COSC - A company that sets the standard for quality testing, they determine whether or not a piece can be considered a chronograph. Rigorous testing in hot and cold temperatures tests the integrity of the piece and subjects them to extreme wear and tear. The process is not necessary, but passing their tests establishes the piece as top notch.
Perpetual calendar - A definition that has to do with automatically adjusting the calendar on the watch to date changes, this function is generally built into newer models of timepiece. This may or may not be a function that you require, but it is always useful to know whether or not the calendar needs to be adjusted manually.
Chronograph - Simply put: a fancy word for stopwatch. While a chronograph was traditionally a different piece, many modern items have this function built in. As mentioned before, the COSC is generally the institution that allows this phrase to be added to an ordinary timepiece.
Waterproof - Many people confuse water resistant with waterproof. Resistant simply means that moisture is unable to leak inside the casing, while waterproof means that it can be completely submerged without damaging the piece. Waterproof pieces are generally reserved for those who scuba dive or engage in other underwater activities.
Luxury watches - The name itself represents brands of timepieces that cost a pretty penny and are a statement of status. Not every timepiece falls under this category, and many brands that do not have a standard for quality may also fall under this category, so be careful.
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