transaction

Vocabulary Word

Definition

'Transaction' is a term used to describe an exchange or transfer. This can be a trade of goods, services, or currencies. Buying a book online is an example of a transaction.

Examples in Different Contexts

In art sales, a 'transaction' is the act of buying and selling artwork. A gallery owner might declare, 'Our latest transaction involved a rare painting from the 19th century.'

Practice Scenarios

Business

Scenario:

Our deal with the new supplier should significantly reduce our production costs.

Response:

Our transaction with the new supplier should indeed cut costs as we're purchasing in bulk.

Finance

Scenario:

I've observed some suspicious money transfers in our recent operation. We might have to scrutinize our transactions.

Response:

Indeed, scrutinizing our transaction records can help identify the origin of this discrepancy.