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






2. Protection of local industries through tariffs - quotas and regulations that discriminate against foreign businesses.






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






4. Organization for Economic Cooperation and Development






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






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






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






8. Multiple retail units under common ownership.






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






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






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






12. The number of times during a period a business sells its inventory and replaces it.






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






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






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






16. Value of the entire company as expressed by its market capitalization.






17. A period of shrinking economic activity.






18. Items which a shop has and are available to buy.






19. Trade Union Congress.






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






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






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






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






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






25. 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.






26. The customer group a retailer wants to attract and satisfy.






27. A country's exports minus its imports.






28. When the amount borrowed to pay for a home is now more than the property is actually worth.






29. Patterns of relationships between different groups of society.






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






31. A period of decline in economic activity.






32. Anyone who has an interest in the success of an organization - e.g. the owner - employees - shareholders.






33. The violation of a law or right.






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






35. When a private company provides a public service in agreement with a government or council.






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






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






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






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






40. 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.






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






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






43. Obstacles to international trade other than tariffs.






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






45. The variety of goods that a retailer sells.






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






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






48. A large - long-term loan taken out to pay for a house.






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






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