Understanding Business English Vocabulary

This video tutorial by Adam on www.engvid.com covers essential business English vocabulary related to the economy. It explains terms like GDP, fiscal year, quarters, currency, budget, deficit, surplus, inflation, deflation, stagnation, recession, depression, credit, debt, economic bubbles, and boom or bust cycles. The lesson aims to help viewers understand financial articles and broadcasts, providing a foundation for further study in business and economics.

What does GDP stand for in economic terms?

• Gross Domestic Product

• Gross Domestic Profit

• General Domestic Production

• Global Domestic Product

What does the term 'fiscal year' refer to?

• A company's tax year from start to end

• A period of economic growth

• A calendar year from January to December

• A financial quarter

Which of the following is NOT a currency?

• Euro

• Pound

• Fiscal

• Dollar

What does a budget deficit indicate?

• Spending less than the budget

• Spending more than the budget

• Equal spending and income

• Excess income over spending

What is the opposite of a budget surplus?

• Budget recession

• Budget balance

• Budget deficit

• Budget inflation

What happens during inflation?

• Prices increase and wages stay the same

• Prices decrease and wages stay the same

• Prices decrease and wages increase

• Prices and wages both increase

What is the economic term for a prolonged decline in GDP?

• Stagnation

• Recession

• Inflation

• Deflation

What does a credit rating determine?

• The value of your assets

• The amount of taxes you owe

• The interest rate on loans

• The amount of money you can borrow

What is a 'bubble' in economic terms?

• A period of economic stability

• A decrease in market prices

• A stable market condition

• A rapid increase in prices without demand

What does the term 'boom' refer to in an economic context?

• A period of economic recession

• A period of economic stagnation

• A period of economic growth

• A period of economic decline