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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. Refers to the number of distinct goods or services a retailer offers.






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






3. When the imports into a country exceed the exports going out of a country.






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






5. Money which is spent on construction - land - machinery etc which has an expected working life of more than one year - investments in the future of a business.






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






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






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






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






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






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






12. Non-Governmental Organisations e.g. Greenpeace - Amnesty International - UNICEF.






13. Something which is a copy or imitation.






14. A reduction in the selling price of an item in order to increase sales.






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






16. When a customer regularly uses a store they know - like and trust.






17. The way in which a company is controlled.






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






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






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






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






22. A person or organization which receives money from a charity.






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






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






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






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






27. 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.






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






29. An individual or company buying from someone.






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






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






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






33. The variety of goods that a retailer sells.






34. Announcing that a product is for sale - trying to persuade customers to buy a product or service.






35. Goods bought for private use.






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






37. Buying Power Index - a measure of a geographic area's market characteristics in terms of percentage of the US population - percentage of US retail sales and percentage of US effective buying income.






38. A test or way of measuring something.






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






40. Patterns of relationships between different groups of society.






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






42. The money a state earns via taxation.






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






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






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






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






47. Obstacles to international trade other than tariffs.






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






49. A country's exports minus its imports.






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