II. Read and translate the text: business. Forms of business

The word "business" is used in many modern languages. In ancient times it meant trade for things people wanted. Nowadays business is production, distribution and sale of goods or services to get some profit.

Production is making things, producing goods and creating services. Distribution is moving things from the place of production (works or factory) to the market-place.

As for the sale of goods and services, it is the exchange of a product or service for money.

In any business activity making a profit is the major aim. Profit is defined as the money that remains after paying all the expenses in business.

In most countries there are three forms of business. They are the sole proprietorship, the partnership (both general and limited) and the corporations (publicly held and close).

Each type of business structure possesses certain advantages and disadvantages that must be considered in deciding which form of business organization to select. Some of these important attributes are: 1. Limited Liability; 2.Taxation; 3. Formalities; 4.Financing; 5.Management; 6.Life of the Business. 7. Liquidity of Investment.

The sole proprietorship means to go into business for oneself. Everybody has the right to do it. All you need is ideas about the business, some capital to begin with and knowledge of regulations of this business.

The partnership is an association of two or more people involved in business. In partnership it is important to have a written partnership agreement. Partners share risks and responsibilities in a prearranged manner. There is no difference between a sole proprietorship and a partnership in terms of owner liability. It means that in both cases the owners are fully liable for debts. Most law, medical, accounting and audit firms are organized as partnerships.

The corporation is the so-called "a legal person", an institution to make a profit. Those, who operate a corporation have stock certificates. The individuals who own such stock certificates (or shares) are called stock­holders. As a matter of fact, there are privately owned business corporations and governmental ones.

III. Retell the text according to the following questions:

1 .What did the definition of business mean in ancient times? 2. What is the modern definition of business? 3. What does production in business mean? 4. What do we mean under distribution in business? 5. What is the major aim in any business activity? 6. What is profit? 7. How many forms of business can you name? 8. What does a sole proprietorship mean? 9. What is the difference between a sole proprietorship and the partnership? 10. What is a corporation? 11 .What kinds of corporation are there?

4. Learn the following groups of:

1. synonyms:

Sale - trade - commerce, production - manufacture, works - plant - mill, important - significant, individual - person, agreement - contract, aim -goal - purpose, to own - to possess, goods - merchandise - commodities, form - kind - type, stock certificate - share, to need - to demand - to require, regulations - laws - bills, major - main - chief, attribute - feature -characteristic.

2. antonyms:

Profit - losses, expenses - revenues, exchange - sale, advantage - dis­advantage, to begin - to finish, governmental - private, legal - illegal, product - service.

5. Translate the jokes:

"If the dean doesn't take back what he said to me yesterday, I am going to leave the college". "What did he say?" "He told me to leave the college"

***

A son at a college wrote his father:

"No mon, no fun, your son." The father answered: "How sad, too bad, your dad".

5. Translate the sentences paying attention to the singular and plural forms of the underlined nouns:

1. Mr. Noon is a sleeping partner in the company. 2. Our partners are satisfied with your progress in business. 3. Statistics is my favourite subject. 4.Mathematics is the basis of many sciences. 5. This works produces watches and clocks. 6. These students study Economics. 7. Where is my money? - It is on the table. 8. All the stockholders gather together at 5 o'clock sharp. 9. According to the agreement Ukrainian exports to Poland increase. 10. This firm has no progress in the export of tools produced. 11 .There is no accounting for tastes.