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






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






3. Doing something (performing a process) to make a material ready for your requirments.






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






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






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






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






8. The amount of wealth - money - comfort etc that a particular person - group or society has.






9. The money a state earns via taxation.






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






11. real Gross Domestic Product is the level of GDP having been adjusted for inflation.






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






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






14. 1. The sum of the balance of trade plus net factor income (interest dividends) plus net transfer payments (foreign aid).2. Low or no-interest bank account used for daily transactions e.g. using an ATM - with a cheque book or debit card.






15. When a company reduces their output during a recession they have excess or idle capacity.






16. A country's exports minus its imports.






17. A self-service food store with grocery - meat and produce departments.






18. A period of economic expansion.






19. Something that is required by law.






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






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






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






23. A card given to customers to collect points towards gifts with the aim to make the customer return to the business regularly.






24. Organization for Economic Cooperation and Development






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






26. Financial aid by the government to an individual or group to support an activity that is in the public interest.






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






28. Protection of local industries through tariffs - quotas and regulations that discriminate against foreign businesses.






29. A retailing format that involves the coin- or card-operated dispensing of goods and services. It eliminates the use of sales personnel and allows around-the-clock sales.






30. The variety of goods that a retailer sells.






31. The process of turning raw materials and parts into finished products.






32. An enormous planned shopping centre with hundreds of stores under one roof.






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






34. When budget spending exceeds revenue.






35. Value of the entire company as expressed by its market capitalization.






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






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






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






39. Obstacles to international trade based on customs tariffs.






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






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






42. Economic policies that use money e.g. interest rates or money supply as the major instruments.






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






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






45. The violation of a law or right.






46. Items sold in a store during a certain period measuring in number of units or value.






47. When a price has been cut.






48. Items which a shop has and are available to buy.






49. The checking - ordering & processing of stock levels.






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