Test on Key Business English Vocabulary and Phrases

Question 1: Is the decoy effect a pricing strategy where adding a third, less attractive option makes one of the original, more expensive options seem like a better deal?

A. Ano

B. Ne

Explanation: The study materials define the decoy effect as 'a pricing strategy where adding a third, less attractive option makes one of the original, more expensive options seems like a better deal'.

Question 2: In a business context, what does the idiom "crunch time" refer to?

A. A strategy where adding a third, less attractive option makes one of the original, more expensive options seem like a better deal.

B. A critical period when pressure is high, when a difficult decision has to be made.

C. A stage in a process that causes a delay or prevents the rest of the system from working efficiently.

D. To fully accept, believe in, or support a concept, plan or theory.

Explanation: "Crunch time" is defined as "a critical period when pressure is high, when a difficult decision has to be made." The other options refer to the decoy effect, bottleneck, and buying into an idea, respectively.

Question 3: To displace something means to add minimal or indirect value to it.

A. Ano

B. Ne

Explanation: To displace means to take the place of something or someone. The definition provided in the question describes 'inject'.

Question 4: Which phrase is used to indicate that there is more information or detail about a situation than is immediately visible?

A. Cancel out

B. The bottom line

C. More than meets the eye

D. Trick up their sleeve

Explanation: The phrase 'More than meets the eye' signifies that there is additional information or hidden aspects to a situation beyond what is initially observed. 'Cancel out' means to neutralize an effect, 'The bottom line' refers to the most important thing, and 'Trick up their sleeve' indicates a hidden plan.

Question 5: A package tour, organized by a travel agent, encompasses both transportation and accommodation for a fixed price, with meals or excursions sometimes included.

A. Ano

B. Ne

Explanation: The study materials define a 'package tour' as a 'holiday organized by a travel agent which includes transportation, accommodation, and sometimes meals or excursions for a fixed price.' This confirms all aspects of the statement as true.