Words and phrases used in British / American financial vocabulary - free for students of business English who need to learn business vocabulary. Business English for ESL learners.
Definition
An airport departures board is a list of all the flights that are departing from a particular airport. The information on the board includes the flight number, the destination, the time of departure, and the gate number.There are a few key financial terms that are used differently in Britain and America. Here’s a quick guide to help you understand them.
British American
Annual General Meeting (AGM) Annual Stockholders Meeting
Articles of Association Bylaws
authorized share capital Authorized capital stock
barometer stock Bellwether stock
base rate Prime rate
bonus or capitalisation issue stock dividend or stock split
bridging loan bridge loan
building society savings and loan association
cheque check
company corporation
creditors accounts payable
current account checking account
debtors accounts receivable
gilt-edged stock (gilts) Treasury bonds
labour labor
Memorandum of Association Certificate of Incorporation
merchant bank investment bank
ordinary share common stock
overheads overhead
profit and loss account income statement
property real estate
quoted company listed company
retail price index (RPI) consumer price index (CPI)
share premium paid-in surplus
shareholder stockholder
shareholders' equity stockholders' equity
stock inventory
trade union labor union
unit trusts mutual funds
visible trade merchandise trade
Conclusion
In the UK, the term “pension” refers to the government-provided retirement benefits that are paid to citizens. In the US, the term “pension” generally refers to benefits provided by an employer.
Another key difference is the way in which mortgages are typically structured. In America, mortgages are typically 30-year loans. In Britain, they are usually much shorter – around 15 to 20 years. This is because house prices are generally much higher in Britain, so the shorter loan term helps to keep monthly repayments more manageable.
There are also a few key tax differences to be aware of. In the US, there is a federal income tax which is applied to all citizens. In Britain, there is no federal income tax, but there is a national insurance contribution which is deducted from wages.
Finally, it’s worth noting that the terms “leaving certificate” and “GCE” have different meanings in Britain and America. In the UK, a “leaving certificate” is the equivalent of a high school diploma. A “GCE” is a higher level qualification, similar to an American “college degree”.
