That’s what it Means!
A practical guide to everyday finance terms

By Peter Woan
Reviewed b: Dr. Brian R. Beirl
Published August 1, 2008

One Good Term Deserves Another

Quickly now:

What is the difference between hedging and speculating?
How about a mortgage verses a note?
And what is the very important distinction between tax avoidance and tax evasion?

Understanding the language of business is critical to making informed decisions. Business literacy is also extremely helpful as we guide ourselves and our families through these uncertain financial times.

Peter Woan’s second edition of That’s what it means! provides us with a handy guide to over 500 financial terms that frequent conversations throughout our business day. We all have varying amounts of financial background. I must confess that as a paged through the alphabetical listings, it was apparent that my perception of my business IQ was quite inflated. I found myself reflecting on past financial decisions that might have had a more desirable outcome if I had thoroughly understood the terms.

The strength of this book is the succinct and easily understandable explanation of each term. Also, it is completely cross-referenced for related terms. Although this is written as a reference book, an interested reader could begin at page one, and by following the cross-referenced terms, be lead through the entire book, obtaining an education in Financial Terminology 101.

Here is a sample:

Tax Avoidance

This means avoiding having to pay more tax than you absolutely have to by using strategies that are within the law. You can do this by using tax deductions and tax exemptions you are entitled to, claiming any tax credits that you are eligible for or using tax shelters. Tax avoidance should not be confused with tax evasion, which is generally illegal. See also Tax Shelter.

A book that can define your business success.

Hooked on the book? Click here to buy now.

Dr. Brian Beirl has a general dental practice in Seminole. In addition, he is an educator, author, presenter, consultant and business coach. Dr. Beirl is passionate in helping his clients live the life of their dreams. He may be reached through his web site at www.brianbeirl.com.