Banking Terms for Bank Exams

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1. Elements of marketing mix: It is a combination of Product, Price, Place, and Promotion which a firm uses to influence and create demand for its products/services.

2. E&OE: E & OE at the end of a sales invoice stands for “Errors and Omissions. If this is mentioned, it means that the seller will not be responsible for clerical mistakes in the invoice.

3. EOQ: EOQ stands for Economic Order Quantity. It is the level of inventory that minimizes the total inventory holding costs and ordering costs.

4. ESOP: ESOP means Employee Stock Options which refers to shares issued by a company / bank to its employees at less than the stock market traded price but more than the par value of the share. This is done to motivate and retain employees. ESOP will have a lock-in period of 2 to 3 years before the employee can sell the shares in the market.

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