A way of measuring investment trusts. Take the total number of its assets minus its liabilities.

National Institute of Economic and Social Research.

An interest rate that isn’t adjusted for inflation.

These values do not take inflation into account.

This is a director who helps the company and offers an independent view on strategies and performance but is not actively involved in the day-to-day running.

Funds which are managed outside of the UK.

A market where only a few firms control the percentage of total sales.

On-going costs for running a business, service or system that includes day-to-day expenditure such as sales and administration. Compare with capital expenditure, which is money spent on fixed assets or extensions to already-owned fixed assets. A photocopier, for example, would involve capital expenditure whereas toner and paper for the photocopier would be operating expenditure.

The profit or loss a company makes. These figures reflect how the business is performing.

Also known as common shares, this is one unit of a businesses share capital.