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Business English Vocab Test

Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. When a price has been cut.






2. Machine for processing sales - giving change in a shop or restaurant.






3. A person or company from whom goods or services are bought.






4. Not in my backyard - someone who doesn't want something (like a prison or nuclear reactor) to be built near their home.






5. A retailer that concentrates on selling one particular type of good.






6. The Federal Reserve - the US central banking system.






7. Something that is required by law.






8. The resources used to produce goods and services - including land - labour - business and capital.






9. Buying Power Index - a measure of a geographic area's market characteristics in terms of percentage of the US population - percentage of US retail sales and percentage of US effective buying income.






10. A pricing strategy using premium prices to attract customers more concerned about service - assortment and status than price.






11. Volunteer organization for young - disadvantaged Americans.






12. A pricing strategy when a retailer tries to sell lots of products using low prices - high stock levels - extensive advertising etc.






13. American Federation of Labour / Association of Industrial Organizations






14. Goods made by major companies sold in a store under the store's own name - also known as own-label brands.






15. The skills and knowledge needed to start and run a company.






16. The different layers within a society e.g. class - income - education.






17. Usually software where the source code is made freely available for all users to change as they see fit.






18. A country or region with low or no taxes on foreign source income like Monacco or the Bahamas.






19. A period where there is little economic activity - high unemployment and much poverty.






20. Business wholly owned by its employees with the emphasis on group decision making.






21. The balance between interest rates and the demand for money.






22. The difference between merchandise costs and retail selling price.






23. The rare situation when budget spending is smaller than revenue.






24. The customer group a retailer wants to attract and satisfy.






25. When the amount borrowed to pay for a home is now more than the property is actually worth.






26. When the imports into a country exceed the exports going out of a country.






27. A medicine which is available without first getting a prescription from a doctor.






28. Sets of specific restraints imposed by governments on international trade.






29. An imitation of a product made with the intent to defraud a customer.






30. Gross Domestic Product - the total value of goods and services produced within a country in a year at current prices.






31. A reduction in the selling price of an item in order to increase sales.






32. A consultation document that sets out the government's position on a certain issue.






33. The right to live in a home on a long-term tenancy.






34. Goods bought for private use.






35. Consumer goods that have a short life span - e.g. food or paper tissues.






36. A period of economic expansion.






37. A country's exports minus its imports.






38. Over the Counter drug - a medication available directly at a drugstore without a doctor's prescription.






39. When a manager or politician only looks at the short term and does not consider the long term impact or benefits of a plan.






40. A test or way of measuring something.






41. The money a state earns via taxation.






42. The percentage of people who do not have a job.






43. Government policies to cool down an economy and prevent inflation during boom periods.






44. A retail outlet.






45. The total sum of goods and services in demand.






46. A system where a company allows someone to run a specific business using the company's products or brand in exchange for a fee or share of the profits - McDonalds is a famous franchise.






47. When a customer regularly uses a store they know - like and trust.






48. Electronic Data Interchange - a computerised system to allow retailers and suppliers to exchange information about stock levels - delivery times - unit prices etc.






49. Foreign Direct Investment - when a company from one country has a controlling interest in a company in another country.






50. Items in a store which have not sold for a longer period of time.