Test your basic knowledge |

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






2. Meeting accepted guidelines or laws.






3. When budget spending exceeds revenue.






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






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






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






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






8. Sets of specific restraints imposed by governments on international trade.






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






10. The percentage of people who do not have a job.






11. Items sold in a store during a certain period measuring in number of units or value.






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






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






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






15. A person or company from whom goods or services are bought.






16. Something that is bought without being planned for.






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






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






19. The way in which a company is controlled.






20. 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.






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






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






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






24. An area of countryside with planning restrictions to prevent a city growing bigger and bigger.






25. The variety of goods that a retailer sells.






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






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






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






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






30. A retail outlet.






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






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






33. System in which good or services are exchanged for other goods or services rather than cash.






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






35. A country's exports minus its imports.






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






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






38. real Gross Domestic Product is the level of GDP having been adjusted for inflation.






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






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






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






43. Something which is a copy or imitation.






44. Products that can hold their own against rival products in terms of price - features or quality.






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






46. Someone who does something without being paid for it - e.g. working for a charity.






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






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






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






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