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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 retail outlet.






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






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






4. A period of shrinking economic activity.






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






6. Focusing on a more specific line of products or services in comparison to competitors.






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






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






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






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






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






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






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






14. Business wholly owned by its employees with the emphasis on group decision making.






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






16. Distribution of anything for use - including time or money.






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






18. 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.






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






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






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






22. Machine for processing sales - taking payments - giving change. Also know as a cash register.






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






24. 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.






25. When a manager or politician only looks at the short term and does not consider the long term impact or benefits of a plan.






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






27. A self-service food store with grocery - meat and produce departments.






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






29. The support of a cause.






30. real Gross Domestic Product is the level of GDP having been adjusted for inflation.






31. When budget spending exceeds revenue.






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






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






34. 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.






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






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






37. An individual or company buying from someone.






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






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






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






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






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






43. Involving the use of natural resources and energy in a way that does not harm the environment.






44. Volunteer organization for young - disadvantaged Americans.






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






46. The increasing capacity of an economy to satisfy the material wants of its members; period of expansion.






47. Multiple retail units under common ownership.






48. An economic sanction that forbids the import of a specific product or all products from a specific country.






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






50. Not in my backyard - someone who doesn't want something (like a prison or nuclear reactor) to be built near their home.