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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 period of very high economic activity.






2. Goods bought for private use.






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






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






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






6. An area of land which has never been built on.






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






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






9. 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.






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






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






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






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






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






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






16. Obstacles to international trade other than tariffs.






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






18. Regular fluctuations in overall economic activity over time.






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






20. Organization for Economic Cooperation and Development






21. Statement of policy issued by a government which may form the basis of a future law.






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






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






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






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






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






27. The legal right of the owner of a work over its control and distribution.






28. The increasing capacity of an economy to satisfy the material wants of its members; period of expansion.






29. Machine for processing sales - taking payments - giving change. Also know as a cash register.






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






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






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






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






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






35. The support of a cause.






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






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






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






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






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






41. 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.






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






43. A test or way of measuring something.






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






45. A period of economic expansion.






46. The way in which a company is controlled.






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






48. How companies try to show their products as being different from those of their rivals.






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






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