Practice this business vocabulary by choosing the correct words to fill in the blanks. You may need more than one form of a word or word family.
(You can just write your answers in order on a piece of paper, or right-click here to download a related pdf version and answers. A left click will give you a printable online pdf.)
If you aren't already familiar with business vocabulary, a good way to start is by reading or listening to business articles.
BBC Learning English has a great series on management gurus. You can find many of these words in the article on Peter Drucker there.
A quick review of a few words practiced here:
Fill in the gaps (blanks) with the best of the words above each section. (They're also listed at the bottom so you won't have to scroll up the page as much.) The first section is already done as an example.
Pay attention to spelling and to the part of speech. (Ask yourself which form of a word-- a verb or a noun, adjective or adverb-- should go in the gap.) You will not need all these words-- choose the best one for each blank.
If you would like help, click on the question mark for a clue-- the first letter of the word. (This will reduce your score a little.) When you finish, click "check" to see how well you did.
Economic activity is the exchange of goods and labor. (The economy of a country is the sum of such transactions.)
Businesses make and sell products or offer services. People who buy those products or services are customers or consumers.
Most large businesses are corporations owned by stockholders and run by a board of directors. They hold stockholder meetings annually. There they present an annual report of profits and vote on important business.
The person who started (founded) a company is its founder. A CEO runs the company and supervises operations. (CEO stands for Corporate Executive Officer. It's the private sector equivalent of the president or prime minister of a nation.) The CEO reports to the Board of Directors.
Businesses must make make constant adaptations as their circumstances change. They need to track changes in their markets, labor force, suppliers, and competitors. CEOs are well-paid because they must watch all these trends.
They need to adjust corporate policies and procedures to balance these factors so their companies can make a profit. (A profit means to take in more money than they must pay out in expenses.)
Businesses have many methods for promoting their products or services to customers. Some stores offer discounts for membership in a special program or for cash payments. Stores may have special sales in which they reduce prices for a certain period of time. Some (like auto dealerships) have annual year-end sales. This lets them reduce their inventory before the next year’s models arrive.
Businesses may pay bonuses to enterprising sales staff who figure out ways to exceed their targets and sell much more than others. (A bonus offers an incentive for extra effort.)
You can read or listen to many of these words in context in the BBC's Business Gurus series. See especially their discussion of Peter Drucker and his business management theories.