VOCABULARY ITEMS- SECOND TRIMESTER

 

VOCABULARY ITEM	DEFINITION
Balance-sheet	A report that explains, for a period of time, the financial situation of a business taking into account the investment (assets), the debt (liabilities) and the resources given by the entrepreneur (equity)
Sanitary-permit	Is issued by the local health authority for an establishment to operate.
VAT	Value Added Tax VAT (IVA in Spanish)
Unified-Basic-Salary	It is the minimum income that a worker receives as a right to the work performed during a month
Living-Salary	It is the product of the result of dividing the average value of the basic family basket registered in the year being calculated for the number of family earners established by the National Institute of Statistics and Censuses (INEC)
Overtime	An ordinary worker is obliged to work 8 hours a day, 5 days a week. Although there is the figure of overtime when their collaboration is requested on holidays and weekends
Remuneration	In Ecuador we have the fourteenth and thirteenth remuneration. These are additional income given to the workers and are based on the unified basic salary, overtime and commissions.
Income-Tax	The Income Tax is applied to those incomes obtained by natural persons, undivided successions and companies, whether national or foreign
Exempt-income-and-exemptions	Axre those income and activities that are not subject to the payment of this tax.
ARCSA	Which in Spanish means “Agencia Nacional de Regulación, Control y Vigilancia Sanitaria”
Sales	the number of items sold
Inventory	the counting of all the goods, materials, etc. kept in a place such as a shop
Dividend	(a part of) the profit of a company that is paid to the people who own shares in it
Wages	the money earned by an employee, esp. when paid for the hours worked
Goodwill	the value to a company or organization of things that cannot be directly measured, for example, its good reputation or its customers' loyalty
Debt	something, especially money, that is owed to someone else, or the state of owing something
Cash	money in the form of notes and coins, rather than cheques or credit cards
Treasury stock	in the US, a company’s shares that it buys back from shareholders, for example instead of paying dividends or when it wants to reduce the number of existing shares
accommodation	a place to stay or live
labor	practical work, esp. work that involves physical effort
surcharge	a charge in addition to the usual amount paid for something, or the amount already paid:
overtime	(time spent working) after the usual time needed or expected in a job.
commissions	to formally choose someone to do a special piece of work, or to formally ask for a special piece of work from someone
reserve funds	money that is kept by an organization to pay for something that may happen in the future
retirement	the act of leaving your job and stopping working, usually because you are old
supplies	an amount of something available
beverage	a drink of any type
deductions	the process of reaching a decision or answer by thinking about the known facts, or the decision that is reached:
equity	the value of a company, divided into many equal parts owned by the shareholders, or one of the equal parts into which the value of a company is divided
Investments	the process of reaching a decision or answer by thinking about the known facts, or the decision that is reached:
earn	to receive money as payment for work that you do: