Common Business Terms Use in Business Communication.docx -...

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Common Business Terms Use in Business Communication Jettison It is an act of throwing a part of the goods or anything from the ship with-a view to light Jobber. He is a dealer on the stock exchange. He deals with the other jobbers on the stock exchange and buys and sells securities on his own account. Joint Stock Company It is an association of persons united for the purpose of carrying on business whose capital is formed of shares. The proportion of capital contributed to the joint stock is called a share. Every share is liable for the amount unpaid. Shares are transferable and may be sold at any time. Journal A journal literally means daily record of news, events, activities, etc. In commerce it refers to a book in which any of the records of business are first writes it is a daily register in which transactions are first analyzed into debits and credits. Transactions are recorded here in the chronological order. In another sense, a journal is a scholarly publication published periodicity by a professional association. Judgment-debtor A person who has been ordered by the court to repay his debt is known as judgment-debtor. Jurquer A jurquer is a customs official who is entrusted with the duty of examining cargoes or incoming vessels to find out if goods are smuggled or not. Common Business Terms) Keying of Advertisement It refers to adoption of such a method while advertising that the results there of may be easily assessed. Kite Flying Dealing in accommodation bills (such bill being known as kite) to raise money is called kite flying. Common Business Terms (L) Lalssez Faire It is the principle of non intervention by the government in any commercial affairs. Lay Days The term is used in shipping to signify the number of days (usually three) allowed to the master of a ship for loading or unloading the ship. Letter of Allotment It refers to a letter that intimates the share applicants the fact that they have been allotted shares.
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Letter of Application A letter that offers to the company for subscription to its capital is called a letter of application. Again when a job seeker writes an application to the prospective employer for getting a job, the application is known as a letter of application. Letter of Credit (L.C.) It is an instrument issued by a bank at the request of a buyer of merchandise, whereby the bank itself gives a guarantee to make payment to the seller. In foreign trade, it is opened by an importer through his banker in favor of an exporter. Letter of Hypothecation An instrument that gives a firm, banker or a person a lien over goods in consideration for advances of money is known as a letter of hypothecation. In export trade, such letter given to a bank for an advance made to the exporter authorizes it to sell the goods specified there in case the importer fails to pay or accept the bill presented by the bank.
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