items of value to a person, business, or institution
The man decided to divide his assets equally between his children when he died.
code
a way of hiding the true meaning of communications from all except those people who have the keys to understand it
The children liked to speak to each other in a secret code.
corporation
a business with a legal status where the assets and debts belong to shareholders
The corporation has many branches all over the world.
debt
a sum of money owed to another
During college she had incurred a lot of debt.
declare
to state something
After declaring his love for her, he got down on his knees and proposed.
difference
a way of being different
The difference between the two education systems is that one focuses on the individuality of each child.
dissolution
a breaking down into parts or pieces
As her symptoms got worse, we watched the dissolution of the patient's courage.
earning
the amount of money that someone is paid for the work they do
When she calculated her earnings for the year, she was surprised at how much she had made.
exist
to be present physically or emotionally
Many non profit organizations exist to serve the community.
extreme
large in amount or degree
The woman felt the punishment was too extreme and was very upset.
handshake
a way people greet or leave each other, or agree on a decision, by grasping each other's hand
In many countries a business deal is done through a handshake.
informal
casual
The business dinner was very informal; everyone came in jeans.
liability
a legal obligation, such as to pay debts and damages
After the hurricane, the insurance companies had huge liabilities to pay for the damages.
liable
legally obligated
Most business form a corporation because they do not want to be personally liable.
obligate
to make someone feel he or she must do something
Although she was not his daughter, he felt obligated to help pay for her college expenses.
obligation
responsibility
Family members carry out the obligations of their roles.
partnership
a form of business with two or more owners
The two sisters formed a partnership when they started their craft business.
portion
a small piece or section of a larger thing
She was happy to pay her portion of the bill.
retain
to keep something
Tom tried to retian his heavyweight championship.
specify
to say or communicate exactly what one wants or needs
His mother never specifies what she needs; I always have to guess what she wants.
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