- •Часть 1
- •Часть 1
- •Москва 2010
- •Часть 1
- •1.1 Lead-in
- •1.2 Language input
- •Developing vocabulary
- •1.2.2 Match the English word combinations in the left-hand column with the Russian equivalents in the right-hand column:
- •Background information Environment of Global Finance
- •1.4 Comprehension Understanding the reading
- •Give extensive answers to the questions. Use the following expressions to present your answers:
- •In a nutshell, ...
- •Scanning*
- •1.4.2 Scan the text to determine whether these statements are true (t) or false (f). With a partner, discuss why.
- •1.4.3 Scan the text and find the information to complete the following lists:
- •1.4.4 Scan the text again and find the English equivalents for the following:
- •1.4.5 Develop the following ideas. Make use of the active vocabulary given in brackets:
- •1.5 Practice
- •Word Building
- •1.5.1 Consult a dictionary and practise the pronunciation of the following words and word combinations: Countries and nationality adjectives
- •1.5.4 A. Read the text, ignoring the missing parts.
- •Substitute the words and word combinations given in bold type by synonyms or synonymous expressions from the active.
- •1.6 Dialogue 1
- •Import and Export
- •Supporting materials
- •Incoterms*
- •Trade Restrictions
- •The wto in brief
- •1.7 Case study & role play Case 1
- •1.7.1 Develop the following ideas.
- •1.7.3 Say it in English using the word combinations from both the Case-study and Role-play sections:
- •Appendix
- •1.7.4 Develop the following ideas:
- •1.7.5 Say it in English:
- •1.7.6 A. Find examples that show how trade restrictions affect multinational corporations.
- •Making a Decision
- •1.8 Grammar back up: The Infinitive
- •1. Is the verb followed by a full or bare Infinitive?
- •1.8.1 Insert to before the infinitive where required. Translate the sentences into Russian.
- •2. Which verbs are followed by Complex Object?
- •I’d rather not be told the truth.
- •I’ll have you speak English in no time.
- •I hear (that) you have had successful talks.
- •2. Is the infinitive or the ing-form used after the verbs of perception?
- •I watched the secretary type a letter on a paper with a printed letterhead.
- •I watched the secretary typing a letter on a paper with a printed letterhead. (I.E. I saw part of the action)
- •1.8.2 Join these pairs of sentences, deciding when to use a bare infinitive or ing.
- •I’ll have you know I’m the company secretary.
- •I’ll have you speaking English in no time.
- •1.8.3 Use the bare infinitive or the -ing form after have in these sentences.
- •4. What is Complex Subject and when do we use it?
- •With the verb “ turn out “.
- •B. Paraphrase the following using a Complex Subject with the verbs in brackets.
- •Revision
- •2 The Firm and Its Environment
- •2.1 Lead-in
- •2.2 Language input
- •Developing vocabulary
- •2.2.1 Consult a dictionary and practise the pronunciation of the following words and word combinations, quote the sentences in which they are used in the text or submit the examples of your own:
- •2.2.2 Match the English word combinations in the left-hand column with the Russian equivalents in the right-hand column:
- •2.3 Background information The Firm and Its Environment
- •Understanding the reading
- •Scanning
- •Scan the text to determine whether these statements are true (t) or false (f), and if they are false say why.
- •2.4.3 Develop the following ideas. Make use of the active vocabulary given in brackets:
- •2.4.4 Match each of the phrases on the left with an appropriate explanation on the right. Use the grid below:
- •2.4.6 Scan the text again and find the English equivalents for the following:
- •Practice Language focus
- •2.5.3 A. Read the text, ignoring the missing parts.
- •Word-building
- •2.6 Dialogue 1
- •Types of securities
- •Mergers, Takeovers & Acquisitions
- •Supporting Materials
- •2.7 Case study & role play The Case
- •Chart 2.
- •Making a Decision
- •2.8 Grammar back up: The ing-Form & Past Participle
- •1. When do we use the -ing form?
- •I need a console desk. - I need a trading desk.
- •2. When do we use the Past Participle?
- •2. What form of the participle should be used?
- •3. What forms of participles do we use in the negative meaning?
- •4. When do we use the perfect participle passive?
- •Change the Infinitive in brackets for Perfect Participle (active or passive). Translate the sentences into Russian.
- •5 What do we call misrelated participles?
- •6. What is the meaning of the structure to have (get) something done?
- •7. What participial constructions do the participles build?
- •Do it in Russian
- •Мужчина с портфелем ручной работы вон там – это посредник, представляющий компанию-конкурента.
- •Context
- •Topics for the Power Point presentations:
- •3.1 Lead-in
- •3.2 Language input
- •3.2.1 Consult a dictionary and practice the pronunciation of the following words and word combinations, quote the sentences in which they are used in the text or submit the examples of your own:
- •3.2.2 Match the English word combinations in the left-hand column with the Russian equivalents in the right-hand column:
- •Environment of Accounting
- •3.4 Comprehension Understanding the reading
- •3.4.1 Give extensive answers to the questions. Use the following expressions to present your answers:
- •Scanning
- •3.4.2 Scan the text to determine whether these statements are true (t) or false (f), and if they are false say why:
- •3.4.3 Scan the text and find the information to complete the following lists:
- •3.4.4 Scan the text and find the English equivalents for the following:
- •3.4.5 Develop the following ideas. Make use of the active vocabulary, given in brackets:
- •3.5 Practice
- •Word Building
- •Complete the table with words from the text and related forms. Put a stress mark in front of the stressed syllable.
- •3.5.2 A. Read the text, ignoring the missing parts. Accounting Assumptions and Principles
- •Financial Statements
- •3.5.3 A. Fill in the gaps with the suitable expressions from the box:
- •5.5.4 A. Read the text, give the English equivalents for the words in brackets, and single out the main items of the income statement.
- •Income Statement
- •In eur thousand
- •3.5.5 A. Read the text and single out the main items of the balance sheet.
- •Illustration 5.2.
- •July 31, 200x
- •I. Consider the other parts of the consolidated balance sheet given below. Match the English word combinations in the left-hand column with the Russian equivalents in the right-hand column.
- •A. Read the text and supply the prepositions where necessary.
- •Illustration 5. 3.
- •3.5.7 Say it in English:
- •5.5.8 A. What do the following abbreviations stand for?
- •3.6 Dialogue 1
- •Jobs in Accounting
- •Supporting Materials
- •Read and translate the following dialogue: Tax Accounting
- •Supporting Materials
- •A Brief Summary of the Activities of the Office of the Auditor General in Norway
- •3.7. Case study& role play Case
- •Discussion questions:
- •Exhibit 1 Sales of the Microcomtec 100
- •Exhibit 2 Microcomtec’s Balance Sheet as of December 2000
- •Discussion questions:
- •Interoffice Memorandum
- •Making a Decision
- •3.8 Grammar back up The Infinitive, Past Participle and the “-ing” form (Revision)
- •Infinitive or the ing-form
- •Infinitive or the ing-form
- •Topics for the Power Point presentations
2.3 Background information The Firm and Its Environment
The basic economic institution in different economic systems is the business. Businesses determine much of how the economy operates. Businesses produce goods and services, and they come in every shape and size. Although the vast majority of the world’s companies are small, in many countries the economy is dominated by large firms. Large businesses differ from small ones in a wide variety of ways. In many countries there are nationalised companies belonging to the state, as well as private companies. A private company might be a small firm with just one owner or a very large firm with thousands of shareholders “owning” the firm.
Starting a business requires more than natural resources, labour, and capital. An entrepreneur must organize these resources. Many entrepreneurs start their own business as sole proprietorships. A sole proprietorship is a one-owner business. The advantages of sole proprietorships (they are easy to organize, decisions can be made quickly, owners receive all profits, etc.) explain why so many people start businesses and try to run them alone. However, a sole proprietor sometimes encounters difficult problems in starting a business. One person has limited resources to start and operate a business. The owner has only personal savings and funds that can be borrowed. Because capital is lacking, most sole proprietors begin small and fail. Even those that succeed often stay small.
A sole proprietor also must deal with the problem of limited liability. According to the law, the owner and the business are one and the same. If the business fails, the owner must pay the debts. The personal property of the owner, such as a home or a car, can be taken to pay the debts of the business. No limit is placed on the amount the owner can lose. High profits can make an owner wealthy, but high losses can ruin an individual.
Still another problem occurs because of the limited life of the business. If the owner of a sole proprietorship dies, an entirely new enterprise must be started. Of all new proprietorships begun each year, 70 per cent fail within five years. To increase their chances of success entrepreneurs often choose partnership instead of sole proprietorship. A partnership is an association of two or more people in order to run a business. Partners generally contribute equal capital, have equal authority in management, and share profits or losses. In many countries, lawyers, doctors and accountants are not allowed to form companies, but only partnerships with unlimited liability for debts - which should make them act responsibly. A partnership has many of the characteristics of the sole proprietorship. Partnerships are easy to organize, decisions can be made quickly, profits are shared with only a few people, and the owners are responsible for success or failure of the business.
Like proprietorships, partnerships are not free of problems. Liability is still unlimited. Like sole proprietors, partners are responsible for the debts of the business. Liability then can actually be greater in a partnership than in a sole proprietorship, since each partner is responsible for all the business debts. Partnerships also have limited life. If one partner dies, the business must be dissolved.
Within a free market system, new businesses find easy access to the economy and opportunities to succeed. Nevertheless, the level of competition can be so high that success is very difficult. A partnership is not a legal entity separate from its owners; like sole traders, partners have unlimited liability: in the case of bankruptcy, a partner with a personal fortune can lose it all. Consequently, the majority of businesses are limited companies (US - corporations), in which investors are only liable for the amount of capital they have invested. If a limited company goes bankrupt, its assets do not cover the debts, they remain unpaid (i.e. creditors do not get their money back).
Often one person does not have enough money to start a business. Combining the resources of a number of people and forming a corporation is a way to raise the large amount of money needed. A corporation is a business that, although owned by one or more investors, legally has the rights and duties of an individual. Corporations have the right to buy, sell, and own property. Corporations may make legal contracts, hire and fire workers, set prices, and be sued, fined and taxed. A business must obtain a charter of incorporation from a state legislature to be legally recognized as a corporation.
A corporation issues shares of stock which are certificates representing ownership in the corporation. Investors buy and sell these shares of stock. Often hundreds and even thousands of small investors own stock in a single corporation. Because a corporation may have many owners, the stockholders elect a board of directors. Stockholders have one vote for each share of stock they own. The board of directors hires individuals to manage the day-to-day operation of the corporation. These individuals include the president and other chief administrators of the company. Most important, the board of directors manages the resources of the corporation in order to produce a profit. If the corporation makes a profit, shareholders may receive a dividend - a share of the profit paid on the stock. The board of directors decides how much of the profit should be divided among stockholders. The board may decide to reinvest some of the profit in the corporation for expansion, modernization, or research and development.
Corporations have some advantages over sole proprietorships and partnerships. First, a corporation has limited liability. Thus if the corporation goes bankrupt or is sued, the stockholders lose only the value of their stock. The stockholders, who are the corporation owners, cannot be held personally responsible for any money the corporation owes. Second, corporations have the ability to raise very large amounts of money. They use this money to change models, replace obsolete equipment, and build new factories. Corporations can raise money by selling bonds, as well as stocks. A bond is a certificate that promises to pay the holder of a bond, the investor, a certain amount of money on a certain date. Stocks and bonds differ in two important ways. Bonds, unlike stocks, do not represent ownership in the corporation. Also the rate of return on stocks changes; the rate of return on a bond is set when the bond is sold. Third, a corporation has an unlimited life. That is the corporation continues to function despite death, transfer, or changes in ownership, management, or labour. The work of sole proprietor or partners can end abruptly in such circumstances. This stability attracts small investors. The fourth advantage of corporation is the ease of ownership transfer. Selling a small business may be difficult; selling shares of stock is relatively easy. The investor also has an advantage. The ability to get out of one business, by selling stock, and into another quickly, by buying stock, is quite useful to small investors.
Corporations have disadvantages as well as advantages. First, complex forms must be filed with the state or federal government. A charter must then be issued, investors found, shares sold, and manufacturing or sales begun. The procedure for setting up a corporation is more difficult than that for setting up a sole proprietorship or a partnership. Also, to succeed a corporation must pay stockholders regular dividends and must keep detailed records to satisfy appropriate government agencies.
Second, a corporation’s profits are subject to double taxation. A corporation must pay taxes on its profits before the profits are distributed to stockholders as dividends. The stockholders include this dividend money as personal income on their income tax forms. Stockholders pay taxes on this income. The government, then, has taxed the corporation’s profits twice.
Third, in corporations with many owners or stockholders the individual share of profits in the form of dividends is comparatively small. In a single proprietorship or partnership, profits are divided among fewer individuals. Therefore, individual incomes are often greater.
Fourth, a corporation’s owners do not directly control the business. Most individual stockholders take little interest in management decisions. In contrast, sole proprietors or partners manage their own business. The main concern of the owner-managers is the success of the business. Managers of large corporations, though, may not have invested their own money in the business. Career decisions may be different from, and more important than, decisions to improve the business. For this reason many corporations arrange for management to own shares of stock.
In very large firms the shareholders have very little to do with the day-to-day running of the firm. This is left to the management. Large companies may be organized into several large departments, sometimes even divisions. The organisational structure of some companies is very hierarchical with a board of directors at the top and the various departmental heads reporting to them. Often the only time shareholders can influence the board is at the yearly shareholders’ meeting.
In Britain most smaller enterprises are private limited companies which cannot offer shares to the public; their owners can only raise capital from friends or from banks and other venture capital institutions. A successful, growing British business can apply to the Stock Exchange to become a public limited company; if accepted, it can publish a prospectus and offer its shares for sale on the open stock market. In America, there is no legal distinction between private and public limited corporations, but the equivalent of a public limited company is one registered by the Securities and Exchange Commission.
Founders of companies have to write a Memorandum of Association (in the US, a Certificate of Incorporation), which states the company’s name, purpose, registered office or premises and authorised share capital. Founders also write Articles of Association (US = Bylaws), which set out the rights and duties of directors and different classes of shareholders. Companies’ memoranda and articles of association, and annual financial statements are sent to the registrar of companies, where they may be inspected by the public.
2.4 COMPREHENSION