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






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






3. Volunteer organization for young - disadvantaged Americans.






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






5. Consumer goods that have a long life span - e.g. furniture.






6. 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.






7. North American Free Trade Agreement - trade agreement between the USA - Canada and Mexico.






8. The rate of interest at which US banks lend money to their best corporate customers.






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






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






11. A period of very high economic activity.






12. A person who works for someone else in exchange for payment.






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






14. The total amount of money in circulation in a country.






15. Something that is bought without being planned for.






16. The resources used to produce goods and services - including land - labour - business and capital.






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






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






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






20. Regulations that mean permission from the government is required before certain items can be exported.






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






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






23. A period of shrinking economic activity.






24. A retail outlet.






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






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






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






28. An individual or company buying from someone.






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






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






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






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






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






34. Purchase Power Parity - the degree to which your money will buy the same items in a foreign country - e.g. is a Big Mac cheaper in the US than it is in Germany?






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






36. A voluntary sector or charity sector organization.






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






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






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






40. 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.






41. An extremely adverse environmental condition.






42. Not in my backyard - someone who doesn't want something (like a prison or nuclear reactor) to be built near their home.






43. Something which is a copy or imitation.






44. The buying and selling of government securities by a central bank in order to control the money supply.






45. Electronic Data Interchange - a computerised system to allow retailers and suppliers to exchange information about stock levels - delivery times - unit prices etc.






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






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






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






49. Development which can be done without harming the environment or natural resources.






50. Central Business District - the largest retail and office area of a city - also known as downtown