene Dividende, ex/ausschließlich Dividende, ex/ohne Dividende, mit/einschließlich Dividende, nicht ausgeschüttete auf kumulative Vorzugsaktien Dividendenabschlußtermin, ex/ohne Dividendenansammlung Dividendenausschüttung, Deckung durch die Gewinne des Unternehmens Dividendenbeschluß Dividendendeckung(sverhältnis) Dividendenerträge nach Steuern Dividendenfestsetzung Dividendenfestsetzung Dividendenkürzung Dividendenpapier Dividendenpapiere Dividendenpolitik Dividendenschein Dividendenschein Dividendenschein, ohne Dividendenschnitt Dividendentermin, ex/ohne Dividendenzahlung Dock Dock, frei Dock, Lieferung frei Dockempfangsschein Docklagerschein Doktrin Dokument

bank overdraft running account credit chaser exped iter/exped itor mobility of labo(u)r available balance overdraft running account credit document of title prorata freight distribution distribution mix theory of distribution diversification diversification diversification dividend dividend per share/stock accumulated dividend(s) Xd (ex dividend) ex dividend cum dividend accumulated dividend(s) ex dividend date accumulated dividend(s) time(s) covered declaration of dividend dividend cover franked income declaration declaration of dividend dividend cut equity security equities dividend policy counterfoil coupon ex coupon dividend cut ex dividend date payout wharf free dock delivered docks dock warrant dock warrant doctrine deed

-

1500

-

Dokument document Dokument instrument Dokument des kombinierten Transports combined transport document Dokumente gegen Akzept (AuW) documents against acceptance Dokumente gegen Wechselakzept (AuW) documents against acceptance Dokumente gegen Zahlung (AuW) documents against payment Dokumente, handelsübliche/kaufmännische commercial documents Dokumentenakkreditiv documentary (letter of) credit Dokumentenakkreditiv, avisiertes/ advising documentary (letter of) credit angewiesenes Uniform Customs and Practice for Dokumentenakkreditive, einheitliche Documentary Credits Richtlinien für ( E R A ) (AuW) Dokumentenset aligned documents documentary bill Dokumententratte advance against documents Dokumentenvorschuß dollar Dollar yard Dollar, 100 US Domizil domicil(e) Domizilland home country Domizilwechsel domicile(d) bill Doppel duplicate Doppelbesteuerung double taxation Doppelbesteuerungsabkommen (DBA) double taxation agreement Doppelpackung twin pack Doppelverdiener, kinderlose dinks Doppelversicherung concurrent insurance Doppelversicherung double insurance Dose can Dow-Jones Aktienindex Dow Jones Index Downsizing downsizing Dozent/in reader Drahtanschrift telegraphic address Draufgabe earnest money Draufgabe token payment Draufgeld earnest money Draufgeld token payment Drehbuch script drei Ls three Ls Dreieck, magisches magic triangle Dritte Welt Third World Dritte/r third party Drittland third country Drittschuldner/in garnishee Drittverzug cross default Druckfehler literal (error) Druckfehler printer's error Drucksache printed matter Dubiose doubtful debts Dukatenesel cash cow Duldung tolerance

Dumping Dumping, räuberisches Duopol Duopson Duplikat Duplikat Durchdringung Durchflußwirtschaft Durchführbarkeitsstudie Durchführung Durchführung Durchführung Durchführung Durchführung Durchführungsverzögerung Durchschlag Durchschlagpapier Durchschlagpapier Durchschnitt Durchschnitts... Durchschnittserlös Durchschnittskosten Durchschnittskurs (Bö) Durchschnittsmethode (Bö) Durchschnittspreis Durchschnittsqualität, gute Durchschnittssteuersatz durchstreichen Durchwahl Dutzend

1501

-

dumping predatory pricing duopoly duopsony counterpart duplicate penetration throughput economy feasibility study execution implementation performance prosecution transaction administration lag carbon copy carbon paper flimsy (paper) mean average average revenue average costs average averaging average price fair average quality average tax rate delete direct dial(l)ing dozen

E E-mail Ebenbild ECGD-gesicherter Lieferantenkredit I Echt/365 Ecklohn Ecklohn Ecklohn E C U (Europäische Währungseinheit) EDV-Abwicklung von Kundenüberweisungen (GB) EDV-Überweisungsverkehr Effekte, externe Effekte, negative externe EfTekten (GB) Effektenabrechnung Effektenbörse Effektenbörse

electronic mail carbon copy ECGD-guaranteed supplier credit exact interest base rate basic pay standard rate ECU bankers automated clearing services electronic funds transfer external economies external diseconomies stocks and shares contract note exchange stock exchange

-

Effektenemission EfTektenhändler/in (GB) Efîektenkredit Effekten m akler/in Effektenorder Effektenpaket Effektenspekulation Effektenübertragung Effektenverkaufsabrechnung Effektivität Effektivitätszuwachs durch Produktions ausweitung Effektiwerzinsung Effektiwerzinsung Effektivverzinsung EfTektiwerzinsung Effektivverzinsung Effektivzins Effektivzins(satz) Effizienz Effizienz Effizienz, ökonomische Egalitarismus ehemalig Ehevertrag, vor der Eheschließung abgeschlossener Ehrenakzept Ehrenakzept Ehrenannahme eines Wechsels Ehrenannahme eines Wechsels Ehrenbankett Ehrenpreis Ehrenschuld Eid Eigendeckungsklausel (Vers) Eigenfinanzierung Eigenfinanzierung Eigenfinanzierung Eigengewicht Eigengewicht Eigenkapital Eigenkapital Eigenkapital Eigenkapital Eigenkapital (Grund-, Stammkapital, gezeichnetes Kapital) Eigenkapital (haftendes) Eigenkapital (Reinvermögen) Eigenkapital (USA) Eigenkapital, Umschlagshäufigkeit des

1502

-

stock flo(a)tation jobber security loan stockbroker stock order lot agiotage transfer of securities sold note effectiveness economies of scale effective rate (of interest) market rate net yield redemption yield yield market rate annual percentage rate efficiency performance economic efficiency egalitarianism ex antenuptial contract acceptance for hono(u)r acceptance supra protest acceptance for hono(u)r acceptance supra protest testimonial premium debt of hono(u)r oath coinsurance clause auto financing equity financing self financing tare weight unladen weight equity equity capital net worth shareholders' equity capital risk capital capital proprietorship equity turnover

Eigenkapitalrendite Eigenkapitalrentabilität Eigenkaptial Eigenleistung (AuW) Eigenmittel Eigenproduktion Eigenschaft Eigentum Eigentum Eigentum Eigentum(srecht) Eigentum, bewegliches Eigentum, gemeinsames Eigentum, gemeinschaftliches Eigentum, Mangel im Eigentum, öffentliches Eigentum, öffentliches Eigentum, persönliches/privates Eigentum, uneingeschränktes Eigentümer, materieller/wirtschaftlicher Eigentümer/in Eigentümer/in Eigentümerrisiko Eigentumsbescheinigung Eigentumsnachweis Eigentumsnachweis (Urkunde) Eigentumsrecht, alleiniges Eigentumsrechte Eigentumsübergabe Eigentumsübergang Eigentumsübergang Eigentumsübertragung Eigentumsübertragung Eigentumsübertragung Eigentumsurkunde Eigentumsurkunde Eigentumsurkunde Eigentumsvorbehalt Eigentumswohnung (USA) Eigenverbraucher/in Eigenversicherung Eigenwechsel Eigenwechsel Eigenwechsel Eignung Eignung Eignung Eignung Eignung Eignung

1503

-

equity return equity return net asset value offset funds direct production quality estate property proprietorship ownership chattel(s) common ownership common ownership title defect public ownership public property personal property absolute title beneficial owner owner proprietor owner's risk certificate of title certificate of title abstract of title sole proprietorship property rights delivery passing of property passing of title alienation transfer transfer of ownership document of title title title deed retention of ownership condominium presumer self insurance note promissory note sola bill aptitude capacity competence eligibility eligibility qualification

Eignungsprüfung Eignungsstudie Eignungstest Eilauftrag Eilauftrag Eilfracht Eilgeld Eilpost Eilüberweisung Eilzustellung Eilzustellung Eilzustellung (USA) Ein- u. Verkaufsabteilung, Leiter/in der Ein- und Ausfuhren, sichtbare Einarbeitung ( P W ) Einarbeitung am Arbeitsplatz Einband Einbehaltung Einbehaltung (PW) Einbringung Einbruch (Bö) Einbruchdiebstahlversicherung Einchecken Einengung Einer (Math) Einfluß Einflußfaktoren, wirtschaftliche einfrieren Einfuhr, direkte Einfuhr, zollfreie Einfuhrbeschränkungen Einfuhren, unsichtbare (Dienstleistungen) Einfuhrkontrollen Einfuhrland Einfuhrlizenz Einfuhrlizenz, unbeschränkte Einfuhrrestriktionen Einführung Einführung (Mk) Einführung ( P W ) Einführungsangebot Einführungszeit Einfuhrzoll Einfuhrzoll Einfuhrzölle Eingabe Eingabe, automatische (DV) Eingabedaten Eingang

1504

-

aptitude test feasibility study aptitude test pressing order rush order fast freight dispatch money express post express transfer express delivery express post special delivery merchandise manager visibles induction training on the j o b cover retention deduction contribution setback burglary insurance checkin squeeze unit impact economic environment freeze direct import free entry import restrictions invisibles import controls importing country import license open general license import restrictions introduction launch induction introductory offer lead time import duty impost customs input default input arrival

Eingang Eingangsanzeige Eingangsbenachrichtigung Eingangsbenachrichtigung Eingangsbuchung Eingangsdatum Eingangsfracht Eingangsfracht und Ausgangsfracht Eingangspost Eingangspreis Eingangsrechnung Eingangsstempel Eingangssteuersatz eingefroren Eingeständnis Eingeweihte/r Eingriff Einhaltung Einheit Einheitliche Richtlinien für Dokumentenakkreditive (ERA) (AuW) Einheitliche Richtlinien für Inkassi ( E R (AuW) Einheitlichkeitsprinzip ( R W ) Einheitsbrief Einheitsgebühr Einheitsgewerkschaft Einheitskurs (Bö) Einheitskurs (Bö) Einheitsladung Einheitsladung Einheitsnotierung (Bö) Einheitsnotierung (Bö) Einheitsprämie (Vers) Einheitspreis Einheitssatz (Vers) Einheitssteuersatz Einheitsvertrag Einheitswährung Einheitswert Einheitswert Einheitswert, Ermittlung des (St) Einigung Einigung, außergerichtliche Einigung, gütliche Einigung, vergleichsweise Einkauf Einkauf Einkauf alles unter einem Dach Einkauf im Einkaufszentrum

1505

-

receipt advice of arrival arrival note arrival notification form (ANF) original entry date of receipt carriage inward(s) freight in and out incoming mail threshold price purchase(s) invoice date stamp basic rate of income tax frozen admission insider infringement compliance unit Uniform Customs and Practice for Documentary Credits Uniform Rules for Collections consistency convention standard letter standard rate general union mean price middle price unit load unitized cargo mean price middle price flat rate uniform price flat rate standard rate standard form contract single currency assessed value rat(e)able value valuation mutual consent compromise compromise composition procurement purchasing one stop shopping one stop shopping

-

1506

Einkauf, elektronischer Einkäufe Einkäufe Einkaufen Einkaufen Einkaufen Einkaufen, bargeldloses Einkäufer/in Einkäufer/in Einkäufer/in Einkäufer/in Einkaufs(ab)rechnung des Kommissionärs Einkaufsagent/in Einkaufsbummel mit einem Parkhalt Einkaufskommissionär Einkaufskorb Einkaufsleiter/in Einkaufspreis Einkaufsskonto Einkaufsstraße (USA) Einkaufsverhalten Einkaufsviertel ( G B ) Einkaufswagen Einkaufszentrum Einkaufszentrum ( G B ) Einkaufszentrum (regionales) Einkaufszentrum (USA) Einkommen Einkommen Einkommen Einkommen Einkommen aus Erwerbstätigkeit Einkommen aus selbständiger Arbeit Einkommen aus unselbständiger Arbeit Einkommen aus Unternehmertätigkeit Einkommen aus Vermögen Einkommen vor Steuerabzug Einkommen, dauerhaft konstantes Einkommen, disponible/(frei) verfügbare Einkommen, effektives/tatsächliches Einkommen, fiktives Einkommen, frei verfügbares Einkommen, individuelles/persönliches Einkommen, laufendes Einkommen, ordentliches Einkommen, persönlich verfügbares Einkommen, pro Kopf Einkommen, steuerpflichtiges Einkommen, steuerpflichtiges Einkommen, veranlagungspflichtiges

-

electronic shopping purchases shopping buying marketing shopping cashless shopping buyer buying agent purchasing agent shopper account purchase(s) purchasing agent one stop shopping buying agent basket buyer purchase price purchase discount shopping mall buying behavio(u)r shopping precinct shopping trolley trading estate shopping precinct shopping center shopping mall competence earnings income revenue earned income earned income earned income earned income unearned income pretax income permanent income spendable earnings real income notional income discretionary income personal income current income ordinary income personal disposable income per capita income assessable income taxable income assessable income

Einkommen, verfügbares Einkommen, verfügbares persönliches Einkommen, zu versteuerndes Einkommenseffekt Einkommenselastizität der Nachfrage Einkommenshypothese, absolute Einkommenshypothese, permanente Einkommenshypothese, relative Einkommenskreislauf Einkommenskreislauf Einkommenskreislaufgeschwindigkeit des Geldes Einkommensmultiplikator Einkommenspolitik Einkommenspolitik, steuerorientierte Einkommenssteuer Einkommenssteuer, negative Einkommensteuererhebung, System der Einkommensteuererklärung Einkommensteuerfreibetrag Einkommenstheorie Einkommensübertragungen Einkommensübertragungen, staatliche Einkommensumverteilung Einkommensverteilung Einkünfte Einkünfte aus Grundbesitz Einkünfte aus selbständiger und unselbständiger Arbeit Einkünfte, feste/feststehende Einkünfte, sonstige (St) Einkünfte, Summe der ... vor Steuern einladen Einladung Einlage Einlage Einlage Einlage Einlagen ( B a W ) Einlagen der öffentlichen Hand bei der Zentralbank Einlagen, mindestreserveähnliche (bei de Zentralbank) Einlagen, mindestreservepflichtige ( B a W ) Einlagen, öffentliche Einlagenabzug Einlagenbuch Einlagengrenze ( B a W ) Einlagenkonto Einlagenkontobuch ( B a W )

1507

-

disposable income disposable personal income taxable income income effect income elasticity (of demand) absolute income hypothesis permanent income hypothesis relative income hypothesis circular flow of income flow of income income velocity of circulation income multiplier incomes policy tax based income policy income tax negative income tax pay as you earn declaration of income income tax allowance theory of income determination transfer payments government transfers redistribution of income income distribution earnings land revenue earned income fixed income earned income personal income load invitation contribution deposit share stake funds public deposits special deposits eligible liabilities public deposits disintermediation passbook deposit ceiling deposit account bank book

Einlagensicherungsfonds Einiagenversicherung Einlagenversicherung, staatliche (USA) Einlagenzertifikat Einlagenzins Einlaufen Einleitung Einlieferung Einlieferungsschein Einlöseverweigerung Einlösung Einlösungsdatum (Mk) Einlösungsrate (Mk) Einmalprämienpolice (Vers) Einnahme Einnahme Einnahme/n Einnahme/n Einnahme/n, öffentliche Einnahmekonto Einnahmen Einnahmen Einnahmen Einnahmen, öffentliche/staatliche Einnahmen-Ausgaben-Plan (einer Gesellschaft) Einnahmen-Ausgaben-Rechnung Einnahmeüberschuß, diskontierter Einordnung Einpersonen-GmbH Einpersonenbetrieb Einpersonengesellschaft Einpersonengesellschaft (USA) Einreicher/in Einreichungsschluß Einreise Einrichtekosten Einrichtung Einrichtung, wohltätige Einrichtung, wohltätige Einrichtungen, öffentliche einrücken Einsatz Einsatz der moralischen Autorität Einsatzgruppe Einsatzgüter Einsatzmenge Einsatzprüfung Einschaltquote Einschaltquote

1508

-

deposit protection fund deposit insurance Federal Deposit Insurance Corporation certificate of deposit deposit interest rate shrinkage introduction delivery certificate of posting dishono(u)r redemption redemption date redemption single premium insurance income take proceeds revenue government revenue(s) revenue account gate money receipts takings public revenue cash budget revenue account discounted cash flow filing one man/person business one man/person business one man/person business sole proprietorship presenter closing date entry setup cost(s) facility charitable society charity amenities indent input moral suasion taskforce/task force input input field test audience rating rating

1509 I. irisch altq note Einschaltquote Einschaltrate Einschätzung EinschifTungshafen Einschleusungspreis Einschränkung Einschreiben Einschreibesendung (USA) Einschreibesendung mit Empfangsbestätigung/Rückschein Einschuß (Bö) Einsendeabschnitt (Werbung) Einsendeschluß Einsparung Einsparungen, betriebsinterne Einspruch Einstandsgeld Einstandskosten der verkauften Ware Einstandspreis Einstandspreis der verkauften Ware einstellen (PW) Einstellung Einstellung Einstellung eines Verfahrens (Re) Einstellungsgespräch Einstellungsgespräch Einstellungsgespräch Einstellungstest Eintageskredit Eintausch Einteilung Eintragung Eintragung Eintragung Eintreffen Eintreibung Eintritt Eintritt Eintrittsgeld Eintrittsgelder Eintrittskarte Eintrittskarte Eintrittssperrenpreis (Mk) Einweg(ver)packung Einwegartikel Einwegverpackung Einwegware Einwilligung Einwilligung, stillschweigende

-

share of audience viewer rating rating assessment port of embarkation threshold price qualification registered letter registered mail recorded delivery margin coupon deadline economy internal economies protest footing cost of goods sold cost price cost of goods sold hire accession attitude abatement of an action employment interview interview j o b interview employment test day to day money exchange classification entry registration registry arrival levy admission footing admission gate money ticket voucher limit price nonreturnable packing one way good one way good one way good approval acquiescence

—

Einwohnerzahl Einzahler/in (BaW) Einzahlung Einzahlung Einzahlungsbeleg Einzahlungsbeleg Einzahlungsbuch (BaW) Einzahlungsheft (BaW) Einzahlungsquittung Einzahlungsschein Einzahlungsschein Einzahlungsschein (BaW) Einzelanfertigung Einzelbankensystem Einzelfertigung Einzelfirma Einzelfirma Einzelfirma Einzelfirma Einzelfirma (USA) Einzelhaftung Einzelhandel Einzelhandels(preis)index Einzelhandelsbetrieb Einzelhandelsgeschäft Einzelhandelsgeschäft Einzelhandelskette Einzelhandelspreis Einzelhandelspreisindex Einzelhandelspreisindex Einzelhändler, der seine Ware vermietet Einzelhändler/in Einzelhändler/in Einzelhändler/in, selbständige/r Einzelheiten Einzelkaufmann Einzelkaufmann Einzelkaufmann Einzelsteuer Einzelunfallversicherung Einzelunternehmen Einzelunternehmen Einzelunternehmen Einzelunternehmen Einzelunternehmen (USA) Einzelunternehmer/in Einzelverpackung Einzelversicherer bei Lloyd's Einzelwechsel Einziehung von Forderungen

1510

-

population depositor deposit payment deposit receipt paying-in form/slip paying-in book paying-in book deposit receipt credit slip paying-in form/slip deposit slip job production unit banking unit production one man/person business proprietorship sole proprietorship sole trader single proprietorship several liability retail trade index of retail prices trading business outlet retail outlet multiple retail price general retail price index retail price index hire retailer merchant retailer independent retailer particulars sole proprietor sole proprietorship sole trader unit tax personal accident insurance one man/person business proprietorship sole proprietorship sole trader single proprietorship proprietor unit pack(ing) Lloyd's underwriter sola bill debt collection

- 1511 -

Einzug Einzug eines reinen Wechsels Einzugsbank Einzugsbereich Einzugsgebühr Einzugsstelle Einzugsverfahren (BaW) Eisberg-Prinzip Eisenbahn (GB) Eisenbahnfrachtbrief (GB) Eisenbahngüterverkehr, Übereinkommen über den internationalen (in Europa) Eisenbahnübernahmebescheinigung (GB) Eisenbahnwagen Eisenwaren Elastizität Elastizität = 1 (Nachfrage) Elastizität der Nachfrage Elastizität des Angebots Electronic Banking Electronic Commerce Elefanten-Hochzeit elektronisches Clearing- und Kommunikationssystem des Federal Reserve Board (USA) Element Elemente des Marketingmix Embargo Emigration Emission (Bö) Emission auf dem Submissionsweg Emission von Berichtigungsaktien Emission von Wertpapieren Emission, heiße (Bö) Emission, öffentliche Emission, Übernahme einer Emissionsagio Emissionsanzeige Emissionsbank Emissionsbank Emissionsbank Emissionsbank Emissionsbank (GB) Emissionsgesetze Emissionshaus (GB) Emissionskonsortium Emissionskonsortium Emissionskosten Emissionskurs Emissionskurs

collection clean bill collection collecting bank catchment area collection charge collecting agency preauthorized payment (method) iceberg principle railway railway bill of lading Convention on International Merchandise railway receipt carriage hardware elasticity unitary elasticity (demand) elasticity of demand elasticity of supply electronic banking electronic commerce jumbo merger Federal Wire

unit four Ps embargo emigration offering tender capitalization issue issue hot issue public issue underwriting share premium tombstone advertising accepting bank bank of issue investment bank underwriter issuing house blue sky laws issuing house lead bank loan syndicate flo(a)tation expenses coming out price issue price

-

Emissionskurs Emissionskurs (Bö) Emissionsmarkt Emissionspreis (Bö) Emissionsprospekt Emissionsprospekt, vorläufiger Emissionssteuer Emissionstag Emittent Empfang Empfang Empfang(sbüro) Empfänger, Gebühr/Entgelt bezahlt... Empfänger/in Empfänger/in Empfänger/in Empfänger/in (USA) Empfänger/in (von Waren) Empfänger/in von abondonierten Gegenständen Empfänger/in, unbekannt Empfangerland Empfängerland Empfängerland Empfangsbestätigung Empfangsbestätigung, vorbehaltlose Empfangschef/in Empfangschef/in Empfangsdame Empfangsort Empfangsquittung Empfangsschein Empfangssekretär/in Empfehlungen als Briefschluß Empfehlungsschreiben Empfehlungsschreiben Empfehlungsschreiben Endbestand Endbestand Endbestand Ende Ende Enderzeugnis Endgewinn Endkapital Endpreis Endprodukt Endsaldo Endstation Endverbraucher/in

1512

-

offering price subscription price primary market strike price prospectus red herring (prospectus) capital duty date of issue issuer receipt reception reception office freepost addressee receiver recipient receiptor consignee abandonee addressee unknown donee country host country recipient country confirmation note clean receipt clerk receptionist receptionist place of receipt counterfoil advice of receipt receptionist greetings letter of introduction reference testimonial closing balance closing stock final balance close expiry final product bottom line closing capital final price final product final balance terminal consumer

—

Endverbraucher/in Endverbraucher/in Endverbraucher/in Endverlust Endwert Engagement, ungedecktes (Bö) Engelsches Gesetz Engpaß Engpaßbereich Engrosbezug Entdeckung Enteignung Enteignung Enteignung Enteignung Entflechtung Entflechtung (Kartellgesetz) Entflechtung (Man) Entfremdung Entfusionierung Entgegenkommen Entgegenkommen Entgelt Entgelt Entgelt bezahlt Empfanger Enthorten Enthüllung Entladehafen Entladen Entladen Entladen Entladen eines Containers Entlassung Entlassung Entlassung Entlassung (PW) Entlassung, fristlose Entlassung, grundlose Entlassung, grundlose/ungerechtfertigte Entlassung, plötzliche Entlassung, vorübergehende Entlassungsabfindung Entlassungsschreiben (USA) Entlastung (einer Schuld/Verpflichtung) Entlastung des Gemeinschuldners Entlastungsabstimmung Entnahme Entschädigung Entschädigung Entschädigung

1513 end consumer final consumer ultimate user bottom line terminal value open position Engel's law bottleneck bottleneck bulk buying discovery compulsory purchase condemnation confiscation expropriation demerger divestment trustbusting alienation demerger accommodation concession consideration wage(s) freepost dishoarding disclosure port of discharge discharge turnaround unloading unstuffïng discharge dismissal redundancy sack instant dismissal unfair dismissal wrongful dismissal bounce layoff redundancy pay(ment) pink slip quittance discharge of/in bankruptcy approval voting drawing compensation damages general damages

Entschädigung Entschädigung Entschädigung Entschädigung (Vers) Entschädigung für Bruchschaden Entschädigungsbetrag Entschädigungsfonds (Bö) Entschädigungsgarantie Entschädigungsleistung (Vers) Entschädigungszahlung/en einer Versicherung Entscheidung Entscheidung, außergerichtliche Entscheidung, einstimmige Entscheidung, versteckte Entscheidungsbaum Entscheidungsfindung Entscheidungshilfe Entscheidungsinstanz Entscheidungstabelle Entscheidungstheorie Entscheidungsträger/in Entscheidungsverzögerung Entschlossenheit Entschluß Entsparen Entstaatlichung Entstaatlichung Entwicklung Entwicklung Entwicklung Entwicklungland Entwicklungsaufwand Entwicklungsfordergebiet Entwicklungsgebiet, besonderes Entwicklungshilfe Entwicklungshilfe Entwicklungshilfe in Form von Waren Entwicklungshilfe, gebundene Entwicklungshilfe, technische Entwicklungshilfekredit Entwicklungskosten Entwicklungsland Entwicklungsorganisation, Internationale Entwicklungsrichtung Entwicklungszeit Entwurf Entwurf Entwurf Entwurf

1514

-

redress reimbursement restitution indemnity breakage indemnity compensation fund letter of indemnity adjustment proceeds decision award unanimous decision hidden decision decision tree decision making bribe authority decision table decision theory decision maker decision lag resolution decision dissaving denationalization privatization advancement development performance less developed country development cost(s) development area special development area development aid economic aid commodity aid tied aid technical aid development loan development cost(s) developing country International Development Association trend lead time blueprint design draft layout

Entwurf EntzugsefTekt Entzweiung Erbe Erbe Erbin Erbin Erblasser/in Erbmasse Erbschaft Erbschaftssteuer Erbschaftssteuer Erbschaftssteuer Erbschaftssteuer ( G B ) Erbschaftssteuer (USA) Erbschaftssteuer und Schenkungssteuer, einheitliche (USA) Erbschein Ereignis Ereignis, durch Werbung finanziertes Ereignis, wesentliches Erfahrung Erfahrungstarifierung (Vers) Erfindung Erfolg Erfolg Erfolgsbereich Erfolgskonto Erfolgskontrolle (Mk) Erfolgsmensch Erfolgstest (PW) Erfüllung Erfüllung Erfüllung Erfüllung Erfüllung Erfüllung Erfüllung, vergleichsweise Erfüllungsgarantie Erfüllungsort Erfüllungstag Erfüllungstag (Bö) Erfüllungstermin ist der übernächste Arbeitstag (Bö) Ergänzung Ergebnis Ergebnis Ergebnis Ergebnisanalyse Ergonomie

1515

-

memorandum (memo) withdrawal split beneficiary heir beneficiary heiress testator/testatrix estate inheritance capital transfer tax death duty inheritance tax estate duty estate tax unified transfer tax letter of administration event sponsored event material fact experience experience rating invention profit win profit center nominal account rating highflyer/flier achievement test completion compliance discharge fulfillment performance take-down accord and satisfaction contract guarantee place of f u l f i l l m e n t due date settlement day spot amendment issue outcome result performance analysis ergonomics

-

1516

Erhalt Erhalt Erhaltungsinvestition Erhebung Erhebung (Stat) Erhebung (Stat) Erhebungsbogen Erhöhung Erhöhung, allgemeine Erholung Erholung (Bö) Erholung, markttechnische (Bö) Erinnerung Erkenntnis Erkennungsverzögerung Erklärung (Vers) Erklärung an Eides statt/eidesstattliche Erklärung über die Ausübung einer Option Erklärung, Abgeber/in einer eidesstattlichen Erklärung, eidesstattliche (schriftliche Erkundigung Erlaubnis Erlaubnis Erlaubnis erlaubt Erlebensversicherung (reine) Erlös Erlös/e Erlöschen Erlöschen Erlöschen eines Angebots Ermächtigungsformular Ermessen Ermessensmißbrauch Ermittler/in Ermittlung des Einheitswerts (St) Erneuerung Erneuerung Erneuerungsschein Ernte(ertrag) Ernteversicherung Eröffnung, gespaltene (Bö) Eröffnungsangebot (Versteigerung) Eröffnungsbilanz Eröffnungskurs Eröffnungsnotierung Eröffungskurs, kaufen zum (Bö) Erpressung Erpressung, organisierte

-

receipt reception replacement investment levy census survey questionnaire rise across-the-board-increase rally recovery technical rally reminder realization recognition lag declaration statutory declaration exercise notice affiant affidavit query allowance allowance permit free pure endowment insurance revenue proceeds expiry lapse termination of offer proxy card discretion misfeasance investigator valuation renewal replacement talon yield crop insurance split opening opening bid opening balance sheet opening price opening price buy on opening blackmail racket

- 1517 -

Erpressung, organisierte Errichtung Ersatz Ersatz Ersatz des tatsächlichen Schadens Ersatz für persönliche Nachteile Ersatzansprüche, Übergang von Ersatzbedarf Ersatzinvestition Ersatzinvestition Ersatzinvestition Ersatzinvestition Ersatzstück Erscheinungsbild, einheitliches, äußeres eines Unternehmes Erschließungskosten Ersparnis Ersparnis, negative Ersparnisbildung des privaten Haushalts Ersparnisse Ersparnisse, positive externe Ersparnisse, volkswirtschaftliche Erstauftrag Erstauftrag Erstausgabeaufschlag (Aktien) Erstausgabekurs Erste Welt Erstellung eines konsolidierten Abschlusses Erstellung eines konsolidierten Konzernabschlusses Ersterwerber/in Erstkauf Erstkauf erstklassig Erstrisikoversicherung Erstverkauf Erstversicherer Erstversicherer erteilen Ertrag Ertrag Ertrag Ertrag Ertrag Ertrag Ertrag Ertrag aus investiertem Kapital Ertrag, durchschnittlicher Erträge

ramp construction compensation replacement compensatory damages general damages subrogation replacement demand asset replacement plant replacement reinvestment replacement investment replacement corporate identity development cost(s) saving dissaving personal saving savings external economies aggregate savings first order original order first day premium issue price First World consolidation consolidation first time byuer initial purchase trial purchase A1 first loss insurance initial sale leader leading insurer grant earnings gain income proceeds return revenue yield return on capital (employed) average revenue proceeds

- 1518 Erträge, außerbetriebliche/betriebsfremde /neutrale Erträge, betriebliche Erträge, laufende Erträge, zunehmende Ertragsfähigkeit Ertragsfunktion Ertragsgesetz Ertragsgesetz Ertragskonto Ertragskonto Ertragsschwelle Erwachsene/r Erwägung erwähnt, unten Erwartung Erwartungen, wirtschaftliche Erweiterung Erweiterung Erweiterung des Warensortiments Erwerb Erwerb, gutgläubiger Erwerber/in Erwerber/in Erwerber/in Erwerber/in Erwerber/in, gutgläubige/r Erwerber/in, gutgläubige/r Erwerbsbevölkerung Erwerbsbevölkerung Erwerbsbevölkerung Erwerbseinkommen Erwerbsgesellschaft Erwerbsquote Erwerbsquote Erwerbsquote Erwerbstätige, Zahl der Erwerbstätigkeit, Einkommen aus Erwerbsunfähigkeit, dauernde Erwerbsunfähigkeit, vollständige und dauernde Erzeuger Erzeugerindustrie Erzeugerpreisindex Erzeugnis Erzeugnis Erzeugnis, artverwandtes Erzeugnisse, halbfertige/unfertige Erzeugnisse, unfertige Erzeugnisse, unfertige/halbfertige

-

nonoperating revenue(s) operating revenue(s) current income increasing returns productivity production function diminishing returns (law of) law of diminishing returns nominal account revenue account breakeven point adult consideration undermentioned anticipation economic expectations extension upgrading upgrading acquisition bona fide purchase acquirer/acquirer purchaser purschaser vendee bona fide purchaser innocent purchaser labo(u)r force workforce/work force working population earned income acquisitive society activity rate employment rate participation rate working population earned income permanent disablement total and permanent disability manufacturer manufacturing industry producer price index article product related product work in progress/process partly manufactured goods/products semifinished products

- 1519 Erzieluiig zu niedriger Umsätze Essen Essensbon Essensmarke Etat Etatbeschränkung Etatkontrolle Etikett Etikett Etikett Etikett EU-Ministerrat Euro Euro-Geldmarktpapier Euroanleihe Euroanleihemarkt Eurobond Eurobondmarkt Eurocheque Eurodollar Eurodollaranleihe Eurodollareinlagen Eurodollarmarkt Euroeinlagen Eurogeldmarkt Eurokredit Europäische Bank für Wiederaufbau und Entwicklung (EWBE) Europäische Freihandelszone Europäische Gemeinschaft (EG) Europäische Investitionsbank (EIB) Europäische Union (EU) Europäische Währungseinheit (ECU) Europäische Währungsunion (EWU) Europäische Zentralbank (EZB) Europäischer Binnenmarkt Europäischer Fonds für währungspolitsch Zusammenarbeit (EFWZ) Europäischer Gerichtshof (EuGH) Europäischer Wechselkursverbund Europäischer Wirtschaftsraum (EWR) Europäisches Parlament Europäisches Währungssystem (EWS) Europäisches Wiederaufbauprogramm Euroscheck (EC) Euroscheckkarte Eurowährung Eurowährungskredit Eventualverbindlichkeit Eventualverbindlichkeit

undertrading fare luncheon voucher luncheon voucher budget budget constraint budget control docket label tag ticket Council of Ministers euro eurocommercial paper eurobond eurobond market eurobond eurobond market eurocheque eurodollar eurodollar bond eurodollar deposits eurodollar market eurodeposits eurocurrency market eurocredit European Bank for Reconstruction and Development European Free Trade Association Common Market European Investment Bank European Union (EU) European Currency Unit European Monetary Union European Central Bank European domestic market European Monetary Cooperation Fund European Court of Justice currency snake European Economic Area European Parliament European Monetary System Marshall Plan eurocheque eurocheque card eurocurrency euroloan contingent liability secondary liability

-

ex ante ex post Examen Exekutive Exemplar Existenzfähigkeit, wirtschaftliche Existenzgründungskredit Existenzminimum Existenzminimumtheorie des Lohnes Exkursion Exoten Expansion Expansion, industrielle Expansionsrate Expedient Expedition Expedition Expedition Experiment Expertise Exploitation Export Export (als Vorgang) Export-Basispreis Export/e Exportabteilung Exportauftrag Exportbezahlung Exporterklärung Exporteur/in Exportfirma Exportforderungsbehörde (GB) Exportkaufvertrag Exportkommissionär Exportkommissionär Exportkreditversicherung, staatliche (GB) Exportland Exportleiter/in Exportmanager/in Exportprämie Exportpreisbildung Exportquote, durchschnittliche Exportversandbedingungen Exportvertreter Exportvertreter/in Expreßbeförderung Expressüberweisung

1520

-

ex ante ex post examination executive copy viability business startup loan subsistence level subsistence theory of wages excursion exotics expansion industrial expansion growth rate dispatcher dispatch forwarding mailroom experiment survey report exploitation exporting exportation basic export price export(s) export department export order export payment specification exporter exporter British Overseas Trade Board export sales contract consignment agent export agent comprehensive short-term guarantee exporter export manager export manager bounty export pricing average propensity to export shipping terms confirming house export agent express delivery express transfer

-

1521

-

Externalitäten Extradividende Extrarisiko Exzedent (Vers)

spillovers bonus special peril surplus

F-Klauseln (AuW) Fabrik Fabrik Fabrik unter Zollverschluß Fabrikant/in Fabrikarbeiter/innen Fabrikat Fabrikationsauftrag Fabrikpeissystem Fabrikverkauf Fach(einzel)händler/in Facharbeiter Facharbeiter/in Facharbeiter/in Facharbeiterlücke Fachausstellung Fachfrau Fachfrau des Rechnungswesens (z.B. Bilanzbuchhalterin, Rechnungsprüferin, Steuerberaterin, Wirtschaftsprüferin) Fachgebiet Fachgeschäft Fachgeschäft mit größerem Auslieferungslager Fachhändler/in mit größerem Auslieferungslager Fachhochschule (FH) Fachmann Fachmann des Rechnungswesen (z.B. Bilanzbuchhalter, Rechnungsprüfer, Steuerberater, Wirtschaftsprüfer) Fachmann/Fachfrau Fachmann/Fachfrau des Rechnungswesens Fachmesse Fachsimpelei Fachsprache Fachverband Fachverband Fachzeitschrift Fachzeitschrift Factor Factoring Factoring

F terms factory plant bonded factory manufacturer shopfloor make job order mill pricing factory sale stockist journeyman craftsman skilled worker skills gap trade fair professional accountant

specialization specialist shop stockist agency stockist agency university of applied sciences professional accountant

specialist accountant trade fair shoptalk jargon professional association trade association journal trade journal factor credit factoring factoring

-

Factoring, stilles/verdecktes Factoringgeschäft Factoringgesellschaft Factoringinstitut Fähigkeit Fahrenheit Fahrgast Fahrgeld Fahrkarte Fahrlässigkeit Fahrlässigkeit, grobe Fahrplan Fahrpreis, voller Fahrtstrecke Fahrzeug Fahrzeugversicherung Fairness Fairness Faksimile Faktor Faktor der Kostensenkung, innerbetrieblicher Faktor, dispositiver Faktor, dispositiver Faktor, wichtigster Faktoreinkommen Faktoreinkommen Faktormarkt Faktornachfrage Faktorpreisausgleichs-Theorem Faktorproportionen-Theorem Faktum, wesentliches Faktura Faktura Fakturendatum Fakturendatum Fakturiermaschine Fakturierung Fakultät, betriebswirtschaftliche Fall Fallen Fälligkeit Fälligkeit, Klausel über die Vorverlegung Fälligkeit, Nichtzahlung bei Fälligkeit, zahlbar bei Falligkeitsdatum Fälligkeitsdatum Fälligkeitsklausel Fälligkeitsliste

1522

-

undisclosed factoring factoring factor finance corporation competence Fahrenheit fare fare ticket negligence gross negligence schedule full fare route vehicle vehicle insurance equity fairness facsimile factor internal economies enterprise entrepreneurship key factor factor income rewards to factors (of production) factor market factor demand Heckscher-Ohlin law Heckscher-Ohlin law material fact commercial invoice invoice billing date date of invoice accounting machine invoicing business school case fall maturity acceleration clause delinquency payable at maturity maturity date payment date acceleration clause tickler

Fälligkeitstag Fälligkeitstag Fälligkeitstag Fälligkeitstermin Fälligkeitstermin Fälligkeitstermin, mittlerer Fälligkeitstermin, mittlerer Fälligkeitswert Fallmethode Fallrecht Fallstudie Fallunterlagen Falschbuchung Falschdarstellung Falschgeld Falschgeld Fälschung Falschwerbung Faltanzeige (Mk) Faltblatt (Mk) Faltblatt, großes Faltmappe Faltordner Faltsprospekt Familien, Unterstützungszahlung an einkommensschwache ( G B ) Familienanhang Familienbeihilfe Familienbudget Familienernährer/in Familienlebensversicherung Familienlebenszyklus Familienrecht Familienstand Familienstand Familienvorsorgeversicherung Faq-Qualität Farbband Faß Faß Faß, großes Faß, kleines Fäßchen Fassungsvermögen Faustpfand Fax Faxgerät Fed-Schuldverschreibung (USA) Federal Reserve System, OfTenmarktausschuß des (USA)

1523

-

due date expiry date maturity date date of maturity maturity average due date equated time maturity value case study case law case study brief accounting error misrepresentation fake money hot money forgery deceptive advertising foldout folder broadsheet expanding file expanding file leaflet familiy income supplement encumbrance family allowance familiy budget breadwinner family life policy family life cycle familiy law marital status status familiy income policy fair average quality ribbon barrel cask hogshead keg keg capacity pledge facsimile facsimile Federal Reserve note Federal Open Market Committee

1524 Federal Reserve System, eine der 12 regionalen Banken (USA) Feedback Fehlbestand Fehlbestand Fehlbetrag Fehlbetrag Fehlbetrag Fehlbeurteilung Fehlen Fehlende/r (PW) Fehler Fehler Fehler Fehler Fehler, kleiner Fehler, sich gegenseitig aufhebender Fehler, systematischer (Stat.) Fehler, technischer Fehlerbeseitigung Fehlergrenze Fehlerkorrektur Fehlerkorrektur, automatische Fehlersuche Fehlfracht Fehlgewicht Fehlkalkulation Fehlmenge Fehlmenge Fehlmenge Fehlstreuung (Mk) Feiertag, allgemeiner/gesetzlicher Feiertag, allgemeiner/gesetzlicher (USA) Feiertag, gesetzlicher Feiertag, gesetzlicher Feilschen Feingehalt Feingehaltsstempel Feldarbeit Feldforschung Fenster(brief)umschlag Fensteraufkleber Fensterglasversicherung Ferien Ferienversicherung Ferngespräch Ferngespräch (GB) Fernkopierer Fernschreiben Fernschreiber

-

Federal Reserve Bank feedback deficiency stockout deficiency deficit shortage miscalculation lack absentee error fault mistake slip lapse compensating error bias malfunction debugging margin of error(s) debugging automated error correction troubleshooting deadfreight underweight miscalculation shortage stockout ullage waste circulation statutory holiday legal holiday bank holiday public holiday haggling fineness hallmark field research field research window envelope window banner plate glass insurance vacation holiday insurance national call trunk call telefax telex teleprinter

1525

Fernschreiber Fernseh- und Rundfunkfinanzierung, Übernahme durch NichtWerbeträger Fernseh-/Radiosendung, kurze Absage am Ende Fernsehausstrahlung Fernseheinschaltquote Fernseheinschaltquote Fernsehprogramm Fernsehprogramm mit Geschenken/Preisen Fernsehsendung Fernsehzuschauer/in Fernsprechamt Fernsprechamt Fernsprechauskunft Fernsprechgebühr (USA) Fernsprechgebühren Fernunterricht Fertigerzeugnisse Fertigfabrikate Fertiggericht Fertiggerichte Fertigkeit Fertigkeit Fertigmahlzeiten, Lieferung von Fertigprodukt Fertigprodukt Fertigstellung Fertigstellungsbescheinigung Fertigung Fertigung Fertigung, computergesteuerte/ rechnergestützte Fertigungsabteilung Fertigungsauftrag Fertigungsauftrag Fertigungseinheit Fertigungsgemeinkosten Fertigungskosten Fertigungskosten Fertigungslohn Fertigungslohn Fertigungsplanung Fertigungspotential Fertigungsstätte Fertigungsstätte Fertigungsstraße Fertigungsverfahren Fertigungswirtschaft Fertigware

-

telex underwriting tag Screening television rating viewer rating show giveaway show viewer exchange telephone exchange directory inquiries toll telephone rates distance learning finished goods finished goods instant convenience goods proficiency workmanship catering final product readymade completion certificate of manufacture manufacturing production computer aided manufacturing production department manufacturing order shop order unit of production factory overheads cost(s) of production manufacturing cost(s) direct labo(u)r productive labo(u)r production planning productive potential factory production plant production line process manufacturing industry readymade

1526 Fest fest Festangebot Festauftrag Festbankett Festessen Festgeld Festgeld Festgeld Festgeld (USA) Festgeldanlage Festgeldeinlage festigen, sich (Bö) Festival Festkursplazierung (Bö) Festpreis Festrente Festsetzung der Laufzeit Festsetzung des Goldpreises Festsetzung des Werbeetats, über den Daumen gepeilt Festspiele Festtag Festverzinsliche Festwertversicherung Festzinskredit Festzinssatz Fettdruck Feuerversicherung Fifo-Methode Fifty-Fifty-Plan Filialbanksystem Filiale Filialgeschäft Filialkette Filialleiter/in Fill or Kill (Bö) Film Filmvorführung Financial Times Financial-Times-Aktienindex ( G B ) Finanz- und Rechnungswesen, Leiter/in des Finanz- und Wirtschaftszeitung ( G B ) Finanz-Boutique Finanzamt Finanzamt Finanzausgleich, vertikaler Finanzausweis Finanzbeamter/-beamtin

-

festival firm firm offer firm order testimonial banquet fixed deposit fixed term deposit term deposit time deposit fixed term deposit fixed deposit firm festival bought deal firm price fixed annuity dating gold fixing arbitrary method festival festival fixed interest securities agreed value insurance fixed rate loan fixed interest (rate) boldface fire insurance first in, first-out fifty-fifty (50 : 50) plan branch banking branch chain store chain store branch manager fill or kill (order) show screening Financial Times F T Index controller Financial Times boutique revenue office taxman revenue sharing statement tax inspector

Finanzbeamter/-beamtin Finanzbehörde Finanzbuchhaltung Finanzdefizit der öffentlichen Hand Finanzdirektor/in Finanzdokument Finanzen, öffentliche Finanzexperte/-expertin Finanzhedging Finanzhilfe Finanzhilfe Finanzierun(smethode), unorthodoxe Finanzierung Finanzierung Finanzierung durch Staatsverschuldung Finanzierung durch Staatsverschuldung Finanzierung vor Versand (der Ware) Finanzierung(smethode) Finanzierung(smittel), langfristige Finanzierung, regreßlose Finanzierungs-Leasing Finanzierungsbetrag Finanzierungsdeflzit Finanzierungsgesellschaft Finanzierungsgesellschaft, Internationale Finanzierungsinstitut Finanzierungsinstitut ( G B ) Finanzierungsinstrument Finanzierungsinstrument Finanzinstitut, das nur Auslandsgeschäft abwicklen darf (USA) Finanzinstitut, intermediares Finanzkauf ( G B ) Finanzlage Finanzlage Finanzleiter/in Finanzmanagement Finanzmarkt Finanzmärkte Finanzminister/in ( G B ) Finanzminister/in (Australien) Finanzministerium ( G B ) Finanzministerium ( G B ) Finanzministerium, Anweisung des ... an die Banken ( G B ) Finanzmittel Finanzmittler Finanzpapier Finanzpapier

1527

-

taxman tax authority financial accounting public sector financial deficit treasurer financial document public finance financier financial hedge financial aid grant-in-aid creative financing finance financing deficit financing deficit spending preshipment finance creative financing long term finance nonrecourse financing finance lease amount financed financial deficit finance corporation International Finance Corporation secondary bank finance house financial document financial instrument Edge Act corporation financial intermediary hire purchase financial position status treasurer financial management finance market financial markets Chancellor of the Exchequer treasurer Exchequer Treasury Treasury directive finance financial intermediary financial document financial instrument

Finanzplan Finanzplan (eines Unternehmens) Finanzplanung Finanzplatz Finanzpolitik, antizyklische Finanzpolitik, konjunkturorientierte Finanzrisikoversicherung Finanzstatus Finanzstatus Finanzstatus (RW) Finanzsteuer Finanzstruktur Finanztermingeschäft/e Finanzterminkontrakt Finanztitel Finanztitel, Terminhandel mit Finanzwechsel Finanzwechsel Finanzwesen Finanzwirtschaft, öffentliche Finanzwissenschaft Finanzwissenschaft Finanzzentrum Finanzzoll Fingerhut Finnmark Firma Firma Firma (in der Adresse) Firma (in der Adresse) Firma, eingetragene Firmengründer/in Firmengründung Firmengruppe Firmenimagewerbung Firmenkundengeschäft (BaW) Firmenname Firmenname Firmenname Firmenname Firmenname Firmennormen Firmenreferenz Firmenregister Firmenschild Firmensitz Firmensitz Firmenübernahme Firmenübernahme Firmenübernahme

1528

-

cash budget budget financial management financial center countercyclical fiscal policy active fiscal policy pecuniary insurance financial position statement financial statement revenue tax financial structure financial futures financial futures contract financial instrument financial futures accommodation bill finance bill finance public finance finance public finance financial center revenue duty finger cone mark business firm Mesdames Messieurs registered company promoter launch group corporate (image) advertising wholesale banking business name company name firm name legal name tradename group norms trade reference register of companies facia domicil(e) registered office absorption acquisition takeover

—

Firmenübernahme durch Fremdfínanzierung Firmenübernahme, feindliche/ unfreundliche Firmenübernahme, freundliche Firmenverzeichnis Firmenvorstand Firmenvorstand Firmenwagen Firmenwert (immaterieller) Firmenzeichen Fisher-Effekt Fishersche (Verkehrs)Gleichung Fishersche (Verkehrs)Gleichung Fiskalist Fiskalpolitik Fiskalpolitik, aktive Fiskalpolitik, antizyklische Fiskalpolitik, diskretionäre Fiskalpolitik, kompensatorische Fiskalzoll Fixauftrag Fixkosten Fixkosten Fixkosten, durchschnittliche Fixpunkt Flächenaufteilung Flagge, billige Flaggen, unterschiedliche Behandlung von (im Schiffsverkehr) Flaggendiskriminierung Flaschenkasten Flaute Flaute Flaute Flaute Flexibilität Fließband Fließband Fließbandfertigung Fließbandmontage Fließbandproduktion Fließbandproduktion Fließfertigung Fließfertigung Floaten Floaten (von Wechselkursen) Floaten, gemanagtes Floaten, sauberes Floaten, schmutziges

1529

-

leveraged buyout hostile takeover friendly takeover trade directory board board of directors company car goodwill tradename Fisher effect equation of exchange Fisher equation fiscalist fiscal policy active fiscal policy countercyclical fiscal policy discretionary fiscal policy compensatory fiscal policy revenue duty firm order fixed charge fixed cost(s) average fixed cost benchmark zoning flag of convenience flag discrimination flag discrimination crate depression downswing slackness of business stagnation flexibility assembly line production line continuous production flow production flow production line production continuous production flow production floating float managed float(ing) clean float(ing) dirty float(ing)

Floaten, schmutziges Floating Flop Floppy (DV) Flotte Flucht aus Bargeld Fluchtgeld Fluchtgeld Flüchtigkeitsfehler Fluchtkapital Fluchtkapital Flugblatt Flugblatt Flugblatt Fluggesellschaft Flughafen, frei/FOB Flughafenabfertigungsgebäude Flughafenhotel Flughafenzubringerstation Flugplan Flugpreis Flugschreiber Flugticket Flugverkehr Flugzeug Flugzeug Fluktuation Fluktuationsarbeitslosigkeit Fluktuationsarbeitslosigkeit Fluktuationsarbeitslosigkeit Fluß Flußdiagramm Flüssigkeitsverlust Flüssigware Flußtransportversicherung F O B Flughafen Folge Folge, arithmetische Folge, geometrische Folgemarkt Folgerückversicherung Folgeschaden Folgeschadenversicherung Folgeschädenversicherung Folie Folioblatt (einmal gefalteter Druckbogen) Foliospalte Fonds Fondsanteil

1530

-

managed float(ing) floating flop floppy disk/disc fleet flight from cash hot money refugee capital slip capital movements flight capital giveaway handbill leaflet carrier free on board at airport air terminal airtel air terminal schedule fare black box ticket air traffic craft ship fluctuation casual unemployment frictional unemployment transitional unemployment flow flowchart ullage wet goods inland marine insurance free on board at airport sequence arithmetic progression geometric progression aftermarket retrocession indirect damage consequential loss insurance loss of profits insurance foil folio folio fund unit

1531 Fondsverwaltung Förderalisierung Förderation Förderband Förderer Förderer/Förderin Fördergebiet Fördergebiet Fördergebiet Forderung Forderung Forderung(srecht) Forderung, beitreibbare Forderung, bevorrechtigte Forderung, gesicherte Forderung, nicht bevorrechtigte Forderung, uneinbringliche Forderung, verpfändete Forderung, vom Schuldner bestätigte Forderung/en Forderungen Forderungen (aus Lieferungen und Leistungen) Forderungen aus Lieferungen und Leistungen Forderungen, Ankauf (und Bevorschussung) von Forderungen, Ankauf und Bevorschussung von Forderungen, ausstehende Forderungen, ausstehende Forderungen, dubiose/zweifelhafte Forderungen, Einziehung von Forderungsabschreibung Forderungsabtretung Forderungsberechtigte/r Forderungsberechtigte/r Forderungseinzug Forderungserlaß Forderungsinkasso Forderungsnachweis Forderungsübergang Forderungsiibernehmer/in Forderungsiibernehmer/in Forderungsverkauf Forderungsverzicht Forfaitierung Format Formbrief Formkarte

money management federation federation conveyor patron sponsor development area enterprise zone special development area claim demand chose in action recoverable debt prior charge secured debt ordinary debt bad debt assigned account account stated account(s) receivable receivables book debts trade debtors factoring debt factoring arrears outstanding debts doubtful debts debt collection writeoff assignment of debt claimant debtee debt collection release debt collection proof of claim subrogation assignee cessionary factoring release forfaiting format form letter form card

Formular Formularvertrag Forschung und Entwicklung (F&E) Fort Knox (USA) Fortbildung Fortbildungszentrum (GB) fortgeschritten Fortschritt, technischer Fortsetzungsblatt (Schriftverkehr) Fortsetzungsklausel (Vers) Fracht Fracht Fracht bezahlt Fracht bezahlt Empfanger Fracht gegen/per Nachnahme Fracht vorausbezahlt Fracht zahlbar am Bestimmungsort Fracht zahlt Empfänger Fracht(gut) Fracht(rate) Fracht(raten)unterbietung Fracht, nicht verladene Frachtbenachrichtigung Frachtbrief Frachtbrief Frachtbrief Frachtbrief (Bahn) Frachtbrief (FB) Frachtbrief (Straßentransport) Frachtbrief ohne Einschränkungen Frachtbrief ohne Vorbehalte Frachtbrief, verklausulierter Frachteingangsbenachrichtigung Frachtenbörse Frachter Frachter Frachtflugzeug Frachtflugzeug Frachtflugzeug frachtfrei frachtfrei frachtfrei frachtfrei (bis) Grenze frachtfrei (Incoterm) frachtfrei versichert (Incoterm) Frachtfreigabebescheinigung Frachtfiiher, Risiko des Frachtführer Frachtführer, privater Frachtgebühren

1532

-

form standard form contract research and development Fort Knox further education skillcenter forward technical progress continuation sheet continuation clause freight load carriage paid freight forward freight forward freight prepaid freight forward carriage forward cargo rate rate cutting shutouts arrival notification form (ANF) clean bill of lading consignment note waybill bill bill of lading road waybill clean bill of lading clean bill of lading claused bill of lading arrival notification form (ANF) freight market cargo ship freighter airfreighter cargo plane freighter carriage free carriage paid freight prepaid carriage paid to frontier carriage paid to carriage and insurance paid to freight release carrier's risk carrier private carrier freight charges

Frachtgut, nicht-containerfähiges Frachtgut, Wertzuschlag (für erhöhte Haftung) Frachtkahn Frachtkontrolleur/in Frachtkosten Frachtkosten Frachtkosten Frachtkosten (Bahn/LKW) Frachtkostenversicherung Frachtliste Frachtmarkt Frachtrate, offene Frachtraten (nach den Bedingungen des Linienverkehrs) Frachtraum Frachtraum (Schiff) Frachtrechnung Frachtschiff Frachtschiff Frachttarif Frachtversicherung Frachtversicherung Frachtvertrag Frachtvertrag Frachtvorauszahlung Frage Frage, strukturierte Fragebogen Fragebogen Fragebogen zum Selbstausfüllen Fragebogen, schriftlicher Fragebogen, strukturierter Franchise Franchiseklausel (Vers) Franchising (Art von Filialsystem) Frankfurter Inter-Banken Angebotssatz (FIBOR) Frankiermaschine frankiert franko franko franko Frau, sehr geehrte/gnädige frei frei (auf) Kai frei an Bord (Incoterm FOB) frei an Bord und gestaut (Lieferklausel) frei Flughafen frei Frachtführer (Incoterm FCA)

1533

-

noncontainerizable cargo valuation charge barge tallyman carriage freight freight charges truckage freight insurance manifest freight market open rate liner rates space tonnage freight note cargo ship freighter freight rate cargo insurance freight insurance contract of affreightment freight contract advance freight query structured question aide-memoire questionnaire self completion questionnaire self completion questionnaire structured questionnaire franchise franchise clause franchising FIBOR franking machine postpaid carriage free charges prepaid franco Madam franco free on quay free on board free on board stowed free on board at airport free carrier

frei Geschäft frei Haus frei Laden frei Längsseite Seeschiff (Incoterm FAS) frei von frei/franko Waggon Freiberufler/in Freibetrag Freibetrag Freibetrag, persönlicher (Steuerrecht) freibleibend Freigabe von Wechselkursen freigemacht Freihafen Freihandel Freihandelsabkommen, nordamerikanisches (NAFTA) Freihandelsgebiet Freihandelsgemeinschaft Freihandelszone Freihandelszone, Europäische Freiheit, wirtschaftliche Freijahre Freilager (AuW) Freispruch Freistellung des Gemeinschuldners Freistempelung Freistempler Freitag, schwarzer Freiteilklausel (Vers) Freiumschlag Freiumschlag Freiumschlag, adressierter Freiverkehr (Bö) Freiverkehr (Bö) Freiverkehr (Bö) Freiverkehr (Bö) Freiverkehr, geregelter Freiverkehr, geregelter ( G B ) Freiverkehr, ungeregelter (Bö) Freiverkehrsbörse Freiverkehrsbörse ( G B ) Freiverkehrskurs (Bö) Freiverkehrswert (Bö) Freizeichnung, anteilsmäßige (Vers) Freizeichnungsklausel (Vers) Fremdarbeiter/in Fremdenfeindlichkeit Fremdenverkehr Fremdfinanzierung

1534

-

free in store ( F I S ) franco domicile free in store ( F I S ) free alongside ship exempt free on rail / free on truck freelancer allowable deduction exemption personal allowance without engagement floating postpaid free port free trade North American Free Trade Agreement (NAFTA) free trade area free trade association free trade area European Free Trade Association economic freedom grace period bonded warehouse acquittal discharge of/in bankruptcy franking franking machine Black Friday franchise clause business reply envelope reply paid envelope stamped addressed envelope kerb market off board market over the counter (market) street market unlisted sécurités market Alternative Investment Market third market unlisted sécurités market Alternative Investment Market wholesale price unlisted security prorata average average clause guestworker xenophobia tourism debt financing

Fremdfìnanzierung Fremdkapital Fremdkapital Fremdkapital Fremdkapital (langfristiges) Fremdkapitalmarkt Fremdmittel Fremdmittel, Aufnahme von Fremdwährung Fremdwährung, Umrechnung von Fremdwährungsanleihe Fremdwährungsanleihe Fremdwährungskonto Fremdwährungskonto Fremdwährungskredit Fremdwährungsrisiko Fremdwährungsrisiko Fremdwährungswechsel Freßviertel Freundschaftsvertrag Frischhaltedatum Frist Frist für Barzahlung Fristablauf Fristigkeit Fristverlängerung Front, vorderste Friihdispositionsrabatt früher Frühindikator Frühindikator Frühindikator, wirtschaftlicher Frustration FT-All (Aktienindex der Financial Times) (GB) Führer Führer/in Führer/in des Aktien-/Aktionärsregisters Fuhrlohn Fuhrpark Fuhrparktarif Führung Führung Führungsebene, mittlere Führungshierarchie Führungskraft Führungskraft Führungs kraft Führungskräfte, Jagd auf/Suche nach Führungskräfte, obere

1535

-

external financing borrowed capital debt capital external debt(s) loan capital debt market borrowed capital borrowing foreign currency foreign currency translation currency bond foreign bond currency account foreign currency account foreign currency loan foreign currency exposure foreign exchange risk foreign bill (of exchange) food court sweetheart contract pull date time limit discount period lapse of time maturity extension leading edge early order discount ex leader leading indicator leading economic indicator frustration F T All Share Index leader guide registrar truckage fleet fleet rating leadership management middle management line of command executive manager/manageress officer headhunt(ing) top management

Fiihrungsqualitäten Führungsspitze Führungsstil Führungsstil Führungsstil, diktatorischer Führungsstil, laissez-faire Führungsstil, partizipativer Führungszeugnis Fuhrunternehmer Fuhrunternehmer Fuhrunternehmer Fuhrunternehmer/in Fundbüro Fundierung Fünfer-Gruppe (G 5) 50-50-Plan Fungibilien Funkkolleg Funktion (Math) Funktion (PW) Funktionsrabatt Funktionsstörung Fürsorge (soziale) Fusion Fusion Fusion unter Gleichen Fusion(ierung) Fusion, vertikale Fusionen und Akquisitionen Fusionen und Übernahmen Fuß Fußgängerzone (GB) Fußnote Fußnote

1536

-

management skills top management leadership style management style dictatorial leadership laissez faire/laisser-faire participative leadership testimonial carter haulier road haulier haulage contractor lost and found office funding Group of Five (G 5) fifty-fifty (50 : 50) plan fungibles university of the air function capacity functional discount malfunction welfare consolidation merger merger of equals amalgamation vertical merger mergers and acquisitions mergers and acquisitions foot pedestrian precinct footnote note

G Gabelstapler Gallone Ganztagsbeschäftigung Garant Garantie Garantie Garantie Garantie Garantie Garantie für die Vertragserfüllung Garantie(erklärung) Garantie, bedingte Garantieakkreditiv (AuW)

forklift (truck) gallon full time work guarantor bond guarantee security surety warrant contract guarantee warranty conditional bond standby credit

-

Garantieakkreditiv (AuW) Garantieempfanger/in Garantieerklärung Garantieerklärung (AuW) Garantiefonds Garantiegeber/in Garantiegeber/in Garantielohn Garantiesumme Garantievertreter/in Garant/in Garderobe Garderobenfrau Garderobenschein Gast Gast(geber)Iand Gastarbeiter/in Gastarbeiter/in Gastfreundschaft Gattung Gattungsbezeichnung Gattungskauf Gattungsname Gattungssachen Gattungsware Gauß'sche Normalverteilung Gebäudeversicherung Geber/in Geberland Gebiet Gebiet Gebiet mit hoher Arbeitslosigkeit Gebiet, notleidendes Gebietsfremde/r Gebietsleiter/in Gebot Gebot, erstes (Versteigerung) Gebot, letztes Gebrauchsanweisung Gebrauchsfähigkeit Gebrauchsgüter Gebrauchsgüter Gebrauchsgüter Gebrauchsgüter Gebrauchsgüter (langlebige) Gebrauchsmuster, eingetragenes Gebrauchswert Gebrauchswert Gebrauchtwarenhändler/in Gebühr

1537

-

standby letter of credit warrantee guarantee bond guarantee fund guarantor surety guaranteed minimum wage retention del credere agent warrantor checkroom checker check patron host country guestworker migrant hospitality species generic term sale by description generic term unacertained goods unacertained goods normal (Gaussian) distribution buildings insurance donor donor country field zone distressed area depressed area nonresident territory manager bid opening bid closing bid directions for use performance consumer durables consumer goods shopping goods utility goods durables registered design value value in use secondhand dealer benefit tax

- 1538 Gebühr Gebühr Gebühr Gebühr Gebühr Gebühr bezahlt Empfänger Gebühr bezahlt Empfänger Gebühr für vorzeitige Tilgung Gebühren Gebühren Gebühren Gebühren, sonstige Gebührenanzeiger gebührenfrei gebührenfrei Gebührenrechnung Geburtenrate Geburtsort Geburtsurkunde Gefahr Gefahr Gefahr Gefährdungshaftung Gefährdungshaftung Gefahren, gegen alle (Vers) Gefahrenübergang Gefahrenzulage Gefahrgut Gefahrgut Gefälligkeit Gefälligkeitsflagge Gefälligkeitskonnossement Gefälligkeitspolice (Vers) Gefälligkeitswechsel Gefälligkeitswechsel Gefälligkeitswechsel Gefälligkeitswechsel Gefeilsche gegen jemanden stimmen Gegen(lieferungs)geschäft (AuW) Gegenakkreditiv Gegenangebot Gegenanspruch Gegenauslese Gegenbuchung (RW) Gegenbuchung, Verweis auf Gegenforderung Gegengebot Gegengeschäft, langfristiges (AuW) Gegenkonto(spalte)

-

charge fee load loading tax charges forward freepost prepayment penalty dues tariff terms miscellaneous charges call charge indicator charges prepaid freepost bill of charges birth rate birthplace birth certificate hazard peril risk absolute liability strict liability against all risks passing of risk danger money dangerous goods hazardous cargo service flag of convenience accommodation bill of lading hono(u)r policy accommodation bill fictitious bill kite windbill haggling black ball(ing) counterpurchase countervailing credit counter offer counterclaim adverse selection offset cross reference counterclaim counter offer buyback deal folio

Gegenleistung Gegenleistung, geldwerte Gegenmacht Gegenofferte Gegenposten ( R W ) Gegenseitigkeit Gegenseitigkeit des Vertrages Gegenseitigkeitsabkommen Gegenstand des Anlagevermögens Gegenstand, in Zahlung gegebener Gegenstand, versicherter Gegenstand, versicherter Gegenstände, persönliche Gegenstück Gegenüber Gegenwartsbarwert Gegenwartswert Gegenwartswert Gegenwert (Bö) Gegenzeichnung Gegner/in Gehalt Gehalt Gehalt Gehaltsabrechnung Gehaltsabzüge Gehaltsabzüge Gehaltsabzüge, freiwillige Gehaltsgruppe Gehaltsliste Gehaltsscheck Gehaltsskala Gehaltssteigerung, leistungsbezogene Gehaltsstreifen Gehaltsstufe Gehaltsvorauszahlung Gehaltsvorschuß Gehaltszahltag Gehaltszulage Geheimhaltungsabkommen Gehilfe Gehilfin Gelbe Seiten Geld Geld (Bö) Geld (Bö) Geld (Bö) Geld als Wertaufbewahrungsmittel Geld auf Abruf Geld ohne Deckung

1539

-

consideration valuable consideration countervailing power counter offer offset reciprocity mutuality of contract reciprocal contract fixed asset trade-in risk subject matter of insurance personal effects counterpart counterpart actual cash value discounted value present value consideration countersignature opponent earnings remuneration salary payslip payroll deductions salary deductions voluntary deductions salary scale payroll paycheck/ pay cheque salary scale merit increase payslip pay grade advance pay advance payday bonus pay secrecy agreement assistant assistant Yellow Pages money bid bid price demand price store of value money at call fìat money

—

Geld und Brief (Bö) Geld, aktives/arbeitendes Geld, billiges Geld, brachliegendes Geld, brachliegendes Geld, gehortetes zirkulieren lassen Geld, gestohlenes Geld, heißes/vagabundierendes Geld, heißes/vagabundierendes Geld, im Tresor lagerndes Geld, investiertes und schnell flüssig zu machendes Geld, knappes/teures Geld, täglich falliges Geld, täglich fälliges Geld, täglich fälliges Geld, tägliches Geld, tägliches Geld, teures Geld- und Briefkurs Geld- und Kreditpolitik Geld- und Kredittheorie Geld/er, kurzfristig kündbare/s Geldabhebung Geldabhebung Geldabhebung Geldangebot Geldangebot Geldanlage über Banken oder sonstige Finanzinstitute Geldanlage, langfristige Geldanweisung, internationale Geldanweisung, internationale Geldanweisung, telegraphische Geldausgabe/n Geldausgabeautomat Geldausgänge Geldautomat Geldautomat Geldautomat Geldautomat Geldautomatenkarte Geldbasis Geldbasis Geldbesitz Geldbeträge Gelddeckung ( B a W ) Geldeigenschaften Geldeinkommen Geldeinwurf (Automat)

1540

-

bid and asked active money cheap money idle money unemployed funds dishoarding hot money hot money refugee capital vault cash quick money tight money day loan day to day money money at call call money overnight money dear money two way price monetary policy monetary theory money at short notice draft drawing withdrawal money supply supply of money intermediation capital investment foreign money order international money order telegraphic money order expense/s cash dispenser outgoings automated teller machine cash dispenser cashpoint servicetill cash card cash base monetary base money monies cover qualities of money money income slot

—

Geldempfänger/in Gelder Gelder Gelder freigeben Gelder, ausstehende Gelder, flüssige Gelder, flüssige Gelder, zweckgebundene Geldfunktionen Geldgeber der letzten Instanz (BaW) Geldgeber/in Geldgeber/in Geldgeber/in Geldgeber/in Geldillusion Geldinflation Geldinstitut, finanziell schwaches/ unzuverlässiges Geldkassette Geldkassette Geldkassette Geldkuh Geldkurs (Bö) Geldkurs (Bö) Geldkurs (Bö) Geldkurs (Bö) Geldkurs, vom Käufer gebotener (Bö) Geldlohn Geldmarkt Geldmarkt, Londoner Geldmarkt, Steuerung des Geldmarktpapier Geldmarktpapier, kurzfristiges Geldmarktpapier, kurzfristiges Geldmarktpapier, zweitklassiges Geldmarktsatz Geldmenge Geldmenge Geldmenge M 1 Geldmenge, elastische Geldmengenkontrolle Geldmengensteuerung Geldmengenwachstum Geldmengenziele Geldmittel Geldmittel, brachliegende Geldmittel, umlaufende Geldmittel, verfügbare Geldmittelbewegung Geldnachfrage

1541

-

payee means monies release amounts outstanding cash in/on hand liquid capital earmarked funds functions of money lender of last resort financier lender moneylender sponsor money illusion monetary inflation wildcat bank cash box strongbox till cash cow buying rate bid bid price demand price bid money wage money market Lombard Street control of the money market paper commercial paper floater second class paper money rate money supply supply of money M 1 elastic money supply monetary control monetary control monetary growth monetary targets fund idle balances active money funds flow of funds demand for money

- 1542 Geldpolitik, expansive Geldpolitik, restriktive Geldpolitik, restriktive/ kontraktive Geldsammlung Geldsatz am offenen Markt Geldschein Geldschein Geldschein (USA) Geldschöpfung Geldschöpfung Geldschöpfungsmultiplikator Geldstrafe Geldstrafe Geldstrom Geldstück Geldsubstitut Geldsumme, große Geldsurrogat Geldsurrogat Geldtransportversicherung Geldüberschuß Geldüberweisung Geldüberweisung durch die Post Geldüberweisung, internationale Geldüberweisung, telegraphische Geldumlauf Geldumlauf, gemanagter Geldumlaufgeschwindigkeit Geldumlaufgeschwindigkeit Geldverbindlichkeiten Geldverdiener/in Geldvermögen Geldversorgung der Wirtschaft Geldversorung der Wirtschaft Geldwäsche Geldwechsler/in Geldwechsler/in Geldwert Geldwert Geldwert Geldwert, realer Geldwertstabilität, Sicherung der Gelegenheit Gelegenheitsarbeit Gelegenheitsarbeit Gelegenheitsarbeit Gelegenheitsarbeiter/in Gelegenheitsarbeiter/in Gelegenheitskauf

-

expansionary monetary policy credit control tight monetary policy collection open rate bill note greenback deposit money creation money creation credit creation multiplier fine penalty flow of funds coin near money megabucks near money substitute money cash in transit insurance excess supply of money money transfer postal order international money transfer telegraphic money order money in circulation managed money money velocity velocity of circulation monetary liabilities moneymaker monetary assets supply of money money supply laundering of money changer moneychanger money value value value of money real value of money stabilization policy opportunity casual employment job odd job floater jobber bargain

- 1543 geliefert ab Kai (verzollt) (benannter Bestimmungshafen) (Incoterm) geliefert ab Schiff (benannter Bestimmungshafen) (Incoterm) geliefert Grenze (benannter Lieferort) (Incoterm) geliefert unverzollt (benannter Bestimmungsort) (Incoterm) geliefert verzollt (benannter Bestimmungsort) (Incoterm) Gelieferte, das Geltungskonsum gemäß Gemeindebesteuerung von Pendlern Gemeindegrundsteuern Gemeindesteuer (GB) Gemeingut Gemeinkosten Gemeinkosten Gemeinkosten Gemeinkosten, fixe Gemeinkosten, variable Gemeinkostenumlage Gemeinkostenverrechnung Gemeinnutzen Gemeinschaftsbilanz Gemeinschaftsindossament Gemeinschaftsklage Gemeinschaftskonto Gemeinschaftsmarkt Gemeinschaftspraxis Gemeinschaftspraxis Gemeinschaftsrente Gemeinschaftsunternehmen Gemeinschaftsvertrag Gemeinschaftswerbung Gemeinschuldner, Entlastung des Gemeinschuldner, Freistellung des Gemeinschuldner, nicht entlasteter/ rehabilitierter gemischte (Lebens)Versicherung, deren Gewinnanteile zur Abkürzung der Versicherungsdauer verwendet werden Gemischtwaren Genehmigung Genehmigung Genehmigung Genehmigung Genehmigung

delivered ex quay (duty paid)

delivered ex ship delivered at frontier delivered duty unpaid delivered duty paid delivery conspicuous consumption as per commuter tax rates rate public domain burden indirect cost(s) overhead(s) fixed overhead(s) variable overhead (cost) allocation of overhead(s) allocation of overhead(s) social benefits consolidated balance sheet joint endorsement class action joint account single market partnership professional partnership joint annuity joint venture joint contract cooperative advertising discharge of/in bankruptcy discharge of/in bankruptcy undischarged bankrupt accelerated endowment

general merchandise approval license permit ratification sanction

-

1544

-

concession Genehmigung (behördliche) Genehmigung zur Wareneinlagerung unter landing order Zollverschluß Genehmigungsbescheinigung certificate of approval Generalbevollmächtigte/r universal agent Generaldirektor/in chief executive Generaldirektor/in chief executive officer Generaldirektor/in general manager Generalpolice (Vers) open policy Generalpolice (Vers) blanket coverage Generalpolice (Vers) blanket policy Generalpolice (Vers) floater Generalpolice (Vers) floating policy Generalpolice (Vers) general policy Generalstreik general strike Generalunternehmer/in general contractor Generalvertreter/in general agent Generalvertreter/in universal agent Genösse member agricultural cooperative Genossenschaft, landwirtschaftliche cooperative bank Genossenschaftsbank credit union Genossenschaftsbank member Genossin Gentleman's Agreement gentleman's agreement Gentlemanvereinbarung gentleman's agreement Gepäckabfertigung parcel(s) office Gepäckaufbewahrer checker Gepäckaufbewahrung(sstelle) checkroom Gepäckausgabe (GB) luggage claim Gepäckschein check Geräte equipment Geräteleasing equipment leasing Gerechtigkeit equity Gerechtigkeit fairness Gericht, Nichterscheinen vor default Gerichthof, Internationaler International Court of Justice Gerichtsbefehl warrant Gerichtsbeschluß court order Gerichtsdiener bailiff Gerichtsferien (GB) vacation Gerichtshof, Europäischer European Court of Justice Gerichtskosten legal charges Gerichtsstand venue Gerichtstermin, Ladung zum process Gerichtsurteil judg(e)ment Gerichtsverfahren case Gerichtsverhandlung trial Gerichtsvollzieher bailiff Gerichtswesen judiciary Gesamtabschreibung aggregate depreciation

1545 Gesamtangebot Gesamtangebot Gesamtangebotskurve Gesamtausgaben der Inländer für Güter und Leistungen Gesamtausgaben, volkswirtschafliche Gesamtbelastung, jährliche Gesamtbetrag Gesamteigentum Gesamtgeldbedarf Gesamthaftung Gesamthandschuld Gesamtheit der Passiva Gesamthörerschaft, Prozentsatz der Gesamthypothek Gesamthypothek, besichert durch Schuldverschreibung Gesamtkosten Gesamtkosten Gesamtnachfrage Gesamtnachfrage Gesamtnachfrage Gesamtnachfrage, inländische Gesamtnachfrage, monetäre Gesamtnachfragekurve Gesamtnachfragekurve Gesamtnutzen Gesamtnutzungsdauer Gesamtpreis Gesamtpreis Gesamtproduktion Gesamtproduktion (in Tonnen) Gesamtrechnung, volkswirtschaftliche (VGR) Gesamtschaden Gesamtschaden-Exzedentenversicherung Gesamtschiffsraum Gesamtstaatsverschuldung Gesamtsteueraufkommen Gesamtsumme Gesamtumsatzerlös Gesamtverlust Gesamtvermögen Gesamtverschuldung, staatliche Gesamtversicherung Gesamtversicherung Gesamtversicherung Gesamtversicherungssumme Gesamtzahl der abgegebenen Stimmen Gesandtschaft

aggregate supply composite supply aggregate supply curve absorption national expenditure annual percentage rate total joint ownership aggregate monetary demand joint and several liability joint liability equities share of audience blanket mortgage blanket bond all in cost total cost(s) aggregate demand composite demand market demand absorption aggregate monetary demand aggregate demand curve market demand curve total utility physical life all in price total price aggregate production tonnage social accounting total loss stop loss insurance tonnage gross national debt total revenue total total revenue total loss total assets national debt all risk insurance comprehensive cover(age) global policy aggregate liability ballot legation

-

1546

Geschädigte/r Geschäft Geschäft Geschäft Geschäft Geschäft (kleines) Geschäft (USA) Geschäft (USA) Geschäft auf Gegenseitigkeit Geschäft unter Freunden Geschäft(sabschluß) Geschäft, faires Geschäft, frei Geschäft, gewinnbringendes/lohnendes Geschäft, schlechtes Geschäft, sittenwidriges/unredliches/ unsittliches Geschäfte, laufende Geschäftemacher/in Geschäftemacher/in Geschäftemacher/in Geschäftsabschluß Geschäftsabschluß ohne Gewinn u. Verlust Geschäftsadresse Geschäftsanschrift Geschäftsanteil Geschäftsaufgabe Geschäftsaufgabe, Verkauf wegen Geschäftsausstattung Geschäftsbank Geschäftsbank ( G B ) Geschäftsbedingungen, allgemeine ( A G B ) Geschäftsbereich Geschäftsbereich Geschäftsbereich Geschäftsbericht Geschäftsbericht Geschäftsbesorgungsvertrag Geschäftsbesuch Geschäftsbeziehung Geschäftsbrief Geschäftsbücher Geschäftsbücher Geschäftsbuchhaltung Geschäftsdokumente Geschäftseinlage Geschäftsfähigkeit Geschäftsfähigkeit Geschäftsfähigkeit Geschäftsflaute

-

injured party bargain business deal transaction shop store trade reciprocity sweetheart contract business transaction fair deal free in store ( F I S ) paying business bad bargain unconscionable bargain current transactions profiteer racketeer wheeler commercial transaction breakeven business address business address share closure forced sale equipment commercial bank joint stock bank general terms and conditions department portfolio unit annual report directors' report contract of/for service business call account business letter account books account books financial accounting business documents capital investment capacity competence contractual capacity slackness of business

1547 Geschäftsfreund (ausländischer) Geschäftsführer/in Geschäftsführer/in Geschäftsführer/in Geschäftsführer/in Geschäftsführer/in Geschäftsführer/in, ehrenamtliche/r Geschäftsgebaren, ehrliches, redliches Geschäftsgeheimnis Geschäftsjahr Geschäftskapital Geschäftskarte Geschäftskosten, feste Geschäftsleitung Geschäftsmann/-frau Geschäftsmann/-frau, gerissene/r Geschäftsordnung Geschäftspolitik Geschäftspolitik Geschäftspraktiken, restriktive Geschäftsregister Geschäftsrisiko Geschäftsrückgang Geschäftsschluß Geschäftsstelle Geschäftsstellenleiter/in Geschäftsstraße (USA) Geschäftsstrategie Geschäftstrend Geschäftsübernahme Geschäftsumschlag Geschäftsunfähigkeit Geschäftsunfähigkeit Geschäftsviertel Geschäftsviertel (GB) Geschäftsvorfall Geschäftsvorfall (RW) Geschäftsvorfall (RW) Geschäftswert (immaterieller) Geschäftszeichen Geschäftszeichen Geschäftszeit/en Geschäftszeit/en Geschäftszeit/en Geschäftszeit/en einer Bank Geschäftszentrum Geschäftszimmer Geschäftszweig Geschenk Geschenkgutschein

-

correspondent director executive general manager managing director runner honorary secretary clean hands trade secret financial year share capital business card fixed charge management trader wheeler standing order business policy company policy restrictive business practices register of companies corporate risk recession closing time office branch manager shopping mall business strategy economic trend takeover business envelope contractual incapacity disability trading estate shopping precinct accounting event business transaction transaction goodwill reference reference number business hours office hours working hours banking hours shopping center office business gift gift voucher

1548 Geschicklichkeit Geschwindigkeit Geschworenengericht Geselle Gesellschaft Gesellschaft mit beschränkter Gesellschafterzahl Gesellschaft mit beschränkter Haftung (GmbH) (GB) Gesellschaft mit beschränkter Haftung, GmbH Gesellschaft mit beschränkter Haftung, GmbH (USA) Gesellschaft mit beschränkter Haftung, GmbH (GB und Aus) Gesellschaft mit beschränkter Haftung, GmbH (GB) Gesellschaft mit beschränkter Haftung, GmbH (Australien) Gesellschaft mit unbeschränkter Haftung, GmbH Gesellschaft, auf-/übernehmende Gesellschaft, auf-/iibernehmende Gesellschaft, aufgelöste/erloschene (aus Handelsregister gestrichene) Gesellschaft, ausländische Gesellschaft, bargeldlose Gesellschaft, eingetragene Gesellschaft, eingetragener Sitz einer Gesellschaft, Gründer/in einer Gesellschaft, Gründung einer Gesellschaft, nachindustrielle Gesellschaft, transnationale Gesellschaft, verbundene Gesellschaften, Liste der 5 0 0 größten in den USA Gesellschafter/in Gesellschafter/in Gesellschafter/in Gesellschafter/in einer GmbH Gesellschafter/in, aktive/r Gesellschafter/in, geschäftsführende/r Gesellschafter/in, geschäftsführende/r Gesellschafter/in, inaktive/r, passive/r, stille/r Gesellschafter/in, inaktive/r, stille/r, passive/r Gesellschafter/in, nachschußpflichtige/r Gesellschafter/in, persönlich (unbeschränkt) haftende/r

-

workmanship rate jury journeyman company close company limited liability company proprietary company incorporated company private company private limited company proprietary limited company unlimited company acquirer/acquirer acquiring company defunct company foreign corporation cashless society registered company registered office floater flo(a)tation postindustrial society transnational corporation associated company Fortune 500 member participator partner shareholder working partner acting partner active partner sleeping partner silent partner contributory general partner

- 1549 Gesellschafter/in, stille/r Gesellschafter/in, stille/r Gesellschafterkapital Gesellschafterversammlung Gesellschaftsanteilsübertragung bei der GmbH Gesellschaftsauflösung Gesellschaftsgründung Gesellschaftskapital Gesellschaftskapital Gesellschaftsordnung Gesellschaftsregister Gesellschaftssystem Gesellschaftsversammlung Gesellschaftsvertrag Gesellschaftsvertrag (einer Personengesellschaft) Gesellschaftsvertrag (Innenverhältnis) Gesellschaftsvertrag (OHG, KG) Gesellschaftswerte Gesetz Gesetz Gesetz der steigenden (Grenz)Erträge Gesetz des komparativen Vorteils Gesetz des komparativen Vorteils Gesetz gegen Gefahren für Verbraucher (GB) Gesetz gegen Unfallgefahren für Verbraucher (GB) Gesetz gegen Wettbewerbsbeschränkungen (UWG) (GB) Gesetz über wahrheitsgemäße Angaben auf Waren und Verpackung (GB) Gesetz über Warenbeschreibung (GB) Gesetz vom abnehmenden Ertrag Gesetz vom abnehmenden Ertrag Gesetz vom abnehmenden Grenznutzen Gesetz von Angebot und Nachfrage Gesetz, bestehendes, aber nicht angewandtes Gesetz, Greshamsches Gesetz, ökonomisches Gesetzblatt Gesetze gegen die Aufhebung der Sonntagsruhe Gesetze über den Warenverkauf (GB) Gesetze, Gossensche Gesetzentwurf Gesetzesbrecher/in Gesetzesrecht

dormant partner secret partner partnership capital company meeting share transfer winding up incorporation partnership capital share capital social system register of companies social system company meeting partnership agreement deed of partnership articles of association articles of partnership social values law statute law of increasing returns law of comparative advantage theory of comparative advantage Consumer Safety Act Consumer Safety Act Fair Trading Act Trade Description Act Trade Description Act diminishing returns (law of) law of diminishing returns law of diminishing marginal utility law of supply and demand dead letter Gresham's Law economic law gazette blue laws Sale of Goods Acts Gossen's laws bill law breaker statute law

-

1550

Gesetzesvorlage Gesetzesvorlage ( G B ) Gesetzmäßigkeit gesetzwidrig Gesichtspunkt gesperrt Gespräche zwischen Arbeitgebern und Gewerkschaften Gestaltung Geständnis Gestell Gestell Gesundheits- und Sozialministerium ( G B ) Gesundheitsattest ohne Einschränkungen Gesundheitsattest, negatives Gesundheitsdienst, staatlicher ( G B ) Gesundheitsdienst, staatlicher (USA) Gesundheitspaß Gesundheitspaß Gesundheitspaß Gesundheitspaß Gesundheitsversicherung Gesundheitszeugnis Gesundheitszeugnis Gesundheitszeugnis Gesundschrumpfung Gewähr, ohne Gewähr, ohne gewähren Gewährleistung Gewährleistung Gewährleistung Gewährleistungsausschluß Gewährleistungspflicht des Verkäufers Gewährung gegenseitig gleicher Bedingung im Außenhandel Gewalt Gewalt, höhere Gewalt, höhere Gewaltenteilung Gewebe Gewerbebank Gewerbefreiheit Gewerbegebiet Gewerbegebiet Gewerbegenehmigung Gewerbepark Gewerbeschein Gewerbesteuer Gewerkschaft

-

bill White Paper law illegal point frozen joint consultation design admission rack shelf Department of Health and Social Security clean bill of health dirty bill National Health Service Medicare bill bill of health certifícate of health health certifícate health insurance bill of health certificate of health health certificate shakeout without engagement without recourse grant guarantee guaranty warranty caveat emptor caveat vendor fair trade governance act of God force majeure separation of powers material industrial bank economic freedom commercial district trading estate trading certificate business park trading certificate trade tax

- 1551 Gewerkschaft (GB) Gewerkschaft (USA) Gewerkschaft mit begrenzter Mitgliederzahl/mit Mitgliedersperre Gewerkschaft ohne Mitgliedssperre Gewerkschaft, allgemeine Gewerkschaft, gelbe Gewerkschaftsauseinandersetzung Gewerkschaftsbeitrag Gewerkschaftsbeitrag Gewerkschaftsbeiträge Gewerkschaftsbeiträge Gewerkschaftsbeiträge Gewerkschaftsdachverband (USA) Gewerkschaftsdachverband, TUC (GB) Gewerkschaftsfunktionär/in Gewerkschaftssatzung, jemand der gegen ... verstößt Gewerkschaftsverband (USA) Gewerkschaftsverband, amerikanischer Gewichtsbescheinigung Gewichtsbescheinigung Gewichtsliste Gewinn Gewinn Gewinn Gewinn Gewinn Gewinn Gewinn Gewinn Gewinn Gewinn eines Jobbers (Bö, GB) Gewinn je/pro Aktie Gewinn nach Steuern Gewinn nach Steuern Gewinn vor Steuern Gewinn vor Steuern Gewinn, ausgeschütteter Gewinn, ausschüttungsfähiger/ verteilungsfähiger Gewinn, einbehaltener/reinvestierter (US Gewinn, imaginärer Gewinn, imaginärer Gewinn, kapitalertragssteuerpflichtiger Gewinn, mit... arbeiten Gewinn, nicht realisierter Gewinn, nicht realisierter Gewinn, nicht realisierter Gewinn, realisierter

trade union labor union closed union open union general union company union trade dispute contribution subscription dues trade union dues union dues Congress of Industrial Organizations Trades Union Congress organizer/organiser blackleg national union American Federation of Labor certificate of weight weight note weight list earnings gain income prize profit surplus usance win yield jobber's turn earnings per share after tax profit profit after tax pretax profit profit before tax distributed profit distributable profit plowback anticipated profit imaginary profit chargeable gain in the black anticipated profit paper profit unrealized profit realized profit

- 1552 Gewinn, realisierter/verdienter Gewinn, rechnerischer Gewinn, reinvestierter Gewinn, unerwarteter Gewinn, zuzurechnender Gewinn- und Verlustkonto Gewinn- und Verlustkonto Gewinn- und Verlustrechnung Gewinn-ZDividendenverhältnis Gewinn/e, einbehaltene/r Gewinnanteil Gewinnanteil, ausgezahlter (Vers) Gewinnanteilschein Gewinnaufschlag (in %) Gewinnausschüttung Gewinnausschüttung Gewinnberechnung Gewinnbeteiligung Gewinnbeteiligung Gewinnbeteiligung (Vers) Gewinnbeteiligung der Arbeitnehmer Gewinndruck Gewinndruckinflation Gewinne, einbehaltene Gewinne, einbehaltene/nicht ausgeschüttete/thesaurierte Gewinne, einbehaltene/nicht ausgeschüttete/thesaurierte Gewinne, nicht ausgeschüttete Gewinne, nicht entnommene Gewinne, Zuweisung thesaurierter an Rücklagen Gewinner/in Gewinnermittlung Gewinnkennzahl Gewinn:Dividende Gewinnmaximierung Gewinnmitnahme Gewinnmitnahme, kleine (Bö) Gewinnrendite Gewinnschwelle Gewinnschwellenanalyse Gewinnspanne Gewinnspanne Gewinnspanne Gewinnsteigerung, spekulieren auf (Bö) Gewinnung Gewinnverteilung Gewinnverteilung, buchmäßige Gewinnverteilungskonto Gewinnvortrag

earned income accounting profit reinvestment windfall gain/profit attributable profit profit and loss account revenue account profit and loss account cover business saving(s) dividend cash bonus coupon markup dividend profit distribution calculation of proflt(s) profit sharing revenue sharing bonus copartnership profit squeeze profit push inflation company reserves retention undistributed profits undrawn profits undrawn profits accumulation gainer calculation of profit(s) cover profit maximization profit taking scalp earnings yield breakeven point breakeven analysis margin operating margin profit margin buy earnings exploitation profit distribution appropriation appropriation account accumulated dividend(s)

Gewinnzielkalkulation Gewissen, nach bestem Gewißheit Gewohnheit Gewohnheiten Gewohnheiten, ausländische Gewohnheitsrecht Gewohnheitsrecht gezeichnet, vollständig (Bö) Giflen-Gut Gilde Giralgeld Giralgeld Giralgeld Giralgeld Giralgeldschöfung Giralgeldschöpfung Girant Girat girieren Girobank ( G B ) Girokonto Girokonto Girokonto Girokonto Girokonto ( G B ) Girokonto (USA) Girokonto, verzinsliches (USA) Giroverkehr Giroverkehr Giroverkehr Girowesen Glanzpapier Glanzpunkt Glas(bruch)versicherung Glasversicherung Glattstellung (Bö) Glattstellungsverkauf (Bö) Glaube, guter Glaube, guter Gläubiger Gläubiger aus Lieferungen und Leistungen Gläubiger, bevorrechtigter/bevorzugter Gläubiger/in Gläubiger/in Gläubiger/in mit vollstreckbarem Titel Gläubiger/in, abgesicherte/r Gläubiger/in, bevorrechtigte/r Gläubiger/in, nachrangige/r

1553

-

target pricing bona fide certainty habit pattern foreign customs common law custom fully subscribed GifTen good guild bank money book money deposit money primary deposits deposit money creation credit creation endorser/indorser endorsee/indorsee endorse/indorse clearing bank account current cash account credit account drawing account current account checking account share draft account clearing credit transfer system giro system giro system glossy paper highlight glass insurance plate glass insurance liquidation sell ofT bona fide good faith account(s) payable trade creditor preferred creditor creditor debtee judg(e)ment creditor secured creditor secured creditor junior creditor

1554 Gläubiger/in, nachrangige/r Gläubiger/in, nicht bevorrechtigte/r Gläubiger/in, nicht gesicherte/r Gläubigerland Gläubigerland Gläubigervorrecht Gläubigerwechsel Glaubwürdigkeit Gleichbehandlung gleichberechtigt Gleichgewicht Gleichgewicht Gleichgewicht, allgemeines/totales (ökonomisches) Gleichgewicht, außenwirtschaftliches Gleichgewicht, außenwirtschaftliches Gleichgewicht, binnenwirtschaftliches Gleichgewicht, gestörtes Gleichgewichtseinkommen Gleichgewichtsmenge Gleichgewichtspreis Gleichgewichtsproduktion Gleichgewichtspunkt Gleichgewichtswachstum Gleichgewichtswechselkurs Gleichheit Gleichheit (Math) Gleichheit von Sparen und Investition Gleichmacherei gleichrangig Gleichschaltung Gleichung Gleichwertigkeit Gleisanschluß, privater Gleitparität Gleitzeit (PW) Glied (Math) Glied eines Produktes (Math) Gliederung Globalbesteuerung Globalisierung Globalversicherung Globalversicherung Globalversicherung Glücksspiel Glücksspiel Glücksspiel GmbH (Aus) GmbH (Australien) GmbH-Gesellschafter/in

-

deferred creditor ordinary creditor ordinary creditor creditor creditor nation absolute priority subrogation credit equity pari passu balance equilibrium general equilibrium external balance external equilibrium internal balance disequilibrium breakeven income level equilibrium output equilibrium price equilibrium output equilibrium point balanced growth equilibrium exchange rate equation identity equality of saving and investment egalitarianism pari passu coordination equation indifference private siding crawling peg (exchange rate) flexitime term factor classification unitary taxation globalization all risk insurance global policy package insurance gamble hazard lottery proprietary company proprietary limited company shareholder

GmbH-Gesellschafter/in (USA) Gnade Gnadenfrist Gold Goldaktie Goldbestände Golddevisenwährung Goldfïxing Goldpreis, Festsetzung des Goldreserven Goldstandard Goldwährung Goodwill Gossensche Gesetze Grad Grad Grad (Mathematik) Grad (Temperatur) Grad, akademischer Grad, niedrigster akademischer (der Naturwissenschaften) Grafik Grafik Gramm Graph Gratifikation gratis Gratisaktie Gratisaktien, Ausgabe von Gratisaktien, Ausgabe von Gratisaktien, Ausgabe von Gratisaktien, Ausgabe von Gratisaktien, Ausgabe von Gratisaktien, Ausgabe/Emission von Gratisaktien, ex/ohne Gratisaktien, ex/ohne Gratismuster Gratiszeitung Grauimport Grauzone Green Card (USA) Greenhorn Grenze Grenze, untere Grenzerlös Grenzerlös Grenzkäufer Grenzkonsumneigung Grenzkosten Grenzkosten

1555 stockholder grace period of grace gold gold share/stock gold reserves gold exchange standard gold fixing gold fixing gold reserves gold standard gold standard goodwill Gossen's laws degree rate degree degree degree BSC (Bachelor of Science) chart graph gram(me) graph gratuity free of charge bonus share/stock bonus issue cap capitalization capitalization issue free issue scrip issue ex capitalization XC (ex capitalization) free sample freesheet parallel importing intermediate area green card tenderfoot margin floor marginal profit marginal revenue marginal buyer marginal propensity to consume direct cost(s) marginal cost(s)

Grenzkosten, fallende Grenzkosten, soziale Grenzkosten, steigende Grenzleistungsfahigkeit des Kapitals Grenznachfrager Grenzneigung zum Sparen Grenznutzen Grenznutzen des Geldes Grenznutzen, Gesetz vom abnehmenden Grenznutzen, sozialer Grenznutzenschule, österreichische Grenzplankostenrechnung Grenzprodukt Grenzproduktivität Grenzrate der Substitution Grenzsteuersatz Grenzverkäufer Grenzvorteil Grenzwert Greshamsches Gesetz Gros Großaktionär GroDaktionär/in Großanzeige Großanzeigenwerbung Großbanken, fünf in G B Großbuchstabe Großbuchstabe Großbuchstabe/n große (gemeinschaftliche) Havarie Größe, autonome variable Größe, konstante Großeinkauf Großeinkaufsgenossenschaft Großeinkaufsgenossenschaft Größendegression Größennachteile Größenvorteile Größenvorteile, betriebsinterne Großfertigung Großflughafen Großfusion Großfusion Großhandel(sgewerbe) Großhandelsbetrieb Großhandelspreis Großhandelspreis Großhandelspreisindex Großhandelsunternehmen Großhändler/in

1556

-

decreasing marginal cost marginal social cost increasing marginal cost marginal efficiency of capital marginal buyer marginal propensity to save marginal utility marginal utility of money law of diminishing marginal utility marginal social benefit Austrian School (of Economics) direct costing marginal product marginal productivity marginal rate of substitution marginal rate of taxation marginal seller marginal benefit margin Gresham's Law gross majority shareholder/stockholder principal shareholder/stockholder display advertising display advertising Big Five cap capital (letter) uppercase general average autonomous variable constant bulk buying cooperative wholesale society wholesale cooperative economies of scale diseconomies of scale economies of scale internal economies large scale production air terminal megamerger jumbo merger wholesaling jobber trade price wholesale price wholesale price index wholesaler distributor

- 1557 Großhändler/in Großhändler/in Großhändler/in Großindustrielle/r Grossist/in Grossist/in Großkapital Großkunde Großkundenbank Großmarkt Großpackung Großpackung Großpackung Großraumbüro Großschreibung Großschreibung Großstadt Großunternehmen, solides Großunternehmen, solides Grund und Boden Grund und Boden Grund, ein ... sein für Grundbedürfnis Grundbedürfnisse Grundbesitz Grundbesitz Grundbesitz Grundbesitz, Einkünfte aus Grundbesitz, freier Grundbesitz, staatlicher Grundbesitzer/in Grundbuch (RW) Grundbuch (GB) Grundbuch (RW) Grundbuchamt (GB) Grundbuchauszug Grundbuchung Grundeigentum, volles Gründer einer Gesellschaft Gründeraktie Gründeraktien Grundfreibetrag Grundgebühr Grundgebühr (Telefon) Grundgehalt Grundinformationen Grundkapital Grundkapital Grundkapital (AG) Grundkapital (AG)

jobber merchant wholesaler magnate distributor wholesaler high finance key account merchant bank hypermarket bauded pack economy size jumbo pack open office capitalization uppercase city blue chip blue chip company land premises justify need basic needs estate real estate real property land revenue freehold public domain landlord daybook land register journal land registry land certifícate original entry freehold floater deferred share/stock founders' shares/stocks basic relief flat rate access charge standard rate basics capital of a company capital stock nominal capital registered capital

1558 Grundkapital (AG) Grundkapital (AG) Grundkapital, genehmigtes (AG) Grundkapitalsenkung Grundlagen Grundlohn Grundlohn Grundlohn Grundprämie Grundpreis Grundpreis Grundrente Grundrente Grundrente Grundsatz der Bilanzkontinuität Grundsatz der Periodenabgrenzung Grundsatz der steuerlichen Leistungsfähigkeit Grundsatz uberrimae fidei (Vers) Grundsätze ordnungsgemäßer Buchführung und Bilanzierung Grundsätze ordnungsgemäßer Buchführung (GoB, D) Grundschuldurkunde Grundsteuer Grundsteuer ( G B ) Grundsteuerzahler Grundstoff Grundstoffe Grundstoffe Grundstoffindustrie Grundstoffindustrie Grundstoffindustrie Grundstück Grundstück Grundstück Grundstück, bebautes Grundstücke und Bauten/Gebäude Grundstücksbelastung, Bescheinigung über die Eintragung einer Grundstücksbestandteil Grundstückseigentumsurkunde Grundstücksmakler/in Grundstücksmakler/in ( G B ) Grundstücksurkunde Gründung Gründung Gründung Gründung Gründung einer (Kapital)Gesellschaft

-

share capital stock authorized capital decapitalization basics base rate basic pay standard rate basic rate basic price basic rate basic pension economic rent ground rent consistency convention matching ability-to-pay principle (of taxation) utmost good faith accounting principles Generally Accepted Accounting Principles certificate of charge land tax property tax ratepayer primary product basic commodities raw materials basic industry extractive industry primary industry land lot parcel premises plant and machinery certificate of charge fixture land certificate house agent estate agent title deed foundation launch organization/organisation promotion flo(a)tation

-

1559

-

Gründung einer Gesellschaft incorporation Gründung einer Kapitalgesellschaft formation of a company Gründungsbescheinigung certificate of incorporation Gründungskapital initial capital Gründungskapital startup capital Gründungskosten preliminary expenses Gründungskosten setup cost(s) Gründungsurkunde certificate of incorporation Gründungsurkunde (einer AG) (USA) charter Gründungsurkunde (USA) articles of incorporation Gründungsvertrag/-satzung (Außenverhält- memorandum of association nis) einer AG und GmbH (GB) Grüner Punkt green label Gruppe group Gruppe lot Gruppe unit Gruppe von Dokumenten aligned documents Gruppe von Gleichrangigen peer group Gruppe, formale formal group Gruppe, informelle informal group Gruppen(ladungs)konnossement groupage bill of lading Gruppen, sozioökonomische socioeconomic groups Gruppenabschluß consolidated accounts Gruppenabschluß group accounts Gruppenklage class action Gruppenlebensversicherung group life insurance Gruppenleiter/in group leader Gruppennormen group norms Gruppentraining group training Gruppenverhalten group behavio(u)r Gruppenversicherung blanket insurance Gruppenversicherung group insurance Gruppierung group Gruß greeting Grüße als Briefschluß greetings Grußformel (Schriftverkehr) complimentary close Grußformel (Schriftverkehr) subscription Guinee (1,05 Pfund Sterling) guinea Gültigkeit currency Gültigkeitserklärung validation Gut estate Gut good Gut, autonomes independent good Gut, homogenes homogeneous commodity Gut, meritorisches merit good Gut, substitutives substitute good Gut, superiores superior good Gutachten report Gutachten survey Gutachten des Schadensregulierers (Vers) certificate of survey

- 1560 Gutachter/in Gutachter/in Güte Güte und Beschaffenheit, handelsübliche Güteklasse Güteklasseneinteilung Gütepaß Güter Güter des nicht täglichen Bedarfs Güter des täglichen Bedarfs guter Glaube Güter und Dienste, bezahlte, aber noch nicht gelieferte Güter(ladung), gefährliche Güter, (aufgestaute Güter, freie Güter, gefährliche Güter, heterogene Güter, inferiore Güter, komplementäre Güter, kurzlebige Güter, lebensnotwendige Güter, leicht verderbliche Güter, nicht handelsfähige Güter, nicht verladene Güter, nicht vertragsgemäße Güter, öffentliche Güter, öffentliche Güter, sensible Güter, verdorbene Güter, zollpflichtige, für die aber noch kein Zoll entrichtet wurde Güter- und Geldströme, gegenläufige Güter- und Leistungsstrom Güteraufzug Güterbahnhof Güterfreigabebescheinigung Gütergemeinschaft, eheliche Güterkraftverkehr Güterkraftverkehrsunternehmer Güterladung, gefahrliche Gütermarkt Gütermarktpotential Güternahverkehr Gütertarif Gütertransportversicherung Gütertransportversicherung Gütertransportversicherung Gütertransportversicherung Gütertrennung

-

Consultant surveyor quality good merchantable quality and condition grade grading quality certifícate goods shopping goods necessaries good faith dead horse hazardous cargo stowage free goods dangerous goods heterogeneous commodities inferior goods complementary goods nondurable goods essential commodities perishables nontradables shutouts nonconforming goods collective goods public goods sensitive products perished goods uncustomed goods bilateral flows flow of goods and services freight elevator freight station freight release community of property road transport road haulier dangerous goods commodity market product market potential short haul freight rate freight insurance goods in transit insurance transit insurance transportation insurance separation of property

Güterversicherung Güterversicherungsanspruch Güterwagen ( G B ) Güterzug Gütesiegel Gütesiegel (auf Produkten) Gutgläubigkeit, höchste Gutgrenze Guthaben Guthaben Guthaben Guthaben Guthaben Guthaben der öffentlichen Hand bei der Zentralbank Guthaben in Fremdwährung bei Auslandsbank/en Guthaben, öffentliche Guthabenzins Guthabenzins Gutschein Gutschein Gutschein Gutschein Gutscheineinlösung Gutschrift Gutschrift Gutschrift Gutschrift Gutschrift Gutschriftsanzeige Gutschriftsanzeige Gutschriftsanzeige Gutschriftsanzeige Gutsverwalter/in

1561

-

cargo insurance cargo insurance claim truck freight train hallmark standard label utmost good faith acceptable quality level balance credit credit balance deposit bank credit public deposits foreign exchange public deposits bank deposit interest deposit interest rate coupon gift voucher token voucher redemption credit credit advice credit entry credit note credit slip advice note credit advice credit note credit slip bailiff

H Haager Abkommen/Konvention/en Hab und Gut Hab und Gut Haben(seite) Haben(seite) Haben, buchen im Habenbuchung Habensaldo Habensaldo Habenseite Habenseite Habenzins

Hague Convention(s) chose in possession goods and chattels credit right hand side credit credit entry credit credit balance credit side creditor bank deposit interest

1562 Habenzins Habenzins Habenzins Hafen Hafenarbeiter Hafenbehörde Hafengebühr Hafengebühren Hafengebühren Hafengebühren Hafengeld Hafenkapitän Hafenkommissar Hafenmeister Hafennutzungsgebühr Hafenstadt Hafentransportgebühr Haftbefehl Haftpflicht Haftpflicht Haftpflicht, gesetzliche Haftpflicht, gesetzliche Haftpflichtversicherung Haftpflichtversicherung Haftpflichtversicherung gegen Sachschäden Haftpflichtversicherung, allgemeine Haftung Haftung Haftung aus Akzept Haftung aus Wechselakzept Haftung für Dritte Haftung für fremdes Verschulden Haftung, beschränkte/begrenzte Haftung, gemeinsame Haftung, gesamtschuldnerische Haftung, gesetzliche Haftung, ohne Haftung, unbeschränkte/unbegrenzte Haftung, verschuldensunabhängige Haftung, verschuldensunabhängige Haftungsausschluß Haftungsausschlußklausel Haftungsbeschränkung Haftungsbeschränkungsklausel Haftungsfreistellung Haftungsgrenze Haftungspflicht, vertragliche Haftungsschäden Haftungsübernahme

-

credit interest deposit interest rate deposit rate port stevedore port authority groundage dock dues harbo(u)r dues port charges harbo(u)r dues harbo(u)r master harbo(u)r master harbo(u)r master keelage port porterage warrant liability responsibility legal liability statutory liability liability insurance third party liability insurance property damage liability insurance public liability insurance liability responsibility acceptance liability acceptance liability vicarious liability vicarious liability limited liability joint liability joint and several liability statutory liability without recourse unlimited liability absolute liability strict liability exclusion from/of liability exclusion clause limitation of liability memorandum (memo) indemnity limit of liability contractual liability liability losses assumption

-

1563

Hagelversicherung Halberzeugnisse Halberzeugnisse Halbfabrikate Halbfabrikate Halbfabrikate Halbfettdruck Halbjahr, zweites haltbar bis Haltbarkeit Haltbarkeitsdatum Haltbarkeitskodierung Haltestelle Haltung Hammer, unter den ... kommen Hamsterer Hand, aus erster Handbuch Handbuch Handel Handel Handel Handel (Binnen- und Außenhandel) Handel in Aktienpaketen Handel mit börsennotierten Aktien, außerbörslicher Handel nach Börsenschluß Handel rund um die Uhr Handel(sverkehr), unsichtbarer Handel, bilateraler Handel, computerunterstützter Handel, elektronischer Handel, grenzüberschreitender Handel, internationaler Handel, lebhafter Handel, multilateraler Handel, vorbörslicher Handeln Handels- und Industrieministerium (USA) Handelsabkommen Handelsabkommen Handelsagent/in Handelsakzept Handelsattaché Handelsauskunft Handelsauskunftei Handelsbank Handelsbarrieren Handelsbedingungen Handelsbeschränkungen

-

hail insurance semifinished products work in progress/process (GB/US) partly manufactured goods/products semifinished products work in progress/process (GB/US) boldface second half-year pull date shelf life pull date date code stand attitude hammer hoarder first hand handbook manual trade trading traffic commerce black trading third market after hours dealings twenty-four-hour trading invisible trade bilateral trade computer assisted trading electronic commerce cross border trade international trade broad market multilateral trade premarket trading bargaining Department of Commerce commercial treaty trade agreement mercantile agent trade acceptance commercial attaché trade reference credit reference agency merchant bank trade barriers trade terms restrictions on trade

- 1564 Handelsbetrieb Handelsbezeichnung Handelsbilanz Handelsbilanz Handelsbilanz Handelsbilanz Handelsbilanz, aktive Handelsbilanz, aktive Handelsbilanz, negative/passive Handelsbilanz, passive Handelsbilanz, passive Handelsbilanzdefizit Handelsbilanzdefizit Handelsbilanzüberschuß Handelsbilanzüberschuß Handclsbilanzüberschuß Handelsbilanzüberschuß Handelsblock Handelsbrauch Handelsbrauch Handelsbrauch Handelscode Handelsdefizit Handelsdefizit Handelsembargo Handelsfaktura Handelsgeschäft Handelsgesellschaft, Offene (OHG) Handelsgesellschaft, Offene (OHG) Handelsgesellschaft, Offene (OHG) Handelsgesetz Handelsgewinn Handelsgläubiger/in Handelsgröße (Bö) Handelsgut mittlerer Art und Güte Handelshemmnisse Handelshemmnisse, fiskalische Handelshemmnisse, nichttarifare/ zollfremde Handelshemmnisse, tarifäre Handelshochschule Handelskammer (HK, GB) Handelskammer (HK) Handelskammer, Internationale Handelsklauseln im Außenhandel Handelskredit Handelskredit (kurzfristiger) Handelskrieg Handelsliberalisierung Handelsmarke

trading business brand name balance of trade merchandise balance trade balance visible balance active trade balance favo(u)rable balance of trade u n f a v o u r a b l e balance of trade adverse trade balance trade deficit balance of trade deficit trade deficit balance of trade surplus favo(u)rable balance of trade trade surplus trade surplus trading bloc custom trade usage usage of the market commercial code trade deficit trade imbalance trade embargo commercial invoice commercial transaction general partnership partnership unlimited partnership commercial law turn trade creditor unit of trading fair average quality barriers to trade fiscal barriers (to trade) nontariff barriers tariff barriers business school Board of Trade chamber of commerce International Chamber of Commerce Incoterms trade credit commercial credit trade war trade liberalization trademark/trade mark

Handelsministerium ( G B ) Handelsmission Handelsname Handelsname Handelspapiere Handelspartner Handelsplatz Handelspolitik Handelspolitik Handelspolitik der offenen Tür Handelsrabatt Handelsrechnung Handelsrecht Handelsrecht Handelsregister (HR) Handelsregister (HR) Handelsreisende/r Handelsrestriktionen Handelsschiff Handelsschiff Handelsschranken Handelsschuldner/in Handelsspanne Handelsspanne Handelsspanne Handelsspanne Handelsstreit Handelsungleichgewicht Handelsunternehmen Handelsvereinbarung Handelsvertrag Handelsvertreter/in Handelsvertreter/in Handelsvertreter/in Handelsvoraussetzungen Handelsware Handelsware Handelsware/n Handelswaren, Bestand an Handelswechsel Handelswechsel Handelswechsel Handelswechsel Handelswechsel Handelswechsel, erstklassiger Handelszentrum Handeltreibende/r Händen, z u . . . von Handeslsabkommen, bilaterales Handgeld

1565

-

Board of Trade trade mission brand tradename commercial documents trading partner market commercial policy trade policy open door policy functional discount commercial invoice commercial law mercantile law register of companies commercial register commercial travel(l)er barriers to trade merchant ship trader trade barriers trade debtor margin markup operating margin spread trade dispute trade imbalance business enterprise trade agreement treaty agent manufacturer's agent sales representative basis for trade merchandise trade commercial goods merchandise inventory acceptance business paper commercial bill (of exchange) trade acceptance trade bill fine bill entrepot trader for the attention of bilateral trade agreement advance

-

1566

Handkasse Händler/in Händler/in Händler/in Händler/in Händler/in, ambulante/r/fliegende/r Händler/in, fliegende/r Händler/inambulante/ Händleradresse, in Werbung eingedruckte Händlerrabatt Handlung, gesetzeswidrige Handlung, gesetzwidrige/rechtswidrige Handlung, strafbare Handlung, unerlaubte Handlung, unerlaubte Handlung, unerlaubte/rechtswidrige Handlungsverzögerung Handverkauf Handwerk Handwerk Handwerker/in Handwerker/in Handwerksberuf Handy Handzettel (Mk) Handzettel (Mk) Handzettel (Mk) Hang Seng Index (Börse Hongkong) Hängeablage Hängeablage Hardware (DV) Harmonikaakte Harmonisierung Hartgeld Hartpapier Haufen Häufigkeit Häufigkeitsverteilung Hauptaktionär/in Hauptauftraggeber Hauptbuch ( R W ) Hauptgeschäftsführer/in Hauptgeschäftsführer/in Hauptgeschäftsviertel Hauptgeschäftszeit/en Haupthandelsplatz Hauptindustrieland Hauptpost(amt) Hauptsendezeit Hauptsendezeit

-

petty cash distributor dealer merchant trader pedlar hawker itinerant trader dealer imprint trade discount malpractice wrongful act legal offense civil wrong tort unlawful act action lag private sale craft trade workman craftsman craft cellular phone broadsheet handbill throwaway Hang Seng Index suspension file vertical suspension file hardware expanding file harmonization specie manil(l)a lot frequency frequency distribution principal shareholder/stockholder key account ledger chief executive officer general manager central business district peak business hours primary market key industrial country general post office peak time prime time

Hauptsitz Hauptstadt Hauptteil Hauptverpflichtete/r Hauptversammlung (HV) Hauptversammlung (HV) Hauptversammlung (HV) Hauptversammlung (HV) Hauptversammlung, außerordentliche Hauptverwaltung (HV) Hauptzeiten, außerhalb der Haus zu Haus Lieferung Haus, frei Haus, volles Haus- und Wohnungs(bau)darlehen Hausaufgaben Hauseigentümerversicherung Hausgemeinschaft Haushalt Haushalt, ausgeglichener Haushalt, Ersparnisbildung des privaten Haushaltsdefizit Haushaltsdefizit Haushaltsfonds der Regierung, zentraler (GB) Haushaltsjahr Haushaltskonto Haushaltspackung Haushaltsplan Haushaltspolitik Haushaltsrechnung Haushaltsüberschuß Haushaltsüberschuß Haushaltsversicherung Haushaltsvorlage ( G B ) Haushaltswaren Hausierer/in Hausierer/in Hausierer/in Hausinstandsetzungsdarlehen Hausmarke Hausmeister/in USA) Hausmitteilungen Hauspersonal Hausratversicherung Hausratversicherung Hausse (Bö) Hausse, auf eine hindeutend (Bö) Haussegeschäft (Bö) Haussemarkt (Bö)

1567

-

headquarters capital body principal annual general meeting company meeting general meeting (of shareholders) ordinary general meeting extraordinary general meeting headquarters offpeak door to door franco domicile sellout home loan homework house owner's insurance nonfamily household household balanced budget personal saving budget deficit deficit budget consolidated fund tax year budget account bauded pack budget budget policy familiy budget budget surplus surplus budget household insurance finance bill hardware hawker itinerant trader pedlar home improvement loan own-brand janitor/janitress house magazine servant contents insurance household insurance boom bullish accumulation boom market

Haussemarkt (Bö) Hausseposition (Bö) Hausseposition (Bö) Haussespekulant/in (Bö) Haussespekulant/in (Bö) Haussier Haussier, der/die Gewinne nicht glattstellen kann haussieren (Wertpapiere) haussierend (Bö) Haustürverkauf Haustürverkauf Hauswirtschaftslehre Hauszeitschrift Havarie Havarie, besondere Havarie, große (gemeinschaftliche) Havarie, mit (Vers) Havarieklausel Havariekommissar Havarieschein Havarieverpflichtungsschein Hawthorne Experimente Hebelwirkung Heckscher-Ohlin-Theorem Hedgegeschäft Hedging Hedonismus Heftapparat Heftklammer Heftklammer Heftmappe Heftmaschine Hegemonie Hehler/in Heimarbeit Heimarbeit Heimarbeit Heimarbeit (industrielle) Heimathafen Heimathafen Heimindustrie Heimwerkerladen Herabsetzung Herausgeber/in Herkunftsbescheinigung Herkunftsland Herr, Titel hinter dem Namen ( G B ) Herren (als Titel) Herrschaft

1568

-

bull market bull position long position bull stale bull bull stale bull rocket bullish door to door house to house selling home economics house magazine average particular average general average with average average clause average adjuster average bond average bond Hawthorne experiments leverage Heckscher-Ohlin law hedging hedging hedonism stapler bulldog clip staple file stapler hegemony receiver homework outwork work at home cottage industry port of registry registry cottage industry do it yourself (DIY) store abatement issuer certificate of origin country of origin Esquire Messieurs governance

Herstelldatum, Kennzeichnung mit herstellen Hersteller(firma) Hersteller/in Hersteller/in Herstellergarantie Herstellerpreis, empfohlener Herstellerrichtpreis Herstellkosten Herstellung Herstellung Herstellung Herstellungskosten Herstellungskosten Herstellungskosten Herstellungskosten Herstellungskosten ( H K ) Herstellungskosten ( H K ) Herstellungskosten ( H K ) Herstellungspreis Herstellungsverfahren Heuristik heute, v o n . . . an Hierarchie Hierarchie der Bedürfnisse Hilfe, technische (Entwicklungshilfe) Hilfs- und Betriebsstoffe Hilfsarbeit Hilfsarbeiter/in Hilfsfunktionen des Handels Hilfsindustrien Hilfsverein Hilfswerk, soziales hinausgeschoben Hingabe erfüllungshalber Hinterbliebenenrente Hinterbliebenenversicherung Hintergrund Hintergrundspeicher (DV) Hinterleger/in Hinterleger/in Hinterlegung Hinterlegung Hinterlegungsstelle Hinterlegungsurkunde Hinterlegungsvertrag Hinweis Hinweisgeber/in Histogramm Histogramm

1569

-

date coding make manufacturer maker producer manufacturer's guarantee manufacturer's recommended price manufacturer's recommended price cost(s) of production make manufacturing production acquisition cost(s) cost cost of goods manufactured cost price cost(s) of production historical cost(s) original cost(s) cost price process heuristics forward hierarchy scale of preferences technical aid supplies unskilled work unskilled worker aids to trade ancillary industries friendly society charity deferred accord and satisfaction death benefit survivorship insurance background backing store/storage bailor depositor bailment lodg(e)ment depository memorandum of deposit bailment tip whistleblower bar chart histogram

- 1570 Hoch Hochachtungsvoll Hochachtungsvoll (GB) Hochfinanz Hochkonjunktur Hochkonjunktur Hochschule Höchst- und Tiefstkurse Höchstbetrag Höchsteinlage (BaW) Höchstgebot Höchstgrenze Höchstkapazität Höchstkurs Höchstkurs Höchstkurs Höchstmaximum Höchstpreis Höchstpreis Höchstpreis Höchstpreis Höchstpreis Höchststand Höchststand Höchstversicherungsbetrag Höchstzinssatz Hochtechnologie Hochtechnologieindustrie hochverzinslich Hogshead (Flüssigkeitsmaß) Höhe Hoheitsgewässer Höhepunkt Höhergruppierung (PW) Holding Holding(gesellschaft) Holding(gesellschaft) Home Banking homo oeconomicus " der Wirtschaftsmensch" (der Mensch als wirtschaftliches Wesen) Homogenität Honorar Honorar Honorar Honorar Honorar Honorarvorschuß Hörer(schaft) Horten

high Yours sincerely Yours faithfully high finance boom prosperity university highs and lows ceiling deposit ceiling closing bid ceiling maximum capacity all time high high peak price maximum maximum price peak price premium price price ceiling price plateau all time high high capacity cap high technology sunrise industry high coupon hogshead amount territorial waters highlight upgrading trust holding company parent company home banking economic man

homogeneity fee honarium professional fee remuneration terms retainer audience hoarding

-

1571

Hortung Hotelabreise Hotelanmeldung Hotelchef/in Huckepackladung Huckepackverkehr Hülle Hülle Human Relations Humankapital Humankapital Humanvermögen Hundertjahrfeier Hundertstel Hundredweight (Gewichtseinheit) Hyperinflation Hypermarkt Hypothek Hypothek mit fester Laufzeit Hypothek mit periodischer Neufestsetzung des Zinssatzes Hypothek, abgelöste Hypothek, die an eine Lebensversicherung gekoppelt ist Hypothek, erste/erstrangige/erstellige Hypothek, erststellige/vorrangige Hypothek, Löschung einer Hypothek, nachrangige Hypothek, offene Hypothek, variabel verzinsliche Hypothek, variabel verzinsliche Hypothek, vorrangige Hypothek, zweite/nachrangige Hypothek, zweite/nachrangige Hypothekarkredit Hypothekenbank Hypothekenbrief Hypothekendarlehen Hypothekendarlehen mit regelmäßiger Tilgung Hypothekendarlehen, langfristig festverzinsliches Hypothekengläubiger/in Hypothekenkonditionen Hypothekenkreditanstalt, bundesstaatliche (USA) Hypothekenlebensversicherung Hypothekenpfandbrief Hypothekenschuld Hypothekenschuldner/in

-

hoarding checkout checkin clerk piggyback (service) piggyback (service) cover envelope human relations human capital human resources human resources centenary cent hundredweight hyperinflation hypermarket mortgage term mortgage rollover mortgage closed mortgage endowment mortgage first mortgage prior mortgage release puisne mortgage unlimited mortgage adjustable rate mortgage variable rate mortgage underlying mortgage junior mortgage second mortgage mortgage mortgage bank mortgage deed mortgage loan amortized/amortised mortgage permanent financing mortgagee mortgage rate Government National Mortgage Association (USA) mortgage protection policy mortgage bond mortgage debt mortgagor/mortgager

- 1572 Hypothekentilgung Hypothekentilgungsversicherung Hypothekentilgungsversicherung Hypothekenurkunde Hypothekenurkunde Hypothekenzins(satz) Hypothenuse Hypothese

mortgage redemption house purchase insurance mortgage protection policy mortgage mortgage deed mortgage rate hypotenuse/hypothenuse hypothesis

I Ideenfindung Ideengestalter Identifikator Identität(sgleichung) (Math) illegal Illiquidität im nachhinein Image Immobilie/n Immobilien Immobilien Immobilien Immobilien Immobilienbestand Immobilienerwerber/in Immobilienfinanzierung, langfristige Immobilienfonds (USA) Immobilienfondsanteil Immobiliengesellschaft Immobilienhändler/in (USA) Immobilienmakler/in Immobilienmakler/in (GB) Immobilienmakler/in (USA) Immobilienveräußer/in Immobilität der Arbeitskräfte Importbeschränkungen Importe Importeur Importfirma Importfirma Importkontrollen Importland Importland Importlizenz Importneigung Importquote Importquote, durchschnittliche Importquote, marginale Importrestriktionen

brainstorming visualizer identifier identity illegal illiquidity ex post image estate immovables property real estate real property property portfolio grantee permanent financing real estate investment trust property bond property company real estate agent house agent estate agent real estate agent grantor immobility of labo(u)r import restrictions imports importer importer importing company import controls importer importing country import license propensity to import propensity to import average propensity to import marginal propensity to import import restrictions

Importzoll Impulskauf in die Höhe schnellen (Preise, Kurse) Inbetriebnahme Incoterm F A S : frei Längsseite Seeschiff Incoterm F C A : frei Frachtführer Incoterm F O B : frei an Bord Incoterm: frachtfrei Incoterm: frachtfrei versichert Incoterm: geliefert ab Kai (verzollt) (benannter Bestimmungshafen) (Incoterm) Incoterm: geliefert ab Schiff (benannter Bestimmungshafen) (Incoterm) Incoterm: geliefert Grenze (benannter Lieferort) Incoterm: geliefert unverzollt (benannter Bestimmungsort) Incoterm: geliefert verzollt (benannter Bestimmungsort) Incoterm: Kosten und Fracht Incoterm: Kosten, Versicherung, Fracht Incoterms Incoterms Indemnitätsbrief (AuW) Indentgeschäft (AuW) Index Index der Industrieproduktion Index der Lebenhaltungskosten Index der Lebenshaltungskosten Index der Verbraucherpreise Index der Verbraucherpreise Index nach Laspayres Index, gewichteter/gewogener Indexbindung Indexierung Indexklausel ( F W ) Indexversicherung Indexzahl Indexziffer Indifferenz Indifferenzkurve Indifferenzkurve, volkswirtschaftliche Indikator Indikator, nachhängender Indikator, volkswirtschaftlicher Indikator, vorauseilender/-laufender Individualhaftung Indossament

1573

-

import duty impulse buying rocket startup free alongside ship free carrier free on board carriage paid to carriage and insurance paid to delivered ex quay (duty paid)

delivered ex ship

delivered at frontier delivered duty unpaid delivered duty paid cost and freight cost, insurance and freight Incoterms trade terms letter of indemnity indent index index of industrial production index of retail prices cost of living index consumer price index consumer price index base weighted index weighted index index linking index linking escalator clause index linked insurance index number index number indifference indifference curve community indifference curve indicator lagging indicator social indicator leading indicator several liability backing

1574 Indossament Indossant Indossant/in Indossatar Indossatar Indossierbarkeit indossieren Indossierung Induktion Industrialisierung Industrie Industrie(kredit)bank Industrie, aufstrebende Industrie, junge/unterentwickelte Industrie, kapitalintensive Industrie, nicht standortgebundene Industrie, verarbeitende Industrie, verarbeitende Industrie, verarbeitende Industrie, verstaatlichte Industrie- und Handelskammer (IHK) Industrieaktien Industrieausweitung Industriebaron/in Industrieerzeugnis Industrieerzeugnisse Industriefordergebiet Industrieforderungsgebiet Industriegebiet Industriegesellschaft Industriegewerkschaft Industriegewerkschaft Industriegüter Industriegütermarkt IndustriekaufTrau Industriekaufmann Industriekonzentration Industrieland Industrieland Industrieland Industriemagnat Industrien, rohstofforientierte Industrienationen, die acht wichtigsten Industrienationen, die fünf wichtigsten (G 5) Industrienationen, die zehn wichtigsten (G 10) Industrienationen, sieben wichtigsten

(G7) Industrieobligation

-

endorsement/indorsement transferor/transferer endorser/indorser endorsee/indorsee transferee negotiability endorse/indorse endorsement/indorsement induction industrialization industry industrial bank sunrise industry infant industry capital intensive industry footlose industries manufacturing industry secondary industry secondary sector nationalized industries chamber of commerce industrial equities industrial expansion magnate industrial product manufactured goods enterprise zone intermediate area trading estate industrial society general union industrial union manufactured goods industrial market industrial trader industrial trader concentration advanced country developed country industrial country tycoon resource oriented industries Group of Eight (G 8) Group of Five (G 5) Group of Ten (G 10) Group of Seven (G 7) debenture

-

Industriepark Industriepolitik Industrieprodukte Industrieproduktion Industrieproduktion, Index der Industriesektor Industriespionage Industrieunternehmen Industrieverband (GB) Industriezweig Inelastizität Inflation Inflation durch Kreditaufnahme des Staates Inflation durch Nachfragestrukturveränderungen Inflation, administrierte Inflation, angebotsinduzierte Inflation, angebotsinduzierte Inflation, dezelerierte Inflation, erwartete Inflation, galoppierende/trabende Inflation, galoppierende/trabende Inflation, import-induzierte Inflation, importierte Inflation, in Kauf genommene Inflation, kosteninduzierte Inflation, nachfrageinduzierte Inflation, rasende Inflation, schleichende Inflation, schleichende Inflation, sich spiralenförmig nach oben bewegende/schnell wachsende Inflation, strukturelle Inflation, trabende Inflation, verdeckte/versteckte Inflation, vorzeitige Inflation, zunehmende Inflation, zurückgestaute Inflation, zurückgestaute Inflationspsychologie Inflationsrate Inflationsrate Inflationsspirale Inflationsspirale Infopost Infopost Information Information Information, entscheidungsverwertbare

1575 -

business park industrial policy industrial goods secondary production index of industrial production industrial sector industrial espionage industrial company Confederation of British Industry industry inelasticity inflation government inflation demand shift inflation administered inflation supply inflation supply push inflation disinflation anticipated inflation galloping inflation runaway inflation imported inflation imported inflation validated inflation cost push inflation demand pull inflation hyperinflation creeping inflation persistent inflation s p i r a l l i n g inflation structual inflation trotting inflation hidden inflation premature inflation accelerating inflation repressed inflation suppressed inflation inflationary psychology inflation rate rate of inflation inflationary spiral s p i r a l l i n g inflation bulk mail printed matter message notice actionable information

-

1576

Informationen Informationsblatt Informationsbrief Informationssitzung Informationsstopp Informationstechnologie (IT) Infrastruktur Inhaber/in Inhaber/in Inhaber/in Inhaber/in des akademischen Grades Bachelor Inhaber/in eines Abzahlungsgeschäftes Inhaber/in eines Marktstandes Inhaber/in, entgeltliche/r Inhaber/in, gutgläubige/r Inhaber/in, legitimierte/r, rechtmäßige/r Inhaber/in, zahlbar an Inhaberaktie Inhaberaktienzertifikat Inhaberaktienzertifikat Inhaberanleihe Inhaberobligation Inhaberobligation Inhaberpapier Inhaberpapier Inhaberscheck Inhaberscheck, begebbarer/übertragbarer Inhaberschuldverschreibung Inhaberschuldverschreibung Inhaberwechsel Inhalt (wesentlicher) Inhaltsverzeichnis Initialwort Initiative Inkassi, einheitliche Richtlinien für (ERI) (AuW) Inkasso Inkasso Inkasso, dokumentarisches Inkasso, einfaches Inkasso, zum Inkassoauftrag Inkassobank Inkassobeamter Inkassobeamtin Inkassobeauftrage/r Inkassodokumente Inkassogebühr

-

data newsletter newsletter briefing embargo information technology infrastructure bearer holder proprietor Bachelor tallyman market stallholder holder for value holder in good faith holder in due course payable to bearer bearer share/stock share certificate share warrant bearer bond bearer bond coupon bond bearer instrument bearer security bearer cheque/check negotiable cheque/check bearer bond coupon bond bearer bill tenor directory acronym enterprise Uniform Rules for Collections collection debt collection documentary collection clean collection for collection collection order collecting bank collector collector debt collector collection papers collection charge

- 1577 Inkassopapiere Inkassostelle Inklusivangebot Inklusivpreis Inkonvertibilität Inkrafttreten der Zahlungsbedingungen ab Warenannahme Inlandsmarkt Inlandsmarkt Inlandsmarkt Inlandsmarkt Inlandsproduktion Inlandsverbrauch Inlandswährung Inlandsware Inlandswechsel Inlandswechsel Innenfinanzierung Innenministerium (GB) Innovation Innovator Innung Input Inselanzeige (Mk) Inserat Inserent/in Insider Insidergeschäft (Bö) Insiderhandel (Bö) Insolvent/in (Bö) Insolvent/in Insolvenz Insolvenz Insolvenz Insolvenz Insolvenz, betrügerische Insolvenzabwickler Insolvenzaufhebung Insolvenzeröfinungsantrag Insolvenzeröflnungsbeschluß Insolvenzforderung, Anmeldung einer Insolvenzforderung, nicht bevorrechtigte Insolvenzforderung, ungesicherte Insolvenzgrund Insolvenzmasse Insolvenzquote Insolvenzquote Insolvenzschuldner, nicht entlasteter/ rehabilitierter Insolvenzvereinbarung

collection papers collecting agency package deal all in price inconvertibility receipt of goods (ROG) dating domestic market home market internal market local market domestic production home consumption domestic currency home produce domestic bill inland bill (of exchange) internal financing Home Office innovation innovator guild input solus advertisement insert advertiser insider insider trading insider trading defaulter bankrupt bankruptcy failure insolvency liquidation fraudulent bankruptcy liquidator discharge of/in bankruptcy petition in bankruptcy adjudication order proof ordinary debt ordinary debt act of bankruptcy estate dividend share undischarged bankrupt composition

Insolvenzvergleich Insolvenzverwalter/in Insolvenzverwalter/in Insolvenzverwalter/in Insolvenzvoraussetzung Instabilität Installation Instandhaltung Instandhaltungskosten Instanzenweg Institut, einlagenehmendes Institution Instruktion/en vor Kundenbesuch Instruktionen Instrument Instrumente der Wirtschaftspolitik Integration Integration, horizontale Integration, horizontale/laterale Integration, vertikale Integration, wirtschaftliche Intelligenztest Intensivinterview Intensivkurs Interbankeneinlagen Interbankenmarkt Interbankenmarkt für Wertpapiere, computergestützter Interbankenrate Interbankenwechselkurs Interesse Interesse Interesse, öffentliches Interesse, versicherbares Interessengruppe Interessengruppe Interessengruppe Interessenkollision Interessent/in Interessent/in Interessenverband Interimsschein (Bö) Interimsschein (Bö) Internat Internationale Arbeitsorganisation (IAO) Internationale B a n k für Wiederaufbau und Entwicklung Internationale Bank für Wiederaufbau und Entwicklung Internationale Entwicklungsorganisation

1578

-

composition administrator/administratrix receiver trustee act of bankruptcy instability installation maintenance maintenance line of command depository/depositary institution entity visit brief briefing instrument economic instruments integration horizontal integration lateral integration vertical merger economic integration intelligence test depth interview crash course interbank deposits interbank market fourth market interbank rate interbank rate interest stake collective interest insurable interest interest group pressure group stakeholders conflict potential customer prospect association scrip scrip certificate boarding school International Labo(u)r Organization International B a n k for Reconstruction and Development World Bank International Development Association

-

1579

Internationale Fernmeldeunion Internationale Finanzierungsgesellschaft Internationale Finanzkorporation Internationale Handelskammer Internationale Regeln für die Auslegung handelsüblicher Vertragsregeln Internationaler Gerichtshof Internationaler Währungsfonds ( I W F ) internationales Rohstoffabkommen Internetbanking Interpretation Intervention Intervention am Devisenmarkt Interventionspunkt Interventionspunkt, oberer Interventionspunkt, unterer Interventionswährung Interview Interview, offenes Invalidenrente Invalidität Invaliditätsversicherung Inventar Inventar am Ende des Geschäftsjahres Inventar, buchmäßiges Inventar, festes Inventar, totes Inventarliste Inventarwert Inventur Inventur, laufende Inventur, permanente Inventur, permanente/laufende Investition Investition und Sparen, Gleichheit von Investition, autonome Investition, Einkommen und Beschäftigung Investition, geplante Investition, induzierte Investitionsausgaben Investitionsausgaben Investitionsbank Investitionsbank, Europäische Investitionsbeurteilung Investitionsbudget Investitionsfonds, der hohen Wertzuwachs anstrebt Investitionsgüter Investitionsgüter Investitionsgüter

-

International International International International Incoterms

Telcommunications Union Finance Corporation Finance Corporation Chamber of Commerce

International Court of Justice International Monetary Fund International Commodity Agreement Internet banking construction intervention exchange intervention support point upper support point floor support point intervention currency interview depth interview disablement benefit permanent disablement disability insurance inventory closing stock book inventory fixture dead stock inventory net asset value inventory continuous stocktaking continuous stocktaking perpetual inventory investment equality of saving and investment autonomous investment investment, income and employment desired investment induced investment capital expenditure investment spending investment bank European Investment B a n k investment appraisal capital budget performance fund capital equipment capital goods industrial goods

1580 Investitionsgüter Investitionsgüter Investitionsgüter, langfristige Vermietung von Investitionsgüterleasing Investitionskosten Investitionskredit Investitionskredit Investitionslücke Investitionsneigung Investitionsplan Investitionsprojekt, Rentabilität eines Investitionsquote Investitionsquote, marginale Investitionsrechnung Investitionsumfeld Investmentanteil Investmentfonds Investmentfonds (offener) (USA) Investmentfonds mit Sitz in einem steuerbegünstigten Land Investmentfonds mit veränderlichem Portefeuille Investmentfonds, der schnellen Wertzuwachs anstrebt InvestmentgeselUschaft, offene ( G B ) Investmentgesellschaft Investmentgesellschaft Investmentgesellschaft Investmentgesellschaft ( G B ) Investmentgesellschaft, geschlossene (USA) Investor/in Inzahlungnahme (beim Kauf) Irrtum Irrtum Irrtum, beiderseitiger Irrtum, kleiner Irrtümer und Auslassungen vorbehalten Isobudgetgerade Isokostenkurve Isokostenlinie Istinvestition Istkosten

-

investment goods producer goods finance lease equipment leasing capital cost(s) development loan investment credit deflationary gap propensity to invest capital budget internal rate of return propensity to invest marginal propensity to invest capital budgeting investment environment share trust mutual fund offshore fund managed fund go-go fund unit trust investment company investment trust trust trust company unit trust investor part exchange error mistake mutual mistake lapse errors and omissions excepted budget line isocost line isocost line actual investment actual cost(s)

J J Kurve J a h r , pro Jahrbuch

J curve per annum annual

- 1581 Jahrbuch Jahre, alle zwei Jahresabschluß Jahresabschluß Jahresabschluß Jahresabschluß Jahresabschluß Jahresabschluß, geprüfter Jahresabschlußkonten Jahresabschlußprüfung Jahresausweis (RW) Jahresbericht Jahresbericht Jahreseinkommen, garantiertes Jahresergebnis (RW) Jahreshauptversammlung Jahreshöchststand Jahresinventur Jahresrendite Jahresrendite Jahresrendite einer Investition, durchschnittliche Jahresrente Jahrestiefststand Jahresiiberschadenversicherung Jahresumsatz Jahresvollversammlung jährlich Jährling (Bö) Jahrmarkt Jargon jederzeit kündbar Job Sharing Job Sharing Job Sharing Jobber (Bö, G B ) Jobber, Gewinn eines (Bö, G B ) Joint Venture Journal (RW) Journal ( R W ) Journal ( R W ) Judikative Jüngere/r Jungunternehmen Junior Jury Just in time justieren

yearbook biannual account annual accounts balance sheet final accounts financial statement audited financial statement accounts annual audit annual return annual report annual return guaranteed annual wage result annual general meeting annual high annual inventory annual return basic yield average rate of return annuity annual low stop loss insurance annual sales annual general meeting per annum yearling fair jargon at call job sharing work sharing time sharing jobber jobber's turn joint venture daybook diary journal judiciary junior startup junior jury just in time justify

-

1582

-

Κ Kabelnachricht Kabeltelegramm Kai Kai Kai, ab Kai, frei Kai, frei (auf) Kai, Lieferung frei Kaiempfangsschein Kaigebühr/en Kaigebühren Kaigeld Kalender Kalkulationszuschlag Kalkulator Kalkulator kalkulieren Kampagne Kampfrichter/in Kandidat/in Kandidat/in Kanister Kapazität Kapazität, freie Kapazität, industrielle Kapazitätsauslastung Kapazitätsausnutzung Kapazitätskosten Kapazitätsoptimum Kapital Kapital Kapital Kapital Kapital Kapital (Eigen- + Fremdkapital) Kapital (Produktionsfaktor) Kapital(vermögens)steuer Kapital, arbeitendes Kapital, aus etwas schlagen Kapital, ausgegebenes Kapital, autorisiertes/eingetragenes/ registriertes/genehmigtes Kapital, brachliegendes/totes Kapital, eingefordertes Kapital, Ertrag aus investiertem Kapital, flüssiges Kapital, flüssiges/umlaufendes Kapital, gebundenes

cablegram cablegram quay wharf ex quay free dock free on quay delivered docks dock receipt pierage dock dues pierage calendar markup calculator estimator cost campaign umpire competitor nominee can capacity excess capacity industrial capacity capacity utilization capacity utilization capacity cost(s) ideal capacity capital fund funds principal stock capital capital tax on capital capital employed capitalization issued capital registered capital barren money called up capital return on capital (employed) floating capital circulating capital fixed capital

1583 Kapital, genehmigtes Kapital, gezeichnetes Kapital, gezeichnetes Kapital, gezeichnetes Kapital, gezeichnetes Kapital, gezeichnetes einer A G Kapital, gezeichnetes/ausgegebenes Kapital, Grenzleistungsfähigkeit des Kapital, investiertes Kapital, noch nicht eingefordertes Kapital, produktives Kapital, Senkung des gezeichneten Kapitalakkumulation Kapitalakkumulation Kapitalanlage Kapitalanlage, feste (langfristige) Kapitalanlage, langfristige Kapitalanlagegesellschaft Kapitalanlagenabschreibung Kapitalaufwand Kapitalaufwand Kapitalausstattung Kapitalbedarf Kapitalbeschaffung Kapitalbeteiligung Kapitalbeteiligung Kapitalbeteiligung (der Arbeitnehmer) Kapitalbeteiligung, gegenseitige Kapitalbewegung Kapitalbewegungen Kapitalbilanz Kapitalbilanz Kapitalbildung Kapitalbildung Kapitalbudget Kapitaleinkommen Kapitaleinlage Kapitaleinlage Kapitaleinlage Kapitaleinlage Kapitaleinleger/in Kapitalerhöhung Kapitalertrag Kapitalerträge nach Steuern Kapitalerträge, nicht besteuerte Kapitalertragssteuer Kapitalertragssteuer, einbehaltene Kapitalflucht Kapitalflucht Kapitalfluß

-

authorized capital capital of a company nominal capital share capital stock capital stock subscribed capital marginal efficiency of capital capital employed uncalled capital capital employed decapitalization capital accumulation capital formation investment fixed investment capital investment investment company capital allowance(s) capital cost(s) capital expenditure capitalization capital requirement capital procurement equity participation stake participation cross holding flow of funds capital movements balance on capital account capital account capital accumulation capital formation capital budget unearned income capital investment contribution share stake contributor capital increase interest franked income unfranked investment income capital gains tax withholding tax capital flight flight of capital cash flow

1584 Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap Kap

talfluß talflußrechnung talgesellschaft talgesellschaft talgesellschaft (USA) talgesellschaft, ausländische talgesellschaft, Gründung einer talgesellschaft, Gründung einer talgesellschaft, inländische talgesellschaft, personenbezogene talgesellschaft, personenbezogene talgewinn, realisierter talgewinnsteuer talgewinnsteuer talgüter talherabsetzung talintensität talisierung talismus talist/in talkonto talkosten talkosten talkosten talmarkt talmärkte talprämie (Vers) talrendite talrendite (GB) talrentabilität talrentabilität (GB) talreserve talrücklage talsammelstelle talschnitt talsteuer talstruktur talstruktur talsumme talsumme talübertragungssteuer talumschichtung talumschlag talumschlagshäufigkeit talunterdeckung talverbrauch talverkehr talverkehrsbilanz talverkehrsbilanz talverlust

-

flow of funds cash flow Statement company limited liability company Corporation alien corporation/company f1o(a)tation formation of a company domestic corporation close company proprietary company capital gain capital gains tax windfall tax capital goods capital reduction capital intensity capitalization capitalism capitalist capital account capital charges capital cost(s) capital expentiture capital market financial markets capital bonus return on investment return on capital (employed) return on investment return on capital (employed) capital reserve capital reserve institutional investor decapitalization capital tax capital structure financial structure capital sum principal capital transfer tax recapitalization capital turnover capital turnover undercapitalization capital consumption capital movements balance on capital account capital account capital loss

Kapitalvermögen, Verlust aus Kapitalverpflichtung Kapitalverzinsung, angestrebte Kapitalverzinsung Kapitalverzinsung Kapitalwert Kapitalwert Kapitalwertminderung Kapitalwertminderung Kapitalzinsen Kapitalzuwachs Kapitän Kapitän (eines Handelsschiffes) Kapo Karat Karenzzeit Karenzzeit (Vers) Karenzzeit (Vers) Kargoversicherung Kargoversicherungsanspruch Kartei Kartei, sichtbare Karteilocher Kartell Kartell Kartell Kartell, internationales Kartellaufsichtsbehörde (GB) Kartellgesetz (GB) Kartellgesetz (USA) Kartellgesetz (USA) Kartellverbot, formales (USA) Karteninhaber/in Kartenleser Kartentelefon Karton(papier) Kartothek Kassageschäft (Bö) Kassageschäft (Bö) Kassakonto (Bö) Kassakurs (Bö) Kassakurs (Bö) Kassamarkt (Bö) Kasse Kasse Kasse Kasse Kasse (z.B. im Supermarkt) Kasse gegen Dokumente (Akkreditivbedingung)

1585

-

passive activity loss capital commitment target rate of return interest on capital rate of return capitalized value net present value capital loss capital loss simple interest capital gain master ship's master overseer carat grace period qualifying period waiting period cargo insurance cargo insurance claim card index visible card index card punch cartel pool ring international cartel Monopolies (and Mergers) Commission Restrictive Trade Practices Act antitrust law Sherman Antitrust Act Sherman Antitrust Act cardholder card reader cardphone cardboard card index spot sale cash dealing cash account cash price spot price spot market balance in/on hand booking office cash desk pay desk checkout cash against documents

Kasse vor Lieferung Kasse, kleine Kasse, kleine Kasse, netto Kasse, netto (Bö) Kasse, per Kassenbeleg Kassenbestand Kassenbestand Kassenbestand Kassenbestand Kassenbestand Kassenbestand einer Bank Kassenbuch Kassenbudget Kasseneingang Kassenfehlbestand Kassenfehlbetrag Kassenfluß Kassenführer/in Kassenhaltungseffekt, realer Kassenhaltungseffekt, realer Kassenkonto Kassenquittung Kassenschalter Kassenschlager Kassenschlager Kassenstand Kassenvoranschlag Kassenwart Kassenzettel (Beleg, Quittung) Kassette Kassettenfarbband Kassierer/in Kassierer/in Kassierer/in Kassierer/in Kassierer/in Kasten Kasten Kasten Kasten, schwarzer Kasus Katalog Katalog, gegliedert nach Produkten/ Bereichen Katalog, K a u f nach Katalogwarenhaus Katasteramt ( G B ) Katastrophenrisiko

1586

-

cash before delivery imprest fund petty cash net cash for money cash cash voucher balance in/on hand cash cash balance cash float till money vault cash cashbook cash budget cash receipt shorts shorts cash flow treasurer Pigou effect real balance effect cash account cash receipt pay desk box success money spinner cash in/on hand cash budget treasurer coupon cassette cartridge ribbon bank teller cashier checker collector teller bin box crate black box case catalog(ue) classified catagog(ue) catalog(ue) buying catalog(ue) store land registry fundamental risk

- 1587 Kauf auf Abruf Kauf auf Abruf Kauf auf Abruf Kauf auf Raten Kauf auf/nach Probe Kauf mit Preisoption Kauf mit Rückgaberecht Kauf nach Beschreibung Kauf nach Katalog Kauf nach Muster Kauf und Verkauf während eines Börsentages Kauf unter Inzahlungnahme Kauf zur Ansicht Kauf zur späteren Auslieferung Kauf, schlechter Kauf- und Verkaufsauftrag, gekoppelter (Bö) Kauf-/Verkaufauftrag zu Preisen unterhalb oder oberhalb des gültigen Kursniveaus (Bö) Kaufabrechnung (Bö) Kaufanreiz, käuferfreundlicher Kaufauftrag Kaufauftrag Kaufauftrag zum Marktpreis Kaufauftragsabwicklung/-bearbeitung Kaufbereitschaft Kaufen Kaufentschiuß Käufer/in Käufer/in Käufer/in Käufer/in Käufer/in Käufer/in Käufer/in Käufer/in, der/die Vergleiche anstellt Käuferkredit Käufermarkt Käufermonopol Käuferrechte Käuferträgheit Kauffrau Kauffrau Kauffrau Kaufgewohnheit Kaufhaus Kaufinteressent/in Kaufkraft

call order call purchase Standing order i n s t a l l m e n t buying sale on approval call purchase sale or return selling by description catalog(ue) buying sale by/to sample daylight trading part exchange sale on approval forward purchase bad bargain contingent order resting order

bought note added buyer effect buy order purchase order market order purchase order processing eagerness to buy buying buyer decision buyer customer purchaser purschaser shopper taker vendee comparison shopper buyer credit buyers' market buyer's monopoly buyer's rights buyer's inertia dealer merchant trader custom department store prospect purchasing power

Kaufkraft Kaufkraft Kaufkraft, frei verfügbare Kaufkraft, tatsächliche/echte Kaufkraftindex KaufkraftkennzifTer Kaufkraftparität Kauflust Kaufmann Kaufmann Kaufmann Kaufmotive Kaufmotive, rationale Kaufnote (Bö) Kaufobjekt, günstiges Kaufoption Kaufoption (Bö) Kaufpreis Kaufpreis Kaufpreis Kaufscheckverfahren Kaufsumme Kaufverhalten Kaufvertrag Kaufvertrag Kaufvertrag Kaufvertrag Kaufvertrag ohne Eigentumsvorbehalt Kaufvertrag unter Eigentumsvorbehalt Kaution Kaution Kaution Kaution Kautionsversicherung Kellerwechsel Kellerwechsel Kellerwechsel Kellerwechsel Kennedy-Runde Kenner Kenntnis Kennzahl, betriebswirtschaftliche oder finanzwirtschaftliche Kennzahlen, betriebswirtschaftliche Kennzeichen Kennzeichen kennzeichnen Kennzeichnung mit Herstell- oder Verfalldatum Kennziffernanalyse

1588

-

spending power value discretionary buying power real value of money buying power index buying power index purchasing power parity eagerness to buy dealer merchant trader buying motives rational buying motives bought note bargain call option call consideration purchase money purchase price cheque trading purchase money buying behavio(u)r bargain contract of/for sale purchase contract sales contract absolute sale conditional sales contract bail bond caution money security deposit fidelity bond accommodation bill fictitious bill kite windbill Kennedy Round judge notice financial ratio activity ratios earmark identifier mark date coding ratio analysis

Kennziffernanzeige Kernarbeitszeit Kernfrage Kernfrage Kernpunkt Kettenladen Keynes' Investitionstheorie Keynes' Zinstheorie Keynesianismus Kfz-Haftpflichtversicherung Kfz-Versicherung Kidnapping- und Lösegeld-Versicherung Kielgeld Kilometergeld Kindergeld Kindergeld Kindergeldzulage Kinofilm Kiste Kiste Kiste Kistenanhänger Klage Klage Klage Klage (Re) Klage, Anträge zur (Re) Kläger/in Klagerecht Klageschrift (USA) Klageverjährung Klageverj ährung Klagezustellung Klarheitsprinzip ( R W ) Klasse Klasse, unterpriviligierte Klassenkampf Klassifikation Klassifizierung Klassiker Klausel Klausel Klausel Klausel über Fälligkeit Klausur Kleinaktie (spekulative) Kleinanzeige Kleinanzeige Kleinbetrieb Kleinbuchstabe

1589

-

blind advertisement core time issue point point chain store Keynes' theory of investment Keynes' theory of interest Keynesianism third party motor insurance motor insurance kidnap(ping) and ransom insurance keelage mileage child benefit family allowance family allowance show bin box case bin tag complaint lawsuit proceedings legal action particulars plaintiff right of action declaration limitation limitation of action writ consistency convention rate underclass class struggle classification rating classical economists clause condition provision acceleration clause paper penny share/stock classified advertisement small advertisement small business lowercase

1590 fvleirif'iisiori Kleingeld Kleingeld Kleingeld Kleinkram Kleinlebensversicherung Kleinlebensversicherung Kleinobligation Kleinpreisgeschäft Kleinserie Kleinserienfertigung (nach Kundenauftrag) Kleinvieh Klemmbrett Knappheit Knappheit Knappheit Know-how Know-how-Vertrag Kodizill Kohlepapier Koje Kollege Kollege/Kollegin Kollegin Kollektion Kollektion Kollektivgüter Kollektivgüter Kollektivierung Kollektivismus Kollektivversicherung Kollektivversicherung Kollisionsklausel bei beiderseitigem Verschulden (Vers) Kollo Kolonnenführer/in Kombinationstransportunternehmer Kombischiff Kombiverkehr Komitee Komitee Kommanditgesellschaft (KG) Kommanditgesellschaft auf Aktien (USA) Kommanditist/in Kommentar Kommission Kommission Kommission, in Kommissionär

minimerger change chickenfeed loose change odds and ends home service insurance industrial life insurance baby bond variety shop/store job lot jobbing production peanuts clipboard scarcity shortage squeeze know-how secrecy agreement codicil carbon paper berth colleague counterpart colleague collection portfolio collective goods public goods collectivization collectivism group insurance package insurance both to blame collision clause package group leader combined transport operator passenger cargo liner piggyback (service) commission committee limited partnership joint stock company limited partner editorial commission committee on consignment agent

-

1591

Kommissionär Kommissionär Kommissionär Kommissionär Kommissionsbasis, Verkauf auf Kommissionskonto Kommissionslager Kommissionsverkauf Kommissionsverkauf Kommissionsware Kommissionsware Kommittent Kommunalanleihe Kommunalanleihe Kommunalanleihe Kommunalausgaben Kommunalbehörde Kommunalbehörde Kommunalbehörde Kommunalbetrieb Kommunalobligation Kommunalobligation Kommunalobligation Kommunalobligation Kommunalobligation (USA) Kommunalobligation (USA) Kommunalschuldverschreibung mit kurzer Laufzeit Kommunalsteuer ( G B ) Kommunalverwaltung Kommunalverwaltung ( G B ) Kommunikation Kommunikation, einseitige Kommunikation, interpersonelle Kompensationsgegengeschäft (AuW) Kompensationsgeschäft Kompensationsgeschäft Kompensationshandel Kompensationshandel Kompensationszoll Kompetenzstreitigkeiten zwischen Gewerkschaften Kompilierer (DV) Komplementär/in Komplementär/in Komplementär/in Komplementärangebot Komplementärgüter Komplementärgüternachfrage Komplementärnachfrage

-

commission agent commission merchant consignment agent factor memorandum sale consignment account consignment stock consignment sale memorandum sale consignment goods goods on consignment consigner corporation stock local government bond state bond local authority expenditure corporation local authority local government municipal enterprise corporation stock local government bond municipal bond state bond assessment bond warrant yearling rate municipal government local government communication one way communication interpersonal communication counterpurchase barter compensating trading compensating trading countertrade countervailing duty demarcation disputes compiler acting partner active partner general partner joint supply complementary goods complementary demand joint demand

- 1592 Komplize Komplizin Kompositversicherer Kompromiß KondratiefT Zyklus Konferenz Konferenz Konferenzlinien (SchifTahrt) Konfiskation Konfìszierung Konfiszierung Konflikt Konfliktlösung Konglomerat Kongreß Kongruenzprinzip (RW) Konjunktur, Ankurbelung der Konjunktur, florierende Konj unkturabschwäch ung Konj unkturabschwung Konj unkturaufschwung Konj unkturaufschwung Konjunkturaufschwung, erwarteter Konjunkturbarometer Konjunkturbelebungsmaßnahmen Konjunkturbericht Konjunkturentwicklung Konjunkturentwicklung Konjunkturentwicklung Konjunkturforderung, staatliche Konjunkturhoch- und -tiefpunkte Konj unkturindikator Konj unkturindikator Konjunkturindikatoren Konjunkturindikatoren, internationale Konjunkturkennziffer Konjunkturklima Konjunkturphase Konjunkturphase Konjunkturphase Konjunkturpolitik Konjunkturpolitik Konjunkturpolitik, antizyklische Konjunkturpolitik, prozyklische Konjunkturprognose Konjunkturprognose Konjunkturrückgang Konjunkturrückgang Konjunkturrückgang, mäßiger Konjunkturrückgang, starker

accessory accessory composite insurance company compromise Kondratieff cycle conference meeting conference lines confiscation confiscation sequestration conflict resolution conglomerate conference matching pump priming boom slowdown downswing recovery upswing anticipated economic upswing business barometer reflationary measures economic report economic development economic development economic trend pump priming peaks and valleys cyclical indicator economic indicator business indicators international economic indicators economic indicator economic climate business cycle cycle trade cycle economic policy stabilization policy anticyclical policy procyclical policy business forcast(ing) economic forecast(ing) recession slowdown shakeout slump

1593 Konjunkturstabilisator, eingebauter (automatischer) K o n j unkturstabilisierung Konjunkturtief Konjunkturtief Konjunkturüberhitzung Konjunkturverlauf K o n j unkturverlauf K o n j unkturverlauf K o n j unkturzy klus K o n j unkturzy klus Konjunkturzyklus Konkretisierung Konkretisierung einer Ware Konkretisierungsbescheinigung Konkurrent, neuer Konkurrent/in Konkurrent/in Konkurrenz Konkurrenz, atomistische Konkurrenz, freie Konkurrenz, harte/scharfe Konkurrenz, monopolistische Konkurrenz, oligopolistische Konkurrenz, polypolistische Konkurrenz, ruinöse Konkurrenz, unvollständige Konkurrenz, vollkommen homogene/ vollständige Konkurrenz, vollständige Konkurrenzangebot Konkurrenzerzeugnis Konkurrenzfähigkeit Konkurrenzmarkt Konkurrenznachfrage Konkurrenzprodukt Konkurrenzprodukt Konkurrenzunternehmen Konkurrenzunternehmen Konkurrenzunternehmen Konkurrenzwerbung Konkurs Konkurs Konkurs Konkurs Konkurs, betrügerischer Konkursabwickler Konkursaufhebung KonkurseröfTnungsantrag Konkurseröffnungsbeschluß

-

built in (automatic) stabilizer stabilization ot the economy bottom trough overheating (of the economy) economic development economic trend run of business business cycle cycle trade cycle appropriation appropriation of goods appropriation entrant competitor rival competition atomistic competition free competition keen competition monopolistic competition oligopolistic competition atomistic competition cutthroat competition imperfect competition pure competition perfect competition competitive supply rival commodity competitiveness competitive market competitive demand competing product rival commodity competition competitor rival competitive advertising bankruptcy failure insolvency liquidation fraudulent bankruptcy liquidator discharge of/in bankruptcy petition in bankruptcy adjudication order

Konkursforderung, Anmeldung einer Konkursforderung, nicht bevorrechtigte Konkursforderung, ungesicherte Konkursgrund Konkursmasse Konkursquote Konkursquote Konkursschuldner, nicht entlasteter/ rehabilitierter Konkursschuldner/in Konkursverwalter/in Konkursverwalter/in Konkursverwalter/in Konkursvoraussetzung Können, handwerkliches Konnossement Konnossement Konnossement Konnossement Konnossement für Straßentransport Konnossement, echtes Konnossement, eingeschränktes/ unreines Konnossement, nicht übertragbares Konnossement, reines Konnossement, unreines Konnossement, unreines Konnossemente, Satz Konnossementsanteilschein Konnossementsgarantie (AuW) Konsignant/in (AuW) Konsignatar (AuW) Konsignatar (AuW) Konsignation, in Konsignationskonto (AuW) Konsignationslager (AuW) Konsignationsware (AuW) Konsignationsware (AuW) Konsignationsware (AuW) Konsolidierung Konsolidierung Konsorte Konsortialführer/in Konsortialführer/in Konsortialführer/in Konsortialkredit Konsortialmitglied Konsortialprovision Konsortium Konsortium

1594

-

proof ordinary debt ordinary debt act of bankruptcy estate dividend share undischarged bankrupt bankrupt administrator/administratrix receiver trustee act of bankruptcy craftsmanship bill bill of lading marine bill of lading note road waybill clean bill of lading claused bill of lading straight bill of lading clean bill of lading dirty bill foul bill (of lading) set of bills delivery order letter of indemnity consigner commission merchant consignee on consignment consignment account consignment stock consignment consignment goods goods on consignment consolidation funding underwriter leader sponsor lead bank syndicate credit/loan underwriter spread consortium syndicate

-

1595 -

constant Konstante computer aided design Konstruieren, rechnergestütztes computer aided design Konstruktion computergesteuerte consul Konsul consulate Konsulat certified invoice Konsulatsfaktura consular invoice Konsulatsfaktura consumption Konsum autonomous consumption Konsum, autonomer induced consumption Konsum, induzierter abstinence Konsumaufschub consumer Konsument consumer expenditure Konsumentenausgaben consumer expenditure Konsumentenausgaben consumer credit Konsumentenkredit consumer credit agreement Konsumentenkreditvertrag consumer credit agreement Konsumentenkreditvertrag consumer demand Konsumentennachfrage consumer's preference Konsumentenpräferenz consumer's surplus Konsumentenrente consumer sovereignty Konsumentensouveränität consumer loyalty Konsumententreue consumer behavio(u)r Konsumentenverhalten consumer advertising Konsumentenwerbung consumerism Konsumerismus consumer research Konsumforschung consumption function Konsumfunktion consumer cooperative (society) Konsumgenossenschaft wholesale cooperative Konsumgroßhandelsgesellschaft consumer goods Konsumgüter single use goods Konsumgüter (kurzlebige) (USA) Konsumgüter, bei deren Auswahl und Kauf shopping goods der Kunde kritische Vergleiche anstellt Konsumgüter, dauerhafte consumer durables Konsumgüter, kurzlebige consumer nondurables Konsumgüter, kurzlebige nondurable goods Konsumgüter, kurzlebige softs Konsumgütermarkt consumer market Konsumneigung propensity to consume Konsumquote propensity to consume Konsumquote, durchschnittliche average propensity to consume Konsumquote, marginale marginal propensity to consume Konsumsteuer consumption tax Kontakter account executive Kontaktgruppenleiter/in account executive Konten accounts Kontenklasse account class Kontennummer (RW) account code Kontennummer (RW) account number Konterbande contraband

Kontierung (RW) Kontingent Kontingent, Tranche eines Konto Konto der britischen Regierung bei der Bank von England Konto, bewegtes Konto, fiktives/fingiertes Konto, gemeinsames Konto, gesperrtes Konto, kreditorisch geführtes Konto, laufendes Konto, laufendes (GB) Konto, laufendes (USA) Konto, offenes Konto, totes Konto, umsatzloses Konto, umsatzloses Konto, umsatzstarkes Kontoabhebung Kontoabstimmung (RW) Kontoabstimmung zwischen Bank und Kunde Kontoauszug Kontoauszug Kontoauszug Kontoauszug Kontobuchseite Kontofiihrungsgebühr (BaW) Kontoführungsgebühr (BaW) Kontohinweis (RW) Kontoinhaber/in Kontoinhaber/in Kontokorrenteinlage Kontokorrentkonto Kontokorrentkonto Kontokorrentkonto Kontokorrentkonto Kontokorrentkonto Kontokorrentkonto Kontokorrentkonto (GB) Kontokorrentkonto (USA) Kontokorrentkonto, verzinsliches (USA) Kontokorrentkredit Kontokorrentkredit Kontokorrentkredit Kontokorrentkredit Kontokorrentsaldo Kontokorrentsatz Kontonummer (BaW)

1596

-

folio reference (number) allocation quota share account exchequer account active account proforma account joint account blocked account credit account account current current account checking account open account dead account dead account inactive account active account bank withdrawal reconciliation bank reconciliation account current account statement bank statement statement folio maintenance charge service charge folio reference (number) account holder customer demand deposit account current cash account credit account drawing account open account running account current account checking account share draft account bank overdraft cash credit open credit overdraft balance on current account overdraft rate account number

Kontostand Kontoüberziehung (USA) Kontoumsatzgebühr Kontrakt Kontraktgröße (Bö) Kontraktion Kontraktmenge (Bö) Kontrollabschnitt Kontrollausschuß Kontrolle Kontrolle Kontrolle Kontrolleur/in Kontrolleur/in Kontrolleur/in Kontrollinterview Kontrolliste Kontrollspanne (Man) Kontrollzahlungsabschnitt Konventionalstrafe Konventionalstrafe Konvertibilität Konvertibilität, beschränkte Konvertierbarkeit Konvertierung Konvertierung Konvertierungsrisiko im internationalen Zahlungsverkehr Konzentration Konzentration, gesamtwirtschaftliche Konzentrationsmaß Konzept Konzept der einheitlichen Leitung Konzern Konzern Konzern Konzernabschluß Konzernabschluß Konzernbilanz Konzernbilanz Konzernbildung Konzerngesellschaft Konzernunternehmen Konzertzeichner/in (Bö) Konzertzeichner/in (Bö) Konzession Konzession Konzession Kooperation Koordinatennullpunkt

1597

-

account balance overdraft activity charge contract trading unit contraction unit of trading counterfoil supervisory board check control inspection checker controller supervisor callback checklist span of control stub conventional penalty penalty convertibility limited convertibility convertibility conversion translation transfer risk concentration aggregate concentration concentration draft unity of management concern group trust consolidated accounts group accounts consolidated balance sheet group accounts consolidation associated company affiliated company free rider stag charter concession license cooperation origin

1598 Koordinierung Kopf, pro Kopie Kopie Kopie Kopie Kopie Kopie Koppelungsvereinbarung Koppelungsvertrag Kopplungsgeschäft Kopplungsverkauf Korb Korbflasche Körperschaden Körperschaft Körperschaft des öffentlichen Rechts Körperschaft, öffentlich rechtliche Körperschaftssteuer Korrektor/in Korrektur Korrektur(buchung) Korrekturflüssigkeit Korrekturleser/in Korrekturtaste Korrelation Korrespondent Korrespondenz Korrespondenzbank Korruption Kosten Kosten Kosten Kosten Kosten bei voller Betriebsausnutzung Kosten decken Kosten der Aktienemission Kosten der entgangenen Gelegenheit Kosten und Fracht (Incoterm) Kosten vorausbezahlt Kosten(druck)inflation Kosten, Anwachsen der Kosten, direkte Kosten, feste/fixe Kosten, feste/fixe Kosten, gesellschaftliche/ volkswirtschaftliche Kosten, historische (RW) Kosten, indirekte Kosten, komparative (AuW)

-

coordination per capita blueprint copy counterpart duplicate facsimile tenor tying contract tying contract tie in sale tie in sale basket carboy bodily injury corporation public corporation public corporation corporation tax reader correction adjustment correcting fluid reader correction key correlation correspondent correspondence correspondent graft charge cost expenditure expenses capacity cost(s) clear preliminary expenses opportunity cost(s) cost and freight charges prepaid cost push inflation diseconomy direct cost(s) fixed charge fixed cost(s) social costs historical cost(s) indirect cost(s) comparative cost(s)

-

1599

Kosten, laufende Kosten, produktionsabhängige Kosten, soziale/externe Kosten, teilvariable Kosten, variable/veränderliche Kosten, vermeidbare Kosten, Versicherung, Fracht (Incoterm) Kosten-Nutzen-Analyse Kostenanalyse Kostenbeitrag Kostenbeteiligung Kostendeckung Kostendeckungspreis Kostendeckungspunkt Kostendegression Kostendegression, interne Kosteneinsparung Kostenersparnisse durch Produktionsausweitung Kostenersparnisse, technische durch Größenvorteile kostenfrei Kostenkalkulation Kostenkonto kostenlos kostenlos Kostenprogression Kostenprogression Kostenrechner Kostenrechnung Kostensenkung, innerbetrieblicher Faktor der Kostensteigerungen, Versicherung gegen Kostenstelle Kostenstelle Kostentabelle Kostentarif Kostenumlage Kostenvoranschlag Kostenvoranschlag Kostenvorteil, absoluter Kostenvorteil, absoluter Kräfte, ökologische Kraftfahrzeug(haftpflicht)sammelpolice Kraftfahrzeug-Gruppenversicherung Kraftfahrzeughaftpflichtversicherung Kraftfahrzeughaftpflichtversicherung Kraftfahrzeugsteuer Kraftfahrzeugversicherung Kraftfahrzeugversicherung

-

running cost(s) avoidable costs social costs semivariable cost(s) variable cost(s) avoidable costs cost, insurance and freight cost benefit analysis cost analysis contribution contribution cover breakeven price breakeven point economies of scale internal economies economy economies of scale technical economies charges prepaid cost accounting expense account free free of charge diseconomies of scale diseconomy estimator cost accounting internal economies cost escalation cover cost center department cost schedule tariff apportionment of expenses estimate quotation absolute advantage absolute cost advantage ecological forces fleet policy fleet policy automobile liability insurance third party motor insurance car tax car insurance motor insurance

-

1600

Kraftfahrzeugversicherung Kraftpapier Kraftverkehrsunternehmer/-nehmen Kranken- und Berufsunfahigkeitsversicherung, private Krankengeld Krankengeld, gesetzliches Krankenhaus(kosten)versicherung Krankenhaustagegeldversicherung Krankenversicherung Krankenversicherung Kredit Kredit Kredit Kredit mit Einmalrückzahlung Kredit mit Tilgungsaufschub Kredit zur Finanzierung der (Export)Kosten vor dem Versand Kredit(würdigkeits)prüfung Kreditzusageprovision Kredit, auf Kredit, a u f . . kaufen/verkaufen Kredit, besicherter Kredit, der am Ende der Laufzeit pauschal zurückgezahlt wird Kredit, einen (jederzeit) kündigen Kredit, gebundener Kredit, gegen Kredit, Kündigung eines Kredit, kurzfristiger Kredit, kurzfristiger Kredit, mittelfristiger Kredit, mittelfristiger Kredit, notleidender Kredit, offener Kredit, persönlicher Kredit, revolvierender Kredit, revolvierender Kredit, uneinbringlicher Kredit, ungedeckter Kredit, wechselseitiger Kredit, zinsgünstiger Kredit, zweckgebundener Kredit-Einlagen-Verhältnis Kredit-Einlagen-Verhältnis Kreditanfangskosten, hohe Kreditaufnahme Kreditaufnahme der öffentlichen Hand/des Staates Kreditaufnahme, jede

-

vehicle insurance kraft paper haulage contractor permanent health insurance sick pay statutory sick pay hospital expense(s) insurance hospital cash insurance health insurance medical insurance advance credit loan single payment loan bullet credit preshipment finance credit analysis facility fee on credit credit secured loan noninstal(l)ment credit call tied credit/loan on account withdrawal short credit short term borrowing medium term credit term loan nonperforming loan open credit character loan continuous credit revolving loan dead loan open credit back to back credit/loan soft loan restricted use credit advances ratio advances ratio front end load borrowing government borrowing leverage

-

Kreditaufnahme, kurzfristige Kreditauskunft Kreditauskunft Kreditauskunft Kreditauskunftei Kreditauszahlung Kreditbedarf der öffentlichen Hand Kreditbeschränkung Kreditbestätigung Kreditbetrag Kreditbrief Kreditbürgschaft, fortlaufende Kreditdeckung durch Anlagevermögen Kreditfähigkeit Kreditfazilität Kreditgeber, letztinstanzlicher ( B a W ) Kreditgeber/in Kreditgeber/in Kreditgenossenschaft Kreditgeschäft Kreditgeschäft der Banken Kreditgewährung Kreditgewährung gegen dingliche Sicherheit (AuW) Kreditgrenze Kreditgrenze Kredithai Kreditinstitut Kreditinstitut, Iizensiertes Kreditkarte Kreditkarte Kreditkarte Kreditkarte (zur direkten Abbuchung von Käufen) Kreditkarte der Barclays Bank ( G B ) Kreditkarte, gesicherte Kreditkarte, gestohlene Kreditkarte, intelligente Kreditkarte, verlorene Kreditkartentelefon Kreditkartentelefonat Kreditkauf Kreditknappheit Kreditkonditionen Kreditkonsortium Kreditkontingentierung Kreditkonto Kreditkonto Kreditkonto (offenes) Kreditkonto, "offenes"

1601

-

short term borrowing bank reference credit information status report credit reference agency payout public sector borrowing requirement credit rationing facility letter capital sum letter of credit continuing security asset cover borrowing power facility lender of last resort grantor lender credit union credit transaction bank lending extension of credit green clause credit credit(s) outstanding line of credit loan shark lending institution licensed deposit taker bankcard credit card plastic money debit card Barclaycard secured credit card hot card smart card hot card credit call telephone credit card call credit buying credit crunch credit terms loan syndicate credit rationing credit account loan account charge account budget account

1602

Kreditkontraktion Kreditkontrolle Kreditkosten Kreditkosten Kreditkunde Kreditkündigung Kreditlaufzeit Kreditlaufzeit Kreditlinie Kreditlinie Kreditmarkt Kreditmärkte Kreditnehmer/in Kreditnehmer/in Kreditnehmer/in Kreditnehmer/in Kreditor Kreditor Kreditor/en Kreditoren Kreditpolitik, restriktive Kreditpolitik, selektive Kreditprovision bei Inanspruchnahme eines Bereitstellungskredits Kreditrahmen Kreditrestriktion Kreditrestriktion Kreditrestriktion Kreditrisiko Kreditrisiko Kreditrisikoprognose Kreditrisikoübernahme Kreditrisikoversicherung Kreditrisikoversicherung Kreditscheckverfahren Kreditschöpfung Kreditschöpfungsmultiplikator Kreditstand Kreditstopp Kredittranche (EMF) Kreditüberwachung Kreditvaluta Kreditverkauf Kreditverlängerung Kreditverlängerung Kreditversicherung Kreditvertrag Kreditvertrag Kreditverzug, reziproker Kreditvolumen, eingeräumtes

-

credit squeeze credit control cost(s) of borrowing loan charges credit customer withdrawal credit period loan maturity credit line line of credit credit market financial markets beneficiary borrower debtor grantee creditor debtee account(s) payable trade creditors credit control selective credit policy activation fee credit line credit crunch credit squeeze squeeze business risk credit risk credit scoring underwriting credit factoring credit risk insurance cheque trading credit creation credit creation multiplier credit(s) outstanding credit freeze credit tranche credit control proceed credit sale dating extension of credit credit insurance loan agreement paper cross default credit(s) outstanding

-

1603

Kreditwürdigkeit Kreditwürdigkeit Kreditwürdigkeit Kreditwürdigkeit, Beurteilung der Kreditwürdigkeitsanfrage Kreditwürdigkeitsbewertung, fünf Kriterien bei der Kreditwürdigkeitseinstufung Kreditwürdigkeitsprüfung Kreditzins Kreditzins für erste Adressen Kreditzins für erstklassige Kunden (USA) Kreditzins/en Kreditzinssatz Kreditzinssatz, Aufschlag auf Kreditzinssatz, schwankender Kreditzinssatz, variabler Kreditzusage Kreditzusage des I W F Kreditzusageschreiben Kreisdiagramm Kreisdiagramm Kreislauf Kreislauf Kreuz(preis)elastizität der Nachfrage Kreuzparität Kreuzung, allgemeine (Scheck) Kreuzvermerk auf Scheckvorderseite Kriegs risikoversicherung Krimskrams Krisenplan Kriterium Kubikmaße Kulanzregulierung (Vers) Kultur Kulturschock Kunde Kunde Kunde Kunde, möglicher Kunde, wichtiger Kunde/Kundin Kunde/Kundin Kunde/Kundin Kunde/Kundin, der/die in einem Geschäft ein Kreditkonto hat Kunde/Kundin, geeignete/r Kunde/Kundin, geschätzte/r Kunde/Kundin, unentschlossene/r Kunden

-

bank credit credit creditworthiness credit rating credit inquiry five Cs of credit rating credit scoring lending rate base rate prime rate bank loan interest bank rate spread variable lending rate variable lending rate credit approval standby agreement facility letter circle chart pie chart circulation cycle cross elasticity of demand cross rate general crossing cheque crossing war risk insurance odds and ends contingency plan yardstick cubic measures ex gratia payment culture culture shock account buyer patron potential customer key customer client custom customer credit customer qualified prospect valued customer vacillating customer accounts

Kunden-Info Kundenbedarf Kundenbesuch, Instruktionen vor einem Kundenbesuchsrate Kundenbetreuer/in ( B a W ) Kundendienst Kundendienst Kundendienst Kundendienst Kundendienst(mitarbeiter) Kundeneinlagen ( B a W ) Kundeneinzugsgebiet Kundenforderungen, Verkauf von Kundenkonto, "offenes" Kundenkreditkarte Kundenkreditkarte Kundenkreditkonto Kundennummer Kundenrabatt Kundenskonto/-skonti kundenspezifisch Kundenüberweisungen per EDVAbwicklung ( G B ) Kundenverkehr Kundenwerber/in Kündigung (PW) Kündigung Kündigung (Bö) Kündigung (PW) Kündigung, ungerechtfertigte Kündigungsdarlehen Kündigungsfalle Kündigungsklausel Kundin Kundin Kundin Kundin, mögliche Kundschaft Kundschaft Kunststück Kupon, ohne Kuppelprodukt Kurantmünze Kurier Kurier Kurierdienst Kurs Kurs (Bö) Kurs (Bö) Kurs (Bö)

1604

-

visit brief demand visit brief call rate account executive after sales service customer service service servicing serviceman primary deposits catchment area debt factoring budget account charge card in store card charge account account number sales discount discount(s) allowed made to order bankers automated clearing traffic canvasser dismissal notice call resignation unfair dismissal notice loan quits c a n c e l l a t i o n clause account buyer patron potential customer custom trade stunt ex coupon joint product full bodied coin messenger runner courier service rate price quotation share price

Kurs über Emissionskurs (Bö) Kurs(wert) Kurs, amtlicher (Bö) Kurs, amtlicher/offizieller Kurs, gespaltener Kurs, gestützter (Bö) Kurs, höchster Kurs, nachbörslicher Kurs, zum angegebenen oder besser (Bö) Kurs-Gewinn-Verhälnis ( K G V ) Kurs-Gewinn-Verhältnis ( K G V ) Kursanstieg auf breiter Front Kursanstieg, leichter Kursaufschlag Kursbewegung, plözliche, starke und kurzzeitige Kursblatt, amtliches (Bö) Kursblatt, amtliches (Londoner Börse) Kursdifferenz (Bö) Kurse, Fallen der Kurseinbruch Kurseinbruch Kurserholung Kursfestigung Kursfreigabe, kontrollierte Kursgebühr Kursgewinn Kursgewinn, nicht realisierter Kursgewinn, nicht realisierter Kursintervention Kursivschrift Kurskonsolidierung Kursmanipulation Kursmanipulation Kursnotierung, amtliche/offizielle Kursnotierung, doppelte Kursreserve Kursrisiko Kursrückgang, anhaltender Kursrückgang, leichter Kursrückgangsrisiko Kurs rutsch Kursschwäche, plötzliche Kursschwankungen, rasche/heftige Kurssicherung zwischen Angebotsabgabe und Vertragsabschluß (AuW) Kurssicherungsgeschäft Kursstabilisierungsmaßnahmen Kurssteigerung Kurssturz

1605

-

premium price quoted price middle price official quotation two way price pegged price high after hours price at limit price/earnings ratio times earnings ratio buoyancy upstick/up stick premium flurry Official List Stock Exchange Daily Official List spread baisse setback break market rally advance managed float(ing) tuition gain unrealized appreciation unrealized appreciation exchange intervention italics consolidation cornering the market rigging official quotation two way price undervaluation exchange risk slump downtick downside risk nosedive air pocket volatility tender to contract cover hedging official support stock appreciation nosedive

-

Kurssturz Kursstützung Kursstützung Kursveränderung (der Schlußkurse) (Bö) Kursverfall Kursverschlechterung (Bö) Kurswert (Bö) Kurswert (Bö) Kurszettel (Bö) Kurszusatz: G (Geld) (Bö) Kurve Kurzarbeit Kurzbericht Kurzfassung kurzfristig kündbar Kurzläufer (Wertpapier) Kurzläufer (Wertpapier) Kurzschrift Kurzstreik Kürzung Küstenschiff Kutsche Kuznets Zyklus Kybernetik

1606

-

plunge in prices pegging stabilization policy net change collapse stock depreciation market price market value price list buyers over graph short time work(ing) brief abstract at short notice short coupon shorts shorthand quickie strike abatement coaster carriage Kuznets cycle cybernetics

L Ladebuch Ladefähigkeit Ladekosten Ladelinie Ladelinie Ladeliste Ladeluke Lademakler/in Lademarke Lademarke Laden laden Laden Laden (USA) Laden an der Ecke Laden, fahrender Laden, frei Laden, zollfreier Ladenaufsicht Ladenbesucher/in Ladendiebstahl Ladendiebstahl Ladenhüter

cargo book deadweight tonnage handling charges loadline (mark) plimsoll line manifest hatch chartering agent loadline (mark) plimsoll line lading load shop store corner shop mobile shop free in store (FIS) duty free shop floorwalker shopper shoplifting shrinkage cats and dogs

Ladenhüter Ladenhüter Ladenhüter Ladenhüter Ladeninhaber/in (USA) Ladenkasse Ladenkasse Ladenpreis Ladenpreis Ladenschild Ladenschluß Ladenstraße (USA) Ladentisch Laderampe Laderaum Laderaum Laderaum Laderost Ladeschein Ladeverzeichnis Ladung Ladung Ladung Ladung Ladung Ladung Ladung(Re) Ladung unter Deck Ladung zum Gerichtstermin Ladung, (auf)gestaute Ladung, Beschädigung der (Betrugshandlung) Ladung, gespaltene Ladung, Löschung der Ladung, über Bord geworfene Ladungskontrolleur/in Ladungsprüfer/in LafTer-Kurve Lag Lage Lagebericht Lager Lager Lager Lager(bestands)kontrolle Lager(haus) Lager(raum) Lager, ab Lager, auf Lager, nicht am

1607

-

dead stock drug in/on the market sleeper sticker storekeeper cash box till retail price selling price facia closing time shopping mall counter ramp hold space stowage pallet bill of lading manifest cargo freight lading lading load shipment writ ground storage process stowage barratry split load breaking bulk jetsam tallyman checker LafTer-curve lag location situation report storage store warehouse stock control depot storeroom ex stock in/on stock out of stock

1608

1 .ageraufïiillii Mg Lageraufstockung Lagerauftrag Lagerbestand Lagerbestand Lagerbestand und bestellte Ware Lagerbestand, durchschnittlicher/ mittlerer Lagerbestände Lagerbestandsbewertung Lagerbestandsvermarktung Lagerempfangsschein Lagerentnahme Lagerfach Lagerfähigkeit Lagergebühr Lagergebiihr/en Lagergebühren Lagergeld Lagergeld Lagergeld Lagergeld Lagerhaltung Lagerhaltung Lagerhaltung Lagerhaltung nach ABC-Klassiflkation Lagerhaus Lagerhaus, öffentliches Lagerkapazität Lagerkapazität Lagerkosten Lagerkosten Lager miete Lagermiete Lagerortkarte Lagerplatz Lagerraum Lagerraum Lagerschein Lagerschein Lagerumsatz Lagerumschlag Lagerumschlag Lagerumschlag, mittlerer Lagerung Lagerverwalter/in Lagervorrat Lagervorrat Lagerware, vorgekaufte Lagerwirtschaft

-

restocking restocking stock order stock stockpile available balance average stock inventory valuation of stock dishoarding warehouse receipt withdrawal bin shelf life storage storage charge(s) warehousing demurrage storage storage charge(s) warehousing stockholding storage warehousing ABC inventory control system warehouse public warehouse storage capacity warehouse capacity carrying charges warehousing storage storage charge(s) bin tag yard storage store warehouse receipt warrant inventory turnover inventory turnover stockturn (rate) turnaround storage storekeeper stock stockpile anticipation stock stock control

-

1609

Lagerzugänge Laissez-faire Laissez-faire-Liberalismus Land Land mit niedrigem Pro-Kopf-Einkommen Land, assoziiertes (EU) Land, industrialisiertes Land, meistbegünstigtes Land, währungsschwaches Landbevölkerung Länder mit hohem pro-Kopf-Einkommen Ländercode Länderrisiko Länderrisiko Ländervorwahl Landessteuer Landeswährung Landfriedensbruch Landsitz Landung, sanfte/weiche Landungsbrücke Landvogt Landwirtschaft Landwirtschaftsbank Landwirtschaftspolitik Langläufer (Wertpapiere) Langzeitprognose Lapsus Lash-SchifT Lash-Schiff-Konnossement Last Last Lastenaufzug Lastkraftwagen (LKW) (USA) Lastschrift Lastschrift Lastschrift Lastschriftanzeige Lastschriftverfahren Lattenkiste Lattenverschlag Laufkunde Laufkundin Laufzeit Laufzeit Laufzeit Laufzeit Laufzeit eines Kredits Laufzeit eines Wechsels Laufzeit eines Wechsels

-

receipts laissez faire/laisser-faire laissez faire economy land low income country associated country developed country most favo(u)red nation weak currency country rural population high income countries country code country risk sovereign risk country code state tax domestic currency breach of peace estate soft landing quay bailiff agriculture agricultural bank agricultural policy longs long range forecast slip lash ship lash ship bill of lading encumbrance load freight elevator truck charge debit debit entry debit note direct debit crate crate walk-in walk-in currency maturity tenor term credit period currency of a bill (of exchange) usance

-

1610

Laufzeit, Festsetzung der Laufzeit, ursprüngliche Laufzettel laut Layout Layoutskizze Leads und Lags (AuW) Lean Management Lean Production Leasing Lebende/r, im Ausland Lebensdauer Lebensdauer, wirtschaftliche Lebenserwartung Lebenserwartung Lebensgemeinschaft Lebenshaltungs(kosten)index Lebenshaltungsindex Lebenshaltungskosten Lebenshaltungskostenausgleich Lebenslauf (GB) Lebenslauf (USA) Lebensmittel(vorräte) Lebensmittelgesetz (GB) Lebensmittelhändler/in Lebensmittelkartenabschnitt Lebensmittelviertel Lebensrente Lebensstandard Lebensstil Lebensversicherung Lebensversicherung (GB) Lebensversicherung gegen Einmalprämie Lebensversicherung mit Gewinnbeteiligung Lebensversicherung ohne Gesundheitstest Lebensversicherung, abgekürzte Lebensversicherung, Abtretung einer Lebensversicherung, bei der die Prämien steuerlich absetzbar sind Lebensversicherung, Beleihung einer Lebensversicherung, Bestimmung des Barwerts einer Lebensversicherung, die mit Erreichung eines bestimmten Alters ausgezahlt wird Lebensversicherung, fondsgebundene Lebensversicherung, fondsgebundene Lebensversicherung, fondsgebundene Lebensversicherung, gemeinsame/ verbundene Lebensversicherung, gemischte

-

dating original maturity circulation slip as per layout visual leads and lags lean mangement lean prodution leasing expatriate physical life economic life expectation of life life expectancy partnership cost of living index index of retail prices cost of living cost of living adjustment curriculum vitae resume provision Food and Drugs Act grocer coupon food court life annuity standard of living lifestyle life insurance assurance single premium insurance with profits policy free cover deferred annuity assignment of life policy qualifying policy policy loan valuation deferred annuity equity linked insurance unit linked policy variable life insurance joint life insurance endowment insurance

-

Lebensversicherung, gemischte, deren Gewinnanteile zur Abkürzung der Versicherungsdauer verwendet werden Lebensversicherung, mit verkürzter Beitragszahlung Lebensversicherung, prämienfreie mit gekürzter Versicherungssumme Lebensversicherungspolice Lebenszyklus Leckage Leckage Leerfracht Leergewicht Leergewicht Leergewicht Leergewicht Leerraum Leertaste Leertonnage Leerverkauf (Bö) Leerverkauf (Bö) Leerverkauf (Bö) Leerverkäufer (Bö) Leerzeichen Legalisierungsklausel Lehre Lehrling Lehrling Lehrlingsstatus Lehrstelle Lehrvertrag Lehrwerkstatt Lehrzeit Leibrente Leibrente Leichter Leichter(schiff) leihen Leistung Leistung, freiwillige (Vers) Leistung, pro Kopf Leistungen des Arbeitgebers, zusätzliche Leistungen, freiwillige betriebliche Leistungen, Wertmaß für aufgeschobene Leistungsangebot Leistungsanreiz Leistungsanspruch (Vers) Leistungsbeurteilung (PW) Leistungsbewertung (PW)

1611

-

accelerated endowment

fully paid (up) policy fully paid (up) policy life insurance policy life cycle leakage ullage deadfreight deadweight tare tare weight unladen weight ullage space bar deadweight tonnage selling short short haul short sale shorts space bar attestation apprenticeship apprentice trainee apprenticeship apprenticeship contract of apprenticeship skillcenter apprenticeship life annuity single life annuity barge lighter hire performance ex gratia payment per capita output perks fringe benefits standard for deferred payments tender incentive insurance claim employee rating rating

-

Leistungsbilanz Leistungsbilanz Leistungsbilanz Leistungsbilanzdefizit Leistungsbilanzsaldo Leistungsbilanzüberschußpolitik Leistungsempfänger, Anteil staatlicher Leistungsfähigkeit Leistungsfähigkeit, Grundsatz der steuerlichen Leistungsfähigkeit, steuerliche Leistungsfonds Leistungspflicht (Vers) Leistungspflichtige/r Leistungspflichtige/r Leistungstest Leistungsverkehr (AuW) Leistungsvermögen Leistungszulage ( P W ) Leitartikel Leitartikel Leitbefehl Leiter/in Leiter/in Leiter/in Leiter/in der Ein- und Verkaufsabteilung Leiter/in der Einkaufsabteilung Leiter/in des Einkaufs Leiter/in des Finanz- u. Rechnungswesens Leiter/in, kaufmännisch/er Leitfaden Leitkarte Leitung Leitung Leitung, Konzept der einheitlichen Leitungsebene, mittlere Leitungsebene, niedrigste/unterste Leitungsebene, oberste Leitungsgremien Leitungsgremium Leitungsorganisation Leitungsspanne (Man) Leitungsstil Leitungsstruktur Leitwährung Leitzins Leitzins ( G B ) Lerneinheit Lernen, lebenslanges Lernkurve

1612

-

balance on current account balance on/of goods and services current account deficit on current account current balance beggar my neighbo(u)r policy dependency ratio capacity ability-to-pay principle (of taxation) taxable capacity performance fund liability contributor contributory achievement test current transactions performance merit increase editorial leader routing order director guide leader merchandise manager purchasing agent buyer controller commercial director manual guide card control leadership unity of management middle management first line management top management management board executive chain of command span of control management style line of command key currency base rate minimum lending rate unit lifelong learning learning curve

Lesegerät Leser(schaft) Leserkreis Leser(schaft) Letztverbraucher/in Leverage Leverage-Kennzifler Leveraged Buyout (LBO) Libor-Angebotssatz Lichtpause Liebhaber/in Liebhaberpreis Lieferanschrift Lieferant Lieferant Lieferant Lieferantengläubiger/in Lieferantenkredit Lieferantenkredit Lieferantennummer Lieferantenverbindlichkeiten Lieferanweisungen Lieferanzeige Lieferauftrag lieferbar, sofort Lieferbedingungen Lieferbedingungen Lieferbedingungen Lieferbestätigung Lieferbeziehung, wechselseitige Lieferbuch Lieferdatum Lieferengpaß Lieferer Lieferer Lieferer Lieferer in Verzug Lieferfirma Lieferfrist Lieferklauseln Lieferklauseln im Außenhandel Lieferkredit Liefermenge Liefermonat Liefernachweis Lieferort Lieferposten Lieferpreis Lieferpreis Lieferpreis

1613 reader audience readership readership ultimate user leverage debt ratio leveraged buyout libor (rate) blueprint collector lover price delivery address contractor supplier vendor trade creditor supplier credit trade credit account number trade creditors forwarding instructions delivery notice delivery order spot delivery terms terms terms of delivery delivery receipt reciprocity delivery book delivery date supply shortage contractor supplier vendor defaulter supplier time of delivery shipping terms Incoterms supplier credit quantity supplied delivery month proof of delivery place of delivery lot delivered price purchase price purchase price

1614 I i t'fer'prt'is Lieferschein Lieferschein Lieferschein Liefertermin Liefertermin Lieferung Lieferung Lieferung frei Bestimmungsort Lieferung frei Dock Lieferung frei Haus Lieferung frei Kai Lieferung gegen (Wechsel)Akzept Lieferung gegen Nachnahme (USA) Lieferung sofort nach Auftragseingang Lieferung von Fertigmahlzeiten Lieferung, Barzahlung bei... Lieferung, freie Lieferung, kostenlose Lieferung, mangelhafte Lieferung, Preis für künftige Lieferung, Schlußprüfung vor Lieferung, sofortige Lieferung, sofortige (gegen Kasse) Lieferung, unvollständige Lieferung, verspätete Lieferung, zahlbar bei Lieferung, zahlbar bei Lieferung, Zahlung nach Lieferungs- und Leistungsgarantie Lieferungsangebot Lieferungskosten Lieferungsverzug Lieferungsverzug Liefervertrag Lieferverzug Lieferverzug Lieferverzug Liefervorschrift Lieferwagen Lieferzeit Lieferzeit Lieferzeit Liegegeld Liegenschaftsamt Liegeplatz Liegetage Liegezeit L I F F E (Londoner Internationale

-

supply price bill delivery note delivery order delivery date time of delivery delivery supply free delivery delivered docks delivery free delivered docks delivery against acceptance collection on delivery ready delivery catering delivery against payment free delivery free delivery bad delivery forward price preaudit prompt delivery spot delivery short delivery late delivery cash on delivery payable on delivery payment after delivery constructual works guarantee tender delivery expenses default in/of delivery delay in/of delivery supply contract default default in/of delivery delay in/of delivery delivery instruction delivery van delivery time lead time time of delivery demurrage land registry berth laydays laydays LIFFE

- 1615 Liga, zweite Finanzterminbörse) Lifo-Methode der Vorratsbewertung Limit Limit (Order) (Bö) Limitpreis Limitpreis (Mk) Linienfrachtbrief Linienfrachten Linienfrachtflugzeug Linienfrachtschiff Linienleitung Linienmanagement Linienorganisation Linienproduktion Linienreederei Linienschaubild Linienschiff Linienschiffahrtskonferenz Liquidation Liquidation Liquidation Liquidation Liquidation, freiwillige Liquidation, unfreiwillige/zwangsweise Liquidationskurs (Bö) Liquidationstag (Bö) Liquidationstermin (Bö) Liquidationswert Liquidität Liquidität ersten Grades Liquidität ersten Grades Liquidität ersten Grades Liquiditätskennzahl (Umlaufvermögen zu kurzfristigen Verbindlichkeiten) Liquiditätsneigung (nach Keynes) Liquiditätspräferenz (nach Keynes) Liquiditätsreserven (der Banken) Liquiditätsüberschuß Liquiditätsvorliebe (nach Keynes) Liste Liste Liste der 500 größten Gesellschaften in den USA Liste, schwarze Liste unsicherer Bankkarteninhaber Liste-Zertifikat, schwarze Listenpreis Litfaßsäule Lizenz

-

minor league last in, first out ceiling limit price ceiling limit price liner bill of lading liner rates cargo liner cargo liner line management line management line organization line production liner company line chart liner liner conference dissolution liquidation realization winding up voluntary winding up compulsory liquidation settlement price account day settlement day breakup value liquidity quick ratio acid test ratio cash ratio current ratio liquidity preference liquidity preference eligible reserve assets working capital liquidity preference list schedule Fortune 500 blacklist warning bulletin blacklist certificate list price hoarding concession

-

1616

Lizenz Lizenz (Re) Lizenzgeber/in Lizenzgebühr Lizenzkonzessionserteilung Lizenznehmer/in LKW (USA) Lloyd's Bank Lloyd's Liste Lloyd's Versicherung Lloyd's Versicherungsmakler/in Lloyd's, Einzelversicherer bei Lloyd's, Syndikatsmitglied bei Lloyd's, Zusammenschluß von Mitgliedern LM-Kurve Locher Locher Lochkartenleser Lochverstärker Lochverstärker Lockartikel Lockartikel Lockartikel Lockvogel Lockvogel Lockvogelwerbung Loco-Preis Logistik Logo Lohn Lohn Lohn Lohn(kosten)inflation Lohn(kosten)inflation Lohn, gleicher Lohn- und Gehaltsstopp Lohn- und Gehaltsstopp Lohn- und Gehaltsstopp Lohn- und Preiskontrolle Lohn- und Preispolitik Lohn-Preis-Spirale Lohnabrechnung Lohnabschluß Lohnabtretung Lohnabzug Lohnabzüge Lohnabzüge, freiwillige Lohndrift Löhne und Gehälter Lohneinzelkosten

-

license permit grantor royalty franchising grantee truck Lloyd's bank Lloyd's list Lloyd's Lloyd's broker Lloyd's underwriter underwriter Lloyd's syndicate liquidity money curve perforator punch card reader eyelet reinforcer call bird loss leader leader call bird loss leader bait advertising loco price logistics logo payment remuneration wage(s) wage inflation wage push inflation equal pay pay pause wage freeze wage pause wage and price control prices and incomes policy wage price spiral payslip wage agreement wage assignment deduction payroll deductions voluntary deductions wage drift wage(s) direct labo(u)r

Lohnempfänger/in Lohnetat Lohnfondstheorie Lohnforderung Lohngefälle Lohngruppe Lohnindexbindung Lohnkosten Lohnkosten, unmittelbare/direkte Lohnkürzung, einseitige Lohnliste Lohnnachzahlung Lohnnebenleistung Lohnnebenleistungen Lohnnebenleistungen Lohnpause Lohnpause Lohnpolitik Lohnsatz Lohnsatz Lohnsatz, herrschender Lohnscheck Lohnschmutzzulage Lohnskala Lohnskala, gleitende Lohnsteuer Lohnsteuer Lohnsteuer (USA) Lohnsteuererhebung, System der Lohnsteuerkarte Lohnstreifen Lohnstufe Lohnsumme LohntarifT, gleitender Lohntheorien Lohntüte Lohntüte Lohnverhandlung/en Lohnverhandlungen Lohnvorauszahlung Lohnvorschuß Lohnzahltag Lohnzulage Lohnzulage Loko-Preis Lokopreis (Bö) Lombardkredit Lombardkredit Lombardsatz

1617

-

wage earner payroll wages fund theory wage claim wage differential salary scale wage indexation labo(u)r cost(s) direct labo(u)r rate cutting payroll backpay benefit in kind fringe benefits perks pay pause wage pause incomes policy rate wage rate going value paycheck/pay cheque dirt money salary scale sliding scale wages employment tax wage tax withholding tax pay as you earn deduction card payslip pay grade payroll sliding scale wages wage theories pay packet wage packet collective bargaining pay talks advance pay advance payday bonus pay premium pay(ment) price loco spot price collateral credit/loan Lombard credit/loan Lombard rate

1618

1 oiid oner Inter-Bankenangebotssatz (LIBOR) Londoner Internationale Finanzterminbörse (LIFFE) Long-Position (Bö) Lorenz-Kurve Lorokonto (BaW) Lorokonto (BaW) Los Losanleihe Losanleihe löschen Löschen löschen (DV) Löschen (Ladung) Löschen der Ladung Löschhafen Löschpapier Löschung einer Hypothek Löschungsvermerk (z.B. bei einer Hypothek) Lösgericht Losgröße, wirtschaftliche Lösung Lösungsbaum Lotsengeld Lotterie Lotterieanleihe Lücke, deflatorische Lücke, inflatorische Lückenanalyse Luftfahrtversicherung Luftfracht Luftfracht (GB) Luftfrachtbrief Luftfrachtbrief Luftfrachtbrief Luftfrachtbrief, ausgestellt von der Fluggesellschaft Luftfrachtführer Luftfrachtkosten Luftfrachtsammelladung Luftfrachtversicherung Luftfrachtvertrag Luftpost Luftpostüberweisung Luftraum Luftschiff

-

libor (rate) London International Financial Futures Exchange (LIFFE) long position Lorenz curve loro account vostro account lot lottery bond premium bond delete unloading clear discharge breaking bulk port of discharge blotting paper release memorandum of satisfaction instant economic order quantity resolution decision tree pilotage lottery premium bond deflationary gap inflationary gap gap analysis aviation insurance airfreight freight air consignment note air waybill waybill master air waybill (MAWB) air carrier airfreight charges airfreight consolidation airfreight insurance air charterparty airmail airmail transfer airspace ship

Lufttransport Luftverkehrsgesellschaft Luxussteuer Luxuswaren

1619

-

air transport air carrier luxury tax luxury goods

M Macht Machtübernahme Magazin Magazin Magister(grad) Magnat Magnetkarte Magnetstreifen Mahnschreiben Mahnschreiben Mahnschreiben Mahnung Mahnung, letzte Mahnzettel Mail-Box Majorität, absolute/einfache Makler/in Makler/in Makler/in Makler/in für Festverzinsliche (Wertpapiere) Makler/in, amtliche/r Makler/in, freie/r Maklergebühr Maklergeschäft Maklerprovision Maklerstand (Bö) Makroökonomik Malthusianismus Mammut-Fusion Management Management, mittleres Management, schlankes Manager/in Mandant/in Mandatar Mangel Mangel Mangel Mangel Mangel Mangel an Anpassungsfähigkeit/ Elastizität (Angebot, Nachfrage)

power takeover magazine periodical master magnate magnetic card magnetic stripe chaser collection letter reminder reminder final notice promt note mailbox absolute majority agent broker dealer bond broker government broker floor trader brokerage brokerage brokerage ring macroeconomics Malthusianism jumbo merger management middle management lean management manager/manageress client proxy fault lack need scarcity squeeze inelasticity

-

Mangel an flüssigen Mitteln Mangel im Eigentum Mangel, offener Mangel, verborgener/versteckter Mangel, verborgener/versteckter Mangel, verborgener/versteckter Mängelausschluß des Verkäufers Mängelrüge Mängelrüge Mangelwaren, hoher Preis für Manifest Mannschaft Mannstunde Mantelgesellschaft Mantelpolice (Vers) Mantelvertrag (PW) Manuskript Manuskripthalter Mappe Marge Marge Marke Marke Marke, gut eingeführte Markenartikel Markenartikel Markenbewußtsein Markenbewußtsein Markenbild (eines Produkts) Markenerzeugnis hoher Qualität Markenführer Markenname Markenname Markenname, willkürlich gewählter Markenpräferenz Markentreue Markenwahl Markenwettbewerb Market Maker Market, freier/offener Marketing Marketinginstrumentarium Marketingkosten Marketingmix markieren Markierung Markierungszeichen Markt Markt Markt

1620

-

illiquidity title defect apparent defect hidden defect inherent vice latent defect caveat emptor claim complaint scarcity value manifest team man-hour bubble company global policy collective agreement script clipboard portfolio spread turn make mark established product brand branded good awareness brand awareness brand image premium brand brand leader brand name tradename arbitrary mark brand preference brand loyalty brand selection brand competition market maker open market marketing marketing mix marketing cost(s) marketing mix mark mark shipping marks fair market market place

-

Markt Markt eines monopolistischen Anbieters Markt für bereits in Umlauf befindliche Wertpapiere Markt für Festverzinsliche Markt für hochwertige Güter Markt für Neuemissionen Markt mit nachgebenden Preisen Markt mit stabiler Preisentwicklung Markt mit steigendem Preisniveau Markt mit vollkommenem Wettbewerb Markt(verhältnisse), ungeordnete/r Markt, angestrebter Markt, aufnahmefähiger Markt, begrenzte/r, enger Markt, begrenzter Markt, begrenzter/enger (Bö) Markt, bestens organisierter Markt, einheitlicher Markt, fester Markt, fester/stabiler Markt, flauer/gedrückter Markt, flauer/lustloser Markt, frei verfügbarer Markt, freier/offener Markt, gemeinsamer Markt, geregelter (Bö, GB) Markt, gesättigter Markt, horizontaler Markt, lebhafter Markt, leicht empfindlich reagierender Markt, liquider Markt, lokaler/örtlicher Markt, lustloser Markt, organisierter Markt, organisierter Markt, rückläufiger Markt, schwacher Markt, toter Markt, unvollkommener Markt, vorhandener Markt, zugänglicher Marktaktivität, künstliche Marktanteil Marktaustrittsschranke Marktbeobachter/in Marktbericht Marktdurchdringung Marktdurchdringung Märkte, entfernt gelegene

1621

-

traffic captive market secondary market bond market class market new issue market soft market firm market advancing market perfect market disorderly market target market ready market narrow market limited market thin market highly organized market single market steady market stable market depressed market sluggish market available market competitive market common market Alternative Investment Market mature market horizontal market active market sensitive market liquid market local market narrow market market overt organized market soft market weak market graveyard imperfect market available market available market daisy chain market share barrier to exit business monitor market report market penetration penetration distant markets

-

Märkte, nahegelegene Markterholung Marktfähigkeit Marktfahigkeit Marktformen Marktformenlehre Marktforschung (Mafo) Marktführer Marktgleichgewicht Marktkapazität Marktkräfte Marktlücke Marktlückenanalyse Marktmacher Marktmacht Marktmacht, ausgleichende/gegengewichtige Marktmängel Marktnachfrage Marktnachfragekurve Marktnische Marktnische Marktpenetration Marktpreis Marktpreis Marktpreis Marktpreis (angemessener) Marktpreis, angemessener Marktpreis, zum Marktpreismechanismus Marktreife Marktrisiko Marktsättigung Marktsättigung Marktsättigungspunkt Marktsegmentierung Marktsegmentierung, psychographische Marktstand Marktstand, Inhaber/in eines Marktstimmung Markttag Marktteilnehmer/in Markttests, Durchführung von lokalen Marktverhalten Marktversagen Marktwert Marktwert Marktwert Marktwert Marktwert

1622

-

near markets market rally marketability salability/saleability market forms theory of market structure market research market leader market equilibrium market capacity market forces market niche gap analysis market maker market power countervailing power market failure market demand market demand curve market niche niche market penetration arm's length price day rate market price value actual cash value at the market price mechanism market maturity market risk market saturation saturation of a market absorption point market segmentation psychographic segmentation booth market stallholder undertone market day marketer test marketing market behavio(u)r market failure current value going value market price market value present value

1623 Marktwirtschaft Marktwirtschaft Marktwirtschaft, freie Marktwirtschaft, freie Marktwirtschaft, System der freien Marktzins Marktzutritt Marktzutritt, direkter Marktzutrittsschranke Marschroute Marschroute Marshall Plan Marshall-Lerner-Bedingung Maschinen und Anlagen Maschinenbediener/in Maschinenversicherung Massegläubiger/in Massenarbeitslosigkeit Masseneinkauf Massenerzeugnis Massenfrachtgut Massengeschäft Massengüter Massengutfrachter Massenkommunikation Massenmedium Massenproduktion Massenproduktion Massenproduktionsvorteile Maßnahmen zur Änderung der relativen Preise (AuW) Maßnahmen zur Ankurbelung der Nachfrage Maßnahmen, ausgabedämpfende Maßnahmen, finanzpolitische Maßnahmen, fiskalpolitische Maßnahmen, nicht marktorientierte Maßstab Maßstock Mate's Receipt (AuW) Material Materialabfall Materialabfall Materialabfall Materialanforderung Materialaufbereitung Materialausgabe Materialbestandskarte Materialeinzelkosten Materialkontrolle

-

market economy private enterprise system free economy unplanned economy free market economy market rate entry direct market entry barrier to entry policy strategy Marshall Plan Marshall-Lerner condition plant and machinery operator engineering insurance ordinary creditor mass unemployment bulk buying staple bulk cargo bulk business bulk goods bulk carrier mass communication mass medium large scale production mass production economies of scale switching policy want creation expenditure dampening policies fiscal measures fiscal measures nonmarket measures yardstick yardstick mate's receipt material scrap spoilage waste requisition data processing issue bin tag direct materials material(s) control

- 1624 Materialkosten Materialkosten, direkte Materialliste Materialverwaltung Materialwirtschaft Materialwirtschaft Materialwirtschaft, fertigungssynchrone Matritze Matrix Matrize Maut Maut(gebühr) Maximalkapazität Maximalpreis Maximierung Maximum May Day (USA) Mäzenatentum Mechanisierung Median Medien Medienwerbung Medium Meer, offenes Meeting Mehrfachsäulendiagramm Mehrgebot (Auktion) Mehrheit Mehrheit Mehrheit, absolute Mehrheit, absolute/einfache Mehrheitsaktionär Mehrheitsbeteiligung Mehrheitsbeteiligung Mehrphasenumsatzsteuer Mehrproduktunternehmen Mehrstückpackung Mehrwegpackung Mehrwert Mehrwert Mehrwertsteuer (MWSt) Mehrwertsteuer (MWSt) Mehrwertsteuer, einschließlich Mehrwertsteuerbefreiung Meile Meineid Meineidige/r Meinung Meinungsbildner Meinungsforschung

-

material(s) cost(s) direct materials bill of material(s) materials management material(s) control materials management just in time stencil matrix matrix toll road toll maximum capacity maximum price maximization maximum May Day/Mayday sponsorship mechanization median media media advertising vehicle high sea(s) meeting multiple bar chart advance controlling interest majority working control absolute majority majority shareholder/stockholder controlling interest majority shareholding/stockholding transaction tax multiproduct company multipack multiway packing added value surplus value output tax value added tax vat included zero rating mile perjury perjurer judg(e)ment opinion leader opinion research

- 1625 Meinungsführer Meinungsverschiedenheit Meister/in Meister/in Meldung Menge Menge Menge Menge, angebotene Menge, gelieferte Menge, nachgefragte Mengennotierung (AuW) Mengenrabatt Mengenrabatt Menschenrechte Merchandising Merchantbank (GB) Merkantilismus Merkmal Merkmal Merkmale, demographische Merkmalsanalyse, psychographische Messe Messe Messe Messegelände Messestand Messestand Metallgeld Metallwaren Methode zur Bewertung der Warenbestände (Fifo) Mietbesitz Mietverhältnis Miete Miete Miete Miete/n Mieteinnahme mieten Mieter/in Mietgegenstand Mietkauf (GB) Mietvertrag Mietvertrag (über bewegliche Sache) Mikrofilmausgabe (DV) MikroÖkonomie MikroÖkonomik Milliarde Milliarde (USA)

opinion leader difference foreman/forelady master advice amount lot quantity quantity supplied quantity supplied quantity demanded indirect quotation bulk discount quantity discount human rights merchandising merchant bank mercantilism earmark feature demographics psychographics exhibition fair show exhibition grounds booth stand specie hardware first in, first-out leasehold tenancy lease rent rental hire rental hire tenant rental hire purchase lease contract of hire computer output on microfilm microeconomics microeconomics milliard billion

1626

Mindererlös Mindergewicht Minderheit Minderheitsaktionär/in Minderjährige/r Minderjährige/r Minderjährige/r Minderj ährigkeit Minderlieferung Minderung Minderung Mindest.... Mindest(zeit)lohn Mindestanzahl Mindestauftrag Mindestausleihesatz (GB) Mindestbestand Mindestbestand Mindestbetrag Mindestdarlehen Mindestgebühr Mindestguthaben Mindesthaltbarkeit(sdatum) Mindestinventar (an Vorräten) Mindestkapital Mindestlohn, garantierter Mindestlohn, garantierter/gesetzlicher Mindestlohn, gesetzlicher Mindestlohn, jährlicher Mindestmenge (Bö) Mindestpreis Mindestpreis Mindestpreis Mindestpreis Mindestpreis Mindestpreis (bei Versteigerungen) Mindestpreismechanismus Mindestreserve (BaW) Mindestreserve (BaW) Mindestreserve/n Mindestreservesatz (BaW) Mindestreservesatz (BaW) Mindestreservesatz, Art (GB) Mindestreservesoll (BaW) Mindestverdienst, gesetzlicher Mindestverkaufspreis Mindestzins (GB) Minimalpreis Minimum Minimumpreis

-

loss underweight minority minority shareholder/stockholder infant minor minority minority short delivery abatement shrinkage minimum minimum time rate quorum minimum order minimum lending rate minimum inventory minimum stock level minimum charge floor loan minimum charge minimum balance best before date minimum inventory minimum capital guaranteed minimum wage minimum wage statutory minimum wage guaranteed annual wage unit of trading floor knockdown price minimum price price floor reserve price upset price trigger price mechanism legal reserve(s) minimum reserves reserve(s) minimum reserve requirement reserve ratio prudential reserve ratio minimum reserve requirement statutory minimum wage reservation price minimum lending rate minimum price minimum price floor

1627 Minister/in (USA) Ministeramt Minorität Mischen Mischkonzern Mischwirtschaft Mischzoll Mißerfolg Mißmanagement Mißwirtschaft Mißwirtschaft Mit freundlichen Grüßen Mit freundlichen Grüßen (GB) mit Wirkung vom/ab Mitarbeiter Mitarbeiter/in Mitarbeiter/in, der/die Beförderung ausschlägt Mitarbeiter/in, leicht beeinflußbare/r Mitarbeiterbeschaffung Mitarbeiterbeurteilung Mitarbeiterbeurteilung Mitarbeiterforderung Mitbestimmung ( der Arbeitnehmer) Mitbestimmung (der Arbeitnehmer) Mitbestimmung (PW) Mitbestimmung, betriebliche Mitbestimmung, betriebliche Mitbeteiligung Mitbewerber/in Miteigentum Miteigentümer/in Mitgesellschafter/in Mitglied Mitglied des Board of Directors Mitglied, neues Mitglieder Mitgliedsbank Mitgliedsbeitrag Mitgliedsbeitrag Mitgliedsbeiträge Mitgliedschaft Mitgliedsstaaten Mitgliedsunternehmen Mitschuldige/r Mitteilung Mitteilung über nicht erfolgte Zahlung Mitteilung über NichtZuteilung von Aktien Mitteilung über Wechselausstellung

secretary portfolio minority blending conglomerate mixed economy compound duty failure mismanagement maladministration mismanagement Yours sincerely Yours faithfully as from staff employee sticker pawn recruitment staff appraisal staff appraisal staff development codetermination (of labor) participation worker participation employee participation industrial democracy copartnership competitor coownership joint tenant copartner member director entrant membership member bank subscription tax dues membership member states member accessory advice advice of nonpayment letter of regret letter of advice

-

Mitteilung, Unterlassung einer Mitteilungsblatt Mittel Mittel, Abfluß liquider Mittel, arithmetisches Mittel, brachliegende Mittel, finanzielle Mittel, finanzielle Mittel, finanzielle Mittel, flüssige Mittel, flüssige Mittel, flüssige Mittel, flüssige Mittel, flüssige Mittel, geometrisches Mittel, liquide Mittel, liquide Mittel, liquide Mittel, öffentliche Mittel, primärliquide Mittel, umlaufende Mittel, verfügbare finanzielle Mittel, von der US-Zentralbank ausgeliehene Mittelbetrieb mittelfristig Mittelklasse, obere Mittelkurs Mittelkurs Mittelsperson Mittelverwendung Mittelwert Mittelwert, arithmetischer Mittler Mittler/in Mitunterschrift Mitverschulden Mitversicherung Mitversicherungsklausel Mnemotechniksystem Mobbing Möbelspediteur Möbelspedition Mobiliar Mobilie/n Mobilien Mobilien Mobilität, geographische Mobilität, vertikale Mobiltelefon

1628

-

nondisclosure newsletter means cash drain arithmetic mean idle balances finance means resources cash cash assets floating capital liquid assets quick money geometric mean cash assets liquid capital liquidity public funds monetary base active money funds borrowed reserves small business intermediate term upper middle class mean price middle price middleman application of funds mean average middleman intermediary countersignature contributory negligence coinsurance coinsurance clause mnemonic system mobbing removal company removal company furniture chattel(s) mov(e)ables personal property geographical mobility upward mobility cellular phone

- 1629 Modell Modell in Originalgröße Modell, ökonomisches Moderator/in Modernisierung Modernisierungsdarlehen Möglichkeit Monat, laufender Monat, nächsten (n.M.) Monat, vorigen/letzten Monatsaufstellung Monatsauszug Monatsende Monetarismus Monetarist Monopol Monopol, bilaterales/zweiseitiges Monopol, diskriminierendes Monopol, natürliches Monopol, reines Monopol, reines/vollkommenes Monopol, staatliches Monopole, Zerschlagung von Monopolisierung Monopolist Monopolkommission (GB) Monopolmacht Monopolstellung Monopson Montag, schwarzer Montage Montage Montageband Montageband Moratorium Moratorium Motiv Motivation Motivforschung Motivierung Mulitiplikator Müllabladeplatz Mülleimer Müllkunde Multiangebot Multifunktionskarte Multikonzern, weltweit tätiger Multimomentverfahren Multipack Multiplikation

model mockup economic model presenter updating home improvement loan chance instant proximo ultimo monthly statement monthly statement end of month monetarism monetarist monopoly bilateral monopoly discriminating monopoly natural monopoly pure monopoly absolute monopoly statutory monopoly trustbusting monopolization monopolist Monopolies (and Mergers) Commission monopoly power monopoly monopsony Black Monday assembly installation assembly line conveyor moratorium standstill agreement motive motivation motivation research motivation multiplier tip bin garbology multi offer multifunctional card global player activity sampling multipack multiplication

Multiplikationszeichen Mündel Mündigkeitsalter Münze Münze Münzfernsprecher Münzgeld Münzgeld Münzgeld Münzgewinn Münzparität Münzprägung Münzrecht Münzsystem Münzverschlechterung Murphy's Gesetz Muster Muster Muster Muster, kostenloses Musterbuch Musterhaus Musterkoffer Musterprozeß Musterunterschrift Musterverkauf Musterwohnung Muttergesellschaft Muttergesellschaft Muttergesellschaft Mutterland Mutterschaftsgeld Mutterschaftsurlaub

1630

-

multiplication sign ward age of consent coin mint payphone coinage hard money specie seigniorage mint parity coinage coinage coinage debasement (of coinage) Murphy's law design pattern sample free sample pattern book show house display case test case specimen signature sale by/to sample show flat holding company parent company proprietary company home country maternity benefit maternity leave

Ν nach Nacharbeitung Nachbarschaft Nachbesserung Nachbestellung Nachbestellung Nachbörse Nachbörse Nachbörse Nachbörse nachdatieren Nachentrichtung Nachfaßangebot Nachfaßinterview

post rework neighbourhood rework reorder repeat order after hours dealings after the market transaction kerb market street market antedate retrospective pay(ment) follow up quotation callback

-

1631

Nachfolger/in Nachfolger/in (PW) Nachfrage Nachfrage (effektive) Nachfrage durch Wertzuwachs Nachfrage nach Arbeitskräften Nachfrage und Angebot Nachfrage und Preis Nachfrage, abgeleitete/derivative Nachfrage, aufgeschobene Nachfrage, direkte Nachfrage, effektive/tatsächliche Nachfrage, elastische Nachfrage, Elastizität = 1 Nachfrage, geringe/schwache/stagnierende Nachfrage, industrielle Nachfrage, inverse Nachfrage, inverse/ungewöhnliche Nachfrage, komplementäre/verbundene Nachfrage, konkurrierende Nachfrage, konkurrierende Nachfrage, konkurrierende Nachfrage, konkurrierende Nachfrage, Kreuz(preis)elastizität der Nachfrage, lebhafte Nachfrage, Maßnahmen zur Ankurbelung Nachfrage, monetäre oder effektive Nachfrage, potentielle Nachfrage, Preiselastizität der Nachfrage, schwankende Nachfrage, starke Nachfrage, unelastische Nachfrage, unstete/launenhafte Nachfrage, verbundene/komplementäre Nachfrage, vollkommen elastische Nachfrage, vollkommen unelastische Nachfrage, zusammengesetzte Nachfrageanalyse Nachfrageänderung Nachfragebedingungen Nachfragedeterminanten Nachfragedeterminanten, außerpreisliche Nachfrageduopol Nachfrageelastizität Nachfragefunktion Nachfragegesetz Nachfrageinflation Nachfrageinflation, nichtmonetäre Nachfrageinflation, nichtmonetäre Nachfragekurve

-

successor replacement market demand regressive demand demand for labo(u)r demand and supply demand and price derived demand deferred demand direct demand effective demand elastic demand unitary elasticity (demand) slack demand industrial demand regressive demand exceptional demand complementary demand alternate demand competitive demand composite demand rival demand cross elasticity of demand strong market want creation monetary demand potential demand price elasticity of demand fluctuating demand keen demand inelastic demand erratic demand joint demand perfectly elastic demand perfectly inelastic demand composite demand demand analysis change in demand conditions of demand determinants of demand nonprice determinants of demand duopsony elasticity of demand demand function law of demand demand pull inflation bottleneck inflation demand shift inflation demand curve

Nachfragekurve, allgemeine Nachfragekurve, Verschiebung der Nachfragemenge Nachfragemonopol Nachfragemonopolist Nachfragepreis Nachfragerückgang Nachfrageschrumpfung Nachfragesog Nachfragesteuerung Nachfragetabelle Nachfrageüberhang Nachfrageverschiebung Nachfrageverschiebungsinflation Nachfrist Nachfrist Nachfrist Nachgebühr Nachgebühr Nachkaufen eines Wertpapieres bei fallendem und steigendem Kurs Nachlaß Nachlaß Nachlaß Nachlaß Nachlaß Nachlaß Nachlaß (vom Listenpreis) Nachlaß außerhalb der Saison Nachlaß, über 2 % Skonto Nachlaß, zusätzlicher Nachlaßsteuer ( G B ) Nachlaßsteuer (USA) Nachlaßvermögen Nachlaßverwalter/in Nachlaßverwalter/in Nachlaßvollstreckerzeugnis nachmittags Nachnahme Nachnahme (per) Nachnahme, Lieferung gegen (USA) Nachporto Nachprüfung Nachranghypothek nachrangig Nachrede, üble Nachricht Nachrichtenagentur Nachrichtenquelle Nachrichtentafel

1632

-

general demand curve shift of demand curve quantity demanded monopsony monopsonist demand price decrease in demand contraction of/in demand demand pull demand management demand schedule excess demand change in demand demand shift inflation days of grace grace period period of grace excess postage postage due averaging abatement bequest deceased estate deduction estate reduction trade discount seasonal discount trade discount anticipation estate duty estate tax bequest wealth administrator/administratrix executor/executrix letter of administration post meridiem cash on delivery charges forward collection on delivery (COD) postage due verification puisne mortgage junior libel message news agency source noticeboard

-

Nachsatz Nachschlagewerk Nachschußpflichtige/r Nachsendeadresse nachsenden (Post) Nachsendung Nachsichttratte Nachsichtwechsel Nachsichtwechsel Nachsichtwechsel Nachsichtwechsel Nachsichtwechsel nachstellig Nächstenliebe Nachsteuer Nachteile, externe Nachtrag Nachtrag zu einem Testament Nachtrag zur Versicherungspolice Nachtsafe Nachtschicht Nachttresor Nachzugsaktie Nachzugsaktien Nachzugswertpapier Näherungswert Nahrung Nahrungsmittel Nahverkehr Name, rechtmäßiger Namensaktie Namensaktienzertifikat Namensindossament Namenskonnossement Namenspapier Namensscheck Nasdaq, automatisiertes Kursnotierungssystem der Vereinigung der USWertpapierhändler Nationalbank Nationalismus Nationalökonomie Nationalökonomie, klassische Naturalleistung Naturaltausch Naturaltausch Naturalvergiitung Naturalwirtschaft Nebenapparat Nebenbeschäftigung

1633

-

postscript reference book contributory forwarding address forward forwarding usance bill after sight bill period bill term bill term draft time draft junior charity after tax basis external diseconomies postscript codicil endorsement/indorsement night safe nightshift night safe deferred share/stock founders' shares/stocks junior security approximation fare provision short haul legal name registered share/stock share certificate special endorsement straight bill of lading registered security order cheque/check Nasdaq

national bank nationalism economics classical economics payment in kind barter trade payment in kind barter economy extension sideline job

—

Nebeneinkünfte (zum Gehalt) Nebenerzeugnis Nebenfach Nebenjob Nebenkasse Nebenleistungen (PW) Nebenlizenz Nebenprodukt Nebentätigkeit Nebenvertrag Nebenwerte (Bö) Nebenwirkungen, volkswirtschaftliche Neckwerbung Negativzins/en bei vorzeitiger Verfügung über Einlagengelder Negoziationskredit (AuW) Negoziierung Negoziierungskredit (AuW) Neigung Nennwert (NW) Nennwert (NW) Nennwert (NW) Nennwert (NW) Nennwert, ein Prozent des (Bö) Nennwert, über dem Nennwert, unter Nennwert, unter Nennwert, zum Neoklassik (Lehrmethode) Nepotismus netto netto Kasse netto Kasse (Bö) Netto-Zahlungsbedingungen Nettoanlageinvestion/en Nettobetrag Nettobetriebskapital Nettobetriebskapital Nettodividende Nettoeinkaufswert Nettoeinkommen Nettoeinkommen Nettoeinkommen Nettoeinkommen, persönliches Nettoeinkommen, steuerpflichtiges nach Abzug persönlicher Freibeträge Nettoeinnahmen Nettoerlös Nettoexporte Nettoexporte

1634

-

perks byproduct minor sideline j o b petty cash perks sublicense byproduct moonlighting subcontract second line stocks spillovers teaser ad(vertisement) early withdrawal penalty negotiation credit negotiation negotiation credit propensity denomination face value nominal value par value point above par at a discount below par at par neoclassical economics croynism net net cash for money terms net net capital formation net amount net working capital working capital net dividend net purchase(s) disposable income net pay spendable earnings personal disposable income net statutory income net net net net

receipts proceeds exports foreign demand

Nettogesamtvermögen Nettogewicht Nettogewinn Nettogewinn Nettoinlandsprodukt Nettoinvestition Nettokapitalbildung Nettokapitalgewinn Nettokonditionen Nettoleasing Nettolohn Nettomietvertrag Nettopachtvertrag Nettopreis Nettopreissystem Nettorendite Nettosozialprodukt zu Faktorpreisen Nettotara Nettoumlaufvermögen Nettoumlaufvermögen Nettoumsatz Nettoumsatzerlöse Nettoveränderung Nettoverdienst Nettoverdienst Nettoverdienst Nettoverlust Nettovermögen Nettovermögen Nettovermögen Nettovermögen Nettowertabschreibung Neuanfang Neuanschaffung Neubestellung Neubestellung Neubewertung Neuemission (Bö) Neuerer Neugründung Neuorganisation Neuverschuldung der öffentlichen Hand Neuwertversicherung Neuwertversicherung New Deal (USA) New Economy New Yorker Börse New Yorker Börse New Yorker Finanzzentrum

1635

-

capital employed net weight net earnings net profit net domestic product net investment net capital formation net capital gain net terms net lease wage packet net lease net lease net price mill pricing net yield national income net tare net working capital working capital net turnover net turnover net change net earnings net pay wage packet net loss net asset value net assets net worth shareholders' equity reducing balance method (of depreciation) departure accession reorder repeat order revaluation new issue innovator startup restructuring public sector borrowing requirement new for old insurance reinstatement policy New Deal New Economy Big Board board Wall Street

—

New Yorker Wertpapierbörse nicht am Lager nicht anderweitig spezifiziert nicht organisiert (Gewerkschaft) nicht steuerpflichtig nicht übertragbar nicht vorrätig Nicht(be)zahlung Nichtannahme Nichtannahme Nichtbeschäftigungsfähige Nichteinlösung Nichterfüllung Nichterfüllung Nichterfüllung eines Vertrages Nichterscheinen vor Gericht Nichterschienene/r Nichterschienene/r zum Gerichtstermin Nichtigkeit Nichtigkeitserklärung Nichtkonvertierbarkeit Nichtlieferung Nichtübereinstimmung Nichtzahlung Nichtzahlung bei Fälligkeit Niederlassung Niederschrift Niederschrift Niederstwert ( R W ) Niederstwertprinzip ( R W ) Niedrigpreisgeschäft Niedrigpreisstrategie Niedrigpreisverkauf Niedrigpreiswaren Niedrigsteuerland Niedrigsteuerland Niedrigzinspolitik Niedrigzinspolitik, extreme Nießbrauch Nießbrauch(recht) Nießbraucher/in Nießbraucher/in Nikkei-Index Nische Nischenanbieter Niveaugrenzerträge No-name Produkt Noch (Bö) Nochgeschäft (Bö) Nominalkapital

1636

-

New York Stock Exchange out of stock not otherwise specified nonunion nontaxable not negotiable out of stock nonpayment abandonment nonacceptance unemployables nonpayment nondelivery nonperformance repudiation default absentee defaulter nullity defeasance inconvertibility nondelivery discrepancy default delinquency branch minutes protocol lower of cost or market cost concept variety shop/store penetration pricing unloading bargain goods tax haven tax shelter easy money policy ultra cheap money policy usufruct beneficial interest beneficial owner beneficiary Nikkei index niche market nicher returns to scale no name (product) put of more put of more authorized capital

- 1637 Nominalkapital Nominalkapital Nominallohn Nominalverzinsung Nominalverzinsung Nominalwert Nominalwert Nominalzins Nominalzinssatz Normalarbeitszeit Normalgewinn Normalgut Normalverteilung (Gauß'sche) Normalzeit (für eine Arbeitsoperation) Normalzins Normen Normenverband, britischer Normung Nostrokonto Notadressat (BaW) Notadresse Notadresse (BaW) Notar/in Note Notenausgabe Notenausgabe, ungedeckte Notenbank Notenbank Notenemission Notenemissionsabteilung der Bank von England Notenumlauf Notenumlauf Notenumlauf, fiduziarer Notgroschen Notierung (Bö) Notierung (Bö) Notierung (Bö) Notierung an zwei Börsen Notierung, amtliche/offizielle Notierung, Aussetzung der amtlichen (Bö) Notifikation Notifizierung Notiz Notiz Notizblock Notverkauf Notverkauf (Bö) Notwendigkeit Notwendigkeitsgüter

registered capital nominal capital nominal wage nominal interest rate nominal yield face value nominal value nominal interest rate coupon rate Standard time normal profit normal good normal (Gaussian) distribution base time ordinary interest standards British Standards Institute/Institution standardization nostro account referee reference referee notary public mark note issue fiduciary issue bank of issue central bank note issue Issue Department active circulation (of banknotes) note circulation fiduciary issue nest egg price quotation share price dual listing official quotation suspension notice of dishono(u)r notification note notice notepad distress sale forced liquidation need essential commodities

Notwendigkeitsgüter Novation Now-Konto (USA) Null (Zahl oder Zeichen) null und nichtig Null(wirtschafts)wachstum Null-Lohnrunde Nullbasis-Budgetierung Nullbevölkerungswachstum Nullcouponanleihe Nullcouponwertpapier Nullelastizität Nullfehlerprogramm Nullsummenspiel Nummernkonto nur zur Abrechnung nur zur Verrechnung nur zur Verrechnung ausgestellter Scheck Nutzen Nutzen Nutzen Nutzen Nutzen Nutzen Nutzen Nutzen Nutzen, abnehmender Nutzen, gesamt-/volkswirtschaftlicher Nutzen, negativer Nutzen, räumlicher eines Gutes Nutzen, wirtschaftlicher Nutzenfunktion Nutzenmaximierung Nutzenschwelle Nutzenschwellenanalyse Nutzlast Nützlichkeit Nützlichkeitslehre Nutznießer/in Nutznießer/in Nutzungsdauer Nutzungsdauer Nutzungsdauer, betriebsgewöhnliche Nutzungsdauer, technologische Nutzungsdauer, voraussichtliche Nutzungsdauer, wirtschaftliche Nutzungsgebühr Nutzungsprinzip Nutzungsrecht

1638

-

necessaries novation share draft account zero null and void zero economic growth zero pay round zero base(d) budgeting zero population growth zero coupon bond zero coupon security zero elasticity zero defects program(me) zero sum game number account not negotiable not negotiable crossed a/c payee (only) benefit gain good interest profit satisfaction utility value diminishing utility social benefits disutility place utility economic utility utility function utility maximization breakeven point breakeven analysis payload utility utilitarianism beneficial owner beneficiary service life working life asset depreciation range technological life life expectancy economic life royalty benefit principle usufruct

-

1639

-

O Oberbegriff Oberflächenbeschaffenheit Obergrenze Oberhaus, britisches Oberklasse, obere Oberschicht Oberschicht, gehobene soziale Oberschiedsrichter/in Obligation Obligation Obligation Obligation Obligation (USA) Obligation, aufgerufene (gekündigte) Obligation, ausgeloste Obligation, ausländische (in US-Dollar) Obligation, festverzinsliche Obligation, gesicherte Obligation, gesicherte Obligation, kündbare/rückzahlbare Obligation, kurzfristige Obligation, nicht rückzahlbare/ unkündbare (USA) Obligationär/in Obligationär/in Obligo, ohne Obmann O b m a n n , gewerkschaftlicher OECD Offene Handelsgesellschaft ( O H G ) Offene Handelsgesellschaft ( O H G ) Offenlegung Offenlegung (Re) Offenlegung, vollständige Offenmarktausschuß des Federal Reserve System (USA) Offenmarktgeschäfte Offenmarktoperationen Offenmarktpolitik, dynamische öffentlich-rechtliche Körperschaft Öffentlichkeitsarbeit Offerent Offerte Offerte Offerte Offerte, verbindliche Offertgarantie

generic term finish cap House of Lords upper upper class upper class upscale umpire bond debenture obligation stock note called bond drawn bond yankeebond active bond secured bond secured loan redeemable bond short coupon irredeemable bond bondholder debenture holder without recourse umpire shop steward Organization for Economic Cooperation and Development general partnership partnership disclosure discovery full disclosure Federal Open M a r k e t Committee open market operations open market operations dynamic open market operations public corporation public relations offerer/offerer bid offer tender firm offer bid bond

- 1640 Öffnungszeit/en Offshore OfTshore-Bankgeschäft Offshore-Fonds OHG OHG-Gesellschafter/in OHG-Gesellschafter/in ohne Ökologie Ökonometrie Ökonomie, angewandte Ökonomie, klassische Ökonomie, neoklassische Ökosteuer Ökosystem Okun's Gesetz Old Economy Oligopol Oligopol, bilaterales Oligopol, homogenes Oligopol, unvollkommenes Oligopson Ombudsfrau Ombudsmann One-Stop-Einkauf Operating-Leasing Operations Research (OR) Operationsforschung Opponent/in Opportunist Opportunitätskosten Opportunitätskosten Opt mierung Opt on Opt on, abgelaufene/verfallene Opt on, amerikanische Opt on, handelbare Opt on, nicht ausgeübte Opt onsgeschäft Opt onsgeschäft Opt onsgeschäft mit Termindevisen Opt onshandel Opt onskäufer/in Opt onskontrakt Opt onsnehmer/in Opt onspreis Opt onspreis Opt onspreis Opt onspreis (Bö) Opt onsschein

-

opening hours offshore offshore banking offshore fund unlimited partnership acting partner active partner ex ecology econometrics applied economics classical economics neoclassical economics green tax ecosystem Okun's law Old Economy oligopoly bilateral oligopoly perfect oligopoly imperfect oligopoly oligopsony ombudsman ombudsman one stop shopping operating leasing operations research operations research opponent opportunist alternative cost(s) opportunity cost(s) optimization option lapsed option American option traded option abandoned option option option contract option forward option dealing(s) taker option contract taker at the money option price strike price exercise price warrant

-

1641

-

payable to order Order, zahlbar an negotiable instrument Orderpapier order cheque/check Orderscheck order bill of exchange Orderwechsel ordinal number Ordinalzahl ordinate Ordinate Ordnung, marktwirtschaftliche free market economy Ordnung, marktwirtschaftliche market economy Organgesellschaft associated company Organisation body Organisation organization/organisation Organisation für Ernährung und Food and Agricultural Organization Landwirtschaft der UNO Organisation für wirtschaftliche Organization for Economic Zusammenarbeit und Entwicklung (OECD) Cooperation and Development Organisation ohne Erwerbscharakter nonprofit organization Organisation, vielstufige tall organization Organisator/in organizer/organiser Organisierung organization/organisation Original(kopie) master Original(kopie) master copy Originalbeleg original slip Originalbeleg source document Ort place Ort der Leistung place of fulfillment Ortsgespräch local call Ortshändler, franchisierter franchise outlet Ortszeit local time Ortszeit standard time Öse eyelet Österreichische (Grenznutzen)SchuIe Austrian School (of Economics) Otto Normalverbraucher punter Outperformance outperformance Outplacement outplacement Output output Output production Output zur Erreichung der Gewinnschwelle breakeven output Output zur Erreichung des Kostendeckungs breakeven output punktes Outright-Devisen(termin)geschäft outright forward Overheadprojektor overhead projector Overkill overkill

P's, vier (des Marketingmix) Paarvergleichstest Paasche Index Pacht Pacht

four Ps paired comparison test Paasche index lease rent

- 1642 Pacht Pachtbesitz Pachteinnahme Pächter/in Pachtgegenstand Pachtverhältnis Pachtvertrag Päckchen Päckchen Packliste Packliste Packmaterial Packpapier, kräftiges Packstück Packung Packung Paginierung Paket Paket Paketannahme Paketausgabe Pakethandel (Bö) Paketmakler/in (Bö) Paketpost Paketsendung Paketverkauf (Bö) Paketzustellung Palette Palette (Mk) Palettenladung Panel Panikkauf Papier mit Briefkopf Papier, selbstdurchschreibendes Papier, selbstdurchschreibendes Papiergeld Papiergeld ohne Deckung Papierkorb Papierkram Papierkrieg Papiermaße Papierschneidemaschine Papierwährung Pappe Pappe Parallel(wechsel)kurs Parallelauftrag (Bö) Parallelimport Parallelkredit Parameter

rental leasehold rental tenant rental tenancy lease package parcel packing list specification dunnage kraft paper package package packet folio packet parcel parcel(s) office parcel(s) office block trading block trader parcel post parcel post block sale parcel delivery pallet range pallet load panel panic buying headed paper carbon film no carbon required (paper) paper money fiat money bin paperwork red tape paper sizes guillotine paper currency cardboard paperboard parallel rate (of exchange) matched order parallel importing back to back credit/loan parameter

- 1643 Pareto-Efîekt Paretosches Gesetz Pari pari pari, über Pari, unter Pari, unter Pari, zu Parikurs Parikurs Parität(skurs) Parität, indirekte Parketthändler/in (Bö) Parketthändler/in (Bö) Parkinsonsches Gesetz Parlament, Europäisches Partei, in Verzug befindliche Partei, mitteilende Partei, säumige Parteiwille, mutmaßlicher Partie Partieware Partiewarenhändler/in Partitätskurs Partnerschaft Parzelle Passagierliste Passagierliste Passiva Passiva Passiva, antizipative (RW) Passiva, antizipatorische/antizipative Passiva, Gesamtheit der Passiva, transitorische Passiva, transitorische (RW) Passivposten (RW) Passivsaldo Passivsaldo der Zahlungsbilanz Passivseite Patent Patentamt Patentaufgabe Patentschrift Patenturkunde Patronatserklärung Patzer Pauschal-Vertrauensschadenversicherung Pauschalabfindung Pauschalbetrag Pauschaldeckung (Vers)

Pareto's law Pareto's law par value parity above par at a discount below par at par par exchange rate parity parity cross rate floor trader floor broker Parkinson's law European Parliament defaulter notifying party defaulter implied terms lot job lot jobber par exchange rate partnership parcel manifest waybill liability right hand side accrued liability accrued expense equities prepaid income unearned income liability adverse balance balance of payments deficit right hand side patent patent office abandonment specification letters patent letter of intent flufT blanket bond lump sum settlement lump sum blanket coverage

- 1644 Pauschale zur Abgeltung bestimmter Aufwendungen (PW) Pauschalentschädigung Pauschalgebühr Pauschalgeschäft Pauschalhaftpflichtversicherung Pauschallohn Pauschalpolice (Vers) Pauschalpolice (Vers) Pauschalpolice (Vers) Pauschalpolice (Vers) Pauschalpreis Pauschalreise Pauschalrente Pauschalsteuer Pauschalversicherung Pauschalversicherung Pauschalversicherung Pauschalversicherungspolice Pauschalzins Pause Pay per View Peer Group Penetration Penetrationspreispolitik (Mk) Penny (Münze) (GB) Pension Pension Pension Pension, aufgeschobene Pension, beitragspflichtige Pensionär/in Pensionär/in Pensionierung Pensionsalter Pensionsfonds Pensionskasse Performance Performanceaktie Performanceanalyse Periodenabgrenzung, Grundsatz der Person, der etwas vorgelegt wird Person, dritte Person, eingebildete Person, juristische Person, juristische Person, juristische Person, juristische Person, natürliche Person, versicherte

allowance lump sum settlement standard rate basket transaction umbrella liability insurance flat rate declaration policy floater floating policy unvalued policy flat rate package holiday fixed annuity lump sum tax blanket coverage blanket insurance package insurance blanket policy flat rate break pay per view peer group penetration penetration pricing penny old age pension pension superannuation deferred pension contributory pension old age pensioner pensioner retirement retirement age pension fund pension fund performance performance stock performance analysis matching presentee third party bighead artificial person body corporate corporation legal entity natural person risk

-

1645

Personal Personal Personalabbau Personalabbau Personalabteilung Personalabwerbung Personalakte Personalakte Personalaufblähung Personalausweis PersonalbeschafTung PersonalbeschafTung Personalbestand Personalbestand Personalbestand Personalbeurteilung Personalbeurteilung Personalchef/in Personaleinstellung Personalentwicklung Personalfluktuation Personalfreisetzung (zeitweise) Personalführung Personalkosten Personalkredit Personalkredit, festverzinslicher Personalleiter/in Personalmanagement Personalmanagement Personalpolitik Personalreferent/in Personalvertretung Personalvertretung Personalwirtschaft Personen/Haushalte, die mit Werbemittel/ Werbeträger Kontakt haben Personengesellschaft Personengesellschaft Personenschaden Personensteuer Personenvereinigung Peter-Prinzip Petrodollar Pfad, kritischer Pfand Pfand(sache) Pfandbesteller/in Pfandbrief Pfandgeber/in Pfandgegenstand

-

personnel staff downsizing shakeout staff department headhunt(ing) personal file personnel file pyramiding identity card recruitment staffing labo(u)r force manpower workforce/work force employee rating staff appraisal staff manager recruitment stafT development turnover layoff personnel management labo(u)r cost(s) personal loan fixed interest personal credit staff manager human resource(s) management personnel management employment policy personnel examiner staff association staff representation personnel management audience general partnership partnership bodily injury personal tax association Peter principle petrodollars critical path pledge pawn pawner/pawnor mortgage bond pledgor pledge

- 1646 Pfandinhaber/in Pfandinhaber/in Pfandleiher/in Pfandleiher/in Pfandnehmer/in Pfandrecht Pfandrecht an einer bestimmten Sache Pfandrecht des Verkäufers Pfandrecht, allgemeines Pfandrecht, gleitendes Pfandschuldner/in Pfändung Pfändung Pfändung Pfändungs- und Übenveisungsbeschluß Pfändungsbeschluß Pfändungsschuldner/in Pfändungsverfügung Pfändungsverfügung Pfennigbeträge Pflicht Pflicht Pflichthaftpflichtversicherung Pflichtversicherung Pförtner/in Pfund (Gewicht) Pfund (Währung) Pfund Sterling (GB) Pfund Sterling Auslandsanleihe Phantasiename Phantasiepreisgestaltung Phasenwerbung Phillips-Kurve Phonotypistin Phsychogramm Physiokraten Pier Pier, ab Pigou-Eflekt Pigou-Eflekt Pigou-EfTekt Piktogramm Pilotanlage Pint/e (Flüssigkeits-/Trockenmaß) Pioneer (Mk) Plafond Plakat Plakat Plakatanschlag, unerlaubter/wilder Plakatauswechslung

pawnee pledgee pawnbroker moneylender pledgee lien particular lien seller's lien general lien floating charge pledgor attachment distraint levy garnishee order distress warrant garnishee warrant of attachment writ peanuts duty job compulsory third party insurance compulsory insurance janitor/janitress pound pound sterling bulldog arbitrary mark fictitious pricing pulsing Phillips curve audiotypist psychographics physiocrats wharf ex quay Pigou effect real balance effect wealth effect pictogram pilot plant pint innovator ceiling bill poster fly posting renewal

—

Plakatwerbung Plakatwerbung Plan Plan Plan Plane Planer/in Plankosten Planspiel Planung Planung, indikative Planung, zentrale/staatliche Planungshorizont Planungszeitraum Planwirtschaft Planwirtschaft Plastikgeld Platz Platz Platz Platz, leerer Platzgiroverkehr ( B a W ) Platzmiete Platznutzungsgebühr Plazierung Plazierung (Bö) Plazierungskosten (Bö) Pleite Plombe Plus-minus-Null, arbeiten mit Police (Vers) Police ohne Wertangabe (Vers) Police, die als Nachweis des Anspruchs ausreicht (Vers) Police, laufende/offene (Vers) Police, nicht gewinnberechtigte (Vers) Police, offene (Vers) Police, offene (Vers) Police, taxierte (Vers) Police, untaxierte/offene (Vers) Policenablauf (Vers) Policendarlehen (Vers) Policenformular (Vers) Policenformular (Vers) Polier Politik Politik der offenen Tür Politik des billigen Geldes Politik des teuren Geldes Politik, antiinflationäre

1647

-

billing outdoor advertising blueprint design schedule cover planner standard cost(s) management game planning indicative planning central planning planning horizon planning horizon command economy planned economy plastic money place point slot vacancy town clearing yardage yardage placement placing flo(a)tation expenses flop seal breakeven insurance policy open policy policy proof of interest floating policy nonparticipating policy declaration policy general policy valued policy unvalued policy lapse policy loan policy form proposal form overseer policy open door policy easy money policy tight monetary policy antiinflation policy

1648 Politik, antizyklische Politik, makroökonomische Polypol Pool Portefeuille Portefeuilleumschichtung Portefeuilleverwaltung Portfolioinvestition Portfolioinvestition, ausländische Portfoliomanagement Porto Porto bezahlt Porto und Bearbeitungsgebühr Portobuch Portobuch portofrei Portokasse Portonachnahme POS-System Position Position (PW) Position (PW) Position, freie/ofTene (PW) Position, ofTene Positionsanzeiger auf dem Bildschirm Post Post Post(sendung) (USA) Post, ausgehende Post, elektronische Post, freigestempelte Post, gewöhnliche Post, mit gleicher/getrennter Post, vertrauliche Postamt Postamt Postamt für unzustellbare Briefe und Pakete Postanschrift Postanweisung Postanweisung Postbank (GB) Posteingang Posteinlieferungsschein Posteinlieferungsschein Posten (PW) Posten, offene Posten, sichtbare Poster Postfach

-

anticyclical policy macroeconomic policy polypoly pool portfolio switch portfolio management portfolio investment foreign portfolio investment portfolio management postage postpaid postage and handling postage book stamp book postpaid petty cash carriage forward point of sale system footing job post vacancy open position cursor post post office mail outgoing mail electronic mail metered mail surface mail under separate cover confidential mail post post office dead letter office postal address money order postal order girobank incoming mail certificate of posting post office receipt office outstanding debts visibles poster box number

1649 Postfach Postfach Postgebühren Postgirodienst (GB) Postgiroüberweisung Postkasten postlagernd postlagernd (USA) Postleitzahl (GB) Postleitzahl (USA) Postleitzahlenbuch Postpaket Postpaketempfangsschein Postquittung Postquittung Postscheck Postschließfach Postschließfach Postscriptum (PS) Postsparkasse (GB) Poststelle (USA) Poststempel Poststempel Posttermini Posttest (Mk) Postüberweisung Postversandwerbung Postwurfsendung Postwurfsendung PR-Arbeit Präferenzen, bekundete/offenbarte Präferenzgut Präferenzordnung Präferenzordnung Prägeanstalt Prägegebühr Prägegewinn Prägung Praktikant/in Praktiken, restriktive (Man) Praktikum Praktikum Prämie Prämie Prämie (AuW) Prämie(nsatz) (Vers) Prämie, gleichbleibende/konstante (Vers) Prämien, eingezahlte/verdiente (Vers) Prämienanleihe Prämienanleihe

lockbox post office box postal charges National Giro postal giro transfer post poste restante general delivery postcode zip code address coding guide package parcel post receipt certificate of posting post office receipt postcheque/postcheck post office box private box postscript National Savings Bank mailroom date stamp postmark postal terms posttest mail transfer direct mail advertising bulk mail direct mail advertising public relations revealed preferences preference item hierarchy of wants scale of preferences mint mintage seigniorage mintage trainee restrictive practice(s) internship work experience premium prize bounty rate level premium earned premiums lottery bond premium bond

Prämienaufkonimen (Vers) Prämienberechnung aufgrund von Erfahrungswerten (Vers) Prämienfestsetzung (Vers) Prämienfestsetzung (Vers) Prämienlohnsystem Prämienreserve (Vers) Prämienreserve (Vers) Prämienrückstände (Vers) Prämienrückvergütung für schadenfreie Jahre (Vers) Prämiensparen Prämiensparsystem, staatlich gefördertes (GB) Präsentant/in Präsentation Präsentationspackung Präsident/in Präsident/in Präzedenzfall Präzedenzrecht Preis Preis Preis Preis Preis Preis Preis Preis Preis ab... Preis frei Haus Preis für ganzseitige Anzeige Preis für künftige Lieferung Preis für Termingeschäft Preis, abbröckelnder Preis, administrierter/amtlich festgesetzter Preis, angemessener Preis, ausgehandelter Preis, äußerster Preis, äußerster/niedrigster Preis, einschließlich aller Kosten Preis, empfohlener Preis, gängiger Preis, gebotener Preis, gegenwärtiger Preis, geltender Preis, gerechter Preis, gespaltener/unterschiedlicher (auf verschiedenen Märkten)

1650

-

premium income experience rating premium rating rating bonus system reserve(s) unearned premium (reserve) arrears no claim(s) discount contractual saving save as you earn contract presenter presentation display pack chief executive officer president leading case case law charge consideration cost premium price prize rate tariff loco price delivered price page rate forward price futures price softening price administered price just price negotiated price bottom price rock bottom price all in price recommended price popular price bid price current price going rate just price split price

-

Preis, konkurrenzfähiger Preis, niedrigster Preis, niedrigster/äußerster Preis, optischer/psychologischer Preis, psychologischer/gebrochener Preis, regulierter Preis, relativer Preis, sehr niedriger/scharf kalkulierter Preis, subventionierter Preis, subventionierter Preis, vertraglich vereinbarter Preis, voller Preis- und Einkommenspolitik Preis-Preis-Spirale Preis/e freibleibend Preis/e, unverbindliche/r Preisabsprache Preisabsprache Preisabtastgerät Preisabwälzung Preisänderung/en vorbehalten Preisangabe Preisangebot Preisanhebung Preisanstieg Preisanstieg, gradueller Preisanstieg, leichter Preisaufschlag, zusätzlicher Preisaufschwung Preisauszeichnung mit gebrochenen/ ungeraden Preisen Preisauszeichnungsgesetz Preisbildung Preisbildung Preisbildung auf Durchschnittskostenbasis Preisbildung, räuberische Preisbindung Preisbindung (der zweiten Hand) Preisbindung der zweiten Hand Preisbindung, vertikale Preisbindung, vertikale (USA) PreisdifTerenzierung Preisdifferenzierung Preisdiskriminierung Preisdiskriminierung

1651

-

keen price bottom price knockdown price psychological price penny off or penny down-price administered price relative price keen price pegged price subsidized price contract price full price prices and incomes policy price-price spiral price(s) subject to change without notice price(s) subject ot change without notice common pricing price fixing price scanner passalong price(s) subject ot change without notice quotation price quotation pricing up advance escalation of prices upstick/up stick additional markon rally odd pricing Prices Act price fixing pricing average cost pricing predatory pricing price control price maintenance resale price maintenance resale price maintenance fair trade multiple pricing price discrimination price discrimination rate discrimination

Preise Preise, Differenz zwischen zwei Preise, Fallen der Preise, konstante Preiseffekt Preiselastizität Preiselastizität der Nachfrage Preiselastizität des Angebots Preisempfehlung Preisempfehlung des Herstellers Preisentwicklung, Markt mit stabiler Preiserhöhung Preiserhöhung Preiserwartungseffekt Preiseskalation Preisfestlegung, freie/variable Preisfestsetzung Preisfestsetzung Preisfestsetzung, behördliche Preisforderung Preisführerschaft Preisgericht Preisgleitklausel Preisgrenze, untere Preisherabsetzung Preisindex Preisindex für Lebenshaltungskosten Preisinformationsabsprache (Kartell) Preiskartell Preiskontrolle Preiskrieg Preiskrieg Preiskrieg Preislage Preislesepistole Preisliste Preisliste Preisliste Preisnachlaß Preisnachlaß Preisnachlaß Preisnachlaß Preisnachlaß Preisniveau Preisniveau, allgemeines Preisniveau, hohes Preisnotierung Preisobergrenze Preispolitik

1652

-

terms spread baisse constant prices price effect price elasticity price elasticity of demand price elasticity of supply recommended price manufacturer's recommended firm market markup price increase Fisher effect escalation of prices variable pricing price fixing pricing valorization terms of sale price leadership jury escalator clause floor pricing down price index retail price index information agreement price ring price control cutprice war price war rate war price range price scanner price list scale of prices tariff allowance discount markdown rebate sales allowance price level general price level price plateau direct quotation price ceiling pricing policy

- 1653 Preispolitik, staatlich dirigierte/ verfügte Preisrelationen (AuW) Preisrichter/in Preisrichter/in Preisrückgang, anhaltender (Bö) Preisscanner Preisschild Preissenkung Preissenkung Preissenkung Preisspanne Preisstabilität Preisstellung, einheitliche frei Haus Preisstellung, einheitliche für alle Entfernungen Preissturz Preissturz Preissturz Preisstützung Preisstützung Preisstützung Preissystem Preissystem, mehrstufiges Preistabelle Preistheorie Preisüberwachung Preisunterbietung Preisunterbietung Preisunterbietung Preisunterbietung, ruinöse Preisuntergrenze Preisverfall Preisverzeichnis Preisverzeichnis Presse Presse, nationale/überregionale Pressedienst Pressekonferenz Pressemitteilung Pressemitteilung Pressesprecher/in Pretest prima Primärforschung Primärgeld Primärhändler (Bö) Primärmarkt (Bö) Primärmarkt (Bö) Primärsektor

government controlled pricing terms of trade judge umpire slump price scanner price tag markdown price cutting price reduction price range price stability uniform delivered pricing uniform delivered pricing break nosedive plunge in prices pegging price maintenance price support price mechanism multiple pricing scale of prices price theory price control dumping price cutting underselling predatory pricing price floor collapse price list tariff press national press news agency press conference handout press release spokesperson pretest/pre-test A1 field research monetary base market maker new issue market primary market primary sector

1654 Primawechsel Prime Rate (BaW, USA) Prinzip der Einheitlichkeit und Klarheit (RW) Prinzip, ökonomisches Priorität Prioritätsaktie (GB) Prioritätsgläubiger Privatanleger/in Privatbank Private Banking Privateigentum Privatentnahme Privatentnahme Privatentnahmekonto (eines Gesellschafters) Privatgesellschaft (GmbH, AG) Privatgleisanschluß Privathaftpflichtversicherung Privatisierung Privatisierung Privatkonto Privatkundengeschäft (BaW) Privatkundengeschäft (der Banken) Privatplazierung (Bö) Privatrecht Privatsekretär/in Privatunternehmen (GmbH und AG) Privatverkauf Privatvermögen Privatversicherung (GB) Privatversicherungsgeschäft Privatwirtschaft Privatwirtschaft pro rata Pro-Kopf-Ausgaben Pro-Kopf-Einkommen Pro-Kopf-Leistung Pro-Kopf-Verbrauch Proband/in Probe Probe Probe(ver)kauf Probe, auf Probeangebot Probeauftrag Probeauftrag Probebestellung Probekauf Probelauf

-

first of exchange prime rate consistency convention efficiency rule priority preference share preferred creditor private investor private bank private banking private property drawing withdrawal drawing account private company private siding personal liability insurance denationalization privatization personal account private banking retail banking private placement private law personal secretary private company private sale personal assets commercial insurance commercial insurance private enterprise system private sector prorata per capita expenditure per capita income per capita output per capita consumption respondent sample trial sale on approval on approval trial offer sampling order trial order trial order trial purchase field test

—

Probenverteilung (Mk) Probeverkauf Probezeit Probezeit (PW) Problem, akutes Problem, alltägliches Produkt Produkt (Math) Produkt der zweiten Generation Produkt, artverwandtes Produkt, bahnbrechendes Produkt, ein sich schnell verkaufendes Produkt, ertragsstarkes Produkt, Glied eines (Math) Produkt, gut eingeführtes Produkt, markenfreies Produkt, preiselastisches Produkt, preisreagibles Produktbewußtsein Produkte, landwirtschaftliche Produkteigenschaft Produkteinführung Produkteinheit, letzte Produktenbörse Produktenmakler/in Produkthaftung Produkthaftung Produktimage Produktion Produktion Produktion Produktion Produktion, direkte Produktion, durchlaufende Produktion, gesamtwirtschaftliche Produktion, schlanke Produktionsabteilung Produktionsanlage Produktionsanlage Produktionsauftrag Produktionsausstoß Produktionsbeschleunigung Produktionseinheit Produktionsfaktor Produktionsfaktor Produktionsfaktor Produktionsfaktor Arbeit Produktionsfaktor Boden Produktionsfaktor, dispositiver Produktionsfaktoren

1655

-

sampling sale by/to sample probation period qualifying period issue bread and butter issue product product second generation product related product breakthrough product runner cash cow factor established product no name (product) price sensitive product price sensitive product brand awareness produce product feature launch marginal unit produce exchange produce broker manufacturer's liability product liability product image make manufacturing output production direct production continuous production national output lean production production department plant production plant manufacturing order production speedup unit of production factor factor of production input labo(u)r land enterprise resources

1656 Produkt onsfaktornachfrage Produkt onsfunktion Produkt onsgenossenschaft Produkt onsgiiter Produkt onsgiiter Produkt onsgiiter Produkt onskontrolleur Produkt onskosten Produkt onskosten Produkt onskosten Produkt onskosten Produkt onskosten Produkt onskosten Produkt onskostentheorie Produkt onsmenge Produkt onsplanung Produkt onspotential Produkt onsprozeß Produkt onsstätte Produkt onsstufen Produkt onsumfang Produkt onsverfahren Produkt onsverzögerung Produkt onszweige Produkt onszyklus Produkt vität Produkt vität Produkt vitätsabkommen (PW) Produkt vitätsvertrag (PW) Produkt vitätszuwachs, Beteiligung am Produkt wermögen Produktklassifizierung Produktlebenszyklus Produktlinie Produktmanager/in Produktmerkmale Produktmix Produktpalette Produktpolitik Produktpotential, verstecktes Produktrentabilität, direkte Produktwerbung Produzent/in Produzent/in Produzent/in Produzentenhaftung produzieren Profi Profit Profit-Center

-

factor demand production function producer cooperative industrial goods investment goods producer goods dispatcher cost of goods manufactured cost price cost(s) of production factory cost(s) manufacturing cost(s) production cost(s) cost of production theory make production planning productive potential production process shopfloor stages of production scale of production production process production lag branches of production work cycle efficiency productivity productivity agreement productivity agreement gain sharing capital product classification product life cycle line brand manager product characteristics product mix line product policy unsought goods direct product profitability competitive advertising maker manufacturer producer manufacturer's liability make professional profit profit center

Profitmacher/in Proformarechnung Proformarechnung Proformawechsel Prognose Prognose Programm Programm Programmablaufplan Prohibitivzoll Projektion Projektleiter/in Projektmanager/in Projektstudie Prokura, per (pp, ppa) Proletariat Prolongation Prolongation Prolongation Prolongationsgebühr (Bö) Prolongationsgeschäft (Bö) Prolongationsgeschäft, ein ... machen ( B Prolongationswechsel Promille Promoter Proportional(steuer)satz Proportionalregel (Vers) Proportionalregel (Vers) Proportionalsteuer Prorata-Klausel (Vers) Prorata-Klausel (Vers) Prospekt Prospekt Prospekt Prospekt Prospekt Prospekt Prosperität Protektionismus Protest Protestanzeige Protestaufnahme, notarieller Vermerk bei Protokoll Protokoll Provision Provision Provisionsbelastung, anfangliche (Vers) Provisionskonto Prozedur Prozent

1657

-

profiteer proforma account proforma invoice accommodation bill forecast projection bill schedule flowchart prohibitive duty projection project manager project manager feasibility study per pro proletariat extension prolongation renewal contango carryover contango renewal bill per mille promoter flat rate average average clause proportional tax average clause prorata average brochure catalog(ue) handbill leaflet pamphlet prospectus prosperity protectionism protest notice of dishono(u)r noting (a bill) minutes protocol brokerage commission front end fee commission account procedure percent

Prozent (hier 1 % ) Prozentpunkt Prozentsatz der Gesamthörerschaft Prozentsatz der Zuschauerschaft Prozeß Prozeß (Re) Prozeß (Re) Prozeß (Re) Prozeß der Willensbildung Prozeß(ablauf) Prozeß(ablauf) Prozeßkostenhilfe Prüfer/in Prüfung Prüfung Prüfung Prüfung Prüfung der Vermögensverhältnisse Prüfungsbericht Prüfungsbericht ohne Beanstandungen Prüfungsbescheinigung Public Relations (PR) Publikation Publikum Publizität Pufferbestand Pufferspeicher (DV) Pulvergericht Punkt Punkt Punkt, Grüner Punkt, strittiger Punktelastizität

1658

-

point point share of audience share of audience case lawsuit legal action litigation decision making proceedings process legal aid controller examination inspection scrutiny verification means test audit report clean report of findings ( C R F ) test certificate public relations publication audience publicity buffer stock buffer memory instant credit point green label issue point elasticity

Q Qualifikation Qualifikation Qualifizierung Qualität Qualität mittler Art und Güte Qualität, gängige/handelsübliche Qualität, handelsübliche/marktgängige Qualität, mindere Qualität, von besonders guter Qualitätsarbeit Qualitätsbezeichnung Qualitätskontrolle Qualitätsmarkt Qualitätsniveau, ausreichendes

qualification workmanship qualification quality fair average quality commercial quality merchantable quality low grade premium workmanship grade quality control quality market acceptable quality level

Qualitätsüberwachung Qualitätsverbesserung Qualitätszeugnis Qualitätszeugnis Quantität Quantitätsgleichung Quantitätsgleichung Quantitätstheorie Quantitätstheorie des Geldes Quartal, letztes Quartal, zweites Quartalstage Quasigeld Quasigeld Quasirente Quästor Quelle Quellensteuer Quellensteuer Queraddition Querrechnung Querverweis Quittung Quittung Quittung Quittung Quittung Quittung Quittungsausteller/in Quittungsinhaber/in Quorum Quote Quotenakite Quotenauswahl Quotenrückversicherung Quotenrückversicherung Quotenstichprobenverfahren

1659

-

quality control betterment certifícate of quality quality certificate quantity equation of exchange Fisher equation money equation quantity theory of money last quarter second quarter quarter days near money substitute money quasirent bursar source source tax withholding tax footing footing cross reference acquittance cash voucher coupon quittance receipt voucher receiptor receipt holder quorum quota no par value share/stock quota sampling fixed share reinsurance quota reinsurance quota sampling

R R-Gespräch (Telefon) R-Gespräch (Telefon) R-Gespräch (Telefon) Rabatt Rabatt Rabatt Rabatt Rabatt Rabatt Rabatt, m i t . . .

collect call reversed charge call transfer charge call allowance deduction discount rebate reduction trade discount at a discount

1660

Rabattmarke Radio Programm (ohne Werbung) Radioprogramm Radioprogramm mit Geschenken/Preisen Radiosendung Rahmen Rahmenplan, operativer Rampe Ramschware Ramschware Rand Rang Rang Rang Rangjüngerer Rangordnung Rassendiskriminierung Rat Rat Rat für Gegenseitige Wirtschaftshilfe (RGW) Rate Rate Ratenkaufvertrag Ratenverkauf Ratenzahlung Ratenzahlung Ratenzahlung Ratenzahlung, erste Ratenzahlungskauf (GB) Ratenzahlungsvertrag Ratgeber/in Ratifikation Ratifizierung Rationalisierung Rationierung Raum(aufteilungs)plan Raum, leerer räumen (Lager) Raummaße Raumschiff Räumungsverkauf Rausschmiß (PW) Reaganomics Realeinkommen Realinvestition Realinvestition Realisationsprinzip (RW) Realisierung Realisierungszeit

-

trading stamp package show giveaway show framework operating budget ramp job lot odds and ends margin grade rank status junior hierarchy racial discrimination advice council COMECON in s tallm e nt rate credit sale(s) agreement in s tallm e nt selling deferred payment installment part payment token payment hire purchase deferred payment contract adviser/advisor ratification ratification rationalization rationing floor plan vacancy clear cubic measures ship clearance sack Reaganomics real income fixed investment real investment conservatism convention realization lead time

-

1661

Realkasseneffekt Realkosten Reallohn Realwert Realzins Reassekuranz Recheneinheit (Geld als Wertmaßstab) Rechenfehler Rechenmaschine Rechenmaschine, elektronische Rechenschaftsbericht Rechenschaftspflicht Rechner Rechner Rechner, elektronischer Rechnerprogramm Rechnersprache Rechnung Rechnung Rechnung Rechnung Rechnung mit Werbebeilage Rechnung, auf Rechnung, auf/für Rechnung, beglaubigte (AuW) Rechnung, laufende Rechnung, laut erteilter (früherer) Rechnung, offene Rechnung, unbezahlte Rechnung, unbezahlte (USA) Rechnung, unbezahlte/offene Rechnung, vorläufige Rechnungen, Ausstellen und Zusenden von (USA) Rechnungen, unbeglichene Rechnungs(aus)stellung Rechnungsabgrenzungsposten Rechnungsabgrenzungsposten, aktive/r Rechnungsabgrenzungsposten, aktive/r Rechnungsabgrenzungsposten, passive Rechnungsabgrenzungsposten, passive Rechnungsabgrenzungsposten, passive/r Rechnungsabschluß Rechnungsabschluß ( R W ) Rechnungsabschluß, anerkannter Rechnungsaufschub Rechnungsaufstellung Rechnungsaufstellung, über den Monat verteilte Rechnungsbeleg

-

wealth effect real cost real wage(s) real value real interest rate reinsurance unit of account miscalculation calculator electronic calculator report accountability calculator computer electronic calculator computer program(me) computer language account bill check invoice bill insert on account for the account certified invoice open account account rendered open account unpaid invoice tab outstanding invoice proforma invoice billing amounts outstanding invoicing expenses prepaid accrued revenue(s) prepaid expense(s) accrued expense accrued liability prepaid income balance sheet financial statement account stated deferred billing statement cycle billing voucher

-

1662

Rechnungsdatum Rechnungsdatum Rechnungsdatum Rechnungseinheit (Geld als Wertmaßstab) Rechnungserstellung Rechnungsformular Rechnungsjahr Rechnungsjahr Rechnungskopf Rechnungslegung Rechnungslegung, inflationsbereinigte/ -neutrale Rechnungslegung, periodengerechte Rechnungslegungsgrundsätze, internationale Rechnungslegungspflicht Rechnungsperiode Rechnungsprüfer/in Rechnungsprüfung Rechnungswesen Rechnungswesen ( R W ) Rechnungswesen, entscheidungsorientierte internes Rechnungswesen, Fachmann/Fachfrau des Rechnungswesen, Theorie des Recht Recht der Stellvertretung Recht, kodifiziertes Recht, öffentliches Recht, wohlerworbenes Rechte des Käufers Rechte, ausschließlich aller (Bö) Rechte, ausschließlich aller (Bö) Rechte, einschließlich aller (Bö) rechtfertigen Rechtfertigung Rechtsanspruch Rechtsanspruch Rechtsanwalt/-anwältin Rechtsanwalt/-anwältin Rechtsanwalt/-anwältin Rechtsanwalt/-anwältin Rechtsberatung Rechtsbeschränkungen Rechtsfähigkeit Rechtsgegenstand, immaterieller Rechtsgegenstand, unkörperlicher Rechtsgeschäft Rechtsgeschäft

-

billing date date of invoice invoice date unit of account invoicing billhead fiscal year tax year billhead accounting inflation accounting accrual concept International Accounting Standards (IAS) accountability accounting period accountant audit accountancy accounting management accounting accountant accountancy law law of agency statute law public law vested right(s) buyer's rights ex all XA (ex all) cum all justify justification claim title attorney barrister solicitor lawyer legal advice legal constraints competence chose in action chose in action act in law transaction

-

Rechtsgeschäft, sittenwidriges/ unredliches/unsittliches Rechtshilfe Rechtshilfeberatungsstelle (GB) Rechtsmangel Rechtsmittel Rechtsnachfolge Rechtsnachfolger/in Rechtsnachfolger/in Rechtspersönlichkeit Rechtsschutzversicherung Rechtsstellung Rechtsstreit Rechtssubjekt Rechtssubjekt Rechtssystem Rechtsunfähigkeit Rechtsverordnung Rechtsvorgänger/in Rechtsvorgänger/in Rechtswissenschaft Recycling Red-Clause-Kredit (AuW) Redakteur/in im Studio Reden über die Arbeit Rediskontierung Rediskontsatz Rediskontsatz Redlichkeit Redlichkeit, höchste Reduzierung Reederei Reexport Refaktie Referenz Referenz(person) Referenzbank Referenzgeber/in (BaW) Referenzschreiben Refinanzierung Refinanzierung Refinanzierung am freien Markt Refinanzierungsinstitut (BaW) Refinanzierungskredit Refinanzierungswechsel Reflation Regal Regal Regenbogenpresse Regierung

1663

-

unconscionable bargain legal aid Citizens Advice Bureau defect in title remedy Subrogation assignee transferee legal entity legal expense(s) insurance status litigation entity legal entity law disability regulation assigner/assignor transferer/transferer law recycling red clause credit presenter shoptalk rediscounting discount rate rediscount rate good faith utmost good faith reduction shipping company reexportation breakage testimonial referee reference bank referee reference funding refinancing funding lender of last resort refinance credit refinance bill reflation rack shelf yellow press government

1664 Regierungsanleihe Regierungsanleihe unter Umgehung der Börse (GB) Regierungspolitik Region, geförderte Regionalpolitik Register Register Registerführer/in Registerhafen Registratur Registrierkasse Registrierung Registrierung Registrierung Registrierung, numerische Registrierungsort Regreß Regreß, mit Regreß, ohne Regreßvereinbarung Regreßverzichtserklärung (Vers) Regulierer Reichtum Reichtum Reihenfolge Reimport Reimportlizenz Reindividende Reinertrag Reinfall Reingewicht Reingewinn Reingewinn Reingewinn (nach Steuern) Reingewinn erzielen Reinverlust Reinvermögen Reinvermögen Reinvermögen Reinvermögen Reinvermögen Reinvestition Reisebüro Reisebüro Reisecharter Reiseführer/in Reisegepäck Reisegepäckversicherung Reisekrankenversicherung

government bond tap stock government policy assisted area regional policy register registry registrar registry registry cash register filing registration registry numerical filing registry recourse with recourse without recourse recourse agreement knock for knock agreement assessor resources wealth sequence reimport(ation) bill of store(s) net dividend net proceeds nop net weight net earnings net profit earnings clear net loss net asset value net assets net worth shareholders' equity surplus reinvestment travel agency travel agent voyage charter guide luggage tourist baggage insurance travel accident insurance

Reisekreditbrief Reisekreditbrief Reisende/r Reisescheck Reisescheck in Auslandswährung Reiseunfallversicherung Reiseveranstalter Reiseversicherung Reißwolf Reiter Reitwechsel Reiz Reklamation Reklamation Reklamation Reklame Reklame Reklame Reklamefläche Reklamefläche Reklametafel Reklamezettel Reklamezettel Rekordhöhe Rektaindossament Rektaklausel Rektakonnossement Rektor/in (USA) Reling des Schiffes, an der Rembours kredit Rembours kredit Remittent Rendite Rendite Rendite Rendite Rendite (einer langfristigen) Anlage Rendite einer Investition, durchschnittliche Rendite, jährliche Rendite, laufende Renditegefalle Renditelücke Renner (Mk) Rentabilität Rentabilität Rentabilität Rentabilität eines Investitionsprojektes Rentabilitätsziel

1665

-

letter of credit travel(l)er's letter of credit t r a v e l l i n g salesman/saleswoman traveler's check foreign currency t r a v e l l e r ' s cheque/ check travel accident insurance travel agent travel insurance shredder tab wind bill appeal claim complaint representation advertisement advertising publicity billboard space hoarding handout throwaway all time high restrictive endorsement restrictive endorsement straight bill of lading principal at ship's rail acceptance credit refinance credit payee nominal yield rate of return return yield maturity yield average rate of return annual return flat yield yield gap yield gap runner efficiency profitability rate of return internal rate of return target rate of return

-

Rente Rente Rente Rente Rente an Ehegatten und Uberlebende Rente auf ein Leben Rente für bestimmte Anzahl von Jahren oder bis zum Tod des Versicherten Rente, aufgeschobene Rente, aufgeschobene Rente, beitragspflichtige Rente, dauernde/ewige/lebenslange Rente, dynamische/veränderliche Rente, gemeinsame/verbundene Rente, ökonomische Rente, ökonomische/volkswirtschaftliche Rente, sofort fällige Rente, zeitlich begrenzte Rentenalter Rentenempfänger/in Rentenmarkt Rentenversicherung (private) Rentenversicherung, betriebliche Rentenversicherung, private Rentner/in Rentner/in Rentner/in Reorganisation Reorganisation Report (Bö) Report (Bö) Reportgeschäft (Bö) Repräsentant/in Reprivatisierung Reprivatisierung Reproduktion Reserve/n Reservebank (USA) Reserven, freie Reserven, stille Reserven, stille Reservenberechnung (Vers) Reservespeicher (DV) Reservierung Resignation Respekttage Respekttage Respekttage (Wechsel) Ressort Ressourcen

1666

-

age pension annuity old age pension pension joint and survivor annuity single life annuity guaranteed annuity deferred annuity deferred pension contributory pension perpetual annuity variable annuity joint annuity rent economic rent immediate annuity annuity certain retirement age annuitant bond market self employed annuity pension(s) insurance personal pension plan annuitant old age pensioner pensioner reconstruction reorganization premium contango contango representative denationalization reprivatization reproduction reserve(s) reserve bank free reserves hidden reserves inner reserves valuation backup store reservation resignation days of grace grace period period of grace portfolio resources

- 1667 Ressourcen, natürliche Ressourcen, nicht ersetzbare Ressourcen, ökonomische Rest Rest Rest(bestand) Rest(buch)wertabschreibung Restarbeitslosigkeit Restarbeitslosigkeit Restbetrag Restbetrag Restbuchwert Restbuchwert Restmenge Restpartie Restposten in der Zahlungsbilanz Restriktion Restriktion Restriktionen durch die Hintertür Restrukturierung Restschuld Restwert Restwert Restwert Resultat Resultat Retoure Retouren Retourenbuch Retourscheck Retrozession (Vers) Revaluation Revision Revisionskläger/in Revolution, industrielle Revolving-Akkreditiv Revolving-Kredit Revolvingkredit Rezeption Rezeption Rezession Rezession, internationale Rezessionsloch Rezessionslücke Rezessionsphase Reziprozität (Vers) Reziprozitätsvertrag (AuW) Ricambio Richter/in

natural resources nonrenewable resources economic resources balance rest remainder reducing balance method (of depreciation) hardcore unemployment residual unemployment remainder rest book value residual value rest odd lot balancing item constraint squeeze backdoor restrictions restructuring unpaid balance residual value salvage value scrap value outcome result return returns sales returns book returned cheque/check retrocession revaluation audit appellant industrial revolution revolving letter of credit revolving loan continuous credit reception reception office recession international recession recessionary gap recessionary gap contractionary phase reciprocity reciprocity redraft judge

-

Richterrecht Richtigkeit Richtigstellung Richtkosten Richtlinie Richtpreis Richtpreis Riese, schlafender Rimesse Rimesse, einfache Rinnverlust Risiken, gegen alle (Vers) Risiken, nicht versicherbare Risiko Risiko Risiko Risiko Risiko des Frachtführers Risiko des Spediteurs Risiko höherer Gewalt Risiko(lebens)versicherung mit Umtauschrecht Risiko, auf Einzelfall beschränktes Risiko, besonderes Risiko, betriebswirtschaftliches Risiko, finanzielles Risiko, nicht versicherbares Risiko, nicht versicherungsfähiges Risiko, reines Risiko, schwer versicherbares Risiko, spekulatives Risiko, unternehmerisches Risiko, versicherbares Risikoabwälzung Risikoanalyse Risikoausschluß (Vers) Risikoausschluß (Vers) Risikobewertung (Vers) Risikogeschäft Risikokapital Risikokapital Risikolebensversicherung Risikolebensversicherung Risikolebensversicherung für festgelegten Zeitraum Risikopapier Risikoprämie des Unternehmers Risikostreuung (Vers) Risikosumme Risikosumme (Vers)

1668

-

case law truth rectification standard cost(s) directive administered price recommended price sleeper remittance clean remittance leakage against all risks noninsurable risks hazard peril risk uncertainty carrier's risk carrier's risk fundamental risk convertible term life insurance particular risk particular risk commercial risk financial risk uncertainty uninsurable risk pure risk target risk speculative risk business risk insurable risk passing of risk risk analysis exception exclusion of risk valuation adventure risk capital venture capital contingent policy term insurance decreasing term insurance j u n k bond profit spread amount at risk amount at risk

Risikoübernahme Risikoübernahme Risikoumtauschversicherung Risikoversicherung Risikoverteilung Roboter Rohgewinn Rohmaterial Rohrpost Rohstoff 1 RohstofTabkommen (internationales) Rohstoffabkommen, internationales Rohstoffe Rohstoffe Rohstoffe Rohstoffmarkt Roll-on-Roll-off-Verkehr Rollenbesetzung Rollgeld Rollgeld Rolloverkredit Rolloverkredit Römische Verträge RoRo-Verkehr Route Rückantwort Rückantwortkarte Rückantwortschein Rückantwortschein, internationaler Rückbürgschaft rückdatieren rückdatieren Rückeinfuhr Rücken Rückerstattung Rückerstattung Rückerstattung Rückerstattung Rückerstattung Rückerstattung Rückerstattungsgarantie Rückfahrkarte Rückforderung Rückfracht Rückfracht Rückfracht, Transport von Rückfrage Rückführung ins Herkunftsland Rückgabe Rückgang

1669

-

assumption assumption of risk convertible term life insurance contingent policy pooling of risks robot gross profit material gravity chute primary product commodity agreement International Commodity Agreement basic commodities raw materials resources commodity market roll-on roll-off casting carriage cartage continuous credit rollover loan/credit Treaty of Rome roll-on roll-off route business reply card or envelope business reply card reply coupon international reply coupon back bond antedate backdate reimport(ation) back cover clawback redelivery refund refunding reimbursement restitution satisfaction return reclamation backfreight return load backhauling query repatriation redelivery decline

- 1670 Rückgang Rückgang Rückgang Rückgriff Rückgriffsanspruch), mit Rückgriff, ohne Rückgriffsanspruch, ohne Rückkauf Rückkauf Rückkauf Rückkaufgeschäft (AuW) Rückkaufkurs Rückkaufpreis von Anteilen einer Investmentgesellschaft Rückkaufvereinbarung Rückkaufwert (einer Versicherungspolice) Rückkaufwert (Vers) Rückkoppelung Rückladung Rückladung Rücklage aus Aktienemissionsagio, gesetzliche Rücklage/n Rücklage/n, allgemeine/freie/offene Rücklage/n, freie Rücklage/n, gesetzliche Rücklagen Rücklagen und Guthaben, gesetzliche bei anderen Banken Rücklagen, freie Rücklagen, stille Rücklagen, Umwandlung von Rücklieferung Rückruf Rückruf Rückruf Rückscheck Rückscheck Rückschein Rückschein Rückschlag Rückschleusung von Geldern Rückseite Rücksendung Rücksendung Rücksendungen Rücksendungen und Nachlässe Rückstand, im Rückstände Rückstellung

decrease drop setback recourse with recourse without recourse without recourse redemption repurchase retirement buyback deal call price bid price buyback agreement surrender value cash surrender value feedback backload return load share premium account reserve(s) general reserve(s) voluntary reserve(s) legal reserve(s) company reserves primary reserves free reserves hidden reserves capitalization of reserves redelivery callback recall return call returned cheque/check rubber cheque/check advice of receipt return receipt setback recycling back cover backfreight return returns returns and allowances in arrears arrears accrued liability

1671 Rückstellung Rückstellung Riickstellung/en Rücktritt (vom Vertrag) Rücktritt vom Vertrag Rücktritt(sgesuch/-mitteilung) Rücktrittsfrist Rücktrittsklausel Rücktrittsrecht (von einem Vertrag) Rückumschlag (bezahlt) Rückumschlagsystem (ohne Wertzeichen) Rückvergütung Rückvergütung Rückvergütung Rückvergütung von Verbrauchssteuern Rückversicherung Rückversicherung, fakultative Rückversicherungsmarkt Rückversicherungsquote Rückversicherungsvertrag Rückwärtsintegration Rückwechsel rückwirkend in Kraft treten lassen Rückzahlung Rückzahlung Rückzahlung Rückzahlung Rückzahlung, vorzeitige Rückzahlungsagio Rückzahlungsgarantie Rückzahlungsrendite Rückzahlungsrendite Rückzahlungsrendite RückZahlungstermin

Ruhegehalt Ruhegehalt Ruhepause Ruhestand Ruhestörung, öffentliche Rundschreiben Rundungsfehler Rüstkosten

-

allowance provision reserve(s) withdrawal repudiation resignation cooling off period escape clause right of rescission business reply envelope freepost rebate refund reimbursement excise drawback reinsurance facultative reinsurance secondary market quota share treaty backward integration redraft backdate amortization redemption refund repayment anticipation redemption premium repayment guarantee maturity yield redemption yield yield to maturity redemption date pension superannuation rest retirement breach of peace circular letter rounding error setup cost(s)

αe Sachanlagen Sachanlagen Sachanlagevermögen Sachbearbeiter/in eines Werbeetats Sache

nonmonetary assets tangible assets tangible fixed assets account executive case

- 1672 Sache, bewegliche Sache, bewegliche (im Besitz befindliche Sache/n, bewegliche Sachen, bewegliche Sachen, fungible/vertretbare Sachen, konkretisierte Sachentlohnung Sachinvestition Sachkapital Sachkenntnis Sachkunde Sachleistung Sachleistung Sachmangel Sachvergütung Sachversicherung Sachversicherung Sachverständige/r Sachverständige/r Sachverständigengutachten Sachverständigengutachten Sachverständigenrat für Wirtschaftsfragen des US-Präsidenten Sack Sack Sackgasse Safe Saisonbewegung Saisonschwankung saldieren Saldo Saldo Saldo der Leistungsbilanz Saldovortrag Sammel(ab)rechnung Sammel(ladungs)konnossement Sammelausfuhrgenehmigung Sammelladung Sammelladung Sammelladung Sammelladung Sammelladung Sammelmappe Sammelpolice (Vers) Sammler/in Sammlung Sanierung Sanierung(sverfahren) Sanktion Sättigungsgüter

personal property chose in possession chattel(s) mov(e)ables fungibles ascertained goods payment in kind real investment capital equipment proficiency competence benefit in kind payment in kind fault payment in kind general insurance property insurance authority referee expert's report survey report Council of Economic Advisers bag sack blind alley box seasonal fluctuation seasonal fluctuation balance account balance balance current balance carryover unit billing groupage bill of lading open general license consolidated shipment consolidation groupage mixed cargo split consignment file general policy collector collection reconstruction reorganization sanction inferior goods

- 1673 Satz Konnossemente Satz Wechsel Satz Wechsel Satzung Satzung (einer Kapitalgesellschaft, GB) Satzung einer Kapitalgesellschaft (USA) Satzung einer Kapitalgesellschaft (USA) Säulendiagramm Säulendiagramm Säumnis Saysches Theorem SB-Bankschalter Schachtel Schaden Schaden Schaden(s)ersatzerklärung Schaden(sfall) Schaden, festgestellter Schaden, finanzieller Schäden, frei von ... in besonderer Havarie (SeeVers) Schaden, immaterieller Schaden, plötzlich auftretender Schaden, unmittelbarer Schaden, mittelbarer Schaden, wirtschaftlicher Schadenabschätzer Schadenanzeige (Vers) Schadenattest Schadenersatz Schadenersatz Schadenersatz Schadenersatz Schadenersatz für persönliche Nachteile Schadenersatz für Vertragsnichterfüllung Schadenersatz leisten Schadenersatz, adäquater Schadenersatz, ausgleichender Schadenersatz, symbolischer Schadenersatzklausel Schadenexzedentenrückversicherung Schadenfreiheitsrabatt (Vers) Schadenfreiheitsrabatt (Vers) Schadenhäufigkeit Schadenmeldung (Vers) Schadennachweis Schadenquote (Vers) Schadenregulierer Schadenreserve/n (Vers) Schadenrückstellung/en (Vers)

-

set of bills bills in a set set of bills statute articles of association articles of incorporation charter bar chart histogram delinquency Say's law (of the market) automated teller machine case average damage letter of indemnity loss known damage economic loss free from /of particular average intangible damage accidental loss direct damage indirect damage economic loss assessor notice survey report compensation damages indemnity settlement general damages damages for breach of contract make good compensatory damage compensatory damages nominal damages indemnity clause excess of loss reinsurance bonus no claim(s) discount loss frequency notice of accident proof of loss loss ratio average adjuster reserve(s) reserve(s)

- 1674 Schadensabschätzer (Vers) Schadensabteilung Schadensanspruch (Vers) Schadensanteil, umgelegter bei Versicherungsschäden Schadensanzeige (Vers) Schadensattest (Vers) Schadensbescheinigung (Vers) Schadensbewertung (Vers) Schadensersatzklage Schadensersatzleistung, maximale (eines Versicherers) Schadensfeststellung (Vers) Schadensformular (Vers) Schadenshäufigkeit (Vers) Schadensregulierer (Vers) Schadenssachbearbeiter/in Schadenssachverständige/r Schadenssachverständige/r Schadensschätzer/in Schadensteilvereinbarung (Vers) Schadensverlauf (Vers) Schadensversicherung Schadenursache, tatsächliche/ unmittelbare (Vers) Schadenverhütung Schadenversicherung Schalter Schalter (BaW) Schalterstunden Schattenwirtschaft Schattenwirtschaft Schattenwirtschaft Schatzanleihe Schatzanweisung (GB) Schatzanweisung (USA) Schätzer Schätzer Schatzkanzler (GB) Schatzmeister/in Schatzobligation Schätzung Schätzung Schätzung Schätzung Schätzung Schätzung, grobe Schätzung, grobe (USA) Schatzwechsel Schatzwechsel

-

loss assessor claims department insurance claim contribution notice of accident certificate of damage certificate of damage valuation action for damages aggregate indemnity assessment claim form claims frequency loss assessor claims adjuster adjuster/adjuster loss adjuster adjuster/adjustor knock for knock agreement experience casualty insurance proximate cause loss prevention indemnity insurance booking office counter banking hours black economy hidden economy underground economy Treasury bond exchequer bond Treasury note assessor estimator Chancellor of the Exchequer bursar Treasury bond appraisal appraisement appreciation estimate value guesstimate ballpark figure bill Treasury bill

Schatzwechsel ( G B ) Schatzwechsel, regelmäßig angebotener ( G B ) Schatzwechsel, schwebende Schätzwert Schätzwert Schätzwert Schaubild Schaubild Schauermann Schaufensteraufkleber Schaufensterauslage Schaufensterbummel Schaufensterbummler Schaufensterdekoration Schaufenstergestaltung Schaufensterplakat Schaukasten Schaukasten Schaupackung Schauplatz Scheck Scheck Scheck (USA) Scheck einlösen/bezahlen Scheck gesperrt (Scheckvermerk) Scheck zur Verrechnung (auf Konto des Zahlungsempfängers) Scheck, (ab)geänderter Scheck, annullierter Scheck, ausgestellt auf Konto des Zahlungsempfängers Scheck, bankbestätigter (USA) Scheck, bestätigter Scheck, fauler Scheck, gedeckter Scheck, gekreuzter Scheck, geplatzter Scheck, gesperrter Scheck, nicht eingelöster Scheck, nicht eingelöster Scheck, nicht eingelöster Scheck, nicht eingelöster Scheck, nicht eingelöster/geplatzter/ unbezahlter Scheck, nicht übertragbarer/begebbarer Scheck, nur zur Verrechnung ausgestellter Scheck, platzen lassen Scheck, ungedeckter

1675

-

exchequer bill tender Treasury bill floating debt appraised value assessed value estimate diagram graph stevedore window banner window dressing window shopping window shopper window dressing window dressing window banner display cabinet display case display pack venue cheque draft check hono(u)r a cheque/check payment countermanded account payee altered cheque/check cancel(l)ed cheque/check crossed a/c payee (only) certified check/cheque marked cheque/check dud covered cheque/check crossed cheque/check bounced cheque/check stopped cheque/check bounced cheque/check return uncashed cheque/check unclaimed cheque/check dishono(u)red cheque/check not transferable cheque/check crossed a/c payee (only) bounce bad cheque/check

Scheck, ungedeckter Scheck, ungedeckter Scheck, ungedeckter Scheck, ungedeckter Scheck, ungedeckter Scheck, verfallener Scheck, von einer Bank bestätigter/ garantierter (USA) Scheck, vordatierter Scheckabrechnung Scheckabschnitt Scheckabschnitt Scheckabschnittsleiste Scheckausstellung Scheckbetrag, bei Federal Reserve Bank bereits gutgeschrieben, obwohl Inkasso noch nicht abgeschlossen (USA) Scheckbuch Scheckdeckung Scheckdeckungsanzeige Scheckeinreicher/in Scheckgarantiekarte Scheckheft Scheckkarte Scheckkarte Schecknehmer/in Scheckreiterei Schecks, Summe der umlaufenden, noch nicht abgerechneten Schecksperre Schecksperre Schecksperre Schecksperre Schecksumme Scheckvermerk (Beträge in Zahl und Worten differieren) Scheckvermerk: bitte mit Aussteller/in in Verbindung setzen ( B a W ) Scheckvermerk: Zahlung gesperrt Scheckvorlage Scheffel Scheidemünze Scheingeschäft Scheingeschäft (Bö) Scheingesellschafter/in Scheingewinn Scheingewinn Scheinverlust Scheinvollmacht Scheinwechsel

1676

-

dud if cheque/check kite not sufficient funds cheque/check rubber cheque/check stale cheque/check certified check/cheque postdated cheque/check clearance of a cheque/check counterfoil stub stub drawing Federal Reserve float

cheque book cover advice of fate presenter cheque guarantee card cheque book bankcard cheque card payee kiting float countermand order not to pay payment stopped stop order face value amounts differ refer to drawer payment countermanded presentation bushel token coin wash sale matched order nominal partner imaginary profit paper profit paper loss apparent authority accommodation bill

Scheitern Schenkung Schenkung Schenkungsempfänger/in Schenkungsgeber/in Schenkungssteuer Schenkungssteuer Schenkungsurkunde Schicht (Arbeitsgruppe) Schicht (Arbeitszeit) Schichtarbeit Schicksal Schieber/in Schieber/in Schiebergeschäft Schieds(gerichts)klausel Schiedsgerichtsverfahren Schiedsklausel Schiedsrichter/in Schiedsrichter/in Schiedsrichter/in Schiedsspruch Schiedsspruch Schiedsverfahren Schiedswesen Schienentransport Schiff SchifT Schiff, ab SchifTahrt Schiffahrtsgesellschaft SchifTsagent/in SchifTsfrachtvertrag Schiffsfrachtvertrag Schiffskaskoversicherung Schiffsladung Schiffsladung ( G B ) Schiffsliegeplatz Schiffsmakler/in Schiffsmakler/in Schiffsmiete Schiffsraum Schifisreling, an der Schiffsversicherung Schiffszettel Schild(chen) Schirmherrschaft Schlafstadt Schlafwagen Schlagzeile

1677

-

failure donation gift donee donor capital transfer tax gift tax deed of gift shift shift shiftwork lot jobber racketeer racket arbitration clause arbitration arbitration clause arbitrator judge umpire arbitration award award arbitration arbitration rail transport craft ship ex ship shipping shipping company shipping agent affreightment contract of affreightment hull insurance shipment freight berth shipbroker shipping agent freight hold at ship's rail ship insurance shipping note label sponsorship bedroom community sleeper headline

- 1678 Schlange im Tunnel Schleichhandel Schlepplohn Schleuderpreis Schleuderpreis Schleusenpreis Schlichter/in Schlichter/in Schlichtung Schlichtung Schlichtung Schlichtung Schlichtungsverfahren (PW) Schließfach Schließfach Schließfach (BaW) Schließung, vorübergehende (einer Bank) Schlitz Schluß Schluß Schluß (Bö) Schlußbestand Schlußbestand Schlußbestand Schlußbilanz Schlußdividende Schlußdividende (Vers) Schlüssel Schlüsselindustrie Schlüsselkraft (PW) Schlüsselprodukt Schlüsselwährung Schlußformel (höfliche) (Schriftverkehr) Schlußkurs (Bö) Schlußkurs (Bö) Schlußkurs (Bö) Schlußkurs, kaufen zum (Bö) Schlußnote (Bö) Schlußnote (Bö) Schlußnotierung (Bö) Schlußprüfung vor Lieferung Schlußrechnung Schlußrechnung (RW) Schlußschein (Bö) Schlußschein (Bö) Schlußtag (Bö) Schlußtermin Schlußüberschuß (Vers) Schlußverkauf Schmerzensgeld

snake in the tunnel smuggling towage knockout price rock bottom price price threshold conciliator referee arbitration conciliation mediation settlement grievance procedure deposit box lockbox vault suspension slot close closure unit of trading closing balance closing stock ending inventory final balance final dividend terminal bonus code key industry key employee key commodity key currency complimentary close close closing price settlement price buy on close contract note sold note closing price preaudit final invoice final accounts bought note confirmation trade day deadline compound bonus sales smart money

- 1679 Schmiergeld Schmiergeld Schmiergeld Schmiergeld Schmiergeld Schmiergeld Schmuggel Schmuggel Schmuggelware Schmutzzulage Schnäppchen Schnäppchenjäger/in Schnelldreher (Mk) Schnelldreher (Mk) Schnellgut Schnellkurs Schnitzer Schöffengericht Schönfärberei Schonfrist Schreibarbeit/en Schreibbüro, zentrales Schreibdienst Schreiben Schreibfehler Schreibmaschine Schreibmaschine, elektronische Schreibmaschinenwagen Schreibpapier Schreibtisch Schreibtischforschung Schreibzimmer Schriftstück Schriftverkehr Schriftwart (Verein) Schritte, gerichtliche Schritte, gerichtliche Schrittmacher Schrott Schrottwert Schrottwert Schrottwert Schrumpfung Schuld Schuld Schuld(en)erlaß Schuld, gestundete Schuld/en, fundierte Schuldablösung Schuldanerkenntnis

bribe graft kickback slush money sweeetener under the table money bootlegging smuggling contraband dirt money bargain bargain hunter money spinner runner fast freight crash course fluff jury window dressing period of grace paperwork typing pool typing pool letter literal (error) typewriter electronic typewriter carriage notepaper bureau desk research typing pool document correspondence honorary secretary lawsuit legal action pacesetter scrap residual value salvage value scrap value shrinkage debt liability quittance deferred liability fixed debt(s) refunding acknowledgement of debt

-

Schuldanerkenntnis Schuldbefreiungsurkunde Schulden schulden Schulden der öffentlichen Hand Schulden, langfristige (öffentliche) Schulden, öffentliche Schuldenerlaß Schuldenerlaß Schuldenkonsolidierer/in Schuldenmanagement Schuldenstrukturpolitik Schuldentilgung Schuldentilgungsfonds Schulderfüllung Schuldner Schuldner, zahlungsunfähiger Schuldner/in Schuldner/in Schuldner/in, zahlungsunfähige/r Schuldnerland Schuldschein Schuldschein Schuldschein Schuldschein einer der 12 Bundeszentralbanken der USA Schuldscheinforderung/en Schuldscheinverbindlichkeit/en Schuldtitel, emittiert von Bundesbehörden (USA) Schuldtitel, langfristige Schuldtitel, mittelfristige Schuldtitel, zinsvariabler Schuldübernahme Schuldurkunde Schuldurkunde Schuldverschreibung Schuldverschreibung Schuldverschreibung Schuldverschreibung Schuldverschreibung Schuldverschreibung (USA) Schuldverschreibung, gesicherte Schuldverschreibung, gesicherte Schuldverschreibung, hypothekarisch gesicherte Schuldverschreibung, kurzfristige Schuldverschreibung, langfristige Schuldverschreibung, nicht rückzahlbare/ unkündbare (USA)

1680

-

note acquittance arrears owe public debt funded debt government debt acquittal remission debt adjuster debt management debt management amortization sinking fund acquittance account(s) receivable defaulter debtor obligor bad debtor debtor nation debenture IOU (I owe you) promissory note Federal Reserve note note(s) receivable note(s) payable federal agency security longs mediums floater assumption certificate of charge certificate of indebtedness bond debenture loan capital loan stock stock note secured bond secured loan mortgage bond short coupon long bond irredeemable bond

-

Schuldverschreibung, übernommene Schuldverschreibung, ungesicherte Schuldverschreibung, unkündbare Schuldverschreibung, untilgbare Schuldwechsel Schuldwechsel Schuldzins/en Schule, historische (Lehrmeinung) Schule, österreichische Schulgebühr Schuljahr (USA) Schulleiter/in (USA) Schulung Schulungszentrum ( G B ) Schund-Obligation Schüttgutladung Schutzgeld Schutzhandel, beschränkter (AuW) Schutzzoll Schutzzollsystem Schwachstelle Schwankung Schwankungen, konjunkturelle Schwarzarbeit Schwarze-Liste-Zertifikat schwarzer Kasten Schwarzfahrer/in Schwarzhandel Schwarzhändler/in Schwarzmarkt Schwebezeit Schwellenland Schwellenland Schwellenpreis Schwellenpreis Schwemme Schwergut Schwerindustrie Schwindelfirma Schwindler/in Schwund Schwund Schwund Schwur Screening (Mk) See, hohe (offene) Seefrachtbrief Seefrachtbrief Seefrachtbrief

1681

-

assumed bond naked bond perpetual bond perpetual bond bill payable note(s) payable debit interest historical school (of economics) Austrian School (of Economics) tuition unit principal training skillcenter j u n k bond bulk cargo protection fair trade protection protection soft spot fluctuation cyclical fluctuations moonlighting blacklist certificate black box free rider black trading black marketeer black market period of suspense newly industrializing/industrialized country threshold country price threshold threshold price glut heavy cargo heavy industry bubble company racketeer leakage shrinkage ullage oath screening high sea(s) bill of lading marine bill of lading sea waybill

-

Seefrachtversicherung Seefrachtvertrag Seehafenspediteur Seemeile Seemeile Seetransport Seeversicherer Seeversicherer, Bedingungen der englischen Seeversicherung Seeversicherungspolice Seewurf Seewurfgut Segmentierung Segmentierung nach Gebrauchsnutzen Seitennumerierung Seitenpreis (Mk) Sekretär/in Sektor, landwirtschaftlicher Sektor, primärer Sektor, privater Sektor, sekundärer der Volkswirtschaft Sektor, staatlicher/öffentlicher Sektor, tertiärer Sektordiagramm Sekundärdaten Sekundärgüterp roduktion Sekundärhaftung Sekundärmarkt (Bö) Sekundärmarkt, Wertpapierangebot im Sekundärreserven ( B a W , USA) Selbstabholung gegen Kasse Selbständigkeit Selbstbedienungsgeschäft Selbstbedienungsladen Selbstbehalt (Vers) Selbstbehalt (Vers) Selbstbehalt (Vers) Selbstbehaltsklausel (Vers) Selbstbeteiligung (Vers) Selbstbeteiligung (Vers) Selbstbeteiligung (Vers) Selbstfinanzierung Selbstfinanzierung Selbstfinanzierung Selbstkosten Selbstversicherung Selbstversorgung Selbstversorgung Selbstverwaltung

1682

-

cargo insurance contract of affreightment shipping agent mile nautical mile sea transport marine insurer institute cargo clauses marine insurance marine insurance policy (MIP, mip) jettison jetsam segmentation usage segmentation folio page rate secretary agricultural sector primary sector private sector secondary sector public sector tertiary sector circle chart secondary data secondary production secondary liability secondary market secondary distribution secondary reserves cash and carry autonomy self service shop/store self service shop/store deductible franchise retention coinsurance clause deductible excess retention auto financing internal financing self financing cost of goods sold self insurance direct production self sufficiency autonomy

Selbstwählferndienst Selbstwählfernverkehr Selbstwählfernwahl Seltenheitswert Semester Semesterferien Sendegebiet senden senden Senden Sender Sender/in (von Waren) Sendeunterbrechung für Werbung Sendezeit Sendezeit Sendung Sendung Senkung des gezeichneten Kapitals Sensationspresse Sequestration Serienfertigung Serienproduktion Service Service-Mann Shareholder Value Sherman Antitrust Act (USA) Sherman Gesetz von 1890 (USA) Shopping Center Shopping Goods Showbusiness Showgeschäft Sicherheit Sicherheit Sicherheit Sicherheit Sicherheit Sicherheit (BaW) Sicherheit (Fin) Sicherheit am Arbeitsplatz Sicherheit des Arbeitsplatzes Sicherheit durch Hinterlegung von ... Sicherheit, akzessorische Sicherheit, akzessorische Sicherheit, berufliche Sicherheit, soziale Sicherheit, zusätzliche Sicherheitsbestimmungen Sicherheitsleistung Sicherheitssumme Sicherheitsvorschriften

1683

-

subscriber trunk dial(l)ing international direct dial(l)ing subscriber trunk dial(l)ing scarcity value term vacation circulation area consign forward forwarding sender consigner break slot space consignment shipment decapitalization yellow press sequestration batch flow production batch flow production service serviceman shareholder value Sherman Antitrust Act Sherman Antitrust Act shopping center shopping goods showbusiness showbusiness certainty guarantee guaranty safety security cover surety job safety job security collateral security asset cover collateral security job security social security collateral security safety regulations security deposit retention safety regulations

Sicherung der Geldwertstabilität Sicherungsgegenstand Sicherungskopie (DV) Sicherungsübereignungsurkunde Sicherungsvertrag Sicht, bei Sicht, bei (Wechsel) Sicht, nach (Wechsel) Sicht, zahlbar bei Sichtakkreditiv (AuW) Sichteinlage Sichteinlage Sichteinlage Sichttratte Sichttratte Sichtwechsel Sichtwechsel Sichtwechsel Sickerquote Sickerverlust Sickerverluste Siebener-Gruppe (G 7) Siegel Signalwirkung Signum Silberbarren Sinken Sinn (wesentlicher) Sitte Sitten, ausländische Sitz Sitz einer Firma Sitzstreik Sitzung Sitzung Skalenerträge Skizze Skontierträge Skonto Skonto Skonto Skonto Skonto Skonto, m i t . . . Skontoabzug, unberechtigter Skontoerträge Skontofrist Slogan Slumflation Smartcard

1684

-

stabilization policy collateral security backup copy trust receipt security agreement on demand at sight after sight payable on demand sight credit accessible-on-demand deposit demand deposit sight deposit demand draft sight bill demand draft presentation bill sight bill leakage withdrawal leakage Group of Seven (G 7) seal announcement effect logo bullion fall tenor custom foreign customs base domicil(e) sitdown strike conference session returns to scale layout discount(s) received cash discount discount purchase discount sales discount settlement discount at a discount unearned discount discount(s) received discount period slogan slumflation smart card

- 1685 Smith, Adam Snob-Güter sofort lieferbar sofort verfügbar sofort zahlbar Sofortabschreibung Sofort kasse Sofortliquidität Sofortrente Sofortzahlung Solawechsel Solawechsel Solawechsel Solidarhaftung Soll Sollbuchung Sollkosten Sollsaldo Sollseite Sollseite Sollseite Sollseite Sollvorgabe Sollzins Sollzins Sollzins/en Sollzinssatz Solvenz Solvenz Sommerschlußverkauf Sommerzeit Sonderabschreibung Sonderangebot Sonderangebot Sonderangebot Sonderangebot Sonderangebot Sonderangebot Sonderangebote, Abteilung für Sonderangebote, Theke für Sonderangebotssucher/in Sonderauftrag Sonderbeitrag (Presse) Sonderbestellung Sonderbevollmächtigte/r Sonderdividende Sonderdividende Sonderdividende (Vers) Sonderpfandrecht Sonderprivilegien

Smith Adam snob goods spot at call spot writeoff spot cash spot cash immediate annuity cash payment note promissory note sola bill joint and several liability debit debit entry standard cost(s) debit balance debit debit side debtor left hand side target borrowing rate interest expense debit interest borrowing rate ability to pay solvency summer sale daylight saving time accelerated depreciation bargain offer bargain pack bargain sale deal premium offer special offer bargain basement bargain counter bargain hunter special order feature special order special agent cash bonus extra dividend capital bonus particular lien vested right(s)

1686

Sonderrisiko Sonderrücklagen ( B a W ) Sondervergütung Sondervergütung (PW) Sonderziehungsrechte beim I W F Sonntagsruhe, Gesetze gegen die Aufhebung der Sonstiges Sorge Sorgfalt Sorgfalt, gebührende/verkehrsübliche Sorgfaltspflicht Sorgfaltspflicht des Verkäufers Sorten Sortenankaufkurs Sortiment Sortiment Sortiment Sortiment Sortiment Sortiment Sortiment Sortiment, Zwang zur Abnahme eines ganzen Sortimentserweiterung Sortimentsstrategien Souvenir Sozialbeihilfe Sozialhilfe Sozialhilfe Sozialhilfe Sozialhilfe Sozialhilfe(leistungen) Sozialismus Sozialleistung/en mit Gegenleistung Sozialleistungen (des Staates) Sozialökonomie Sozialprodukt Sozialverantwortung Sozialversicherung Sozialversicherung Sozialversicherung ( G B ) Sozialversicherungsbeitrag Sozialwissenschaften Sozietät Sozietät Sozietätsvertrag Sozio-Sponsoring Soziogramm Soziometrie

-

special peril excess reserves cash bonus bonus special drawing rights blue laws any other business concern prudence due diligence duty of care caveat vendor foreign currency buying rate assortment of goods choice collection line portfolio product range range full line forcing diversification assortment strategies token allowance public assistance supplementary benefit welfare welfare payment(s) social benefits socialism workfare social services social economics national product social responsibility social insurance social security National Insurance social security contribution(s) social sciences partnership professional partnership partnership agreement social sponsoring sociogram sociometry

Spaltung Spanne (Bö) Spanne(Bö) Spar- und Darlehensverein (USA) Spar-Giro-Konto (USA) Sparbond, australischer Sparbrief, staatlicher ( G B ) Sparbuch Sparbuch Sparbüchse Spardose Spareinlage Spareinlagen Sparen Sparen über vermögensbildende Leistungen Sparen und Investition Sparen und Investition, Gleichheit von Sparen, autonomes Sparer/in Sparfunktion Sparguthaben, private Sparkampagne Sparkasse Sparkasse ( G B ) Sparkasse, genossenschaftsähnliche Sparkonto Sparkonto Sparkonto (USA) Sparkonto (USA) Sparkonto über das per Scheck verfügt werden kann (USA) Sparmaßnahme Sparneigung Sparobligation ( G B ) Sparpackung Sparparadoxon Sparpolitik Sparprogramm Sparquote Sparquote Sparquote, durchschnittliche Sparquote, marginale Sparsamkeit Sparschuldverschreibung, australische Sparschwein Spartätigkeit, private Sparte Sparte Spätindikator

1687

-

split spread turn savings and loan association share draft account Australian Savings Bond national savings certifícate bank book passbook moneybox moneybox savings deposit savings saving contractual saving saving and investment equality of saving and investment autonomous saving saver savings function personal saving economy drive savings bank Trustee Savings Bank mutual savings bank deposit account savings account special interest account thrift account share draft account economy measure propensity to save national savings certificate economy size paradox of thrift belt tightening policies austerity propensity to save savings rate average propensity to save marginal propensity to save economy Australian Savings Bond piggy bank personal saving line line of business lagging indicator

-

Spediteur Spediteur Spediteur Spediteur Spediteur Spediteur Spediteur, Risiko des Spediteurkonnossement Speditionsauftrag Speditionskosten Speicheradresse Speicherschreibmaschine Speicherschreibmaschine Speise Speisekarte Speisekarte Spekulant/in Spekulant/in Spekulant/in Spekulant/in (Bö) Spekulant/in, wilde/r Spekulation Spekulation (Bö) Spekulation, destabilisierende Spekulationsaktien Spekulationsgelder Spekulationsgeschäft Spekulationsgewinn (Bö) Spekulationsgewinn (Bö) Spekulationskapital Spekulationskapital Spekulationskasse Spekulationskasse Spekulationskasse Spekulationskauf Spekulationsmotiv (Keynes) Spekulationspapier Spekulationspapier, favorisiertes Spekulationspapiere (Bö) Spekulationssteuer Spekulationswert Spende Spende Spende, karitative Spende, wohltätige Spendenempfänger/in Spender/in sperren Sperrfrist (Bö) Sperrhypothek

1688

-

carrier common carrier forwarding agent freight forwarder shipper shipping agent carrier's risk house bill forwarding note carrying charges address electronic typewriter memory typewriter fare bill tariff free rider punter speculator stag wildcatter speculation gamble destabilizing speculation red chips speculative funds adventure short term capital gain trading profit risk capital venture capital idle balances idle money speculative balances speculative buying speculative motive speculative security highflyer/flier cats and dogs windfall tax speculative security collection donation charitable donation charitable donation donee donor freeze waiting period closed mortgage

- 1689 Sperrkonto Sperrminorität Sperrzoll Spesen Spesenkasse Spesenkonto Spezialeinheit Spezialindossament Spezialisierung Spezialisierung Spezialrisiko Speziessachen Spezifikation Spezifikationskauf spezifiziert, nicht anderweitig Spezifizierungsbescheinigung Spiel Spielautomat Spieleinsatz Spieler/in Spielraum Spielschuld Spinnwebtheorem Spitzenaktie Spitzenartikel (Mk) Spitzenbedarf Spitzenbelastung Spitzenerzeugnis Spitzenmarke Spitzennachfrage Spitzennachfrage Spitzenorganisation Spitzenpreis Spitzenpreis Spitzenrisiko (Vers) Spitzentechnologie Spitzenunternehmen Spitzenware Spitzenwert (Bö) Splitting Sponsor Sponsoring Spontankauf Spontanstreik Sporteinnahmen Spotkurs (Bö) Spottpreis Sprachausgabeeinheit (DV) Sprachpost Spread (Bö)

blocked account blocking minority prohibitive duty out of pocket expenses imprest fund expense account taskforce/task force special endorsement differentiation specialization special peril ascertained goods specification sale by description not otherwise specified appropriation gamble slot machine stake punter tolerance debt of hono(u)r cobweb theorem blue chip leader topout peak load premium brand brand leader peak demand topout umbrella organization peak price premium price target risk high technology highflyer/flier leader leader split sponsor sponsorship impulse buying wildcat strike gate money spot price bargain price audio response unit voice mail spread

—

Spread (Bö) Sprecher/in sprunghaft ansteigen (Preise, Kurse) Sprunghaftigkeit Staat, am wenigsten entwickelter Staat, am wenigsten entwickelter Staatsabkommen Staatsanleihe Staatsanleihe Staatsanleihe, fundierte/konsolidierte Staatsanleihe, langfristige Staatsanleihen Staatsanwaltschaft Staatsanzeiger Staatsausgaben Staatsausgaben Staatsausgaben Staatsbank Staatsbetrieb Staatsbetrieb Staatsdefizit Staatsdienst Staatsdomäne Staatseigentum Staatseinkommen Staatseinkünfte Staatseinkünfte Staatseinnahme/n Staatsfinanzen Staatsfinanzierung Staatsfonds, konsolidierter ( G B ) Staatshaushalt Staatshaushalt, ausgeglichener Staatshaushaltsdefizit Staatskapitalismus Staatskasse ( G B ) Staatskasse ( G B ) Staatsmonopol Staatsobligation Staatspapiere Staatspapiere Staatspapiere ( G B ) Staatspapiere, kurzfristige Staatspapiere, kurzfristige Staatspapiere, mittelfristige Staatspension Staatsrente Staatsschuld Staatsschuld Staatsschuld

1690

-

turn spokesperson rocket volatility least developed country lesser developed country treaty government bond state bond consols Treasury stock public funds prosecution gazette government expenditure(s) national expenditure public expenditure government bank state enterprise state owned enterprise government deficit civil service public domain public ownership public revenue public revenue state revenues government revenue(s) public finance public finance consolidated fund budget balanced budget budget deficit state capitalism Exchequer exchequer account statutory monopoly state bond gilt edged securities government securities Treasury stock government bills shorts mediums state pension state pension gross national debt national debt public debt

Staatsschuld, kurzfristige Staatsschuld, Verwaltung der Staatsschuld/en Staatsschuld/en Staatstitel Staatstitel Staatsverbrauch Staatsverschuldung Staatsvertrag Stab(skräfte) (Man) Stabdiagramm Stabdiagramm Stabilisator, automatischer Stabilisatoren Stabilisierungspolitik Stabilitätsfonds Stabilitätspolitik Stablinienorganisation Stabsabteilung Stabsleiter/in Stadt Stadterneuerung Stadtleben Stadtverwaltung Stagflation Stagnation Stahlkammer Stahlkammer Stahlkassette Stahlkassette Stammaktie Stammaktie ( G B ) Stammaktie (USA) Stammaktien Stammaktienkapital Stammaktionär/in (USA) Stammarbeiter/in Stammdividende Stammkapital Stammkapital (GmbH) Stammkapital (GmbH) Stammkapital, genehmigtes (GmbH) Stammkunde/-kundin Stammkunde/-kundin Stammzeit (PW) Stand Stand, gesellschaftlicher Standardabweichung (Stat) Standardbrief Standardeinstellung (DV)

1691

-

floating debt debt management government debt sovereign debt gilt edged securities government securities government purchases public debt treaty stafT bar chart histogram automatic stabilizer stabilizers stabilization policy balanced fund stabilization policy line and staff organization staff department stafT manager city urban renewal urbanism municipal government stagflation stagnation strongroom vault strongbox vault junior share/stock ordinary share common stock equities ordinary share/stock capital common stockholder core worker ordinary dividend share capital nominal capital stock authorized capital patron regular customer core time stand degree standard deviation standard letter default

Standardisierung Standardsteuersatz Standardvertrag Standardwert, von (Gold, Silber) Standardwerte (Bö) Standardzeit Standby Letter of Credit (AuW) Standby-Abkommen (IWF) Standby-Kredit Standesamt Standort Standort Standpunkt Stanzer Stapelung Stapelverarbeitung Stapelware Stärkung Start kapital Startkapital Startkapital(aufbringung) Statement Statistik Statistiker/in Status Statussymbol Statut Stauen Stauer Staugebühr Staugeld Stauraum Stauung Stechkarte Stechuhr Steckenorder Stehsammler Steigung Steik, negativer Stellage (Bö) Stellage (Bö) Stellagegeschäft (Bö) Stellagegeschäft (Bö) Stelle Stelle Stelle (PW) Stelle (PW) Stelle, freie/offene (PW) Stelle, unterzeichnende Stellenbeschreibung

1692

-

standardization standard rate standard form contract sterling seasoned securities standard time standby letter of credit standby agreement standby credit registry base location point card punch stacking batch proccessing staple reinforcement opening capital startup capital float statement statistics statistician status status symbol statute stowage stevedore stowage stowage stowage stowage clock card time clock routing order box file slope negative strike double option straddle double option put and call point slot job post vacancy undersigned job description

—

Stellenbesetzung Stellenbesetzung Stellensuchende/r, der/die uneingeladen persönlich vorspricht Stellenvermittlung Stellenvermittlung, private Stellenwechsel, Beratung beim Stellgeschäft (Bö) Stellung Stellung (gesellschaftliche) Stellung (in einer Firma) Stellung ( P W ) Stellung ( P W ) Stellung ( P W ) Stellvertretung Stellvertretung, Recht der Stempel Stempel Stempelgebühr bei Urkunden Stempelkarte Stempelkissen Stenoblock Stenografìe Sterbebeihilfe Sterbegeld Sterbegeld Sterbegeldversicherung Sterbetafel (Vers) Sterbeurkunde Sterbeziffer Sterblichkeit(sziffer) Sterblichkeit(sziffer) Sterlingblock Steuer Steuer Steuer Steuer Steuer und Zoll Steuer, degressive Steuer, direkte Steuer, einzelstaatliche Steuer, fällige Steuer, latente Steuer, nichtprogressive Steuer, progressive Steuer, regressive Steuer, spezifische Steuer, versteckte Steuerabkommen Steuerabzug

1693

-

placement Staffing walk-in placement employment agency outplacement double option footing status berth office place rank representation law of agency rubber stamp seal stamp duty clock card stamp pad jotter shorthand death grant death benefit death grant death benefit insurance mortality table death certificate death rate mortality rate death rate sterling area duty impost levy tax custom degressive tax direct tax state tax tax due deferred tax nonprogressive tax progressive tax regressive tax specific tax hidden tax tax treaty deduction

1694 Steuerabzug Steueranrechnung Steueraufkommen Steueraufkommen Steueraufkommen Steueraufkommen Steuerausweichung Steuerbefreiung Steuerbegünstigung Steuerbehörde Steuerbehörde Steuerbehörde Steuerbehörde (GB) Steuerbelastung Steuerbeleg Steuerbemessungsgrundlage Steuerberater/in Steuerberater/in Steuerberatung Steuerbescheid Steuerbescheinigung (bei Dividendengutschrift) Steuerbetrug Steuereingangsschwelle Steuereingangsstufe Steuereinnahmen Steuereinnahmen Steuereinnahmen, entgangene Steuererhebung Steuererhebungskosten Steuererklärung Steuererklärung Steuererklärung, getrennte (von Ehegatten) Steuererklärung, jährliche Steuererklärungsformular Steuererleichterung Steuererstattung Steuerexil Steuerfahndung Steuerfestsetzung Steuerflüchtling steuerfrei steuerfrei Steuerfreibetrag Steuerfreibetrag Steuerfreibetrag Steuerfreibetrag Steuerfreibetrag für Kinder Steuerfreibetrag, persönlicher

tax deduction tax credit revenue tax revenue taxation yield tax avoidance tax exemption tax shelter revenue office tax authority taxman Inland Revenue tax burden tax voucher tax base accountant tax consultant tax advice notice of assessment tax voucher tax fraud tax threshold tax threshold tax revenue taxation tax expenditure(s) collection administrative cost(s) return tax return separate assessment annual return tax form tax relief remission tax exile tax search tax assessment tax exile free of tax nontaxable allowable deduction allowance exemption tax allowance child allowance personal allowance

1695 Steuerfreijahre Steuergerechtigkeit Steuergerechtigkeit, horizontale Steuergrundsätze Steuergruppe ( G B ) Steuergutschein Steuergutschein einer Gemeinde (USA) Steuergutschrift Steuerhinterziehung Steuerhinterziehung Steuerhöchstsatz Steuerjahr Steuerjahr Steuerklasse Steuerlast steuerlich absetzbar Steuerlücke Steuermannsquittung (AuW) Steuermarke Steuern auf Haus- und Grundbesitz Steuern, Anrechnung gezahlter Steuern, indirekte Steuern, kommunale Steuern, nach Abzug von Steuernachzahlung Steueroase Steueroase Steuerparadies Steuerparadies Steuerpflicht Steuerpflichtige/r Steuerpolitik Steuerpolitik Steuerprogression, BremsefTekt der Steuerprogression, schleichende Steuerprüfer/in Steuerquote, durchschnittliche Steuerrückerstattung Steuerrückerstattung Steuerrückerstattungsanspruch Steuerrückstände Steuerrückstellung Steuerrückstellung Steuerrückzahlung Steuerrückzahlung Steuersatz Steuersatz Steuersatz, durchschnittlicher Steuerschlupfloch Steuerschuld

-

tax holiday equity of taxation horizontal equity canons of taxation schedule tax voucher tax anticipation note tax credit evasion of tax tax evasion maximum tax rate fiscal year tax year tax bracket tax burden deductible tax loophole mate's receipt revenue stamp rates tax credit indirect taxes local rates after tax basis back duty tax haven tax shelter tax haven tax shelter tax liability taxpayer fiscal policy tax policy fiscal drag bracket creep tax inspector average propensity to tax clawback tax refund claim for refund tax arrears deferred taxation tax reserve remission tax refund tariff tax rate average tax rate tax loophole tax liability

—

Steuersenkung Steuersubvention Steuertabelle Steuertheorien Steuerüberwälzung Steuerung Steuerung des Geldmarktes Steuerveranlagung Steuerveranlagung Steuerveranlagung, getrennte (von Ehegatten) Steuerverbindlichkeit, aufgeschobene Steuervergünstigung Steuervergünstigung Steuervergünstigung Steuervergünstigungen, Streichung von Steuerverlagerung Steuerverlust Steuervermeidung Steuervorteil Steuerwerk (DV) Steuerwert Steuerwesen Steuerwirkung Steuerzahler/in Steward Stichprobe Stichprobenentnahme Stichprobenentnahme (Stat) Stichprobenentnahme bei (Waren) Annahme Stichprobenverfahren für Tätigkeiten Stichprobenverfahren mit Klumpenauswahl (Stat) Stichprobenverfahren, sequentielles (Stat) Stichtag Stichtag Stichwahl Stiftung Stillegung Stillhalteabkommen Stillstandszeit Stimmenzähler/in Stimmenzählung Stimmrecht Stimmrechtsformular Stimmzettel Stimmzettel Stimmzettel

1696 tax cut tax subsidy tax table theories of taxation tax shifting control control of the money market assessment tax assessment separate assessment deferred taxation concession tax holiday tax relief clawback tax shifting tax loss tax avoidance tax relief control unit taxable value taxation tax impact taxpayer steward sample breaking bulk sampling acceptance sampling activity sampling cluster sampling sequential sampling deadline effective date decisive ballot foundation shutdown standstill agreement downperiod/down period teller poll voting right proxy card ballot ballot paper voting paper

1697 Stipendium Stipendium Stockholmer Abkommen Stockpicking Stoff Stop-Buy-Order (Bö) Stop-Buy-Order (Bö) Stop-Go-Politik Stop-Loss-Order (Bö) Stop-Loss-Order (Bö) Stop-Order (Bö) Stopp Stornierung Stornierung Storno Störungssuche Straddle (Bö) Strafanzeige Strafe Strafe Strafe Strafmandat Strafrecht Strafttat Strandgut Straßenanzug Straßenbenutzungsgebühr Straßengütertransport Straßenhändler/in Straßenmarkt Straßennutzungsgebühr Straßenproduktion Straßenverkäufer/in Straßenverkäufer/in Strategie Strecke Streckenanweisung Streichung Streichung von Steuervergünstigungen Streifrage Streik Streik, nicht genehmigter/wilder Streik, offizieller/organisierter Streik, wilder Streik, wilder/ungesetzlicher Streikabstimmung Streikbrecher/in Streikbrecher/in Streikbrecher/in Streikbrecher/in

-

grant studentship Stockholm Convention stockpicking material stop buy order stop order stop go policy stop loss order stop order stop order freeze cancellation countermand countermand troubleshooting straddle complaint judg(e)ment penalty sanction ticket criminal law offense/offence flotsam business suit toll road transport hawker street market road toll line production pedlar vendor strategy route routing order abatement clawback issue strike unofficial strike official strike wildcat strike illegal strike strike ballot blackleg knob scab strikebreaker

Streikende/r Streikende/r, wild Streikfonds Streikgeld Streikkasse Streikposten Streikpostengeld Streitigkeiten zwischen Arbeitgebern und Arbeitnehmern streng vertraulich Streudiagramm Streuung (Stat) Streuung der Anlagepalette Streuverluste (Mk) Strichcode Strichcodeleser Strike Price (Bö) Strohmann Strohmann Strohmannbeteiligung Strom Stromgröße Stück Stück Land Stück, fehlerhaftes Stückaktie Stückelung Stückezuteilung Stückgut Stückgut Stückgut (Sendung) Stückgutladung Stückkosten Stückkosten Stückkostenrechnung Stückkurs (Bö) Stückliste Stücklohnsatz Stücknotierung (Bö) Stückpreis Stückzinsen, aufgelaufene Stückzinsen, mit (Bö) Stückzinsen, ohne Stückzinsen, plus Student/in, im vorletzen Studienjahr Studienbeihilfe Studiengebühr Stufe Stundenlohn Stundung

1698

-

striker wildcatter strike fund strike benefits strike fund picket picket money industrial dispute strictly confidential scatter diagram variance diversification waste circulation barcode barcode reader strike price nominal partner nominee warehousing flow flow unit allotment reject no par value share/stock denomination allotment general cargo part load less than carload lot general cargo average costs unit cost(s) unit costing unit quotation bill of material(s) piece rate unit quotation unit price accrued interest cum interest ex interest and interest junior student loan tuition grade hourly wage rate extension

1699 Sturici liny Stiitzung(skauf) Stützungskäufe Stützungskäufe (BaW) Subkontrakt Subkultur Submissionsangebot Submissionsangebot Submissionsbewerber Submissionsverkauf Submittent Submittent Subordinationsquote (Man) Subrogation Subskriptionspreis Substanzverringerung Substanzwert Substitut Substitution von Arbeit durch Kapital Substitution, Grenzrate der Substitutionseffekt Substitutionsgut Subvention Subvention Subvention Subvention, staatliche Suchanzeige Suggestivfrage Summe Summe Summe der Aktiva Summe der Einkünfte vor Steuern Summe einer Zahlenspalte Summe, lächerliche Summenkurve (Stat) Summenzuwachs (Vers) Summenzuwachs, kumulativer (Vers) Superinflation Superlativwerbung Supermarkt Supply-Side-Economics Swap(geschäft) SWIFT Sympathiestreik Syndikatsmitglied bei Lloyd's Synergy

moratorium support backing official support subcontract subculture bid tender bidder tender bidder tenderer span of control subrogation subscription price depletion net asset value substitute good capital labo(u)r substitution marginal rate of substitution substitution effect substitute good bounty grant subsidy government grant classified advertisement leading question amount total total assets personal income footing peanuts cumulative frequency curve extra dividend compound bonus hyperinflation puffery supermarket supply side economics swap SWIFT sympathy strike underwriter synergy

-

1700

-

System, dekadisches System, metrisches System, numerisches System, privatwirtschaftliches Systemanbieter

decimal system metric system numeric system private enterprise system systems seller

T-Konto Tabellarisierung Tabelle Tabelle Tabelle Tabulator Tabulator Tafel, weiße Tag der Arbeit Tag der Arbeit Tag, an dem die Geschäfte nachmittags geschlossen sind Tag, geschäftsfreier Tag, letzter eines Monats Tag, pro Tage nach Sicht Tage, volle Tage, volle: Zeitraum Bekanntmachung bis Zusammentreten der Hauptversammlung Tage, volle: Zeitraum zwischen Vertragsbeginn und Vertragsende Tagebuch Tagebuch Tagesauftrag (Bö) Tageseinnahmen ( G B ) Tagesgeld Tagesgeld Tagesgeld Tagesgeld Tagesgeld Tagesgeld(zins)satz Tagesgelder, die sich Banken untereinander (meist nur für 24 Stunden) ausleihen (USA) Tagesgeldmarkt (USA) Tagesgeldsatz für Tagesgelder zwischen US-Banken Tageskurs Tageskurs Tageskurs (Bö) Tageslohnsatz Tagesnotierung

Τ account tabulation list table tabulation tab tabulator whiteboard Labo(u)r Day May Day/Mayday early closing day nonbusiness day ultimo per diem days' sight clear days clear days clear days daybook diary day order till money call money day loan day to day money money at call overnight money call money rate federal funds

federal funds market federal funds rate current rate day rate current price day rate day rate

Tagesordnung Tagesordnung Tagesordnungspunkte, sonstige Tagespreis Tagesspekulant/in Tagesspekulation Tagesiiberziehung/en ( B a W ) Tageswert Tageswert Tageswert Tageswert Tageswert Tageszeitungen täglich Tagung Tagungsbericht Tagungsleiter/in Tagwechsel Tagwechsel Talon Talon Talsohle Talsohle Talsohle, konjunkturelle Tante-Emma-Laden Tante-Emma-Laden Tap-Emission ( G B ) Tara Tara(gewicht) Taragewicht Tarif Tarifabschluß Tarifautonomie Tarifeinstufung, höhere (PW) Tarifgehalt Tarifgrundlohn Tarifkonflikt Tariflohn Tariflohn Tarifstufe Tarifverdienst Tarifverhandlung zwischen Unternehmen und Gewerkschaft Tarifverhandlung/en Tarifverhandlungen auf Betriebsebene Tarifvertrag Tarifvertrag Tarifvertrag mit offener Laufzeit Tarifvertrag mit Vorteilen für Arbeitgeber und Gewerkschaften

1701

-

agenda order of business any other business current price day trader day trading daylight overdraft current value going value market price market value present value dailies per diem conference proceedings chairman day bill term bill counterfoil talon bottom trough economic tailspin corner shop mom and pop store tap stock tare weight tare tare weight rate wage agreement free collective bargaining upgrading flat rate j o b rate industrial dispute standard rate union wage rate pay grade standard rate company bargaining collective bargaining plant bargaining collective agreement trade agreement open end(ed) agreement sweetheart contract

- 1702 Tarifwesen, betriebliches Tasche Taschengeld Taschenrechner Taskforce Tastatur Tätigkeit Tätigkeit Tätigkeit, Diversifikation der Tätigkeit, illegale Tätigkeit, jede wirtschaftliche Tätigkeit, jede wirtschaftliche Tätigkeit, selbständige Tatsache, wesentliche Tatsachen Tatsachen, Vorspielung falscher Tauglichkeitstest Tauschgeschäft Tauschhandel Tauschhandel, internationaler Tauschmittel Tauschmittel Täuschung (arglistige) Täuschung (bewußte) Tauschwert Tauschwert Tauschwirtschaft Tauschwirtschaft Tausend, vom Taxator Taxator Taxierung Taxwert Team Teaser (Mk) Technik Technisierung Technologie Technologietransfer Technologiezentrum Teil Teilabschreibung Teilakzept Teilauftrag Teilauftrag Teilausführung erlaubt (Bö) Teilausgabe Teilausverkauf Teile Teilerfüllung

plant bargaining bag allowance pocket calculator taskforce/task force keyboard function occupation diversification bootlegging business traffic self employment material fact case false pretenses checkout exchange barter countertrade circulating medium medium of exchange fraud deceit value value in exchange barter economy exchange economy per mille assessor estimator assessment appraised value team teaser ad(vertisement) technology mechanization technology technology transfer science park unit writedown partial acceptance part load part order any or all tranche closeout parts part performance

Teilhaber/in Teilhaber/in Teilhaber/in Teilhaber/in, aktive/r Teilhaber/in, nicht aktive/r Teilhaber/in, stille/r Teilhaber/in, stille/r Teilhaber/in, tätige/r Teilhaber/in, tätige/r Teilhaberschaft Teilhafter/in Teilhavarie Teilhavarie, frei von Teilladung Teillieferung Teillieferung Teillieferung Teilnehmer/in Teilnehmerzahl, beschlußfähige Teilrückzahlung (USA) Teilschaden (Vers) Teilverlust (Vers) Teilwert Teilwertversicherung Teilzahlung Teilzahlung Teilzahlung Teilzahlung, als Teilzahlung, kleine Teilzahlungsbank ( G B ) Teilzahlungskauf Teilzahlungskauf ( G B ) Teilzahlungskredit Teilzahlungskreditinstitut Teilzahlungskreditinstitut Teilzahlungskreditinstitut ( G B ) Teilzahlungskundenkreditbank ( G B ) Teilzahlungsverkauf Teilzeitarbeit Teilzeitbeschäftigung Telebanking Teleeinkauf Telefax Telefax Telefon Telefon mit Wahlwiederholung und Nummernspeicher Telefon, schnurloses/tragbares Telefonalphabet Telefonanruf

1703

-

copartner participator partner working partner nominal partner dormant partner secret partner acting partner active partner copartnership limited partner particular average free from /of particular average part load part delivery part load part order entrant quorum paydown partial loss partial loss going value partial insurance installment part payment payment on account on account token payment finance house i n s t a l l m e n t buying hire purchase i n s t a l l m e n t credit personal finance company secondary bank industrial bank finance house i n s t a l l m e n t selling part time work part time work telebanking teleshopping bureaufax telefax telephone x-press callmaker cordless telephone telephone alphabet call

1704 Telefonat Telefonauftrag Telefonauftrag Telefonbanking Telefonbuch Telefonbuch Telefonbuch Telefondienste Telefondurchwahl Telefongebühren Telefongebührenanzeiger Telefongespräch mit Gesprächsdauerund Gebührenangabe Telefongespräch, (vor)angemeldetes Telefongrundgebühr Telefonhörer Telefonkarte Telefonmarketing Telefonnebenanschluß Telefonnebenstelle Telefonrückruf Telefonverkauf Telefonverkehr (Bö) Telefonvermittlung Telefonvermittlung Telefonvorwahl Telefonvorwahl Telefonzelle Telefonzentrale Telegramm Telegrammadresse Telekommunikation Telekonferenz Telekopierer Telemarketing Teleshopping Teletextsystem, britisches (der BBC) Teleübertragung Telex Temperatur Tendenzwende Tender-Offerte (Bö) Tender-Offerte (Bö) Term (Math) Termin Termin(kontrakt)markt Termin, kaufen per (Bö) Termin, letzter Termin, letzter Terminablage

-

call lelephone order telephone order lelephone banking directory phone book telephone directory telephone services direct dial(l)ing telephone rates call charge indicator advice of duration and charge fixed time call access charge receiver phonecard telephone marketing extension telephone extension return call telephone marketing over the counter (market) operator telephone exchange area code dial(l)ing code booth switchboard cablegram telegraphic address telecommunication(s) teleconference telefax telephone marketing teleshopping ceefax teletransmission telex temperature turnaround tender tender offer term time limit futures market buy forward closing date deadline tickler file

- 1705 Terminabschlag (Bö) Terminabteilung (Mk) Terminal (DV) Terminbörse Terminbörse Termindevisengeschäft, festes Termineinlage Termineinlage (USA) Termingeschäft Termingeschäft Termingeschäft gegen Termingeschäft Termingeschäft, Preis für Termingeschäfte Terminhandel Terminhandel Terminhandel mit Finanztiteln Terminjäger/in Terminjäger/in Terminkalender Terminkalender Terminkalender Terminkalender Terminkalender Terminkauf Terminkauf (Bö) Terminkontrakt Terminkontrakt Terminkontrakte Terminkurs Terminkurs Terminkurs (Bö) Terminkursvereinbarung Terminlieferung Terminlieferung Terminmarkt Terminmarkt Terminoption Terminplaner Terminsicherung Terminwaren Terms of Trade (ToT) (AuW) Test, anonymer Testament Testament Testament Testament, gegenseitiges Testament, Nachtrag zu einem Testament, ohne Testamentseröffnung (gerichtliche) Testamentsvollstrecker/in

forward discount traffic department terminal futures exchange futures market fixed forward contract term deposit time deposit forward deal forward transaction forward forward futures price futures forward deal futures trading financial futures chaser expediter/expeditor appointment book calendar desk diary diary tickler buying forward forward purchase forward contract futures contract futures forward rate futures price forward price forward rate agreement forward delivery future delivery forward market terminal market forward option organizer/organiser forward cover futures terms of trade blind test last will testament will mutual will codicil intestate probate executor/executrix

1706

Testamentsvollstreckerzeugnis Testat Testbefragung Testfall Testgruppe Testieren teuer, zu Teuerungsausgleich Teuerungszulage Teuerungszuschlag Texter/in Textilwaren Textteil einer Anzeige Textverarbeitung Theke für Sonderangebote Theorie der Preisbestimmung Theorie, volkswirtschaftliche Thermokopierer Tickernotierung (Bö) Tiefpunkt) Tiefeninterview Tiefgang Tiefpunkt Tiefstand Tiefstkurs Tiefstkurs (Bö) Tiefststand Tiefststand Tierversicherung Tigerstaaten tilgen (Schuld) Tilgung Tilgung Tilgung Tilgung Tilgung (Schuldentilgung) Tilgung, Gebühr für vorzeitige Tilgungsanleihe Tilgungsaufgeld Tilgungsbestätigung Tilgungsfonds Tilgungshypothek Tilgungshypothek Tilgungsrecht Tilgungsrücklage Tilgungstermin Time-Sharing (PW) Timeshare-Eigentum, Benutzung von Tip Tippfehler

-

letter of administration audit report opinion research test case panel attestation overpriced cost of living adjustment cost of living allowance cost of living allowance copywriter softs body word processing bargain counter theory of price determination economic theory thermal copier tape quotation trough depth interview draft bottom bottom all time low low all time low low livestock insurance five tigers clear clearance liquidation redemption repayment amortization prepayment penalty redeemable bond redemption premium acquittance sinking fund level payment mortgage repayment mortgage right of redemption sinking fund redemption date time sharing time sharing tip literal (error)

1707 Titel Titel Titelseite Titelseite Titelseite Titelüberschrift Titelüberschrift Titelzeile Titelzeile Tochter(gesellschaft) Tochtergesellschaft Tochtergesellschaft (USA) Tochtergesellschaft, 100%ige Tochterunternehmen Todesfallversicherung als Kreditsicherheit Todesfallversicherung(spolice) Todesfallversicherung, abgekürzte Todesfallversicherung, temporäre mit fallender Summe Toleranz Tolerierung Tonnage Tonne Tonne Tonne Tonnengebühr Top-Management Tortendiagramm Totalitarismus Totalschaden Totalverlust Totalverlust Totalverlust, angenommener/ konstruktiver (fingierter) (Vers) Totalverlust, wirklicher (Vers) Totenschein Tourismus Town Clearing ( B a W ) Tradeoff Trägerlohn Tragfähigkeit Tragfähigkeit Trägheitsverkauf Trampschiff Tranche Tranche eines Kontingents Transaktion Transaktion, autonome Transaktion, induzierte

-

heading title cover cover page front cover heading headline heading headline subsidiary company/corporation unit associated company wholly owned subsidiary subsidiary company/corporation credit life insurance whole life insurance term insurance decreasing term insurance tolerance tolerance tonnage barrel cask ton/tonne tonnage top management pie chart totalitarism total loss dead loss total loss constructive total loss actual total loss death certificate tourism town clearing tradeoff porterage burden tonnage inertia selling tramp tranche quota share transaction autonomous transaction accommodating transaction

Transaktionskasse Transaktionskosten Transaktionsmotiv (Keynes) Transaktionswährung Transfer Transfer, einseitiger Transfereinkommen Transferpreis Transferrisiko im internationalen Zahlungsverkehr Transferstraße Transferzahlungen Transferzahlungen, staatliche Transitlager Transitlager Transitverkehr Transparenz Transport Transport Transport Transport Transport Transport Transport durch Bahn und L K W Transport in Containern Transport von Rückfracht Transport, auf dem Transport, kombinierter/multimodaler Transport, multimodaler Transportband Transportbehälter Transportdokument Transportflugzeug Transportflugzeug Transportkonnossement, kombiniertes Transportkosten Transportkosten Transportkosten Transportkosten Transportkosten Transportkostenrechnung Transportmittel Transportpapiere Transportunternehmen Transportunternehmen (USA) Transportunternehmer Transportunternehmer Transportunternehmer/-nehmen (LKW) Transportversicherung Transportversicherung

1708

-

transactions holdings transaction cost(s) transactions motive trading currency transfer unilateral transfer transfer income transfer price transfer risk transfer line transfer payments government transfers bonded warehouse entrepot transit traffic transparency carriage cartage conveyance haulage shipment transport truckage containerization backhauling in transit intermodal transport multimodal transport conveyor bin transport document cargo plane freight plane combined transport bill of lading carriage carriage outward(s) cartage haulage transport charges freight note conveyance shipping documents common carrier shipping company haulier road haulier haulage contractor transit insurance transportation insurance

- 1709 route Transportweg routing order Transportweg, Vorschrift(en) über den drafter Trassant drawer Trassant drawee Trassat payer Trassat drawing Trassierung refinance credit Trassierungskredit draft Tratte traveler's check Travellerscheck meeting Treffen flotsam Treibgut trend Trend turnaround Trendwende vault Tresor strongroom Tresor(raum) good faith Treu und Glaube bona fide Treu und Glauben Treu und Glauben, unbedingte Beachtung vutmost good faith gentleman's agreement Treu und Glauben, Vereinbarung nach aggregated rebate Treuerabatt deferred rebate Treuerabatt loyalty discount Treuerabatt loyalty rebate Treuerabatt bailor Treugeber/in Treuhandbank (USA) trust company Treuhandbescheinigung trust receipt Treuhänder/in custodian Treuhänder/in fiduciary Treuhänder/in trustee Treuhandfonds trust fund Treuhandgesellschaft trust company Treuhandkonto custodial account Treuhandquittung trust receipt Treuhandverhältnis fiduciary relationship Treuhandverhältnis trust Treuhandvermögen trust fund Treuhandvertrag trust deed Trillion (GB) trillion Trimester term Trinkgeld gratuity Trinkgeld tip Trittbrettfahrer/in free rider Trockendock dry dock Trockendock graving dock Trödel- oder Plunder-Schuldverschreibung junk bond Trommel drum Trust trust Trusts, Zerschlagung von trustbusting Tüchtigkeit proficiency

-

1710

Turnaround Tüte TÜV-Plakette TÜV-Zeichen T V Programm (ohne Werbung) Tycoon Typenrad Typung

-

turnaround bag standard label standard label package tycoon daisy wheel standardization

u U4 (vierte Umschlagseite) Überangebot Überangebot Überbeschäftigung überbewertet Überbewertung überbezahlt Überbezahlung überbieten Überblick Überbordwerfen Überbringer/in Überbringer/in Überbringer/in, zahlbar an Überbringerscheck Überbrückungsfinanzierung Überbrückungskredit Überbrückungskredit Überbrückungskredit (USA) Überbrückungskredit, besonderer (USA) Überbuchung Überdruß Übereignung Übereignungsurkunde Übereinkommen Übereinkommen über den internationalen Eisenbahngüterverkehr (in Europa) Übereinkunft Übereinkunft Übereinstimmung Uberfällig Übergabe Übergabe, fehlerhafte Übergang von Ersatzansprüchen übergeben Überhang Überhang Überholung, technisch-wirtschafliche Überinvestition

back cover excess supply glut over full employment overpriced overvaluation overbought overpayment outbid survey jettison bearer presenter payable to bearer bearer cheque/check interim financing bridging loan temporary credit accommodation adjustment credit overbooking overkill conveyance conveyance arrangement Convention on International Merchandise agreement deal compliance overdue delivery bad delivery subrogation consign excess overhang obsolescence overinvestment

-

1711

Überkapazität Überkapazität Überkapitalisierung überkauft Überlebensrente, einseitige Überlebensrente, gemeinsame Überlebensversicherung Überlegung Überlegungszeit Überliegegebühr Überliegegeld Übernachfrage Übernahme Übernahme Übernahme durch Fremdfinanzierung Übernahme einer Emission Übernahme einer Versicherung Übernahme eines insolvenz-/konkursgefährdeten Unternehmens, um Vermögen mit Profit zu verkaufen Übernahme, feindliche/unfreundliche Übernahme, freundliche Übernahme, unfreundliche/feindliche Übernahmeangebot Übernahmeangebot Übernahmeangebot Übernahmebescheinigung Übernahmegesellschaft Übernahmegesellschaft Übernahmekonnossement ÜbernahmeofTerte Übernahmeschein (AuW) Übernahmeziel Überproduktion Überredung Überschreitung der Befugnisse Überschreitung der Satzung Überschrift Überschuldung Überschuß Überschuß Überschußetat Überschußhaftpflichtversicherung Überschußkasse ( B a W ) Überschußpolice Überschußreserve (Vers) Überschußreserven ( B a W ) übersenden übersenden Übersetzer (DV)

-

excess capacity overcapacity overcapitalization overbought survivorship annuity joint and survivor annuity survivorship insurance consideration cooling off period demurrage demurrage excess demand absorption takeover leveraged buyout underwriting underwriting asset stripping

hostile takeover friendly takeover unfriendly takeover bid takeover bid tender offer acceptance certifícate acquirer/acquiror acquiring company received bill of lading takeover bid dock receipt target overproduction persuasion ultra vires ultra vires heading insolvency excess surplus surplus budget umbrella liability insurance liquidity excess policy surplus excess reserves consign forward compiler

-

1712

Übersicht Übersiedler/in Uberspartheorie Überstunde/n Überstunden machen Übertrag Übertrag (RW) Übertragbarkeit Übertrager/in Übertragung Übertragung Übertragung Übertragung Übertragung Übertragung eines Wechsels Übertragung(sdokument) Übertragung, einseitige Übertragung, unentgeltliche Übertragungsanweisung Übertragungsformular Übertragungsurkunde Übertragungsurkunde Übertragungsurkunde Übertragungsurkunde Übertragungsurkunde Übertragungsurkunde Übertragungsurkunde Übertragungsurkunde Übertragungsurkunde Übertragungsurkunde (für bewegliche Sachen) überverkauft Überversicherung Überwachung Überwachung Überwachung der Zahlungseingänge Überwachungsbehörde Überweisende/r Überweisung (BaW) Überweisung von Geldern Überweisung(sbetrag) Überweisung, automatische Überweisung, elektronische Überweisung, fernschriftliche/ telegraphische Überweisung, telefonische Überweisungen, Summe der umlaufenden, noch nicht abgerechneten Überweisungsanzeige Überweisungsauftrag

-

survey migrant oversaving theory overtime work overtime carryover carried forward negotiability endorser/indorser alienation conveyance devolution negotiation transfer negotiation of a bill of exchange assignment unilateral transfer transfer transfer order transfer form bill conveyance deed deed of assignment deed of transfer letter of assignment transfer transfer deed transfer form bill of sale oversold overinsurance control supervision credit control watchdog transferer/transferer transfer funds transfer remittance automatic transfer service automatic transfer service telegraphic transfer telephone transfer float remittance advice remittance order

- 1713 Überweisungsauftrag Überweisungsauftrag (GB) Überweisungsempfänger/in Überweisungsformular Überweisungsformular Überweisungsgebühr Überweisungsträger Überweisungsverkehr Überweisungsverkehr Überweisungsverkehr Überweisungsverkehr per EDV Überweisungsvordruck (GB) Überzahlung Überzeichnung (Bö) Überzeugung Überzeugungswerbung Überziehungskredit Überziehungskredit Überziehungskredit Überziehungskredit Überziehungskreditsatz Ultimatum ultimo Umbuchung Umbuchung (RW) Umfeld, betriebliches Umfinanzierung Umfinanzierung Umformulierung Umfrage Umfrage Umgebung Umgründung (eines Unternehmens) Umladekosten Umladepiatz Umladung Umladung Umlage Umlage von Kosten Umlauf Umlaufgeschwindigkeit des Geldes Umlaufmittel Umlaufrendite Umlaufvermögen Umlaufvermögen (UV) Umlaufvermögen, Wert des Umleitung Umleitung einer Warensendung Umorganisation Umrechnungskurs

-

transfer order bank giro credit transferee credit slip transfer form transfer fee transfer form credit transfer system giro system giro transfer electronic funds transfer bank giro credit slip overpayment oversubscription persuasion competitive advertising bank overdraft cash credit overdraft running account credit overdraft rate ultimatum ultimo book transfer transfer external environment refinancing refunding redraft poll survey neighob(u)rhood conversion handling charges terminal reshipment transhipment allocation apportionment of expenses circulation velocity of circulation circulating medium flat yield current assets floating assets marketable security rerouting reconsignment revamp(ment conversion rate

1714 Umsatz Umsatz Umsatz (Bö) Umsatz einer Werbeagentur Umsatz(erlös) Umsätze, Erzielung zu niedriger Umsätze, geringe (Bö) Umsätze, lebhafte (Bö) Umsatzerlös Umsatzerlöse Umsatzgeschwindigkeit Umsatzsteuer (USt) Umsatzsteuer (USt, USA) Umsatzsteuer (USt) Umsatzvolumen Umsatzvolumen Umschalten, häufiges (des Fernsehprogramms/kanals) Umschalter (TV Zuschauer/in, der/die Programm häufig wechselt) Umschalttaste Umschalttaste Umschichtung (Bö) Umschlag Umschlag Umschlag Umschlag Umschlag(shäufigkeit) Umschlag, großer für Briefe Umschlagplatz Umschlagsdepot Umschlagseite Umschlagseite, letzte/vierte Umschlagshäufigkeit Umschlagshäufigkeit Umschlagshäufigkeit des Eigenkapitals Umschuldung Umschuldung Umschuldung Umschuldung Umschulung Umschwung Umsicht Umstand Umstand, wichtigster umsteigen Umstrukturierung Umstrukturierung Umtausch Umtausch

-

sales turn mark billing turnover undertrading quiet trading active market revenue sales rate of turnover output tax sales tax turnover tax sales volume volume zapping zapper shift shift key switch binder cover envelope transhipment turnover gusset envelope terminal entrepot cover page back cover rate of turnover stockturn (rate) equity turnover funding refinancing refunding restructuring retraining turnaround prudence factor key factor transfer reorganization restructuring conversion exchange

-

Umtausch Umwandelbarkeit Umwandlung von Betriebsvermögen ii Geldkapital Umwandlung von Rücklagen Umweltbedingungen Umweltministerium (GB) Umweltschützer/in Umweltsponsoring Umweltsteuer Umweltverschmutzung Umweltverschmutzung Umzugskosten Umzugsunternehmen Umzugsunternehmer Unbarposten Unbeständigkeit Unbeständigkeit und Co uneingeschränkt unentgeltlich unentgeltlich Unfähigkeit Unfall- und Krankenversicherung Unfall- und Krankenversicherung für Angestellte (USA) Unfallentschädigung (bei Unfalltod) Unfallrente Unfallschaden Unfallverhütung Unfallversicherung Unfallversicherung Unfallversicherung, private unfrei unfrei unfrei Ungewißheit Ungleichgewicht Ungleichgewicht, fundamentales Ungleichgewicht, funktionales Ungleichheit Ungleichung Ungültigkeit Ungültigkeitserklärung Ungültigmachung Unigebühr Union Unit-Load Unit-Load

1715 -

replacement convertibility conversion capitalization of reserves environmental conditions Department of the Environment environmentalist environmental sponsoring green tax environmental pollution pollution moving expense(s) removal company removal company noncash item(s) instability volatility and Co free free freepost disability accident and health insurance commercial insurance accident benefit accident benefit accidental loss accident prevention accident insurance casualty insurance personal accident insurance carriage forward freepost freight forward uncertainty disequilibrium fundamental disequilibrium fundamental disequilibrium inequality inequality nullity cancellation invalidation tuition union unit load unitized cargo

- 1716 Universalbank (Bank mit umfangre Dienstleistungsangebot) Universalbankensystem Universalbankensystem Universalversicherer Universalversicherung Universität Unmenge Unmöglichkeit, objektive (der Vertragserfüllung) (Re) Unparteiische/r Unsancewechsel Unsicherheit unten erwähnt unter (sonst) gleichen Umständen unter Nennwert unter Pari Unterausnutzung Unterbeschäftigung Unterbewertung Unterbezahlung Unterbieter/in Unterbilanz Unterbrechung Unterbringung Unterbringung (von Wertpapieren) Untergebene/r untergeordnet Untergrundwirtschaft Untergrundwirtschaft Untergrundwirtschaft Unterhalt Unterhalt(szahlung) Unterhaltsberechtigte/r Unterhaltungsindustrie Unterhaltungsindustrie Unterhaus, britisches Unterkapitalisierung Unterklasse Unterklasse, obere Unterkonsumtheorie Unterlagen Unterlagen Unterlassen, schuldhaftes Unterlassen, schuldhaftes Unterlassung Unterlassung Unterlassung einer Mitteilung Unterlegene/r Unterlizenz

full service bank multiple banking universal banking (system) composite insurance company comprehensive cover(age) university quantity frustration umpire usance bill uncertainty undermentioned ceteris paribus at a discount at a discount underutilization underutilization undervaluation underpayment underbidder adverse balance suspension accommodation placing subordinate junior black economy hidden economy underground economy support maintenance dependent entertainment industry showbusiness House of Commons undercapitalization underclass upper lower class underconsumption theory data records default nonfeasance failure omission nondisclosure underdog sublicense

- 1717 Untermieter/in Unternehmen Unternehmen Unternehmen Unternehmen Unternehmen Unternehmen Unternehmen Unternehmen Unternehmen Unternehmen (gewagtes) Unternehmen mit primär nicht erwerbswirtschaftlichen Zielen Unternehmen ohne eigene Rechtspersönlichkeit Unternehmen, absatz-/marktorientiertes Unternehmen, aktives/erfolgreiches/gut gehendes/gut arbeitendes Unternehmen, angegliedertes/verbundenes Unternehmen, Beendigung eines Unternehmen, Beschäftigte eines Unternehmen, betrügerisches Unternehmen, betrügerisches Unternehmen, börsennotiertes Unternehmen, börsennotiertes Unternehmen, das auch von nicht organisierten Arbeitnehmern Gewerkschaftsbeiträge verlangt Unternehmen, dessen Übernahme geplant ist Unternehmen, führendes Unternehmen, gemeinnütziges Unternehmen, gemischtwirtschaftliches Unternehmen, gewerkschaftspflichtiges Unternehmen, im Streubesitz befindliches Unternehmen, klein- und mittelständisches Unternehmen, mittelständiges Unternehmen, multinationales Unternehmen, multinationales/ internationales Unternehmen, neu gegründetes Unternehmen, nicht börsennotiertes Unternehmen, nicht börsennotiertes Unternehmen, nicht lebensfähiges Unternehmen, nicht rechtsfähiges Unternehmen, risikoreiches Unternehmen, riskantes Unternehmen, staatliches Unternehmen, staatliches

subtenant business Company concern contractor enterprise firm operation organization/organisation undertaking adventure nonprofit organization unincorporated association market orientated firm going concern affiliated company suspension payroll racket ramp listed company quoted company agency shop

target company major nonprofit organization mixed enterprise closed shop open corporation small business mid sized company transnational corporation multinational company/corporation startup nonpublic enterprise unquoted company lame duck unincorporated association venture gamble public enterprise state enterprise

- 1718 Unternehmen, staatliches Unternehmen, verbundenes Unternehmen, verstaatlichtes Unternehmen, wirtschaftliches der öffentlichen Hand Unternehmensbeherrschung durch Verschachtelung (Man) Unternehmensberater/in Unternehmensberatung Unternehmensbereich Unternehmensbewertung Unternehmenserwerb unter Ausnutzung des Leverage-Effektes Unternehmensethik Unternehmensform Unternehmensformen Unternehmensführung Unternehmensführung Unternehmensgründer/in Unternehmensgründung Unternehmensgründung Unternehmensgruppe Unternehmensgruppe, konsolidierte Unternehmensindikatoren Unternehmensleitung, oberste Unternehmensleitung, zweistufige Unternehmensmodell Unternehmensphilosophie Unternehmensplanung Unternehmenspolitik Unternehmenspolitik Unternehmenspolitik, prozyklische Unternehmensprognose Unternehmensspitze Unternehmensstrategie Unternehmensstrategie Unternehmenswachstum Unternehmensziele Unternehmenszusammenschluß Unternehmenszusammenschluß Unternehmenszusammenschluß Unternehmer (als dispositiver Produktionsfaktor) Unternehmer des kombinierten Transports Unternehmer/in Unternehmer/in Unternehmer/in Unternehmergewinn Unternehmerhaftpflichtversicherung Unternehmerlohn

state owned enterprise related company public corporation public Corporation pyramiding management consultant management consulting unit appraisal leveraged buyout business ethics business unit business forms administration management promoter formation of a company foundation group consolidation business indicators administrative management two tier board company model corporate identity corporate planning business policy company policy procyclical policy business forcast(ing) top management business strategy corporate strategy expansion objectives amalgamation integration merger organization/organisation combined transport operator contractor entrepreneur operator profit employer's liability (insurance) normal profit

Unternehmerrisiko Unternehmertätigkeit, Einkommen aus Unternehmertum Unternehmerverband Unternehmerverband Unternehmerverband Unternehmerverband ( G B ) Unternehmung Unternehmung Unternehmung Unternehmungsgeist Unterricht Unterricht, computerunterstützter Untersatz Unterschicht Unterschied(sbetrag) Unterschlagung Unterschlagung Unterschlagung Unterschrift Unterschrift, berechtigte Unterschrift, handschriftliche Unterschriftenverzeichnis Unterschriftsleistung Unterschriftsprobe Unterschriftsprüfung Unterstützung Unterstützung Unterstützung Unterstützung (finanzielle) Unterstützung, finanzielle Unterstützung, technische (Entwicklungshilfe) Unterstützungsverein Unterstützungszahlung an einkommensschwache Familien Untersuchung Untersuchung Untersuchungsausschuß Unterton Untervermietung Untervermietung Unterverpachtung Unterverpachtung Unterversicherung Untervertrag Untervertreter/in unterwegs Unterzeichner/in Unterzeichner/in

1719

-

uncertainty earned income entrepreneurship association of employers employer association trade association Confederation of British Industry contractor enterprise operation enterprise tuition computer assisted instruction coaster underclass difference defalcation embezzlement misappropriation subscription authorized signature manuscript signature signature index subscription specimen signature signature verification benefit boost support backing financial aid technical aid friendly society family income supplement examination scrutiny board of inquiry undertone sublease underlease sublease underlease underinsurance subcontract subagent in transit signatory undersigned

Unterzeichner/in haftet Unterzeichnete unverbindlich Unvereinbarkeit Unze Unzustellbarkeit UPC-Strichcode (Mk) Urabstimmung Urbanistik Urheberrecht Urkunde Urkunde Urkunde Urkunde über besitzloses Pfandrecht Urkunde über Eintragung einer Kapitalgesellschaft Urkunde über Verkauf/Übertragung beweglicher Sachen Urkunde, beglaubigte Urkundsbeamter/-beamtin Urkundsbeamter/-beamtin Urlaub Urlaub (USA) Urlaub, bezahlter (USA) Urlaubsgeld Urlaubsversicherung Ursache, tatsächliche/unmittelbare (Vers) Ursachenzusammenhang (Vers) Ursprung Ursprung Ursprungsland Ursprungszeugnis Ursprungszeugnis Urteil Urteilsschuldner/in Uruguay Runde US-Dollar Usance User Usowechsel Usus Utilitarismus

1720

-

caveat subscriptor undersigned without engagement variance ounce undeliverability universal product code strike ballot urbanism copyright deed document instrument letter of hypothecation certificate of incorporation bill of sale authenticated copy registrar commissioner (of/for oaths) leave vacation paid vacation vacation pay holiday insurance proximate cause proximate cause origin source country of origin certificate of manufacture certificate of origin judg(e)ment judg(e)ment debtor Uruguay Round buck trade usage user usance bill common practice utilitarianism

V Valoren Valorisation Valutaanleihe Valutabond

valuables valorization currency bond currency bond

Valutakonto Valutapapier Valutatag (BaW) Valutierungsgewinn (BaW) Variable Variable, abhängige Variable, endogene Variable, exogene Variable, kontinuierliche Variable, stochastische (Stat) Variable, unabhängige Varianz (Stat) Variation Vebleneffekt Vektor (Math) Verabredung mit Unbekannten Veralten, vorzeitiges Veralten, wirtschaftliches Veränderliche Veränderung Veränderung Veranlagung Veranstalter/in Veranstalter/in Veranstalter/in Veranstaltung Veranstaltung Veranstaltung, ausverkaufte Verantwortung Verantwortung Verarbeitung Verarbeitung Verarbeitung Verarbeitungsqualität Verarmungswachstum Veräußerer Veräußerung Veräußerung Veräußerung Veräußerungsbefugnis Veräußerungsgewinn, realisierter Veräußerungsverlust Veräußerungswert Veräußerungswert Veräußerungswert Verband Verband Verband Verband der britischen Industrie Verbandsbank

1721

-

foreign currency account foreign currency security value float variable dependent variable endogenous variable exogenous variable continuous variable random variable independent variable variance variation Veblen effect vector blind date obsolescence economic obsolescence variable shift variation assessment operator organizer/organiser promoter event function sellout charge responsibility conversion finish processing finish immiserizing growth seller alienation divestment realization power of sale capital gain capital loss residual value salvage value scrap value association federation organization/organisation Confederation of British Industry credit union

-

1722

-

Verbesserung betterment Verbesserung correction Verbildlichung einer Werbeidee visual Verbindl chke t commitment Verbindl chke t debt Verbindl chke t liability Verbindl chke t obligation Verbindl chke t erfüllen make good Verbindl chke t, Befreiung von einer release Verbindl chke t, entstandene accrued liability Verbindl chke t, fallige amount due Verbindl chke t, gemeinsame joint liability Verbindl chke t, gesicherte secured debt Verbindl chke t, gesicherte secured liability Verbindl chke t, langfristige deferred liability Verbindl chke t, langfristige long term liability Verbindl chke t, langfristige (öffentliche) funded debt Verbindl chke t, mittelfristige medium term liability Verbindl chke t, nachrangige subordinate debt Verbindl chke t, noch nicht fällige undue debt Verbindl chke t/en account(s) payable Verbindl chke t/en payable(s) Verbindl chke t/en, kurzfristige floating debt Verbindl chke ten indebtedness Verbindl chke ten aus Lieferungen und trade creditors Leistungen Verbindlichke ten, feste/gleichbleibende fixed liabilities /langfristige Verbindlichke ten, kurzfristige current liabilities Verbindlichke ten, offene outstanding debts Verbindungsrente mit Übergang joint and survivor annuity Verbot ban Verbot der Zahlungsleistung an Dritte garnishee order Verbrauch consumption Verbrauch, privater personal consumption expenditures Verbrauch-pro-Kopf per capita consumption Verbraucher/in consumer Verbraucheranalyse consumer research Verbraucherausgaben consumer expenditure Verbraucherberatungsstelle consumer advice center Verbrauchergroßmarkt hypermarket Verbraucherkredit consumer credit Verbraucherkreditgesetz ( G B ) Consumer Credit Act Verbraucherkreditvertrag consumer credit agreement Verbrauchernachfrage consumer demand Verbraucherpanel consumer panel Verbraucherpräferenz consumer's preference Verbraucherpreisindex consumer price index Verbraucherrente consumer's surplus Verbraucherschutz consumer protection

-

1723

-

Verbraucherschutzbewegung consumerism consumer sovereignty Verbrauchersouveränität consumer panel Verbrauchertestgruppe, repräsentative consumer loyalty Verbrauchertreue consumer association Verbraucherverband consumer behavio(u)r Verbraucherverhalten consumer advertising Verbraucherwerbung shelf life Verbrauchsfrist fast moving consumer good/product Verbrauchsgut, schnell umschlagendes consumer goods Verbrauchsgüter consumer nondurables Verbrauchsgüter convenience goods Verbrauchsgüter single use goods Verbrauchsgüter softs Verbrauchsgüter (kurzlebige) Verbrauchsgüter (kurzlebige) nondurable goods Verbrauchsort place of final use Verbrauchssteuer consumption tax Verbrauchssteuer excise Verbrauchssteuer purchase tax Verbrauchssteuern, Rückvergütung von excise drawback Verbreitungsgebiet circulation area verbuchen (RW) post Verbuchung (RW) recognition Verbuchung (RW) entry Verbundwerbung cooperative advertising Verderb spoilage verdienen make Verdienst earnings Verdienst gain Verdienst, über/unter Tariflohn bootleg wage liegender Verdienstspanne spread Verdienstspanne eines Jobbers (Bö, GB) Verdoppelung der Versicherungssumme jobber's turn bei Unfalltod double indemnity Verdrängung schwacher Unternehmen vom shakeout Markt Verdrängung von Spekulanten aus dem shakeout Aktienmarkt Verdrängungswettbewerb crowding out Verdrängungswettbewerb Verein cutthroat competition Vereinbarung organization/organisation Vereinbarung agreement Vereinbarung arrangement Vereinbarung memorandum (memo) Vereinbarung nach Treu und Glauben undertaking Vereinbarung, mündliche gentleman's agreement Vereinbarung, mündliche oral contract Vereinheitlichung verbal contract standardization

-

Vereinigung Vereinigung Vereinigung, nicht rechtsfähige Vereinte Nationen (UN) Verelendungswachstum Verfahren (Re) Verfahren Verfahren (Re) Verfahren Verfahrenseinstellung Verfahrensweise Verfall Verfall Verfalldatum Verfalldatum (Lebensmittel) Verfalldatum, Kennzeichnung mit Verfallsdatum (der Haltbarkeit) Verfallstermin Verfalltag Verfalltag Verfalltag Verfalltag (Bö) Verfalltag (Vers) Verfalltag, mittlerer Verfalltag, mittlerer Verfallzeit Verfasser/in Verfechter/in der freien Marktwirtschaft Verfechter/in des Freihandels Verflechtung, vertikale Verfolgte/r (zu Unrecht) Verfolgung, gerichtliche verfrachten Verfrachter Verfrachtungsvertrag Verfügung, Ausgaben zur freien ... Verfügung, einstweilige Verfügung, einstweilige Verfügung, gerichtliche Verfügungsalter Vergegenwärtigung Vergehen Vergehen Vergesellschaftung Vergeßlichkeitsspanne Vergeudung Vergeudung Vergleich Vergleich

1724

-

body union unincorporated association United Nations immiserizing growth case procedure proceedings process abatement of an action policy expiry lapse expiry date pull date date coding sell by date maturity date date of maturity due date payment date option day expiry date average due date equated time maturity drafter free marketeer free trader vertical merger underdog prosecution freight freighter contract of affreightment discretionary spending injunction restraining order writ age of consent realization fault offense/offence nationalization forgetting rate wastage waste arrangement failure

- 1725 Vergleich (Man) Vergleich, außergerichtlicher Vergleich, außergerichtlicher Vergleichs- und Schiedsordnung Vergleichsvereinbarung Vergleichsvereinbarung Vergleichsvertrag Vergnügungssteuer Vergütung Vergütung Vergütung für schnelles Entladen Verhalten Verhalten, standeswidriges Verhalten, wettbewerbsbeschränkende/s Verhalten, wirtschaftliches Verhaltensänderung Verhaltensforschung Verhaltensweise Verhaltenswissenschaft/en Verhältnis Verhältnis Verhältnis Fremd- zu Eigenkapital Verhältnis Fremd- zu Gesamtkapital Verhältnis Fremdkapital zu Eigenkapital Verhältnis Gewinn zu Dividende Verhältnis Gewinn zu Dividende Verhältnis liquide Mittel zu laufenden Verbindlichkeiten Verhältnis Umlaufvermögen zu kurzfristigen Verbindlichkeiten Verhältnis von bevorrechtigten Kapitalien zu den Stammaktien Verhältnis, im umgekehrten Verhältnis: Gewinn zu Dividende Verhältnisklausel (Vers) verhältnismäßig Verhandeln Verhandlung Verhandlung (Re) Verhandlung (Re) Verhandlungen zwischen Tarifpartnern Verhandlungspaket Verhandlungspartner/in Verhandlungsstärke Verhandlungsverkauf Verhör Verjährung Verjährung Verjährungsfrist Verjährungsvorschriften

settlement compromise voluntary settlement Rules of Conciliation and Arbitration composition deed of assignment deed of assignment entertainment tax consideration remuneration dispatch money attitude malpractice restrictive practice(s) economic behavio(u)r behavio(u)r change behavio(u)r research pattern behavio(u)r science ratio terms debt ratio debt ratio leverage cover dividend cover quick ratio current ratio leverage inverse relationship time(s) covered average clause prorata bargaining negotiation proceedings trial collective bargaining package deal negotiator bargaining power negotiation selling examination limitation limitation of action statute of limitation(s) statute of limitation(s)

-

1726

Verkauf Verkauf Verkauf Verkauf Verkauf (als Vorgang) Verkauf an der Haustür Verkauf auf Kommissionsbasis Verkauf auf/nach Probe Verkauf gegen Barzahlung bei eigenem Transport Verkauf mit (gleichzeitiger) Riickmiete Verkauf mit Rückgaberecht Verkauf nach Beschreibung Verkauf nach Muster Verkauf und Rückkauf von Aktien innerhalb von 2 Tagen Verkauf von Kundenforderungen Verkauf wegen Geschäftsaufgabe Verkauf zu (stark) reduzierten Preisen Verkauf zur Ansicht Verkauf, aggressiver Verkauf, freihändiger (nicht durch Versteigerung) Verkauf, gerichtlicher Verkauf, leichter Verkauf, persönlicher Verkauf, zum Verkäufer/in Verkäufer/in Verkäufer/in Verkäufer/in Verkäufer/in Verkäufer/in Verkäufermarkt Verkäuferoption Verkäuferpfandrecht Verkäuflichkeit Verkaufs- und Kaufauftrag, gekoppelter (Bö) Verkaufs- und Lieferbedingungen Verkaufsabrechnung eines Kommissionärs Verkaufsabteilung Verkaufsangebot Verkaufsargument, einzigartiges/ einmaliges (Mk) Verkaufsauftrag zum Marktpreis Verkaufsauftragsabwicklung Verkaufsauftragsbearbeitung Verkaufsautomat Verkaufsautomat

-

marketing realization sale sell selling door to door memorandum sale sale on approval cash and carry leaseback on sale or return sale by description sale by/to sample bed and breakfast deal debt factoring forced sale bargain sale sale on approval high pressure selling sale by private treaty judicial sale ready sale face to face selling on offer assistant clerk marketer seller shop assistant vendor sellers' market seller's option seller's lien salability/saleability contingent order