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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. An official statement of the aims of a company or an organization - e.g. We aim to be the number one supplier of quality wooden furniture.






2. 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.






3. The authority or agency responsible for controlling the movement of goods into and out of a country. Also the tax paid on goods imported into a country.






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






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






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






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






8. A reduction in price offered when buying an item in higher quantities.






9. The violation of a law or right.






10. The amount of money a person has left after paying taxes and buying necessities.






11. A period of decline in economic activity.






12. 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.






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






14. A government-imposed tax on imports.






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






16. Organization for Economic Cooperation and Development






17. Selling items to a customer directly - for example via telephone - without a store being involved in the process.






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






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






20. A shop where you choose the items you want yourself - take them to the till and pay for them without any assistance from staff.






21. A period of shrinking economic activity.






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






23. Confederation of British Industry






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






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






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






27. A card given to customers to collect points towards gifts with the aim to make the customer return to the business regularly.






28. 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?






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






30. A storeroom where items which cannot be put on display are stored.






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






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






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






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






35. A retail outlet.






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






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






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






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






40. Obstacles to international trade other than tariffs.






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






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






43. The legal right of the owner of a work over its control and distribution.






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






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






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






47. The amount of wealth - money - comfort etc that a particular person - group or society has.






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






49. 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.






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







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