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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 area of the economy that produces goods and provides services.






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






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






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






5. How companies try to show their products as being different from those of their rivals.






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






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






8. A way of measuring performance by comparing a company to similar ones.






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






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






11. A person or organization which receives money from a charity.






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






13. Regular fluctuations in overall economic activity over time.






14. Obstacles to international trade other than tariffs.






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






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






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






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






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






20. Organization for Economic Cooperation and Development






21. 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.






22. Things that reduce stock levels like shoplifting - employee theft or vendor fraud.






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






24. Fast Moving Consumer Goods - frequently purchased consumer items such as foods - cleaning products and toiletries.






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






26. 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.






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






28. Volunteer organization for young - disadvantaged Americans.






29. An extremely adverse environmental condition.






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






31. 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.






32. The hub of retailing in a city - where the most office buildings and retail stores are.






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






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






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






36. An individual or company buying from someone.






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






38. 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.






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






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






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






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






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






44. American Federation of Labour / Association of Industrial Organizations






45. A sign or symbol used by a company such as the Nike swish logo which is protected by law.






46. A minimum income level below which people are officially poor.






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






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






49. When a price has been cut.






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