Exam: BEC Vantage

Definition: A person who works for an agent and helps carry out some of the tasks or responsibilities assigned to that agent.

Example: The subagent handled the negotiations while the main agent was away.

Definition: An agreement that allows one party to hire another party to complete part of the work or responsibilities from a larger contract.

Example: The company decided to subcontract the plumbing work to a specialized contractor.

Definition: To assign part of a contract to another party, usually to complete a specific task or service.

Example: The company decided to subcontract the cleaning services to a local firm.

Definition: A person or company that is hired to do part of a job that another person or company has agreed to do.

Example: The main contractor hired a subcontractor to handle the electrical work on the project.

Definition: A smaller division within a larger department that focuses on specific tasks or functions.

Example: The marketing subdepartment is responsible for social media campaigns.

Definition: A smaller sector within a larger industry that focuses on a specific area of production or service.

Example: The technology subindustry has seen rapid growth in recent years.

Definition: A type of property, usually an apartment, that a tenant rents out to someone else.

Example: After moving to a new city, she decided to sublet her apartment to a friend.

Definition: To rent a property that you are leasing to someone else.

Example: I decided to sublet my apartment while I was traveling for the summer.

Definition: A person who assists a manager and has less authority than them.

Example: The submanager helped coordinate the team's efforts while the main manager was away.

Definition: A term used to describe something that is lower than the standard or typical level in a specific market context.

Example: The company offered submarket prices to attract more customers.

Definition: A specific part of a larger market that focuses on a particular group of customers or products.

Example: The company decided to target a submarket of eco-friendly products to attract environmentally conscious consumers.

Definition: A smaller project that is part of a larger project.

Example: The team is working on a subproject to improve the software's user interface.

Definition: A payment made to receive a service or product regularly, like a magazine or online content.

Example: I renewed my subscription to the streaming service for another year.