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SANDA MARCOCI CĂLIN VLAD
The Language of Business
Accounting • Banking • Finance
Workbook – Second Edition –
Contribuţia autorilor: Andrei Niculescu: Units 2, 9, 11, 13, 15, A1 Sanda Marcoci: Units 4, 7, 10, 12, A2 Cristina Crişan: Units 3, 5, 8
Units 1, 6, 14
Descrierea CIP a Bibliotecii Naţionale a României The Language of Business/Accounting • Banking • Finance/Workbook/Second Edition Andrei Niculescu (coord.), Sanda Marcoci, Cristina Crişan, Călin Vlad - Bucureşti: Editura Fundaţiei România de Mâine, 2006. 216 p., 20,5cm Bibliogr. I.S.B.N. 978-973-163-019-9 I. Niculescu Andrei (coord.) II. Crişan Cristina III. Marcoci Sanda IV. Vlad Călin 811.111:336(075.33)
© Editura Fundaţiei România de Mâine, 2007
Redactor: Andreea DINU Tehnoredactor: Marilena BĂLAN Coperta: Marilena BĂLAN Bun de tipar: 14.11.2007; Coli tipar: 13,5 Format: 16/61×86 Editura şi Tipografia Fundaţiei România de Mâine Splaiul Independenţei nr.313, Bucureşti, Sector 6, O.P. 16 Tel./Fax: 316.97.90; www.spiruharet.ro e-mail: firstname.lastname@example.org
UNIVERSITATEA SPIRU HARET Departamentul de Limbaje Specializate
ANDREI NICULESCU (Coordonator) CRISTINA CRIŞAN
SANDA MARCOCI CĂLIN VLAD
The Language of Business
Accounting • Banking • Finance
– Second Edition –
EDITURA FUNDAŢIEI ROMÂNIA DE MÂINE Bucureşti, 2007
UNIT 1: MEETING AND GREETING PEOPLE …………... UNIT 2: JOBS ……………………………………………….. UNIT 3: SOCIALISING IN BUSINESS …………………… UNIT 4: HOBBIES AND INTERESTS …………………….. UNIT 5: OBTAINING INFORMATION: TELEPHONING UNIT 6: HIGHER EDUCATION AND CAREERS: “SPIRU HARET” UNIVERSITY ………………... UNIT 7: EUROPEAN UNION MEMBERSHIP ……………. UNIT 8: COMPANY ORGANISATIONAL STRUCTURES UNIT 9: ACCOUNTING ……………………………………. UNIT 10: BANKING ………………………………………... UNIT 11: FINANCIAL ACCOUNTING …………………… UNIT 12: FILING SYSTEMS ………………………………. UNIT 13: INTERNATIONAL TRADE …………………….. UNIT 14: THE STOCK EXCHANGE ……………………... UNIT 15: FINANCIAL MANAGEMENT ………………….. FURTHER READINGS: FINANCE ………………………... Bibliography ………………………………………………….
7 16 28 41 49 59 67 76 88 100 111 124 132 143 157 166 215
My dad is a businessman and my mum is a teacher. Romania. Japan. I also like travelling both inside Germany and abroad. She teaches Classical and Modern German Literature at the Düsseldorf University. reading novels and poetry and speaking English. Germany. climbing mountains. I’m a Romanian. My parents and I live in a large house. I also have two younger sisters who are pupils at an elementary school in Bucharest. I’m a German citizen although my mother comes from Austria. I’d 7 . My father is a manager at a large international company and my mother is a professor. I live at Number 10 Weisstrasse Street. I’m the only child. In future. Canada. I also like playing tennis. They really deserve to be visited. My cousin is a football player. My uncle is an economist. I work as a consultant in a large software company. My telephone number is 775 644 021. which is a great way of learning new words and every day expressions. I also visited the USA. I like playing sports. I’ve visited some Eastern and Western European countries. I visited some Western European countries. I have a large family. I’m Monica Angelescu from Bucharest. We all love our jobs very much. I love speaking English and listening to English pop music. My family is rather small. My uncle and aunt are both clerks. I’m a student. China and Thailand. my aunt is an accountant and my cousins are both doctors.UNIT 1 MEETING AND GREETING PEOPLE INTRODUCTIONS I’m Hans Schnabl from Düsseldorf. So far. I live at Number 6 Iuliu Maniu Road in a block of flats at the 3rd floor. I’ll tell you some more things about my family. swimming and travelling a lot both inside Romania and abroad. I’d like to travel all over the world. I consider that all countries are very interesting from many points of view. apartment no 32.
.(2) Ken Robertson. My name…. 2) Read these conversations and then complete with the correct forms of the verb To Be: am. I know they are very interesting. b) A:…. I’d like to give you some more details about my family. f) Hans Schnabl is from Berlin. e) Her father doesn’t want her to join his company after she graduates University. b) She works as a consultant in a large software company. He wants me to speak it well enough so that I can join his company after graduating university. such as Canada or the USA. Use short forms where possible. he’s. i) Hans and his parents live in a small house in Dusseldorf. g) He likes playing sports. climbing mountains.(7) Wilson.(6). are and is. Johnson? B: Yes.g.(1) Jack Harrison. swimming and travelling a lot. READING COMPREHENSION 1) Specify whether the following statements about the two above texts are True or False: a) Monica Angelescu is from Bucharest. I…. playing tennis.like to visit some countries from other continents.….(4). j) They all love their jobs very much. I…. e. h) His father is a professor at the Dusseldorf University. reading novels and poetry and speaking English.(5) your name Lawson? B: No. It…. listening to pop music. Watson? 8 . d) She wants to work in public relations in the near future.(8) you Mr. My father speaks English very fluently.(3) you Ms. a) A: Good morning. c) A: Excuse me. d) A:…. you’re. But I’d rather work in public relations in the near future. it…. c) She likes speaking English. so on. B: Pleased to meet you. Now. I’m. Please call me Julia.
. we.(9).(13) you Herbert Ross and Mary Palmerston from London? B: Yes..(11) your name Richardson? B: Yes.. 3) Match the first part of the sentence in Column A with the second part of the sentence in Column B: A 1) Monica Angelescu lives in Bucharest 2) Hans Schnabl lives in Dusseldorf 3) Monica Angelescu’s father wants her…. Brown e) A:…. A: But you’re from Iceland? 9 B a) is a consultant in a large software company b) He’s from Germany c)…. the full name is Sony Electronic Publishing.to join his company after she graduates University f) …prefers to work in public relations .(14).Pleased to meet you A: Pleased to meet you. Monica Angelescu…. Excuse me. 6) Hans Schnabl works…. too. Mr. Read the following interview: A: Just a few question.B: No. I…. A: Sony…Electronic…Publishing…And you’re the President of the company.is a manager at a large international company d) She’s from Romania e)…. 4) Hans Schnabl’s father…. B: Yes. Olafsson. It won’t take long. I…. A: And where do you live and work? B: In the United States. A: Who do you work exactly? I understand it’s a division of Sony. How do you do? f) A: …. but you’re very young.(12)..(10) Mr. B: Yes…well…It’s a very young company. 5) In future.. B: That’s fine.….
What sort of things do you write? B: Novels and short stories. A: And what does your company do? Do you make hi-fis? TVs? B: No. But…. A: That’s interesting. and he travels all over the world for Sony. But there’s one thing I don’t understand.B: Yes. O-L-A-F-double S-O-N. Iceland. works. Olaf Olafsson…. Olafsson’s books are best-sellers. mainly.(7) in the shops now! Olafsson is a busy man. 4) This is an extract from the article Miguel Martinez wrote about Olaf Olafsson. And at weekends. When I’m at home. So how…. it is. in my hotel room. is. A: “Absolution”… Oh.(8) long hours. It….(3) Olaf Olafsson. Let me write that in my notebook. so I have free time to work in the evenings..(2) old – in fact he is only 30 years old! And his name …. I write. A: Is this one of your books? B: Yes. of course. That takes a lot of my time. we make video games and software. do.(6) live in Iceland. I don’t take my work home.(5) novels and short stories. writes. The President of the division….(1) video games and software. Fill in the spaces with one of the verbs: are. don’t. A: Video games? Do you play them at home? B: No.(4) you know his other job? In his free time.(9) time to write? 10 . does. isn’t. And the books…. I travel a lot. makes Meet sony’s best selling president Sony Electronic Publishing is a division of Sony. You run a big division of an international company and you write novels? How do you find the time? B: Well. In his native country. that’s right. But if you…. write. He…. you’re name’s Olafsson. don’t worry! His new novel called “Absolution” is translated into English and German.
1995) VOCABULARY DEVELOPMENT 1) Complete these sentences about yourself: a) I work for………………(company) as…………….(10) for eighteen hours. on the roof of my apartment building.(position) b) My business address is……………………………………….tennis player b) Mary goes to….“I usually write for an hour or two every evening” he says. ”And at the weekends.church every Sunday 11 . 12) How about some coffee? 13) Nice to meet you 14) See you later GRAMMAR 1) Fill in the blanks with the correct article: a) My friend is….. c) My business telephone number is…………………………… d) My private address is………………………………………… e) My private telephone number is……………………………. 2) Translate into Romanian the following useful words and expressions: 1) Branch (noun) 2) Office 3) Excuse me 4) How do you do? 5) I’m sorry 6) Please call me….” (Adapted from Business Basics by David Grant and Robert Mc Larty. 7) Pleased to meet you 8) How are you? 9) Fine. Oxford University Press. thanks 10) Not too bad 11) I’d like to introduce…. alone. I often….
Irregular: man-men.hour and….mistakes g) ….screwdriver e) We never refuse to offer someone a job on ….half for dinner d) …. b) I see that she has lost….women. woman. radio is broken. etc.houses in this street.basis of…. so you can easily ride my bike. so we can’t lend you a sports jacket e) How can you talk to a woman such as (she/her)? f) Help (I/me) carry (she/her). ….pencil.children. but you’re much fatter than either (I/me) or my cousin.teeth.Regular: houses. she mustn’t forget…. planes. 3) In the following sentences insert the missing possessive adjectives and pronouns: a) James has come to see me. * The Plural of Nouns: Model: . not (she/her) c) Let (we/us) all go for a walk except (she/her). and the house on the corner is also… f) This doesn’t look like…. tooth. it must be…. 12 . since (she/her) is tired d) You’re as tall as (I/me). knives. watches.tickets. perhaps you can lend her … c) Tell him not to forget….either d) It was a very good chocolate. but I’ve eaten…up. Everybody makes….c) He has….visitors must be accompanied at all times. I need…. it’s (him/he) I’m afraid of.age f) Don’t worry. child.notebook. can you give me a little piece of…. (she/ her) has fainted.? e) They have two of…. et .father and I were school friends. 2) Choose the right pronouns in brackets in the following sentences: a) Do you think (he/him) is stronger than I am? b) Just between you and (me/I).
. smile is quite nice and pleasant c) I don’t remember these students…names d) His father. remark should be taken into account f) Today. overalls. d) The (dictionary) are on the (shelf). alga. The students/ go to courses every day? Do the students go to courses every day? Paul/ like Mathematics? Does Paul like Mathematics? 13 .g: My family are at the mountains (Correct) My family is at the mountain ( Incorrect) . books were thrown everywhere on the floor b) This waitress. jury. armchairs. army.in -law. appendixappendices.s.data. etc.. ..Compound nouns: brothers. job is interesting e) The professor. f) She asked that her (book) should contain detailed (appendix). etc. 4) Put the words in brackets at the right plural forms: a) They have some nice (flower) in their garden.Collective nouns: family.formulae. e.. police.. c) ( Dog) are nice and friendly (animal). b) The (boy) are talking to their (friend). children’s books • At the regular plural forms ’: the students’ notebooks. crowd. datum.g: the professor’s courses. journey was very interesting and comfortable 6) Make questions and put the right Auxiliary Verbs using the examples below: e. g) Television and (newspaper) are the mass (medium) for advertising. 5) Complete the next sentences with the right form: a) Entering the room I saw that the children. e.. • The Synthetic Genitive: – answers the question “whose”? • At the singular and irregular plural forms.algae.g. etc.Foreign plurals: formula. e) The (mouse) were caught by the (cat).
a) b) c) d) e) f) g) h) Mary / understand the question? it / rain a lot in autumn? Mr. c) Crime and Punishment (rank) among the best novels of world literature.Predicate Concord: a) A great number of pupils (have/ has) spent their holidays in the camp b) (Is/Are) Mathematics your favourite subject? c) Several Chinese (have/ has) contributed to the success of the research d) (Was/Were) the news good? e) Fortunately all the crew members(was/were) saved f) The money (is/ are) on the table g) The local police (has/ have) helped the firemen to put out the fire h) The Romanian army (have/ has) always fought for the country’s independence i) I want to know if this species (has/ have) survived j) The great variety of fruit on display (attract/ attracts) most of the customers. 14 . b) Neither Joan or her sisters (wash) the dishes after lunch.Predicate Concord: a) Either my parents or my elder brother (accompany) my younger sister to school. 8) Put the verbs in brackets at the correct form according to the Subject. White / read the newspaper on the bus? your parents / like old films? the shops / close at 9 o’clock? you / attend a good University? he / know what he is doing? these magazines/ publish interesting articles? 7) Choose the correct form of the verbs in brackets according to the Subject.
a great deal of. E. families and relatives 15 . a hundred: a thousand.d) To treat them this way (be) unfair? e) Where (be) the scissors? f) These sort of mushrooms (be) not good to eat. six pence a dozen. j) The principles on which he worked. There are a lot of students at the University. (be) eager to know you. addresses.g: I saw him a couple of days ago. as well as the way he acts. speed. g) The cat. so on. time. alongside with his friends. a gross (144). a metre. four times a day. five pence a kilo. ratio. birth place. h) My father. 9) Write sentences using the following words and expressions of price. a score (20). a dozen. (be) appreciated by his fellow-students. occupations. A couple. SPEAKING In groups of four discuss about your name. a lot of. together with the kittens. a pound. He usually drives with eighty kilometers an hour. (be) playing in the sun. nationality. half a dozen. eighty kilometers an hour. never (miss) a basketball match. as well as my mother. so on. a great many of. i) John.
In many cases only a telephone number or a post office box number is given in a blind advertisement. you should familiarize yourself with the steps you must follow in seeking employment. A blind advertisement does not show the firm’s name. The job application process Before you apply for a job with a particular company. A signed advertisement includes the name of the firm placing the advertisement. Now that you are aware of the promising outlook for office employees. – friends and relatives. This information is needed for two major reasons. Managerial / administrative positions are expected to increase by more then twice that percentage. First. Private employment agencies must place signed advertisements. then. you need to know if you meet your career goals 16 . find out all you can about the company.UNIT 2 JOBS What is the employment outlook for office careers? The great influx of computers and other office technological advances has not changed the need for people with good skills. you will spend approximately 50 percent of your waking hours at your job. – placement offices and instructors: most schools and colleges have placement counsellors that aid students in career planning. Two kinds of classified advertisements are listed in newspapers: signed and blind. Make sure. Statistics estimate a 10 percent increase in secretarial positions in the ten-year period through 2010. If you work full time. Sources of job information – newspaper advertisements: the classified section of newspapers is a major source of job openings. – employment agencies. that the job you select will be a rewarding one to which you can give your best effort.
One question often asked in the interview is “Why do you want to work for this company” Unless you know something about the company. It should contain three or four paragraphs. If you are responding to an advertisement which asks for salary requirements. State what experience you have and how useful you can be to the company. How to write a CV The CV or résumé is a concise statement of your background. it may decide to advertise the job or position in a newspaper. education. – Second paragraph emphasize your qualifications. you need to know as much about the company as possible in order to be prepared for the interview. give a range instead of a specific number. – Third paragraph request an interview. – First paragraph state your interest and purpose for writing the letter.by working for this company. state that you are applying for it and how you learned about it. skills and experience. Secondly. In writing your CV. Be clear as to when and where you can be reached. if you know of a specific job opening. The company’s human resource department will then select the applications that it considers the most suitable and prepare a shortlist of candidates or applicants who are invited to attend an interview. Highlight only those areas that will give you an advantage over other applicants. remember that it 17 . When a company needs to employ new people. create interest in your abilities and state your desire to work for that particular firm. you cannot satisfactorily answer this question. How to write a Letter of Application ? A letter of application should be concise and to the point. In some cases a company may prefer to do this initial selection after asking candidates to complete a standard application form. People who are interested can then apply for the job by sending in a letter of application or covering letter (US cover letter) and a curriculum vitae or CV (US resumé) containing details of their education and experience.
employer’s name. What must be determined. From your application. institution. your knowledge of current events. major & date (suggest beginning with the highest degree and working backwards office skills and abilities work experience / work history title. display good humour show a genuine interest in what the interviewer says and be alert to all questions try to understand your prospective employer’s needs and show how you can fill them express yourself clearly and with a well-modulated voice. however. address and telephone number. You should present your qualifications in the best light possible. and your employment tests that may have been administered. Commonly asked questions: regarding experience Why did you leave your previous job(s)? 18 . you may get the opportunity you’ve been hoping for – the chance to meet the employer face-to-face. list your experience in reverse chronological order). Helpful hints: dress appropriately give a firm handshake maintain good eye contact try not to act nervous. dates (dates can go first if you wish. achievements and accomplishments (if relevant to your objective) references The interview If you have done well thus far in the application process. your CV. your interests and your attitude toward people and work in general. other information include: your career objective education list degree. is your ability to project yourself through your use of good grammar. an interviewer can determine your specific skills.is one of the tools that should help you get a job. In addition to personal information such as your name.
2) Give two reasons why you need knowledge about a company before you apply for a position. prove it in the interview. 3) List five musts for writing a good letter of application. 4) What categories of information should be included on a CV? 5) Which are the main considerations in preparing for an interview? 6) What questions you need to ask in an interview? VOCABULARY DEVELOPMENT ♦ Synonymous pairs: o occupation ( anything one does) // profession ( requires higher education or special training) o wages ( paid weekly usually for manual or clerical work) / salary (paid monthly usually by cheque) 19 .Which duties performed in the past have you liked the best ? the least? Why? Have you had any problems with previous supervisors? regarding education: Which courses did you like the best? the least? Why? Did your grades adequately reflect your full capability? What special training have you had that is required for this position? questions you need to ask: What are the key responsibilities of the position? What factors determine promotion eligibility? Has the organisation had any layoffs or cutbacks in the last five years? Preparing for an interview takes quite a bit of work. READING COMPREHENSION 1) List sources that can be used to obtain job information. If you believe in your ability to be a good employee.
1) Chose the appropriate word: a. Her main (occupation / profession) appears to be sitting in cafés and watching people go by. b. Very high (wages / salary) is / are offered for working on oil rigs or diving. c. Teachers are constantly complaining about their (wages / salaries) d. Being a truck driver is not a / an (occupation / profession) for someone who likes staying at home. e. In many countries the most lucrative (occupations / professions) are medicine and the law. f. We offer occupational / professional advice. 2) Match the job titles with the job descriptions (a-j) 1. Auditor 2. Bank manager 3. Accountant 4. Management consultant 5. Receptionist 6. Civil engineer 7. Sales representative 8. General practitioner 9. Bank teller 10.Bookkeeper a. I specialise in advising on management reporting systems. b. I obtain and record financial records. c. We build bridges. d. We examine and (usually) approve a company's financial records. e. I receive and pay out money in a bank. f. I have about 500 patients on my list. g. I visit all my clients four or five times a year to tell them about our latest products. h. I welcome and deal with people arriving in the office building. i. We are always ready to discuss lending possibilities with our clients. j. I draw up and check financial statements, calculate tax, and the unit cost of products.
3) Match the form of revenue with the right recipient 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. commission wage salary fees royalty redundancy pay tax grant pension dividend
a. b. c. d. e. f. g. h. i. j.
retired employee shareholders sales representative government blue-collar worker student financial adviser author laid off employee white-collar worker
4) Complete the sentences by rearranging the letters in CAPITALS to form a word to do with work, as in the example. Now he works form home, he doesn’t have to commute by train to and from Long Beach CMMOTUE a. In Britain, the normal working week for _________-time employees is anything up to eighteen hours a week, while people working ________-time do around thirty-eight hours. RPAT / LUFL b. I have sent an _____________ form TPLIACAIOPN c. They are ___________ off 500 workers. AYGLIN d. Her academic __________ are good but she doesn’t have any previous _________. FUNALIIOQCATIS / PEEERINCEX e. He works thirty-eight hours a week but sometimes with _________ he does as many as fifty. TRVEOIME f. Nowadays many designers or IT specialists are __________ ; in other words they sell their work or services to different companies. AERLENEFC. g. Employers are interested in practical________ like word processing and fluency in foreign languages. LKILSS
5) What’s the job? Decide which job is being referred to in the following job advertisements. Choose the job from the list. a. accountant b. clerk c. R&D Manager d. computer operator e. personnel officer f. advertising executive 1. Duties include filing, mailing, relief reception and other general office work. 2. Reporting directly to Managing Director. You will take over financial control for all aspects of daily operation. 3. You will be an essential member of an agency responsible for some of the country’s top accounts. You will be responsible for the administration of local and national promotion. 4. With particular responsibilities for recruitment and selection. Excellent communication skills needed. 5. You will be in charge of a team of highly creative individuals delivering new quality products and enhancing our existing range. 6. Some experience in C++ programming is essential but training will be given to the successful applicant.
6) Complete the definitions by choosing the correct alternatives: 1. A manager who leaves a company earlier than planned may receive a a. pay-in b. pay-off c. pay-down 2. If you move to another company, you a. joint it b. join it c. joist it 3. If you leave a company because you want to, you a. resignate b. rescind c. resign
♦ ADJECTIVES AND ADVERBS ♦ Revising irregular comparisons
good – better – the best bad – worse – the worst little – less – the least much – more – the most far – farther – the farthest ( of distance only) far – further – the furthest ( of distance and time) late – later – the latest ( the most recent) / last (the final one) old – older – the oldest ( of things and people) old – elder – the eldest ( comparisons within a family)
1) Fill in the blanks with the suitable forms of the adjectives or adverbs in brackets: a. (little) He seemed to get……….and ………interested in the job offer. b. (much, good) The …………he worked the ………..results he obtained. c. (soon, good) The ………….the rain stops the…… d. (few) There are ……….and….… mistakes in your exercise. e. (strong) The wind gets ……….and……….. f. (early, good) The ………we start the…. … g. (high, cold) The …we climbed the …it became.
attractive. c. delicious.than the one I came by yesterday (fast) b.. fresh..2) Choose the right adjective from the list given below and fill in the blanks: frightened.origin. lawyer / Armenian / clever /a / middle-aged c.overcoat? e. Have you bought an…………. a (an) / Dutch / attractive / girl / 23-year-old d. striped / jeans / she / is / tight / wearing b. box / silver / interesting / small / a (an) f.. a (an) / leather / wears / he / long / coat / black e. The little boy was so ………. helpful. She looks quite …………in her new dress.city in your country (large) ♦ Adjectival word order opinion – size/age/shape-colour. What is the ………. c.that he couldn’t speak a word. b. The librarian proved to be very………. 3) Fill in the following sentences with the comparative or superlative adjective given in brackets: a. d.food in this hypermarket. friendly. smart. Tea is………than coffee in England (popular) d. correct a.clothes we could find (thick). gingery-brown / hair / long / wavy / has / Amelia ♦ Adverb position: 24 manner – place – time . electric. You can eat ……….noun 4) Decide on the correct adjective order for each of the items below: a.pattern/material. cold. expensive. We bought the …………. The bus I have come by today is much…….
that I can’t understand her.5) Decide on the correct adverb order a. happily) b. Hard drugs e. The food smells …….. Good performance 25 . (fast.(carefully.. Yes.(slow. High opinion f. hardly) c. (soft. slowly) l. George is the best student in class. careful) i. John read ( at home / very much / all day yesterday) c. nicely) e.. Some of us did the exercise very……… (good.(slowly. Drive ………. High-rise building d.(nice. Jane speaks so ……. Everybody felt……. High price c.. fastly) d. Your can solve this problem………. She smelled the food ……(careful. They negotiated ( for five hours / aggressively) b. easily) 7) What are the possible opposites of the words ‘hard’. softly) j.. Business is ………. ‘high’ and “good” in these phrases? a. The students worked very ……………. You look ………(sad. she said……….. He studies………(hard. Hard exam b. (easy.! Don’t walk so ……. sadly) g.. My friend spoke to me ( in the street / very kindly / the day before yesterday) 6) Choose the right adjective or adverb to fill in the following sentences: a. well) h. slow) k. carefully) f..(happy.
. I’ll be going to the meeting…………. We went to the meeting yesterday…. c. occupation skill manager clerk profit ♦ Expressing similarities and differences : (Affirmative and negative agreement) so do I / I did too neither do I/ I don’t either etc. a. I can’t stand waiting in the airports……………. I’m tired…………… e. b. I’d prefer to do it myself……. So water is 26 . 11) Choose the correct answer (Affirmative agreement) Technically. e. 10) Read the statements made by several speakers and agree with them. big detail / great detail strong tea / powerful tea a lengthy car / a lengthy meeting strong car / powerful car broad summary / wide summary 9) What adjectives can be derived from the following? a. Our company directors have awarded themselves huge pay rises (US pay raises)…………… b. So is water d. g.. using so or neither. I don’t like to do overtime. Water is so c. e. Water so b.8) Which collocation (word partnership) is more likely? a. d. d. c. b. c. d.. ………………. f. glass is a mineral and _____________ a.
e. (Do not include the four adjectives in your sentences). Pick up four adjectives that best describe you. What’s your opinion? 27 . I always think of other people’s opinions before making decisions (considerate) reliable flexible competitive determined organised balanced fluent convincing successful confident considerate sociable tidy SPEAKING ♦ Most people think they are overworked and underpaid.g. Then write four sentences that describe your qualities.12) Suppose you are writing a cover letter to apply for a job.
you mean…. by the way? A: Oh. At an international fair A: How do you do? My name is Charles Stevens. A: That sounds like a perfect example of company loyalty. we’re called. And you? A: Well… I’ve been with mine for nearly … two years now. B: I’d say so. A: Nice to meet you…So. I’ve been with them ever since I graduated seven years ago. B: What is your company. while travelling abroad or receiving visitors. A: Thank you. 28 . B: …So. B: Thank you… and here’s mine. but also in a variety of social situations. yes. you’re Area Sales Manager. I’m the Finance Manager of the Romanian Branch. actually. We produce and install machine parts.I’m with the Global Telecommunications. aren’t you? B: You’ve got it quite right. I work for a firm of car engine manufacturers. you’re with…. Let me give you my card. really! B: You seem to have heard of us…. mostly for British motorcars.. A: You are?! B: Well. B: Sorry? Oh. too.UNIT 3 SOCIALISING IN BUSINESS Business people have to talk not only on the actual aspects of the business. A: Oh. A: Sure I have. Best Motors Ltd. Global Networks…Global Mobile Phones … You’re a multinational. B: How do you do? I’m Diana Nicolae.
maybe 90. aren’t you? B: Well… I’d say so. B: Really? That’s most interesting. I meet all kinds of people…I like that…I enjoy the driving. Read the conversation again and mark the phrases used by the characters to express the aspects mentioned below: a. But I reckon the firm is doing quite well so I expect we’ll go public in a year or so’s time. by the way? B: Well. I used to work as an editor for a racing car magazine before. And we’ve got a workforce of over…1. And … how about your staff? A: Our staff? Yes. but we’ve got branch offices all over Britain…Is your head office here in Bucharest. I’m always happy to get out of the office. we’re based in Bristol. Our total turnover’s just over € 5m. We’re a private company. that’s fulltime staff. B: I see. I must say. We’re in Arad – that’s in western Romania -… but I work in our Bucharest office. B: I take it you travel around a lot. A: That’s right. saying what the company's line of business is e. of course. that’s a lot.introducing themselves b. by the way. no actually. B: Yes. saying what their company is d. You see.000… A: Ah. summarising their career to date 29 . We have been so for the last 10 years. giving other details about the company g. I prefer what I’m doing now. what’s it like to be with a huge multinational? You’re pretty big. Our branch alone has a turnover of… roundabout € 20m. A: That’s interesting… So. responding to introductions c. you can call us big. We’re a public company. READING COMPREHENSION A. A: Indeed. My company’s much smaller. too. describing company size f. it’s really big.A: Yes. I’d say about 80 people.
speaking of their present job/responsibilities B...Take a seat. Mrs Taylor:……7…. 10. I’m ….. you.. I help you? Charles Stevens: Good afternoon. Mr Stevens. I’m Sales Manager.2… Best Motors Ltd. 14. 5. . I work for Best Motors Limited. I’m with Global Telecommunications.6 a good trip? Charles Stevens: Oh yes. 9. a cup of coffee before we start? 30 . 12.. Receptionist: Good afternoon.4…be with you in a moment. Mrs Taylor…... Mrs Taylor: Good afternoon. I dea1 with. My name is Charles Stevens. 11. 3.h.3… an appointment with Mary Taylor at 2 o’clock. I’m responsible for marketing strategies. We've got a work-force ofnearly 500. Before joining it. please. Receptionist: Ah yes. VOCABULARY DEVELOPMENT 1. Match each phrase with one of the topics given in the exercise above. We deal in mobile phones. My company's based in 8. Mr Stevens.1…. 1.. 13. I’m Mary Taylor. 6. We produce spare parts for the car industry. We have subsidiaries in. Charles Stevens:…………5…. Our turnover is Sm Euro. Mrs Taylor: Welcome to our company……………. 7. Customer comp1aints. Our head office/headquarters is in. There may be more than one phrase for each topic. I …. 2. I’ve worked for this company for 5 years. Pleased to meet you. it was fine thanks. Write one or more words into each gap to complete this dialoque: Example: Pleased to… meet…. We employ around 300 people.. Mrs Taylor. 4.
Whereabouts in Britain do you live? visitor’s country/town d. How was your trip here? h. 4. he usually stays overnight in a hotel. 11.more than 2.1 milk and sugar? Charles Stevens: Just sugar. What was the weather like when you left London? 31 . 13. Charles Stevens…9…for Best Motors in the Sales Department. 14. 9. please. 12. How do you find our climate? the weather e. Choose the best word or phrase from the list below to complete the extract. Is this your first visit to Romania? accommodation f. Match the following most likely conversational topics with the appropriate suggested questions: 1. Last week. He…10…in the company for three years now. Have you been to Bucharest before? i.Charles Stevens: Thanks very much.time at home. He enjoys the job. Did you have a good flight? b. the journey 2. 5.8…. How long are you going to be here? previous visits c.000 miles. Where are you staying? g. he …12…. 6. Which part of France are you from? j. a. plans 3. 2. 10. Sometimes he travels hundreds of miles in a day. Mrs Taylor: …. His wife complains that he spends too …14……. although he spends…11…time on the road visiting customers from all over Britain. If he …13…make a long trip. that would be nice. a) work a) is a) many a) drive a) would have to a) little b) works b) was b) a lot of b) drove b) will have to b) few c) is working c) has been c) few c) has driven c) had to c) short d) is worked d) had been d) quite much d) drived d) has to d) less 3.
Great service. How are you enjoying your stay in London? Have you ever been to Romania? a) Yes. Very comfortable. c) Not very much. that’s right. A: OK…………………….…………4 Robert Smith from the European Headquarters? A:Hello!………. mostly to Eastern Europe.……………………. B:Pamela. f) Very much. I come from the north of the country.5! C:………………….. Ann? How well do you know London. a couple of times a year. I was on holiday near Sinaia last summer.. thanks.8. Complete it with appropriate phrases from the list. I enjoyed it very much. don’t you? How’s the hotel? I’ve heard it’s very good.6! B:……………. We’ll be working together on that. A: Frank!……….…3. It’s my first time here. aren’t you? You live in London.1! B: Hello..2? A:………. Match the questions with the appropriate reply from those listed below: 1) 2) 3) 4) 5) 6) 7) Do you have to travel a lot on business. A: That’s right. 5.7 in the new Portuguese project. a city called Iaşi .. Pamela………….. d) Yes.10... Robert? You’re from Bucharest. b) Yes. I’ve got a small house in the suburbs. Right now ……….9 this afternoon? C: Yes. C: Perhaps we could meet and talk about it later.. too. e) No. 32 . it’s fine. g) Not at all.4.. The conversation below takes place at a sales conference. It’s a beautiful city and not at all as foggy as I imagined.
33 . j) Can I introduce 6. hundreds of people gather under the trees for picnics. too. a national sport? 9. Our biggest problem is the balance of payments. So instead of working out the total votes cast for each party.a) Nice to meet you. There are a hundred öre to the krone and each krone is worth around l0p. i) I think you both have an interest. There’s a huge deficit. the economy? 6. so it’s cold when they swallow it. c) How nice to see you again. d) How are you? e) I’m fine. natural resources? 4. h) Maybe we could meet. f. b) Nice to meet you. d. politics? 5. In each one someone is telling a visitor about their country. Read these short extracts from different conversations. In spring. We’ve just changed from a proportional representation system to a first past the post system. the currency? a. You have to be careful it doesn’t burn your throat. c. the climate? 3. e. we count up the votes in each constituency and the winner is elected. The rate you pay depends on how much you earn. a festival? 2. when the cherry blossoms are out. Some people put it in the deep freeze for a while. Which ones are talking about: 1. b. f) That would be good. the tax laws? 7. a local drink? 8. g) I’m afraid I have to go to a meeting.
i. The taxi fare is 8. You have a puck and you have to try and hit it into the other team’s goal. c. You don’t matter. b. What do you say? a. c. You have to wrap up really warm. How shameful! c. Sir! c. 1. d. b. Keep the change. 3. You didn’t hear what someone said. Keep the tip. b. 2. Happy birthday. Waiter! b. What a pity! 34 b. c. Minus 10 or 15 degrees is quite common. d. I didn’t hear. You want to attract a waiter’s attention in a restaurant. so you need a hat that covers your ears. d. . What do you say? a.g. but that’s all in the way of minerals. Come. I apologize. Over here! d. I don’t care. What do you say? a. Joyous birthday. What do you say? a. There are the mountains of course. What would you say to someone on their 27th birthday? a. Social Quiz Do you know what to say on social occasions? Choose the best word or phrase for these situations. please! 5.30 Euro so you give the taxi driver 10 Euro. d. Please repeat. We have a few copper and tin mines. 7. The change is yours. The tip is yours. Congratulations. Happy anniversary. Sorry? 4. h. Your colleague tells you he can’t come to your party .
What do you say? a. thanks. Good chance! d. It’s a pleasure.6. It’s been a lovely party but I’m afraid I must be going. a. I’m so sorry we’re late. ‘I’ll get the first round’. 7. 5. 8. Dinner is on me. Good. 35 . 7. 8. let me pay. It’s not good news. 3. d. 6. No.You meet an old friend at a conference. Well shot! b. Good luck! 9. On a golf course. Would you mind waiting for a moment? 9. Good luck. Do have a seat. please. Good shot! c. Very well. thank you. Bad chance. I insist. c. d. At a boxing match. In a car. I’m just off to my interview. What do you say? a. d. They say they might have to make me redundant. The person you are playing golf with has just made a good shot. c. Match each comment with a suitable reply: 1. 4. Your English client says. The person you are playing golf with has just missed a shot. b. b. Thank you very much. Here. Sorry. She says. How are things?” What do you say? a. Our sales manager is in hospital. b. How do you do? c. 8. Bad luck. ”Lovely to see you. 2. Where are you? a. c. Good luck! b. Fine. 10. In a pub.We’ve just won that large contract with ICI.
I assure you. i. e. this one’s on me. j. 36 . Thank you very much indeed. We made over a million bucks in five days. 2. I am sorry.d. j) Cheers! k) Spain l) Sorry. 3. o) Just a few words. I don’t smoke. 10. b) Fine. m) You’re welcome. b) A colleague has bought you coffee. Thank you for a wonderful time. Bad luck! h. Choose one of the accompanying phrases to thank your host. Bye then. not at all. take care. Congratulations! f. Situations a) While on a business trip. we met last week. have you? a) It was my pleasure. Can you speak German? 13. Here’s to a successful partnership! 8. it’s true. Oh dear! Nothing serious I hope. How do you do? 4. 11. What a pity! Lovely to see you anyway. g) Any time. f) No. c)Wow! d) No. 7. Do you know Mr Davis? 14. No. some foreign friends invited your delegation over for a drink. Where do you come from? 15. Thank you. You haven’t got a light. How’re you doing? 5. The people have been quite friendly and invited you to a farewell reception. h) How do you do? i) Congratulations. Thanks for the ride. c) A potential customer you have been visiting has invited you to dinner at a country club. e) Yeah. g. 12. d) You have spent ten weeks running an English course for a company’s staff in Bucharest. thanks. 9. We haven’t started yet. That’s all right. I’ll get another round of beers. Match the sentence on the left with the response on the right 1. Sarah is getting married in the spring. n) Yes. You’re joking! 10. 6. 9.
Roy. 37 . Fill in with a necessary word/phrase to express thanks: a) Mr Smith is thanking an airline clerk for flight information for his summer holiday. 5. Read the six expressions of thanks below and match them with one of the sentences on the right. I hope it hasn’t taken you out of your way. 4) Good. Jones: “That’s . it was no trouble. Mrs.” 12. Mr Smith“Thank you for the information. It was very nice of you to invite me. f) The Sales Manager of a company you do business with has taken you to the theatre to see a comedy. I always enjoy a good laugh. Thank you very much for the meal. I live quite near anyhow. It was really excellent. 2. c) I think we’ve got all the details now. It was most kind of you to invite us over. Phrases of thanks: 1. and thanks for the lift. Thanks. Airline Clerk:“You’re…” b) Mr Williams is thanking an elderly lady for a lift back to his office. 3) Really. e) Thank you very much for finding out about the shipping charges. Mr Williams: “See you tomorrow madam. 3. Thank you for getting me a ticket.e) While in London. You’ve been very helpful. a) Thanks for the coffee.. 5) Don’t mention it. 6. 2) You’re welcome. your business associates arranged for you to see a performance at the Albert Hall. 11. Thanks for the information. 4. d) Thanks for everything. b) I did enjoy the performance. I really appreciate it. Thank you for all your hospitality. I’m glad you liked it. 1) That’s okay/all right..
Greet the visitors. Identify yourself and your company. or we need to be polite. c. you have been asked to look after them. requiring a positive or negative answer). She’ s going to spend a couple of days in your company. what or which as 38 . using varied question types is advisable. we start with an indirect question to establish politeness. Someone has just arrived in your department to do a one-week computer training course. You are meeting Mary Perkins. d. then introduce yourself and state your position in the company. with who.SPEAKING Over to you Decide which would be the most appropriate way of greeting people in each of the following situations: a. b. GRAMMAR Questions Subject-Predicate Order in Questions Direct Questions Aux+Subject +verb? Indirect Questions (I wonder if/what/where) Subject+verb Indirect Questions are generally used when some sort of difficulty is involved: we don’t know the person we’re talking to. When a lot of questions are asked. Greet him/her and introduce yourself and your other colleagues. then we ask direct. Finally you meet. at the airport. In a series of questions. a customer from Britain. e. A trade delegation from Japan is visiting your company. You have made appointments to meet a financial expert on two previous occasions. Questions may be Yes/No ones (using an auxiliary as the first word. As Public Relations Officer. but something has always gone wrong. A new colleague has just arrived at the office. open ones (with a question word before the auxiliary). usually shorter questions.
They are formed using an auxiliary and the pronoun referring to the subject. c) The manager invited Michael to visit the company.? f) I’m not intruding. 2.…………? h) Janice was going to revise the estimates. d) The divisional director complimented Daniel on his organisation e) Two hundred people visited the plant.………….? j) Bill wanted to change the procedure.. Referral 3. b) I’m interested in the new project. Tag Questions Fill in the blanks with the right positive or negative question tag: a) You finished all your tests in time. Ask questions to the words in italics: a) We worked with an important customer.………? WRITING 1. I hope. Invitation 4.subject (an auxiliary is not used).m. …………….? k) Let’s call up a meeting on Monday morning. ……….? d) You will call me as soon as you arrive. Congratulatory letter 2.…………? g) You aren’t too enthusiastic about my idea.30 p. Tag questions are used when we expect the speaker to confirm what we are saying or when making an offer. suggestion.? i) She said she would talk to Bill about it.……….……….………. 1..…………? b) He isn’t quite a nice guy.? e) Catherine left on a trip to Paris last summer. Thank-you letter 39 ..? c) The train arrives at 6. Customer’s Personal Letters Match the type of letter with the excerpts below: 1. ……………..
I will be in contact with you again as soon as I can. I am writing to thank you for your kind hospitality during my visit to your company. 2nd. I was impressed by the high quality standards that you maintain. Yours truly. Lawrence. I must first wait for my company to finalise the purchasing plan for the next quarter. highly knowledgeable in investment strategies. Tom Beadley c) Dear Mr. Yours sincerely.. an organization I consider among the best in the field. Markinson. June. ………………. 40 .. Yours faithfully. Three senior editors from Herald Business will serve on a panel at a special luncheon. Sincerely. Charles Sherman b) Dear Mr. I’ll look forward to meeting you there. You have a good range of fashion items and I am certainly hoping to be able to place an order with you in the near future. It was thoughtful of you to give up so much of your time. We’d like you to join us. Thank you for your letter requesting information about financial planning. Atkins. Davidson a call for the help you requested in your letter. I’m sorry to say that we have not yet added that kind of service to our firm. Such coverage renders the company’s achievements and objectives for future products.a) Dear Professor Harrold. I certainly enjoyed reading the April 21st “Financial Times” article on your fast-developing company. d) Dear Mr.However. But I recommend you IM Consult. These gentlemen will be giving their informed views on the business outlook and tax reform. at noon in the Japanese suite of the Palace Hotel. I suggest you give Mr. ……….
Almost no one can make a living by collecting stamps. as distinct from a professional. which was a type of small ambling horse. Examples include collecting. hobbyists have found something compelling and entertaining about them. Generally speaking. 41 . While some hobbies are considered by many people trivial or boring. is called an amateur (or hobbyist). the person who does something for fun. not remuneration. Engaging in a hobby can lead to acquiring substantial skill. sports. making different objects. and experience. They have their origin in the Middle Ages. However. and in turn. the Euroasian Hobby was perhaps the most popular. so it is commonly regarded as a hobby. Hobbies are practised for interest and enjoyment rather than financial reward. when falconry was a very popular leisure activity (what today might be called a hobby). etc. It is said that the modern use of „hobby“ to indicate a pastime followed from this. A hobby-horse was a wooden or wickerwood toy made to be ridden just like the real hobby. personal fulfilment is the aim. Activities that are hobbies for some people are professions for others: a professional photographer may enjoy cooking as a hobby. hobby in the modern sense of recreation. meaning „to follow a favourite pastime“. An alternative explanation is that the usage grew from another recreational animal called hobby. but many find it enjoyable. while a professional chef might enjoy taking photographs as a hobby.UNIT 4 HOBBIES AND INTERESTS Hobbies are spare-time recreational activities. and of all the different birds used for it. From this derived the expression „to ride one’s hobby-horse“. knowledge.
The modern meaning of hobby is profession. vague 42 . know-how c. exciting c. c. however (for example in collecting). e. Hobbies are practised for interest and enjoyment. attractive b. the line between a hobby and an obsession can become blurred. meaningless a. atypical a. entertainment a. In the Middle Ages. trivial: 6. relaxation b. satisfaction c. We don’t learn anything from having a hobby.enjoyment: 3. Read the text again and specify whether the following statements are true or false: a. Edition Laurel.History and Present in Hobbies. technique d. gladness d. employ c. obscure c. indistinct b. another b. Choose the words and phrases most similar in meaning to the following as used in the reading passage: 1. aptitude a. provocative d. confused d.Pursuit of a hobby may have calming and helpful therapeutic side-effects.skill: 5. distinct d. unimportant c. necessary a. g. b. A hobbyist is a person who does something for fun. In some cases. d. optional c. Hobbies are boring and unimportant activities. blurred: a. compelling: 7. falconry was a very popular leisure activity. frivolous b. (adapted from Ann Huxley. ability b. go in for d. participate a. “To ride one’s hobby-horse” means to ride a horse received as a gift. T/F T/F T/F T/F T/F T/F T/F T/F 2. There is more than one recorded case of violence over things as simple as coin collecting. f.engage: 4. Hobbies can become obsessive and lead to acts of violence.alternative: 2. irrelevant d. h. commit b.1984) Reading comprehension 1.
personal development d......their personal satisfaction.......... less so...... b..... c...... then use them to fill the blanks in the sentences below: I.by selling them... a horse walking at a slow.. 2.... too......for their daughter to learn to drive...........................ambling horse 4....... (B) a..... make a living by 8. f........ easy pace....... Hobby stores are particularly popular...... extra time e. the breeding and training of hawks h.. c.. b........ Bored and without any occupation he took to....... g.. personal fulfilment 7........spare time 2.....the selling.............side-effects 5.. They had a small.... During his...... time not needed for work.. He decided to make miniature figures and...VOCABULARY DEVELOPMENT 1.... d..... falconry II....... to earn one’s living by f. Complete the following text with the right prepositions: A hobby store is a place dedicated.. The aim of hobbies is generally.. She didn’t expect any........ activity done during a time that is free from work g. e......... financial reward 6.. She didn’t know that the medicine had....he was fond of listening to music.things that people usually employ... money given for a service or merit............men and children. Match the words and phrases in column (A) to the right explanation in column (B)..women’s interests.... although many hobby stores today cater. 43 ... secondary (usually less desirable) effects a..leisure activity 3.. They played football and considered it a.......activity...... she did it with the greatest pleasure.. (A) 1.... h....women...
jump and a. Complete the following sentences with Play... Specify to which sports they refer and complete the sentences: Tsukahara – after Mitsuo Tsukahara (Japan) Axel – after Axel Paulsen(Norway) Lutz – after Alois Lutz (Austria)) Biellmann – after Denise Biellmann (Switzerland) Davis – after Dwight F. stamps.... b. ship models........ d.... specialty magazines and sometimes even flowers and small animals. train models... b.... In skating contests........spin are compulsory.. Here are some eponyms in sports..... sports terms named after people..... Going skiing in winter and PLAYING bowls with his friends..Cup.. Remember: Play = refers to sports played with a ball and where teams are involved Go = refers to individual and leisure activities Do = refers to sports or activities where body movements are implied 4.... Do: E... a....vault was worth a gold medal. dolls.... 3. i.......... It’s the first time our basketball team has been given the.... All little girls are fond of.. e..Typical items to be found.... c...... Are you looking forward to.fishing next weekend? 44 .... house models..... Being the best tennisman in the world.. Go.e.... She was such a perfect gymnast that her. he won the .. A specific type ......... Her... My best friend likes Doing judo..ballet. Davis Frances Pomeroy after James Naismith’s daughter-in-law Frances Pomeroy Naismith(USA) a.a hobby store is a game store..hobby stores include airplane models..Award.........jump made the audience applaud frentically.. a...g.... coins...
..........fitness as she was very busy...snooker............make the Olympic Board agree to a 60% discount.. e.. He is very persuasive. d..... I feel like....... She put off. h..skate well again. After a few months of training after the accident....hockey with his broken arm... future and present perfect) 1...gymnastics to.... he......or slips of paper.....on.... GRAMMAR Modal verbs Can/could express present and past ability (was able to or managed to are used when speaking about more specific actions.....to carry it................. e... the weather is very fine.. 45 ... f...jogging as she was getting fat........... she..... He gave up.... She took to.................... g. not just scrawled..... today it is worth £ 600 at an ................ They had a very successful meeting and they... d...are prepared . 5.... I knew the town very well so I...advise them what to visit.. What about.........football with my friends this weekend. You’ve put too much in your bag.ever-increasing.make his team mates adopt his opinion..for coveted hand-written autographs and. Use modal verbs to express ability: a.... b..letters or... A letter written by Charles Dickens could be bought for 1 pound in 1903. The injured football player.... She preferred.... c. be able to is used for infinitive... f. you .. Fill in the blanks in the following text with the words below: Letter Manuscripts Prices Collectors Photographs Signatures Auction Signed To Pay Today..to walk in a few weeks......diving.....c....
You.... Must and have to express positive obligation (have to expresses an external obligation)....... (be) not allowed to express prohibition... use modal verbs to express permission: a.... I make a suggestion? e. On weekdays we had to get up early but on Sundays we. Use modal verbs in the following sentences: a.. He. Use modal verbs to express obligation or prohibition: a.............have a visa to go to Germany. I don’t know what to answer. don’t have to express lack of obligation... d..... you. ...I ask your secretary to look for it for me? d. .... c. but in a different way : you can = it is possible = circumstances permit) 3....ski on the hils. needn’t..not bring textbooks into the examination room.........rain on the sports ground..... and mustn’t.... You.. one can are also used to express possibility...fill in this application form for me? f. . b.stay in bed till ten........... 46 . I think I left my bag in your office. could is more polite) 2. can’t... e. b..I use your phone? Mine is out of order. can/could to express permission (allow or permit supply past and future tenses ... and to express possibility in the present or future (you can... In the following sentences.live free.write more than 250 words on this subject.I see your passports. ....... There is enough snow...... refuse or request permission.... They sacrificed their lives so that we.... c.May/might.. As you are from the European Union.. Take your coat....to drive the family car ever since he was sixteen. Candidates . b. can used for permission is an informal alternative to may .. 4.. it. please? May/might = to grant...
.(be) abroad at the time.....(escape) by this window because it is not locked. ought to = advice...... d. You are really ill.. reproach.. I’m sorry. d. speculations.. e......(leave) it in a shop..... Can’t/couldn’t + perfect infinitive express negative deduction and reproach. I spoke French very slowly. She.c. Use modal verbs + perfect infinitive to express deductions.. He. Drivers wishing to hire a car..leave home at 8.00 every morning at present. I... I.. b..... had better = strong opinion. may/might + perfect infinitive express speculations about the past...... you.......give the results by phone.... He... I don’t remember reading about it in the newspapers.not interrupt him while he’s speaking on the phone.... No.... you.(warn) me about his arrival...go to the doctor. needn’t + perfect infinitive = a past action which was unnecessary but was performed. c.be over 21 and have a full driving licence... f.(speak) slowly..... must =strong advice. b. Opinions and advice Should..... 47 . You..... I think he swam across the river.....(do) that.. I can’t support you any longer... he can’t swim.... He had his umbrella in the morning.. must + perfect infinitive expresses affirmative deductions............ past unnecessary performed actions: a.. would rather = preference 6. f... You. He speaks French fluently.. 5..... You know I don’t want to see him.. but we..earn your own living from now on.... but he hasn’t got it now. Fill in the blanks with modal verbs to express opinions and advice: a............ e. he......... given her new job.
......... d.. 48 . and give examples.. you..go abroad during my holidays than stay at home.. You. what do you think of people who go beyond all bounds in a hobby and reach the field of a profession.... I can’t tell you what to do. 4. as we know. I.go and and visit your parents immediately.. f. what do you think of being more scientific between an interest and a hobby...... Speak about “sportsmanship” and how this concept is reflected in what a journalist once said : “it’s not that you won or lost but how you played the game”..... SPEAKING 1. 3. Comment the creed expressed by the founder of the Modern Olympic Games. Pierre de Coubertin : “The most important thing is not winning but taking part”.... are celebrations of both sporting and artistic achievements... e...speak to your boss. Try to ascertain the difference between an interest and a hobby... You. 2.... Speak about the closeness of art and sport and how it is revealed by the nature of the Olympic Games which..keep an account of all your expenses...... 5... Speculate about going deeper into the matter..c...
C: Travel agency. READING COMPREHENSION I. B: Goodbye. B: Thank you. it’s urgent. M Duvil. of course. Thank you very much. B: I’d like to speak to Mrs Isaacs. C: Who’s calling. What exactly did each person say when answering the phone? 49 . A: I’m afraid the line’s engaged. C: Hold on. B: Extension 273. that’s all. C: You’re welcome. Could you take a message? C: Yes. C: Anything else? B: No. Answer the following questions: a. I’ll put you through. A: The line’s free now. I’ll get her.Unit 5 OBTAINING INFORMATION: TELEPHONING A: Fenton Engineering. Do you want to call back later? B: No. Will you hold? B: Yes. Could you read that back to me? C: 00 331 45458394. please? B: Jacques Duvil. C: I’m afraid she’s in a meeting. B: That’s right. please. B: Could you ask her to call me back? C: Does she have your number? B: No. It’s Paris – the code is 00 331 then the number is 45458394.
Could you put me through to the accounts department. 1. How did the company secretary tell the caller he couldn't speak to the person he wanted? c. My name’s…………. 50 . 1. My name’s………….b. 2. Can I help you? c) James Watt’s office. please? 6. This is the Australian Embassy visa information line. 2. Hold on a moment and I’ll put you through. Please leave your name and number after the tone. 3. Decide which are from recorded messages and mark them with X. 5. Good afternoon. Taking someone’s name Write the names of the people in the blanks. I’ll get him to call you back as soon as possible. Which phrases are most appropriate in a telephone conversation? Mark all the acceptable ones in each set 1.Telephone language Look at these expressions which are often heard or used when telephoning. 4. Isaacs was in a meeting? VOCABULARY DEVELOPMENT 1. Christine speaking. We are unable to take your call at the present time. a) James Watt’s office. How may I help you? 3. The consulate section is open every morning from 10 o’clock to 13 o’clock. b) James Watt’s office.. Could you speak up a little? 7. What do you want? d) James Watt’s office. Heathrow Travel. 2. that’s jay eh en i see ee new word why oh you en gee. What did the company secretary suggest? d. Sorry to keep you waiting. What did Jacques Duvil say when he round out Mrs. 8. I’ll spell that for you — gee are ay aitch ay em new word aitch you gee a itch ee es.
And you? … Yes. My name’s Betty Green. Who’s calling please? 4. Thanks a lot. d) Can I speak with James Watt. … (pause) Hello. a) Could I speak to James Watt. Katie Stevens speaking. you can’t. they came this morning but I haven’t signed them yet. a) Certainly. … Sorry. … Hello. Betty. please. The first one has been done for you: … I’ll sign them this afternoon and send them back to you. a) He’s not here. will you? c) Would it be possible to give him a message? d) Well. … Hello. that’s no problem. Good morning. please? 3. b) Yes. c) Give me James Watt. I didn’t quite catch that. thanks. a) Oh.2. How may I help you? … Hold the line. please. c) What’s your message? d) What’s your name? e) Yes. 51 . … Fine. … 1. 4. … Great. b)Who are you? c) Sorry. please? b) I must speak to James Watt. d) I’m afraid he’s not in the office at the moment. I’ll see if she’s in. could I leave a message then please? b) Give him a message. … Betty Green and I’d like to speak to Katie . How are you doing? … OK. could you ask him to call me back? 5. … Hi. I’d like to speak to Katie Stevens. A phone conversation Number this jumbled conversation in the correct order. Busy as usual. HMV Industries. this is Betty.
I’ll ring again. It’s 01 320 6745. 6) I’m afraid I haven’t got Steve Lester’s number. hello. there’s no rush. How are things? ……………………………………. hold the line and I’ll put you through to him. John. Complete the following conversations with phrases from the list below. Oh.… I’m just ringing to find out if you’ve received the copies of the contract. please? 3) I can’t tell you right now. c. 2) Who’s calling.. 1) Fine.. but can look into it.. Thanks a lot. e…………………………………… OK. d…………………………………. 5. Good morning. 7) Could I speak to Charles Williams? 52 . g……………………………………… I’ll look it up for you. … OK. 5) Right. ………………………………………. I’m phoning to ask you about the Woodrow Group. Yes. Could I speak to Mr Dennis please? b………………………………………… Lesley Lewis from RB Manufacturers. Use each phrase only once a………………………………………………. 4) Thompson Chemicals. I’m afraid he’s out of the office at the moment..Could you ring me back today? f. good morning.
B:Oh. A:______________to see if we can discuss a business proposition that I wish to make. A:Mr Russell? B:Oh. I’d like to __________________ with Mrs Rush in the Personnel Department. B:I see. 2. ________________ seeing you. Let’s say 12. That’s right. A:Good. Goodbye. 3. Mr Higgins. A:Mr Smith? This is Tom Ronalds. 4. How about tomorrow? A:Tomorrow’ll be fine. hello.30 on Wednesday A: That ___________ thank you. _______________ we could meet somewhere and talk about it. Fill in the missing words and phrases. A:Right. A:I’m ringing _____________ tomorrow. if that’s ___________________ B:I’m afraid _______________ today. Can you be more specific? A:Actually. He’s_______________ but he won’t be able to manage Wednesday afternoon. Would 10. See you there.30 at the French restaurant.15 at your office. as arranged? B:2.15. 2. How about lunch today. good morning. A: Hello. choosing from those listed below. Mr Jones. Friday afternoon instead? 53 .6. Goodbye. Mr Ronalds. My name is Sydney Jones. See you then. shall we? B:Yes. 12. Nice to hear from you. A:Hello? Mr Murray? I’m ringing for Mr Durham of Durham and Associates.30’s OK. (Two of the expressions are not used) 1. ? B: Yes. Here are some dialogues about fixing an appointment.
all right with you f.very sorry b.________change our meeeting to Thursday afternoon? A: Well. suit you p. I give you a call q. make it on Friday h.B:__________my diary. I think that should be all right.I can’t manage e. I’m afraid I can’t _____________. see you n. Thank you. very busy k. English has a lot of phrasal verbs — verbs that are combined with prepositions to form new verbs with new meanings. Complete the sentences below with phrasal verbs. Let me just get g. I look forward to m. Perhaps we could i. This is Jim Higgins 54 . would be fine ♦ Phrasal verbs 7. a. _______________ later on to confirm. I wonder if l. Choose a word from each column: pin on is out put off put off pencil forward draw up look in tied with bear up put through come down j. to confirm our meeting o. Goodbye. I have somecustomers visiting then.I’m phoning c.make an appointment d. Could I suggest r.
That’s settled then. Could you ________________ me a moment and I’ll find the new list.) Present Progressive: aux. in order to present factual information.sg. 6. I’m afraid I can’t make this afternoon’s meeting. I think Mr Lee’s number has been changed. Everyone seems to be too busy doing other things. Something urgent has _______ 3. 8. "to be” + verb-ing Present Simple is used for actions and situations which are considered generally true. I ______________to seeing you on the 15th. Could you put me through to extension 253. in 55 . 10. 5. You’ll have to ____________ your trip to the States and fly out to it instead.We only have a few permanent staff but there are a lot of freelance designers and consultants we can ________________ if we need ideas and advice. Shall we ____________ next Tuesday? I’ll check that I’m free with my secretary and give you a ring to confirm.Tomorrow’s meeting ______________. please? 1. I’ve been trying to arrange a meeting with Mrs Carter for weeks but she’s a difficult woman to ________________ 2. GRAMMAR ♦ The Present Tenses Present Simple vs.Example:Good morning. She’s _____________ in a meeting with a client. Present Progressive Form: Present Simple: verb+s (IIIrd ps. Are you sure it’s convenient? I know you’re very busy and I don’t want to _______ you ________. 7. 9. She asked me to tell you she’ll be late. 4. There’s an emergency at the Athens office.
(want) to fly or take the train? Traveller: That……… (depend) on the price. How much ………. Traveller: What time…I…(have to) check in? Agent: Not later than 20 minutes before departure. mental states or performance ones. in order to describe ongoing projects. temporary situations. “to admit”. every). Agent:……you…. The legislation comes into force on 1st January. It (take) just three hours. with a number of verbs (of perception. E. (be) cheaper and…. headlines. such as to “declare”.. timetables. Traveller: Hello.(get) you right into the centre of London. “to name”. Our company employs over 100. What about times? Agent: Well. I never smoke at work. often. ”to demand”.19 and… (arrive) in London at 10. Mr. I’m seeing Mr Sykes tomorrow. possession. Branwell can’t see you now. (make) a reservation? 56 . 1. being.13 local time. He is interviewing someone.000 people. Present Progressive is used when talking about an event in progress at the moment of speaking. instructions. always. Traveller: OK.g. like and dislike. I’ve a meeting which ….. Traveller: OK. (start) at 11 o’clock. for directions. changes. how…. I …. “to advise”. I’m taking our client to the best restaurant in town. Read the following dialogue about travel arrangements. that’s fine.. arrangements and plans as well as repeated actions (with always). Make any necessary changes to the verbs in brackets.(need) to go to London next Friday and come back on the same day. it………(cost)? Agent: The train………. He’s working in New Zealand on a fixed-term contract. with frequency adverbs (never.. ”to apologise”). the Eurostar… (leave) Paris at 7.summaries.
3. I’ve got it in my diary. anything special.a present arrangement for the future 8.. g) I understand they have gone bankrupt.15 from JFK. fixed timetables 4. regular activities 2. but in the afternoon I…3. a) I’m replacing Bill because he’s off sick. i) With the Internet the world is getting smaller.trends and changing situations 10. I can’t make it on Thursday so what about Friday? B In the morning I…2. 57 . using verbs in the present progressive. temporary situations 3.doing by saying 4. Complete this dialogue appropriately. d) I’m seeing Bill Williams tomorrow afternoon. press OK. sorry. that’s OK by me. A Well.2. h) Enter code number. Present simple or present progressive? Which of these ideas do you associate with the present simple and which with the present progressive ? 1. an event in progress 6. select menu. j) We have a planning meeting once a month. e) The conference room measures 162 square metres. giving instructions 5. I’m afraid I…1…. A Are you free next Wednesday? B No.mental states 9. b) The scheduled flight leaves next Monday at 8.. f ) I admit there has been a mistake. c) The technician is mending the photocopier so you can’t use it right now.permanent and factual situations 7. A Fine. Study these sentences and decide which example corresponds to each of 1-10 above.
f) The government (announce) a drop in unemployment. c) Look outside. g) I (read) a book on negotiating skills but I don’t think I’ll finish it. with expressions referring to “up to now”. It (rain). He has been manager of the company for two years. Complete each of these sentences. E. i) He (work) as a consultant for three different firms in the same sector of activity. h) He (work) as a consultant for three different firms in the same sector of activity. announcing news. d) ‘You look tired”. I think there’s a conflict of interest and he should resign. I (drive) all day long. when talking about life experiences. I’ve been trying to repair my car all afternoon.Present Perfect Simple vs.’ e) I (know) John since we were at school together. Present Perfect Progressive Form: Present Perfect Simple: have + IIIrd forme of the verb (past participe) Present Perfect Continuous: have + been + v-ing Present perfect simple is used when describing present results of past actions. but was fired from the first two. This is the first time we have ever received a complaint. “as soon as”. Present Perfect Progressive is used when talking about actions in progress for a period until now. 5.g. when referring to an event in the future after “when”. I’ve been reading your proposals. I’ve already talked to Cristopher about it. using perfect simple or progressive the present a) How long (you / wait)? b) I (play) tennis four times this week. about the effect of recent events or about repeated actions. with “for” and “since”. 58 . the pavement’s still wet.
music and physical education. “Spiru Haret” University has a complex structure which reflects a diversity of specializations. they are called Post.graduates. on the activity of highly dedicated professors with excellent methodological skills. many of them are personalities well known nationally and internationally. public administration and economic studies to architecture and veterinary medicine.UNIT 6 HIGHER EDUCATION AND CAREERS: “SPIRU HARET” UNIVERSITY “Spiru Haret” University-21st Century University. as well as the results obtained in teaching activities and scientific 59 . If they continue studying at “Spiru Haret” University. Moreover. But the most important aspect is the fact that in terms of the content of studies. after they have graduated.Students working for their first degree at our university are called undergraduates. “Spiru Haret” has a highly-educated staff – the teaching quality at “Spiru Haret” relies. When they take their degree we say that they graduate and then they are called graduates. first of all. from philosophy. which ensures the continuity of teaching. is the fact that “Spiru Haret” has a permanent staff of professors. journalism.from law. teaching methodology. from mathematics and informatics to drama. “Spiru Haret” University has made investments of over one hundred million US dollars.Established in 1991. Another aspect. sociology and psychology to history and international relations. today “Spiru Haret” University comprises 23 accredited faculties with over 43 specializations. the Faculties of “Spiru Haret” University have reached European standards . just as important as the one mentioned above. 40 Postgraduate programmes – The quality of the academic staff.
Thus. A national. Beyond its infrastructure. a form of attendance that has come up to a standard of EU countries…. cultural and academic television station that broadcasts live and recorded lectures. from one year to the next. debates.To the young people who choose to attend one of our faculties and specializations we only wish them good luck with the exams. The fact that at “Spiru Haret” University distance learning is not a mere trifle is proven by its own TV channel. what makes “Spiru Haret” a modern university is the quality of the educational system and its orientation towards the future. enabled “Spiru Haret” University to organize Postgraduate studies beginning with the 2003-2004 academic year. during the 2005-2006 academic year there were 40 Postgraduate programmes within the faculties of “Spiru Haret” University. as “Spiru Haret” University is a guarantee for their success in life. wanted to obtain a post graduate degree.research. The increasing number of graduates with very good results. alumni who. “Spiru Haret” has also introduced distance learning. medium and short term objectives set by “Spiru Haret” mr2-5(oo)5 60 . however. Thus. TVRM represents a major advantage that “Spiru Haret” University has in promoting distance learning. syntheses and seminars. resulted also in an increased number of Postgraduate programmes. The long. besides traditional forms of teaching. Distance Learning – the education of the future.
f) Besides traditional forms of teaching. 2) Answer the following questions about “Spiru Haret” University: a) How many accredited faculties and specializations does “Spiru Haret” University include today? b) What specializations does the structure of the University include? c) How can you describe the academic staff of the “Spiru Haret” University? d) What kind of Postgraduate programmes does the University organize for its alumni? e) How many Postgraduate programmes are organized by the University in the academic year 2005-2006? f) How can you describe the distance learning promoted by the “Spiru Haret” University? 3) a) Match the abbreviations on the left to the full form on the right: 1) 2) 3) 4) 5) 6) B Sc BA PhD MA M Phil VIP A. the University has also introduced distance learning. d) The University organizes post-graduate studies for its alumni. Bachelor of Arts E. Master of Arts D. Doctor of Philosophy B. Bachelor in Science 61 . Master of Philosophy F. c) “Spiru Haret “ University has a complex structure which reflects a large diversity of specializations. e) “Spiru Haret” University has made investments of over one hundred million pounds.b) The University was founded in 1993. Very Important Person C.
although parents with higher incomes are expected to make a contribution. which covers the cost of the course. but since then a system of loans has been introduced. although they may interview them as well. architecture and foreign languages (where courses include a year abroad). plus 350 colleges and institutes of higher education. There are various postgraduate degrees. Before 1990 the grant was paid back. books travel. and may cover living expenses. students who have been accepted by Universities or other institutions of higher education receive a grant from their local authority.3) b) Can you write some more abbreviations and give their full form? READING: HIGHER EDUCATION IN BRITAIN There are forty-seven universities in Britain and thirty polytechnics. architecture and some other professions can take qualifications that are awarded by their own professional bodies instead of degrees. They lead in most cases to a Bachelor’s degree in Arts or Science (BA or BSc). including medicine. although a number of subjects take longer. (Adapted from Britain Explored. At present. Then compare the educational system in UK or the USA with the educational system in Romania: UK Courses Degrees Admission Tuition fees Concern USA Romania 62 . Universities accept students mainly on the basis of their “A” levels. 1998) 4) Complete the chart. Longman. Undergraduate courses normally take three years of full-time study. Students of law. including Master of Arts or Philosophy (MA or MPhil) and Doctor of Philosophy (PhD).
place. study.g: I went to the University yesterday/ last week/ three days ago.. and (4)….(know) a great deal about telecommunications. Irregular Verbs: do-did. write-wrote. Akio Morita. I did/ No. Past questions and Negatives : Did you go to the University yesterday? Yes.(find) a small broken. I didn’t realize you had a visitor. e. hire. co-founder of Sony (1). realize.about slow service ……. joined (join) forces with a friend. so they (3)….an action finished in a specified past moment.GRAMMAR Tenses.. accept. Tokyo Tsushin Kogyo..part two: Past section (past tenses simple and continuous and past perfect) Read the following model and examples: *The Past Tense Simple. etc.etc.with you last week At last year’s lunch party. Pay attention to the Irregular Verbs. complain. 1) Use the following verbs to complete the sentences. Both men (2)…. I’m sorry to disturb you. who…you….economics when you were at the university? Last week a number of customers…. Some of the sentences are positive statements.the Acropolis when you were in Greece? I am writing with reference to the order. visit a) b) c) d) e) f) Oh. and some are questions. They (5)…. I….to do the catering? 2) Complete the following passage by putting the verbs into the Past Tense Simple. I didn’t (short answers) I didn’t go to the University yesterday Regular Verbs: work-worked.(use) all their money.down building to use as a laboratory in Tokyo.you…. some are negative.(set) up a small engineering company. Masaru Ibuka.you…. ……. The first one has been done for you. There 63 .. After the second World War. about 100 pounds. try-tried. The first sentence has been done for you.
We decided to travel together. and (16)…(try) using a number of different materials. they (11)….(paint) them with a magnetic material that they (20)…(heat) on a frying pan in their small room. they (8)….(start) to experiment. They (10)….(work). Their first task (9)….(rain). we (6) realized/ were realizing that we were going to the same conference and staying at the same hotel.(not know) how to produce it. It (21)….(cut) up strips of paper to make a reel.(be) to decide what to make. Finally. they (17)….. and while we (7) had/ were having lunch on the plane. So they (15)…..(not have) any tape. We talked about old times. they (23)….(6)…. Subject +was/were+ verb+ the suffix-ing. she (8) said/ was saying that she was going to look for a new job. and they (14)….Grammar& Practice by Michael Duckworth) * The Past Tense Continuous – an action taking place at a certain past moment or interrupted by another past one.. I suddenly (10) 64 .: I was working at a new project at this time yesterday..(be) so many holes in the roof that when it (7)…. and (19)…. e. In 1950. 3) Choose the correct past tense form in the following sentences: I (1) met/ was meeting an old business colleague of mine while I (2) travelled/ was travelling to New York for a conference.(succeed) in making a machine. but unfortunately they (13)….(make) a breakthrough.(decide) to create an entirely new product. And the rest is history! (Adapted from Oxford Business English. They (18)….(not want) to make radios because of the competition from much larger companies. or: He was writing his essay when the phone rang. and they gradually (22)…(improve) the process.g.(begin) trying to sell their revolutionary machine. and while we (5) waited/ were waiting for the flight to leave. a tape recorder. Instead. I didn’t think of it at the time. She (3) noticed/ was noticing me while I (4) stood/ was standing in the queue at the airport check-in desk.(have) to continue working under umbrellas. but later on when the plane (9) came/ was coming in to the land.. They (12)….
remember we had a vacancy for a lawyer. and later that evening. a) The referee dd1 ()r20d[(accole. I told her about the terms and conditions. 65 . thegame until allf)-5 frotrdy one. when we (11) had/ were having dinner.: When we arrived at the University.Grammar& Practice by Michael Duckworth) • The Past Perfect Simple – a past action before another past • Subject+ Had+ Verb (3rd form) • E. I hadn’t seen the Dean when I was at the University. I had/ No. I hadn’t (short answers) At the negative: No. the professor had (already) started the seminar. • In questions: Had you seen the Dean when you were at the University? Yes. she (12) accepted/ was accepting the position. the courses had (already) begun. 4) Put the verbs in brackets at the past perfect simple tense according to the following example: When he arrived at the faculty.g. the bedinwingof. (Adapted from Oxford Business English.
………………………………………………………… c) The company was forced to pay a fine to the tax authorities because………………………………………………. f) I went to my office as soon as I heard that…. c) We could not call our new low-fat spread Mono.. f) He found his first few weeks at the new company very difficult because he (not/ study) accountancy before... Jones was a waste of time. e) She was not worried when the stock market fell because… ………………………………………………………………. ……………………………………………………….. The first example has been done for you: a) Did you manage to see the Director. or had he gone (he/ go) by the time you got there? b) I couldn’t get into the office yesterday morning because I (leave) my keys at home. When my application form arrived. d) I found out about the vacancy too late.5) Complete the sentences by putting the verbs at the right past tense. g) When I got back to the office. When I got there I found that… …………………………………………………….. d) My trip to the airport to collect Mr.…. b) The company decided to take legal action because…. e) By the time he sold off the shares.. I was surprised to hear that the manager (put) someone else in charge of my main project. 6) Complete the following sentences using past perfect according to the example: a) She found working from 9 to 5 very difficult because……… she had never had a full-time job before. h) The bank returned the cheque to me because I (not/ sign) it. his original investment (grow) by 80%. they (appoint) someone else. because one of our competitors (already/ choose) the name.……… 66 .
a customs union.UNIT 7 EUROPEAN UNION MEMBERSHIP The European Union (EU) is an intergovernmental and supranational union of 25 democratic member states from the European continent. a common Agricultural Policy. In 1995. a common trade. with the addition of Romania and Bulgaria. However many aspects of the Union existed before that date through a series of predecessor relationships. the bilateral Europe Agreement entered into force. 1995. the EU has grown to its current size of 25 member states by five successive enlargements. The Union nowadays has a common single market consisting of a free flow of goods. 2004. persons and capital. and customs checks were also abolished at many of the EU’s internal borders. work and invest. Romania established diplomatic ties with the EU in 1990 . a single currency managed by the European Central Bank (so far adopted by 12 of the 25 member states). The EU will have 27 member states when further enlargement takes place in 2007. creating a single space of mobility for EU citizens to live. Its formal application for membership of the EU was submitted on June 22nd. with the largest occurring on May 1st. marked the official start of membership negotiations. Originally created by six founding states in 1952. and the following year a Trade and Cooperation Agreement was also signed. The Romania – EU intergovernmental meeting in Brussels on February 15. The SchengenAgreement abolished passport control. The European Union was established under that name in 1992 by the Treaty of Maastricht. The process of enlargement is sometimes referred to as European Integration. travel. 2000. 67 . dating back to 1951. when 10 new member states joined.
harmonization of laws. persons and capital. Estonia. T/F h. Editura Universitară. Business Communication. (i. Lithuania.a single currency are the major aims of the EU. EU leaders set 2007 as the target date for Romania and Bulgaria to join the Union. T/F d. T/F f. The free flow of goods. The Sunday Times. Read the text again and specify whether the following statements are true or false: a. Bucharest must redouble its efforts to meet the accession requirements. “The Economist”. Competition and Environment”. Slovakia. Meanwhile the EU Commission will continue to monitor Romania’s compliance with its commitments closely. no. Slovenia don’t belong to the EU. T/F e. T/F c. The EU was established under that name in 1992. January 2007) provided that it continues its efforts to that end and completes all necessary reforms and commitments undertaken. On 15th February 2000 in Brussels. T/F i. Romania submitted its formal application for membership of the EU on June 22nd. T/F b. Turkey and Albania. 2005. The candidate countries are Bulgaria. a customs union.At the Copenhagen Summit in December 2002. 4. EU leaders set 2007 as the target date for Romania and Bulgaria to join the Union. Latvia. European Integration supposes the process of enlargement of the EU. (adapted from Şerban Boicescu. in particular important commitments regarding Justice.e. The European Union was formerly known as the North Atlantic Treaty Organisation (NATO). In spite of the good progress made. T/F 68 .2006) READING COMPREHENSION 1. Romania. T/F g. 1995. There are 25 member states now in the EU. the Brussels Council took note of Romania’s progress in its accession preparations and considered that the country “will be able to assume all the obligations of membership at the envisaged time of its accession. 2005. the Brussels Council added. 24. In December 2004.
.. bilateral agreement 3. vow d. abolish : a..A. comply with : a.. A group of countries that have arranged to charge the same amount of duty on imported goods d. engagement b. summit 5. money 3.. shape up d....Choose the words or phrases most similar in meaning to the following as used in the reading passage: 1. 69 . membership 6.. suppress 4. found : a. f. predecessor : a.. b.. The two countries established a.. commitment : a.. repudiate c. undertaking c.. predict c.. Match the words and phrases in column A to the right definitions in column B: A 1. c.. to monitor B a. application 4. conform to b. envisage : a.2. boundary b. precursor c. An arrangement agreed between two persons or groups.. frontier 5. antecedent 2..on the import and export of goods. borders : a.. currency : a.Use the words above to fill in the blanks in the following sentences: a. to record or test or control the work e. agree to VOCABULARY DEVELOPMENT 1. funds d.. To keep watch over. threshold c. making a formal request B. Organize c.. go along with c. Forerunner b.. dollars b. A meeting attended by heads of two or more countries. edge d. invalidate d.. establish 6. generate b. cancel b.. anticipate b.. initiate d. obligation 8. previous d. The state of being a member or the total number of members or the members of an organization collectively. customs union 2.. finances c. feature 7. consider d.
6. polite request e..must be European. prediction b. in time.. Believe me. the EU leaders set the EU joining date for Romania. future belief . I’ll offer you $300 for it. Are forms of co-operation which can prepare a state.. for integration and full ……………… . ………….. The EU Commission will. c.. 3... 2. There will be probably another lecture and I expect we’ll attend it.of the EU.. I like this camera...period. necessary for attaining an equivalent …………. free………… agreements.. Shall I give you a cup of tea? 5..Romania’s compliance with its engagements. 2.. Unless you finish your project... 70 a.. January 2007...Fill in the blanks with the words given below: democratic level trademember adjustmentstate integrate development membership agreements To become a…………... instant decision g... Association agreements.... you won’t get the money.. invitation c.. Will you please call on us on Sunday? 7. GRAMMAR The FUTURE = WILL.. ‘LL + short infinitive 1. d.. 8... first conditional h.into the Union’s activities after a short……………... I’ll answer the phone..... I’ll never be late again. 4.of economic…………….b..and for building similar structures. At the... promise f.. Consolidation in the technology department will create a greater demand. The following text illustrates the way of enlarging the European Union.... Match the following sentences with the equivalent functions of the Simple Future: 1.. offer of help d.....and able to fully……………. and partnership ………………. a …………....of Copenhagen in 2002.. The new organization numbers a total of 100....
.... prediction 71 ........ 5. The last train....The A... g.....As RTM bought MTS last month.. 3....(leave) here at six. c... „Going to“ expresses intentions...Group...........................(take off) at 7. they . there.........30 a.... Our president.. decision c.......... 4....(leave) at the end of the week.............. programme Present continuous = a definite future arrangement with the time almost always given in the near future.(lose) this bargain..... d.(leave) at midnight.. 2............. we... The sales.... he......... decisions and predictions (when there is mere physical evidence that an event will take place).........(offer) him a good job.................(take) a plane on to Amsterdam...... fixed timetable... Use either simple present or present continuous of the verbs between brackets in the following sentences: a......(make) a speech on Wednesday... The elections.... The plane for Paris. intention b..(arrive) in London at noon... 6.......I’ve just heard the news. We..... and ...... 2...They have ordered new equipment. b.. f......(be held) next week. e...........m..............(open) a new branch this summer.....Simple present = a planned future action or series of actions...(be) some big changes in the company...M. She... a....... Use Going to and match the sentences with its functions in the following sentences: 1..They...(visit) the new subsidiary...... 3....(start) on Monday.. (modernize) the factory...He won’t be in the company for the next few days.
.....(hold) an important meeting at the beginning of June. In spring they..(invest) in our country starting from next year.. 72 . after...Future continuous = will + present participle (will be doing) = an activity that will be in progress at a particular moment in the future 4............... he..... Use future continuous of the verbs in brackets: a.. whenever.. d......... At the present rate......(sell) all the cars by the end of the month.... by the time....... c..(finish) this job in twenty minutes......... They.......... Where..(build) the new wing of the company...........(manufacture) all the engines... By the end of the year they......(find) another partner.... they..(start) the new production... By next winter they.. till.(work) in their London office.. Future perfect = will + perfect infinitive (will have done) + in most cases.. 1............... Use future perfect of the verbs in brackets in the following sentences: a............... In September......(go) on strike by the end of the week........... a time phrase with BY = to look back from one point in the future to an earlier period of time 5..(live) in six months’ time? d...000 workers .....etc.............. until... b. before. f..... I............... e.. as soon as... b......... Next year...(build) the new factory........... e.....By the time we prepare our proposal.. c. Time clauses = simple present tense or present perfect (never will) are used to refer to the future after Time words and phrases like: when..... f. New European companies..
improbable. 73 a. c. e. they have been/are introduced to one another. d.. I won’t come to London Remember To be (at present) + likely to/unlikely to/certain to + infinitive = refers to things that we think are probable. Complete each sentence 1-6 with an ending a. We’re almost certain to be given a pay rise.We will definitely sign the contract. I’m quite sure they will win the deal.6. 2. One Englishman will not speak to another until 4. certain to happen in the future. Volksbank probably won’t reduce the interest soon. We are certain to sign the contract. Perhaps I’ll work abroad in the next years.. I’m 50% sure that I’ll work abroad in the next years. I’ll pay you as soon as 3. We will contact you as soon as 5. we’ll have a party. b. e. the manager is ready to see you . 7.f.They are certain to win the deal. we get the information. 3. 6. paying attention to the use of the tense after time words: 1. 5. I’m confident that they will give us a pay rise. I doubt very much whether we’ll win the deal B a. d. b. f. When we have signed the contract 2. c. We are very unlikely to win the deal. I get my cheque. f. Please take a seat until 6. till the bus strike is over. Will + definitely/probably or probably/ definitely + won’t or Maybe/perhaps + subject + will = show how probable or certain we believe a future event is. Match the sentences in column A with the sentences in column B that are similar in meaning: A 1. 4.Volksbank is unlikely to lower the interest rates soon.
.............................. your domestic status(married or single).............. your personality (how you get along with others).. b... Insert in the blank spaces the three missing paragraphs given below... persistence... and the willingness to study hard. in the hope you will consider me for this scholarship.. I offer my qualifications and very good letters of recommendation from my instructors........ 74 ................ and should tell what your abilities are and what you have to offer. I am 24 years of age...... your education.... Dear Mr. . In writing a Letter of Application for a Scholarship you have to bear in mind that the necessary things to be known about you are: your age.... Read the following LETTER OF APPLICATION FOR A SCHOLARSHIP in the European Union.BUSINESS WRITING Letter of application for a scholarship in the European Union The purpose of a LETTER OF APPLICATION is to help you obtain what you want (job.............. ........... The advertisement in this morning’s‚Transcript’ about your funding organization............... your aims and ambitions.. your experience...... where I specialized in European Economy......... It should state clearly what you want (money allowance or studies)..................scholarship.........A LETTER of APPLICATION for a SCHOLARSHIP should present you to possible scholarship supporters in the best light.. c.. I am a graduate of the National Economics Institute..... your character..... your training.....studies).. unmarried............. your abilities (what you can do).......... and living with my family......... in the logical order: a.. greatly appeals to me because a scholarship supporting a training programme for experts in European problems meets my deepest aspirations for the future..... your work habits........... I have an inquisitive and analytical mind – plus enthusiasm.....Bolton..your record (what you have done).
middle management and junior management) is put in place. A new company cannot go forward without this and established companies must ensure their structure reflects their target markets. The main benefit of this system is clear lines of communication from top to bottom but it is generally accepted that it can also be a bureaucratic set up which does not favour speedy decisionmaking. More and more companies are organising themselves along product lines where companies have separate divisions according to the product that is being worked on. When they tried to sell it on the 76 . “Organisational structure concerns who reports to whom in the company and how different elements are grouped together. Increasingly though.” The importance for multinational companies of a good geographic structure. a lecturer in Business Administration at University College Dublin. “many firms are opting for a kind of hybrid of all of them. said Ms Tripoli.according to western standards.” The most recognisable set up is called the functional structure where a fairly traditional chain of command (incorporating senior management. in the constantly evolving business environment. “In this case the focus is always on the product and how it can be improved.” Depending on their size and needs there are several organisational structures companies can choose from.UNIT 8 COMPANY ORGANISATIONAL STRUCTURES EFFICIENT MANAGEMENT STRUCTURES ARE VITAL FOR SUCCESS “The need for a solid structure within all business entities is absolutely fundamental”. goals and available technology. could be seen when a manufacturer produced an innovative rice cooker which made perfect rice . according to Ms Angela Tripoli.
Among the trends that currently influence how a company organises itself is the move towards centralisation and outsourcing. The delayering process has run its course now. The matrix structure first evolved during a project developed by NASA when they needed to pool together different skills from a variety of functional areas. Restructuring has evolved along with a more “customercentric” approach that can be seen to good effect in the banks. Each unit controls the localisation of their specific products while working closely with the designers in Microsoft’s Seattle Headquarters.” From “The Irish Times” 77 . which are giving their employees more freedom to innovate in order to maintain a competitive edge. Director of Microsoft’s European Product Development Centre in Dublin.000 employees work on localisalion of the software for all Microsoft’s markets. “Without a bureaucratic infrastructure people can react a lot more quickly to any challenges and work towards the company’s objectives. This development was driven by new technology and by the need to reduce costs.Asian market the product flopped because there were no country managers informing them of the changes that would need to be made in order to satisfy this more demanding market. Ms Julia MacLauchlan. the company is split up into seven business units. Essentially the matrix structure organises a business into project teams. said Ms MacLauchlan. Microsoft is a good example of a company that is structured along product lines. They now categorise their customers and their complex borrowing needs into groups instead of along rigid product lines. saw a change in the traditional hierarchical structures with layers of middle management being removed. This process. said the leading software company had a very flat organisational structure. where 1. led by project leaders. Another development can be seen in larger companies. she said. It works. During the 1980s a wave of restructuring went through industry around the globe. known as delayering. Training is vitally important here in order to avoid conflict between the various members of the teams. “There would not be more than around seven levels between the average software tester and Bill Gates”. because everyone who works in the unit is “incredibly empowered”. The overall result was organisations that were less bureaucratic. to carry out certain objectives. In Ireland.
a.READING COMPREHENSION 1. When did ‘delayering’ take place? d. How does Julia MacLauchlan describe Microsoft’s organisational structure? VOCABULARY DEVELOPMENT Collocations 1. Is one kind of organisational structure more common than the others? c. c. b. Four main kinds of organisational structure are described in the article. A structure rather like the army. country by country. A structure that enables a company to operate internationally. a. borrowing c) lines 4. Read the text about the different ways in which companies are organised and answer these questions. What were the reasons for delayering and what were the results? e. delayering e) company 6. A structure organised around different products. d. What are they? b. A cross-functional structure where people are organised into project teams. Match these definitions with the four organisational structures described in the text. Match these nouns as they occur in the text. project d) units 5. 2. where each person has their place in a fixed hierachy. business g) markets 78 . product a) teams 2. target b) objectives 3. country f) process 7. 1.
.…borrowing needs. customercentric 7. Definitions 3. innovative 4.. software 9. we finally reached (agree)……….8. have brought out a new product and it looks very good. company h) needs i) managers 2. a. business entities 2. c) A matrix organisation groups people into………. is in his office.. Match these terms with their definitions 1. e) A multinational company will often have a number of……… in charge of activities in different parts of the world.. failed f) structure g) getting external companies to do work for your company 4.. a) Silicon Valley is full of………… b) Many companies are now organised along ……. Example: Banks need to be fully aware of their customers’ . After a long negotiation. Use an appropriate phrase from Exercise A to complete each sentence.. competitive edge a) focusing on the customer rather than the product b) new. set up 3. outsourcing 6. often also called profit centres. d) Some companies are divided into different………. in which each division is responsible for a group of products. original c) companies d) something that makes you better than other companies e) did not succeed. flopped 5. 79 . Fill in with a suitable word according to the model: Example: The Finance (manage)…manager……. b. Our (compete) ….
customer 3. d) An arrangement with a bank to borrow money with a promise to pay it back at a future date.c. advertisement 2. client or guest. 6. e) A person or company who sells goods to you. usually on a regular basis. supplier a) A reduction in the price offered by the seller. j) Exploring a new market or developing a new product. i) A person or company who provides work for others.profit 9. c) What remains from a company’s income from sales after its expenses have been deducted. f) A buyer.(produce). Match these words with their definitions (a—j). e. b) A person or company that makes goods from natural materials. The Z400 is our best-selling ……. research 10. loan 6. manufacturer 7. Complete these sentences with an appropriate preposition: 80 . d.. discount 4. g) All the people who work for a company. h) A public notice selling goods or services. employer 5. personnel 8. The Far East suffered from (economy)…… difficulties in the late1990s. The World Bank is an international………(organise) that supports development projects around the world. 5. 1.
Do you think people from certain cultures would favour one kind of organisational structure over another? Can you think of some other examples and give some reasons. problems could you imagine in the second case? 3. where things are organised along product lines or with a matrix structure.7. people often report to two people at the same time — their boss is the functional structure and their manager or team leader in the other structure. In contrast. changing verb forms and pronouns as necessary. The functional organisational structure has clear lines of communication. It is not necessary to follow the introductory verb said by that. GRAMMAR Direct/Indirect Speech We use indirect speech in order to report what people say or think. the speaker is either complaining or responding to a complaint. if any. c) You could be using it incorrectly. What. d) The product doesn’t seem to work very well. 2. b) There is a small problem with this product. products and markets. B. d) It’s not our fault if the equipment wasn’t installed correctly. SPEAKING Discuss these questions 1. 81 . A. Which is the most forceful of these complaints? a) I’m sorry but I’m not satisfied with this product. In the following groups of sentences. we had some problems with this product. c) Unfortunately. Which is the most polite of these responses? a) What’s the problem then? b) I’m very sorry to hear about your problem. How many different ways of organising or structuring a company can you think of? Think about departments.
He said that he had forgotten the area code.Direct Speech She is getting annoyed. She said she had been trying to get through.’ b. A colleague who was unable to attend wants you to tell her what the MD said. You can/may/must go. Certain adverbial expressions used in Direct Speech also change: Direct Speech Indirect Speech today that day yesterday the previous day/the day before tomorrow the next day. She said that we could/might/had to go. ‘We are not planning to set up a subsidiary. A. ‘I think a joint venture is the best way to break into the Far Fast. Mary sent the invoice. Indirect Speech He said that she was getting annoyed. the following day last week/year the previous week/year a week ago the week before next week/year the following week/year the day before yesterday two days before now then here there this that these those 1. I’ve been trying to get through.’ 82 . He warned me not to sell my shares yet. Reporting what the MD said These are some of the things that the Managing Director said at a meeting you attended recently. You could hire more temporary staff. They said Mary (had) sent them the invoice. She said they had been driving carelessly. Don’t sell yor shares yet. I’ve forgotten the area code. They were driving carelessly. a. She suggested hiring more temporary staff.
( )T .0007 Tw53.0003 Tc07 Tw T*A. ‘We’ve been talking to a group of investors in Asia.2 )]TJ0. ‘We shouldn’t attempt to move too fast because we might get f.3 ‘We will t be endfin p bell ton o ao fm missione.’ e.0007 Tc 0.20707 dm inbrief 83 sellfin Matchn thes(e)4(ntence hal(vee)4(s in and B. ‘I don’t want to diversify in the immediate future.’ d.’ 2.3 News( )Tj/T20 1 Tf0.c.
‘I’m sorry. I insist 84 a) for not replying to your letter before. . b) on helping you to prepare the report. “Who told you?” They wanted who (had) told me 3. 5. 1. How much time is there left?’ (idea) 5. what.’ 4. c) to seeing you soon. ‘The duty free is on the first floor. “When will you be leaving?” He wondered when I would be leaving. why. ‘The restaurant is upstairs. Enquiries Maria works at an information desk in an airport. ‘You can get a shuttle outside the building. These are the answers she gave — what do you think the questions were? 1. as in the example: ‘Do you want to call Derek?’ (asked) He asked me if I wanted to call Derek. Sentence transformation Report these yes/no questions using the words in brackets. where.’ BUSINESS WRITING 1. 2. I apologise 3.’ 3. ‘Are you open on a Saturday?’ (could) 3. “Where is the station?” She wanted to know where the station was. Thank you 2. you can leave your suitcases in the left-luggage lockers over there’. when . ‘Will you be taking your wife with you?’ (wanted to know) 4. ‘Have you seen Bernard yet?’ (asked) 2. ‘Yes. how). we report them using a different word order. Did you get my message?’ (wondered) 4.When reporting open questions (beginning with which. I really don’t know why the flight has been delayed. Match the beginnings of each sentence with the correct ending: 1.
f. Shepton St. Complimentary close 9.4. 2. Yours faithfully.LTD 6. Subject line 7. Body of the letter 8. Salutation 6. Acknowledgement of letter and printed material g. John Brown Selling Manager i. Signature 85 . h. We would appreciate ifyou would kindly continue to send us these magazines in the future. Dear Sirs. Heading 2. Manchester e. They succeeded 5. Date 3. „Software Today” Ltd. COURTNEY & Co. e) for sending the documents. and we thank you very much for the 10 copies of the magazine „Software Today” which are really interesting and helpful to us. Match the elements of the following business letter with their corresponding Dames: a. Inside Address 5.LTD Per pro. We look forward d) in getting everything ready on time. Nottingham Street London Telephone: Lon 7785653 b. COURTNEY & Co. We acknowledge receipt ofyour letter of May 15th 2006. Reference 4.: CAlER 45-P93-29 Yourref: Gh/SD 613 d. 1. May 15th2006 c. Our ref. 3.
The subject of our letter is to notify you… b. I (am afraid/deeply regret/apologise)5 our most up-to-date price list is not yet available. I (look/wait/expect)10 forward to (listening/hearing/seeing)11 from you./p. We hope to receive your news h. Conveying the message 3. Daniels/Mr. Closing paragraph a. Choose the correct word or phrase to complete the following letter: Dear (Sir/ Mr. We count on the matter being solved according to our instructions.Green (Enc. Match the type of statement with the corresponding lines (components of the body of the letter) 1. but I shall send you one as soon as they are printed.3. We are in receipt of your letter dated… d. Sales Manager)1 With (relation/reference/connection)2 to our telephone (dialogue/meeting/conversation)3 today. We are unable to accept such terms f. I am (posting/enclosing/including)4 our latest catalogue.p.)13 86 . we remain… g. (Regards/ Yours sincerely/ Love from)12 J. Complying to your instructions… e. 4.P. I hereby wish to inform you that our products listed on pages 20 and 21 meet the most recent environmental conditions. Looking forward to receiving your answer. We would be happy to supply you with any samples you may (require/pretend)6. Introductory paragraph 2. In the meantime. We hereby let you know… c. If you have any further (questions/enquiries/doubts)7 or would like to arrange a meeting. please do not ( pause/delay/hesitate)8 to (connect/contact/correspond)9 us again.
subject line. enclosure). reference line. date. close. Types of complimentary close. signature. The parts of a business letter (The heading. What is the difference between letters and memos? 87 . Enlarge upon a. b.5. body of the letter. c. salutation. inside address.
on the other hand. government. and others are like dialects in that their meaning varies with different users. Accounting is usually subdivided into two areas: • Financial accounting • Management accounting Management accounting seeks to provide information to those in positions of authority within the organisation. terminology and conventions.and because of these. it is important that you understand their accounting meaning. In other words accounting is a language – the language of business. seeks to provide information to other interested groups. in some measure. methods of expression. including shareholders. 88 . suppliers of goods and services. Like all languages it has its own vocabulary. ie. Financial accounting. When using accounting words. its own difficulties of interpretation and understanding. some accounting rules and terms have a single correct meaning. As in any language.UNIT 9 ACCOUNTING FINANCIAL ACCOUNTING AND MANAGEMENT ACCOUNTING Accounting may be defined as “the process of identifying and communicating economic information to permit informed judgments and decisions by the users of the information“ (The American Accounting Association). everybody’s life. managers. customers. lenders of finance and employees. and hence it is a language with which everyone should have some familiarity. Accounting is a language which pervades.
regulatory State commissions. which try to ensure they are produced according to a standardised format. Management accounting reports. financial analysts. are subject to accounting regulations. • Level of detail Financial accounting reports provide users with a broad overview of the performance and position of the business for a period. Management accounting reports may be produced as frequently as required by managers. • Reporting interval Financial statements are issued either at the end of an accounting period or on a quarterly basis. and trade associations although the information is also of interest to the company's officers and managers. liquidity (that is. They are designed for a particular manager.Briefly. summaries of information are made available and detailed information is often lost. suppliers. In order for managers to make timely decisions. for many businesses. there are no regulations from external sources concerning the form and content of the reports. customers. competitors. Management accounting reports provide managers with considerable detail to help them with a particular operational decision. The information is not generally disseminated outside the company. Because management accounting reports are for internal use only. the major differences are as follows: • Nature of the reports produced Financial accounting reports tend to be general-purpose reports available to parties that are not part of the company proper— stockholders. • Regulations Financial reports. and profitability of an enterprise. As a result. Such information relates to the financial position. present and future creditors. the reporting cycle is usually much shorter than for financial accounting. on the other hand. are often specific-purpose reports. ability to convert to cash). 89 .
information that is less objective and verifiable. • Range and quality of information Management accounting prepares information for the management that is the users are inside the company. at times. Management accounting reports may contain information of a non-financial nature. number of customer complaints received. The only real test to be applied when assessing the value of the information produced for managers is weather or not it improves the quality of the decisions made. We can see from the above that management accounting is less constrained than financial accounting. backlog. information on the dates when sales took place and on the customer’s past record is required. which is an instrument for cost analysis. in other words. the range of information is much wider. Other examples of non-monetary data required by management might be the percentage of shipments made on time. verifiable evidence when preparing reports. management might require an analysis on the breakeven point. that is the point at which revenue will equal total costs.• Time horizon Financial accounting reports are backward looking. on the other hand. For example if management intends to put pressure on slow payers. Financial accounting places greater emphasis on the use of objective. Financial accounting reports concentrate on information that can be quantified in monetary terms. the estimated market share of competitors. For deciding if it is advisable to continue the output of a certain product. Management accounting reports. unfilled sales order. more detailed and based on specific methods. 90 . may provide information concerning future performance as well as past performance. Management accounting reports may use. For cost estimation managerial accounting might resort to the Cost-Volume-Profit analysis (CVP). They do not incorporate expectations concerning the future.
a person or organization that provides necessary goods or services. Find in the text words/phrases that mean: a. Financial accounting is less constrained than the management accounting. Management accounting exists in order to improve the quality of economic decisions made by users. g. Management accounting provides information for investment analysts. forecasts of the future. e. Say whether the following statements are true or false according to the text: a. Preparation of these data and reports is the focus of managerial accounting. which consists mainly of the following functions: (1) budgetary planning. (2) cost and profit analysis and (3) performance evaluation and control. Reports to management may be either summaries of past events. competitors. d. Managers have greater control over the form and content of information provided than other user groups. Financial accounting provides information especially for inside users. i. A breakeven point analysis reveals whether it is profitable to produce a certain item. f. 91 . READING COMPREHENSION 1. a quantity of goods to be sent together. c.Most accounting reports and other detailed information are generated mainly for the company’s managers so that they may be able to make decisions on future strategies for the company. b. or a combination of the two. As a rule financial statements are produced every week. b. and future creditors. VOCABULARY DEVELOPMENT 2. h. Managers are interested solely in information expressed in monetary terms. Financial accounting reports may provide information concerning future performance as well as past performance.
i. g. a number of jobs waiting to be done that were not done at the proper time.c. managerial accounting 2. bookkeeping 3. f. Is there any overlap between the information needs of managers and the needs of other users? 92 . the quantity of goods produced by a worker. 3. h. c) daily recording of financial information d) Preparing budgets and other financial reports for decision-makers e) an official examination of a company's financial records in order to check that they are correct Discuss in small groups on the following topics: 1. money received from the sale of goods or services. the position where income from sales equals costs. a machine or an organization. d. the percentage of the total sales of a product in a particular area or country obtained by one company. auditing 5. a committee or an organisation appointed by the government that draws up and enforces codes of conduct for the control of certain economic issues. Are there any similarities between financial accounting and managerial accounting? 2. financial accounting 4. resulting in a lot of extra work. “creative accounting” / “window dressing” SPEAKING B a) the process of using unusual but not illegal ways to change business accounts to make them look better than they really are b) the design and maintenance of the accounting system. e. of an order or promise that has not yet been supplied or completed. Match up the terms on the left with the definitions on the right A 1.
State your general reason for writing-why you want the information. We have read you advertisement in this month’s edition of…. Say where you saw the advertisement – giving reference. = Close the letter (5) Some functions can be matched with more than one sentence. j. 4. 2. We have seen your advertisement in today’s “Capital” g.BUSINESS WRITING • Letters of enquiry What should you say in a letter of enquiry? 1. c. 5. We look forward to receiving your reply. We are interested in purchasing n. We are a company which specializes in / imports… k. 3. (yours sincerely) – if the salutation is Dear Mr/Mrs/Miss/Ms). Request action and further information-tell what you want. l. Give some general information about your company. Could you send us at least two samples of …. We have seen your new model at Bucharest International Fair m. We are one of the largest importers of … e. We are interested in importing your range of …. Close the letter. i. Could you please send us some samples of…. Please send us your latest catalogue and price list d. Add a formal ending: (yours faithfully)-if the salutation is Dear Sirs. We would appreciate it if you would send us more information about…. A. 6. a. 1.. I would also like to know … f. h. Could you tell me whether … 93 . We look forward to receiving your reply b. Match the sentences below with the list of functions Eg.
Close the letter hoping for future business.thanking the potential customer for his/her interest. Suggest ways in which you could help the enquirer to make a decision to buy-“selling” your product. Acknowledge the letter.Cliff Managing Director • Replying to letters of enquiry How should you reply to a letter of enquiry? 1. we are ________(8) in _________(9) some new vehicles. 7. Complete the letter. 6. We look forward to__________(13) from you soon. 5. We have_________ (1) your advertisement ______(2)Aro Vehicles _________(3) the June _______(4) of “Capital” We are a large company __________(5) specialises ________ (6) overland safaris for tourists and ________(7) our business is expanding rapidly. Refer to the list of functions above Dear Sirs. We would also want to know if you are offering any trade discounts. 4.2. Invite the enquirer to ask for further information. Yours ___________(14) D. We would therefore ________(10) it if _________(11) send us your ___________(12) catalogue and price lists. State what action you are taking –providing requested materials. 2. 94 . for example about prices and delivery. 3. Suggest alternatives (optional). Answer any specific questions the enquirer asked.
o. e. 4. d. c. k. strength and quality of leather. b. Some functions can be matched with more than one sentence Eg. Complete this letter. Cliff Thank you __________(1) your letter _________(2) 25 June enquiring ___________(3) our Aro vehicles. 95 . We would like to thank you for your letter of … enquiring (asking for information) about . We are sending the samples you requested under separate cover. Please find enclosed our current catalogue and price list quoting f. but is less than a quarter of the cost. ….” a. Our prices include insurance and delivery.Fortunately we have produced an amazing substitute. and our confidence in it is supported by our three-year guarantee. Invite the enquirer to ask for further information. f. j.. Dear Mr. Refer to the list of functions above. Match the sentences in the following letter with the functions listed above. We would like to suggest a demonstration of this model by one of our representatives h. We would like to draw your attention to our offer of …. g.b. prices Constanţa. C. “ CP Soft” which has the same texture. We can assure you that the MLI 2005 is one of the most outstanding machines on the market today. i. “Please do not hesitate to contact us to arrange a suitable date and time for a demonstration. Please do not hesitate to contact us to arrange a suitable date and time for a demonstration. We would be pleased to supply any further information you require.3. We look forward to … hearing from you / receiving your order / welcoming you as our client (customer).
Nairobi. Ionescu. We look _________(19) to hearing from you. Match the first part of the sentences in column A with the right endings in column B A 1. carried out by ourselves. If a company doesn’t advertise 96 B a) if they work in pleasant surroundings b) people tend not to save . and sending out ________(12) of our most experienced ________(13). If inflation is high 2. Yours _______(20) Marcel Pruteanu Sales Manager GRAMMAR If clause I. if you __________(16)like to examine and drive these vehicles. We__________(14) that you should contact Mr.We _________ (4) pleasure ________(5) enclosing our latest brochures and price list. As we _______(8) received a large number of _______(9) from all over East Africa in response to our advertisement . Zero conditional: Stating a general rule (what generally happens when something else happens): Both verbs are in the present simple tense: If you pay people peanuts you get monkeys. If you order in bulk you usually get a discount. which will be of particular __________(18) to you. Please ________(6) that the prices quoted do not _____(7) insurance and delivery. The Aro vehicles that we are sending out _______(17) special modification. 1. between 10 and 30 July. who will be staying __________(15) the Grand Hotel. we _________(10) shipping two of our _______(11) to Nairobi.
If you (order) now you (get) a free gift. If sales (not/go) well this year. a.3. If the government lowers interest rates 4. Put the verbs in brackets into the correct tense a. People are more productive 5. If the meeting (finish) late. If you have an offshore bank account c) you don’t pay income tax d) if they give aid e) it makes borrowing easier f) it loses market share II. First conditional: Speculating about the future (possible future events ) If I do an MBA I’ll improve my job prospects. If you (give) us a 5% discount we ( make) a firm order of 10. I ___________(apply) for the job if I ________(have) a degree. e. but unfortunately I am still an undergraduate. c. and put the verbs in brackets into the right tense. Decide whether the events in them are likely or imaginary. If our main competitor goes bankrupt we will increase our market share. If we (break) into the Bulgarian market. 000 units. 97 . Read through the following sentences. Governments expect something in return 6. I (spend) the night in Bucharest b. The second conditional ( for unlikely. our turnover (increase) substantially. 2. imaginary situations) What would you do if you won a million dollars? If I lost my job tomorrow I would move to the country side. 3. III. d. I wish I wasn’t working next weekend. we (try to) reduce our costs.
c. 4. I _________(patent) it immediately. If we ____________(had) the right figures. f. Write down what you would have done if the following things had happened What would you have done if…… 98 .b. we could _________(lose) a great deal of money. we might have won the order. c. If I ________(know) that you are coming . If the flight had been delayed. If we ___________(offer) large quantity discounts. I’m leaving now. we could have avoided a costly error. We _________(not/be) able to do business with you unless you ______(comply) with our ethical policy. b. I ___________(stay) at the airport hotel. I _______(be) back at noon if the traffic_______(not /be) too bad. Put the verbs into the correct form a. If I ________(invent) a new product. d. If I __________(be) chief accountant I _______(insist) on having more staff in the accounting department. 5. If you _________(increase) sales by over 15% the company _______(pay) you a performance bonus. If we had followed his advice. I wish we had advertised on TV. e. I would have caught the train They wouldn’t have given me the job if the interview hadn’t gone well. IV. f. I would have met you at the airport. e. d. If you___________(leave) earlier. The third conditional : speculating about the past (unfulfilled past conditions) If I had got up earlier. you might have got there on time.
I wish I took notes ii. I wish I could type better. A burglar had come into your room at night? 6. I wish I had known what to do. and now I can’t remember what she said. d. As some managers have a poor knowledge of accounting we should produce simplified financial reports to help them’. ii.a. If only I would have the password ii. You had lost your passport in Iraq? c. I wish I knew what to do. I wish I had taken notes. ii. i. You had fallen seriously ill while you were abroad? d. I wasn’t taking notes. i. I can’t enter the system because I don’t know the password. Review questions on management accounting • Management accounting has been described as ‘the eyes and ears of management’. I wish I would type better. If only I had the password b. i. I wish we succeed. ii. I am worried about the meeting tomorrow. I am not a good typist. This is a very unusual situation i. i. To what extent do you agree with this view? 99 . Choose the correct continuation for each sentence: a. You had missed your return flight ? e. e. c. You hadn’t come to this university? b. We need to reach an agreement. I hope we succeed. What do you think this expression means? • Accounting information should be understandable.
loans that consumers and businesses can use to purchase goods and services. ROMANIAN BANKS Romanian Banks must extend the maturity of their mortgage loans in a bid to counteract the restrictive norms set by the central bank. the minimum down payment one has to make is 25 per cent of the value of the goods. A broader definition of a bank is any financial institution that receives. exchanges. and basic cash management services such as check cashing and foreign currency exchange. which can be used like money to make payments and purchase goods and services. Four types of banks specialize in offering these basic banking services: commercial banks. transfers.The amount one can borrow is 100 . or safeguards money for its customers. savings accounts and time deposits that can be used to save money for future use. Some banks are also beginning to advertise new products. invests. Last week Volksbank announced it has extended the maximum maturity of mortgage loans to 25 years. collects. such as loans for new and second-hand cars.For all types of loans. These norms stipulate that the monthly instalment a borrower pays towards a mortgage loan cannot exceed 35 per cent of his or her income.UNIT 10 BANKING Banking refers to the business of providing financial services to consumers and businesses. pays. lends. savings banks and credit unions. The basic services a bank provides are checking accounts. savings and loan associations.
„Around 40. The restrictive norms set by the central bank stipulate that the monthly instalment a borrower pays towards a mortgage loan has to be more than 40 per cent of his or her income. with a maximum value of 75. said the communication officer at HVB.000 people took a housing loan from our bank by December 2005“. said the bank. New players will come on the market such as Banca Tiriac. Read the text again and specify whether the following statements are true or false: a. „Most of the clients prefer to take a loan in foreign currency because of the lower interest“. said the communication officer at Volksbank Bank. Raiffeisen offers loans for those who want to purchase a new car.The total value of the loans taken out in 2005 increased by nine times on the previous year.The payback period for acquiring or extending the house is between three to 20 years while for refurbishing is between three to five years.000 Euro. Banca Românească.The minimum amount of the loan is 10. (adapted from “BUCHAREST BUSINESS WEEK”. while the clients will search for the most convenient loans.Housing loans provided by Volksbank in 2005 amounted to some eight million Euro. while leasing addresses more the corporate segment“.unlimited however. October 2005) READING COMPREHENSION 1. she added.000 Euro and with a reimbursement period between six months to five years. Car loans given by banks target a different customer’s segment than the one targeted by leasing companies.The loans are given in RON. The loaning market will increase further but with a lower yearon-year percentage than the last two years. T/F 101 . Romanian or foreign-made. At HVB someone applying for a mortgage loan must be aged between 25 and 55 and have a family income of a minimum 300 Euro. ABN Amro. Euro or US dollars. and the bank will decide on its value after analyzing the family revenues. „The loans we offer mostly address private individuals.
target : a. T/F T/F T/F T/F T/F 2. propose d. gain d. grant 2. For all types of bank loans. compensate : a.the person who gets the temporary use of sth.borrower 5. recompense c. submit c.. commemorate d.payment at the time of purchase d. the minimum down payment the borrower has to make is 25 per cent of the value of the goods. bid 5.instalment 4. c. make up for d. offer : a. admit c. e.date when a bill has to be paid e.maturity 2. b. celebrate : a. d. get hold of VOCABULARY DEVELOPMENT 1. honour b. bestow d.to give someone a claim on (property) as security for payment of a debt or loan c. The minimum amount of the loan at HVB is 20. earn c. Match the words in column A to their right definition in column B A 1. refurbish 7. Choose the words or phrases most similar in meaning to the following as used in the reading passage: 1. aim b.renovate b. reimburse 4. restore c. most of the clients prefer to take a loan in foreign currency. observe 6.on the understanding that the thing received is to be returned 102 . annex b. purpose c.b. acquire 3. Given the lower interest.down payment B a.over a period of time.any of the parts in which a debt is paid. pay back b. f.000 Euro. The director of the Credit Division of Volksbank declared that the loans they offer address mostly private individuals. respect c. authorize b. Loans for new and second-hand cars are not granted by the Romanian Banks. rehabilitate : a. obtain : a. procure d. present b. allow : a.mortgage 3. redecorate d.
.. a year) as wages or salary... he only was the.etc...a contract by which the owner of a car... The monthly ...of $50. b....dole 2.graft 3.......contracts for all the buildings in the district......a down payment c.. As she was not very wealthy. Match the words on the left.alimony 4......... They used .take 6.....apply for a..a housing loan e....leasing f. As he was short of money..... to the explanations on the right: 1...gratuity a...... allows another person to use it for a specified time...the maturity date b.... having to do with “kinds of payments”.. Fill in the blanks with words chosen from the above ones: a. They decided to extend their house and got a ...land. e. loan for a period of five years.... money received during a certain period (esp.......6..a loan 4.. Which verb refers to which nominal group to form bank collocations: 1.. state payment to insured persons who are unable to find employment. f. c..grant 2. 103 ....of their methods.... money given in recognition of services rendered.... an allowance payable by a man to his wife or former wife after a legal separation or divorce....an instalment d....... 3. d. c... 2... d....etc.a building.interest on investments....... a tip b..make 5...... she made a . he wasn’t able to pay on the date of .they had to pay was as much as his wife’s wages...mortgage loans f. usually in return for payment..extend 4....... He wasn’t the real inventor.pay 3.....
..wages 10. specially paid daily or weekly...to reach that position.. the.. g.... 5.... a sum of money paid as a penalty.5.. b. f. f.pension e.usually calculated on an annual or quarterly or monthly basis h..... a.. As she lent so much money.fine 8.. money given to obtain some advantage in business or politics by bribery or unfair influence.. d... b.. money paid for the use of money lent i.. d.... Without any job. They eliminated the restrictive norms last year. c. They have made progress... Progress has been made..interest 7. They will develop new techniques of accounting.salary 9. they have been living for years on a. They had identified the causes of the loss....... fixed payment made by an employer at regular intervals..g.......... c.she had to pay was considerable. They have improved their lending methods. money paid or received for work or services. GRAMMAR The passive voice = to be + the past participle of the main verb 1... Use some of the above words in the following sentences: a. he retired and received a..income 6..... He used substantial. They advertise new products every two months. Change the following sentences as shown in the example: E. Being above age of working.. e.. They are extending the maturity date one of these days. an income consisting of a periodic payment made by the State to people who are above a certain age or widowed or to certain disabled people or by an employer to a retired employee. j.... 104 .
His mistakes were shown to him. f. d. Put the following sentences into the passive voice making all necessary changes and mentioning the agent where necessary: a.I showed him his mistakes. c. Your money could be put to better use instead of being left idle in the bank. Remember: In English. d. He has just written a special edition for the bank employees. 3. and his remarks were received by the audience with loud applause. b. He was shown his mistakes. Someone will have to be found to take her place. e. b. The organizers will exhibit the objects until the end of the month. They will have to adopt a different attitude. They will say nothing more about the matter if somebody returns the stolen document.2. The judge gave him one month in which to pay the fine. f. Change the following sentences from the Passive Voice into the Active Voice: a. Anyone with the proper knowledge can understand these instructions. My computer is being repaired at the moment. 4. Last year a profit of two million pounds was made in the first six months by our bank. I’m afraid all our copies have been sold but others have been ordered. both direct and indirect object of the verb in the active voice can become subject of the passive construction. The burglars had cut an enormous hole in the steel door of the bank. He spoke for an hour. a. g. The matter will be dealt with in a later paragraph. They offered him a good job.g. 105 . g. e. Change into passive the following sentences according to the model: E. c.
She will give us the answer as soon as possible... f.. I need to print some visiting cards till tomorrow...g... The office was dark so last year we decided to put in another window.. but we. c. Fill in the spaces with the correct form of the verb TO HAVE. The manager asked us to finish the report at once. They can’t find a house to suit them so they....... a...... c.. the past participle of the verb between brackets and. c...... d..... We will have our door repaired. but we are having it redecorated next month. My dress is too long... a pronoun: E. They promised her immediate help... (redecorate) The room is very untidy..... d.b.. I can’t read Chinese so that somebody had to translate my documents.next month. with the proper form of the verb to have: E. You’ve spilt oil on your coat.. I paid them the money this morning..(shorten).one. 6.. we’ll call the carpenter to repair it. The room is very untidy.. The lawyer has just given to him the details of his uncle’s will.. 5... now you’ll have to .(clean) 106 ... where necessary...it. I must. it... Rewrite the sentences according to the model. e. Causative have – The verb to have is used to show that the action is made by someone else for the person who needs a certain service. b... He owes her quite a lot of money.g. (build) b. a...Our door is broken..
qualities...It is usually a reply to an offer......the puncture. Orders may be first time orders. If he does not accept them he returns them to the supplier with no commitment to pay for them)... We went to a service to... repeat orders and trial orders (meaning that the goods are ordered subject to being accepted by the buyer after examining them.. of 15 September 2005... deadlines.. discounts.and price-lists as well as your quotation for one million units and a pro-forma invoice.......... packing... Order letter The letter in which a company expresses its decision to buy. etc.. some specified goods. terms of delivery.. When placing an order it is essential to be accurate and clear... Functions to be found in an order letter: − acknowledge receipt of previous correspondence (offer) − express your reaction to prices....... As a rule the order is placed on an order form. etc.(paint) e....... is called LETTER OF ORDER.d.......... They didn’ like the colour of the walls so they .. on certain terms. them . − place the order − discuss or suggest terms of payment − set deadline for delivery − close the letter Fill in the blanks in the following order letter with the terms mentioned below: DISCOUNT CANCEL OFFER PAYMENT ORDER FORM CATALOGUE EXPENSE CREDIT RISK SHIPMENT DELIVERY 18 September 2005 Dear Mr.. terms of payment and prices.Brown.. which gives all the details on quantities.. 107 .. sizes...(mend) BUSINESS WRITING 1.accompanied by your latest.. Thank you for your.
........by 10 October 2005 is essential and we reserve the right to........ You assure him it will be executed carefully and without any delay... In it you tell the buyer that the order has been received and has been put in hand.....any time after that date... .......................... We agree to ............... especially when it can be carried out............ We are therefore enclosing our. .. The functions of this type of letter are: − acknowledge receipt of the order − confirm that you are able to supply the goods and can meet the conditions of the order − say what you have done and what you are going to do to implement the order − close the letter 108 ..Smith Sales Manager Enclosure: Order form 2.Your trade.the order and return the entire......................of 12% plus your 7% quantity discount is quite satisfactory.... Reply to an order An order that has been received by a company must be confirmed at once.and ..London And undertake to apply to our bank and have the credit opened within the next two weeks........ Yours sincerely M.... We hope that this will be the first of many orders we will be placing with you........... by documentary ...... types of documents required... Sometimes the terms and conditions of the order are repeated in the confirmation........to be opened at Barclays’ Bank..at your entire. for 1 million metal paper clips with all the details containing sizes.... terms of delivery..........
We are glad to confirm that we can supply your order from stock. 2. We are looking forward to the safe arrival of your order and receiving further orders from you. Use phrases like : − Thank you for your first time order. − We are now dealing with your order and you may expect delivery within the next 15 days. − We want to tell you how pleased we are as it is our first dealing with you. Use phrases like: − We are now making arrangements for the shipment of your order. Use phrases like: − We are happy to inform you that we can meet your order immediately. 109 . Confirm that you are able to supply the goods and meet the conditions of the order. 3. Say what you intend to do to implement the order. Peters.Here is a list of some phrases to illustrate the above mentioned functions: 1. − The order will be dispatched as soon as we get confirmation of the opening of the documentary credit from our bank. d. The order has been put in hand and will be dispatched as soon as we receive confirmation of the opening of the documentary credit. c. − We are glad to confirm that we can supply your order from stock. Put the paragraphs below in their right order: Dear Mr. Yours sincerely. Paul Hartley Sales Manager b. a. Acknowledge receipt of the order. We thank you for your order of 5th May 2006 for 150 portable electric typewriters which we received today. The following letter of confirmation of an order normally has four paragraphs.
− Suggest an alternative. The turning down of an order There are different circumstances when an order cannot be carried out. Yours very truly. 110 . Fill in the blanks in the following letter of turning down of an order. – which we hope you’ll give us an opportunity to fill when black doeskin gloves again become …………. − Say that you cannot meet the order. Here are the functions of such type of letter: − Thank the customer for the order. We can……. but there is a temporary…….. Thank you very much for your………. with the words listed below: Order difficulty sorry available shortage send fill Gentlemen: We are ……..of black due to…………with the dyes.you all the white.to have to tell you that we cannot ……your order for 200 pairs of black doeskin gloves. tan or yellow gloves you want.3.
Most are drawn up on a yearly (fiscal) basis. Therefore a financial statement can be defined as an accounting report that shows income and expenses for an accounting period and normally consists of a balance sheet. Balance Sheet The purpose of a balance sheet is to show what a company is worth. Financial statements are usually prepared on a quarterly. It is basically concerned with the capital of the business and not with its performance. classified and summarized into financial reports for a business so that a financial statement can then be prepared. biannual or annual basis. a profit and loss account (US income statement) and a statement of cash flows. These transactions are then compiled.UNIT 11 FINANCIAL ACCOUNTING FINANCIAL STATEMENTS As we know an Accounting department systematically records. These year-end financial statements are drawn up by most accounting professionals. The balance sheet comprises three major components: a) the assets the entity controls (what the company owns) b) the liabilities the entity is obliged to meet (money owed for goods or services already received and c) the equity interests of the entity's owners (the asset value that actually belongs to the owner-in a corporation. It is like a “snapshot” of the firm's position on the last day of the financial year. this is usually divided into original capital and retained earnings) 111 . Statements provided that are outside of the fiscal closing are known as interim statements. sorts and summarizes the thousands of documents representing the transactions of a business.
as the name implies must balance: -sources of funds equal employment of funds. Therefore the statement will show the firm's trading position in terms of its profitability for the whole twelve months of the financial year. funds borrowed) this means that: -employment of funds = sources of funds. is the basis of the accounting procedure known as double-entry book keeping Profit and Loss Account / Income Statement (US) The Profit and Loss Account presents the entity's performance during the current accounting period.liabilities This is a basic formula that must always be true. unless some kind of fraud or serious errors have occurred. It measures the profit or loss for the period. (US accounts payable vs.A balance sheet.e. and liabilities and net worth represent sources of funds (i. depreciation) What is left when these costs have been deducted are: o trading profits From these must be deducted o interest on loans This leaves: o Pre-tax profit Out of the pre-tax profit must be paid o Corporation tax 112 . Unlike the balance sheet which is dealing with the capital of the business the P&L is basically concerned with the performance of the business. accounts receivable) This can be calculated by a simple equation: • assets = liabilities + owner’s equity /net worth or • owner’s equity = assets . This balance in which for every debit there is a corresponding credit. overheads. labour costs. In other words: creditors equal debtors. Since assets represent the way in which funds have been employed. The components of the P&L account are: • revenue / cash from sales From this must be deducted: o cost of sales (raw materials.
In the P&L account. the bottom line on the Profit and Loss Account is not the same as in the Net Cash Flow. Both statements show income and expenses. provision is made in accounts for expenses incurred but not yet paid. The main differences result from how depreciation and certain payments are recorded. even though the payment may not be due until the next accounting period. so it “ties together” two consecutive year-end balance sheets. Many if not most of the features are the same as in the P &L account. the value of the stock at the beginning of the period 2. Cash Flow Statement The cash flow statement (CFS) shows how the movements in the balance sheet from the previous year to the present one have been brought about. In the P&L account . In the cash flow statement expenses are entered as paid. But why is this ? The answer is quite simple. the figures included in each are similar but they are not identical.leaving a sum available to be paid either as: o -dividends to shareholders or o -retained in the business To assess whether a gross profit or a loss has been made over a period a company needs four figures: 1. the cost of the stock acquired during the period 3. It is a historic view of the flows of cash into and out of the business. If a credit sale is made. sales are applied to the accounting period in which the sale occurs. the value of stock remaining at the end of the period (at the price it cost the company not at the price the company hopes to sell it for) The balance sheet and income statement are related to each other. 113 . illustrating the company’s ability to earn cash. However. the value of sales made during the period 4. the income is only entered when the actual bill is paid. not before. is entered as a sale for that period. So a good sold in one period on credit. Your equity on the beginning balance sheet plus the profit (or minus the loss) from the income statement equals your equity for that period. these are known as accruals. For example: Income from sales is entered as it is received.
an amount of money received from the sale of goods minus the cost of manufacturing or buying them i. the profit obtained before tax has been deducted k. money received from the sale of goods or services f. such as a vehicle. an item of value belonging to a person or a company. especially if it can be sold to pay a debt c. an amount charged for money borrowed h. As depreciation is a paper accounting transaction. part of the annual profit that is not paid out to shareholders as dividend. The P&L account will only show an inflow of capital that has arisen as a result of trading activity. If a business receives a further injection of capital that has not arisen from its trading activities then.Another distinction refers to depreciation. depreciation is shown as a business expense. Also. a building or a machine. but reinvested in the company j. such as a share. a system of recording accounts where each sale or purchase is shown as having an effect on both the DEBIT COLUMN and the CREDIT COLUMN of an account d. VOCABULARY DEVELOPMENT 1) Find words/phrases in the text which have the following meanings: a. a piece of land. not involving actual expenditure. a gradual loss in the value of something. capital inflows are recorded differently. a debt b. this is shown in the cash flow statement as a type of income. a machine or any ASSET that wears out with use and age g. In the P&L account. money owed by a company. this is not shown. money taken by a government from the profits made by companies and corporations 114 . the amount of money put into a company by its shareholders when they buy shares and used to buy the items it needs to carry on its activities e.
. Accounts Payable 115 . Accounts Payable 3) Working Capital is. equipment currently owned and not intended for sale f. h. ideas. Equipment and other assets which generally loses value over time c. heating. Costs related to delivering goods to points of sale j. Current Liabilities c. Notes Payable d. a. Non-changing costs such as rent. Property. Long Term Debt c. Use the words listed below to decide which type of entry fits the definition. based on rate of production. raw materials. Notes Payable d. Costs and money owed e.Quiz: How to Analyze a Balance Sheet 1) Here are a number of essential business entries used on a balance sheet. Day to day cost of running a business 2) The opposite of accounts receivable is. a. lighting. (intangible assets dividends liabilities depreciation fixed assets distribution costs overhead variable costs advertising costs operating costs) a. licenses d. Payments made to shareholders based on company profits b.. Current Liabilities b. g. Changing costs of employment. Costs related to encouraging consumers to buy a product i... trade marks. Patents. etc. Current Assets – Current Liabilities b. etc.
cash. teller.. They are the same thing Book value excludes intangibles Shareholder Equity measures only the net assets One is an asset. balance. c. Treasury Stock c. deposit.. ce.4) At least some of the capital surplus of any business is the result of. the other is a liability 6) Match each of the words in brackets with the correct definitions below: (debit. Retained Earnings d. withdrawal. d. Inventory Markdowns b. deposi 116 . b. a. Bank Loans 5) What is the difference between Shareholder Equity and Book Value? a. credit.
i) We enclose a debit note showing the amount due and look forward to the _______ of your account.000 and the family retained 14. Banca Românească.525 for $75. what is the minority interest that will be put on the balance sheet? a.200 b. $31. g) The deposit account ________ a high rate of interest but withdrawals require 90 days’ notice.000 b.475 2) If a large Jewelry store chain purchased a family owned Jewelry store for $187. $75.218 d.961.400.209.480 c.000 in stock and cash under the purchase method.238 c.detailed account of the meeting.230.387. f) Your expenses can be paid straight into a bank account _________by you.094 BUSINESS WRITING Payment Advice of payment We would like to inform you that we have arranged for a credit transfer through our bank. Re1825. j) I am _________ my bank account from the city centre branch to one nearer my home. Numeric response questions 1) If an insurance company purchased a bank with a book value of $23. $14. $39. The transfer is for € 3.028.899. $63. how much Goodwill would the insurance company be required to put on its balance sheet? a.387. $18.650 in payment of invoice no. h) The account was ________ on the 15th of August and is now overdue. $51.210. $26.398.500 d. k) The account will be ______.487.387%. Could you confirm the transfer has been made as soon as the correspondent bank advises you? 117 .
850. Re1825 has been credited to our account. undertake. James Re: Invoice 32448 I am writing to you once again regarding the above invoice. overdue. settle. We would like to thank you. and ask you to contact us if you need anything else…. (remittance. Savolainen We have instructed our bank to ____________(1) for a letter of credit for € 4. This invoice is still ___________(1) 118 .92 to be _________(2) against your __________(3) no. Dear Mr. dated 11 January . cash flow.Acknowledgement of payment We received an advice from our bank this morning that your transfer for invoice no. MODIFY its form where necessary. Gl 1538 and the proceeds will be credited to you as soon as Finish Trust receives the documents. Complete the following business letter choosing the appropriate word or phrase from the list below. MODIFY its form where necessary. Try to make the bad debtor guilty of his / her behaviour Remind him / her of your agreement Say what action you intend to take 2. Complete the following business letter choosing the appropriate word or phrase from the sample letters above. Chasing late payments / bad debts Summarize what has happened since the payment was due. debt. outstanding ) Dear Mr. for the exhibition equipment we supplied to you. full. 1.
had expected to receive your remittance some time ago. However I’m prepared to give you a final opportunity to ________ (7) your account. as of today. she. of course.According to our records. you would appreciate the effect that late payments have on our __________ (4) and therefore. it work he. Yours sincerely. that as the owner of a small business yourself. we were we be we work you were you be you work they were they be they work 119 . we have not yet received your ___________(2) or a reply to our previous requests for payment. it be he. which would involve you in additional legal costs. Under the terms of our contract you _________(3) to settle within thirty days of receipt of our invoice. We will. your account is sixty days ____________(5). the subjunctive is the same as the bare infinitive (infinitive without “to”): be (past) be (present) all other verbs (past & present) be I work I were I be you work you were you she. she. We felt. However. Unless I receive _____(8) payment within the next seven days. it were he. be able to recover the _____(6) through the courts. you will leave me no alternative but to put this matter into the hands of my solicitor. Marin Ionescu Head of Financial Dept. dated 18 February and 15 March. GRAMMAR Subjunctive Structure For all verbs except the past tense of be.
Use Talking about events that somebody: • wants to happen • hopes will happen • imagines happening It may also express A demand. requirement. important. where should + infinitive is often used: 120 . The President requests that you be present at the meeting. suppose In fixed expressions: Bless you ( which means: May God bless you) Long live our gracious queen (The first line of the British National Anthem) Long live the bride and groom Be that as it may Examples: • • • • • • The manager insists that the main entrance be locked at night. The board of directors recommended that she join the company. propose. It is essential that we do something about it as soon as possible. urge. The use of the subjunctive as above is more common in American English than in British English. insist. necessary. Romanian people demand that the troops be withdrawn She acts as if she were Queen. recommend. The subjunctive is typically used after: • • • the verbs: ask. vital. request or suggestion. essential. as if. request. suggest + that the expressions: it is desirable. wish. a good/bad idea + that if. command. demand.
a) Her employees treated Mrs. d) The doctors recommended that she (take / takes / took) a holiday. She may not agree to the changes you have made in the organization of the company. be. m) The teacher insists that his students arrive / arrived / on time. k) It is important to remember that Janine (think/ thinks) very differently from you. The board of directors recommended that she should join the company. What would you say? f) I think it's an interesting fact that she (come/ comes / should come) from Estonia. move. l) The doctor recommended that she sees / should see/ saw an eye specialist. Ionaşcu as though she (is.• • The manager insists that the main entrance should be locked at night. I don't know if that is true. will move) out of the apartment. i) She says that the government (regulate/ regulates) the airline industry. n) I demand that she immediately (apologize/ apologizes) for what she just said. c) I hope that he (finish / finishes/ finished) his job on time. h) We want the windows (to be / be / were) washed before Saturday. e) Suppose she ( is / be / were ) here. Caution: the subjunctive form will not be the best choice in all sentences. 121 . select the verb or verb string that best completes that sentence. j) The office administrator demanded that the heater (repair / repairs / was repaired / be repaired) immediately. g) The landlord requested that John (moves. Subjunctive Quiz I 1) After each sentence. b) It is essential that she (was / is / be) at the meeting. were) a queen.
It is important that you (are / be / is ) standing there when she gets off the plane. f. Predescu (be not / is not / not be) at the meeting. Proposed dividend to shareholders b. ♦ I propose that we all be waiting in Andy’s apartment when he gets home. I suggest that you (don’t take /not take / didn’t take) the job without renegotiating the salary. b. Continuous and Passive Forms of Subjunctive Examples: ♦ The company asked that employees not accept personal phone calls during business hours. e. The boss insisted that Mr. d. Trade debtors d.Negative. Creditors c. ♦ The President demanded that I be allowed to take part in the negotiations. 2) Subjunctive Quiz II a. It is crucial that a car (is / be / were) waiting for the boss when the meeting is over. Which of the following will appear as a current asset on a balance sheet: a. Jake recommended that Susan (is / be / were) hired immediately. We suggested that you (are / be / were) admitted to the organization. c. Financial accounting terms How many of these questions can you answer? 1. Bank loans and overdrafts 122 .
profit 123 . drawer c.. then Mrs.. creditor b. item is valuable b. the entity has ordered the item. e.. Petcu is known as the: a.... item is located in a building owned by the entity c. a. a. payee 3. Indicate whether the following statements about the BALANCE SHEET of a corporation is true or false: a. trademarks 4. net d. 5. Land is reported at approximately what it is worth 6.. worth in the business.A. value c. When Mrs. item is owned or controlled by the entity. Which of the following assets are intangible? a. An item can be reported as an asset only if it passes three of the following tests.. The amount reported for the paid-in-capital item is approximately the market value of the stock b.2. Capital accounts represent the owner's . machinery c. item is used by the entity d. buildings b. Petcu writes out a cheque for $100 and sends it to Electrica S. item was acquired at a measurable cost f.. equity b.
Numbers in consecutive files often begins with 0001 and range to 9999. Choose a system for each kind of filing you must do and follow it religiously. or your office might deal with a number of products. If you are moving into an office where a filing system already exists. learn the rules as soon as possible. There are several types of alphabetical systems: − Alphabetical by Name is the system to use if you are managing or organizing any type of business that involve clients. You may handle materials for several departments. or by city with clients or companies listed as subheadings. You may organize your system by a person’s last name. There are a few kinds of numerical systems: − Consecutive Filing is useful when filing invoices or numbered forms of any kind.UNIT 12 FILING SYSTEMS The most important rule for successful management of information is: Be Consistent. − Alphabetical by Location is helpful if you work with a number of branch offices or have sales regions over a broad area. ALPHABETICAL FILING SYSTEMS In an alphabetical system. and so on. all information is filed in ABC order. − Alphabetical by Subject is useful when the information you are filing corresponds to a number of different topics. you may find that filing by number makes the best sense. 124 . You might list files alphabetically by state or region and then by city within those areas. NUMERICAL FILING SYSTEMS Depending on the amount and type of information you need to file. The more information passes through your office. by case name. the more you need a logical system for filing it. by first name of corporation.
NON-PAPER FILING SYSTEMS In theory. Ellen Lichtenstein. we may have the option of consolidating large amounts of information. We can save files to a hard disk. Consecutive filing means to file documents by date.Read the text again and specify whether the following statements are true or false: a. Middle Digit Filing) is based on six digits. The Philip Lief Group. guide. and folder in which an item is filed. This may be useful in a correspondence file or as a record of sales figures. T/F T/F T/F T/F T/F T/F 125 . f.1996) READING COMPREHENSION 1. “21st Century Office Assistant’s Manual”. c. d. (adapted from K. today’s electronic offices have less and less paper to file. and usually indicates the drawer. − Optical Disks can store large amounts of information. and creating management systems. − Chronological Filing is simply filing by date. A CD-ROM disk can store nearly a quarter of a million pages of text. Non-paper filing systems suppose information stored on computer.− Digit Filing (Terminal Digit Filing. a floppy disk. or a tape. − Micrographics is the process of storing photographic reductions of documents. b. Materials may be filed on microforms. Zahler. − Computer Files are part of our software. the less you need a logical system for filing it. merging files. Depending on the software we have. Alphabetical filing system by location is useful if we work with branchoffices over a broad area.A. both printed and graphic. In an alphabetical filing system. The more information passes through your office. stored on computer or filed on optical disks. A CD-ROM disk can store nearly a quarter of a million pages of text. e. Inc. all information is filed in ABC order.
amount 5..Filing generally indicate the drawer where the documents are kept...area b..faithfully c...I. religiously 3. folder 4. The last two.quantity :a.... 126 . filing 2.. the mechanical and electronic parts of a computer f. b.. Check your. Match the words and phrases in column (A) to the right explanation in column (B).... hardware (B) a. a.in sequence :a.rigorously d..steady d.persistent b.operation VOCABULARY DEVELOPMENT 1. digit 3.. any numeral from 0 to 9.... c.connected c.volume c. especially when forming part of a number b..2.. management :a.scrupulously :a... computer programs or the tapes containing these (as distinct from hardware) d..before purchasing software..field :a.administration b..... record 5.extent d. especially in writing II.meticulously b.control c. information preserved in a permanent form. software 6. to place in a file or preserve in written records e..number b. Choose the words or phrases most similar in meaning to the following as used in the reading passage: 1. then use them to fill the blanks in the sentences below: (A) 1... consistent 2. a folding cover for loose documents c.successive b.serial d.homogenous :a.... topic 4.in a Terminal..subject c.supervision d. consecutive 6..uniform c.point d.
.(to deal) with figures is not a very easy job.... c.. to be/get used to/accustomed to 1..... suggest.. f.... understand.... e.... d.g. He left university after..(to become) a fully-qualified doctor can take about ten years........(to say) good-bye.(to hear) the story again...... 2....... − after certain verbs (deny.GRAMMAR GERUND = -ING verbal form = used in some particular situations: − as a subject...(to give) employees higher wages helps to increase motivation..... to be worth...........(to find) the company..(to take) another loan....... − after prepositions..... f.. I have no objection to... b....(to find) a good job is rather difficult....... She left the room without ....(to fly) Business Class makes trips abroad less stressful.. He in sisted on. a. .....(to learn) foreign languages is a very pleasant pastime...(to see) her. keep.... They had a lot of difficulty in..(to visit) foreign countries.(to angle) is a hobby. dislike. She left the room without saying good-bye.... and angling is a hobby.. Use Gerund after prepositions in the following sentences: E.................... c.... We managed to extend the house without.... − after certain common phrases (it’s no use.... Transform the verbs between brackets into subjects of the sentences: E.......... d.. etc. 127 .......... a.... b... − after phrasal verbs.(to fish) is a profession... e.........g.. She’s very interested in.......(to get) a good job in a good company....) − after can’t phrases..... Fishing is a profession. avoid. and...
. I have seen the film..(laugh) at her story. I don’t care for........ They can’t help.... can’t bear...... afford) : 5..... 4..any opposition...... can’t resist...(work) inindustrial business and took to.(meet) on that day. c.... He didn’t want to risk. a.his employees.. Use Gerund of the verbs between brackets a.... We can’t understand him..(farm) d..... d. Fill in the blanks with the verbs given below: PUNISH MEET BE LATE WAIT RESIGN TRAVEL a.. He can’t afford.(read) the book...... They kept on. 128 . now I am looking forward to. They don’t anticipate.(laugh) and.....3...(stand) here and... She went on. They gave up..in the rush hours.......(help) them... She couldn’ resist..... c.(miss) such an opportunity... b......(buy) a new car. He always resented........his job... can’t stand.... Remember Gerund + can’t phrases (can’t help....... I can’t resist......# He took to gardening when he retired.................... She can’t afford..... so he left very early..(wait) for them..(speak) until the end of the meeting.......... Because of the strike they put off....... d.. They often try to avoid. They suggested.... e. f....... b.. c.(travel) business class every time.... e..... Use Gerund after phrasal verbs (verbs + prepositions/ adverbial particles): E....for the manager...... f...... e.(garden) when he retired..g...... He took to....... b.(work) until late in the evening..
We have had trouble only with the last ...about your ball-point pens...... but be pleasant about it.... letters of complaint are not unusual.late at the company...... In business. b... He’s good at..Remember Gerund is used after certain common phrases.. You are more likely to get what you want if you are polite in your letter.have been..... from customers.....jokes at the parties..... e...Fill in the blanks with the following verbs at gerund: Tell work buy stay leave a.at night.The pens received before were satisfactory and we had no.. There’s nothing here worth...6...... Be specific and to the point. She’s accustomed to....the purchase price of many of them........... d..... BUSINESS WRITING 1. say what the trouble is and how you expect it to be corrected..... Nothing is gained by being sarcastic or insulting........ such as : it’s no good/use...... Their purpose is to get better goods or service..... to be worth..... to be/get used to/accustomed to.. 129 complaints instructions shipment . or to effect a satisfactory adjustment of some kind........ c.. Many of our.... They are clearly not giving satisfaction..the office so late........ good at.... He’s used to. and we have had to... So just state your case..................... . She got used to. The sequence of the paragraphs is: − refer to order − state reason for complaint − suggest possible causes of the problem − state action(s) you require the other company to take Fill in the blanks in the following letter of complaint with the words given below: error refund customers protection complaining Gentlemen.......
130 .for shipping..... very politely...1.......... After studying the writing technique of these two letters. doubly well-packed..... We are sorry the furniture arrived in poor condition. as a rule. this time. by an adequate letter of adjustment.. Sincerely yours.. We are sending you another table at once. Here are the stages of a reply to a letter of complaint: − − − − − acknowledge the letter apologize explain the cause of the problem action(s) taken to solve the problem end optimistically Here are two models of letters of adjustment.. Accusations only make things worse... We suggest that you check also to see if they are being packed with adequate . The driver who delivers it will pick up the damaged table. But being very reasonable and understanding about the whole thing. (1) Thank you for your very courteous letter. and we should like you to send us a new shipment at once to replace them. The adjustment letters..no......Please check to see if there was an. We have 8 thousand of the pens left.in the making of these pens.from you before returning the others. explaining how or why it happened... often settles the trouble pleasantly.. must be written without anger or impatience. 2. and without loss of good will. We will wait for......... to make sure it reaches you safely. Dear Madam.... to avoid further conflicts. One of the most effective way to disarm an angry person and win him over to your way of thinking is to admit a cause for complaint.. try to answer the letter of complaint under Ex... in answer to complaints.. It was apparently damaged during shipment..
Put them into the appropriate order according to the stages presented above: Dear Madam. it represents charges for air-express deliveries made at your request during the month of February. We can understand your annoyance at not having received the stationery you ordered on March 3rd. You should receive it about the same time as this letter. and we are certainly sorry for the oversight. Apparently you were not told it would take long. However.Goodwill. (2) We’re sorry you found it necessary to return our last bill for correction. Dear Mr. We hope you will forgive us for the delay. and that you will thoroughly enjoy your purchase! Sincerely yours. b. We’ll take care that our accounting department makes no mistakes about the discount in the future. Sincerely yours. Yours very sincerely. a. 3. 131 . and our salesmen have been instructed to so inform customers. Orders for printed stationery take three to four weeks for delivery. You are right about the 15% discount. c. But the $45 is not an error. your stationery is now ready and will be sent to you at once. of course. d.We hope you have not been inconvenienced and that you will enjoy your purchase for a long time to come. Here are some jumbled paragraphs of a letter of adjustment.
including a wider consumer choice and higher levels of consumer satisfaction. adequately qualified and rewarded. the exporting results must be profitable and. packaging. etc. Above all. the export department’s objective is to ensure that the export order processes smoothly from start to finish to obtain complete customer satisfaction and produce a modest profit to the company. Exporting today is a highly skilled and professional operation. handling c) terms including discounts 132 . research. International trade increases competition and prevents the monopolistic control of the home market by local exporters. with language proficiency. DOCUMENTATION A typical export–import transaction may involve some or all of the following documents and records. and other marketing functions such as promotion. involving the use of two or more currencies. customs duties and the relevant documents involved. costing for distribution. whilst the latter is responsible for transportation.Unit 13 INTERNATIONAL TRADE IMPORT-EXPORT International Trade is the process of exchanging goods or services between two or more countries. to attain this objective. Quotation The quotation states: a) prices at which goods can be supplied b) special export packing. quotations. Overall. The benefits derived from the development of international trade are numerous. pricing enquiries. accordingly. recording and checking orders. The former is responsible for sales. it is most desirable that the export personnel are of a high calibre. The export department has two main functions: marketing and shipping. etc.
It is not a record of sales effected. Where the term “carriage paid” is used. Letter of Credit (L/C): a written undertaking from a bank. it is used for quotations to customers and for submission to various authorities. 133 . for goods and services purchased. shipping marks and numbers etc. When used as quotation the proforma invoice constitutes a binding offer of the goods covered by its price and condition shown. Pro-forma invoice – similar to a sales invoice except that it is headed “pro-forma”. at the request of its customer. quantity. Where the term “carriage forward” is used. As it contains all relevant details.) as well as the trade terms (CIF.). Purchase Order is a request by an overseas buyer to be supplied with goods or services. Export Order acceptance by which the exporter agrees to accept order only if customer will pay by confirmed letter of credit. It shows practically who shipped what to whom. the Importer (Applicant) that it will pay the beneficiary (Exporter) so long as he meets the conditions of the credit. the Importer. FOB etc. interest) f) period for which the price will remain valid.available d) cost of carriage of the goods (freight costs) e) time required for delivery f) banking charges (service fees. Where there are several packages in one consignment the invoice is usually accompanied by a packing list. It provides details about the goods and/ or services (size. contract from buyer to seller (not the other way around) requires proof of specific acts of performance uses credit line. this denotes the carriage charges will be paid by the sender of the goods. The main points: an agreement between banks (not buyer and seller). but a representation of a sales invoice issued prior to the sale. this means that payment for transport will be the responsibility of the consignee. or ties up cash flow the wording must match exactly the terms of the credit Commercial Invoice: is an accounting document through which the Exporter claims payment from you. A Letter of Credit is also commonly referred to as a Documentary Credit.
House Bill (of Lading) B/L is issued for a full container load. This applies particularly in South America. Insurance certificate is a proof that the goods are covered for risk of damage or loss during transit and is often asked for in the documentary credit (L/C) Bill of Lading is one of the prime documents which ensures the exporter gets paid for his goods It serves three major purposes: Contract to deliver the goods. It is a document having the force of law. It is non-negotiable so it does not carry the same validity as a bill of lading for sea transport. Its true function is to help identify the origin of goods for the purpose of levying duties and taxes. Whether or not goods are being imported form an embargoed nation. Becomes certificate of ownership. Airway bill (AWB) a receipt for dispatch of goods transported by air detailing all the information about the flight and destination. Consular Invoice. Certificate of Health. etc. It may be issued by the exporter himself or by a Chamber of Commerce or Consular authority. If the load has to be broken up at destination for a number of different customers than. a house bill is issued for each consignee receiving part of the load.Packing list indicates which goods are in each carton and since the cartons are numbered this facilitates Customs inspection. Certificate of Origin (c/o) is prescribed by certain countries as a condition of importation.Agricultural and animal products require a certificate stating that they comply with the health regulations in the importing country. The numbering in a six-carton consignment should read 1 of 6. the coins and banknotes that belong to a particular country 134 . The reason may be concerned with the country’s need to control foreign exchange to ensure that only essential goods are imported. having or requiring a particular talent or ability b. as specified. Receipt from the ocean-carrier for the goods shipped. 2 of 6. Find words/phrases in the text which have the following meanings: a. It has a further purpose in so far as it is often used as a means of collecting statistics. READING COMPREHENSION 1.
a condition of sale where the cost of transporting goods is paid by the receiver h. a person or an organization 135 . unobstructed e. (more loosely) the last mentioned of several. the first or first mentioned of two. to store.c. a condition of sale where the cost of transporting goods is paid by the sender i. d. f. free from disturbance or excitement. untroubled. the second mentioned of two. pack or move goods j. a government order to stop trade with another country g. uninterrupted.
the probable effect on the Romanian economy would be to: a. CMR consignment note c. bill of lading for the consignor b. to contact. Which one of the following can be a document of title enforceable at law? a. sell. Complete the following business letter choosing the appropriate word or phrase from the list. unloading. Airway bill d. to make. to cancel. Bill of Lading 5. make imports cheaper make exports cheaper Increase the price of products made in Romania encourage foreign tourism in Romania. to be. to want. to be able to. b. Where a freight forward operating a groupage service takes small consignments from exporters and consolidates them into a full container load for a number of consignees? What documentation should he also prepare? a. MODIFY its form where necessary. house bill for the consignor c. d. Not all the words should be used. House bill b. to serve. Use standard English spelling: (to allow. delay) 136 .3. If the Romanian currency were to rise sharply against other world currencies. stroke. BUSINESS WRITING Apology for delay in shipment 1. bill of lading for each consignee 4. to buy. to cause. house bill for each consignee d. c.
to tell. and I’ve been____________that it will take four to six weeks to get here. and we will arrange a convenient time for delivery. Complete the following business letter choosing the appropriate word or phrase from the list. the dock workers’ strike in Contanţa has prevented the ___________ of the ship. Bob Chamberlain Manager 137 . Yours sincerely Marin Nedelcu Shipping Dept. Sincerely. Our driver has determined that the damage occurred in shipment (most likely from the manufacturer’s warehouse to our store). to serve. to sell. Boyanov. to contact. I’m sorry to learn about the damage to the sofa that you _________ from us last month. to make. to purchase. Boyanov I’m sorry that we have not ____________deliver as scheduled your shipment of rugs from India. I apologize for the __________ and inconvenience this __________ you. I expect that the strike will be over soon and that we can deliver your shipment within the next month.Dear Mr. I’ll call you as soon as it_____________. to cancel) Dear Mr. I will notify you as soon as the strike _____ over. I am sorry for the inconvenience this ___________you. to cause. to be able to. Unfortunately. to arrive. I’ve ordered an exact replacement from the factory. to want. to be. I’ll be in touch very soon. Use standard English spelling (to order. MODIFY its form where necessary. Not all the words should be used. Apology for damaged shipment 2.
Just by using the keypad on your phone. open 3. make 5. cash h. Online banking services lets you ______________ move money from one account to another quickly and easily. d. The Citicard allows you to _______________take out money from cashpoints around the word. All you need is a modem or Internet connection to _______________ transfer account information onto your personal computer. financial data f. interest 2. h. b. BCRPhone Banking lets you __________________ settle invoices from wherever you are. goods g. Replace the words in italics with expressions from exercise above a. The BRD Euro Account allows you to _______________ buy products in local currencies without paying any exchange rates. Match the verbs on the left with the nouns on the right to form common banking collocations 1. Just fill out and return the application form or call a Ţiriac Bank representative to __________________ set up a banking arrangement. a deposit e. download a. withdraw 6. With Citibank. You can __________________put money into your account by post at Bankpost branches. funds c. pay 7. you can______________receive a percentage on your current account balance. g. earn 4. transfer 8. an account d. purchase 2. 138 . e. c. f.VOCABULARY DEVELOPMENT Business idioms 1. bills b.
It may be easier to refund / draw / take / remove money from your account than to pay money in. 4. healthy~ Verbs: open. He has admitted that he has money in his ………………………….. d. overdraw. 5. joint account. Business is slow.is……………… …. b. for small businesses and charities. interest-bearing/ paying account. ………. debit. It allows up to ten free withdrawals a month. close. keep. Choose the best verb to complete each sentence 1. She put / paid / deposited / placed the cheques in her account. have. credit. is overdrawn/in credit Noun. 3. They paid / awarded / gave / credited the money to his wife’s account. 139 . The bank is charging / providing /giving/requesting/ a minimum rate of 9% for the loan. Transilvania bank has launched a (an) ………………. our …………………. Savings account. numbered account. Some cash machines give / make / reveal / sell information about accounts. deficit 3. draw on. c. holder. I am not sure if the two spouses hold a … ……………with our bank. Choose the pairs of words (collocations) listed above that best fit the context a.. open account. pay sth into ~ Verbs: is in the red/black. add sth to. but still he said he would not pay.. publish. 2..Banking collocations Account (bank) Adjectives: Current/ checking account. Deposit account. 4.
Choose the correct word to finish the phrase or question: a. e. Could you borrow/lend me some? b. (lend) c. It was a very good dinner. (borrow) d.who offers reasonable interest rates.. Can we have the account/bill please? d. I think that our……………………. He's an excellent doctor. How much does she earn/gain in her position? c.is now under control. To get the loan we had to use our brand new Toyota as ……………. We charge each ……………………. This year we will pay a ……………of 1 RON per share (divide) e. I haven't got enough money for lunch. but he doesn't charge/spend too much.. How many meanings or senses do you know for the following English words? How are they translated in the different contexts presented below? Account 140 Bank Head Share Enterprise Performance . We are looking for a ………………..a fee of €50 to arrange a loan (borrow) b.(secure) Polysemantic words 7. f. Complete the sentences below by inserting the right derivate of the verbs in brackets The first has been done for you : The contract is not negotiable (to negotiate) a. We only exchange goods if you produce a receipt / recipe..Confusing financial terms 5. We expect prices to raise / rise by at least 4 percent. 6.
to write off. to carry over. and has made many mistakes. I asked for the goods to be charged to my credit account.and started to make a profit. The great majority of the companies all around the world are SMEs (small and medium sized enterprises). The new manager has no experience to ……………. The salesman was visiting one of his most important accounts. Have you hurt your head? She’s head of the accounting department. I’ll meet you at the head of the valley. 141 . How can we improve our sales performance? More and more companies are adopting a system of performance-related pay. We are going to start up a new enterprise. Care must be taken in the performance of these tasks. You need to take into account the quality as well as the quantity of goods produced. I don’t have a bank account yet. We watched a musical performance yesterday. Do you bank with Bankpost? The bank was steep and overgrown. to keep books) a. The price of shares rose today on the Stock Exchange. After only two months the company was able to …………. She has great enterprise and is sure to make the business work. b. My salary is paid into the bank. Put it on my account. Please give me a detailed account of the meeting.Have you kept an account of expenses? Our suppliers must account for the delay. She was fired on account of poor performance. We need to bank that cheque today to avoid being overdrawn. 8. Romania is now an economy based on free enterprise. to break even. Complete the sentences below by inserting the right business idiom in brackets: (In the red. The computer company has a 25% market share. I know I can bank on her. The government plans to make Giurgiu into an enterprise zone. to go over the books. Exports account for 42% of sales.
last year’s losses to this year. 1. We hired an auditor to …………………… f.c. The company’s final results put it seriously …………. in the long run c. The large drug company (took control of) the small drugstore chain. closed out 3. cut corners 2. e. run short 3. took stock of 3. turned over 4. by a long shot 2. 1. After the earthquake the company was forced to sell most of their merchandise (and lost much money). take stock 2. sold out b. 1. took over 2. d. Choose an idiom to replace the expression in the brackets: a. We closed the store early in order to (count the number of items we had). Idiom Quiz 9. bottomed out d. at a loss 3. the loan. Our company is facing difficult times and we must …………. gain ground 142 . The price of oil (reached its lowest point) in July and began to rise soon after. in black and white 4. It was impossible for the bank to collect the money so they were forced to …………. 1. and a sharp fall in its share price has taken place. broke even 4. buy out 4.
The most important marketplaces for the stocks of the largest corporations in the United States are the stock exchanges. They operate amazingly fast. as expressed through the workings of the stock exchange. A stock exchange is an organization whose members join together and provide a trading room where members can meet to buy and sell securities for their customers.and the usefulness of securities markets is readily apparent. they are merely a place for matching a buyer and a seller) …Most stocks are purchased from other investors. Thus. Stock exchanges provide a key service: they organize all the information that exists. This return on investment falls into the capital appreciation – growth in the value of an investment over time. the stock exchanges save investors and their brokers the trouble of shopping around (it should be noted that stock exchanges do not hold an inventory of stocks for sale. and this gain in value goes into the pocket of the present owner of the stock – not the company in which it is a share. it can take less than one minute to dispose of a stock such as IBM.UNIT14 THE STOCK EXCHANGE Securities markets are the marketplace wherein investors can conveniently invest in stocks and bonds. about the prices at which investors are currently willing to buy and sell particular stocks. Investors base their valuation of a stock on the amount of dividends it 143 . at prices that are determined by the ups and downs of investors’ enthusiasm for the stocks.The New York Stock Exchange boasts that once the order to sell has been placed. at any one moment. The value of a stock goes up if investors are willing to pay more for it. Contrast this with an investment in real estate – which can take months or years to dispose of. They provide investors with a convenient means of disposing of their stocks and bonds as well as purchasing new ones.
They also stand ready to purchase stock from their customers (at a price of the dealers’ choosing) . These two exchanges-NYSE and Amex – are sometimes referred to as the national exchanges. is in Amsterdam.pays: by watching changes in dividends. but it’s also available on all the regional exchanges. including London. there are the regional exchanges of different American cities. or Amex. Besides these two national exchanges. Hamburg. However. for it is out of those profits that the company pays dividends. companies that do substantial business abroad now trade on these foreign exchanges (IBM. There are stock exchanges in all major cities of the world.S. In this market there is no single trading floor where transactions occur. they will try to acquire shares in that company today.S Steel stock. they can make assumptions about the profits the company is making. Regional exchanges tend to trade the stock of companies that do business only in their areas. This is because the trade primarily in stocks of companies that operate throughout the nation. and thus they are said to “make a market” in that stock. Some stocks are traded on a national exchange and on several regional exchanges as well. It accounts for about 81 percent of he trading on all the exchanges. for example. thus bidding up the price of the company’s stock… But there is also another very important kind of marketplace for stocks and other securities – the over – the – counter (OTC) market. Each of these exchanges specializes in the securities of its national companies. The world’s oldest exchange. Paris. founded in 1611 when the Dutch East India Company sold its shares to the public. The American Stock Exchange. the market consists of a network of about 250. Instead. If investors foresee that the company’s earnings are likely to increase tomorrow. is traded primarily on the New York Stock Exchange. for example.000 registered stock and bond representatives scattered across the country. The New York Stock Exchange (NYSE) is the largest of the nine stock exchanges now operating in the United States. also located in New York City. Tokyo and Toronto. some U. U. is the next largest. They provide stocks to their customers by holding stocks in inventory. trades in 144 . who trade with each other by telephone or teletype. handling roughly 7 percent.
called a bondholder.the. who must use the document to obtain the repayment of the loan. The over. A nationwide electronic system communicates trades to the brokers. and some foreign companies (Sony of Japan and Holland’s Royal Dutch/ Shell) trade on U. well-known firms such Apple. exchanges.the.counter market also handles most corporate and U. If you look in the Wall Street Journal under “NASDAQ Bid and Ask Quotations” you will see that the price of over. Today.the-counter stocks is determined by supply and demand as reflected in “bid” and “ask” prices. These brokers maintain contact with each other and buy and sell securities for the public.the.counter (OTC) market provides a means to trade stocks not listed on the national securities exchanges. There are different types of bonds like: tax-free bonds. There are some other types of securities.both London and Tokyo) . revenue bonds. stating the existence of a debt and the amount owing to the holder of the document.S.counter market dealt mostly with small firms that could not qualify for listing on the national exchanges or did not want to bother with the procedures. The OTC market is made up of a network of several thousand brokers. Originally the over-the. government bonds as well as many city and state government bonds. The over. Common stock of most insurance companies and banks as well as the stock of many smaller firms is traded over.S. A debenture is an acknowledgment of a debt. and Coors prefer to have their stock traded on the OTC market. so on. The system is known as the National Association of Securities Dealers Automated Quotation system (NASDAQpronounced “nazz-dak”) .counter. however. 145 . MCI. A debenture represents a separate debt of a fixed sum of money. such as: − stocks − bonds − debentures − A bond is a document issued by a government or a company borrowing money from the public. usually in a form of a deed (document under seal) by a company or public organization and secured by a trust deed protecting the rights of a debenture-holder.
is divided into shares.− A debenture stock is the borrowed capital of a company or other organization. − (Adapted from Business Today by David J.g. with all or some of the borrower’s property promised as security by a trust deed. preferable shares and founders’ shares. Fourth Edition. 1984. In a limited liability company. − -A share is a particular separate part or portion which the capital of a company is divided. 146 . deferred shares.S. A debenture. although the capital of a stock corporation. ordinary shares. The debenture stock is usually not redeemable and is registered in the owner’s name. but there are many variations of these. the right to receive a share in the profits of the company and to share in its management. a company may have a capital of 1 million pounds into two million shares of 50p each. the liability of the shareholder is limited to the amount of their share in the company. The stock can also a fixed-interest security issued by the government of a country or by a local government authority. Ownership of a share gives the owner.stock certificate represents part of one large debt. b) OTC provides a means to trade stocks not listed on the national exchanges. Rachman& Michael H. The stock holder has the right to be paid debenture interest before any dividends are paid on the equity capital (shares) . READING COMPREHENSION 1) Say whether the following statements are True or False according to the text: a) OTC is a National Association of Securities Dealers Automated Quotation system. The main clauses of shares are. − A stock is a portion of those debts of a company that consists of money lent to it. Mescon. and thus differs from a debenture. thus. In the U. c) A stock exchange is an organization whose members join together and provide a trading room where members can meet to buy and sell securities for their customers. e. the equivalent of a company.A. Shares can be bought and sold on a stock exchange in lots or parcels according to their price. Random House. they are called stock and their holders are called stock holders. called a member or a shareholder.
Trade. Identify the following words in it and give their definition in Romanian: Financial centre. f) NASDAQ can’t revolutionize stock trading. e) NASDAQ is the National Association of Securities Dealers Automated Quotation system. e) An acknowledgment of a debt. Bonds. g) NYSE and Amex are sometimes referred to as national American exchanges. forex. 3) Read and translate into Romanian the following excerpt. usually in the form of a deed (document under seal) by a company or public organization. also referred to as the Square Mile. d) A document issued by a government or a company borrowing money from the public and stating the existence of a debt. Securities. stock. equities. stocks. 2) Explain what a stock exchange is and speak about the stock exchanges both in the world and in Romania. of course. VOCABULARY DEVELOPMENT 1) Find in the text words/ phrases that mean: a) An organization whose members join together and provide a trading room where members can meet to buy and sell securities. blue chip shares. Commodities: Currencies. b) A portion of those debts of a company that consists of money lent to it. f) Two American national exchanges. blue chips. foreign exchange. c) The National Association of Securities Dealers Automated Quotation system. City: Square Mile: Wall Street. 147 .d) The world’s oldest exchange was founded in 1611 in London. Financial centres Stock exchanges are found in financial centres. New York’s financial centre is. Wall Street and London’s is the City. blue chip stocks.
Blue chip shares.…. you may vote by…. pounds. or equities. d) What else can you say for “to create a company”?. Editura Niculescu. g) Can you define bulls and bears (on the Stock Exchange)? (Adapted from Commercial English in 40 Lessons by Michel Marcheteau.Things traded in financial centres include: Securities: shares and bonds. g) When the market price of a share is the same as the price printed on it. 2003) 148 . Currencies such as dollars.Office. Shares are also called stock. c) The accountants of the company are checked every year by…. SPEAKING 1) Answer the following questions: a) Can you mention three legal types of firms? .yield an interest. Jean Pierre Berman and Michel Savio.of the shareholders is limited to the value of their shares.. f) The official address of the company is that of the…. and francs on the foreign exchange or forex markets.b) Can you mention two different kind of securities?. c) What is the difference between a company and a society?. (Adapted from Key Words In Business Helping Learners with real English by Collins Cobuild) 4) Fill in the blanks: a) The financial…. investment certificates with a fixed rate of interest.that the meeting will be held on March 2nd.. the share is said to be….d) If you cannot attend the meeting in person. stocks. or blue chips are the safest share investments in leading companies. f) What are the two meanings of the word “ a vote”? (Answer in Romanian). Commodities such as cereals and precious metals. b) Shares yield a dividend. blue chip stocks. e) What does the expression to “chair a meeting” mean?. e) you are hereby….
2) Translate the following fragment into Romanian: „…The Bucharest Stock Exchange had previously fluctuated heavily in the first part of this year. If this is so. Securities B a) An agent who is employed by his principal to buy /sell his goods or service b) Investments genei-4(lid10.” Itis not about a trend reversal.. Some of the analysts on the market say the larger fluctuations actually mean a high risk. The English Section. and SIFs are amongst them”. I think it may have been about an attempt to destabilise the market. the trading director of one of the leading securities firms on the market said yesterday. Things cooled down once the summer came. There are quite a lot of good stocks to buy in view of the medium term. Broker 2.0 149 . and now the heavy fluctuations are back. then the best thing investors can do is sit and wait” ( From “Ziarul Financiar”. due to investors attempting to speculate as best as they could on the upward trend on the market at the time.7o( )T260. November 2005) 3) Match the words from column A with the definitions from column B: A 1.
in special in a situation of disagreement between the contracting parties. mentioned in the contract. Such a document is always safer. such as: the Quality.BUSINESS WRITING Contracts In business. In this fragment. the contact in business may take different forms. It also contains precise provisions concerning quality of the goods. length. in the most cases. the Quantity. Thus. samples. contracting parties. The goods’ quality is attested by a quality certificate. As a rule. I am going to describe these clauses briefly. a simple verbal understanding is enough to arrange a business. the Packing and Marking Clauses. A Sales Contract has different clauses. Every contract of sale indicates the quantity of goods sold/bought. Whatever of its forms. trade-marks. the businessmen prefer to conclude a contract as a written document. the object of a Sales Contract is the transfer of property over certain goods from the seller to the buyer. their names and legal addresses. etc. the Price and Terms of Payment ones. The quantity must be indicated in exact figures. at a price agreed upon by them. volume (capacity) . Commonly. place and date of its conclusion. a contract represents a mutual understanding among two partners. so on. concluded in a binding legal form. But. the nature of goods or commercial practice in different branches determine measuring units used in a contract. Here are a large variety of types of contracts: -Sales Contract (or Sale purchase Contract) − Contract of Agency − Leasing Contract − License Contracts. number of pieces. According to local traditions and customs. the Insurance and the Force Majeure Clauses. international and local standards. The quality is designated by brands. for example. area/surface. so on. In Japan. The Packing Clause is about 150 . issued by the seller or by a quality control organization. the contract comes into force from legal point of view only when it bears the signatures of both seller and buyer. quantity is expressed in units of weight. The Preamble of a Sales Contract commonly contains: number of contract.
2) the usage of someone’s property. the currency and a bank guarantee. or by the owner of a patent. They are established relying on a great volume of transactions under the law of value in force. The Payment Clause stipulates the terms of payment under which the goods are supplied. Finally. such as a book or work of art. The person giving the lease is called lessor and the person to whom it is given is the lesee or tenant. the methods of payment. to perform an act which without permission would be lawful. It should include elements like: place of payment.g: an import/ export/driving/ building license. READING COMPREHENSION 1) Answer the following questions: a) What is a contract? b) How many types of contracts in English do you know? c) What is a sales contract? 151 . the method of settlement. e. The world prices are based on the international value of goods. − A License Contract consists of: 1) a formal permission in writing from an authority recognized by law. In the last cases. in return for either a single sum of money called a premium or a series of regular payments called rent. The Price Clause must show the amount of money for which an article or commodity can be bought or sold. The marking of the products should be according to the buyer’s instructions and identical with the marking in the shipping documents. the Insurance and the Force Majeure Clauses refer to the safety of the transactions in case of accidents or other unpredicted situations. − A Leasing Contract is an agreement in writing by which one person gives another one the right to use his/ her property. − A Contract of Agency is an agreement between a principal and an agent by which an agent has to sell the principal’s goods. either one or both parties may be excused from performing his/ their part of agreement. to use a process or to produce an article under license. 3) permission given by the owner of a copyright to reproduce an article.the proper packing of the goods according to the contract. usually for a fixed number of years.
d) How many clauses does a sales contract have? e) Name some of these clauses of a sales contract and describe them briefly. VOCABULARY DEVELOPMENT 1) Find in the text words/ phrases that mean: a) A mutual understanding between two partners. discounts and payment under which the goods are supplied. usually in a written form. e) The money expression of a good’s value. e) a written understandingbetween two partners 152 . b) The transfer of property over certain goods from the seller to the buyer. c) The first part of a sales contract. 2) Match the terms on the left (A) with those on the right(B): A 1) A contract is a… B a) …. certain goods from the seller to the buyer 5) The Price Clause …. 3) The first part of a Sales contract is called… 4) The quality of a product is d d) the transfer of property over esignated by. f) The conditions regarding prices. must show the amount of money for which an product can be bought/sold b) … brands and trade-marks c) the Preamble 2) A Sales Contract refers to ….. d) The different parts contained by a sales contract.
have appointed Mr… of… as our representative for…. undertakes to obtain orders in our name and for our accountant at the prices and conditions quoted by us. a. II) An Agency Agreements: We. Mrs…. between….under the following conditions.3) Read and translate into Romanian the following types of Agreements in business letters: I) A Covering Letter: We have set our arrangements in a formal agreement which we are enclosing.agrees not to represent any competitive firm during the period for which this agreement remains valid III) A Collection of Royalties: An agreement made the…. b. 2) In consideration of the services to be rendered by the Society to the Author. 1) The Author hereby appoints the Society as his/ her Sole Agent for the collection of all fees. Mr….day of…. the undersigned. royalties or other sums of money that may now be payable or at any time hereafter may become payable to the Author in respect of the copyright or his/her works during an agreement.(hereinafter called “the Author”) and the COPYRIGHT PROTECTION SOCIETY OF…(hereinafter called “the Society”) .…. with this letter. If the terms of the agreement meet with your approval we should be glad if you would return one copy duly signed to us. We undertake to allow Mr…a commission of…% on all orders transmitted by him and reimburse him for all expenses incurred c. signed. The Author hereby agrees for the Society to retain as a commission a sum equivalent to…% of all sums of money collected by the Society on his/ her behalf (Adapted from English For the Economists by Lavinia Croitoru Fediuc) 153 .
h) He (play) tennis with his father as soon as he (come back) from his office 154 . The gerund can be used after prepositions. b) He took to…(garden) after he retired. such as: After swimming I felt tired. d) I don’t care for…. like in the following examples: Skiing is enjoyable (general meaning) . e) She insisted on (to see) me. the coach (already. Can you give some other examples of different types of contracts? GRAMMAR Final revision The Gerund can be used as the subject of a sentence. c) They gave up…(ski) and took to…. now I am looking forward to…(see) the film.SPEAKING 4) Explain the differences among the above-mentioned contracts. 1) Turn the following short Infinitive verbs into Gerunds in the following sentences: a) I have read the book. the play (begin) f) Before we (reach) the stadium. but I (teach) grammar this year b) You (hear) from your daughter? c) I (be) in Oxford for almost a month now d) He (have) a wonderful time at that party yesterday e) When she (arrive) at the theatre.(farm) . f) They are good at…(relate) different stories. 2) Read these sentences carefully and put the following Infinitive verbs in brackets at the right tense: a) I usually teach literature.so on. No smoking (prohibitions) . arrive) g) It (be) an excellent football match tomorrow evening on T.V.(stand) and (watch) the football match.
g) If he (wake) up early in the morning he can catch the train. I (looked. d) Power PCs are expensive. in. Interrogative and Negative sentences. he (meet) his friends in a Romanian traditional pub called “Carul cu Bere” j) He (find) out that he can learn a lot just by visiting other foreign countries. came. to run into somebody. the situation (be desperate). in) b) Could you ring TAROM and find (up. hold) on with. f) What words are you (looking. and if they criticize you at the meeting. 155 . e) If foreign aid (dry up) . out. I’ll contact you. b) If you (not run) . h) I (speak) to him if I (see) him. ran) into Mary in Los Angeles.i) Before the ball. 3) Use the grammatical constructions There is/ There are in different Affirmative. we (leave) to the seaside. down. and she sends you her regards. e. waiting) for in that dictionary? 5) Put the verbs in brackets at the correct tenses. turned. Give several variants where possible for the following If Clauses: a) If there (be) any problem. carry. out) details about our next flight? c) Work is always so much better if you have a manager you (get. 4) In the following sentences choose the best phrasal verb (verb+ preposition/ adverbial particle. but if you wait. run. I’ll punish you. asking. you (be) late. I will back you (up.g: to look for something. f) If the weather (be) fine. take. c) We (play) in the school yard if we (have) a longer break. turn. over. so on) a) I agree. d) If you (not tell) me the truth. prices will (back. come) down . e) By the way.
“ I like Economics”.6) Change the following sentences from Direct into Indirect Speech as in the following example.Minister considered) c) It is still raining (the weather report I was reading said) d) What day is it? (I asked) e) The judge will decide the case next week (Lucy rang and told me) f) I defy you to prove I have lied to you (I told him) g) Deeds are better than words when people need help (my grandparents taught me) h) I’m not coming with you….and that’s my last word! (Paul declared) 156 .She said she liked Economics a) Who is the woman dressed in black? (I asked my wife) b) The conference will bring about greater international cooperation (the Prime.
equipment and transport. The four main sources are: Money earned from the sale of goods or services. Selling assets not essential for running the business. Borrowing from banks or shareholders.UNIT 15 FINANCIAL MANAGEMENT SOURCES OF FUNDS Successful business needs: workforce money materials Money is needed: to pay for raw materials for making goods to meet running costs. Money specially set aside to replace particular items of equipment. in other words to: Build new factories Extend existing ones. To replace or renew outdated or worn out equipment This is “fixed capital” needed to keep the business properly equipped and able to develop. retained and ploughed back into the business. everything from rate demands. Money is also needed to keep the business in business and able to grow. pencils and wages to electricity bills. 157 . Where the money comes from depends on what it is for and how long it is needed. Buy machinery. paper clips and petrol This is “working capital” needed to keep the business running.
Banks. SOURCES AND USES OF SHORT-TERM AND LONG-TERM FUNDS The choice of a source of cash for borrowing will depend upon such considerations as: Interest rates. This is a problem of liquidity. Length of loan. Although customers eventually pay for the goods produced or services rendered.Working capital for day-to-day expenses is needed all the time. Ideally this out of pocket period will be covered by money kept in the business. The principal sources are as follows: Short term (1 to 5 years): Creditors. Amount needed.. Meanwhile the business is “out-of-pocket”. there may be a long time between paying for the raw material needed to make the goods and receiving payment for them. Workers have to be paid until the end of the month even if the goods they made are not sold until the following month. When this happens cash may have to be borrowed to meet these immediate needs. Thus working capital will usually be met by money retained in the business while fixed capital will largely be met by borrowing. In general. of not having enough cash “liquid” or “on tap” as it were. Repayment terms. loans can be divided into short-term and long term. to meet immediate needs. Hire Purchase. The money has to come from somewhere just to keep in business. the money kept in business may not be enough to cover it so money may have to be borrowed just to keep going. etc. Short-term is usually one to five years. Leasing 158 . Merchant Bank or Finance House. long-term over five years. If costs rise very fast. fixed capital is needed when major items of expenditure are planned. This creates a new problem since future earnings form sales must cover the cost of borrowing the cash and paying it back over an agreed period. Conditions of loan-security to back loan.
Tax reserves (which do not have to be paid immediately). Government Agencies (Finance for industry. Dividend policy-the level of dividends could be reduced to conserve cash. Long term Preference shares. These shares usually have a fixed rate of dividend and their holders are paid in full before the ordinary shareholders receive anything. Sale of free hold property under a sale and lease back arrangement to realize the capital value of the property. Sale of surplus assets which are not required for present operations. Share Issues. etc) An alternative way of looking at sources of finance is to consider those which are internal to the company and those which are external.Long (over 5 years): Leasing-Banks. grants. To persuade people to invest in preference shares the fixed interest is normally a 159 . External sources a. The company’s debts could be sold to a factor for immediate cash at a discount. The time given to customers to pay for sales could be shortened. leaving the factor (a third party) to collect from the customer. Internal sources a) Long term Profits retained in the business b) Short term Cash budgets for the forthcoming year will reveal any surplus arising during the year. Within a large company or group some divisions may have surplus funds which could be transferred to meet shortages elsewhere. Retained Profits. Merchant Bank or Finance House. The time taken to pay suppliers could be extended.
little higher than that yielded by investments in Government Stock. Ordinary shares. Generally these shares carry no fixed rate of dividend and investors receive a share of the profit only after all other claims have been met. Deferred shares. Holders of deferred shares rank for dividend after the ordinary shareholders have had a percentage of the profits. Loan. Raising a fixed interest loan repayable after a period of years. Debentures. Are fixed interest security given in return for a long-term loan. Debentures are not shares and the holders are creditors, and not members of the company, like the shareholders. b. Short term Bank overdrafts; Hire Purchase; Other loans. There are various other bodies that will offer loans over short to medium term, e.g. Pension Funds, Insurance companies etc.
1) Which of the following statements are true and which are false according to the reading text? Mark each answer by “T” or “F”? T. F. a. The most common type of spontaneous financing is a commercial bank loan. b. Stretching accounts payable is a cost-free method of financing a business. c. Trade credit is a system of barter or exchange of "credits" instead of cash. d. To accelerate the turnover of receivables, a firm may either shorten the discount period or increase the discount offered. e. A practical alternative in collecting past due receivables is to use the services of a collection agency.
2) Place the following assorted items under the appropriate headings: Bank overdraft Retained profits Hire Purchase Leasing Factoring Share issues Bank loan Sale and lease back agreement Internal sources short long term term External sources short long term term
1) Find in the text words/phrases that mean: a. A regular cost of running a business, e.g. rent, salaries, heat, light, etc. b. Unmanufactured material, material from which something is or may be made. c. An item such as land, a machine, a building or a vehicle belonging to a business and expected to last a long time. d. A written or printed list of charges or money owed for goods and services. e. The money and stock of goods held by a business and used to produce and sell more goods, i.e. to continue trading. f. To use the profits made by a business to buy new equipment, etc to improve and expand the business.
g. An item of value belonging to a person or a company, such as a share, a piece of land, a building or a machine, especially if it can be sold to pay a debt. h. Having no money available; out of funds. i. Made readily available in large quantities. j. An act of repaying someone or something; payment back of money. 2) Look at the words in the box. Refer to the text to see how they are used. Then match the words with their correct definitions. overdraft retained profits security sale and lease back agreement shortage savings interest factor leasing return on capital hire-purchase
a. An arrangement whereby property, machinery, etc is sold and then taken back on a lease. b. A situation where there is not enough of something. c. A debt with a bank arising from drawing more from an account than the account holds; bank’s authorization for an account-holder to incur such a debt. d. The cost of borrowing money expressed as a percentage of the capital borrowed. e. Part of the annual profit that is not paid out to shareholders as dividend, but reinvested in the company. f. A way of buying goods where the buyer takes the goods and pays for them in regular instalments over a fixed period of time. The goods can be reclaimed if the payments are not made, but at the end of the fixed period or after a certain number of payments the goods legally belong to the buyer. g. Property or an item of financial value (an ASSET) that can be claimed by a person, bank or other organization if a loan is not repaid. h. To grant or obtain the use of property, land, machinery etc for a fixed period.
i. A person who buys the right to manage the debts of a /(an export) company by paying for goods as soon as they are supplied, charging the company a fee, and collecting payment from the customers. j. Sums of money saved on a regular basis, often by means of economizing. k. The profits of a business shown as a percentage of total assets less total liabilities. • Collocations / word partnerships MONEY Our investment will still make money. He could raise enough money from the sale of those assets. Money market rates strengthened as a result of the election. The big question is how much money you can make out of this business. This CD provides unbeatable value for money. Most manufacturers usually provide a money back guarantee. I’ve just run out of money and I’m going to withdraw $100 from my bank account.
GRAMMAR Prepositions The increase in salaries is around 4%. (in + noun) There was an increase of 5%. (of + number) Inflation has increased to 6%. (movement) Inflation now stands at 6%. (no movement) Income tax has gone up from 25% to 30%. (the total increase is 10%.) Income tax has gone up by 25% to 30%. (the total increase is 30%)
1) Complete the sentences with the correct prepositions a. Sales have increased …………… 25% over the last three months. b. The decrease …………. Profits is due to the bad market.
. c. The FT index went up five points …….. We are not interested …………. your service. Review questions on sources of funds: 1. The Bucharest office ten years ago. e. 2) Choose the right preposition a. There is absolutely no way we can make a deal ………. Ordinary shares b.20 each. 3850. f. accident. them. We set ………. d. Bank overdraft d. Debenture stock c. Which of the following would be treated as short-term fund by a company? a. Factoring 2. Which one of the following would be classed as a source of long-term funds for a company? a. Preference shares 164 . We’ve seen a fall ………. a rise ……. She found the €100 ………. I am quite happy to listen ………….. prices recently. 3000 our shares were worth €3. Tax provisions d. b.. When the index was ………. over 3%. e. The rise …… consumer prices could lead to the fall of the government.. what you have to say. An issue of ordinary shares b.c. d. Trade creditors c.
Constanţa county. A new issue of debentures b.000. This entails outlay of approximately $15. A new issue of preference shares c. Which of the following could be used as a short term means to improve cash flow in a business? a. Taking out a mortgage on firm’s depot d.3. Debt factoring WRITING Write a 100-word paragraph to compare and contrast the sources and uses of long term funds SPEAKING Discuss in small groups on the following topic: A dry-cleaning company which is a private limited company wishes to employ additional labour for a short-term contract with the US Air force based in Kogălniceanu. How might it reasonably try to raise the extra money? 165 .
These are not small amounts of money. like Enron. fictitious investments. and just disappear from the balance sheets. WorldCom.Further Readings FINANCE TWO MAJOR FINANCIAL SCANDALS Recently. They often involve several billions of dollars. several major American companies have been forced to reveal involvement in some major financial irregularities. Many financial experts also say that these cases are not “mistakes”. or record them as loans to specially created subsidiaries. and simply taking cash out of employees’ pensions and social security funds. was a symbol of American capitalism in the past decade. The biggest and most public scandal of recent times was that concerning the energy trading multinational giant Enron. and hundreds of people lost their jobs. forcing it to restate results for 2001 and the first quarter of 2002. Some companies don’t record their losses. With so many losses. In some cases. and remove them from the profit-andloss account. Other companies record normal expenses as capital expenses. important flows of finance are simply not recorded at all. but practices that have been occurring for years. Enron admitted to improperly inflating earnings and hiding debt through a complex system. Other accounting discrepancies include understanding of interest payments. WorldCom had to file for bankruptcy and default on its $35 billion debt.8 billion of operating costs were treated as capital spending. The company later went bankrupt. with enormous success in the stock market. WorldCom and Enron were only tow examples of what could be a major crisis for 166 . WorldCom has now admitted that $3.
A document that shows how much money. 2) Some expenses are removed from the profit and loss account. 2002) READING COMPREHENSION True or False ? (according to the text) 1) In order to avoid paying taxes some companies don’t record their profits. Many financial analysts agree that corporations have to “clean up their act” and start behaving more ethically with their finances. VOCABULARY DEVELOPMENT 1) Find the words in the text with the following definitions a. company.com. save or invest: ______ k.onestopenglish.corporate America. Can business meet that challenge? (taken from the vocabulary section in www. A company that is owned by a larger company: ___________ f. A situation in which the rules have been broken: __________ e. An amount of money that you owe: ________________ g. An amount of money that you collect . An amount of money that a person. for example money used for buying property or stock in a company: ___________ h. A written statement showing the value of a company at a particular time:_____ j. loses when it spends more than it earns: _________ c. etc. The usual expenses involved in running a business but not including the costs of producing the goods to be sold ______ 167 . 3) Companies are used to taking cash out of their accounts in order to pay employees’ pensions. especially from a bank:___________ d. or country borrows. Money that a company spends on things such as equipment and buildings that it needs to operate as a business: ________ l. To fail to pay money that you owe: _______________ b. Money that a person. An amount of money you spend in order to buy or do something:__________ i. business.
We offer __________________ for buying cars and homes.20438Tw 2.322 -1 168 . b. Loan c. Bankruptcy 3) Choose the right word from the list to complete each sentence (overdraft facility loans bonds standing order pension) a. To help a customer cover expenses without any worries. Bankrupt………….0003 Tc 0. A company in this situation has admitted that they have no money and cannot pay what they owe:_________________ 2) What word(s) goes in the blanks? Choose from the words in the box Go take out a take a default on a be in expenses pay off a be file for loss a. Capital d.m. All………paid f. b. Make a e. we _w_w___w___4(w_ )]TJ0. Debt g.
such as buildings and the permanent fixtures of those buildings. Personal property can be divided into tangible and intangible property. an example is a book. Personal property is anything that can be owned other than real property.4) Make word partnerships to name typical banking products and services. an example is patent rights. is the land and anything firmly attached to it. Intangible personal property has no physical existence but nevertheless can be legally owned. The words can be used more than once currency internet cheque banking machine/dispenser/point safe box foreign deposit cards cash book credit SPEAKING & WRITING Banking products and services 1) A new customer would like to meet with you about doing business with your bank. and the minerals beneath the surface of the land. Use the practice below to help you prepare a talk about your bank’s products and services. Your bank features basic accounts for customers. Tangible property exists physically. Real property. ■ current account ________________________________________________________ ________________________________________________________ ■ deposit account ________________________________________________________ ________________________________________________________ ■ money market account ________________________________________________________ _______________________________________________________ Types of property The two kinds of property are real and personal. 169 . according to English legal tradition. Write 1-2 characteristics for each type of account.
are viewed as neither real nor personal property. British and American English widely used terms in the area of finance BRITISH authorized share capital company creditors current account debtors gilt / gilt-edged securities overheads profit and loss account property quoted company share shareholder shareholder’s equity stock trade union AMERICAN authorized capital stock corporation accounts payable checking account accounts receivable treasury bonds overhead income statement real estate listed company stock stockholder stockholder’s equity inventory labor union Romanian equivalent capital social subscris firmă / societate/companie conturi creditoare cont curent conturi debitoare obligaţiuni de stat costuri administrative. de regie contul de profit şi pierdere proprietate (clădiri.Certain items. such as the atmosphere and the high seas. şi sau terenuri) companie cotată la bursă acţiune acţionar capitalul acţionarilor stocuri sindicat 170 .
L.: account sales ASAP sau a.s.o sau b/o: back order B. CUR. as soon as possible ATM: automatic telling machine attn.a. Stock: beginning-of-the month inventory BRE: Business Reply Envelope BSC business service center C cc carbon copies C& F: cost and freight ( a shipping term) 171 . sau A/C: account current A/cs Pay sau A/cs pay: accounts payable A/cs Rec.Annex A: Common Abbreviations and Acronyms A ACC.: accountant officer ARR : accounting rate of return AS sau A.: attention / for the attention of B B&B sau b.p.C.: bed and breakfast BBA: Bachelor of Business Administration BC sau B.S. sau A/cs rec: accounts receivable ACV: actual cash value adv.O. : building B.O. sau Bldg. pmt.and b. : before Christ B/E sau b/e: Bill of exchange bldg. : advance payment A.M. sau B/L : bill of lading b.
: days after sight E EFTPOS: electronic funds transfer at point of sale eg: for example enc enclosure .fwd: charges forward C.I.CEO Chief Executive Officer c/f: carried forward ch.: cash with order D D/A (en.I.: cost-insurance-freight (a shipping term) Co : company C.A.D.) 1.O.: cash in advance.: cash /collect on delivery CPA certified public accountant C/T: cable transfer CV: curriculum vitae C.O. Documents against acceptance 172 DAP: Documents against payment DB: day book dba: doing business as DD: direct debit deb: 1. debenture 2.W.: (en) discount dft: draft DN: debit note DPS: dividend per share d/s sau d. debit disc.F. deposit account 2.s. C.
head office 2. H HO sau H.hire purchase 2. Home Office HP: 1. first out.EPOS: electronic point of sale eps: earnings per share ERM: exchange rate mechanism ext extension F FIFO: first in. HRM: human resource management I IBRD: the International Bank for Reconstruction and Development I/F: insufficient funds ILO: the International Labour Organization IMF: the International Monetary Fund in: inch inc: incorporated inv.o.O.: inventory 173 . sau invt.: free of charge FMCG: fast moving consumer goods. f.: (en. GDP: gross domestic product GMT: Greenwich Mean Time GNP: gross national product.B.O.) 1.: free on board. G GATT: general agreement on tariffs and trade. horsepower HQ: headquarters . F.c.
IOU: I owe you IRS: Internal Revenue Service ISE: international stock exchange IT: information technology J JA: joint account JFK: John Fitzgerald Kennedy or airport K KK: Kabushiki Kaisha (Japanese : joint stock company) L LAN: local area network LBO: leveraged buyout. a management buyout 2. loss and damage l. loans and discounts 2.d. management by objectives MD: managing director MEP: Member of the European Parliament. L/C sau LC: letter of credit LCE: London Commodity Exchange 174 L&D: 1. first out Llds: Lloyds London FOX: London Futures and Options Exchange Ltd: limited M MBA: Master of Business Administration MBO: 1. .c.: long-distance call LIBOR: London Inter-Bank Offered Rate LIFO: last in.
Econ.MDSG: merchandising MIS: management information system Mr: the title used for a man Mrs: the title used for a married woman Ms: the title used for a married or unmarried woman M. (banking) personal account 2.Sc.: Master of Science in Economy mph: miles per hour N n/a sau n.c. 2. (commerce) personal assistant 175 .Sc.: number NPV: net present value NYSE: New York Stock Exchange O OD sau O/D: overdraft OH sau O/H: overhead o/s. sau MSc: Master of Science M.: not applicable NAG sau n.: net annual gain NASDAQ: National Association of Dealers in Securities Automated Quotation NAV: net asset value NBV: net book value n.g. (commerce) out of stock P PA: 1.a.v sau NCV: no commercial value nil: no number or amount NNP: net national product No.a. (accounting) outstanding.: 1.
a.: percent PCB sau p/cb: petty cash book PER: price-earnings ratio per cent: in or for every hundred PIN: personal identification number P/L sau p.: quotation R R: ratio R&D sau R and D: research and development re: with reference to ref: reference rep: representative Rev.: put and call (option to sell or buy stock) PAYE: (tax) Pay As You Earn payt: payment pc sau p. sau pm: after noon P/N: promissory note POS: point of sale 176 Q qr: quarter qty: quantity qtly. (insurance) particular average p.m. (law) power of attorney 4.l.3. sau Qtly: quarterly quot.: partial loss p.c.: per annum PAC sau P&C. a/c: revenue account ROA received on account RORO: roll-on roll-off RPI: retail price index .
to be announced Tessa: tax-exempt special savings account T/O sau TO: turnover TPI: tax and price index TSE: Tokyo Stock Exchange TT: telegraphic transfer TU: trade union U unp. sau SEC: Securities and Exchange Commission T TB: trial balance tba: 1.: without charge wkds: weekdays wkly: weekly 177 .c. World Bank w.E. sau unpd. to be advised 3. vacant 2.: unpaid USM: unlisted securities market USP: unique selling proposition U/W sau UW: underwriter V vac.: savings SE: single entry (accounting) S. vacation VAT: value added tax W W: wire WAN: wide area network WB: 1.S Sav.way-bill 2. to be agreed 2.C.: 1.
year 2. your Yrs.: extension Y Y: yen yr: 1.p.m. yours Z Z: (en) zero ZEG: zero economic growth 178 .: weight X x sau xtn.WO: work order w/o: without wpm sau w.: words per minute wt.
including cash. avânt 179 . securities. property a review of the financial records of an organization shows what the business owns and what it owes to its creditors and to its owners on the last day of the accounting period factory worker one who enters data in financial books a period of optimism. contabil accounts conturi creditoare receivable allowances assets audit balance sheet blue-collar bookkeeper boom debitoare rabaturi active audit bilanţ muncitor într-o fabrică contabil apogeu.high economic activity and relatively low unemployment cont contabilitate accountant economist. analyzing these results and suggesting the ways in which the business may grow in the future expert who is familiar with the methodology of finance and the fundamentals of fiscal and business administration and who analyzes and interprets business transactions accounts recording money owed to an payable organization or person for things or services purchased by credit accounts the claims against customers that owe money conturi special price adjustments for certain customers the things of value owned by the company.ANEX B GLOSSARY account accounting a record of the money that a business receives or pays out recording the past growth or decline of the business.
solduri reclama TV transport.brand brand competition bribe branch budget budget competition ATM chief accounting officer cash flow capital capital expenditure clearance sale commercial consignment consumer goods 180 a name used to identify the maker or distributor of a good or their trademark products that perform the same function and compete against each other money that is paid secretly and dishonestly to obtain someone’s help an office or shop that is connected to a larger company an amount of money set aside for a special purpose the broadest form of competition. interprets the results of the operations.installed outside banks to provide round-the-clock service controller responsible for maintaining the records of the company’s operations. included in this category is anything that the consumers might want to spend their available money on cash dispenser/ an automatic machine for supplying cash to cardholders.etc selling items at lower prices in order to reduce stocks advertising run on TV a quantity of goods delivered at the same time goods purchased by members of the public marcă concurenţă directă mită sucursală buget concurenta prin buget bancomat contabil-şef fluxul de trezorerie capital cheltuieli de capital vânzare cu preţ redus. livrare bunuri de larg consum . equipment. plans and recommends future actions the movement of cash in and out of a business money used to start a business money spent on buildings.
however.but notice is required for withdrawals and cheques cannot be used for making payments out of it a reduction in price allowed to customers referring to the home market costs incurred in connection with the earning of revenue working well and quickly.S.producing a good result in the minimum time producing the result that you want a system in which people who work in a company do a fixed number of hours each week.K.A) circulating(floating) assets:stocks. apt program de lucru flexibil 181 .) – Certified Public Accountant (in U.current account CEO cyberstore CPA current assets current ratio client deposit account discount domestic/ home trade expenses efficient effective flexitime a bank account on which deposits do not necessarily earn interest.at any time.debtors and cash at the bank measures the current assets against current liabilities someone who receives a service a bank account which pays interest. competent eficace. but can also choose what time they start or finish work within certain limits cont curent director general magazin virtual contabil autorizat fondurile active coeficient de lichiditate client cont la termen reducere comerţ interior cheltuieli eficient.even by cheque (Chief Executive Officer) the head of a company online store – Chartered Accountant (in U.withdrawals can be made.
etc detailed listing of all accounts of an organization a bank document arranging a payment for goods debts owed to creditors. wages or salaries owed to employees or taxes that have not been paid yet debts extending over a long time comerţ exterior profitul brut produs intern brut sediul central compania mamă venit.it measures activities located in the country regardless of their ownership the main office of a company company controlling shares in a company receipts from sales or payments of interest and dividends the percentage a bank pays to depositors for the amount in deposit a co-operative operation between two companies.foreign/ overseas trade gross profit gross domestic product headquarters holding company income interest rate joint venture ledger letter of credit liabilities long-term liabilities manufacture r materials market economy minority interests mortgage 182 flow of goods and services across national frontiers turnover minus direct costs one of the main measures of economic activity. registru scrisoare de credit pasive datorii pe termen lung a person or company that makes goods producător from raw industrial an economy where the market is economie relatively free de piaţă money owed to minority shareholders in dobânzi the company’s subsidiaries and datorate associated companies acţionarilor minoritari loan with properties and securities to be ipoteca paid . resources. sharing expertise. profit rata dobânzii societate mixtă cartea mare.
gross) operating profit outcome outlet output overdraft promissory notes with the current assets(on a balance sheet) promissory notes with the current liabilities (on a balance sheet) after everything is taken away (opposite gross) gross profit minus operating expenses consequence a place where sth.etc) the highest point of a fluctuation overspending overheads peak placement planned economy price range promotion publicity. can be sold quantity of goods produced arrangement with your bank by which you can withdraw more money than you have in your account buying more items than you can afford administrative costs and rates (power. promovare statele de plata brevete de invenţie 183 .water. pay-roll records patents supplying goods to retailers economic system in which economic decisions are made by centralized planners the area of variation of prices for a particular product to reach a higher rank company’s employees and how much they earn exclusive right given to an inventor to produce efecte de plătit efecte de primit net (op. debuşeu producţie împrumut prin descoperire de cont cheltuiala peste buget cheltuieli de întreţinere punctul maxim al unui ciclu de afaceri distribuţie economie planificată gama de preturi publicitate.notes payable notes receivable net(opp. brut) profit din exploatare rezultat vad comercial.
property land. a written acknowledgement of this period of relative stagnation or decline period of relatively rapid growth of output the sale of goods in small quantities to the public income statement.summarizes the profitability of the company by balancing revenue against epenses the budget for the goods that the business will have to buy first in order to sell register where purchases are recorded measures current assets. offices.buildings and store equipment insurance paid in advance period of relatively rapid growth of output an amount of money received over a period by an organization. expansiune încasări. clădirile firmei active imobilizate asigurări plătite in avans creştere.premises plant assets prepaid insurance prosperity receipts recession recovery retailing profit and loss account purchases budget purchase book quick ratio record of cash recruit refund 184 buildings. chitanţe recesiune redresare vânzare cu amănuntul contul de profit si pierdere buget de cumpărări registru de cumpărări rată rapidă registru de casă a recruta a restitui .from which are deducted the stocks against current liabilities register where cash is recorded to employ or take on new staff to pay back money spent proprietate.
venitul mare prima de capital personal participaţie sucursala studiu de piaţă stocuri comerţ balanţa de verificare funcţionar vânzare en gros 185 .Revenue (=turnover) share premium staff stake subsidiary survey stocks trade trial balance white-collar worker wholesale any increase in the owner’s equity resulting from the operation of the business measures the current assets against current liabilities the people who work for a company. its employees a number of shares in a company a company that is controlled by another company research undertaken among consumers inventories(USA). goods stored ready for sale buying and selling the test that determines whether the total of debits equals the total of credits a clerical worker in an office buying and selling in large quantities cifră de afaceri. its personnel.
her. b) me. b) Does it rain…?. A: Is. 5-f. d) it. A: am. e) were. 4-a. (8) works. (9) does. b) Zero article. 3-e. c) Dogs. e) ’s. c) an. she. appendices. 8) a) accompanies. i-T. b) Is. i) has. i) misses. yours.?. e. d) is. j) are. f) my. a. h. B: am: c. c-T. (7) are. c) ranks. d. f) is. 5) a) ’s. 2) a. f) me. d) was. f-F. g) have. him. (3) is: (4) do. she. d) Do your parents like…?. e) the. a. d-T. e-F. e) mice. d) dictionaries. (2) isn’t. yours. j) attracts.. 2) a) he. animals. f. media. f) books. Zero article. A: Are. e) are f) are g) is. B: isn’t. c) his. 6-a. g-T.Answer key UNIT 1: MEETING AND GREETING PEOPLE READING COMPREHENSION: 1) a-T. b) ’s. b) her. (5) writes. e) Do the shops close…? f) Do you attend. b) wash. shelves.F. 2-b. f) Zero article. d) the. b) boys. is. (6) don’t. theirs. 3) a) his. Reading 4) (1) makes. B: is. b. White read…? . g) the. g) newspapers. cats. B: am not. am. d) I. yours 4) flowers. e) her. her. GRAMMAR: 1) a) a. B: are. her. h) is. A: is. hers. c) Does Mr. c) have. B: it is. j-T. g) Does he know…?. b-F. friends. f) ’s. 3) 1-d. A: Are. A: are. (10) write. 6) a) Does Mary understand…?. c) us. h) Do these magazines publish…? 7) a) have. e) their. d) ’s. c) ’. me. 186 . h) have.
b. The earlier…………the better. 4A. occupation. 2. 4.the better. friendly. The higher …………the colder. professional. expensive. f3. a. A clever middle-aged Armenian lawyer. 2E. g. 2. e. e. An attractive 23-year-old Dutch girl. 2) a. b. PART-TIME ………. 187 . d. . g. salaries. 3) a. 4G. 7D. c5. He wears a long black leather coat. OVERTIME. c. 6I. largest. She is wearing tight striped jeans. d. thickest. f. 8F. professions. 1D.Answer key UNIT 2: JOBS VOCABULARY DEVELOPMENT 1. c. b. GRAMMAR 1) a. 1C. e4. e.. LAYING OFF. d. frightened. 5. b. d. occupation. 7G. 3J. f. c.better. APPLICATION. 5H. c. more popular. wages. Less and less………. faster. 5H. e. c. 9E. b. b. 4) a. FREELANCE. 3 c. 6. 2I. c.. attractive. Stronger and stronger…. The sooner………. delicious. d. 3. d6.. 9A. 3J. f. a. The more………. SKILLS. b.. QUALIFICATIONS ………… EXPERIENCE. d. FULL-TIME. 8F. Fewer and fewer…………. 1 b. 10B. a2. b1. 6C. 10B.
f. hard . managerial d. So did we/I. 10) a. 9) a. carefully. h. nice. c. softly. So would I 11) ANS: c 188 . My friend spoke to me very kindly in the street the day before yesterday 6) a. happy. b. b.slow …………slowly. sad. f. g. k. Easy b. b. strong tea. f. j. 8) a. d.low-rise d. d. profitable. occupational b. An interesting small silver box. lengthy meeting. slow. c.soft e. Neither do I. e. Neither can I. carefully. broad summary. i. g.e. c.low. well. d. 7) a. e. e. powerful car. They negotiated aggressively for five hours b. poor. John read very much at home all day yesterday c. fast.low c. So am I. Amelia has long wavy gingery-brown hair 5) a. easily. So have ours. f. l. e. skilful c. great detail. So shall I. clerical e.
h. e-didn’t she.g. c-6. 5-a.a 7. have. 7. 1. 9.Answer Key UNIT 3: SOCIALISING IN BUSINESS VOCABULARY DEVELOPMENT 1. i. a-2. 13. 6. 4.e. 1-e. 1. 3.a.b. Which director complimented Daniel? e.c.b. 10-d 9.f 4. 6-h. 9. h. c-5. 6. f-3 11.a 3. 9-b.d. Who did we work with? b. e-1.a 189 .b.b. 10-d 10. 6. j-didn’t he. e-1/3/5 GRAMAR a.e.g.welcome. 9. 5. 11.e.b. g-are you. How many people visited the plant? 2.e.c. g. 7. 4. 1. 4. 12. 2. Pleased to meet you/ Nice to meet you/ How do you do.c. 8. c-doesn’t it. 2.d. 7-i. 5. Can/may.b. a-didn’t you. 8. 7-i. 2-c.c.f. 3.h. 2.j.d. 2. 10. c 8. Who invited Michael to visit the company? / Who did the manager invite to visit the company? d. 5.would you like. 2. 5. 4-g. 7.c. i. 8-f.c. d. 7. 4. 2. b-okay/all right 12.c. b-4.b. 5.b. 6.f. j. 9-b. 7.g.didn’t she. 1. What are you interested in? c.wasn’t she. Did you have. 14. 1. 2-c. Do you take/Would you like. 3. 4-g. a . 3. 4.b. 8. 3-j.c. a. 4.will.b. 5.a. 8. 1. 5-a. d-1/2/5.d. 2. 10. 8-f. h. b-is he. b-4.d 5. 3.i.d.a. 15.f 6. 3-j. d-5. k-shall we. f-am I. from/with. 2. 3. d-won’t you.2/5. 6.a. 3.i. 6-h.1-e. 6.b. 3. 9.a.
f-going. signed. e-has to. collectors.a-must. c-could have warned. 4. 4a. I. b-need not. 1b. b-make a living. e-spare time. 3d. 7c. e-Davis. f-side-effects. e-playing. 5. b-could. 2a. -----a-may. 2. c-should. with. 2. f-must have been ----. a-Axel. d-false. b-going. 2f. fmust/will have to 5. b-Tsukahara. at. of. playing. a-true. d-can’t/couldn’t have done. b-may. d-financial reward. signatures. g-personal fulfillment. b-may. d-ought to. g-true. 4h. c-Lutz. d-doing. f-will be able to 2. e-true. e-needn’t have spoken.-------a-can. 3a. 6b. e-can/could. b-false. to pay. e-was able to. 5b. GRAMMAR 1. f-may 3. ------a-has been allowed. h-false.Answer key UNIT 4: HOBBIES AND INTERESTS READING COMPREHENSION 1. photographs. e-would rather. 1d. 6c. d-may. h-doing. c-ambling horse. a-doing. c-could.a-leisure. letter. c-true. Biellman. f-should 190 . d-might. VOCABULARY DEVELOPMENT 1. c-won’t be.a-must have left. b-may/might have escaped. auction. for. to. c-playing. II. gdoing. c-can’t. d-Frances Pomeroy Award. 5c. of. with. to. 8g. ----. e-can 4. h-falconry. 3. c-may. 7e. manuscripts. d-must. -----a-don’t have to. f-false. b-I’d better. prices. d-managed to.
Numbers 7 and 8 are recorded messages. 2. have been driving. 8. c. 14-11. arrives.PS. 7. has (‘s) been raining. 5.b.c..bear with. 2-2. 4.10. 7. 3.come up.Answer Key UNIT 5: OBTAINING INFORMATION: TELEPHONING VOCABULARY DEVELOPMENT 1. 10-8.6. PS.PS. gets. g. Janice Young. GRAMMAR 1. a. p. leaves.b.l. 6. do…make. d. 9. 2. have (‘ve) played. 7. 4.has worked. h.o. has announced. 6.’m seeing a new customer. depends. look forward. a. do.a.n.7. 1.have to.c. 2. 7. line 1 in the exercise is actually line 14. 5. 11. b. put out.d. 6. 8-7. is. i. h. r. 4.e. 3.PP. takes. 4.b. d. a.d. 9. 6.9. 4. 7-4. Do… want. pin down. does…cost.e.d. 2. pencil in. 10. 4-5. g. f. 3-1. Graham Hughes.a. 4. starts. 2. h. 3. 7. 5. 1.have known. 12-9.g. b.b.PP.PP. 6.c. 8 draw on. 1. 10.2. 13-12. 3.f.e. need. 9-3.PS. 1. 9. 2. 5.PS. is off. 8. 3.4. 5.8. g. 6-6.’m visiting our London office. have you been waiting. 3. a.PS. c. 191 . a. 4. 2. 1.. 1. f. 2.f. e.5. 2. 2. have been reading.d. 5-15.1.d. 3’m not doing anything special. 4. tied up.i. e.10. 15-13.q. has been working. 1. 5. a.3/6. 5. 3. j.k. i. d.PP. 11-10. 1. put off. 3. 12.
( 20) heated. (17) made. (21) worked. d) T. (16) tried. d) had appointed. b) F. (6) realized. (4) set up. (8) had. 3) (1) met. 5) a) had he gone?. (18) cut. f) did…hire? 2) (2) knew. (19) painted. c) had already chosen. (9) was. (7) were having. (3) noticed. e) F. (6) were. f) had invited.Answer Key UNIT 6: HIGHER EDUCATION AND CAREERS: “SPIRU HARET” UNIVERSITY READING COMPREHENSION 1) a) T. (7) rained. (13) didn’t have. 4-C. (11) decided. 5-E. e) had grown. 4) a) had gathered: b) had given. d) Did…visit?. b) had left. (8) said: (9) was coming. (12) succeeded. 192 . (2) was travelling. e) placed. c) had played. (15) started. h) had begun. study…. (4) was standing. h) hadn’t signed. (23) began. (10) didn’t want. (5) found. c) T. 6-B GRAMMAR 1) b) Did…. g) had finished. (14) didn’t know. (5) were waiting. 3a)1-F. d) had finished. (10) remembered.?. e) had broken. c) complained. (11) were having. 2-D. f) hadn’t studied g) had put.( 22) improved. (12) accepted. (3) used. f) T. 3-A.
2e. c-true. g-leaves. 3b.. f-will have sold. i-true. development.. adjustment. 7b. 7f.a-will have found. b-true. 3f.a-will be starting. 3a. c-will she be living.. 5……. 5f. 6c. d-false. d-will have manufactured. 193 . d-takes off. 1d. e-is leaving. 5a. e-will have gone. c-will have built. BUSINESS WRITING b. level.1c. f-true.1d. 7…….. VOCABULARY DEVELOPMENT 1. 6b. 4c. d-will be investing. agreements. 3a. 2b. 3……. 4b. d-monitor.a-is making. arrive. 3a. 2a.. state. 5b. 5g.1c. h-false. c-are starting. b-will be working. democratic. 8a. 2a. GRAMMAR 1……. 6d B-----a-bilateral agreement. g-true. trade. b-leave. take. 5a. f-are being held. f-will be holding. member. c-membership. 6d. 4b. 4a. b-summit. 2. 2……. c. 2e.. 4……. 8h. e-will be building. 6d. b-will have finished. 5b. a. integrate.Answer key UNIT 7: EUROPEAN UNION MEMBERSHIP READING COMPREHENSION a-false. membership. e-false.. 4a. 6d. A-----1c. 4f. 2e.1c. 6……. 3e.
2. c. Functional structure.j.d. 5. Reduce costs and take advantage of new technology. 4. 1. b. 7. He said (that) he thought a joint venture was the best way to break into the Far East. 9. b. 3. functional.e. c.a. A flat organisational structure.f. He said (that) he had been talking to a group of investors in Asia.g. 6. a. e. d. e.d. 2. B. 3. 3. d. 4. 7.by. agreement. project teams. He said he didn’t want to diversify in the immediate future. the functional structure. 4. 1. c. 1. 2.e. a.f.a. c. a.h. 10.d. 7. a. matrix.g. 5. Organisation along product lines. f. 8.i. d. business units.economic. c. 4.b. Matrix structure. product lines. Yes. d. e. product lines. through. b. 3. country managers.c. e. geographic. a. He said (that) he was/we were not planning to set up a subsidiary. b. 5. 194 . 2. a. organisation. b. A.c. He said he would be sending Stuart Campbell on a factfinding mission. d. 2. 8.b. VOCABULARY DEVELOPMENT 1. c. 6.h.g. c. 7.f. b GRAMMAR 1. b. 6. e. 9. Geographic structure.a. 5.up into. 6.e.software companies. a. During the 1980s.competitors. He said we shouldn’t attempt to move too fast because we might get our fingers burned.b. on. d product.Answer Key UNIT 8: COMPANY ORGANISATIONAL STRUCTURES READING COMPREHENSION 1.i.along.
9. enclosing 5. 2. 4.3. Have you got any idea how much time there is left? 5. A. 195 . 2. 4.7. b. 4. 5. 2. f.1. 3.2. She asked me if I had seen Bernard yet. am afraid. 3.8. Enc. Someone asked her where the restaurant was. Yours sincerely. Could you tell me if you are open on a Saturday? 3. 1. 3. He wondered if/whether I had got his message. 2. Someone asked her why the flight had been delayed. 2.c 2. 4. She wanted to know if/whether he would be taking his wife with him. 10. h. Mr. reference.d. Someone asked her where you can get a shuttle. 5.b.a. e. questions. 12. 2.4. 3.d. g 4.a. 3. contact. Daniels. a.b .c.b.b. 1. 11. look.c. d. 1. 1.b.6. 3. 4. hesitate. g. 1. 3. 3. 3. g BUSINNES WRITING 1.a. 1. conversation. hearing. require.e. 2. c. e.9. 13.a. 1. 1. e.d. 4. e.f. 7.c. 2. Someone asked her where they could leave their suitcases. Someone asked her where the duty free was. h.e. 2.c.d. 8.f.a. 6. 5.5.2. 4. i. h.
4. 5. h) breakeven point. l. 1. 3b. 2. g) output. We look forward to hearing (13) from you soon. h) F. b. e. j. n. d) F. 4. Yours faithfully (14) D. 4. d) unfilled sales order. m. 1. 4. c) F. i) F. i. f) T. k.Cliff Managing Director Replying to letters of enquiry 196 . 3. g. b) T. g) T. c) regulatory state commission. We would therefore appreciate (10) it if you could (11) send us your latest (12) catalogue and price lists. 1. we are interested (8) in purchasing (9) some new vehicles. 2c. 4e. BUSINESS WRITING Letters of enquiry 1) a. 2. 3) 1 d. 4. f) market share. 2) Dear Sirs. We have seen (1) your advertisement of (2)Aro Vehicles in (3) the June issue (4) of “Capital” We are a large company which (5) specialises in (6) overland safaris for tourists and since (7) our business is expanding rapidly. We would also want to know if you are offering any trade discounts. c. e) F. 4. VOCABULARY DEVELOPMENT 2) a) shipment. i) revenue. 5a. h. 3. b) supplier. e) backlog. d. f.Answer key UNIT 9: ACCOUNTING READING COMPREHENSION 1) a) F.
b. and sending out one (12) of our most experienced technicians / engineers (13). 7. e. which will be of particular interest (18) to you. we are (10) shipping two of our Aro vehicles /models (11) to Nairobi. g. If we break into the Bulgarian market. 4a. Thank you for (1) your letter of (2) 25 June enquiring about (3) our Aro vehicles. who will be staying at (15) the Grand Hotel. Nairobi. 1. As we have (8) received a large number of enquires (9) from all over East Africa in response to our advertisement. carried out by ourselves. I will spend the night in Bucharest. c. Cliff. b.3) a. The Aro vehicles that we are sending out underwent 17) special modifications. 3. i. our turnover will increase substantially. 3e. 5d. Ionescu. 4. Zero conditional: 1) 1b. We look forward (19) to hearing from you. c. 5. 4) Dear Mr. 2f. We have (4) pleasure in (5) enclosing our latest brochures and price list. Yours sincerely (20) GRAMMAR If clause I. 6c 2) a. if you would (16) like to examine and drive these vehicles. h. 6. e. If sales don’t go well this year. If you order now you ‘ll get a free gift. 5. 6. If you give us a 5% discount we will make a firm order of 10. k. We suggest (14) that you should contact Mr. d. f. j. 000 units. we’ll try to reduce our costs. If the meeting finishes late. d. 2. 2. 197 . between 10 and 30 July. Please note (6) that the prices quoted do not include (7) insurance and delivery. 3.
If I invented a new product. I would apply for the job if I had a degree. ii. If you had left earlier. e. e. I would have met you at the airport. I’m leaving now. we might have won the order. f. c. d. b. c. e. b. We won’t be able to do business with you unless you comply with our ethical policy. If we had had the right figures. 6) a.3) a. 198 . I would have stayed at the airport hotel. we could have lost a great deal of money. If you increase sales by over 15% the company will pay you a performance bonus. 4) a. we could have avoided a costly error. c. f.ii. I would patent it immediately. d. If I had known that you are coming. b. ii. If we had followed his advice. you might have got there on time. If the flight had been delayed. I’ll be back at noon if the traffic is not too bad. If we had offered large quantity discounts. If I were chief accountant I would insist on having more staff in the accounting department. ii. but unfortunately I am still an undergraduate. d. i.
2b. c-received. risk. offer. she was promised. 6d. b-I had my documents translated. b. a-will be developed. credit. 2. c-true. catalogue. 5d. b-immediate help was promised. e-has just been written. 2a. she is owed. d-had them painted. b-false. b-have been improved. fill. 2. 4a. order form. 6. expense. 1a. e-is being extended. difficulty.Answer key UNIT 10: BANKING READING COMPREHENSION 1. 3d. 10j. f-can be understood. payment. 4. 6f. order. 2. BUSINESS WRITING 1. shortage. b-maturity. f-borrower. 6e. send. f-are advertised. c-he wanted to have the report finished. e-to have the puncture mended. d-will have to find. d-true. 3a. 1b. d-the answer will be given. he was offered. 9i. leaving it. 6h. delivery. 7a. 5. c. GRAMMAR 1. c-money was paid. 5c. 3a. 4. b-have it shortened. c-have it cleaned. 3d. f-details were given. f-are repairing. 3. a-mortgage. b-will be said. g-will have to be adopted. sorry. 4e. a-a good job was offered. 1d. d-I’ll have my visiting cards printed. 2. they were paid. d-will be exhibited. 2f. a-was given. shipment. d-had been identified. 8b. c-graft. he was given. 1e. c-instalment. g-have sold. b-could put. 7e. a-made. 5c. VOCABULARY DEVELOPMENT 1. 199 . have ordered. 8g. cancel. 5. f-true. d. discount. 5c. d-down payment. 3. a. e-will deal with. available. a-we had another window put in. a-false. e-leasing. 4a. c-were eliminated. 4-dole. we will be given. 2c. c-had been cut. b-interest. a-pension. e-false. e-money is owed. a-are having one built. 4b.
d. liabilities. k. j) I am TRANSFERRING my 200 . h. balance. c) Please acknowledge receipt of the enclosed cheque and CREDIT our account accordingly. (trading) profit. Quiz: How to Analyze a Balance Sheet 1) a. overhead. fixed assets. liabilities. d) Please supply the goods as soon as possible and DEBIT our account. corporation / income tax. h. depreciation. 2) (Accounts Payable) 3) (Current assets – Current Liabilities) 4) (Retained Earnings) 5) (Book value excludes intangibles) 6) a. e. i. b. f) Your expenses can be paid straight into a bank account NOMINATED by you. b. teller. f. cashier. f. interest. advertising costs. f. l. b. 7) Have you KEPT an account of expenses? b) The account doesn’t BALANCE because a credit has been wrongly entered in the books. d. dividends. operating costs. i) We enclose a debit note showing the amount due and look forward to the SETTLEMENT of your account. deposit. revenue. retained profits / earnings.Answer key UNIT 11: FINANCIAL ACCOUNTING VOCABULARY DEVELOPMENT 1) a. credit. c. g. debit. c. d. assets. withdrawal. h) The account was RENDERED on the 15th of August and is now overdue. intangible assets. equity. statement (of account). g. g) The deposit account OFFERS a high rate of interest but withdrawals require 90 days’ notice. j. i. pre-tax profit. e. e. depreciation. cash. double-entry book keeping. variable costs. i. j. e) Please GIVE me a detailed account of the meeting. distribution costs. c. g.
Gl 1538 and the proceeds will be credited to you as soon as Finish Trust receives the documents. 2. your account is sixty days OVERDUE (5) We will. Dear Mr. dated 11 January.bank account from the city centre branch to one nearer my home. James Re: Invoice 32448 I am writing to you once again regarding the above invoice. Savolainen We have instructed our bank to ARRANGE (1) for a letter of credit for € 4.92 to be PAID (2) against your INVOICE (3) no. However I’m prepared to give you a final opportunity to SETTLE (7) your 201 . Numeric response questions 1) D. we have not yet received your REMITTANCE (2) or a reply to our previous requests for payment. as of today. BUSINESS WRITING 1. of course. This invoice is still OUTSTANDING (1) According to our records. k) The account will be UNBALANCED.850. Under the terms of our contract you UNDERTOOK (3) to settle within thirty days of receipt of our invoice. for the exhibition equipment we supplied to you. you would appreciate the effect that late payments have on our CASH FLOW (4) and therefore. dated 18 February and 15 March. which would involve you in additional legal costs. that as the owner of a small business yourself. 2) B. We felt. Dear Mr. be able to recover the DEBT (6) through the courts. had expected to receive your remittance some time ago. However.
account. Unless I receive FULL (8) payment within the next seven days, you will leave me no alternative but to put this matter into the hands of my solicitor.
Subjunctive Quiz I 1. a) Her employees treated Mrs. Ionaşcu as though she were a queen. b) It is essential that she be at the meeting c) I hope that he finishes his job on time d) The doctors recommended that she take a holiday e) Suppose she were here. What would you say? f) I think it's an interesting fact that she comes from Estonia. g) The landlord requested that John move out of the apartment h) We want the windows to be washed before Saturday. i) She says that the government regulates the airline industry. I don't know if that is true. j) The office administrator demanded that the heater be repaired immediately. k) It is important to remember that Janine thinks very differently from you. She may not agree to the changes you have made in the organization of the company. l) The doctor recommended that she should see an eye specialist. m) The teacher insists that his students arrive on time I demand that she immediately apologize for what she just said Subjunctive Quiz II 2. a) The boss insisted that Mr. Predescu not be at the meeting. b) It is important that you be standing there when she gets off the plane. c) We suggested that you be admitted to the organization.
d) It is crucial that a car be waiting for the boss when the meeting is over. e) I suggest that you not take the job without renegotiating the salary. f) Jake recommended that Susan be hired immediately. Financial accounting terms How many of these questions can you answer? 1. 2. 3. 4. 5. 6. C C C A; E; F a. F; b. F C
Answer key UNIT 12: FILING SYSTEMS
1. a-false, b-true, c-true, d-false, e-false, f-true. 2. 1b, 2a, 3c, 4b, 5b, 6b.
I. 1d, 2a, 3b, 4f, 5c, 6e. II. a-digits, digit, b-hardware, c-filing, d-software, e-folders.
1……..a-dealing, b-giving, c-flying, d-becoming, e-finding, f-learning. 2……..a-getting, b-visiting, c-seeing, d-hearing, e-finding, f-taking. 3…….a-working, b-reading, c-working, d-standing, waiting, e-meeting, f-laughing, speaking. 4…….a-being late, b-travelling, c-punishing, d-waiting, e-resigning, f-meeting. 5…….a-buying, b-laughing, c-missing, d-helping, e-travelling. 6…….a-working, b-buying, c-leaving, d-telling, e-staying.
1. customers, complaining, refund, shipment, complaints, error, protection, instructions. 2. b, d, a, c.
Answer key UNIT 13: INTERNATIONAL TRADE
1. a. skilled; b. currency; c. the former; d. smoothly; e. the latter; f. embargo; g. carriage forward; h. carriage paid; i. handling; j. consignee; k. freight (cost); l. packaging; m. customs duties; n. consignment; o. load; p. non-negotiable. Multiple Choice Questions 1. C: foreign exchange 2. B: Saudi Arabia 3. C: a house bill for each consignee 4. D: Bill of Lading 5. A: Make imports cheaper
Apology for delay in shipment – 1. Dear Mr. Boyanov I’m sorry that we have not BEEN ABLE TO deliver as scheduled your shipment of rugs from India. Unfortunately, the dock workers’ strike in Contanţa has prevented the UNLOADING of the ship. I expect that the strike will be over soon and that we can deliver your shipment within the next month. I apologize for the DELAY and inconvenience this HAS CAUSED you. I will notify you as soon as the strike IS over. Yours sincerely Marin Nedelcu
Apology for damaged shipment – 1. Complete the following business letter choosing the appropriate word or phrase from the list. MODIFY its form where necessary. Not all the words should be used. Use standard English spelling (to order, to want, to cause, to sell, to purchase, to tell, to contact, to be able to, to be, to make, to arrive, to serve, to cancel) Dear Mr. Boyanov I’m sorry to learn about the damage to the sofa that you PURCHASED from us last month. Our driver has determined that the damage occurred in shipment (most likely from the manufacturer’s warehouse to our store). I’ve ordered an exact replacement from the factory, and I’ve been TOLD that it will take four to six weeks to get here. I’ll call you as soon as it ARRIVES, and we will arrange a convenient time for delivery. I am sorry for the inconvenience this HAS CAUSED you. I’ll be in touch very soon. Sincerely, Bob Chamberlain Manager Vocabulary development Business idioms 1) 1F; 2C; 3H; 4D; 5G; 6A; 7B; 8E 2) a. Just by using the keypad on your phone, BCRPhone Banking lets you PAY BILLS from wherever you are. b. The BRD Euro Account allows you to PURCHASE GOODS in local currencies without paying any exchange rates. c. All you need is a modem or Internet connection to DOWNLOAD FINANCIAL DATA onto your personal computer.
d. You can MAKE A DEPOSIT by post at Bankpost branches e. On line banking services lets you TRANSFER FUNDS from one account to another quickly and easily. f. The Citicard allows you to WITHRAW CASH from cashpoints around the word. g. With Citibank, you can EARN INTEREST on your current account balance. h. Just fill out and return the application form or call a Ţiriac Bank representative to OPEN AN ACCOUNT. Banking collocations 3) a. Transilvania bank has launched an INTEREST BEARING ACCOUNT for small businesses and charities. It allows up to ten free withdrawals a month. b. I am not sure if the two spouses hold a JOINT ACCOUNT with our bank. c. Business is slow, our CURRENT / CHEKING ACCOUNT is IN THE RED d. He has admitted that he has money in his SAVINGS ACCOUNT but still he said he would not pay. 4) a. The bank is CHARGING a minimum rate of 9% for the loan. b. They CREDITED the money to his wife’s account. c. Some cash machines REVEAL information about accounts. d. It may be easier to DRAW money from your account than to pay money in. e. She DEPOSITED the cheques in her account. Confusing financial terms 5) a. I haven't got enough money for lunch. Could you lend me some? b. How much does she earn in her position?
We are looking for a LENDER who offers reasonable interest rates. e.. V-aţi lovit la cap? Ea este şefa compartimentului contabilitate. Ea are spirit întreprinzător……. Preţul acţiunilor a crescut azi la Bursa de valori. Ştiu că pot să mă bizui pe ea.. Ne întâlnim la capătul văii. Guvernul plănuieşte să transforme Giurgiu într-o zonă de…. Vă rog daţi-mi un raport detaliat al şedinţei. Îţi ţii banii la Bankpost/ Lucrezi cu Bankpost? Ţărmul era abrupt …. Trebuie să depunem acel cec la bancă pentru a evita…. I think that our BORROWING. 6) The first has been done for you: The contract is not negotiable (to negotiate) g. He's an excellent doctor. To get the loan we had to use our brand new Toyota as SECURITY Polysemantic words 7) Ţineţi/aţi ţinut evidenţa vreunui cont de cheltuieli? Furnizorii noştri trebuie să răspundă pentru întârziere. f. Nu am un cont bancar încă. We charge each BORROWER a fee of €50 to arrange a loan h. (IMM-uri) 208 . Can we have the bill please? d. Vom înfiinţa o nouă întreprindere. Trece-o în contul meu. Exporturile reprezintă 42% din vânzări.. Am cerut ca mărfurile să fie achitate din contul meu de credit.c. This year we will pay a DIVIDEND of 1 RON per share k. but he doesn't charge too much. Agentul comercial făcea o vizită unui beneficiar/ client important. j. is now under control. We only exchange goods if you produce a receipt. i. România este acum o economie bazată pe libera iniţiativă. Salariul meu este achitat în bancă. It was a very good dinner. Compania de calculatoare are o segment de piaţă de 25%. Marea majoritate a companiilor din lume sunt întreprinderi mici şi mijlocii. Trebuie să ţineţi cont atât de calitatea cât şi de cantitatea mărfurilor produse. We expect prices to rise by at least 4 percent.
Keep books. d. Write off. Ieri am urmărit un spectacol muzical. In the red.Ea a fost concediată pentru rezultate slabe /prestaţie necorespunzătoare. 209 . b. e. b. c. 4: bottomed out. Cum putem să îmbunătăţim activitatea de vânzare? Din ce în ce mai multe companii adoptă un sistem de plată bazat pe realizări. 8) a. 1: took over. Break even. d. 1: take stock. Idiom Quiz 9) a. Trebuie să se aibă grijă în îndeplinirea acestei sarcini. Go over the books f. 2: at a loss. Carry over. c.
g) Bulls are spectaculators who expect a rise. f) a) un vot. g) will be. c) skiing. c) NASDAQ. to found.Answer key UNIT 14: THE STOCK EXCHANGE READING COMPREHENSION 1) F. d) to set. e) reached. 40 F. watching. e) to preside over a meeting. g) at par SPEAKING 1) a) One-man business.3-c. e) notified. d) Clauses. c) I have been. to float. c) the Preamble. c) society is a non-profit association. 7) T VOCABULARY DEVELOPMENT 1) a) a stock exchange. 3-c. b) shares and bonds. e) price. 5) T. bears are spectaculators who play for a fall. b) o opinie. f) will play. 6) T. had already arrived. b) Did you hear. 2-d . to form. 210 . 3) T. b) a sales contract. f) NYSE and Amex 4) a) liabilities. b) share. i) had met. d) proxy. GRAMMAR 1) a) seeing. f) registered. comes back. f) The Payment Clause 2) 1-e. c) auditors. d) bond. e) seeing.4-d 5-e BUSINESS WRITING (contracts) VOCABULARY DEVELOPMENT 1) a) a contract. b) gardening. had begun. 4 –b. h) will play. 2-b. j) found out. f) relating. to launch a company. partnerships. d) arrived. companies. b) bonds. 3) 1-a. 2) a) am teaching. 2) F. d) standing. e) debenture. 5-a.
c) will play. 211 . g) …deeds were better than words when people needed help. b) …. d) don’t tell me. f) …I defied him to prove that he had lied to you. e) ran into.b) don’t run.the conference would bring about greater international cooperation. f) looking for. e) …the judge would decide the case the next month. g) wakes. f) is. c) get on.4) a) back you up. you’ll. would be desperate. 5) a) is . see. h) …he wasn’t coming with him and that was his final word. h) I’ll speak. c) …it was still raining. d) come down. will leave. d) … what day it was. e) had dried up. 6) a) who the woman in black was. b) find out. have.
e. running costs. in c. d. e. security. out of pocket. d. T. b. k. T. in d. a. in 2. items of expenditures. 4) a. e. by e. overdraft. working capital. savings. 2. 2) Internal sources short term long term Sale and lease retained profits back agreement factoring External sources short term long term bank overdraft share issues hire purchase bank loan Leasing VOCABULARY DEVELOPMENT 3) a. g. F. at f. asset. money retained in the business / retained profits. leasing. T. c. factor. with d. d. f. a. c. f. by b. up b. c. fixed capital. h. hire-purchase. raw material. j. GRAMMAR 1. in Review questions on sources of funds: 1. i. …of e. d. sale and lease back agreement. to c. on tap. interest. b. repayment. a. h.Answer key UNIT 15: FINANCIAL MANAGEMENT Reading comprehension 1) a. 212 . T. 3. return on capital. j. to. shortage. i. retained profits. b. g. c.
WRITING Write a 100-word paragraph to compare and contrast the sources and uses of long term funds Speaking Discuss in small groups on the following topic: A dry-cleaning company which is a private limited company wishes to employ additional labour for a short-term contract with the US Air force based in Kogălniceanu.000. How might it reasonably try to raise the extra money? 213 . This entails outlay of approximately $15. Constanţa county.
IRREGULARITIES. DEFAULT ON. CAPITAL EXPENSE. bonds. b. LOAN. pension. f. b. standing order. INVESTMENT. f. d. h. TAKE OUT A loan / DEFAULT ON a loan. All EXPENSES paid. loans. OPERATING COSTS. e. m. e. DEBT. overdraft facility. d. TO BE IN debt / PAY OFF a debt. SUBSIDIARY. e. b. l. j. 5) Cash machine/dispenser/point Cheque book Internet banking Credit cards Foreign currency Safe banking Deposit box /Safe deposit box Cash book 214 . BANKRUPT. d. g. 2) a. c. c. BALANCE SHEET. c. FUND. i. FILE FOR bankruptcy. PROFIT AND LOSS ACCOUNT. k. Make a LOSS / TAKE A LOSS/ RUN AT A LOSS. LOSS. Capital EXPENSES. GO/ BE bankrupt.Answer key FURTHER READING FINANCE READING COMPREHENSION 1) F 2 ) T 3) F VOCABULARY DEVELOPMENT 1) a. g. 3) a.
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