Price Draw a line from each word on the left to a word on rhe right lo make a word pair. (There is one extra word (hat you doni have lo use.| Then use your word pairs lo complete the sentences below. price price list cut up level bottom end entry loss market 1 Our basic range of tennis rackets is priced at the...... ... of the market. 2 For example, our..........................................................racket for beginners is just £20. 3 Last year, the.......................................................for our most expensive model was £250. 4 But after last week's...................-....................................it is now just £200. 5 Lo[s of people start wirh one of our cheaper rackets and then move.................................. Choose the best word to fill each gap from (he alternatives given below. Put a circle around the letter, A, B or C, of the word you choose. Homestead is a new compary selling consumer durables at low prices. The company has a policy of permanently low (1) ,_............. In fact, they guarantee that all branded products will be ar least 10% less than rhe recommended (2)...............price. For example, a washing machine listed at £3S0 is on sale at £320, Thaťs a (3)...............oí over 15%. Competitors are angry that the company is using loss (4)...............to attract customers. A spokesperson for Homestead admitted that some products were being sold at a (5)...............hüt argued that this is standard business practice. They just don't like the fact that we are (6)...............them/ he added. Is this the starr of a price {7)...............? B pricing C trading B sale C cosr B protít C discount B leaders C traders B lost C loss B discounting C overpricing B war C tag 1 A charging 2 A retail 3 A charge 4 A dealers 5 A loser 6 A undercutting 7 A hike Find (he answer to each clue. One or two letters are given in each case. 1 When prices are rising quickly: a price.............. 2 Not cheap and not expensive 3 Small, specialized market 4 Goods between basic and sophisticated 5 Buy a better model than the one you have b m - P lllll n m - ľ ^j 1 i u Jest Yout Business Votobuloty m Use 33 Place Find ihe word from the lisí below lhát besl fits each statement. Write the letter of your chosen answer next to the statement. There is one extra word that you don't have to use. 1 We buy large quantities of wine directly from the producers and sell to shops and restaurants. 2 We have a small shop selling newspapers» magazines, sweets and cigarettes. 3 We opened in Chicago in 1952. We sell coffee, sodas and pastries. And, of course, medicines! 4 ] own [he Pizza Express restaurant in our town. 1 get a lot of help from the parenr company. 5 It is a huge shop and ir sells everything - food, clothes, furniture, plants, everything. 6 We sent out 200,000 letters to car owners last week promoting our new insurance service. 7 We phone people between 6 and 8 in The evening trying ro sell them home security products. 8 Most big towns in England have a shopping centre bur the idea came from ihe US. A telemarketing B mall C discounter D hypermarket E drugstore F mailshot G wholesaler H retailer 1 franchise Draw a line from each word on the left to a word on the right (o make a word pair. (There is one extra word that you don't have to use-) Then use your word pairs to complete the sentences below. 1 Mailshots, telemarketing and door-to-door selling are all parr of...........-........-............................... 2 We have about 150 telesales people in our..........................................................in Dublin. í We use..........................................................to find new customers but most people don't like being approached by companies that they don't know. 4 The bigger supermarkets don't like.........................................................because they offer very low prices. 5 The 'Body Shop' is a................_......................................with branches throughout the UK. Find the answer to each clue. The first letter is given in each case. 1 Disapproving term for direct mail: .................._. mail 2 A shop can also be called a retail...................... 3 Disapproving term for wholesalers ' 4 Type of score that sells a wide range of goods j 5 Local shop that's open long hours:......................store * 6 Wholesalers and retailers are...................... 6 Total _24_ Target 20+ chain marketing deep centre direct calls cold store call precinct discounters j 0 m d c d Test Your Busmets Vocabulary in Use Promotion Compkce each sentence by writing in the gap (he correct form of the verb given in brackets { K 1 1 work for a large............................agency, (advertise) 2 We have placed a ruN-page display.............................in every national newspaper, {advertise) 3 Product.............................is very effective if you use a really big sports star, (endorse) 4 This year we will spend abour 2 million dollars on.............................. (sponsor) 5 The.............................of our new product range starts next week, {promote) 6 The first prize in our.............................is a week's holiday in Spain, (compete) Draw a Une frocn each word on the left to a word on the right to make a word pair. (There is one extra word that you don't have to use.) Then use your word pairs to complete the sen fences below. sales samples special offer free product loyalty territory crass promotion card . of our new shampoo to 100,000 homes for people to try. 1 We sent............................................ 2 When a customer shows her........................................................she gets a 2% discount. 3 We use....................................................... so, for example, if you buy our toothpaste you get a special deal on our toothbrushes, 4 My.........................................................covers the norch of England and Scotland. 5 The _.........................._..........................on this product range ends on the first of September. Choose the best word from the brackets { } lo fill the gap. 1 i think that a TV commercial is the best advertising............................ (place/med i urn/agency) 2 Our magařine offers readers a free............................every month- (prize/discount/gift) 3 We value the men and women of our............................. (salesmen/salespeople/sales force) 4 ľm running the advertising............................for the launch of our new model, (ca mpa ign/en dorsement/promon on) 5 ľm Salí^ Forbes and ľm.........................manager for Iceberg Frozen Foods. (sellsr'salesVsel ling) 6 Most of rhe............................who use our newspaper are small, local businesses. {a d ve rtiscrs/a dverts/ad venising) Test iorif ßißine« Vbcdbufory m Use 35 2G.1 10 rrwks i he Internet and e-commerce Choose the best word to Jilt each gap from the alternatives given in the box below- There are some words that you don't have to use. I'm Justin and 1 run a chain of bookshops specializing in old and rare books. Last year we started an e- (II..................._......operation. It's been vety successful. We have about 4,000 unique (2).............................and last month our home page had over 15,000 (3).............................Visitors use the sire's search (4}............................to look ior book ritles or authors. They add items to their shopping (5)..........................and, when they've finished, they pay (6).............................using a credit card. We send the books out by post so we don't have any (7) .............................mile problems like some companies. Since we starred (8)...........................we've had more customers in our traditional (9)............................-and-mortar shops. People see our site while they are (10).............................the web and that persuades them to come along. hits users cart clicks page engine bricks first securely e-tailing surfing last commerce procurement In each sentence, (here is one word which is wrong. Circle the mistake and write the correct word at (he end of the line. 1 E-port is the country's latest Internet serving provider. ..................... 2 It gives free Internet excess to registered users. ..................... 3 You can open an accountant by visiting E-port's website. ..................... 4 The first thing to do is to get your user word from the ISP. ..................... 5 Then you enter a secret passport so that only you can log on. ..................... 6 Now you can explore the World Wild Web at any rime. ..................... a] Complete the meaning of each abbreviation. bl Decide wheiher each statement is about B2C, B2B or B2G. Tick |/| the right box. B2G business to.......................... B2B: business to............................. B2G: business to............................ ri2s\ ■ B2C , 62B ' B2G 1 Members oi the public can buy train tickets online. 2 Lasi year we paid out business tax directly over the Internet. 3 We order all our office stationery from our supplier on the webr 4 All our workshops use e-procurement for rbe spare parts they need. 5 We applied for rhe contract after seeing the details on the Ministry's website. 6 I order my contact lenses over the Internet and pay with my credit card. 3* Tea jour Buswiess Vocabulary in Use Sales and costs To(;jI 22 "Target , 18+ Choose the best word from the brackets I ) to fill the gap. 1 The new model will be.............................sak in July, {at/oti/in! 2 The shop was having a...........................so i got these shoes at half price. {sale/sales/sell) 3 Iťs easy to.............................a sale if the product's good and the price is right, (do/make/give) 4 Last month....._.............„........sales reached nearly 1500. (untt/piece/nutnber) 5 Sales iasr month were below our............................or € 120,000. (gross/target/share} 6 Staff salaries are included in our.............................costs, {direci/indirect/overhead) 7 Our basic mode! has a selling.............................of £28. (cost/margin/price} S We estimate that salts.............................nest year will be about 5%. (growth/forecast/volume) Choose the best word to fill each gap from the alternatives given in the bos below. There are some words thai you don't have to use. 'I've just finished..........................the new computer we are launching next year. Direct .............................costs will be $480.1 esrimate our ............................ro lie about $20. That gives .............................costs of $.500. We want a...........................-up of about 20% so the sale price will be $é00. That gives a............................margin of nearly 17%. Not bad.' forecast production costing total profit mark revenue overheads Find the answer to each clue. The first and last letters are given in each case. 1 Selling price minus total costs;.............margin 2 Abbreviation for the vatiable costs in making goods 3 Selling ptice minus direct costs:.....-........margin 4 Number of things sold: sales............. 5 Money received from sales 6 Money received from sales (another word) 7 Another word for indirect costs 8 Estimate of next year's sales n t C S 9 s v e r e t r e s f t T«! Your Bushness Vocabulary in Use 37 jJI^H&I r ™é" Profitability and unprofitability Look at che oosrs and prices of these lamps- Choose (be best word from (he brackets ( ) to nil (he gap in each sentence that follows- PmduL'tion cost SHI my pm'L €45 €60 €30 €30 €45 €40 €60 €120 1 We make a.............................of €15 on lamp A. (budget/expense/profit) 2 We............................even on sales of lamp B. (breathmakeftake} 3 We make a.............................on lamp C, (lose/loss/lost) 4 Lamp D is very popular. It's a real..........................--spinner. Icash/finance/money) 5 We are going to stop making lamp C because it's just not.............................. (prohra ble/sa lea bleŕvalua bi e) Choose [he best word to fill each gap from [he alternatives given in The box below. There are some words that you don't have [o use. 'My name is Ann Morgan and ľm Adverrising Manager at Gissing PLC. Last year» I had an advertising.............................of £1,000,000. Our.............................on TV adverts was £800,000 and £400,000 wem on placing display ads in magazines. So our actual.............................was £1,200,000. Thar means that we.............................by £200,000. The Director oř Finance was not pleased and I have been rold [hat 1 must not be............................budget again next year.' expenditure expenses budget under over spend overspent underspent 38 Write one word in each gap to complele [he sentences. 1 We sell 15,000 of this model s year and make $80 on each one. It's a real______cow. 2 1 overspenr because I didn't budget____the repair of (be phoiocopier. 3 We reach break-even_______when we've got (en buyers. After rhai, cveryrhmg is profit. 4 We sell this product a[ less than cosr price. Loss__________like rhis attracr customers into the shop. 5 The big supermarkets benefit from_____________of scale because they get low prices from suppliers. 6 Since we set up the business two years ago we've been on a steep____________curve. Test Vbur Business vocabulary m Use Getting paid BÜBB Choose «he best word from (he brackets () to fill (he gap in each sentence. 1 You have to.............................the furniture directly from rhe manufacturer {ask/otdet/require} 2 Your order is now ready and we will.............................it tonight (pla ne/t rain/ship} 3 We send the invoice to the customer's.............................address, (billing/receipting/costing) 4 We have a strict credit.............................: aJJ accounts to be paid in IS days, {pol ice/poLcy/pol i t ics) 5 1 have a serious cash.............................problem because they haven't paid me. (cred it/expense/ň o w) 6 You must send your tax form to the ...._......................Revenue tomorrow, (inla nd/lnside/lnboardj 7 They are never going to pay the £200 they owe me so ľve............................ii off. (signed/written/posted t 8 Our paymeni.............................are cash or cheque when the goods are delivered, (terms/ words/notes 1 9 In the US, 'accounts -...........................* refers to customers that owe the company moneyr {deductíbie/pa ya b ie/t eceiva ble) In each of the numbered sentences (1—5) there is one word which is tiwottg. Cirde the mistake and write (he correct word at (he end of the line. Our company supplies stationery and office equipment. 1 Customers put their orders by phone oi over the Internet. ........................ 2 Nearly all orders are displaced within 24 hours, ........................ 3 We give business customers rrade debit with 30 days to pay. ........................ 4 Most people pay on time but some stilL own us money after six months. ........................ 5 Last year we had bad depths worth over £10,000- ........................ For each sentence, lind one word to replace (he underlined phrase- Write the word at the end of the sentence. 1 I look arter out larfe and important accounts.____ 2 I'm also responsible for chasrng people who owe us money.__________ 3 We always pay our suppliers and other people we owe money to on time,_____________ 4 We give our best customers a 10% reduction in the price rhev have to pav,____________ 5 We don't give credit so our cusromers have to pay before [he.yjeccive rhe goods. 6 We rajse an invoice and send it tc? the customer immediately. BÜE2339I I no I Test Yew bannen Vocabulary it Use 39 mm HEjJEI Assets, liabilities and the balance sheet Choose (he best word from (he brackets ( ) ro fill the gap in each sentence. Tut;il__ j 1i_ Target 7Í3+ RETAIL BUSINESS FOR SALE: £125,000 3 Newsagents shop for sale as a going............................. 2 ...........................,. assets include shop, fittings and a new delivery van. 3 The estimated............................value of these assets is £120,000. 4 ..................assets include slock worth £15,000. 5 The most important............................asset is our good reputation. 6 The.............................of our customers is included in the asking price. {bu s iness/concern/outľer) {Permanen t/Firm/Fi xed) (book/i n voice/paper) (Cur re tit/P rese nt/Actual 1 (in visi b le/i n va ] ua ble/i nta ngi blc) (good ness/good w ill/good bye | Complete each of the numbered sen fences {1-5) by writing one word in the gap. The hrst letter has been given to help you. Over time, the equipment that a company owns Joses value. 1 For example, computers and other IT equipment d____________very quickly- 2 When we do our accounts, we a______.____them over three years. 3 So rhe value of a $6,000 PC is yv ^________down by a rhird in rhe first year. 4 The depreciation oť $2,000 is shown as a c_______in our financial records, 5 Depreciation of ail assets is shown on the b_________ sheet at the end of the year. ržisi 40 Choose the bes( word from rhe brackets () to fill the gap. 1 Our............................include a €12,000 tax bill and the €8,000 we owe our suppliers. (assets/debtors/habíliti es) 2 Our...........................are valuable because they have good customer recognition. (brands/ty pes/ma kes) 5 Company cars depreciate quickly, We wrire them...........................completely after rive years. íup/out/off) 4 Our.........................year runs from rhe lsi or June to the 31st of May, (fina ncia 1/revenue/ca pi lal) 5 Our only.........................liability is a €10,000 bank loan to be paid off over five years. (cu rrent/long-ter m/fixed} Tesi ťfwr fluaness VcKvbutofy in Use The bottom line Tacgii j 14+ Choose the best word to fill each gap from ihe alternatives given below. Put a circle around the Letter, A, B or C, of the word you choose. It was announced today thar the chemical gianr Emronia UK is to be investigated. This follows an {1)...............which revealed problems in the company's (2) ................A company spokesperson said that annual f3) -----........ for the past five years had given a (4).............. and fair picture of Emronia's financial position. He stressed that the company follows British accounting (5)...............- Bui expert commentators are not convinced. Last year, Emronia reported a pre-tax {6}...............of £29.6 million but many think that this was due to <"7)...............accounting - or worse. Giles Merchant, advisor to the Stock Exchange» said that che company was haemorrhaging red {8)...............but had hidden the size of its liabilities. 1 A amortization B accountancy C audit 2 A accounts B assets C credits 3 A books B records C reports 4 A false B good C rrue 5 A results B rules C firms 6 A profit B budget C line 7 A window B creative C direct 8 A blood B ink C losses Match each word in Box A with one word from Box B to make five word pairs. (There is one word in Box B that you don't have to use.) Then use your word pairs to complete the sentences below. window accounting bottom exceptional book I In« standards account keeper loss dressing 1 The.............. new shop. 2 The............. . shown in our year's accounts was due to the purchase of a . used m the US are different from ihose in Europe. $ At the moment, ľm a.........................................................but ľm training to be an accountant, 4 There was no escaping the ..........................................................; a net loss of €35,000. 5 After a little bit of........................-............................., our figures for this year look a lot bener. In each sentence, there is one word which is wrong. Circle the mistake and write the correct word si the end of the tine, 1 My name is Jane Morton and 1 am an accountancy in London. ...................... 2 I prepare the end-of-year accounting for several small businesses, ...................... 3 They send me their records and [ draw up a profit and lost account, ...................... 4 This shows the growth profit and any charges against the company, ................._.. 5 When these are taken away, you are left wirh your netting profit for the year, ...................... Tesf Your Business Vocabulary jn U« 41 Share capital and debt 32.1 1 2 marf^ HKES1 Choo&e ihe best word (o fill each gap from thť alternatives; given below. Put a circle around the letter. A, B or C, of the word you choose. When I started my engineering company five years ago 1 had to (1) ...............a lot of capitalr First, 1 looked around for a (2)...............and took out a loan. The (3)...............was £100,000 at an (4).............. rale of 5.2%. ( had to use my house for (5,...............so that was a big worry. Next í found ten people who warned to (6)...............in the business. Each one put [7)...............£10,000 in return for 1*000 shares. I (8)...............12,000 shares so 1 am the biggest shareholder. Our total (9,........_.... is nearly a quarter of a million pounds. We paid our first (10)...............last year but it wasn't very big. Now we are making a profit^ we will siart to reduce our (11) ................I don't like carrying this much (12)................ 1 A rise B raise C rose 7 A out B up C off 2 A lender B borrower C capitalist 8 A hold B pick C hand 3 A money B balance C principal 9 A gearing B venture C equity 4 A account B interest C audit 10 A division B divider C dividend J A security B safety C salary 11 A borrowing El lending C sharing é A bid B borrow C invest 12 A capita] B debt C collateral Decide which of the alternatives (A-H) each speaker is talking about- Write the letter or your answer in the box at the end of the sentence. There are some alternatives that you don't have to use. J 'We had to find a lender who was prepared ro finance an exciting new company/ 2 'Our lending to companies takes the form of conditional loans or debentures.' 3 c[f you do not keep up with the repayments, we may sell your home to recover our moneys 4 'The company is highly geared so 1 wouldn't invest in it-' 5 'We owe our suppliers $12,000 and we have a loan of $S,000 so the total is about $20,000: A indebtedness B equity E leverage F gross profit C share capital D bonds G venture capitalist H collateral Complete each sentence by writing in the gap a noun formed from the verb given in brackets [ The first one is an example. 0 We charge each.....telXOttfeT,.....a fee of £200 to arrange a loan, (borrow) 1 This year we will pay a...........................of 25c" per share, (divide) 2 To get the loan we had to use the new lorry as............................. (secure) 3 We are looking for a............................who offers reasonable interes: rates, (lend) 4 Their debts have grown steadily and now their.............................is dangerously high, (gear, 5 1 think char our.........................is no* under control, (borrow) r &\ 42 Test Your Business Vů&ibularv m Use Success and failure Choose the besl word to fill each gap from the alternatives given in the box below. There are some words that you don't have to use. Bad news for shareholders of Barloni PLC, Jacky Lai, the CEO appointed last year, has tailed ro rurn .............................the ailing company and last monrh it defaulted ..........................irs huge SI.2 million debt. There is no hope of finding anyone to bail.............................Barloni so it will be pur.............................receivership nexr week. When the company is wound..........................., shareholders will get almost nothing. up before out into round from Choose the best word to till each gap trom the alternatives given below. Put a circle around the letter. A, B or C, of the word you choose. Ahcom is a successful company. For the past ten years it has (1)..............part of its profits as dividends. However, its [2)...............earnings have been considerable. Its cash (3) ...............are now estimated to be around €20 million. Financial experts say that Alicom has only a small debt to (4)...............and so may use its cash (5)...............to buy out one of irs rivals. CEO, Angela White, said that the company has no unmediare plans to make an (6).............. , but that it couldn't be ruled our in the future. 1 A posred B distributed C retailed 2 A retained B stored C kept 3 A shares B burden C reserves 4 A hie B default C service 5 A srock B mountain C hill 6 A acquisition B administration C application In each line there is ortť word which is wrong. Circle the mistake and write the correct word at the end of the line, 1 We need rime to reorganize our finances so we're filing for bankruptness. ............................ 2 Thar should protecr us from our credirs for at leasr six monrhs. ............................. 3 The truth is we have a debt cries which has been building up for years. ........................... 4 Yesxerday we asked the bank to schedule our debt over ten years. ............................ 5 If they don't agree, then the company will collide immediately. ........................ b We will have to cease traiding and make all our staff redundant. .......................... 7 If the bank says yes, then 1 think thai we can make a full recover. ............................ Test tbr-f ßuimeis Vocabulary ,n Use 47 HMBESi Mergers, takeovers and sell-offs Intal 20 TartjE't 15+ Choose the best word from the brackets ( ) to fill the gap in each sentence. 1 1 have a 20% ............................. in a small printing company, (invest/interest/input) 2 Charles Wilson now has a majority............................in Alicom PLC. (ho Id/holder/hold i ng| 3 ProSpons and Fit Folk gave derails of rheir new joint............................. (venture/account/combi ne) 4 Kola-Co has made 3............................bid of 21p per share, (kind/friendly/gentle) 5 Buying out the contracts of senior executives will be a poison .............................for any predator to swallow, (medicine/tablet/pill) 6 Eastern Water proved to be our white.............................saving us from collapse. (angel/knight/sainr) 7 Their.............................company is a multinational based in New York. (parenr/farher/family) S We started as a music company but we ............................into television. id i versified/d i verted/d i ffered) 9 We do many things bur our...........................activity is publishing, (conccrn/centre/core) In each of the numbered sentences (1-5) there is one word which 'n wrong. Circle the mistake and write the correct word at ihe end of the line. Our manufacturing company is small but it has lots of assets. 1 We are worried thai we may be pray to a big multinational. ............................. 2 Last yeai, Anders Holdings made a hostage bid fot us. 3 They wanted to ackquier us as their subsidiary in Europe. ............................ 4 We didn't want to be part of a huge conglomerus so we rejected the bid. ............................. 5 We ate now considering a murger with another small engineering firm. ............................. For each sentence, find one word to replace the underlined phrase. Write the word at the end of (he sentence. The first two letters have been given to help you. 1 The problem is that the company is not concentrating on a few important things. u n___________ 2 Robert Bateson now has a bigger than 50% stake in English Petroleum, ma_________ 3 I think that seliinp off non-core assets is necessary to save the company, d i____________ 4 Europe Airways has formed an arrangement to work together with Alpha Airlines. ai______ 5 Global FWirir't latgst company that it has bought is Cambridge Electra. sc______________ 6 At the moment, we just make shoes but we want to statt doing business in other areas. dl 46 Test Vow Business VocoWtory m Use