Font size
WorksheetsBusiness Vocabulary
Total questions: 90
Worksheet time: 50mins
Fill in the blank: An individual who has the idea for a new business, starts it up and carries most of the risks but benefits from the rewards is called an __________.
Entrepreneur
Manager
Investor
Employee
Fill in the blank: An individual consumer or a business that purchases another company's goods or services is called a __________.
Customer
Supplier
Manufacturer
Distributor
Fill in the blank: An individual who purchases goods and services for personal use is called a __________.
Consumer
Producer
Retailer
Supplier
Fill in the blank: The physical and tangible goods sold to consumers, such as cars and washing machines, are called __________.
Consumer goods
Durable goods
Industrial goods
Luxury goods
Fill in the blank: The non-tangible products sold to consumers that are not intended for resale, such as hotel accommodation, are called __________.
Consumer services
Consumer goods
Industrial services
Retail products
Fill in the blank: The resources needed by business to produce goods or services are called __________.
Factors of production
Capital goods
Consumer goods
Raw materials
Fill in the blank: The physical goods used by industry to aid in the production of other goods and services, such as machines, are called __________.
Capital goods
Consumer goods
Raw materials
Finished products
Fill in the blank: The action of showing initiative to take the risk to set up a business is called __________.
Enterprise
Entrepreneurship
Management
Investment
Fill in the blank: The difference between the cost of purchasing bought-in inputs and the selling price of the finished goods is called __________.
Added value
Gross profit
Net income
Operating margin
Fill in the blank: Increasing the difference between the cost of bought-in inputs and the selling price of the finished goods is called __________.
Adding value
Cost cutting
Profit maximizing
Revenue increasing
The process of differentiating a product by developing a symbol, name, image or trademark for it is called:
Branding
Marketing
Advertising
Packaging
Fill in the blank: The next most desired option that is given up is called __________.
Opportunity cost
Sunk cost
Fixed cost
Variable cost
Fill in the blank: A business organisation that has its headquarters in one country, but with operating branches, factories and assembly plants in other countries is called a __________.
Multinational business
Local business
Franchise
Partnership
Fill in the blank: A business employee who takes direct responsibility for turning an idea into a profitable new product or business venture is called an __________.
Intrapreneur
Entrepreneur
Manager
Investor
Fill in the blank: A written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts is called a __________.
Business plan
Marketing strategy
Financial report
Sales pitch
Fill in the blank: A business that is owned by shareholders who are often members of the same family and cannot sell shares to the general public is called a __________.
Private limited company
Public limited company
Partnership
Sole proprietorship
Fill in the blank: An offer to the public to buy shares in a public limited company is called an __________.
Initial public offering (IPO)
Private placement
Secondary market offering
Rights issue
Fill in the blank: A company whose shares are traded on a stock exchange and can be bought and sold by the public is called a __________.
Public limited company (plc)
Private limited company (ltd)
Partnership
Sole proprietorship
Firms engaged in farming, fishing, oil extraction and all other primary activities are part of the __________.
Primary sector
Secondary sector
Tertiary sector
Quaternary sector
Fill in the blank: ________ are industries that extract natural resources so that they can be used and processed.
business activity
manufacturing industries
service industries
agricultural industries
Fill in the blank: ________ are firms that manufacture and process products from natural resources, including computers, brewing, baking, clothes-making and construction.
secondary sector business activity
primary sector business activity
tertiary sector business activity
quaternary sector business activity
Fill in the blank: ________ are firms providing services to consumers and other businesses, such as retailing, transport, insurance, banking, hotels and tourism.
tertiary sector business activity
primary sector business activity
secondary sector business activity
quaternary sector business activity
Fill in the blank: ________ are businesses providing information services, such as computing, web design, ICT (information and communication technologies), management consultancy and R&D (research and development, particularly in scientific fields).
quaternary sector business activity
primary sector business activity
secondary sector business activity
tertiary sector business activity
Fill in the blank: In a ________, economic resources are owned and controlled by both private and public sectors.
mixed economy
command economy
market economy
traditional economy
Fill in the blank: The ________ consists of organisations accountable to and controlled by central or local government (the state).
public sector
private sector
non-profit sector
informal sector
Fill in the blank: In a ________, economic resources are owned largely by the private sector with very little state intervention.
free-market economy
command economy
mixed economy
traditional economy
Fill in the blank: The ________ consists of businesses owned and controlled by individuals or groups of individuals.
private sector
public sector
non-profit sector
government sector
A ________ is a business enterprise owned and controlled by the state-also known as a nationalised industry.
public corporation
private company
partnership
sole proprietorship
Fill in the blank: In a ________, economic resources are owned, planned and controlled by the state.
command economy
market economy
mixed economy
traditional economy
A ________ is a business in which one person provides the permanent finance and, in return, has full control of the business and is able to keep all of the profits.
sole trader
partnership
corporation
limited liability company
Fill in the blank: ________ means business owners have full legal responsibility for the debts of the business.
unlimited liability
limited liability
corporate responsibility
shared liability
Fill in the blank: A ________ is a business formed by two or more people to carry on a business together, with shared capital investment and, usually, shared responsibilities.
partnership
corporation
sole proprietorship
franchise
Fill in the blank: ________ is the only liability-or potential loss-a shareholder has, if the company fails, is the amount invested in the company, not the total wealth of the shareholder.
limited liability
unlimited liability
shared liability
personal liability
Fill in the blank: A ________ is a certificate confirming part-ownership of a company and entitling the shareholder owner to dividends and certain shareholder rights.
share
bond
loan
warranty
Fill in the blank: A ________ is a person or institution owning shares in a limited company.
shareholder
director
employee
customer
Fill in the blank: The ________ states the name of the company, the address of the head office through which it can be contacted, the maximum share capital for which the company seeks authorisation and the declared aims of the business.
Memorandum of Association
Articles of Incorporation
Certificate of Formation
Business License
Fill in the blank: The ________ document covers the internal workings and control of the business, the names of directors and the procedures to be followed.
Articles of Association
Memorandum of Understanding
Business Plan
Corporate Charter
Define cooperative.
a jointly owned business operated by members for their mutual benefit, to produce or distribute goods or services.
a type of competitive business model focused on maximizing profits for shareholders.
an individual-owned business with a focus on personal gain.
a government-run organization aimed at providing public services.
Define franchise.
the legal right to use the name, logo and trading systems of an existing successful business.
a type of car engine.
a method of cooking pasta.
a style of modern art.
Define franchisee.
a person or business that buys the right from the franchiser to operate the franchise.
a person who sells the franchise rights to others.
a company that owns multiple franchises.
an employee working in a franchise.
Define franchiser.
a person or business that sells the right to open stores and sell products or services, using the brand name and brand identity.
a person who buys the right to use a brand name and sell its products.
a company that manufactures products for other companies.
an individual who invests in multiple businesses without owning them.
Define joint venture.
two or more businesses agree to work closely together on a particular project and create a separate business division to do so.
a single business expanding its operations into a new market.
a partnership where one business takes over another.
a temporary collaboration between competitors to share market insights.
Define social enterprise.
a business with mainly social objectives that re-invests most of its profits into benefiting society rather than maximising returns to owners.
a business focused solely on maximizing shareholder profits.
a non-profit organization that does not generate any revenue.
a government agency responsible for social welfare programs.
Define revenue.
the total value of sales made during the trading period = selling price x quantity sold.
the profit made after all expenses are deducted.
the total cost of goods sold during the trading period.
the net income after taxes.
Define capital employed.
the total value of all long-term finance invested in the business.
the total revenue generated by the business.
the total amount of short-term liabilities.
the total value of all assets owned by the business.
Define market capitalisation.
the total value of a company's issued shares.
the annual profit of a company.
the number of employees in a company.
the total revenue of a company.
Define market share.
sales of the business as a proportion of total market sales.
total revenue of the business.
number of products sold by the business.
market value of the business.
Define organic growth.
expansion of a business by means of opening new branches, shops or factories (also known as internal growth).
growth through mergers and acquisitions.
growth by increasing market share through aggressive marketing.
growth by reducing costs and increasing efficiency.
Define external growth.
Define merger.
an agreement by owners and managers of two businesses to bring them together in a new combined business. This is often referred to as a friendly merger.
a process where a company buys another company and takes control of it.
a strategy where a company focuses on increasing its market share by selling more of its existing products.
a financial transaction where a company sells its assets to another company.
Define takeover.
when a company buys more than 50% of the shares of another company and becomes its controlling owner. It can be called an acquisition.
when a company sells all its shares to another company.
when a company merges with another company to form a new entity.
when a company buys less than 50% of the shares of another company.
Define horizontal integration.
integration with a business in the same industry and at same stage of production.
integration with a business in a different industry and at a different stage of production.
integration with a business in the same industry but at a different stage of production.
integration with a business in a different industry but at the same stage of production.
Define vertical integration.
Define forward vertical integration.
vertical integration with a customer business.
vertical integration with a supplier business.
horizontal integration with a competitor.
diversification into unrelated businesses.
Define backward vertical integration.
vertical integration with a supplier business.
vertical integration with a customer business.
horizontal integration with a competitor.
diversification into unrelated industries.
Define conglomerate integration.
integration with a business in a different industry.
integration with a business in the same industry.
integration with a supplier or distributor.
integration with a competitor.
Define synergy.
literally means that 'the whole is greater than the sum of its parts.'
a process of individual work without collaboration.
a method to reduce the effectiveness of a team.
a strategy to isolate team members for better results.
What is the term for (a) ? Options: (b) A) Business Objective (c) B) Strategic Alliance (d) C) Corporate Social Responsibility (e) D) Pressure Group
Business Objective
Strategic Alliance
Corporate Social Responsibility
Pressure Group
What is the term for (a) ? Options: (b) A) Pressure Group (c) B) Triple Bottom Line (d) C) SMART Objectives (e) D) Business Aim
Pressure Group
Triple Bottom Line
SMART Objectives
Business Aim
What is the term for (a) ? Options: (b) A) Triple Bottom Line (c) B) SMART Objectives (d) C) Business Aim (e) D) Mission Statement
Triple Bottom Line
SMART Objectives
Business Aim
Mission Statement
What is the term for (a) ? Options: (b)
Mission Statement
Annual Report
Business Strategy
Tactic
What is the term for (a) ? Options: (b)
Tactic
Target
Budget
Ethical Code
What is the term for (a) ?
Budget
Ethical Code
External Stakeholders
Internal Stakeholders
What is the term for (a) ? Options: (b)
External Stakeholders
Internal Stakeholders
Stakeholder Concept
Stakeholders
What is the term for (a) ?
Internal Stakeholders
Stakeholder Concept
Stakeholders
Trade Union
What is the term for (a) ? Options: (b)
Stakeholders
Trade Union
HRM Strategy
Workforce Planning
What is the term for (a) ? Options: (b)
HRM Strategy
Workforce Planning
Strategic Alliance
Business Objective
What is the term for 'a check on the skills and qualifications of all existing workers/managers'?
workforce audit
performance review
employee assessment
skills inventory
What is the term for 'measures the rate at which employees are leaving an organisation'?
labour turnover
employee retention
workforce stability
staff satisfaction
What is the term for 'the process of identifying the need for a new employee, defining the job to be filled and the type of person needed to fill it, and attracting suitable candidates for the job'?
recruitment
training
performance evaluation
succession planning
What is the term for 'a business that offers the service of recruiting applicants for vacant posts'?
recruitment agency
consulting firm
job board
staffing service
What is the term for 'the series of steps by which candidates are interviewed, tested and screened to choose the most suitable person for a vacant post'?
selection
recruitment
induction
training
What is the term for 'a detailed list of the key points about the job to be filled, stating all its key tasks and responsibilities'?
Job Description
Job Specification
Job Analysis
Job Evaluation
What is the term for 'a detailed list of the qualities, skills and qualification that a successful applicant will need to have'?
Personal specification
Job description
Resume
Cover letter
What is the term for 'a set of questions answered by a job applicant to give a potential employer information about the applicant, such as educational background and work experience'?
application form
resume
cover letter
interview questionnaire
What is the term for 'a detailed document highlighting all of a person's professional and academic achievements, work experience and awards'?
curriculum vitae (CV)
resume
biography
portfolio
What is the term for 'a less detailed document than a CV, which itemises work experience, educational background and special skills relevant to the job being applied for'?
résumé
cover letter
portfolio
biography
What is the term for 'comment from a trusted person about an applicant's character or previous work performance'?
reference
recommendation
testimonial
endorsement
What is the term for 'a place where a range of tests is used to judge job applicants on their potential ability to perform a particular role'?
assessment centre
interview room
training facility
job fair
What is the term for 'when a business aims to fill a vacancy with a suitable applicant from outside of the business, such as an employee of another organisation'?
external recruitment
internal recruitment
job rotation
employee referral
What is the term for 'when a business aims to fill a vacancy from within its existing workforce'?
internal recruitment
external recruitment
outsourcing
headhunting
What is the term for 'a legal document that sets out the terms and conditions governing a worker's job'?
employment contract
job description
work permit
salary slip
What is the term for 'when a job is no longer required, the employee doing this job becomes unnecessary through no fault of their own'?
redundancy
promotion
demotion
transfer
What is the term for 'ending a worker's employment contract for a reason that the law regards as being unfair'?
unfair dismissal
constructive dismissal
redundancy
voluntary resignation
What is the term for 'being dismissed or sacked from a job due to incompetence or breach of discipline'?
dismissal
promotion
transfer
resignation
What is the term for 'overall outlook, attitude and level of satisfaction of employees when at work'?
employee morale
employee engagement
workplace culture
job satisfaction
Fill in the blank: Employee welfare refers to employees' 'health, safety and level of ______ when at work.
morale
income
productivity
attendance
Fill in the blank: Work-life balance is a situation in which employees are able to allocate the right amount of time and effort to work and to their personal life ______ work.
outside
inside
during
after
Fill in the blank: Equality policy involves practices and processes aimed at achieving a fair organisation where everyone is treated in the same way without prejudice and has the opportunity to fulfil their ______.
potential
duties
roles
responsibilities
Fill in the blank: Diversity policy involves practices and processes aimed at creating a mixed workforce and placing a positive value on diversity in the ______.
workplace
community
marketplace
society
