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founded in 1792. NYSE is located at 11 Wall Street in New York City. It is also known as the Big Board and the Exchange. In the mid-1980s NYSE-listed shares made up approximately 60 % of the total shares traded on organized national exchanges in the United States.

AMEX stands for the American Stock Exchange. It has the second biggest volume of trading in the US. Located at 86 Trinity Place in downtown Manhattan, the AMEX was known until 1921 as the Curb Exchange, and it is still referred to as the Curb today. Early traders gathered near Wall Street. Nothing could stop those outdoor brokers. Even in the snow and rain they put up lists of stocks for sale. The gathering place became known as the outdoor curb market, hence the name the Curb. In 1921 the Curb finally moved indoors. For the most part, the stocks and bonds traded on the AMEX are those of small to medium-size companies, as contrasted with the huge companies whose shares are traded on the New York Stock Exchange.

The Exchange is non-for-profit corporation run by a board of directors. Its members firms are subject to a strict and detailed selfregulatory code. Self-regulation is a matter of self-interest for stock exchange members. It has built public confidence in the Exchange. It is also required by law. The US Securities and Exchange Commission (SEC) administers the federal securities laws and supervises all securities exchange in the country. Whenever self-regulation doesn’t do the job, the SEC is likely to step in directly. The Exchange doesn’t buy, sell or own any securities nor does it set stock prices. The Exchange merely is the market place where the public, acting through member brokers, can buy and sell at prices set by supply and demand.

It costs money to become an Exchange member. There are about 650 memberships or “seats” on the NYSE, owned by large and small firms and in some cases by individuals. These seats can be bought and sold; in 1986 the price of a seat averaged around $600,000. Before you are permitted to buy a seat you must pass a test that strictly scrutinizes your knowledge of the securities industry as well as a check of experience and character.

Apart from the NYSE and the AMEX there are also “regional” exchange in the US, of which the best known are the Pacific, Midwest, Boston and Philadelphia exchange.

There is one more market place in which the volume of common stock trading begins to approach that of the NYSE. It is trading of common stock “over-the-counter” or “OTC” – that is not on any organized exchange. Most securities other than common stocks are traded over-the-counter market. So there is the money market – the market in which all sorts of short-term debt obligations are traded daily in tremendous quantities. Like-wise there is market for longand short-term borrowing by state and local governments. And the bulk of trading in corporate bonds also is accomplished over-the-counter.

While most of the common stocks traded over-the-counter are those of smaller companies, many sizable corporations continue to be found on the “OTC” list, including a large number of banks insurance companies.

As there is no physical trading floor, over-the-counter trading is accomplished through vast telephone and other electronic networks that link traders as closely as if they were seated in the same room. With the help of computers, price quotations from dealers in Seattle, San Diego, Atlanta and Philadelphia can be flashed on a single screen. Dedicated telephone lines link the more active traders. Confirmations are delivered electronically rather than through the mail. Dealers thousands of miles apart who are complete strangers execute trades in the thousands or even millions of dollars based on thirty seconds of telephone conversation and the knowledge that each is a securities dealer registered with the National Association of Securities Dealers (NASD), the industry self-regulatory organization that supervises OTC trading. No matter which way market prices move subsequently, each knows that the trade will be honoured.

Shares and the economy

Insert the words (FLOAT, SHARE, CAPITAL, PORTFOLIO, STOCK) that correspond with the given definitions.

E.g.: an important topic – issue – to produce shares for invest-

ment.

1.to divide up – _________ – a small portion of a company;

2.what ships do on the water – __________ – to issue shares in a company;

3.what shops keep in reserve – _________ – another word for

shares;

4.London, Paris are this kind of city – _________ – money to invest in business;

5.Example of an artist’s or designer’s work – ______ – range of shares kept by investors.

TEXT 2

The Stock Exchange

Stock Exchange plays a very important part in a country’s economic growth because they allow businesses to obtain, from the general investing public, capital to start up and to grow. They also provide a place where the investors can buy or sell shares. If you are a shareholder (have a stake in a company) and you want to get back the money you have put into a company, you must sell your shares at the Stock Exchange. The Stock Exchange is a place where shares are bought and sold. Fixed-interest securities, bonds and ordinary shares or stocks are the main stock-in-trade of the stock market. Government stocks or gilt-edged securities are also traded. The Stock Exchange operates mainly through stockbrokers who handle transactions for their clients. Each transaction is carried out in public and the information is sent electronically to every brokerage office in the nation.

The price of shares is controlled by the amount of people willing to pay for them. Share prices are sure to fluctuate as market conditions change.

If the company is making a profit, other people may want to buy shares in it, so may be able to sell shares at a higher price than you paid for them. If you bought 100 shares at $1.00 each and you sold them later at $1.50 each, you would make $50 profit on the 100 shares, as well as keeping any dividend paid during the period when you owned the shares.

But if business is not going well, other people may not be willing to pay as much as $1.00 a share. If they think the company may do well in the end, they might pay 80 p. a share. If the business is really failing no one will buy the shares at all you risk losing all your money.

The first Stock Exchange was established in 1773 in London. It was the biggest in the world until 1914. Now it is the third to Tokyo and New York.

Answer the questions:

1.What role does Stock Exchange play in a nation’s economy?

2.What are the ways of earning a return on money?

3.What is the Stock Exchange?

4.What types of securities do you know?

5.What would you do with the shares of the company if:

a)it is making a profit?

b)it is not going well?

SUPPLEMENTARY

File 1

I. Money is used for buying goods means: You can buy goods with it.

Write similar sentences which mean:

1.You can measure value with it.

2.You can store wealth with it.

3.You can sell things for it.

II. Money is used for buying and selling goods. – People use money for buying and selling goods.

Change these sentences in the same way.

1.A system of barter was used.

2.Cattle, grain and tobacco have all been used.

3.Paper currency will no longer be used.

4.Cheques, bankers' cards and credit cards are being used.

III. Somebody could exchange a sheep. – A sheep could be exchanged.

Change these sentences in the same way.

1.People needed a more practical system.

2.Most governments now issue paper money in the form of

notes.

3. Filling stations will not accept cash at night.

IV. Money is used for buying things. Shampoo is used for washing your hair.

Make sentences with: knife/pen/key/camera/suitcase/saucepan /tooth paste/ detergent/wallet/hair-dryer.

V. A place where you can fill your petrol tank is a filling sta-

tion.

Complete these sentences:

1.A special room where you can wait is a ... .

2.A pill which helps you to sleep is a … .

3.A license which allows you to drive is a ... .

4.A glove which boxers wear is a ... .

5.Oil you can cook with is ... .

6.A pool where you can swim is a ... .

7.Special liquid you can wash up with is ... .

8.A boat with sails is a ... .

File 2

1.When you request employment (= apply for a job), your primary objective is to interest a prospective employer enough so that he/she will schedule an interview with you.

2.This can be done by sending an application form or a letter of application to the prospective employer. Applications for jobs are most often made on a form provided by the commercial organization or the manufacturing company to which the application is being made. For more senior appointments, however, applicants are often expected to write a letter which contains all the relevant information about the training, qualifications, reasons for applying and so on. Before you write a letter of application, you will have to collect all the information you will need for your letter – education, previous employment, employer, dates, etc.

3.Normally your letter of application presents not only your qualifications but your interest in a specific job. Include the exact job title, use a standard area such as "finance", "sales" or "research". Include the field you were trained in. This is especially applicable to those in technical fields. It is especially important to include the functional area of the company where you want to work. Examples of these company divisions are "research and development", "production", "marketing and sales", "administration and finance".

4.Begin your letter by stating the subject of the letter, which job you are applying for and where you heard about it – in a newspaper, in a journal, from the employment agency, from a friend. End your introduction with a statement of your ability to do the job.

5.The body of your letter should provide the information that will convince your reader of your qualifications. Mention any relevant courses you took and any pertinent job experience. Take care to refer to any specific information mentioned in the advertisement. Above all, emphasize your "strengths" (strong points). If you are applying for a

sales job, for example, you'd better stress your ability to communicate effectively, not your limited experience. If you have special skills or training, such as word processing, be sure to mention it.

6. Conclude your letter of application by referring to your resume (curriculum vitae – BrE). State that you are available for interview, list any dates on which you cannot be available. As always, your letter must be smooth, natural and free of errors.

File 3

I. Complete the sentences using the following words:

1)are, control, and, in, ownership, person, one, vested;

2)organisation, of, its, this, flexible, type, extremely;

3)risk, all, at, possessions, his personal, are;

4)as, the, often, referred, is, business, it, to, one-person;

5)relatively, joint stock company, is, compared, unimportant, it, the, with.

II. Match the words:

a) with the similar meaning:

enterprise, decision, acquire, business, obtain, need, event, proprietor, case, owner, responsible, solution, liable, require;

b) with the opposite meaning:

strength, profit, success, security, weakness, amount, failure, quantity, danger, loss.

III. Give the English equivalents:

эффективно руководить фирмой; единственный человек, принимающий решение; консультироваться с коллегами; необычайно гибкий; изменение рыночных условий; огромный недостаток; лично ответственный за; неограниченная ответственность; удовлетворить требования кредиторов.

IV. Insert the prepositions:

1.The different types … business organisation to be found … the UK may be classified … five headings.

2.This is the simplest form … business enterprise and is often referred … as the one-person business.

3.He is solely responsible … the success … the business.

4.The strength … this type … firm lies … the direct personal interest … the proprietor in the efficiency … his business.

5.The owner is personally liable … the debts incurred … his firm.

6.All his personal possessions are … risk.

7.Another disadvantage … the type of firm is the strict limitation … its ability to acquire capital … expansion.

8.Finance is restricted … the amounts which the entrepreneur is able to provide … his own resources and whatever sums he can be borrow … his own security.

V. Put the questions to the underlined words:

1.The different types of business organisation may be classified under five headings.

2.The owner is personally liable for the debts incurred by his

firm.

3.The one-person business is prevalent in farming, retailing, repair and maintenance work.

4.A single person provides the capital, takes the decisions, and assumes the risks.

5.The oldest form of business enterprise is often referred to as the one-person business.

A LIST OF WORDS FOR STUDENTS TO STUDY

TOPIC 3. MONEY

MONEY (It)

a buying (purchasing) power – покупательная способность a measure of value – мера стоимости

a medium of exchange – средство обмена a store of value – средство накопления a unit of account – единица рассчета

bargain – удачная сделанная покупка (с точки зрения покупателя)

budget – бюджет cash – наличные cheap – дешевый coin – монета

commodity money – 1) товарные деньги; 2) обеспеченные товарами, золотом деньги

cost, costs – стоимость, издержки cost of living – стоимость жизни

currency – 1) ден. обращение, валюта; 2) деньги (наличные) electronic money

expenses – расходы expensive – дорогой fare – оплата проезда fee – гонорар

free, free of charge – бесплатный income – доход

IOU money – вексельные, долговые деньги legal tender – законное платежное средство paper currency – бумажные деньги

plastic cards – пластиковые карты pocket money – карманные расходы price – цена

rich – богатый

salary – заработная плата, оклад standard of living – уровень жизни to be in debt – быть в долгу

to borrow – брать взаймы to buy (bought) – покупать to cost (cost) – стоить

to counterfeit – подделывать to earn – зарабатывать

to exchange – обменивать

to invest, investments – инвестировать, инвестиции to lend (lent) – давать взаймы (ссужать)

to make a fortune – сделать состояние to owe – быть должным

to pay (paid) – платить

to pay off a debt – выплатить долг

to purchase , a purchase – покупать, покупка

to save (for a rainy day) – копить, откладывать (на черный

день)

to spend (spent) – тратить

to store up – копить, накапливать to waste – тратить впустую

token money – символические, знаковые деньги value – ценность

wage – заработная плата

TAXES

to pay – платить

to levy – облагать налогом to collect – собирать

to apportion – распределять to utilize – использовать taxes:

income tax – подоходный налог property tax – налог на собственность

tax of natural resources – налог на природные ресурсы value-added tax – налог на добавочную стоимость federal/local/city tax – федеральный/местный/городской налог real estate tax – налог на недвижимость

ad tax – налог на рекламу excise tax – акцизный налог direct tax – прямой налог

indirect tax – косвенный налог corporation tax – налог на корпорации revenue – выручка, поступления, доходы tax privileges – налоговые льготы

tax exemptions – освобождение от налога untaxable minimum – необлагаемый минимум duties, customs – таможенные сборы

cutoff – ограничение, граница installment – частичный взнос

tax rate reduction – сокращение налоговой ставки

INFLATION

to control inflation – контролировать инфляцию to cause inflation – вызывать инфляцию suppressed inflation – скрытая инфляция

demand-pull inflation (syn. excess-demand inflation) – инфля-

ция спроса

to move upwards – возрастать

cost-push inflation – инфляция издержек rate of inflation – уровень инфляции mild inflation – низкая, мягкая инфляция

a persistent rise in prices – постоянный рост цен hyperinflation (run-away inflation, galloping) – гиперинфляция creeping inflation – ползучая инфляция

an upward movement of prices – рост цен

to rise at a phenomenal rate – расти с феноменальной скоро-

стью

to contain inflation – сдерживать инфляцию

to experience inflation – испытывать инфляцию to lose value – терять стоимость

to inflate – вызывать инфляцию fixed prices – фиксированные цены

inflated prices – непомерно высокие цены to exceed – превышать

inflationary – инфляционный

excess purchasing power – избыточная покупательная способность

inflationary spiral – инфляционная спираль

the causes of inflation – причина инфляции

the effects of inflation – последствия инфляции aggregate demand – совокупный спрос

a bout (syn. period, spell) of inflation – период инфляции declining demand – падение спроса

falling sales – снижение объема продаж

a withdrawal of money resources – изъятие денежной массы inflation accounting – учет инфляции

the growth in money resources – рост денежной массы

a reduction in spending (syn. buying, purchasing) power – сни-

жение покупательной способности

TOPIC 4. RECRUITMENT

career – карьера

promotion – продвижение (по службе) post/position – должность

challenging position – должность, требующая большой отдачи (своеобразный вызов, трудности, испытания)

opening – вакансия search for – искать

pursue "help wanted" ads (in newspapers) – регулярно про-

сматривать объявления о найме на работу (в газетах) to apply for (a job) – подавать документы

to fill the position – занять должность curriculum vitae – биография

rèsumè – резюме

accept rèsumè – принимать / брать резюме

give / submit rèsumè – предоставлять / давать резюме hand over rèsumè – передавать резюме

reject / refuse rèsumè – отказывать / отвергать резюме letter of application – сопроводительное письмо

a covering letter, a cover letter

references available upon request – рекомендации предоставят по требованию

inquire about – спрашивать / наводить справки samples – образцы

supporting documents – подтверждающие документы

relevant skills – подходящие навыки

irrelevant – неподходящий (не относящийся к делу) specifics – конкретные детали, примеры (не общего плана) experience – опыт

strength – сильная сторона weakness – слабая сторона shortcoming – недостаток creative – творческий

to work under pressure – работать в тяжелых условиях (в напряжении)

to get along with people – ладить с людьми collective thinker – умеющий думать “коллективно” to have a degree in (Accounting, BA) – иметь степень

to have a good command of (English) – хорошо владеть interview – собеседование

request an interview – просить назначить собеседование

be granted an interview – получить приглашение на собеседование

work for (name of company) work in (place, area)

to be in charge of / to be responsible for responsibilities – обязанности

to deal with – иметь дело с, работать с

to do/work overtime – работать сверхурочно

to work shift-work – скользящий график (по четным или по суткам и т.д.)

to be on flexi-time – гибкий, свободный график

to work nine-to-five – жесткий, фиксированный рабочий день human resources/staff/personnel – штат, персонал, работники to hire – нанимать

to employ

to engage – устраивать

to recruit – вербовать, нанимать, давать работу recruit – новичок

personal – личный personnel – персонал

shortlist of candidates (applicants) – конечный список канди-

датов

applicant – кандидат requirements – требования criterion – criteria (критерий) qualities – characteristics (черты) appointment – назначение hierarchy – иерархия

executive – руководитель subordinate – подчиненный

skilled (unskilled) worker – квалифицированный (неквали-

фицированный) рабочий

to sack – уволить (выбросить с работы) to get the sack

to be fired – быть уволенным to be dismissed

to be made redundant – быть уволенным по сокращению штатов

to be laid off

TOPIC 5. TYPES OF BUSINESS.

joint stock company – акционерная компания liability (n.) – ответственность

loss (n.) – убыток, потеря maintenance (n.) – эксплуатация ownership (n.) – собственность partnership (n.) – товарищество posses (v.) – обладать

profit (n.) – доход

refer to (v.) – относиться, ссылаться repair (n.) – ремонт

responsible (adj.) – ответственный restrict (v.) – ограничивать

retail (adj.) – розничный seize (v.) – захватывать

sole proprietor – единоличный собственник since (prep.) – поскольку; с

strength (n.) – сильная сторона, сила success (n.) – успех

value (n.) – способность

TOPIC 6. FRANCHISING

franchising – франшизинг, фрэнчайзинг; выдача компанией лицензии (франшизы) на продажу товара под маркой компании

franchiser (franchisor) – хозяин (владелец) торговой приви-

легии

franchisee – получатель (держатель) торговой привилегии franchise – 1) франшиза (право сбыта товара на льготных

условиях); 2) предприятие

format (franchise system) – формат

franchise agreement / contract – соглашение о предоставле-

нии права сбыта на льготных условиях franchise fee – первоначальный взнос

royalty fee – плата за право пользования патентом marketing fee – плата за услуги маркетинга

parent company (mother company) – материнская (головная)

компания

operations manual (company manual) – устав, руководство entrepreneur – предприниматель

advisory council – орган, предоставляющий информационную поддержку

brand – торговая марка

to expand – расширяться, увеличиваться to specialise in – специализироваться в outlet (store) – торговая точка

food joint – заведение питания to run – управлять

to own – владеть owner – владелец

support – помощь, поддержка self-starter – инициативный человек

premises – помещение, здание (с прилегающими постройка-

ми)

proven system – проверенная, надежная система supplier – поставщик

operator – владелец предприятия service sector – сектор услуг

competition – конкуренция, соперничество

competitive – конкурирующий; конкурентоспособный to compete – конкурировать

department – отдел, подразделение sector – сектор

division – подразделение hierarchy – иерархия

organization chart – схема организационной структуры

Headquarters (Central/Head Office) – штаб-квартира, цен-

тральный офис

subsidiary (local company) – дочерняя компания, филиал authority – власть, полномочия

accountability – ответственность, подотчетность

lines of accountability (lines of authority) – иерархические

связи

superior – начальник

to supervise – заведовать, руководить deputy – заместитель

to report to smb. – отчитываться перед кем-л.

to work under smb. – работать под чьим-л. руководством team – команда

to be in charge of – отвечать за

to be responsible for – быть ответственным за что-л. responsibility – ответственность

TOPIC 8. MANAGEMENT

authority – власть, полномочия superior – начальник subordinate – подчиненный

to delegate – делегировать (власть) to hire – нанимать

responsibility – ответственность to share – разделять

team (of employees) to run – управлять incentive – стимул

measure – измерять, мера

accomplish – сделать, завершить, достичь prioritize – расставлять приоритеты

to set goals – поставить цель

to prioritize – расставлять приоритеты approach – подход, подходить

available resource – имеющиеся в распоряжении ресурсы to estimate – оценивать

to evaluate – оценивать

TOPIC 9. MARKETING

distribution – распределение

marketing mix – сочетание разработки, продвижение товара, ценообразование и упаковка.

advertising, advertisement – реклама target audience/market – целевой рынок

endorsement – рекламирование товара с привлечением знаменитостей

commercial – рекламный ролик slogan – слоган, лозунг

to promote – подвигать (товар) profit – прибыль

sales – распродажа

to consume – потреблять consumption – потребление celebrity – знаменитость

TOPIC 13. BANKING

Central Bank – центральный банк

Trustee Savings Bank – доверительный сберегательный банк clearing bank – клиринговый банк

commercial bank – коммерческий банк

a financial intermediary – финансовый посредник to deposit (with) – хранить, вкладывать depositor – вкладчик

a deposit – вклад, депозит

to issue deposits – открывать вклады

to run down a deposit – уменьшать вклад

sight deposit – депозит до востребования, бессрочный вклад time deposit – срочный вклад

to withdraw – отзывать (вклад) to credit – кредитовать

to debit – дебетовать to lend – давать взаймы lending – кредитование

to borrow – брать взаймы

to transfer – переводить, передавать

to fail, to go bankrupt, to go bust – обанкротиться interest – процент

interest rate – процентная ставка bank accounts – банковский счет

a cheque accounts – текущий (чековый) счет a cheque – чек

to write (to draw, to issue, to make out) a cheque – выписать чек loan – ссуда, заем

a bank loan – банковская ссуда, заем initial loan – первоначальная ссуда market loans – рыночные займы

a transaction – сделка assets – активы

interest-earning assets – активы, приносящие процентный

доход

cash assets – денежные активы

liquid (illiquid) assets – ликвидные активы liabilities – пассивы

reserves – резервы

reserve ratio – резервная норма liquidity – ликвидность securities – ценные бумаги

government bonds – государственные облигации shares – акции

bill – вексель

advances – ссуда в виде аванса

certificates of deposit – депозитные сертификаты debt – долг

the stock exchange – фондовая биржа

banking

retail banking – операции банков с широкой клиентурой wholesale banking – операции банков с крупными промыш-

ленными предприятиями

banking business – банковское дело; банковские операции banking services – банковские операции

syn. bank services

banking facilities – банковские услуги (операции) deposit banking – депозитные операции банков banking institution – учреждение банковского типа

syn. financial institution – кредитно-финансовое учреждение depository (thrift, savings) institution – депозитное учреждение lending institution – кредитное учреждение

ant. institutional investor – институциональный инвестор, небанковское кредитное учреждение

service

full service – полный комплекс обслуживания syn. large service menu – широкий выбор услуг

syn. mix of services – ассортимент (номенклатура) услуг service fee – вознаграждение за услуги

large (small) scale services – услуги, предоставляемые бан-

ком крупным фирмам (мелким фирмам и населению) personal services – услуги частным лицам commercial services – услуги фирмам

trust services – трастовые услуги, доверительные услуги cash management services – услуги по контролю и регулиро-

ванию денежных операций (в банке, фирме)

investment services – услуги по управлению инвестициями agency services – посреднические (агентские) услуги insurance services – страховые услуги

real estate services – услуги по управлению недвижимостью по доверенности

indent(ure)

under indenture – по контракту

covenant – договор (за печатью); отдельная статья договора to agree to a covenant – прийти к соглашению по всем обяза-

тельствам, вытекающим из договора

to adhere to a covenant – придерживаться договоренностей

trust

trust agreement – договор об учреждении траста (обычно письменный)