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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. A storeroom where items which cannot be put on display are stored.






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






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






4. The violation of a law or right.






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






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






7. A company's main products - e.g. Opel's core product is cars.






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






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






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






11. Volunteer organization for young - disadvantaged Americans.






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






13. Obstacles to international trade other than tariffs.






14. A period of economic expansion.






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






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






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






18. American Federation of Labour / Association of Industrial Organizations






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






20. World Trade Organization - governing body that establishes worldwide rules for trade and commerce.






21. The ethics of bribery - extortion and grease payments to bureaucrats and business leaders.






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






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






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






25. Something that is bought without being planned for.






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






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






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






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






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






31. A large retail unit selling a wide variety of goods in separate departments.






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






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






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






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






36. Connected with society and the way it is organized.






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






38. When budget spending exceeds revenue.






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






40. When governments try to stabilize economic activities by funding major projects from budget deficits.






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






42. Trade Union Congress.






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






44. 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.






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






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






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






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






49. A reduction in price offered when buying an item in higher quantities.






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