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






2. When budget spending exceeds revenue.






3. When a small number of companies control a certain market.






4. When a private company provides a public service in agreement with a government or council.






5. Exclusive ownership of a property for an indefinite period of time.






6. The macroeconomic sector that includes the entire wants and needs satisfying population of the economy.






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






8. 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.






9. Agreement that provided the basis for the formation of the European Union.






10. The percentage of a household's income that is saved.






11. The authority or agency responsible for controlling the movement of goods into and out of a country. Also the tax paid on goods imported into a country.






12. A way of measuring performance by comparing a company to similar ones.






13. A minimum income level below which people are officially poor.






14. A test or way of measuring something.






15. Process of communicating back and forth until an agreement has been reached.






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






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






18. Patterns of relationships between different groups of society.






19. Goods bought and used by companies - such as machines. Also known as capital goods.






20. An area of countryside with planning restrictions to prevent a city growing bigger and bigger.






21. Things that reduce stock levels like shoplifting - employee theft or vendor fraud.






22. Ability to continue for a long time - involving the use of natural products and energy not harmful to the environment.






23. Retail Price Index - UK measure of the changes in the prices of a basket of typical consumer goods.






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






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






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






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






28. Products that can hold their own against rival products in terms of price - features or quality.






29. Announcing that a product is for sale - trying to persuade customers to buy a product or service.






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






31. Giving people the freedom to decide things and take responsibility for themselves.






32. The hub of retailing in a city - where the most office buildings and retail stores are.






33. A period of economic expansion.






34. Economic policies designed to support business and help it expand.






35. Central Business District - the largest retail and office area of a city - also known as downtown






36. An official statement of the aims of a company or an organization - e.g. We aim to be the number one supplier of quality wooden furniture.






37. The purchase of a financial product or other item of value with the hope that it will become more valuable.






38. Regular fluctuations in overall economic activity over time.






39. Focusing on a more specific line of products or services in comparison to competitors.






40. Electronic Point of Sale - performs all the tasks of a computerised checkout - storing details of a sale - adjusting stock levels - processing electronic payments etc.






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






42. Obstacles to international trade other than tariffs.






43. Non-Governmental Organisations e.g. Greenpeace - Amnesty International - UNICEF.






44. Shows the flows of money into and out of a country plus transfer payments.






45. A period of shrinking economic activity.






46. Hiring an external company to perform tasks for a company and reduce costs.






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






48. An economic sanction that forbids the import of a specific product or all products from a specific country.






49. The rate of interest at which US banks lend money to their best corporate customers.






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