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






2. Something which is a copy or imitation.






3. The quantity of goods of a certain kind that a country allows to be imported (without restriction or extra taxes).






4. A period of shrinking economic activity.






5. Regular fluctuations in overall economic activity over time.






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






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






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






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






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






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






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






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






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






15. A retailer that concentrates on selling one particular type of good.






16. 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.






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






18. A country's exports minus its imports.






19. Economic policies designed to support business and help it expand.






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






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






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






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






24. A consultation document that sets out the government's position on a certain issue.






25. A shop where you choose the items you want yourself - take them to the till and pay for them without any assistance from staff.






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






27. Obstacles to international trade other than tariffs.






28. A system where a company allows someone to run a specific business using the company's products or brand in exchange for a fee or share of the profits - McDonalds is a famous franchise.






29. A retail outlet.






30. Something that is required by law.






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






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






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






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






35. An item which is no longer produced by a manufacturer or sold by a retailer.






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






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






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






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






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






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






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






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






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






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






46. 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.






47. A period of economic expansion.






48. A voluntary sector or charity sector organization.






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






50. The way in which a company is controlled.