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






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






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. Confederation of British Industry






5. 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.






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






7. A pricing strategy using premium prices to attract customers more concerned about service - assortment and status than price.






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






9. Announcing that a product is for sale - trying to persuade customers to buy a product or service.






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






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






12. American Federation of Labour / Association of Industrial Organizations






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






14. A period of decline in economic activity.






15. The way in which a company is controlled.






16. A period of economic expansion.






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






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






19. 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.






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






21. The macroeconomic sector that includes the entire wants and needs satisfying population of the economy.






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






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






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






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






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






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






28. Foreign Direct Investment - when a company from one country has a controlling interest in a company in another country.






29. 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.






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






31. The balance between interest rates and the demand for money.






32. Non-Governmental Organisations e.g. Greenpeace - Amnesty International - UNICEF.






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






34. A consultation document that sets out the government's position on a certain issue.






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






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






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






38. Something which is a copy or imitation.






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






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






41. The support of a cause.






42. Organization for Economic Cooperation and Development






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






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






45. Shows the flows of money into and out of a country plus transfer payments.






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






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






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






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






50. The system of organizations involved in moving a product from manufacturer to customer.







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