Market Leader Unit 7 - Finance and banking "p. 62-63 + Listening 7.1, 7.2" savings bank spořitelna ATM (automated teller machine) bankomat bond "dluhopis, obligace" capital market kapitálový trh capital market "Financial market that works as a conduit for demand and supply of (primarily) long-term debt and equity capital. It channels the money provided by savers and depository institutions (banks, credit unions, insurance companies, etc.) to borrowers and investees through a variety of financial instruments (bonds, notes, stocks) called securities. A capital market is not a compact unit, but a highly decentralized system made up of three major parts: (1) stock market, (2) bond market, and (3) money market. It also works as an exchange for trading existing claims on capital in the form of shares." letter of credit akreditiv letter of credit "Written commitment to pay, by a buyer's or importer's bank (called the issuing bank) to the seller's or exporter's bank (called the accepting bank, negotiating bank, or paying bank). A L/C guarantees payment of a specified sum in a specified currency, provided the seller meets precisely-defined conditions and submits the prescribed documents within a fixed timeframe. These documents almost always include a clean bill of lading or air waybill, commercial invoice, and certificate of origin. To establish a L/C in favor of the seller or exporter (called the beneficiary) the buyer (called the applicant or account party) either pays the specified sum (plus service charges) up front to the issuing bank, or negotiates credit. L/Cs are formal trade instruments and are used usually where the seller is unwilling to extend credit to the buyer. In effect, a L/C substitutes the creditworthiness of a bank for the creditworthiness of the buyer. Thus, the international banking system acts as an intermediary between far flung exporters and importers." " However, the banking system does not take on any responsibility for the quality of goods, genuineness of documents, or any other provision in the contract of sale. Since the unambiguity of the terminology used in writing a L/C is of vital importance, the International Chamber Of Commerce (ICC) has suggested specific terms (called Incoterms) that are now almost universally accepted and used. Unlike a bill of exchange, a L/C is a non-negotiable instrument but may be transferable with the consent of the applicant. Although L/Cs come in numerous types, the two most basic ones are (1) Revocable-credit letter of credit and (2) Irrevocable-credit letter of credit, which comes in two versions (a) Confirmed irrevocable letter of credit and (b) Not-confirmed irrevocable letter of credit." debt security "Debt instrument such as a bond, debenture, or promissory note which is issued with a promise of repayment on a certain date at a specified rate of interest." equity security "1. Stock (shares) that represents ownership of a firm. Equity securities usually provide steady income as dividends but may fluctuate significantly in their market value with the ups and downs in the economic cycle and the fortunes of the issuing firm. 2. Right to subscribe for, or convert another security (such as a bond) into, the common stock (ordinary shares) of a firm. " with a view to "za účelem, s úmyslem" prompt "přimět, podnítit, vynutit si" feasible "proveditelné, uskutečnitelné" viable "uskutečnitelné, realizovatelné" direct debit "bezhotovostní platba, přímý debit" cheque truncation Banking: Shortening of check processing cycle by safekeeping the paid checks instead of returning them to their respective writers (drawers). focused "cílevědomý, rozhodný" bundle prodávat jako jedno balení consumer finance "Consumer finance in the most basic sense of the word refers to any kind of lending to consumers. However, in the United States financial services industry, the term ""consumer finance"" often refers to a particular type of business, sub prime branch lending (that is lending to people with less than perfect credit). This branch of the financial services industry is more extensive in the United States than in some other countries, because the major banks in the U.S. are less willing to lend to people with marginal credit ratings than their counterparts in many other countries. Examples of these companies include American General Finance, Inc., Lendmark Financial Services, Inc., HSBC Finance" WAP wireless application protocol "Proposed standard for viewing webpages on mobile devices such as cell phones and handheld computers. WAP makes it possible to view webpages on the small LCD screen of devices that use slow processors and narrow bandwidth, and have only a few user-interface capabilities." restructuring restrukturalizace savings úspory accumulate "nashromáždit, nahromadit" securities cenné papíry securities "Financing or investment instruments (some negotiable, others not) bought and sold in financial markets, such as bonds, debentures, notes, options, shares (stocks), and warrants." debt security "Debt instrument such as a bond, debenture, or promissory note which is issued with a promise of repayment on a certain date at a specified rate of interest." debt capital "dluhový kapitál, zapůjčený kapitál" debt capital That part of a firm's total capital which commonly comprises of loan-capital and short term bank loans such as overdraft. equity security "1. Stock (shares) that represents ownership of a firm. Equity securities usually provide steady income as dividends but may fluctuate significantly in their market value with the ups and downs in the economic cycle and the fortunes of the issuing firm. 2. Right to subscribe for, or convert another security (such as a bond) into, the common stock (ordinary shares) of a firm." equity capital "kmenový, vlastní kapitál" equity capital "Invested money that, in contrast to debt capital, is not repaid to the investors in the normal course of business. It represents the risk capital staked by the owners through purchase of the firm's common stock (ordinary shares). Its value is computed by estimating the current market value of everything owned by the firm from which the total of all liabilities is subtracted. On the balance sheet of the firm, equity capital is listed as stockholders' equity or owners' equity. Also called equity financing or share capital." with a view to "za účelem, s úmyslem" focused "cílevědomý, rozhodný" market segment segment trhu pesion funds penzijní fond bricks and mortar "nemovitosti, stavby" cellphone mobil p.65-65 receiver "a person who is chosen by a court to manage the financial affairs of a company that is bankrupt, to sell its assets in order to pay its debts, and to close it:" wind up "ukončit, zakončit, uzavřít" taxman berní úředník stand aside "nečinně stát, přihlížet" leverage "1. the relationship between the amount of money that a company owes (debt) and the value of its shares (equity) Synonym GEARING. 2. using borrowed money to buy an investment or to add to the amount invested, in order to try to increase possible profits from the investment: " pay down "složit částku předem, zaplatit hotově" cash in proměnit za hotové stock options "1. a right that is given to employees to buy shares in the company at a low price: 2. a right, which can be bought and sold, to buy or sell shares in a company at a fixed price by or on a particular date" stave off "zabránit, odvrátit" spectacular "působivý, velkolepý, efektní" ill-timed špatně načasovaný spree a short period of time when sb does a large amount of a particular activity: vow "(slavnostně) slíbit, přísahat" underline "zdůraznit, podtrhnout, vyzvednout" airborne "ve vzduchu, letící" file for "podat (žádost, stížnost…)" intent on "odhodlaný, rozhodnutý k čemu" spell "znamenat, být předzvěstí, signalizovat, předznamenávat" preside over předsedat free fall volný pád skip "vynechat, opominout" back away "odstoupit, vzdát se" grant a concession učinit ústupek dire "hrozný, strašlivý" cautionary "varovný, výstražný" budgetary control rozpočtová kontrola leverage ratio koeficient zadluženosti leverage ratio = debt-equity ratio "Measure of a firm's leverage or gearing and its capacity for debt repayment, it indicates proportion of firm's total capital contributed by trade creditors and lenders. Formula: Total debt ÷ owners' equity. Also called leverage ratio or gearing ratio." write off (debt) odepsat (dluh) workforce "pracovní síla, zaměstnanci" low-cost carriers nízkonákladové letecké společnosti back away from "couvat, ustupovat, odstoupit" p. 66-67. a high "maximum, vrchol" all-time "rekordní, absolutní" climb "zvyšovat se, růst, stoupat" dip "klesnout, poklesnout" double "zdvojnásobit (se), dvojnásobný" drop "poklesnout, spadnout, snížit se" fall "padat, klesnout" four-fold "čtyřnásobně, čtyřnásobný" high "maximum, vrchol" index "vytvořit rejstřík, uvést v rejstříku" jump "vyletět, vystřelit, prudce vzrůst" leap "poskočit, udělat velký pokrok" match vyrovnat se net revenue "čistý příjem, výnos" outperform "překonat, podat lepší výkon" plummet "zřítit se, sletět, poklesnout" revenue "příjem, tržba" sink "poklesnout, snížit se, ztrácet na ceně" slip "propadnout se, snížit se" slump "prudce poklesnout, propadnout se" soar "vyletět nahoru, prudce stoupnout, dosáhnout závratné výše" surge "prudce se zvýšit, vzrůst" triple "ztrojnásobit (se), trojnásobný" Business Vocabulary in Use - Advanced Unit 33 Measuring performance CFO - chief finance officer annual report "Presentation of a firm's audited accounts for the preceding year, as required in corporate legislation. In addition to the auditor's report, an annual report commonly includes (1) management's review of the operations of the firm and its future prospects, (2) balance sheet, (3) income statement (profit and loss account), (4) cash flow statement, and other supporting documents. Also called annual accounts." profit and loss account / PL account účet/výkaz zisků a ztrát profit and loss account / PL account "the account showing the inflow of money from sale of goods or services and the costs and expenses chargeable against it, over an accounting period. " income statement "výsledovka, výkaz o příjmech" income statement "Summary of a management's performance as reflected in the profitability (or lack of it) of a firm over a certain period. It itemizes the revenues and expenses of past that led to the current profit or loss, and indicates what may be done to improve the results. In contrast to a balance sheet (which is a 'still photograph' taken at a certain time) an income statement is a 'movie' that depicts what happened over a month, quarter, or year. It is based on a fundamental accounting equation (Income = Revenue - Expenses) and shows the rate at which the owners equity is changing for better or worse. Along with balance sheet and cash flow statement it forms the basic set of financial information required to manage a firm. Also called earnings report, operating statement, or profit and loss account." balance sheet "rozvaha, bilance" balance sheet "Condensed statement that shows the financial position of an entity on a specified date (usually the last day of an accounting period). Among other items of information, it states (1) what assets the entity owns, (2) how it paid for them, (3) what it owes (its liabilities), and (4) what is the amount left after satisfying the liabilities. Balance sheet data is based on a fundamental accounting equation (assets = liabilities + owners' equity), and is classified under sub-headings such as current assets, fixed assets, current liabilities, Long-term Liabilities. With income statement and cash flow statement, it comprises the set of documents indispensable in running a business. An audited balance sheet is often demanded by investors, lenders, suppliers, and taxation authorities; and is required by law under the corporate legislation. To be considered valid, a balance sheet must give a 'true and fair view' of the entity's state of affairs, and must follow the provisions of GAAP in its preparation. Called also statement of condition/financial condition/statement of financial position." cashflow statement "Summary of the actual or anticipated incomings and outgoings of cash in a firm over an accounting period (month, quarter, year). It answers the questions Where the money came (will come) from? and Where it went (will go)? cash flow statements assess the amount, timing, and predictability of cash-inflows and cash-outflows, and are used as the basis for budgeting and business-planning. The accounting data is presented usually in three main sections: (1) Operating-activities (sales of goods or services), (2) Investing-activities (sale or purchase of an asset, for example), and (3) Financing-activities (borrowings, or sale of common stock, for example). Together, these sections show the overall (net) change in the firm's cash-flow for the period the statement is prepared. Lenders and potential investors closely examine the cash flow resulting from the operating activities. This section represents after-tax net income plus depreciation and amortization and, therefore, the ability of the firm to service its debt and pay dividends. " "With balance sheet and income statement (profit and loss account), cash flow statement constitutes the critical set of financial information required to manage a business." cashflow tok peněz cashflow "Incomings and outgoings of cash, representing the trading (operating) activities of a firm. In accounting, cash flow is the difference in amount of cash available at the beginning of a period (opening balance) and the amount at the end of that period (closing balance). It is called 'positive' if the closing balance is higher than the opening balance, otherwise called 'negative.' Cash flow is increased by (1) selling more goods or services, (2) selling an asset, (3) reducing costs, (4) increasing the selling price, (5) collecting faster, (6) paying slower, (7) bringing in more equity, or (8) taking a loan. It is termed the 'life blood' of a firm—more firms (including the asset-rich ones) go out of business due to an anemic cash flow than for any other reason. However, the level of a firm's cash flow is not a good measure of its performance, and vice versa: high levels of cash flow do not necessarily mean high or even any profit; and high levels of profit do not automatically translate into high or even positive cash flow." financial reporting "finanční výkaznictví, účetní evidence" financial statement "finanční výkaz, účetní výkaz, účetní uzávěrka" financial statement "Summary report that shows how a firm has used the funds entrusted to it by its stockholders (shareholders) and lenders, and what is its current financial position. The three basic financial statements are the (1) balance sheet, which shows firm's assets, liabilities, and net worth on a stated date; (2) income statement (also called profit & loss account), which shows how the net income of the firm is arrived at over a stated period, and (3) cash flow statement, which shows the inflows and outflows of cash caused by the firm's activities during a stated period." financial year "fiskální rok, obchodní rok" preliminary results předběžné výsledky publish the accounts zveřejnit roční účetní uzávěrku interim statement/report prozatímní výkaz interim statement/report "Short, unaudited financial statement issued monthly, quarterly, or half-yearly by a firm whose equities are traded on a stock exchange (called a quoted firm) to declare its trading results for that period. It generally shows pretax profit, estimated tax liabilities, earnings available (if any) for the interim dividend, and other such information." bond market trh s obligacemi Unit 34 Profit and loss account accruals "přírůstky, výdaje a příjmy příštích období" accrual "Short-term liabilities (such as interest, taxes, utility charges, wages) which continually occur during an accounting period but are not supported by an invoice or a written demand for payment. When preparing financial statements for that accounting period, such liabilities are estimated on the basis of experience (based on previous payments). Similar increases in the assets of the firm (which may also continually occur) is not taken into account in order to comply with accrual basis accounting rules." deferrals "odklad, odložení" deferred "Deferred, in accrual accounting, is any account where the asset or liability is not realized until a future date (accounting period), e.g. annuities, charges, taxes, income, etc. The deferred item may be carried, dependent on type of deferral, as either an asset or liability." accruals and deferrals časově rozlišené položky accruals and deferrals accounts účty časového rozlišení accrual principle "Fundamental accounting concept which recognizes the time lag between sales and purchases on one hand, and collection and payment of cash on the other. It forms an important part of the GAAP, and permits meaningful comparisons based on the actual operations of the business undisturbed by the timing of payments. Under this principle, sales and expenses are taken account of in the accounting period in which they occur (and are included in the income statement for that period), whether or not cash was received or paid out. Also called accrual concept. " reporting period vykazované období cost of goods sold (COGS) = cost of sales "Manufacturing: Sum of direct material, direct labor, and factory overheads incurred in making a product. Retailing: Purchase price of a merchandise. Also called cost of goods sold." general expenses "správní režie, celkové náklady" depreciate "odepsat, amortizovat" operating profit provozní zisk operating profit = operating income "Income resulting from a firm's primary business operations, excluding extraordinary income and expenses. Also called earnings before interest and taxes (EBIT), it gives a more accurate picture of a firm's profitability than gross income. Also called operating margin. Formula: Sales revenue - (Cost of sales + Operating expenses)." interest payable splatný úrok pre-tax profit zisk před zdaněním corporation tax Tax payable by incorporated bodies. daň ze zisků společnosti earnings "výnosy, zisk" retained earnings "rezervní fond ze zisku, zadržené výdělky" retained earnings "Profits generated by a firm that are not distributed to stockholders (shareholders) as dividends but are either reinvested in the business or kept as a reserve for specific objectives (such as to pay off a debt or purchase a capital asset). Balance sheet figure shown under the heading retained earnings is the sum of all profits retained since the firm's inception. Retained earnings are reduced by losses, and are also called accumulated earnings, accumulated profit, accumulated income, accumulated surplus, earned surplus, Undistributed Earning, or undivided profits. " reserves rezervní fondy EPS / earnings per share výnos na akcii earnings per share "Net income of a firm divided by the number of its outstanding shares—the shares held by the stockholders (shareholders). Primary earnings per share (also called fully diluted EPS) takes into account all shares currently outstanding, plus the number of shares that would be outstanding if all convertible bonds and convertible preferred stock (preference shares) were exchanged for common stock (ordinary shares). Also called net income per share. Formula: (Total revenue - Total expenses) ÷ Number of outstanding shares." Unit 35 Balance sheet 1 assets "aktiva, jmění, majetek" liabilities "finanční závazky, dluhy, pasíva" liability "General: Claim against the assets, or legal obligations of a person or organization, arising out of past or current transactions or actions. Liabilities require mandatory transfer of assets, or provision of services, at specified dates or in determinable future. Accounting: Accounts and wages payable, accrued rent and taxes, trade debt, and short and long-term loans. Owners' equity also is termed a liability because it is an obligation of the firm to its owners. Liabilities are entered on the right hand-side of the page in a double-entry bookkeeping system." current assets "likvidní majetek, (o)běžná aktiva" current assets "A balance sheet item which equals the sum of cash and cash equivalents, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that could be converted to cash in less than one year. A company's creditors will often be interested in how much that company has in current assets, since these assets can be easily liquidated in case the company goes bankrupt. In addition, current assets are important to most companies as a source of funds for day-to-day operations." stocks "zásoby, úroveň zásob" fixed assets "investiční majetek, základní jmění/majetek" fixed assets "Land, buildings, equipment, machinery, vehicles, leasehold improvements, and other such items. Fixed assets are not consumed or sold during the normal course of a business but their owner uses them to carry on its operations. In accounting, 'fixed' does not necessarily mean 'immovable;' any asset expected to last, or be in use for, more than one year is considered a fixed asset. On a balance sheet, these assets are shown at their book value (purchase price less depreciation)." tangible assets hmotná aktiva/majetek intangible assets nehmotná aktiva/majetek goodwill "dobré jméno, hodnota firmy" goodwill "Assumed value of the attractive force that generates sales revenue in a business, and adds value to its assets. Goodwill is an intangible but saleable asset, almost indestructible except by indiscretion. It is built painstakingly over the years generally with (1) heavy and continuous expenditure in promotion, (2) creation and maintenance of durable customer and supplier relationships, (3) high quality of goods and services, and (4) high quality and conduct of management and employees. Goodwill includes the worth of corporate identity, and is enhanced by corporate image and a proper location. Its value is not recognized in account books but is realized when the business is sold, and is reflected in the firm's selling price by the amount in excess over the firm's net worth. In well established firms, goodwill may be worth many times the worth of its physical assets." wear out opotřebit se obsolete zastaralý amortization "odpis, amortizace, umoření" amortization "Accounting: Preferred term for the apportionment (charging or writing off) of the cost of an intangible asset as an operational cost over the asset's estimated useful life. It is identical to depreciation, the preferred term for tangible assets. The purpose of both terms is to (1) reflect reduction in the book value of the asset due to usage and/or obsolescence, (2) spread a large expenditure proportionately over a fixed period, and thereby (3) reduce the taxable income (not the actual or cash income) of a firm. In effect, it is a process by which invested capital of a firm is recovered by gradual sale of the firm's asset(s) to its customers over the years." amortize "amortizovat, odepisovat, umořovat" depreciation "Gradual conversion of the cost of a tangible capital asset or fixed asset (excluding land because it has unlimited life) into an operational expense (called depreciation expense) over the asset's estimated useful life. The objectives of computing depreciation are to (1) reflect reduction in the book value of the asset due to obsolescence (functional depreciation) and wear and tear (physical depreciation), (2) spread a large expenditure (purchase price of the asset) proportionately over a fixed period to match revenue received from it, and (3) reduce the taxable income by charging the amount of depreciation against the firm's total income. In effect, charging of depreciation means the recovery of invested capital, by gradual sale of the asset over the years during which output or services are received from it. Depreciation is computed at the end of an accounting period (usually a year) and the method best-fitting the usage profile of the asset is chosen (except where some other method is dictated by the tax laws). When applied to intangible assets, the preferred term is amortization." write down "odepsat částečně, snížit hodnotu" write off "odepsat, amortizovat" book value účetní / zůstatková hodnota book value "A company's common stock equity as it appears on a balance sheet, equal to total assets minus liabilities, preferred stock, and intangible assets such as goodwill. This is how much the company would have left over in assets if it went out of business immediately. Since companies are usually expected to grow and generate more profits in the future, market capitalization is higher than book value for most companies. Since book value is a more accurate measure of valuation for companies which aren't growing quickly, book value is of more interest to value investors than growth investors." total assets "celková aktiva, veškeré jmění" Unit 36 Balance sheet 2 current liabiities krátkodobý závazek current liabiities A balance sheet item which equals the sum of all money owed by a company and due within one year. also called payables or current debt creditor věřitel overdraft "přečerpání účtu, debetní saldo" long term liabilities "dlouhodobé závazky, pasíva" long term liabilities "A category of debts on a company's balance sheet that do not need to be repaid during the upcoming twelve months, but that instead need to be repaid in a year or more." shareholdres’ funds "čisté jmění, vlastní jmění a.s., kmenové akcie" shareholder funds = owners’ equity "Capital employed in a firm, computed by deducting the book value of the liabilities from the book value of the assets. Whereas the term 'assets' universally means 'total assets,' some experts propose that the term 'liabilities' should not include long-term liabilities because (since they are incurred in funding the operations of the firm) they are part of the capital employed. Being based on the historical value of the assets, it rarely reflects the current (market) value of the funds invested. Also called net assets, net worth, shareholders' equity, or shareholders' funds." share capital "akciový kapitál, základní jmění s.r.o." "Accrual, in accounting, describes the accounting method known as accrual basis, whereby revenues and expenses are recognized when they are accrued, i.e. accumulated (earned or incurred), regardless when the actual cash is received or paid out." "E.g. a company delivers a product to a customer who will pay for it 30 days later in the next fiscal year starting a week after the delivery. The company recognizes the proceeds as a revenue in its current income statement still for the fiscal year of the delivery, even though it will get paid in cash during the following accounting period. The preceeds are also a deferred income (liability) on the balance sheet for the delivery fiscal year, but not for the next fiscal year cash is received." "Similarly, a salesperson, who sold the product, earned a commission at the moment of sale (or delivery). The company will recognize the commission as an expense in its current income statement, even though s-/he will actually get paid at the end of the following week in the next accounting period. The commission is also a deferred expense (asset) on the balance sheet for the delivery period, but not for the next period the commission (cash) is paid out to her/him." "Unfortunately, the term accrual is also often used as an abbreviation for the terms accrued expense and accrued revenue that share the common name word, but they have the opposite economic / accounting characteristics." Accrued revenue: Revenue is recognized before cash is received. Accrued expense: Expense is recognized before cash is paid out. "Accrued revenue (or accrued assets) is an asset, such as unpaid proceeds from a delivery of goods or services, at which such income item is earned and the related revenue item is recognized, while cash for them is to be received in a latter period, when its amount is deducted from accrued revenues." "Accrued expense, in contrast, is a liability with an uncertain timing or amount, but where the uncertainty is not significant enough to qualify it as a provision. An example is an unpaid obligation to pay for goods or services received FROM a counterpart, while cash for them is to be paid out in a latter accounting period when its amount is deducted from accrued expenses." ##### Sheet/List 2 ##### Market Leader Unit 8 - Consultants p.70-71 Listening 8.1. brief "výtah, přehled, shrnutí" come up against "čelit, postavit se čemu" deliverable Report or item that must be completed and delivered under the terms of an agreement or contract. fall into spadat go about "postupovat při čem, přistoupit k, jak na to" input "vstup, vstupní informace, data" measurable měřitelné milestone "Project management: Scheduled event that indicates the completion of a major deliverable event (or a set thereof) of a project. Milestones are measurable and observable and serve as progress markers (flags) but, by definition, are independent of time (have zero durations) therefore no work or consumption of resources is associated with them." oversee "dozírat, kontrolovat" professional body profesní organizace SMART see below snoop around "čmuchat, slídit" submit "předložit, odevzdat, podat" T&M contract (time and materials contract) "Arrangement in which a contractor is paid on the basis of (1) actual cost of direct labor, usually at specified hourly rates, (2) actual cost of materials and equipment usage, and (3) agreed upon fixed add-on to cover the contractor's overheads and profit (income)." take on "přijmout, vzít od práce" tangible "hmatatelný, hmotný, skutečný" p.72-73 affluent bohatý back office "oddělení k dokumentaci, bez styku se zákazníky" back office = back end office "Office or department that provides back-end services. General: 'Behind the scene' operations center of a business with which the customer rarely comes in contact. Back-end offices or departments provide the services that make up a business function, such as accounting, administration, communications data processing, document handling." bring in "vynášet, vydělávat" call in "přivolat (pomoc), poslat pro (koho), pozvat si" code of conduct = code of ethics = code of practice Written guidelines issued by an official body or a professional association to its members to help them comply with its ethical standards. drawback "nevýhoda, nedostatek, vada" failsafe bezpečnostní fierce "krutý, nelítostný, úporný, urputný" get off the ground "začít, rozjet něco" high achiever "úspěšný člověk, premiant" hindsight "ohlédnutí zpět, zpětný pohled, pozdní lítost" hold back "zadržet, zatajit, utajovat, skrývat" in return for na oplátku za in-house vnitropodnikový jack in "skončit, zabalit, nechat něčeho, vykašlat se na něco" keep up with držet se s money for old rope lehce vydělané peníze money spinner "výnosný podnik, trhák" pare back "okrájet, zmenšit, redukovat" psychometric psychologický scrupulous "svědomitý, zásadový, úskostlivý" solicit for "žádat, prosit, dožadovat se" specified "upřesnit, vyčíslit, přesně stanovit" tout for sth snažit se získat něco unscrupulous "bezohledný, bez výčitek svědomí" utility veřejná služba p.74-75 bottom line "zde: spodní hranice, nejnižší mez, minimum" concession ústupek cost-cutting measures opatření ke snížení nákladů ill-will "nesnášenlivost, animozita, nepřátelství" prospect "vyhlídka, šance; perspektiva, možnost; perspektivní klient" take it or leave it ber nebo nech být trade-off "výměna za něco, kompromis, vyvážení" win-win Negotiation philosophy in which all parties to an agreement or deal stand to realize their fair share (not 100 percent) of the benefits or profit. Business Vocabulary in Use - Advanced Unit 10 What is quality? accuracy "správnost, přesnost, preciznost" confromity "shoda, soulad, přizpůsobení se" elimination "odstranění, zlikvidování" embody "ztělesnit, být součástí, včlenit" fitness "způsobilost, vhodnost" intention "úmysl, záměr" measurements míry open the door to "otevřít dveře, dát příležitost" quality management management jakosti revolve "točit se, obíhat, kroužit" specifications = specs "Exact statement of the particular needs to be satisfied, or essential characteristics that a customer requires (in a good, material, method, process, service, system, or work) and which a vendor must deliver. Specifications are written usually in a manner that enables both parties (and/or an independent certifier) to measure the degree of conformance. Specifications are divided generally into two main categories: (1) Performance specifications: conform to known customer requirements such as keeping a room's temperature within a specified range. (2) Technical specifications: express the level of performance of the individual units, and are subdivided into (a) individual unit specifications which state boundaries (parameters) of the unit's performance consisting of a nominal (desired or mandated) value and tolerance (b) acceptable quality level which states limits that are to be satisfied by most of the units, and (c) distribution specifications which define an acceptable statistical distribution for each unit." tolerance "tolerance, přípustná odchylka" variation "kolísání, odchylka" Unit 14 The management of change BPR - business process re-engineering "Thorough rethinking of all business processes, job definitions, management systems, organizational structure, work flow, and underlying assumptions and beliefs. BPR's main objective is to break away from old ways of working, and effect radical (not incremental) redesign of processes to achieve dramatic improvements in critical areas (such as cost, quality, service, and response time) through the in-depth use of information technology. Also called business process redesign." bring about "zapříčinit, způsobit, přivodit" delayering "To reduce the size of a business hierarchy, especially in terms of a reduction in management. This creates a flatter (less layered) organizational structure." go back to the drawing board předělat od základu fit "zapadnutí, dolehnutí (součástí)" fundamental "základní, zásadní, podstatný, rozhodující" incremental "přírůstkový, ziskový" radical "zásadní, rozhodný, radikální" redesign "přestavět, předělat" SMART Principle 1. Set Specific Goals. Research shows that specific goals are the most motivating. A specific goal is to reduce your 5K time by 30 seconds within 6 months. Many people just say they want to get faster. This goal is far too general to really motivate you in your training. 2. Set Measurable Goals. Simply saying that you want to get faster is not enough detail. You need to be able to chart and document progress toward your goal. One way to measure your progress is to document your performance at set intervals. In the above example you may want to time your 5K performance once a month so you have a good measurement. "3. Set Adjustable Goals. This means your goals are flexible enough to accommodate unexpected challenges without becoming obsolete. An injury may force your to modify your goal. If you goal is too run a certain marathon and you are injured, you may need to change your goal to do the half marathon, or some other event. An injury doesn't need to mean you abandon all your plans. At the same time, you may find you are progressing quickly and need to raise your goal." "4. Set Realistic Goals. Start where you are, and increase your goals accordingly. If you haven't ever run a 5K it's probably not a wise goal to say you want to run a marathon. While that may be your long-term goal, in the short-term you may want to shoot for the 5K and 10K and half marathon on the way to your marathon goal. This sort of progression is healthy and realistic. Also, keep in mind that as you become more and more fit and near your full potential the room for continued improvement gets smaller. Similarly, if your goals are too simple, you won't feel much satisfaction by attaining them. Only you truly know what is realistic for you." "5. Set Time-based Goals. Look again at first example: reduce your 5K time by 30 seconds within 6 months. This is specific and time-based. Without a time line there is a tendency to procrastinate or get bored. You may also need to set interim goals with shorter timelines to keep you on track. Consider the previous example of working up to a marathon by completing shorter distances first. each of those because a separate goal with a shorter timeline. In general, goals that stretch out beyond 6 months are too long to keep you interested and motivated. Try to re-evaluate your goals every 2-3 months." "Goal setting is an art as well as a science, but if you make sure your goals follow the S.M.A.R.T. formula, you will find you are more likely to stay motivated and reach goal after goal." SMART work objectives are: Specific Measurable Achievable Realistic Timely "Staff are strongly encouraged to be familiar with and utilise the SMART principles when setting their work objectives, indicators and targets. As a guide, consider the following statements:" Specific Is it clear and well defined Is it clear to anyone that has a basic knowledge of the work area Measurable Know if the goal is obtainable and how far away completion is Know when it has been achieved Achievable Agreement with all the stakeholders what the goals should be Is there a realistic path to achievement Realistic "Within the availability of resources, knowledge and time" Timely "Enough time to achieve the goal, is there a time limit" "Not too much time, which can affect work performance" ##### Sheet/List 3 ##### Market Leader Unit 9 - Strategy p.78-79 "Listening 9.1, 9.2" strategy strategie strategy Art and science of planning and marshalling resources for their most efficient and effective use. A plan that is intended to achieve a particular purpose; the process of planning sth: tactics "Means by which a strategy is carried out; planned and ad hoc activities meant to deal with the demands of the moment, and to move from one milestone to other in pursuit of the overall goal(s). In an organization, strategy is decided by the board of directors, and tactics by the department heads for implementation by the junior officers and employees." review "přezkoumat, zkontrolovat, zevidovat" update "aktualizovat, modernizovat" labour costs mzdové náklady implement "provést, uskutečnit, realizovat" mass-produce "vyrábět ve velkém množství, chrlit" newcomer "nově příchozí, nováček, přírůstek" reinvent "úplně přepracovat, předělat; znovu objevit" come down to "spočívat v čem, záležet na čem" consistent "důsledný, zásadový, pevný; souvislý, logický" measure "měřit, poměřovat, stanovit; míra; opatření" designer product značkový výrobek blurred "rozmazaný, zamlžený, nejasný" bear with someone mít strpení short run krátké období steer "řídit, kormidlovat, vést" p.80-81 enhancement "posílení, vylepšení, obohacení" mode "způsob, styl" tough "tvrdý, drsný, obtížný" revenue "příjem, tržba, výnos" echo "ozvěna, ohlas; odrážet se, evokovat" guru "autorita, duchovní otec" rife "běžný, početný" whip up "vyburcovat, vybičovat, rozdmychat" renowned "proslulý, pověstný, slavný" tap into to use or take what is needed from something such as an energy supply or an amount of money: start-up "Early stage in the life cycle of an enterprise where the entrepreneur moves from the idea stage to securing financing, laying down the basis structure of the business, and initiating operations or trading." accessories "doplňky, příslušenství" gaming consoles hrací konzoly shrewd "chytrý, mazaný, vychytralý" kindle "roznítit, vzbudit, zažehnout" rekindle "znovu oživit, znovu rozdmychat" contend "potýkat se, bojovat; tvrdit, trvat na svém" underlying "zásadní, základní, fundamentální" adjacent "sousední, přilehlý, blízký" detract "ubírat, zmenšit" playbook "any plan or set of strategies, as for outlining a campaign in business or politics." blunder "chyba, bota, kiks; udělat botu, zpackat to" awry "nevydařený, v nepořádku" glamorous "okouzlující, přitažlivý" unglamorous "prozaický, všední, střízlivý" clutch "stisknout, sevřít, svírat" distraction "rozptýlení, vyrušení" worsen zhoršit (se) drag on "táhnout se, vlést se" sprawl "rozvalovat se, roztahovat se, ; táhnout se, rozrůstat se" unrelated "nesouvisející, nemající žádný vztah" related "související, spojené" buy up "skoupit, vykoupit, odkoupit" exposed "odkrytý, nechráněný" insult urážet adding insult to injury přilít oleje do ohně; udělat to ještě horší p.82-83 exhilaration "osvěžení, vzpruha" exhilarated nadšený conducive "přispívající, vedoucí, podporující" outlook "vyhlídka, názor" bleak "neradostný, pochmurný" consecutive "následný, postupný; " consecutively "následně, postupně, jdoucí po sobě" Business Vocabulary in Use - Advanced Unit 16 Strategic thinking resource allocation "přidělení, alokace zdrojů, prostředků" mission statement formulace hlavního cíle organizace mission statement "Written declaration of a firm's core purpose and focus which normally remain unchanged, whereas business strategies and practices may frequently be altered to adapt to the changing circumstances. Properly crafted mission statements (1) serve as filters to separate what is important from what is not, (2) clearly state which markets will be served and how, and (3) communicate a sense of intended direction to the entire organization. A mission is different from a vision in that the former is the cause and the latter is the effect; a mission is something to be accomplished whereas a vision is something to be pursued for that accomplishment. Also called company mission, corporate mission, or corporate purpose." move "krok, opatření, postup, tah, manévr" toe-hold a position in a place or an activity which you hope will lead to more power or success: Unit 19 Key strategic issues concentrated "intenzivní, soustředěný" fragmented "roztříštěný, rozpadnutý, rozdělený" entry barriers = barriers to entry "Economic, procedural, regulatory, or technological factors that obstruct or restrict entry of new firms into an industry or market. Such barriers may take the form of (1) clear product differentiation, necessitating heavy advertising expenditure to introduce new products, (2) economies of scale, necessitating heavy investment in large plants to achieve competitive pricing, (3) restricted access to distribution channels, (4) collusion on pricing and other restrictive trade practices (such as full-line forcing) by the producers or suppliers, (5) well established brands, or (6) fierce competition. Barriers to exit, paradoxically, also serve as barriers to entry because they make it difficult to cut one's losses and run. Also called barriers to competition, entry barriers, or market entry barriers." entrant "soutěžící, účastník" acquisitive "hrabivý, zištný" wieldy "šikovný do ruky, ovladatelný" unwieldy "neskladný, nepraktický, neohrabaný, nešikovný" conglomerate "konglomerátní firma, konsorcium podniků" dispose of "zbavit se čeho, zahodit, zlikvidovat" divest (oneself of) zbavit se čeho sell off "odpropdat, rozprodat, vyprodat" Unit 20 Innovation foster "pěstovat, pomáhat, podporovat" corporate venturing "the activity of a larger company investing in a smaller business in order to develop new products, markets, etc. as well as get a share of the profits:" intrapreneurship "Practice of entrepreneurship in an established firm. Intrapreneurship applies the 'start up' style of management (characterized by flexibility, innovation, and risk taking) to a secure and stable firm. The objective is to fast track product development (by circumventing the bureaucracy) to take advantage of a new opportunity or to assess feasibility of a new process or design." entrepreneurial "podnikavý, podnikatelský" skunk works Product development program established outside the normal process and/or premises to expedite it or keep it a secret. A part of a company that has the freedom to develop new products without being closely controlled by the company: first mover a business that is the first to offer a new product or service or to use a new technology: trendsetter a person who starts a new fashion or makes it popular: drop out "vypadnout, odstoupit" shakeout "radikální restrukturalizace, rozsáhlé propoštění, zeštíhlení" shakeout "a big change that takes place in an industry, in which people lose their jobs and one or more competing companies may disappear. Upheaval in a market or industry due to intense competition that eliminates weaker competitors, and ends in just a few large dominating firms" consolidation "Accounting: (1) Combining assets, equity, liabilities and operating accounts of a parent firm and its subsidiaries into one financial statement. See also consolidated financial statement. (2) Combining two or more firms through purchase, merger, or ownership transfer to form a new firm." breakthrough průlom breakthrough "Highly significant or dramatic invention or improvement in performance, achieved through consistent, focused, and synergic efforts." catch on "uchytit se, ujmout se" ##### Sheet/List 4 ##### Market Leader Unit 10 – Doing business online p.90 Listening 10.1 boarding pass palubní lístek departure lounge odletová hala FAQs frequently asked questions = často kladené otázky hassle "nepříjemnost, otrava" spyware any technology that aids in gathering information about a person or organization without their knowledge shopping cart nákupní vozík p.91 Listening 10.2 broadband connection širokopásmové připojení weed out protřídit Listening 10.3 to struggle "bojovat, zápasit, snažit se; zde: mít problémy s" p.92 repercussions "dopad, odezva, následek" rock-bottom nejnižší možný seamlessly "jednolitě, uceleně" unprecedented "nebývalý, neslýchaný" p.93 high street hlavní třída self-contained "soběstačný, samostatný" to be geared up být připravený/nachystaný na něco back-end system "Back end systems are corporate systems that are used to run a company such as systems to manage orders, inventory and supply processing. Back end systems support the company's back office. This system collects input from users or other systems for processing." picking "kompletování zakázky, příprava zboží k odběru" p.95 Listening 10.4 punchy "živý, poutavý, působivý" exercise F (p.161) cross-sell the activity of selling other products or services that your company or another company provides at the same time as a customer is buying one product or service up-sell the technique of persuading customers to buy more products or a more expensive product than they originally intended Business Vocabulary in Use Advanced Unit 29: Internet security civil liberty občanská svoboda denial of service attack a type of attack on a network that is designed to bring the network to its knees by flooding it with useless internet traffic electronic trail elektronická stopa encrypt "zašifrovat, zakódovat" encryption "šifrování, zašifrování" encryption "šifrování, zašifrování" firewall a system designed to prevent unauthorized access to or from a private network law enforcement agency "an organisation that enforces (puts into effect) the laws of one or more governing bodies, or an organization that actively and directly assists in the enforcement of laws" penetrate "proniknout, prorazit, infiltrovat" privacy&confidentiality diskrétnost/soukromí a důvernost snooping "slídění, špehování" virus a program or piece of code that is loaded onto your computer without your knowledge and runs against your wishes Unit 30: E-commerce: after boom and bust bricks-and-mortar outlet kamenná prodejna business-to-business (B2B) "buying, selling and exchanging over the Internet of products, services or information between companies" business-to-consumer (B2C) "selling of products, services or information to consumers over the Internet" clicks-and-mortar "a business that uses the Internet as well as physical shops/stores, etc. to sell products" e-commerce elektronické obchodování e-fulfilment "taking an order and executing it by making it ready for delivery to its intended customer, in the e-commerce environment" e-marketplace / trading hub / trading platform an Internet-based environment that brings together business-to-business buyers and sellers so that they can trade more efficiently online e-procurement the process of businesses obtaining supplies of goods or services using the Internet e-tailing the business of selling goods to the public on the Internet old economy x new economy """an economy based on traditional industries and businesses that lasted for a long time"" x ""the economy that developed in the late 20th century, with industries based on very new technology and the use of the Internet to do business""" private exchange an organized online marketplace where one buyer/seller negotiates prices with potential sellers/buyers public exchange "open, organized online marketplace where buyers and sellers negotiate prices" pure-play online sellers a company that is involved in only one type of business reverse auction a type of auction in which prices go down rather than up as suppliers compete for a contract by offering to supply sth at a lower price than their competitors ##### Sheet/List 5 ##### Market Leader Unit 11 – New business p.98 to signpost nasměrovat a start-up nově založený podnik p.99 franchise "a right that sb buys from a company that allows them to do particular business activities, such as selling the company’s goods and services in a particular area" go out of business zkrachovat red tape byrokracie venture capital "money that is invested in a new company to help it develop or expand, which may involve a lot of risk but can also bring good profits" p.100 mature market a market that is no longer growing very quickly and is difficult for new companies to enter mediocre "průměrný, obyčejný" upset "rozrušený, rozčilený" p.101 (climb/jump on the) bandwagon to become involved in an activity or idea which is becoming popular or fashionable in order to become popular or successful yourself připojit se k úspěšnému trendu benchmark "měřítko, referenční bod" bruise "pohmožděnina, podlitina" counterpart "protějšek, doplněk" disruptive "rušivý, ničivý" "(survival, competitive) edge" "výhoda, přednost, náskok" erode "narušovat, snižovat" ground-breaking průkopnický post-entry barrier "something that makes it difficult for a company to compete in a particular kind of business, for example high cost or advanced technology, after it entered the sector" scar tissue jizvy (doslova: zjizvená tkáň) scramble vydrápat se spin-out "a company that is formed to develop and use the results of research done at a university or college; or synonym of spin-off: the act of forming a new, independent company from part of an existing one; a company formed in this way" to stem (from) "pramenit z, pocházet z, mít původ v" thoroughly "důkladne, naprosto" value-conscious vědomý si hodnoty p.102 Listening 11.5 invoice "faktura, účet" purchase order nákupní objednávka query dotaz Listening 11.6 overdue/outstanding payment zpožděná/nezaplacená platba p.103 adverse "nepříznivý, nepřející" debt recovery získat zpět dluh delivery notes dodací list/doklad payment terms platební podmínky persistent "vytrvalý, stálý" rectify "opravit, spravit, dát do pořádku" reference numbers referenční číslo stick to sth dodržovat něco subtly "jemně, nenápadně" withhold payment zadržet/odepřít platbu Additional text: Is Your Business Idea Feasible? assess market potential odhadnout/posoudit možnosti trhu capture value gain profit/benefit from idea/business/etc. create value come up with/offer something that brings profit/benefit to someone critical evaluation kritické zhodnocení divergent x convergent thinking rozbíhavé x sbíhavé; thinking that moves away in diverging directions so as to involve a variety of aspects and which sometimes lead to novel ideas and solutions x thinking that brings together information focused on solving a problem escalating equity value zvyšování hodnoty akcií fatal flaw osudná chyba/vada feasibility "proveditelnost, uskutečnitelnost" fiscal burden finanční břemeno/zatížení gauge /geidž/ "odhadnout, změřit" immediately addressable market okamžitě oslovitelný trh (zákazníci s okamžitým zájmem o produkt/službu) inadvertently "neúmyslně, nechtěně, bezděčně" insight "vhled, proniknutí do podstaty věcí" liquidity event "the method by which a venture capitalist or business owner intends to get out of an investment that he or she has made in the past; i.e. it is a way of ""cashing out"" (selling in order to make profit) an investment; examples include an initial public offering (IPO) or being bought out by a larger player in the industry; also called ""exit strategy""" mitigate risks zmírnit risk oft-neglected často opomíjený ongoing concern dlouhodobá/dlouhotrvající záležitost/podnik operating plan plán fungování (podniku) operational risk risk connected with the functioning of a business pertinent "relevantní, věcný, trefný" probabilistic pravděpodobnostní procure obstarat prospective "případný, možný" pursue "usilovat o, snažit se o" secondary x primary market research sekundární průzkum trhu (informace z tisku a jiných zdrojů) x primární průzkum trhu (přímé zjišťování informací od lidí) solid "solidní, stabilní" stakeholders "a person or group that is involved in and can be affected by a particular organization, project, system, etc., for example directors, employees, shareholders and customers" startup capital kapitál na založení podniku sunk costs an amount of money that a company has already spent and cannot now get back upfront costs "costs that have to be paid in advance, before other payments are made" upside potential opportunity for making high profits value-capture power the ability to gain from the business/idea/product variable proměnná ##### Sheet/List 6 ##### Market Leader Unit 12 – Project management p.106 consensus "shoda, souhlas" overlap "překrývat se, přesahovat" run over schedule přetáhnout termín/plán Listening 12.1 juggle žonglovat multi-tasking the ability that a computer has to operate several programs at the same time; the ability a person has to do several things at the same time p.107 be accountable for sth být zodpovědný za interfere "zasahovat do, překážet, rušit" milestone milník p.108 air-traffic controller letecký dispečer constraining omezující to tether uvázat turn out produkovat underachiever neúspěšný člověk p.109 be stuck with mít na krku deliverable a piece of work that must be completed gratifying "potěšitelný, radostný, příjemný" gripe "stěžovat si, remcat" intrude "proniknout do, plést se do" intrusion "pronikání, pletení se " laud "chválit, vychvalovat, velebit" manpower pracovní síla on-call readily available for summoning upon short notice rapid-fire response "rychlá, svižná odpověď" wide area network a number of computers and other devices that are far apart but are connected together so that equipment and information can be shared p.110 frank "upřímný, otevřený" perception vnímání Listening 12.4 lose face to be less respected or look stupid because of something you have done save face to avoid or help someone avoid embarrassment upfront "přímý, otevřený" p.111 roll call "the calling of a list of names, as of soldiers or students, for checking attendance" trials the process of testing the quality or performance of the product to see if it will be effective or successful typeface typ písma Business Vocabulary in Use Advanced Unit 15: Striving for perfection benchmark "a standard, usually of quality or performance, that other things can be compared to" benchmarking finding the best performance or process and use this as a standard to improve performance or processes in a company best practice "the best way of doing a particular task or activity, often recorded by companies or organizations in formal documents" competitive benchmarking "finding the best performance or process outside the company, in the same industry" defect "vada, kaz, porucha" functional benchmarking finding the best performance of a function by looking at non-competitors (other industries) internal benchmarking finding the best performance inside the company reverse engineering examining another company’s product in detail to find out how it is made six sigma quality a system that aims to improve production processes so that almost all products are of perfect quality