English-Russian dictionary of economics and finance : English-Russian explanatory dictionary / Edited by A.V. Anikina.- St. Petersburg. : Economic School, 1993. - 592 p. - Series “Library” Economic School", vol. 1. ISBN 5-900428-05-2

The most complete and universal English-Russian dictionary on this topic. Contains 75 thousand words and expressions. The dictionary covers theoretical and applied economics and such areas of business and finance as management, accounting, civil and commercial law, budgeting, taxes, banking, markets securities, insurance. International economic and monetary relations are also considered. The dictionary will be an indispensable assistant for translators, managers and businessmen, teachers, students and schoolchildren. Almost anyone interested in economics or business will find it useful.

Doctor of Economics Sciences Irina Mikhailovna OSADCHAYA Doctor of Economics Sciences Boris Grigorievich FEDOROV

The table "Monetary units of the countries of the world" was compiled by Dr. Econ. Science M.A. Tailor

Editor of the publishing house I. I. Moshentseva

© SCHOOL OF ECONOMICS, 1993

PREFACE

This dictionary is a universal and the most complete of the available English-Russian dictionaries on economic topics.

The dictionary covers theoretical and applied economics, various areas of finance (budget, taxes, credit, securities market, insurance), business practice, production organization, international economic and monetary relations. To the extent necessary for an economist, it also includes socio-political, legal, mathematical, statistical, and demographic terminology.

This is not an explanatory dictionary in the full sense of the word. First of all, it contains translations of English terms and expressions into Russian. However, in an effort to increase its practical value, the compilers in many cases provide a number of translation options, as well as brief explanations and indications of the scope of the term. This is also served by a marking system that reflects the specific use of a term or expression.

The dictionary is focused on the modern lexical fund used in the USA and Great Britain, and partly also in other countries of the English language. It includes the equivalents of Marxist terms and the language of Soviet economic practice that have developed in English. At the same time, the emphasis in the dictionary is on modern terminology of the market economy and new economic relations developing in Russia.

Within reasonable limits, the names of international economic and financial organizations, relevant departments and institutions of the USA and Great Britain, public organizations of socio-economic profile. Proper names of companies and banks, even the largest ones, are not given if they are not of an interstate or state nature: this is the task of special reference books.

The compilers sought to make the dictionary as convenient as possible for use. Therefore, a nested system of arranging terms and expressions according to the grammatically main word was adopted (see “On using the dictionary”). The set of phrases is intended to give as complete an idea as possible about the use of the term in literature and living language. The dictionary includes the colloquial language of business, in some cases AND professional jargon, especially stock exchange. As a rule, this is stipulated by the necessary litters.

The appendix provides a list-dictionary of abbreviations and a table of monetary units of the countries of the world. The list of abbreviations does not claim to be complete and does not contain abbreviated company names. The table gives the English names and accepted abbreviations of official monetary units and main coins of change. The most important historical monetary units and colloquial names of coins of different denominations are included in the dictionary corpus.

The importance of the English language in the new environment emerging in Russia and other parts of the former Soviet Union is increasing markedly. This especially applies to the economic, business, and financial spheres. This dictionary reflects this objective trend and is designed to meet growing needs. The compilers count on a wide range of users: translators, entrepreneurs, business people and managers, scientists, teachers and students, high school students.

The dictionary can also be useful to persons for whom English is their native language and Russian is a foreign language.

The sources of the dictionary are original English-language texts (monographs, textbooks, reference books, newspaper and magazine articles), as well as lexicographic publications of various types, if possible the latest. Among the latter, we especially note:

English-Russian economic dictionary. Ed. A.V. Anikina. M., Russian language, 1981.

B. G. Fedorov. English-Russian explanatory dictionary of currency and credit terms. M., Finance and Statistics, 1992.

Dictionary of concepts and terms. Appendix to the book: K.R. McConnell and S.L. Bru "Economics. Principles, problems and politics". M., Republic, 1992.

Large English-Russian dictionary. Under the leadership of I.R. Galperin. M., Russian language, 1977.

M. A. Menshikova. English economic terms. Directory. Novosibirsk, Nauka, 1983.

L.I. Lopatnikov. Economic and mathematical dictionary. M., Nauka, 1987.

The New Palgrave. A Dictionary of Economics. Ed. by J. Eat-well, M. Milgate, P. Newman. L., Macmillan, 1988.

Dictionary of Business Terms. Ed. by J.P. Friedman. N.Y. a.o., Barron's, 1987.

J. Downes, J.E. Goodman. Dictionary of Finance and Investment Terms. N.Y. a.o., Barron's, 1987.

Macmillan Dictionary of Modern Economics. Gen. editor D.W. Pearce. L., Macmillan, 1985.

H.W. Rubin. Dictionary of Insurance Terms. N.Y. a.o., Barron's, 1987.

account	check
assets	assets
ATM (cash machine)	ATM
audit	audit, control check
auditing	accounting
balance	balance
balance of payments	balance of payments
balance of trade	trade balance
balance sheet	balance sheet
purchase	purchase
cargo	cargo
cash	cash
Chamber of Commerce	Chamber of Commerce
client/customer	customer
collateral	pledge
commodity turnover, circulation	trade turnover
Common Market	Common Market
competition	competition
competitive	competitive
competitor	competitor
consumer; ~goods	consumer; ~skie goods
consumption	consumption
consumption, accumulation fund	consumption fund
convertible, hard	convertible, hard
costs	costs
cover expenses	bear the expenses
credit terms	Loan terms
currency	currency
damage	damage
deal/transaction	deal
delivery	supply
deposit	contribution
depreciation	impairment, amortization
discount	discount
dividends	dividends
domestic market	domestic market
efficiency	Efficiency (coefficient of efficiency)
employee	employee
employer	employer
enterprise	enterprise
entrepreneur	entrepreneur
expenditures/expenses	costs/expenses
export earnings	export earnings
external debt	external debt
factory assets/funds	enterprise funds
find/turn out to be defective/substandard	reject
GDP (Gross Domestic Product)	GDP (gross domestic product)
GNP (Gross National Product)	GNP (gross national product)
growth rate	growth rate
incentive	stimulus
in charge of economic policy	responsible for economic policy
income tax	income tax
insurance	insurance
interest rate	interest rate
International Monetary Fund (IMF)	International Monetary Fund (IMF)
investor	investor, investor
joint venture/enterprise	joint venture
labor intensive	labor-intensive
lender, borrower	lender, recipient
letter of credit	letter of credit
liabilities	liabilities
limited liability	limited liability
loan	loan, loan
loan agreement	loan agreement
long-term, medium-term, current plans	long-term, medium-term, current plans
management, administration	leadership, management, management
manpower	labor force
mortgage	mortgage
natural resources	natural resources
output	release, volume (of production)
payments	deductions
per capita	per capita
personnel turnover	staff turnover
planned, market economy	planned/market economy
portfolio	briefcase
price list	price-list
producer	manufacturer
production/prime cost/cost price	cost price
profit	profitable, profitable
profitability	profit
advantageous	profitable
ratio	coefficient
raw materials	raw materials
retail	retail
revenue	receipts
sales and purchase	sales (sale) and purchase
savings	saving
scarce, rare	scarce
securities	securities
self-financing	self-financing
share	share
shortage, deficit	deficit
small, medium enterprise	small, medium enterprise
spare parts	spare parts
State Bank	State bank
stock	promotion
stock company	joint stock company
stock exchange	stock exchange
exchange rate	exchange rate
business slowdown	business decline
stock market	stock market
stockholder	shareholder
supplier	supplier
supply and demand	supply and demand
tariff	duty
tax, property ~	tax
terms of delivery	delivery terms
terms of payment	terms of payment
to be in demand	be in demand
to deliver/supply	supply
to fulfill/overfulfill a plan	fulfill/exceed the plan
to manage, run (e.g. a firm, hotel)	exploit
to patent	patent
to save on something/economize	saving, saving
trade representative	trade representative
trial order	trial order
turnover	trade turnover
value added tax (VAT)	value added tax (VAT)
warehouse/storehouse	warehouse
wholesale	wholesale
World Trade Organization (WTO)	World Trade Organization (WTO)
discount rate, bank rate	discount rate
accounting and reporting	accounting and reporting
agent, intermediate	intermediary
arrears	debt
be listed on stock market	be quoted
bid, tender	bidding, bid, proposal, tender
bill (of exchange)	bill of exchange, bills of exchange
bill of lading	bill of lading
invoice	invoice
bond	bond
break-even point	breakeven point
broker	stockbroker
budget cuts	sequestration
capital flight	capital flight
capital intensive	capital intensive
capital investment	capital investments, investments
chartering	chartering
cost accounting	self-financing
cost recovery	self-sufficiency
deduct, write off from taxes	deduct, write off taxes
equity capital	share capital
equity investment	net worth capital
European Bank for Reconstruction and Development (EBRD, World Bank)	European Bank for Reconstruction and Development (EBRD)
fixed capital	fixed capital
freely convertible currency	freely convertible currency (FCC)
freight	freight
government, treasury bonds (T-bills)	State treasury bond (GKO) mutual fund
grant	free subsidy
insolvency	insolvency, insolvency
installation payment plan	installment payment
issue	emission
listing	quotation
loading, unloading
maturity	maturity date
means of production	means of production
military-industrial complex	military-industrial complex (MIC)
Ministry of Foreign Economic Ties	MVES (Ministry of Foreign Economic Relations)
money supply	money supply
negotiated instrument	negotiable instrument
non-collected taxes	arrears
oil field	field
oil pipeline	pipeline
oil rig	drilling rig
oil wells	production wells
overheads	overheads
pipeline	pipeline
procurement	purchase
self-subsidizing	self-sustaining
pumping	pumping
raise labor productivity	increase labor productivity
rate of reimbursement	reimbursement rate
repayment of credit	loan repayment
risk management	risk management
savings (e.g. in savings bank account)	production sharing agreement (PSA)
subcontractor	contractor
submit dispute to arbitration	submit the case to arbitration
tax code	tax code
tax collection	tax collection
tax evasion	tax evasion
tax privileges, tax relief	tax benefits
tax return	tax return
taxable	taxable
taxation	taxation
tax-exempt, tax free	tax-exempt, tax-free
to file taxes	submit a declaration
trade mission	trade mission
trade/commercial consultant	trading advisor
trade surplus	active trade balance

Stock (Shares) – a document confirming the rights of its owner to the income and property of the company that is their issuer. There are ordinary (voting) and preferred (non-voting) shares, the totality of which constitutes the authorized capital of the company.

Preferred shares (Preferred Stock) – rights to the capital of an organization secured in a special way, presupposing the preferential receipt of a rate of return fixed at the time of issue on investments in capital in the presence of profit.

Ordinary shares (Ordinary Stock) – shares, the owners of which have the right to the net assets of the company, have the right to participate in the development of fundamental decisions for the development of the company related to its business activities (election of the Board of Directors, approval annual reports and control over financial performance, etc.). Owners of ordinary shares bear all financial risks economic activity companies. In addition, the decision on the amount of dividends to be paid from the shareholders is approved at the general meeting of shareholders. net profit after payment of dividends on preferred shares.

Assets (Assets) – property rights of an economic entity to various types of property, including funds in circulation. There are current assets (or working capital), hard-to-sell assets (fixed capital) and intermediate assets (financial investments);

resources controlled by the owners of the company and acquired as a result of past business transactions, used by management to obtain future economic benefits.

Non-current assets (Fixed Assets, Non— Current Assets, F.A.) – company assets that transfer their value to products over a period exceeding one year and (or) several operating cycles, and (or) formed to obtain long-term benefits. This group includes fixed assets, intangible assets, construction in progress, long-term financial investments and some other assets that meet the above criteria.

Liquid/quick assets (Liquid Assets) – cash and other highly liquid assets that the company can, without a significant loss of value and in a short time, convert into cash to fulfill its urgent obligations.

Current assets, current assets (Current Assets, C.A.) – the company’s assets in continuous circulation include cash and short-term investments in securities, short-term receivables, work in progress, inventories of materials and goods ready for sale. Common to a group of assets is the principle of a one-time transfer of its value to manufactured products, and the expected period of transformation of assets into cash within one year, or a period not exceeding one operating cycle, if its duration exceeds one year.

Depreciation (Amortization, Depreciation) – periodic accruals reflecting the decrease in the accounting (i.e., residual) value of depreciable non-current assets made during the estimated service life of the asset. For fixed assets (funds) – depreciation, and other depreciable assets, for example, intangible assets – amortization.

The following are distinguished: depreciation methods:

straight line method:

Declining balance method;

method of writing off cost by sum of numbers of years beneficial use depreciable asset (sum-of-the-year-digits method);

method of writing off cost in proportion to the volume of production (units-of production method).

Balance (external) (Public Soft) – balance sheet of companies compiled for external publication, that is, for shareholders, creditors, the public and tax authorities.

Book value (Book Value) – the value of an asset element reflected on the balance sheet. As a rule, it is formed as the difference between the original cost of the asset minus depreciation, revaluation, or depreciation taking into account market value.

Book value of the share (Book Value per Share) – share price calculated based on the book value of equity.

Bank overdraft (Bank Overdraft) - a loan provided to the borrower by current account, repayable on demand. Maximum amount The overdraft loan is determined in advance by the agreement, and interest is accrued only on the used part of the loan daily.

Bankruptcy (Bankruptcy) – a procedure regulated by the legislator for the transfer of assets of a legal or individual arbitration manager for the formation bankruptcy estate in order to fully or partially satisfy the claims of creditors, with the subsequent release of the debtor from further prosecution.

Accounting (financial) statements (Financial Statement) – prepared, in accordance with the requirements established by the financial market regulator, reporting of an economic entity, characterizing:

financial position of the entity as of a certain date (Balance Sheet, Balance Sheet);

financial results its activities (profit and loss statement, Profit & Loss Statement);

movement of cash flows for the reporting period (cash flow statement, Cash— Flow Statement);

state and structure of equity capital (statement of changes in equity capital, Reconciliation of Movements in Shareholders’ funds);

additional explanations (appendices) that increase the level of transparency of reporting, taking into account the peculiarities and specifics of the conditions for carrying out operating, investment and financial activities.

Accounting profit (Accounting Profit) – the difference between the volume of revenue and expenses attributable to revenue, calculated in accordance with accepted principles accounting for a certain period (usually a year, quarter, month).

Budgetary control— a management process that links the responsibility of performers with the requirements of the policy pursued by the company in the field of operating, investment and financial types activities involving continuous monitoring of budget parameters on the basis of a comparative plan-fact analysis. Its implementation pursues the task of ensuring the fulfillment of set goals, and determining the moment in time at which there is a need for their revision or adjustment.

Gross costs, total costs (Total Cost)– the sum of variable and fixed costs in the business process under study.

Gross Profit (GP)– the difference between sales revenue and the cost of products, goods and services sold.

Gross Margin, GM— the difference between sales revenue (income) and variable production costs per unit of output.

Earnings before interest and taxes, EBIT(operating profit)– earnings before interest and taxes.

Promissory Note- a written promissory note in the form established by the legislator, issued by the borrower (drawer of the bill) giving the holder of the bill the right to demand from the borrower the amount fixed on the bill of exchange for payment within a specified period.

Non-operating income, other income (Extraordinary Income, Other Income) – income received from transactions in securities, from participation in the capital of subsidiaries and affiliates, from exchange rate differences on transactions in foreign currency.

Non-operating expenses, other expenses (Other Expenses)– costs associated with the production and sale of main products, but attributable to the financial results of economic activities.

Guaranteed placement, underwriting (Underwriting)– purchase by a financial institution of a large package of securities at the rate established by agreement between the company and the institution, with subsequent resale (placement) on the open market at a free rate.

Geographical segment- a dedicated component of an economic entity that is involved in the production of goods or the provision of services in a specific economic environment and that is exposed to risks and receives income that is different from the risks and income of other components of this entity operating in different economic conditions.

Accounts receivable, accounts receivable (Accounts Receivable, AR) – obligations of counterparties accompanying the current activities of the organization. (Receivables) - debt arising to an entity on the part of counterparties and other persons as a result of concluding business agreements for transactions and (or) other operations determined by law.

Cash expenses, expenses (Expenditure)- the amount of money spent by a business entity on the purchase of raw materials, goods and services.

Cash– cash on hand and bank deposits payable on demand, including deposits in foreign currency. The absolutely liquid part of the company's assets, consisting of cash balances, funds in the current bank account, and highly liquid securities that have free circulation along with cash.

Share financial instrument(Equity instrument)– any document confirming the right to the share of the company’s assets remaining after the repayment of all obligations.

Accounts payable- the amount of claims that the company must pay to counterparties by virtue of agreements concluded with them (for example, supply or service agreements, after they have fulfilled their obligations under these agreements).

Loan Capital– bonds and other types of long-term loans to the organization.

Inflation– a general increase in prices, leading to a decrease in the purchasing power of the monetary unit.

Capitalization of dividends (Scrip or bonus Issue)– issue of new shares for free distribution among shareholders (for the payment of dividends), in proportion to the previously established shares of shares.

Bond- a financial instrument, which is a form of market-quoted long-term borrowing of funds by a company on the financial market. Object financial investments; A debt security that gives its owner the right to receive periodic payments and repayment of the principal balance at a predetermined date over the medium or long term.

Current liabilities, short-term (Current liabilities, CL)– the amount of funds to be paid during the next reporting period (within the year). Includes non-interest liabilities (on commercial loans), current tax payments, and dividends declared and payable. Also include amounts on bank loans to be repaid during the reporting period ( short-term loans and loans).

Long-term liabilities, Long-term debt obligations (Long-Term Liabilities, LTL, LTD)– pledges, pledges, as well as other obligations (credits and borrowings) that are subject to repayment in more than 1 year (abroad - more than 10 years) from the date these obligations are reflected in the balance sheet.

Option- a financial instrument that gives its owner the right, but not the obligation, to buy or sell a specified quantity and quality of an asset at a predetermined rate on or before the expiration of a specified period.

Industry segment- a business component separately allocated by an economic entity, which is involved in the production of a separate type (homogeneous group) of goods or services and which is subject to its own risks and receives income that differs from the risks and income of other industry components.

Deferred tax, deferred tax liabilities (Deferred Tax)– the amount of accrued income taxes reflected in the income statement, but not actually paid in reporting period. It is formed as a result of a discrepancy in time between calculations when generating financial and tax reporting.

Revaluation of Fixed Assets– revaluation of the initial cost of fixed assets in order to determine their replacement cost (reproduction cost) in current prices at the time of revaluation. Produced on the initiative of company managers to optimize taxation and conditions for the reproduction of the company’s fixed capital.

Solvency– the company’s availability of funds to fulfill its financial obligations on time.

Profit (Income, Profit)– the difference between sales proceeds (income) and expenses attributed to this revenue.

Tangible Assets– all assets reflected on the company’s balance sheet, with the exception of intangible assets.

Own shares on the company’s balance sheet (Treasure Stock)– ordinary shares that were purchased from shareholders, not redeemed and reflected on the balance sheet at the cost of their acquisition (or other value).

Own funds, net worth of the company, net assets (Net Assets, NTA)– the amount of assets after subtracting from them the amount of all the company’s liabilities. In the Russian Federation it is carried out on the basis of Order of the Ministry of Finance No. 10-. The result of the calculations is given at the end of the reporting year in the certificate to the Statement of Changes in Capital (Form No. 3).

Equity capital, Net worth, EQ– book value, or market value, which determines the amount of claims of holders of ordinary and preferred shares of the company. Can be defined as the difference between the value of an organization's assets and liabilities. In Russia, it includes authorized capital, retained earnings from previous years, additional capital and reserve capital.

Total Assets (TA)– the sum of fixed assets, intangible assets, financial investments and working capital.

Authorized Share Capital (ASC)– the amount of contributions of its founders determined by the company’s Charter can be changed only on the basis of a decision of the meeting of founders (shareholders) and after the re-registration of the company.

Authorized capital (Capital Stock)– capital, the amount of which is fixed in the company’s constituent documents and which is formed from funds received by the company as a result of the issue of capital.

Factoring– a method of financing business activities through the assignment of rights to claim (sale) of the company’s receivables to banks or specialized factoring organizations.

Futures Contract- obligation to buy or sell financial asset at the agreed rate and within the predetermined time frame.

Net profit (Net profit, Net Income, NP, N1)– the difference between all income (including other and extraordinary) and the corresponding costs and expenses, including taxes, for a certain period.

Net Loss– the excess of all expenses over income during the reporting period.

Net Total Assets (NTA)– all balance sheet assets minus liabilities, including debt capital. In Russia, they are determined in accordance with Order of the Ministry of Finance No. 10-n, according to which, the assets accepted for accounting do not include own shares on the balance sheet, debt of the founders for contributions to the authorized capital of the company and some types of intangible assets. The entire value of the company's external liabilities is deductible from this assessment.

Securities issue– issuance of equity securities (shares, bonds, other debt obligations) by industrial, commercial and financial investment companies for the formation of financial capital.

Economic analysis, budget planning, forecasting financial results.

Annuity- a uniform sequence of payments or receipts over a certain number of periods.

Vertical balance analysis, structural analysis(Vertical balancesheetanalysis)– determination and interpretation of the structure of final financial indicators, identifying the impact of each reporting item on the result (currency, balance sheet) as a whole.

Replacement Cost– a method for assessing fixed capital, based on the costs (costs) of replacing retired fixed capital with capital of similar quality that provides similar services.

Sales revenue (Receipts)– funds received from the sale of manufactured products, provision of services or elements of capital to a third party.

Horizontal analysis, time analysis (Analysis of Time)– comparison of each position financial statements with the previous period to clarify the directions and patterns of their changes.

Break-even chart- a graphical image demonstrating the dependence of operating profit on sales volume, which determines the sales volume sufficient to compensate for the full operating costs (variable and fixed costs).

Cash Flow– receipts in the form of cash payments, certified checks and other documents with high liquidity. Continuous receipts and expenditures of funds in the process: current (operational); investment; and financial activities. The amount of profit (before taxes), depreciation and reserves of various kinds, taken into account in accounting, but not paid in the form of cash to the party.

Cash Flow from Operating Activities (CF)oper) – cash flow generated from ordinary activities for the period. In the absence of a statement of cash flows, it can be calculated as profit from ordinary activities less taxes payable, but adjusted for cost items that do not generate related cash flows (for example, depreciation).

Cash Flow from Investing Activities (CF)inv) – cash flow generated as a result of investment activities. Defined as the net change in permanent (non-current) assets.

Cash Flow from Financing Activities (CF)fin) - cash flow in the process of carrying out the financial activities of the company is formed by attracting new sources of capital of the company (issue of shares plus new interest obligations), minus paid dividends and repaid interest obligations.

Dividend– a share of profit allocated to pay profitability to the company’s shareholders. If there is net profit, mandatory payment of dividends on preferred shares is made, within the limits of the pre-agreed profitability during the issue. The yield on common (voting) shares is not guaranteed and depends on the company's dividend policy and the amount of cash it has available. The size of dividends is usually determined at the company's annual general meeting of shareholders.

Dividend per Share (DPS)– actual size cash payments, produced by the company to shareholders per share. Determined based on the ratio of the amount of dividends paid to the number of ordinary shares outstanding, according to financial statements.

Dividend Yield– current income of shareholders as a result of paying them dividends, defined as the ratio of the amount of dividends per share and the average market price of the share (Div/P).

Dividend Policy- the company’s policy in the field of using net profit, which is formed by the board of directors, determines what share of the profit will be paid to shareholders in the form of dividends, and what will remain as retained earnings and reinvested.

Present Value– reflection of the value of assets at the discounted value of future net cash inflows (which will be generated by the asset in the current state of financial and economic activities. The basic principle of IFRS when assessing current assets on the company’s balance sheet.

Discounted cash flow (DCF)– the result of applying the discounting method when evaluating investment projects, the use of which reduces the cost of future receipts and payments against payments made at the time of making a management decision.

Duration of the financial cycle (Working Capital Days)– an indicator characterizing the period of immobilization of funds into the current activities of the company, calculated as the sum of the storage period of inventory, the duration of the repayment period of accounts receivable minus the duration of the repayment period of accounts payable.

Added economic value(Economic Value Added, EVA)– represents the difference between the company’s revenue for the period and all expenses incurred, including capital expenses.

Added market value(Market Value Added, MVA)– a performance assessment indicator representing the difference between the book value of the company’s capitalization and its current market value.

Profitability, profitability (Rate of return)– actual or calculated level of income for a certain period for the project.

Return Of Equity (ROE)– a characteristic of the efficiency of use of equity capital by the company’s management, determined on the basis of the ratio of net profit and the average cost of equity capital for the period of analysis.

Earnings per Share (EPS)– the ratio of net profit to distribution to the number of ordinary shares on which dividends are expected to be paid.

Financial safety margin– the ratio of the difference between the current (forecast) sales volume and the sales volume at the break-even point to the current (forecast) sales volume, expressed as a percentage.

Safety Area– an indicator characterizing the difference between the actual (planned) and critical (break-even) sales levels.

Profitability Index (PI)– shows the effectiveness of investments, which is the ratio given: the value of all proceeds from the project to the present value of all cash expenses associated with it.

Indirect method J Cash-Flow Statement– a method for determining net cash flow by adjusting the net profit indicator by the amount of change in the current act and liabilities, as well as non-cash items of cash write-off.

Beta Value– an indicator of the risk of shares of a given company, assessed on the basis of comparative monitoring of share price volatility in relation to the volatility of the financial market. Used by business analysts to determine the fair market value of shares.

Dividend Yield (DY)– shows the ratio as a percentage of dividend income (after tax) to the market value of the stock.

Dividend Payout Ratio (DPR)– the share of distributed profits allocated for the payment of dividends.

Liquidity Ratio (LR)– a group of financial ratios showing the ability of an enterprise to fulfill its short-term (financial and non-financial) obligations. For the balance sheet, companies are defined as the ratio various groups liquid assets to current liabilities.

current or total liquidity, coverage ratio (Current ratio, CR)– a liquidity indicator demonstrating the relationship between the balance sheet assessment of total current assets and current liabilities of the company. Shows the extent to which the company's current debt is covered by liquid assets. Depending on the specifics of the business and its stage economic cycle development ranges from 1 to 3.

quick (quick) liquidity, intermediate coverage ratio, litmus test ratio (Acid test, Quick Ratio, QR) - a liquidity indicator that is the ratio of liquid working capital (cash and cash equivalents, as well as short-term receivables) to current liabilities . Depending on the specifics of the business and the stage of its economic development cycle, it ranges from 0.5 to 1.

absolute liquidity, critical liquidity ratio (Absolute ratio, AR)– liquidity indicator, defined as the ratio of the company’s most liquid assets (cash and highly liquid securities) to current liabilities. Shows how much of the short-term debt the organization can repay in the near future. The standard value of dependence on the industry specifics of the business and the stage of the economic development cycle lies in the range from 0.1 to 0.5.

Maneuverability coefficient own funds(Own Current Assets Ratio, KN.W.C.) – the ratio of net working capital (the company’s own working capital) to the total cost of working capital.

Inventory Turnover (IT)– the relationship between the average cost of inventories and the cost of production of goods sold for a certain period.

Assets Turnover (TAT)– the ratio of sales revenue to the average value of the company’s assets for the period.

Turnover ratio current assets(Current Assets Turnover, CAT) – the ratio of revenue from sales of products, works and services to the average value of the enterprise’s current assets for the period.

Dividend Coverage Ratio– the relationship between the company’s profit after tax and the amount of dividends on ordinary (or ordinary and preferred) shares.

Sustainable Growth Rate (SGR)- growth in sales of products ensured by an increase in assets that do not lead to a loss of financial stability of the company;

a calculated analytical indicator that determines the possible rate of increase in company sales, provided that the main business indicators (capital structure, business activity, profitability of turnover, etc.) are maintained in the near future.

Margin of Financial Safety– the share of net assets in the total assets of the company. Shows what portion of assets is financed by equity capital.

Liquidity– a characteristic of the ease of sale and conversion of material or other assets into cash to cover current financial obligations.

Liquidity of Balance statement– characteristic balance sheet, defined as the degree of coverage of liabilities with assets, the period of transformation of which into monetary form corresponds to the period of repayment of liabilities.

Liquid Assets– assets that can be converted into cash without significant loss of value within a short period of time.

Marginal profit (Profit Margin, РМ, Contribution Margin, CM)– the difference between sales revenue and cost of goods sold in value terms, or as a percentage of revenue.

Insolvency- an economic situation in which the value of the assets owned by the company is less than the value of its liabilities, leading to the impossibility of the company fulfilling its financial obligations.

Turnover– a group of indicators characterizing the rapid turnover of funds or liabilities. The turnover rate for a given type of funds or liabilities can be calculated as the quotient of 365 days divided by their turnover period.

Assets Turnover (AT)– the ratio of the company’s net revenue for the period and the average value of assets, characterizing the efficiency of its financial and economic activities.

Accounts receivable turnover, accounts receivable turnover ratio (Accounts Receivable Turnover, ART) is an analytical indicator reflecting the ratio of revenue from sales of products (works and services) to the average amount of accounts receivable for the period. Shows forced or voluntary expansion or contraction of commercial credit provided to customers and other counterparties by the company.

Capital Turnover- an indicator characterizing the number of capital turnover per year, or sales revenue per unit of capital used.

Accounts Payable Turnover, Accounts Payable Turnover Ratio (Accounts Payable Turnover, A P.T.) – the accounts payable turnover ratio is calculated as the ratio of the amount of goods and raw materials purchased by the organization on the terms of accounts payable to the average cost of accounts payable for commodity and other transactions. Characterizes the efficiency of the company's use of supplier funds to cover the needs of financing working capital.

Inventory Turnover– a group of indicators reflecting the rate of use of raw material reserves and finished products:

• for a situation where only public reporting data is available, the ratio of the value of ending inventory to the cost of sales for the year, and (or) the volume of sales for a certain period to the average amount of inventory for the same period, which shows the number of inventory turns for the period.
• Inventory utilization efficiency indicators (based on management reporting)

— finished goods inventories/average weekly shipments;

— stocks of raw materials and materials / average weekly use of raw materials and materials;

- work in progress / average weekly production volume

Working Capital TurnoverWCT)– the relationship between sales volume and the average cost of working capital, showing the number of turnovers of liquid assets for the same period.

Net Working Capital (NWC)– a calculated analytical indicator defined as the difference between the company’s working capital and its current liabilities. Characterizes the capital available to the company to finance current activities.

Cash flow from operating activities (CF)op) – the most important characteristic of operational performance. It is determined (indirectly) as the sum of net profit and depreciation minus the increase in own working capital (except cash) for the period.

Operational Leverage (OL)– the ratio of fixed and total costs of an operating business unit. The higher the leverage value, the more advantages the organization has when sales volume increases, and vice versa, the higher the risk of incurring an operating loss when sales volume decreases.

Operating leverage effect (Degree Operating Leverage, DOL)– the effect of changing the dynamics of operating profit due to the presence of a constant part in the structure of costs associated with current activities. It is defined as the ratio of the contribution to covering fixed costs (Contribution margin, CM) to the operating profit (EBIT).

Accounts Receivable Days (ARD) turnover period– an analytical indicator characterizing the terms of commodity lending by a company to its customers. Determined based on the ratio of the average accounts receivable account to the average daily revenue for the period.

Accounts Payable Turnover Period (Accounts Payable I APT)– an indicator characterizing the terms of commodity lending to the company by suppliers. Determined based on the ratio of the average amount from accounts payable to the average daily amount of costs for the period (product cost).

Payback Period (PP)– the time interval during which the total undiscounted cash inflows from the project cover the initial investment in the project.

Full Cost– the totality of the company’s accounting costs for the production and sale of products, expressed in monetary form.

Earnings Yield– earnings per share as a percentage of the market value of the share.

Cash Flow (C-F)– the difference between the receipt jv of funds in cash and cash payments (salaries, taxes, payment of supplier bills, acquisition of fixed assets and intangible assets, etc.) for a certain period of time.

Present value (PV)– a time-consistent sum of cash flows reduced to the time of making a management decision, obtained on the basis of a discounting operation.

Profitability– a group of relative indicators of the efficiency of a company’s financial and economic activities, characterizing the level of return on costs incurred and (or) the degree of use of funds.

Return on assets, return on total assets (Return on assets, ROA, Return on total assets, ROTA)– the ratio between profit before interest payments on loans and borrowings and income tax and the average value of all assets (possibly operating assets). This allows us to neutralize the influence of the enterprise’s capital structure and compare the efficiency of using assets of companies with different capital structures. If the numerator uses net profit, then the indicator is known as profitability of the company (Return on Firm).

Return on Capital Employed (ROCE)– the ratio of earnings before interest and taxes (EBIT). The denominator is defined as the chronological average value of the capital used for the period.

Profitability invested capital(Return on Invested Capital, ROIC)– the ratio between earnings before interest but after tax (EBIAT) and the amount of invested capital (capitalization) on average for the period. It is used as an indicator of the efficiency of capital use, leveling the capital structure.

Return on Investment (ROI)– the ratio between net profit after tax and the book value of assets on average for the analyzed period.

Return on investment in the form of cash flow (Cash Flow Return on Investment, CFROl) – the ratio of net cash flow from ordinary activities to the average value of the assets generating them.

Sales Margin (ROS)– the ratio of profit from product sales (operating profit, EBIT) to sales volume (revenue from Sales) for the period under review.

Product profitability, product profitability (Profitability of Output) – the ratio of profit from sales to the costs incurred for its production distribution.

Return on equity, return on net assets (RONA)– the ratio of the profit received by the company for the period to the average level of equity capital.

The ratio between earnings before interest but after tax (EBIAT) and net assets, used as an indicator of the efficient use of equity capital, eliminating the influence of the financing structure.

Return on equity (ROE)– the relationship between profit after tax and the accounting value of share capital. If a company has preference shares as part of its share capital, then dividends on them should be deducted from profit after tax - in the numerator, and the capital contributed by these shareholders - in the denominator of the calculation.

Market Capitalization– the total market value of equity, calculated based on the latest stock price quote, which is multiplied by the number of shares outstanding.

Production Cost– direct costs of production (manufacturing) plus distributed manufacturing overhead costs. It is possible to determine only on the basis of direct costs.

Payback Period (PP)– the period of time over which the cash flows generated by an investment must fully recoup the initial investment.

Term (period) of repayment of receivables (Debtor Days Ratio)– the average payment period by buyers for sales made on credit. Defined as the ratio of the average value of accounts receivable to sales revenue on the terms of providing trade credit.

Term (period) of repayment of accounts payable (Creditor Days Ratio)– average payment period for purchases made on credit (in calendar days). It is defined as the ratio of the average value of accounts payable to the average amount of accounts payable for settlements with suppliers and contractors.

Inventory Days– an indicator reflecting the period in days that working capital is in inventory. Typically, the average cost is used as the numerator. commodity-material inventories, and the denominator is the average daily sales revenue. Can be calculated separately for raw materials, work in progress and finished goods.

Current stock yield (Dividend Yield)– the return on the stock, calculated by dividing the actual dividends paid by the stock price.

Break even; minimum sales volume to cover all expenses (Break-even point, BEP)– the volume of sales of products (goods, services), at which current (variable and fixed) costs are fully covered by sales revenue, however, the profit from sales is zero.

Trend Analysis– collection and processing of data for various periods of time and comparison of each reporting item with a number of previous periods in order to determine the trend, that is, the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods.

Financial Analysis– a set of methods and algorithms for determining the financial consequences of implementing certain management decisions.

Grade key parameters and ratios that present an objective picture of the company’s financial condition, in particular, its profits and losses, changes in the structure of liabilities and assets, settlements with creditors and debtors, current and future solvency and financial stability.

Financial leverage, leverage (Financial Leverage, Financial Gearing, FL) – the ratio of debt and equity capital in the structure of business financing sources. Indirectly characterizes the risk of the company's financial activities.

Financial Cycle (FC)– the turnover period, which is equal to the interval between the inflow and outflow of working capital.

Working Capital (WC) – current assets companies, as well as non-current and intangible assets accompanying the current activities of the enterprise.

Net Discounted Income– the difference between income for a certain period of time and the costs incurred to obtain this income, reduced to current value base period.

Net return on equity (Net Profitability of Equity, ROE)– the ratio of net profit for a certain period to the average value of equity capital.

Net Working Capital (NWC)– calculated analytical indicator, part of the company’s working capital financed from sustainable sources, that is, the excess of the cost of equity capital and long-term loans and borrowings over the cost of non-current assets.

Economic value added (EVA)– the excess of the enterprise’s profit over the total cost of capital. The most important indicator assessing the financial attractiveness of an intra-company division or strategic business unit using the residual income indicator. EVA is defined as profit after tax for the period minus all costs of capital.

Operational leverage effect, production leverage effect (Degree of operational leverage, DOL)– the estimated increment in operating profit obtained as a result of an increase in product sales, obtained due to the behavior of individual cost groups that do not respond to this increment (conditionally constant).

Effect of financial leverage (Degree of Financial Leverage, DOFL)– the effect of changes in return on equity under the influence of changes in share borrowed funds in the company's sources of long-term financing, formed as a result of relative savings on payments for the use of borrowed capital (credit interest) compared to the costs of using equity capital (dividends). The effect of financial leverage is an estimated increase in the company's return on equity capital due to additional borrowings, despite their cost.

According to Oxfam, 82% of the world's wealth is concentrated in the hands of 1% of the world's population. Even if you are not one of these lucky people, you definitely deal with money every day. Therefore, we hope that our English cheat sheet for economists will be useful to you.

If you work in the financial sector, we recommend checking out our short economic dictionary banking, finance and accounting, taxation and audit. Representatives of other professions may be interested in the section about investments, cryptocurrency and professional jargon of economists.

Even those of you outside the financial sector are encouraged to explore our carefully curated resources. They will help you keep track of your personal finances, explore the world of movie brokers, and always keep your finger on the pulse without waiting for news about the current economic situation to be translated into Russian.

Brief dictionary of economic terms

Let's look at the basic terminology of English for economists. At the beginning of our financial and economic dictionary, general terms from economic theory, which many of us began to study in school. Next are highly specialized industry concepts for employees of banks, accounting departments and auditing companies. For a snack - a short crypto-dictionary on the topic of the day and professional slang.

Basic terminology

Let's start with the ABCs of economic theory: let's study the most necessary terms.

Word/Phrase	Translation
a seller	salesman
a buyer	buyer
profit and loss	profit and loss
a margin	margin
costs: fixed costs variable costs	costs, expenses: fixed costs variable costs
a market	market
competition	competition
efficiency	efficiency
an exchange	exchange
trade	trade
an advantage	advantage, benefit
a disadvantage	disadvantage, damage
purchasing power	purchasing power
demand	demand
supply	offer
a demand curve	demand curve
a supply curve	supply curve
an incentive	driving motive
a production possibilities curve (PPC)	production possibilities curve
tax	tax
duty	duty
duty free	duty free
a subsidy	subsidy
an absolute price	absolute price
a relative price	relative price
a price floor	minimum price
the equilibrium price	equilibrium price
a price level	price level
a consumer price index	consumer price index
a minimum wage	minimum wage
surplus	excess, excess
shortage	shortage, deficit
a government budget	state budget
gross domestic product (GDP)	gross domestic product (GDP)
gross national product (GNP)	gross national product (GNP)
foreign national debt	public external debt
The World Trade Organization (WTO)	World Trade Organization (WTO)
gold and currency reserves	gold and foreign exchange reserves
inflation	inflation
devaluation	devaluation
a commodity bundle / a market basket	consumer basket
unemployment	unemployment
the poverty line	poverty line
financial crisis	financial crisis

Professions in economics and finance

Now let's look at the most common professions in the economic sector.

Word/Phrase	Translation
an economist	economist
an accountant	accountant
a business analyst	business analyst
a financial advisor	financial consultant
an investment consultant (adviser)	investment consultant
a comptroller	financial controller
a tax officer / a tax inspector	tax inspector
a broker	broker
a certified public accountant (Am.E.), a chartered accountant (Br.E.)	auditor
an actuary	actuary (insurance calculation specialist)
a treasurer	treasurer
a bank clerk	bank clerk
a chief financial officer (CFO)	financial director

Banking

Let's look at the key terms for working in a bank.

Word/Phrase	Translation
a stock market	securities market, stock market
an interest	percent
an interest rate	interest rate
capitalization	capitalization
the capitalization rate	interest rate used when capitalizing income
a refinancing rate	refinancing rate
an encashment	collection
the International Monetary Fund	International Monetary Fund
a credit rating	credit rating
creditworthiness	creditworthiness
a credit history	credit history
a mortgage loan	mortgage lending
a payment guarantor	payment guarantor
a fine (a penalty)	penalty, fine
a general lien	right to seize the debtor's property
forgery	counterfeit (banknotes, banknotes)
a default	default

Finance and accounting

A selection of words for accountants will help you take into account income and expenses and balance debits and credits in English.

Word/Phrase	Translation
bookkeeping	accounting
financial planning	financial planning
accounting analysis, financial analysis	financial analysis
accounting/accountancy	accounting
financial statements (a financial report)	financial statements (financial report)
an accounting period	reporting period
an annual report	annual report
a balance sheet	balance sheet
a cash flow statement	cash flow statement
a fiscal year	fiscal year
account reconciliation	reconciliation of accounts
assets	assets
liabilities	liabilities
financial risk management	financial risk management
types of accounting ratios: liquidity ratios profitability ratios market value ratios activity analysis ratios	types of accounting ratios: liquidity ratios profitability ratios market value ratios company performance analysis coefficients
record keeping: accounts receivable accounts payable inventory records payroll records petty cash records	accounting documentation: accounts receivable accounts payable inventory accounting salary slips entertainment expenses, accountable amounts

Taxation and auditing

Let's move on to vocabulary for tax specialists.

Word/Phrase	Translation
a tax declaration	tax return
a tax payer	taxpayer
a fiscal period	tax period
a tax base	object of taxation
a tax holiday	tax benefit
a tax rate	tax rate
direct taxes	direct taxes
indirect taxes	indirect taxes
an income tax	corporate income tax income tax
value added tax (VAT)	value added tax (VAT)
a tax counsel	tax advisor
an audit team	audit group
audit accounts	audited accounts
a tax haven	"tax paradise", offshore zone, territory with preferential treatment taxation
to levy	tax

Business and investment

We present a business dictionary from the field of trade and investment.

Word/Phrase	Translation
stocks and shares	stocks and bonds
a shareholder	shareholder
a stock exchange	stock exchange
a venture fund	venture fund
an investment portfolio	investment portfolio
flotation	corporatization
a nominal value	face value
a share price slump	stock price collapse
a bull market	"bull market", a market with an upward trend
a bear market	"bear market", a market with a bearish trend
an advisory company	consulting company
a boom and a bust	rise and fall (in company development)
illegal business	illegal business
shadow economy	shadow economy
to accumulate capital	increase capital
to tie up a block of shares	invest in shares
to turn bankrupt	go bankrupt

Crypto industry

So we got to the most pressing topic- crypto industry. Since many concepts are borrowed from English, we decided to provide not only a translation, but also a brief interpretation.

Word/Phrase	Translation
a cryptocurrency	cryptocurrency ( digital currency, which is created and controlled by cryptographic methods)
fiat currency, fiat money	fiat money (currency that the government establishes as legal tender)
a blockchain	blockchain (a digital register that stores information about all transactions, deals and concluded contracts)
a smart contract	smart contract, smart contract (computer algorithm for concluding and maintaining commercial contracts in the blockchain system)
a token	token (digital share of a company)
a token holder	token holder
mining	mining (the process of extracting tokens)
cloud mining	cloud mining (token mining in a cloud service)
an initial coin offering (ICO)	initial placement of tokens on the exchange
сrypto-bounty	crypto-bounty (provision of services in exchange for free tokens)

Professional jargon

Some concepts from the professional slang of English-speaking economists are alien to us. Therefore, we decided to explain them in more detail - it will be easier to remember.

Word/Phrase	Translation
a kickback	bribe, kickback
a skin	penniless man
turnover	staff turnover
a bankster (banker + gangster)	corrupt banker
nom-nomics	“nom-nomika” is a shortened and more appetizing version of the name of the economy :-)
a hard sell	hard sell - an aggressive product marketing strategy
leverage	financial leverage (financial leverage, financial leverage)
a chainsaw consultant	an outside expert brought in to reduce the number of employees, while “leaving management’s hands clean”

Useful resources

Let's move on to useful resources, which will make your work even more productive.

Tutorials:

• Economics by R. Arnold - a textbook from California State University. The main convenience is that the terms are highlighted in blue and placed in the column on the left. This makes memorizing words much easier. In the Economics 24/7 section you will find articles on entertaining economics, supported by real-life and historical examples. At the end of each chapter there are sections Chapter summary and Key terms and concepts with a brief summary of information and basic definitions.
• The Economics Book: Big Ideas Simply Explained by DK - the book talks about development economic thought, starting all the way from Aristotle. The key feature is that the material is presented in the form of colorful infographics, which makes it easier to understand complex economic terms. Among the authors and consultants of the manual are a World Bank employee, a participant in the Obama election campaign, and an adviser to the British Treasury.
• Macmillan Guide to Economics by L. Raitskaya and S. Cochrane is a textbook from the Macmillan publishing house, compiled in English in collaboration with the Russian-speaking MGIMO teacher Liliya Raitskaya. The textbook contains special sections for the development of various language skills, including listening.
• Professional English in Use Finance by I. MacKenzie is a textbook in the popular series about professional English from Cambridge University Press.
• English for the Financial Sector by I. MacKenzie - not only basic terms from the financial sector are collected here, there are also exercises to develop language skills.
• Oxford English for Careers: Finance by R.Clark and D. Baker - an Oxford textbook with sections on personal finance, banking, internal company finance, accounting and auditing, insurance and risks, etc.

Dictionaries:

• Financial Dictionary by Farlex - 8,000 economic terms collected for you by financial expert Harvey Campbell and Duke University professor Paul Stich.
• A Dictionary of Finance and Banking is a textbook and part-time dictionary from Oxford Press.
• The Forbes Financial Glossary is a glossary from the world famous economic magazine.

Tools for work:

• Financial Management - many templates for various types of financial documents in Excel and Word.
• Top Excel Templates for Accounting - templates for different types of documents for accountants in Excel files.
• AuditNet - templates for auditors.

Online magazines:

• Forbes is a famous financial magazine, without which this material would not have been possible. Forbes has articles, some of the most popular being Forbes Lists, e-books, podcasts and video- interviews with entrepreneurs and materials about richest people planets.
• The Economist is a British economic magazine with a lot of sections to suit your every need: video, podcasts , an application for iOS and , newsletter , infographics World in Figures , materials about alternative history in general and economic thought in particular The World If , as well as stunningly convenient visual information from The Economist Films .
• McKinsey Quarterly is one of the most authoritative business publications in the English-speaking world. And this is not surprising: articles have been published since 1964, and McKinsey Quarterly still holds its mark. Subscribe to the newsletter, download the application for iOS or Android and receive useful materials.
• Bloomberg Businessweek is a business magazine from Bloomberg. The magazine has an impressive variety of , and .