TOEIC Business Vocabulary 1 — Questions and Answers
Question 1: In a TOEIC context, what does the word 'agenda' most commonly refer to?
- A disagreement between colleagues
- A list of items to be discussed at a meeting (Correct answer)
- A formal contract between two companies
- A financial report submitted quarterly
Correct answer: A list of items to be discussed at a meeting
An 'agenda' is a list of topics or items scheduled to be discussed or addressed during a meeting.
Question 2: What is an 'invoice' in a business setting?
- A verbal request for a service
- An internal company newsletter
- A document requesting payment for goods or services provided (Correct answer)
- A signed employment agreement
Correct answer: A document requesting payment for goods or services provided
An invoice is a formal document issued by a seller to a buyer listing the goods or services provided and the amount owed.
Question 3: If a manager says the project has a tight 'deadline,' what does that mean?
- The project has unlimited resources
- There is a strict date by which work must be completed (Correct answer)
- The project has been cancelled
- Employees may work flexible hours
Correct answer: There is a strict date by which work must be completed
A 'deadline' is a fixed point in time by which a task or project must be finished.
Question 4: What does 'revenue' refer to in a business financial context?
- The total costs incurred by a company
- Money paid to employees as salary
- The total income generated from sales or services (Correct answer)
- A loan taken from a financial institution
Correct answer: The total income generated from sales or services
Revenue is the total income a company earns from its business activities, especially from sales of products and services.
Question 5: When two parties 'negotiate' in a business deal, what are they doing?
- Signing a finalized agreement
- Discussing terms to reach a mutually acceptable agreement (Correct answer)
- Cancelling an existing contract
- Transferring ownership of assets
Correct answer: Discussing terms to reach a mutually acceptable agreement
To negotiate means to discuss and bargain over terms and conditions in order to reach an agreement that works for all parties.
Question 6: What is a 'memo' in a professional office environment?
- A detailed annual financial report
- A long-term strategic business plan
- A brief written communication sent within an organization (Correct answer)
- A legal document signed by a notary
Correct answer: A brief written communication sent within an organization
A memo (memorandum) is a short written message used for internal communication within a company or organization.
Question 7: A business 'contract' is best described as:
- An informal verbal promise between two people
- A legally binding written agreement between two or more parties (Correct answer)
- A summary of a company's financial performance
- A schedule of upcoming company events
Correct answer: A legally binding written agreement between two or more parties
A contract is a legally enforceable agreement between two or more parties that outlines rights, duties, and obligations.
TOEIC Business Vocabulary 1
In a TOEIC context, what does the word 'agenda' most commonly refer to?