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Business English Exercises
 

Corporate Credit Cards

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Home > Teaching Business English > Business English Lessons, Advanced Level # 299
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Vincent Eavis explains that corporate payment card usage can be divided, but not limited, into two distinct categories: general business travel and entertainment activities (T&E cards) and business procurement activities (purchasing or p-cards).

Correct answer: (d) procurement

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T&E spending varies according to a business's needs, whereas the proportion of purchasing that is now done on p-cards rather than by traditional invoice payment methods is continuously increasing.

Correct answer: (c) invoice

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T&E expenses comprise the second largest controllable expense item for companies after salaries, consuming approximately 50 to 80 basis points of a company's revenues.

Correct answer: (c) points

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For T&E cards, the balance must be cleared in full upon presentation of the statement, or within certain defined payment terms, typically around 25 days beyond statement date.

Correct answer: (d) cleared

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This means no money is made on revolving interest as with the consumer credit card model.

Correct answer: (d) revolving

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These cards tend to be for travel and entertainment expenses such as air travel, hotels, rail, car hire and restaurants; the company settles card payments on behalf of the individual cardholder, which is known as corporate liability.

Correct answer: (d) settles

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There are also mid-way solutions such as joint and several liability, where both parties (company and individual) can be liable.

Correct answer: (a) several

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Typically, since corporate T&E cards are for business expenses, the preferred option to enable control should be corporate liability: the further liability extends to the individual, the less the company is going to be able to exert control and thereby reap the potential benefits.

Correct answer: (c) reap

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P-cards are never paid against an individual's bank account.

Correct answer: (a) against

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P-cards can eliminate several steps in the purchase-to-order process, and this eliminates the purchase order paper trail, which can save costs of anywhere from 60 to 100 per transaction.

Correct answer: (d) trail

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Business English Practice Exercises Business English Tests — several topics are covered: office matters, job applications, computer English, money expressions, business law, operations management, retail marketing, e-commerce, accounting terms, contracts and agreements, commercial correspondence, etc.
You will be exposed to a wealth of authentic sample sentences that include a great variety of themes. This compact Business English Test Package is the only printable English test collection currently available on the Internet. It contains 501 Business English Exercises (10 questions per test plus answer keys).  Get your unique Business English Practice Exercises now!

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