Exam: BEC Higher

Definition: A type of sale where all remaining items are sold off, often at lower prices to clear out stock.

Example: The store held a closeout sale to get rid of its old inventory.

Definition: A person or business that makes or sells clothes and fabrics.

Example: The clothier helped me find the perfect suit for the wedding.

Definition: The creation or use of coins as money, or the process of inventing new words or phrases.

Example: The coinage of new terms in technology reflects the rapid changes in our society.

Definition: A type of insurance where the insured person covers part of the risk or cost, usually by agreeing to pay a percentage of the total value of the insured property.

Example: In a coinsurance agreement, the homeowner is responsible for a portion of the repair costs after a loss.

Definition: A person or company that shares the financial risk of an insurance policy with another insurer.

Example: The coinsurer agreed to cover part of the claim alongside the primary insurer.

Definition: Related to something that is secondary or additional, often serving as support or assurance for something else.

Example: The bank required collateral assets to secure the loan.

Definition: Something that is used as security for a loan or obligation, often property or assets that can be claimed by the lender if the borrower fails to repay.

Example: The bank required collateral before approving the loan.

Definition: To use something valuable as security for a loan or obligation, ensuring that the lender can claim it if the borrower fails to repay.

Example: The bank agreed to collateralize the loan with the company's assets.

Definition: The position or role of a person who collects taxes or customs duties.

Example: He was appointed to the collectorsip, responsible for overseeing tax collection in the region.

Definition: A person who signs a financial document, agreeing to take responsibility for a debt if the main borrower fails to pay.

Example: The bank required a comaker to guarantee the loan in case the primary borrower could not repay it.

Definition: The activity of buying and selling goods and services, especially on a large scale between different places or countries.

Example: The growth of e-commerce has changed the way people shop.