Test your basic knowledge |

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. The area of the economy that produces goods and provides services.






2. A test or way of measuring something.






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






4. Economic policies that use taxation to correct the course of the economy e.g. lowering sales tax to encourage spending or raising interest rates to encourage saving.






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






6. The gross domestic product in that year's prices i.e. nominal GDP does not account for inflation.






7. A shop that is usually open long hours and sells a limited selection of basic goods like food and newspapers.






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






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






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






11. Fast Moving Consumer Goods - frequently purchased consumer items such as foods - cleaning products and toiletries.






12. Regulations that mean permission from the government is required before certain items can be exported.






13. Trade Union Congress.






14. A product which sells less often than other products (thus staying on the shelf longer and keeping it warm).






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






16. When one company controls a certain market - e.g. British Telecom had a monopoly in the UK telephone market.






17. System in which good or services are exchanged for other goods or services rather than cash.






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






19. A sign or symbol used by a company such as the Nike swish logo which is protected by law.






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






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






22. A period of shrinking economic activity.






23. The sum of money invested in new or additional equipment.






24. Someone who does something without being paid for it - e.g. working for a charity.






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






26. American Federation of Labour / Association of Industrial Organizations






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






28. Something that is required by law.






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






30. Goods bought for private use.






31. When the exports a country makes exceed the imports.






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






33. A financial instrument that facilitates payment from one currency to another.






34. Intangible assets - the legal field relating to copyright - trademarks - patents and related rights.






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






36. Anyone who has an interest in the success of an organization - e.g. the owner - employees - shareholders.






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






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






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






40. The system of organizations involved in moving a product from manufacturer to customer.






41. A retail store that handles a wide variety of inexpensive and cheaply priced goods.






42. Payments made like a bribe to encourage an official to allow something or get something done.






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






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






45. A computerised stock-control system which reorders stock automatically when it reaches a certain level.






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






47. The support of a cause.






48. The buying and selling of government securities by a central bank in order to control the money supply.






49. An extremely adverse environmental condition.






50. A person or organization which receives money from a charity.