Term 3 - Sem 2 A.Y.

2023-2024
Vocabulary List – Secondary 1

Date: Friday, March 1st 2024 Name:______________

Week 5 (Vocabulary test)

1. audit /ˈɔːdɪt/ noun
an official examination of business and financial records to see that they are true
and correct
 The company has an audit at the end of each financial year.

2. downsize /ˈdaʊnsaɪz/ verb

to reduce the number of people who work in a company in order to reduce costs
 The situation forced the company to downsize from 39 employees to 7.

3. embargo /ɪmˈbɑːrɡəʊ/ noun

an official order that bans trade with another country
 They have put an embargo on imports of clothing.

4. flagship /ˈflæɡʃɪp/ noun

the most important product, service, building, etc. that an organization owns or
produces
 The company is opening a new flagship store in London.

5. invoice /ˈɪnvɔɪs/ noun

a list of goods that have been sold showing what you must pay
 Please pay the final invoice within two weeks.

6. lay-off /ˈleɪ ɔːf/ noun

an act of making people unemployed because there is no more work left for them
to do
 I am delighted to be able to work again after a six month lay-off.

7. patent /ˈpætnt/ noun

an official right to be the only person to make, use or sell a product or an
invention
 The device was protected by patent.

8. commodity /kəˈmɑːdəti/ noun

a product or a raw material that can be bought and sold
 Crude oil is the world's most important commodity.

9. dividend /ˈdɪvɪdend/noun
an amount of the profits that a company pays to people who own shares in the
company
 Shareholders will receive an interim dividend payment of 50 cents a share.

10. liquidate /ˈlɪkwɪdeɪt/ verb

to close a business and sell everything it owns in order to pay debts

1
 They have decided to liquidate the corporation by the end of the next
month.