Here are the most common vocabulary relating to the topic ‘Business’. These words are collected from different sources and can be used in both productive sections of IELTS. They can also help you better understand the Reading section of the test.
Part 1 – 20 words
- due diligence (noun phrase) – the detailed examination of a company and its financial records, done before becoming involved in a business arrangement with it.
– The buyout group’s due diligence is expected to run till late March.
– We had the opportunity to do due diligence on the books and we think $518 is a fair offer.
- industry (noun) – the companies and activities involved in the process of producing goods for sale, especially in a factory or special area.
– The government is trying to attract industry to the area .
– Is industry getting a rough deal from the EU?
- contract (noun) – a legal document that states and explains a formal agreement between two different people or groups, or the agreement itself.
– They could take legal action against you if you break (the terms of) the contract.
– Don’t sign/enter into any contract before examining its conditions carefully.
- commodity (noun) – a substance or product that can be traded, bought, or sold.
– The country’s most valuable commodities include tin and diamonds.
– The goal is to raise the productivity of basic food commodities such as grains.
- brown goods (noun) – small electrical goods, such as televisions, radios, phones, and computers.
– Sales in the brown goods sector have doubled in five years.
- white goods (noun) – large electrical goods for the house, such as cookers and washing machines.
– Sales of white goods, have started to slow.
- dry spell (noun) – a period during which there is little business activity.
– Fears remain that the industry’s dry spell could last longer than expected.
- networking (noun) – the activity of meeting people who might be useful to know, especially in your job.
– Students find networking essential to getting the right job.
– Her networking skills were legendary in the business.
- negotiate (verb) – to have formal discussions with someone in order to reach agreement.
– The dealers who negotiate on behalf of clients are known as commodity brokers.
– The merger agreement requires that we don’t negotiate with any other company.
- the minutes (noun) – the written record of what was said at a meeting.
– Could you take/do (= write) the minutes, Daniel?
– The minutes of the last meeting were approved unanimously (= everyone agreed that they were correct).
- headquarters (noun) – the main offices of an organization such as the army, the police, or a business company.
– The company’s headquarters is/are in Amsterdam.
– The divisional managers have been called to a meeting at the company headquarters.
- corporation (noun) – a large company, or a group of companies that are controlled as a single organization.
– Whether you work for a large corporation or small company, following these easy guidelines can help you to succeed.
– It is a global corporation with over 416,000 employees in 190 countries.
- commercial (noun) – an advertisement that is broadcast on television or radio.
– We all ran to get something to eat during the commercials.
– American manufacturers have produced a series of TV commercials highlighting manufacturing successes.
- partner (noun) – a person or organization you are closely involved with in some way.
– Lauren opened the design studio with her business partner Myra.
– The two companies are partners in a contract to build a new power station.
- arrangement (noun) – a plan or preparation for how something will happen; a formal agreement between two companies, groups, or people, which provides an advantage to each.
– There wasn’t enough time for him to make alternative arrangements.
– Some people have very complicated arrangements to avoid paying tax.
– This is a mutually beneficial arrangement for both companies.
- bid (verb) – to compete to buy something by offering a particular amount of money for it.
– We have a keen interest in the property, although we have not made any definite decision to bid.
– Potential buyers must register and bid for items online before the cutoff dates.
- blue chip company (noun) – a large and successful company whose shares are considered to be a good investment.
– After years of restructuring, Japanese blue chip companies were posting record profits.
– It was seen as a blue-chip company that was bringing wealth to our area.
- recession (noun) – a period when the economy of a country is not successful and conditions for business are bad.
– The country is sliding into the depths of (a) recession.
– A lot of companies have been adversely affected by the recession.
- executive (noun) – someone in a high position, especially in business, who makes decisions and puts them into action.
– She is now a senior executive, having worked her way up through the company.
– A group of business executives and local politicians met the Italian trade minister to discuss the issue.
- merger (noun) – an occasion when two or more companies or organizations join together to make one larger company.
– She’s an attorney who advises companies about mergers and takeovers.
– The merger of these two companies would create the world’s biggest accounting firm.
Part 2 – 20 words
- briefing (noun) – information about a subject, or instructions that are given to someone just before they do something.
– The pensions manager will be giving a briefing about the new pensions legislation and how it affects you.
– They received a thorough briefing before they left the country.
- e-commerce (noun) – the buying and selling of goods and services over the internet.
– Today it’s almost impossible to do business without embracing ecommerce.
– Recognizing the value of e-commerce, traditional companies also jumped online.
- mortgage (noun) – an agreement that allows you to borrow money from a bank or similar organization, especially in order to buy a house, or the amount of money itself.
– They took out a £400,000 mortgage (= they borrowed £400,000) to buy the house.
– Having a big mortgage is a real drain on your earnings.
- procurement (noun) – the process by which an organization buys the products or services it needs from other organizations.
– He vows to cut procurement costs 10% by halving the number of global suppliers.
– We must ensure that the process follows strict EU procurement rules.
- acumen (noun) – skill in making correct decisions and judgments in business or in a particular area of business.
– He is an astute man with sound business acumen.
– The firm’s success is largely due to Brannon’s commercial acumen.
- investment (noun) – the act of putting money into a business to buy new stock, machines, etc., or a sum of money that is invested in a business in this way.
– The company has increased its investment in research.
– They plan to maintain their current level of investment.
– We’ve made a significant investment in IT.
- shareholder (noun) – a person or organization that owns shares in a company.
– Shareholders will be voting on the proposed merger of the companies next week.
– Under the proposals, shareholders will receive a cash offer of between 245p and 255p a share.
- cash flow (noun) – the movement of money into and out of a company’s accounts, used as a measure of how much money the company spends and receives and how much profit it makes over a particular period of time.
– It is a well-run company with strong cashflow.
– Bartering can help you generate sales and improve cash flow and profits.
- wholesale (adj) – relating to the activity of selling goods or services to stores, other businesses, etc. rather than to the public.
– The wholesale market price of gasoline is starting to rise.
– During August, total wholesale sales dropped 0.9%.
- network marketing (noun) – a system for selling a product in which someone agrees to buy an amount of it at a wholesale price (= a lower price paid by a business), and then tries to make money by selling the product at a higher price to other people, or getting other people to sell it for them.
– They changed the marketing plan, got rid of all the sales people and moved into network marketing.
– She is successfully self-employed in a network marketing business.
- livestock (noun) – animals such as cows, sheep, etc. that are kept or traded as a source of income.
– The organic livestock industry has grown substantially in the last few years.
– Because of this bad weather, many of the livestock died.
- project (noun) – a piece of planned work or an activity which is done over a period of time and intended to achieve a particular purpose.
– The date for starting the project will be set once financing is completed.
– Two local businesses funded the project.
- schedule (noun) – a plan of activities or tasks together with the times or dates when they are intended to happen or be done.
– The company will cut its first-quarter production schedule by 4%.
– First and foremost you should plan a schedule for the project.
- high-end product (noun) – is one of the most expensive or advanced in a company’s product range, or in the market as a whole
– The company blamed the loss on higher costs and lower sales of high-end products.