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






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






3. When budget spending exceeds revenue.






4. Hiring an external company to perform tasks for a company and reduce costs.






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






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






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






8. Multiple retail units under common ownership.






9. 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.






10. The sum of money invested in new or additional equipment.






11. When a price has been cut.






12. A period of shrinking economic activity.






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






14. 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.






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






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






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






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






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






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






21. A period where there is little economic activity - high unemployment and much poverty.






22. The violation of a law or right.






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






24. Top rating for bonds of the highest quality. Awarded by the main rating agencies: Standard & Poor's - Moody's and Fitch.






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






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






27. A collection of shops under one roof with a shared entrance and food area.






28. Meeting accepted guidelines or laws.






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






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






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






32. Machine for processing sales - giving change in a shop or restaurant.






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






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






35. A shop or store.






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






37. A country's exports minus its imports.






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






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






40. Obstacles to international trade based on customs tariffs.






41. Doing something (performing a process) to make a material ready for your requirments.






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






43. Relating to cities or built up areas - not the countryside.






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






45. The checking - ordering & processing of stock levels.






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






47. 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.






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






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






50. Volunteer organization for young - disadvantaged Americans.