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






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






3. Something that is required by law.






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






5. The variety of goods that a retailer sells.






6. The number of times during a period a business sells its inventory and replaces it.






7. When a price has been cut.






8. A collection of shops under one roof with a shared entrance and food area.






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






10. An individual or company buying from someone.






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






12. A tax imposed on imports by the customs authority of a country.






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






14. Top rating for bonds of the highest quality. Awarded by the main rating agencies: Standard & Poor's - Moody's and Fitch.






15. Organization for Economic Cooperation and Development






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






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






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






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






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






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






22. The way in which a company is controlled.






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






24. A large - long-term loan taken out to pay for a house.






25. All raw materials - work in progress and finished products in a company - usually counted once a year or when a company goes bankrupt.






26. Selling items to a customer directly - for example via telephone - without a store being involved in the process.






27. 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.






28. Involving the use of natural resources and energy in a way that does not harm the environment.






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






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






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






32. Patterns of relationships between different groups of society.






33. The amount of money a person has left after paying taxes and buying necessities.






34. Trade Union Congress.






35. A period of very high economic activity.






36. Consumer Price Index - a US measure of whether items are getting cheaper or more expensive using a sample of typical consumer goods.






37. A period of economic expansion.






38. Meeting accepted guidelines or laws.






39. A voluntary sector or charity sector organization.






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






41. A government-imposed tax on imports.






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






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






44. A card payment system where the cost of goods or services is immediately removed from a bank account.






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






46. A small owner-operated store serving a local community.






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






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






49. Imitating another company's ideas rather than developing your own.






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