BUSINESS AND MONEY is a common topic in IELTS. Here is a list of words that you need to know to get a good score.
1. To take something into consideration/ account
Meaning: to consider or remember something when judging a situation
Example: No business will succeed if it fails to take the needs of customers into account/into consideration.
2. To break into a market
Meaning: to enter a market with the connotation that entrance to the industry was difficult.
Example: It is difficult to break into the market for designer sportswear because there is too much competition from leading brands like Nike.
3. To keep someone’s word
Meaning: to uphold one’s promise; to do as one says
Example: I lent him a lot of money, so I hope that he keeps his word and repays the loan.
4. To reach a consensus
Meaning: to come to an agreement
Example: The directors of the company have reached a consensus on the new
business plan.
5. To make the most of something
Meaning: to make something appear as good as possible; to exploit something; to get as much out of something as is possible.
Example: They designed the advertisements to make the most of the product’s features.
6. To go out of business
Meaning: if a company goes out of business, it stops doing business permanently, especially because it has failed
Example: If we sold food at those prices we’d soon go out of business.
7. To do market research
Meaning: to collect information about what people buy and why they choose it.
Example: Advertising companies do a lot of market research before they design promotion campaigns.
8. To make cutbacks
Meaning: to decrease, to reduce
Example: The company made cutbacks at their stores in New York and many employees were dismissed.
9. To manage expectations
Meaning: Seek to prevent disappointment by establishing in advance what can realistically be achieved or delivered by a project, undertaking, course of action, etc.
Example: the company needs to manage the expectations of investors by presenting a realistic figure for next year’s estimated profits.
10. To make a calculation
Meaning: to assess a situation and figure out (or guess) the outcome
Example: We cannot make a precise calculation of the price until we have all the
costs.
11. To pay in arrears
Meaning: refers to making a payment to a supplier later than the terms of the arrangement under which goods or services were purchased from the supplier.
Example: The company pays one month in arrears to all its suppliers and employees.
12. To buy at auction
Meaning: to buy something at a usually public sale of goods or property, where people make higher and higher bids (= offers of money) for each thing, until the thing is sold to the person who will pay most
Example: Buying a property at an auction can be a nerve-wracking or exhilarating experience.
13. To squander a chance/ savings
Meaning: to waste money or supplies, or to waste opportunities by not using them to your advantage
Example: James squandered all his savings in an unsuccessful business venture to sell ice cream in Alaska.
14. Overhead cost
Meaning: refers to regular costs required to run a business, such as rent, electricity, wages etc
Example: An increase in rents in the shopping mall increased the overhead costs
of all the shops which operated there.
15. A takeover
Meaning: an act of taking over a company by buying its shares
Example: Sony made a successful takeover of the broadcasting company CBS
16. A merger
Meaning: the action of joining two or more businesses into one
Example: The directors of Kentucky Fried Chicken and Burger King are considering a merger of the two companies.
17. A heavy workload
Meaning: having many tasks to perform
Example: Many employees of the company take time off work because of illness and stress due to the heavy workload.
18. Compensation
Meaning: something that somebody gives you [usually money] because they have hurt you or damaged something that you own
Example: I received a large sum of money as compensation for the injury which I sustained at work.
19. Revenue
Meaning: the money that a government receives from taxes or which a company receives from its business
Example: The tax revenues of the government have fallen as a result of the economic crisis.
20. White-collar
Meaning: working in an office, not a factory
Example: The insurance company is offering some white-collar jobs if you want to apply.
21. Blue-collar
Meaning: connected with people who do physical work in industry
Example: He’s a blue-collar worker in a car factory
22. To run your own business
Meaning: to have a business which you own
Example: I was tired of working for other people, so I decided to run my own business.
23. To earn a living
Meaning: to earn money
Example: I used to earn a living as a teacher, but now I sell used cars.
24. Enhance their public image
Meaning: to make their company appear more attractive to people
Example: In order to enhance their public image, some companies donate large sums of money to charities.
25. To grow a business
Meaning: to expand a business, usually a new one
Example: The company started one year ago with only one shop, but they have grown the business and now have ten shops.
26. To gain a competitive edge
Meaning: to achieve an advantage over another company or organization, often by providing the same goods or services at a lower price
Example: The high quality of VW cars, combined with their affordable price, has enabled the company to gain a competitiveedge over all its rivals in world markets.
27. Maximize profits
Meaning: to increase profits to the highest possible level
Example: The company has hired a marketing consultant to recommend how to maximize profits next year.
28. To conduct a business
Meaning: to operate a business in a particular way
Example: It is important to conduct a business with honesty in order to gain the confidence of customers.
29. To be made redundant
Meaning: to lose one’s job
Example: The car factory has closed and 1000 employees have been made redundant.
30. Pension scheme
Meaning: a system in which you and your employer pay money regularly into a fund, to use when you retire from work
Example: One of the benefits of working for a big corporation is that such large companies usually provide a good pension scheme.
