B2 Vocabulary: Business and finance

Practice essential terms used in managing a company, from internal operations to strategic planning.

Activity 1: The CEO's Challenge

Reading: Launching the New Initiative

Sarah, an experienced entrepreneur, founded her software company five years ago. Now, as CEO, she works alongside the board of directors who are responsible for setting the long-term vision and strategy for the business.

Her main challenge this quarter is the launch of a new product. The entire management team is focused on ensuring the project meets its deadline. The heavy workload required for the launch means they have started recruitment for several new roles, a process which requires careful planning.

The company recently formed a partnership with a major chip manufacturer. This required months of careful negotiation to agree on the terms. Maintaining this relationship is crucial for keeping their supply chain running smoothly, ensuring materials move from the factory to the production line efficiently. To keep her existing staff motivated, Sarah also announced a series of performance-based promotion opportunities.

Multiple-Choice Questions

1. What word refers to the long-term plan or approach used to achieve a major goal?

2. What term means the final date or time when a project must be finished?

3. What is the system of organizations, people, activities, information, and resources involved in moving a product from supplier to customer?

4. What refers to the total amount of work a person or department has to do?

5. What term describes a formal agreement between two or more companies to work together?

6. What is the act of filling new positions in the company with suitable staff?

Activity 2: Key Business Roles and Processes

Instructions: Complete the text using the words from the box. Use each word once. Note: Some words from Activity 1 are included here, along with new ones.

Word Bank: Deadline Directors Entrepreneur Flexible Schedule Management Negotiation Partnership Promotion Recruitment Strategy Supply Chain Workload

Starting a business requires courage; an must be ready to face many challenges. To maintain growth, the board of recently approved a new five-year .

A key focus area is human resources. We are increasing our efforts to handle the increased and offer staff a to promote work-life balance. Successful employees can expect a to a senior role.

Our operation involves complex logistics, so careful of the entire is vital. For our new overseas factory, we entered a joint with a local company after intense to set the price. All work must be completed by the fixed of October 1st.