Exam: BEC Higher

Definition: A person or company that rents out property to someone else under a lease agreement.

Example: The lessor agreed to the terms of the lease with the tenant.

Definition: The power or advantage that allows someone to achieve a desired outcome, often by using resources or influence effectively.

Example: She used her connections in the industry as leverage to secure a better job offer.

Definition: To use something to maximum advantage or to improve a situation, often by utilizing resources or support.

Example: The company aims to leverage its existing technology to create new products.

Definition: Describing a situation where a company uses borrowed money to finance its operations or investments, often resulting in a higher risk due to the reliance on debt.

Example: The leveraged buyout allowed the firm to acquire the company with minimal upfront capital.

Definition: To use something to maximum advantage or benefit.

Example: The company leveraged its resources to expand into new markets.

Definition: A responsibility or obligation that someone has, often related to money or debts.

Example: The company has a liability to pay its employees on time.

Definition: A close connection or relationship between people or groups, often used to describe communication or cooperation between different units or organizations.

Example: The manager acted as a liaison between the team and the upper management.

Definition: A person or organization that has been given permission to do something, usually through a formal agreement or license.

Example: The licensee must follow all the rules set by the licensing authority.

Definition: A person or organization that grants permission or licenses to others, allowing them to do something that is usually restricted or regulated.

Example: The licenser approved the new software for public use after reviewing its compliance with regulations.

Definition: A person or organization that gives permission to someone else to use something, usually under specific conditions.

Example: The licensor allowed the company to use their software for a fee.

Definition: The act of moving cargo or fuel from a ship that is stuck or underwater to make it easier to lift the ship back to the surface.

Example: The lightering operation was successful, allowing the ship to be refloated safely.

Definition: The action of transferring cargo from a larger vessel to a smaller one, usually in shallow waters.

Example: The crew was lightering the supplies from the ship to the dock.

Definition: To convert assets into cash by selling them, often to pay off debts or settle obligations.

Example: The company had to liquidate its assets to pay off its creditors.

Definition: To turn assets into cash or to pay off debts and obligations.

Example: The company had to liquidate its assets to pay off its creditors.