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Preparation unit 6

4 succes
Vocabulary
1. Ultra
2. Under
3. De
4. Over
5. Co
6. Re
7. Mis
8. Out
9. Ex
10. Multi

Skills
1. Increase
2. Give
3. Repeat
4. Deliver
5. Make
6. Lower
7. Saying
8. Is
9. Ask
10. Planning
11. Make
12. Leave
Writing :

5 Job Satisfaction
Vocabulary
1. Match the words and phrases
1. Appraisal assessment
2. Take industrial action go on strike
3. Autonomy empowerment (het lot in eigen handen nemen)
4. Bureaucracy Red tape
5. Burnout breakdown
6. A compensation package remuneration
7. Perks Fringe benefits
8. Golden handshake severance payment (ontslagvergoeding)
2. Complete each sentence
1. Frustration
2. Satisfied
3. Recognized
4. Motivating
5. Frustrating
6. Recognition

Unit 6: Risk

Starting up
A. yes, in a certain way Iam a risk-taker. Since this year I am active in a
student union, and Iam responsible for organizing the parties and our
galabal. At the end of last year I had to make this decision, not knowing if I
could combine it with my education. But last semester I proved that it is
possible to combine those two thing and having good grades.
B.

Travel Lifestyle Money Shopping


Car Drinking alcohol Property Online
Plane (the Poor diet Stocks and shares Mail order
safest
transportation
Train Smoking Saving account Private sales
Ship Jogging cash Auction

Red : highest risk


Blue lowest risk

C. Financial risk : They could go bankrupt


Environmental risk : there could be unforeseen circumstances like an earthquake
or a flood.

Vocabulary
A.

Predict Meet Asses Manage


foresee Face Anticipate Spread
Identify encounter evaluate Eliminate
measure Evaluate
prioritize Reduce
Minimize

B.
1. E Credit crunch: the loans to the bank
2. F
3. G
4. D
5. C
6. B
7. A actuaries: calculate the risks to do let those companies know how
much money they should ask from the clients.

C. These adjectives can be used with the word risk


1. Slight
2. Great
3. Minuscule
4. Considerable
5. Potential
6. Immediat
7. Huge
8. Remote
9. Serious
10.Negligible
11.Significant
12.Imminent (coming any time soon, very likely to happen)
13.Substantial
14.Terrible
15.Tremendous
D. Of the adjectives in Exercise C, which describe

High level of Low level of risk Future risk Very near


risk future
Great Minuscule Potential Immediate
High slight Substantial Imminent
Serious negligible Significant
Terrible immediate
Tremendous remote
huge
significant
Substantial

E.
Listening:
A. Give one example of internal risk and one example of external risk
Examples internal risks: injuries to employees within a factory, a fire in a
warehouse
Examples external risks: an earthquake, a tsunami affecting a site, a change in
exchange-rate mechanism
B. Complete the chart
Hazard 1 = hurricanes 2 = floods
Operational 3 = employment risks
Financial 4 = a lack of liquidity within an organisation
Strategic 5 =looks at the area of competition 6 = the availability of new
technologies

C. What are the 5 key steps to risk management?


1. To recognise the strategic objectives for your organisation and the key
processes that your organisation uses.
2. To identify what the risks affecting the organisation might be.
3. To asses and prioritise those risks.
4. Mitigating risk
5. Those actions are flowed back trough to ones strategic objectives again.

D) Which three examples does Steve give of organisations or industries


that failed to manage risk?
1. The banking industry. The systematic and reckless risk-taking undertaken
by many banks. There are massive implications, not just for those
organisations and their shareholders, but also for the world generally public
finances and economic growth and so on.
2. An American-based clothing retailer. Lower level of risk. Managed to lose
45 million credit-card details two years ago, giving rise to an 80 million
dollars loss and untold impact on its own reputation.
3. The video-cassette industry. Failed to anticipate the changes in customer
demand. There are lots of organisations worldwide producing were
producing video cassettes and retailing those cassettes to the public through
shops. Now, the world is changed and in the last few years and, increasingly,
people are now reverting to the use of digital media, which they can
download trough the Internet. I suppose those organisations have faced the
ultimate risk of being replaced by another technology.
E) /

Reading
A. Answer these questions
1. House, Fire, Car, my student room
2. Schade claims
B. Say what the main point of the article is, in as few words as
possible.
Spreading risks by reinsurance
C. Read the article and answer the questions
1. Internationalization paved the way for the beginnings of the insurance
industry back in the fourteenth century, as shipowners sought to
protect the increasing value of their ships and cargoes.
2. Reinsurers serve as a secondary market where insurance companies,
that cover large risks, can spread those risks through diversification.
They get insurances fro other comapnaies so they can spread the risk
D. Summary examples:
1. 90% of all world trade is transported by sea or other waterways. The
largest container ships today are 1 bn dollar worth. This value is small
if you compare it with the value found at the worlds great container
ports, such as Singapore or Hamburg, which depots is worth ten of
billions of dollars every day
2. The outsourcing of production sites to low-wage countries does not just
reduce costs, it can also reduce the quality of the goods, that are being
produced.
3. Liability losses can reach extreme proportions when pharmaceutical
product cause dangerous side effects in patients.
E. Find words in the article which mean the following
1. Product liability (cost)
2. (Awards for) damages
3. Portfolio
4. accumulation
5. (Major) catastrophe
F. Complete the sentences with words from Exercise E
1. damages
2. liability
3. Catastrophe
4. Portfolio
5. Accumulation
G. Without looking back at the article, match the words.
1. Bear b) the brunt (=be the most affected by a unpleasant situation)
2. Spring c) to mind
3. Meet e) a need
4. Pave a) the way To eminate
5. Spread d) the risks Outsources: company pays someone
else to do the part of the production
H. match the expression to their meanings
1. Spring to mind
2. Pave the way
3. Bear the brunt
4. Spread the risks
5. Meet a need
I. In the next 30 years, which types of risk do you think will
become
a) more significant:
b) less significant :

Language review: adverbs of degree


A. Which of these adverbs strenghten the adjective which follow and
which soften it?
Strengthen: entirely, extremely, fully, highly, increasingly, totally, very
Follow: quite, rather, moderatley
Soften: a bit, slightly, somewhat, fairly , rather
B. Complete these dialogues with a suitable adverb
1. Exceptionally/ very
2. Highly/ very
3. Entirely / extremely-> volatile market: with a lot of movement, up and downs
4. Fully
5. Quite/ Somewhat : meach= fusie
C. in pairs create short dialogues using some of the phrases below

Skills: Reaching agreement


A. Note down what they agreed about these items
Location: they agreed that Florence is a great place because the accommodation
that they found was quite good and they found a venue that is willing to give a
good deal
Workshop activities: role play workshop , game-style quiz where so basically each
person in the room gets a little button to press and it has ABCD and the person
aks the question and then the delegates all answer ABC or D
Dinner: huge banquet-style
Month : January
B. Match expressions from the meeting
1. Summarising
2. Giving opinions
3. Summarising
4. Giving opinions
5. Asking for opinions
6. Asking for opinions
7. Giving opinions
8. Making suggestions
9. Summarising
10.Disagreeing
11.Giving opinions
12.Agreeing
13.Agreeing
C. You are managers of a national newspaper. Consider this situation
Case study unit 6: Winton Carter Mining

Background:

Winton Carter Minin (WCM) = a dynamic Canadian mining company.


They will be going public early next year.
WCMs offer is bound to appeal to those investors who are willing to take risks
in return for high profits
Discuss the risks and hazards that foreign mining companies could face
when exploiting minaret deposits in Afrika- for example, political
instability

WCM ha the opportunity of setting up a joint venture in an African country with


the stat-run mining company, ATZ. The chief Executive Officer and the Chief
Financial Officer of WCM must decide whether to mention this project in their
prospectus
1. What are the advantages and disadvantages of mentioning the
African project in WCMs prospectus
Advantages:
Such an important project should definitely be mentioned in the
prospectus, because WCM gets an opportunity and show to the future
investors that the company is doing well and is growing.
If they are successful, it will put them in another league in the mining
industry
It will raise the company profile and help them to get finance for their
other projects
Disadvantages:

Africa is not always a save country, so it can frighten the future


investors because of the unsafe situation in Africa, which can affect
their business
The area is not politically stable (civil war, and thousands of people
were recently killed)
we dont want investors to hold back from buying our shares just
because they think were a high-risk company

2. What do you think they will decide to do?


I think they will decide to mention it in their prospectus, once they all agree
to sing this cooperation.

C2.14: What do they decide to do?


They decide to wait for the report of the New Business Department, whit
their findings in at and then theyll make up their minds
Do you think they made the right decision?
Yes, if you take such a big risk as a company, you should definitely wait for
the result from research.

B; Revision
6. Risk
Vocabulary
1. Complete the sentences
1. Anticipating
2. Weighing up
3. Estimate
4. Identified
5. spreading
6. Estimate
7. Encounter
8. Eliminate
2. Circle the odd word out in each group
1. Immediate
2. Considerable
3. Potential
4. Substantial
Choose the best word to complete each sentence
1. Exceptionally
2. Increasingly
3. Totally
4. Extremely
5. Fully
6. Highly
Unit 7: Management styles

Vocabulary
A. Give the opposite meaning for each of these adjectives, using the
prefixes in-, ir-, un-, ii- or dis-. Then provide the noun forms.

Considerate Inconsiderate consideration


Competent Incompetent Competency
Creative Uncreative Creativity
Diplomatic Undiplomatic Diplomacy
Efficient Inefficient Efficiency
Flexible Inflexible Flexibility
Inspiring Uninspiring Inspiration
Logical Illogical Logic
Loyal disloyal Loyalty
Organized Unorganized Organization
disorganiazed
Decisive Indecisive Decision
Responsible Irresponsible Responsibility
Sociable Unsociable Sociability
Supportive Unsupportive Support

Diference between unorganized and disorganiszed. Unorganized it is really not


organized
Dis: the opposite of het verb, the action
Socail =? Sociable: you can interchange them!
Choose the four best qualities of a manager using the adjectives in Exercise A
and rank them in order of importance (1 = most important). Then choose the
four worst qualities and rank them (1 = worst).
Best Worst
Inspiring Incompetent
Organized Indecisive
Supportive Inflexible
loyal Unsupportive

Match these pairs of contrasting management styles.


1 autocratic d) democratic
2 centralizing a) collaborative
3 directive f) laissez-faire
4 empowering a) controling
5 hands-on f) delligating
6 task-orientated e) people-orientated

Listening
Laurie Mullins is the author of Management and Organisational Behaviour. Listen
to the first part of the interview. Which 2 factors influence the managerial
function today, and what are the 2 examples that Laurie gives of these factors?
The ability to manage in an increasingly competitive, volatile, changing business
environment.
Example: the growth of the BRICK nations leads to a more diverse workforce.
The manager today has to manage with an increasing rate of technical change.
Example: information-communication technology (ICT) is always changing.

Listen to the second part. Which 6 managerial philosophies does Laurie mention.
Consideration respect and trust
Recognition and credit
Involvement and availability
A sense of justice
Positive action on an individual boss
Emphasis on end results
Listen to the final part and complete these extracts.
Direction
Organised
Structure
Routinge
Individual
Organisational
Committed
Self-direction
Self-control

Reading
Read your article quickly and decide which statements are true for the CEO you
read about.
She thinks most meetings are waste of time. False
She is good at making decisions quickly and firmly. true
She wants people to know who is the boss. True
She thinks artificial deadlines are stressful. False
She believes in hiring the best staff they can. true
She thinks her staff feel happy working there. False

Match the adjectives to the definitions.

Not caring if you have to harm others to Anti-authoritarian


get what you want
Not satisfied with anything unless it is Approachable
exactly right.
Having a natural ability to do something Demanding
well.
Wanting to achieve something by Perfectionist
themselves
Against forcing people to obey strict Ruthless
rules
Friendly and easy to talk to Self-motivated
Expecting a lot of time and effort from Talented
others
Liable to suddenly become angry volatile
Complete this paragraph with adjectives from Exercise E.
Approachable
Volatile
Perfectionist
Anti-authoritarian
Talented
Self-motivated

Language Review
Look at the Jim Buckmaster article on page 145 and say what all the words in red
refer to.
We= the company
That sort of things = Fuss Bal, Ping-Pong,
Its= office atmosphere
I=Jim Buckmaster
We=the company
Those things= mindset
We=company
It = their work
They= employees
They=employees
They=rules
It=stress
We=company
My=Jim Buckmaster
That= authority
You=Jim Buckmaster
There= company
It= nontraditional philosophy
Their= employees
They=meeting
They=meeting
Look at the Anna Wintour article again and underline all the examples
of text reference. Use this checklist to help you.
I like people who represent the best of what they do, and if that turns you into a
perfectionist, then maybe I am.
She is decisive, impatient, and bears a look that says Im the boss, and youre
boring.
Its a group of people coming together and presenting ideas from which I pick
what I think is the best mix for each particular issue, but in the end, the final
decision has to be mine, Wintour explained.
If one comes across sometimes as being cold or brusque, its simply because Im
striving for the best.
Its not like a tea party here.
Asked at what kind of boss she is, Talley told Safer, Lets say that Anna can be
intimidating. I think thats her armor, to intimidate. To give the people the sense
that she is in charge. She is not a person whos going to show you her emotions
ever. Shes like a doctor, when shes looking at your work, its like a medical
analysis.
Just her office is very intimidating, right? You have to walk about a mile into the
office before you get to her desk, and Im sure its intentional.
Say what all the words you underlined in Exercise C refer to.
They People
That Liking people who
represent the best of
what they do
That Her look
It The staff of Vogue
magazine
It An act that comes
across cold or brusque
it At Vogues office
She Anna Wintour
That To intimidate
Her Anna Wintour
Her Anna Wintour
Your The work of Annas staff
It Anna looking at her
staffs work
Her Anna Wintour
Her Anna Wintour
it The fact that you have
to walk about a mile
into the office before
you get to her desk
Read this paragraph and say what the former and the latter refer to.
Wintour's critics describe her management style as autocratic, whilst her
supporters label it perfectionist. The former believe she is ruthlessly determined,
whereas the latter would rather say she is focused on excellence.
Former= her critics
latter=her supporters

Skills
Jason Harding, Sales Manager of the drinks company Quench Products,
is giving a presentation to some customers. Listen to both parts of the
presentation and answer these questions.
What is the name of the product?
Quench Iced Tea.
When will it be launched?
Early next March.
What are its unique selling points?
They offer it in different versions, and it will appeal to health-conscious
customers.
What will the audience take away with them?
A product that really stands out on the shelf.

Listen to the first part of the presentation again and complete these
extracts.
Launched
Unique features
Different versions
Edge
Stress
Wide appeal
Health- conscious customers
Selling point
Listen to the second part again and complete these extracts.
Turning now to
High quality
Slide
Mean
Means
A choice
Beautifully designed
Eye-catching
Appealing
Stand out
Summarize
Appeal
Outstanding design
Comprehensive marketing program

Match each extract in Exercises B and C to a heading in the Useful


language box below.

The purpose of my talk today is to



STATING THE What I want to do today is
PURPOSE My main objective today is to
Im going to tell you about
It will give us an edge over the
competition
PERSUADING This will undoubtedly appeal to
It has many outstanding features

Moving on to
CHANGING THE OK, now Ill talk about
SUBJECT
Right, turning now to
What this means is
DISCUSSING The consequence of this is
IMPLICATIONS
This has resulted in
What are its main selling points?
As Im sure you all know
INVOLVING THE
As you are aware
AUDIENCE
What Is ?
What does this mean?
Lets look at the chart.
Let me draw your attention to the
REFERRING TO slide.
VISUALS Please take a look at the visual.
You can see from the slide that...
Id just like to highlight
EMPHASIZING I want to stress that
For instance,
EXEMPLIFYING Let me give you an example.
Let me give you an interesting
statistic.
Writing assignment
As one of the Directors, write a short report to the Board of Directors
recommending your preferred candidate as the New Project Manager.
Give reasons for your decision.
Introduction
This report will look at who is the most qualified person for the job as Project
Manager. The biggest problems that have to be solved are the missing of
deadlines and the low morale of the team.
Summary of shortlisted candidates

Ruth: because she believes that deadlines must be met at all costs.
Eduardo: He is a people person and he makes sure the staff really enjoys
coming to work.
Recommendation with reasons
I believe Eduardo would be the ideal candidate. His main focus isnt based on
meeting the deadlines on time, but more to creating a good working sphere. I
think that by creating this sphere, the team morale will go up, which will make
the workers like their job more. By liking their job more, they will work faster and
in that way they will miss less deadlines.
Unit 9: Raising finance

Raise money
Save
Spare
Find
Spend
Gain
Loose
Lend: you are the one who gives the money, the bank lends you the money
Collect
Invest
Borrow: you are the receiver
Receive
Take
Steal
Donate
Earn
Deposit
Withdraw

Vocabulary
A. The advantages
Loan Shark = they offer loans at really high interests. They even get violent if
you cant pay it back
Pawnbroker = shop where you take personal belongings to and they give you
money for it. You get a fraction from what is worth. You give a collateral for
getting a loan from the pawnbroker.

Advantages disadvertages
Bank You are sure they will You have to pay interest
do what they promise rates, they can be very
Flexibility: they give high
you different types of
loans, interest rates,
Friend You possibly dont have It might be unreliable, it
to pay interest is an spoken agreement,
they can get made, or
you lose the friendship
Member of Pay it back over a
family longer time instead of
paying it one time
Loan shark You can get a large High interest rates
amount of money, they The borrowers might get
dont check your hurt if they cant pay
financial background their depts.
Pawnbroker Easy to go to Lose your personal
property.
Credit card Easy to do, they dont High interest rates
company check your background

The easier it gets to get money, the higher the interest rates are.
1. It can influence what is done and how its done. Money is persuasive!
2. Spread the risk, your investment,
3. Take the risk of investing in something otherwise it is not likely to get a
lot of money. If you want to make money, you have to invest
4. Invest more money in it
5. Money can get ugly.
6. Out of danger it is always better to havent any depts.
Buying something on credit:
7. If you lend money to your fiend, for paying his schoolbooks and he is
using it for something else they
8. If you dont have a lot of money, you cant be picky , you have to take
what you are given

Choose the correct word to complete each sentence.


1 Customers not paying on time often leads to ...cashflow......... problems.
2 Our state-of-the art machinery is our major ..asset.......... .
tangible asset: something that you can see and grasp
intangible asset: the image of the good reputation
3 The ...interest......... rate on the loan was 12%.
4 They could not pay their debts and faced ..bankruptcy.......... .
5 Sorbat has gone into .....administration...... with debts of about 20 million.
meaning: onder curatelen staan. When a company is not yet bankrupt, a curator
protects you from the
6 The finance a company raises from issuing shares rather than taking out loans
is known as .....equity....... capital.
7 The ...principal......... is the original amount of a loan not including any interest
charged.
8 A/ An ...mortgage......... is a particular type of loan for the purchase of property.
9 If a company defaults on a loan, it means they miss a/an .... instalement
paying on specific moments .
10 Money lent to start-up businesses is known as risk or .....venture....... capital.
Choose the correct words to complete each definition.
1 Being in the black/red means you are in credit.
2 A loan /grant is money which doesn't need to be repaid.
3 A creditor/debtor owes money.
4 An interest / A dividend payment is part of a profit paid to shareholders.
5 Assets /Liabilities are the total amounts of money owed by a business.
6 An overdraft / A return is the amount of profit made on an investment.
Overdraft? You are in the red on your account. The bank you are with, will
asked money.
7 To go into liquidation / debt is when a company stops operating because of
financial difficulties. = bankrupt
8 A deposit /Collateral is security for a loan in the form of assets which could be
sold if the debt is unpaid.

Text no more easy money: how difficult is it as a starter to get access to


it
Voc in the text:
o go inTo the distance: try to do everything to achieve your goal.
Finish what you have started
o To no avail: It was no use that she did it. Without success, although
she did a lot of work
o Keeping your ears to the ground: Try to be aware of everything, try
to listen to everything you hear. Make use you dont miss out on
anything. Dont miss anything important
o

Listening
Simon Davies is Managing Director (Restructuring) at the Blackstone
Group, a leading private equity firm. Listen to the first part of the
interview and answer these questions.
Which three ways of raising finance does he mention?
Either current shareholders or new shareholders.
A business being able to raise money by borrowing, through dept.
A hybrid, effectively a combination of the two.
What are the advantages of:
Private markets: Confidentiality and remaining below the radar screen.
Public markets: They have a much deeper pocket.
Borrowing money: A far greater amount of funds available.
Listen to the second part and answer this question.
What are the disadvantages of?
Shares/equity?
Equity carries a fairly significant capital cost.
Debt?
The interest burden on debt is required to be paid over time.
Public markets?
Bondholders of whom you dont know the identity.
Private markets?
A lack of capital available if youre a significant business.

Listen to the final part. Simon says there are four reasons why finance
has become a short-term business. What are they?
The breadth of opportunity available.
The speed and quality of information.
The banks have become less relationship-driven from a financing perspective and
more relationship-driven from a sales and distribution perspective.
Easy to buy and sell shares.

Reading
How can start-up companies raise money?
By submitting a financial plan to the bank, containing substantial
proof of how they are planning to survive for the next two years. If the
bank recognizes your potential, they will lend you money.
Read the whole article and answer these questions in pairs.
What was the problem with some of the angel networking clubs?
They were too expensive: they were charging $2,488 just to submit a business
plan.
What was the advantage of London Business Angels?
They werent charging any money, so she could pitch to roughly 100 angels.
How did Saha improve her ability to pitch to backers?
She secured a place on gateway2investment (g2i), a four-day program to help
ambitious entrepreneurs hone their pitching techniques, delivered by financial
advisers Grant Thornton and backed by the London Development Agency.
Who finally invested in Sahas company?
A couple of Finnish investors she met through the European Border Investment
Program, together with five wealthy individuals at London Business Angels.
What is the problem with bank finance?
The cost remains stubbornly high.
What is the position with debt funding and equity finance?
Debt funding: people are lending, but that money isnt coming through.
Equity finance: it is pretty difficult to raise funds.
What is the problem with venture capital funds?
It takes about twice as long as before the recession struck.

Find idioms in the first six paragraphs that mean the following:
Finish something you have started
To go the distance.
A sudden or unexpected chance to do something that allows you to
become successful in your job
A lucky break.
Reduce your chances of failure or loss by trying several possibilities
instead of one
To hedge your bets.
Make sure you always know what is happening in a situation
Keep your ears to the ground.

Complete these sentences with the idioms in Exercise E.


Go the distance
Lucky break
Hedge your bets
Keep your ears to the ground
Language review
Complete the extract from the article with suitable words and dependent
prepositions from the box. Then look back to page 85 to check your answers.
Looked into
Access to
Investing in
Turned down
Settled on
Pitch to

Study the Grammar reference on page 150, then match these halves of
sentences. They are all from newspaper articles or headlines.
1b
2a
3f
4c
5h
6e
7d
8g
9j
10 i

Skills
Which of these negotiating tips do you agree with? Why? / Why not?
3. Agreed, you need to get to know each other.
4. Dont always interrupt immediately. Write down what you dont understand
and ask for it later.
5. You will always get something in return, thats why you do have to make
concessions for free. People experience an urge to reciprocate.
6. Agreed, dont confuse people but be clear about what you want.
7. Signalling phrases are key to this.
8. Definitely. And be sure to ask frequently if everyone understood as well.
9. Nobody wants to appear aggressive, so if thats the case, it never hurts to
adapt your language.
10.Not necessarily, only when appropriate. Sometimes it is best to hide your
true emotions and feelings.

Research shows that skilled negotiators often use the techniques listed
below to achieve their negotiating objective. Match the techniques (1-5)
to their definitions (a-e)
1d 2e 3b 4a 5c
Listen to five expressions and match each one to the correct technique
in Exercise B.
Can you offer any collateral? closed question
There seems to be something wrong with your figures. Signalling phrases.
Lets go over what weve agreed. Summarizing.
What sort of loan are you looking for? Open questions.
Let me clarify my last point. What I meant was, we would want to retain control of
the business.
Softening phrases.