ANDREI NICULESCU SANDA MARCOCI

(Coordonator)
CRISTINA CRIŞAN 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
Călin Vlad: 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: contact@edituraromaniademaine.ro
UNIVERSITATEA SPIRU HARET
Departamentul de Limbaje Specializate
ANDREI NICULESCU SANDA MARCOCI
(Coordonator)
CRISTINA CRIŞAN CĂLIN VLAD

The Language of Business

Accounting • Banking • Finance
Workbook
– Second Edition –

EDITURA FUNDAŢIEI ROMÂNIA DE MÂINE

Bucureşti, 2007
 CUPRINS

UNIT 1: MEETING AND GREETING PEOPLE …………... 7

UNIT 2: JOBS ……………………………………………….. 16
UNIT 3: SOCIALISING IN BUSINESS …………………… 28
UNIT 4: HOBBIES AND INTERESTS …………………….. 41
UNIT 5: OBTAINING INFORMATION: TELEPHONING 49
UNIT 6: HIGHER EDUCATION AND CAREERS:
“SPIRU HARET” UNIVERSITY ………………... 59
UNIT 7: EUROPEAN UNION MEMBERSHIP ……………. 67
UNIT 8: COMPANY ORGANISATIONAL STRUCTURES 76
UNIT 9: ACCOUNTING ……………………………………. 88
UNIT 10: BANKING ………………………………………... 100
UNIT 11: FINANCIAL ACCOUNTING …………………… 111
UNIT 12: FILING SYSTEMS ………………………………. 124
UNIT 13: INTERNATIONAL TRADE …………………….. 132
UNIT 14: THE STOCK EXCHANGE ……………………... 143
UNIT 15: FINANCIAL MANAGEMENT ………………….. 157
FURTHER READINGS: FINANCE ………………………... 166
Bibliography …………………………………………………. 215

5
6
UNIT 1

MEETING AND GREETING PEOPLE

INTRODUCTIONS

I’m Hans Schnabl from Düsseldorf, Germany. I’m a German

citizen although my mother comes from Austria. I live at Number 10
Weisstrasse Street. My parents and I live in a large house. I’m the only
child. My family is rather small. My uncle and aunt are both clerks. My
cousin is a football player. I work as a consultant in a large software
company. I like playing sports, climbing mountains, reading novels and
poetry and speaking English. I also like travelling both inside Germany
and abroad. So far, I’ve visited some Eastern and Western European
countries. I also visited the USA, Canada, Japan, China and Thailand. I’d
like to travel all over the world. I consider that all countries are very
interesting from many points of view. They really deserve to be visited.
I’ll tell you some more things about my family. My father is a manager at
a large international company and my mother is a professor. She teaches
Classical and Modern German Literature at the Düsseldorf University.
We all love our jobs very much.

I’m Monica Angelescu from Bucharest, Romania. I’m a

Romanian. I live at Number 6 Iuliu Maniu Road in a block of flats at
the 3rd floor, apartment no 32. My telephone number is 775 644 021. I
have a large family. My dad is a businessman and my mum is a
teacher. I also have two younger sisters who are pupils at an
elementary school in Bucharest. My uncle is an economist, my aunt is
an accountant and my cousins are both doctors. I’m a student. I love
speaking English and listening to English pop music, which is a great
way of learning new words and every day expressions. I also like
playing tennis, swimming and travelling a lot both inside Romania
and abroad. I visited some Western European countries. In future, I’d
7
like to visit some countries from other continents, such as Canada or
the USA. I know they are very interesting. Now, I’d like to give you
some more details about my family. My father speaks English very
fluently. He wants me to speak it well enough so that I can join his
company after graduating university. But I’d rather work in public
relations in the near future.

READING COMPREHENSION

1) Specify whether the following statements about the two

above texts are True or False:

a) Monica Angelescu is from Bucharest.

b) She works as a consultant in a large software company.
c) She likes speaking English, listening to pop music, playing
tennis, swimming and travelling a lot.
d) She wants to work in public relations in the near future.
e) Her father doesn’t want her to join his company after she
graduates University.
f) Hans Schnabl is from Berlin.
g) He likes playing sports, climbing mountains, reading novels
and poetry and speaking English.
h) His father is a professor at the Dusseldorf University.
i) Hans and his parents live in a small house in Dusseldorf.
j) They all love their jobs very much.

2) Read these conversations and then complete with the

correct forms of the verb To Be: am, are and is. Use short forms
where possible, e.g. I’m, you’re, he’s, so on.

a) A: Good morning. I….(1) Jack Harrison.

B: Pleased to meet you. My name….(2) Ken Robertson.
b) A:…..(3) you Ms. Johnson?
B: Yes, I….(4). Please call me Julia.
c) A: Excuse me,….(5) your name Lawson?
B: No, it….(6). It….(7) Wilson.
d) A:….(8) you Mr. Watson?
8
 B: No, I…..(9). I….(10) Mr. Brown
e) A:….(11) your name Richardson?
B: Yes,…..(12). How do you do?
f) A: ….(13) you Herbert Ross and Mary Palmerston from
London?
B: Yes, we....(14).Pleased to meet you
A: Pleased to meet you, too.

3) Match the first part of the sentence in Column A with the

second part of the sentence in Column B:

A B
1) Monica Angelescu lives in
Bucharest
2) Hans Schnabl lives in
Dusseldorf
3) Monica Angelescu’s father
wants her….
4) Hans Schnabl’s father….
5) In future, Monica Angelescu….
6) Hans Schnabl works….
a) is a consultant in a large
software company
b) He’s from Germany
c)….is a manager at a large
international company
d) She’s from Romania
e)….to join his company after she
graduates University
f) …prefers to work in public
relations

Read the following interview:

A: Just a few question, Mr. Olafsson. It won’t take long.

B: That’s fine.
A: Who do you work exactly? I understand it’s a division of
Sony.
B: Yes, the full name is Sony Electronic Publishing.
A: Sony…Electronic…Publishing…And you’re the President of
the company. Excuse me, but you’re very young.
B: Yes…well…It’s a very young company.
A: And where do you live and work?
B: In the United States.
A: But you’re from Iceland?
9
 B: Yes, that’s right.
A: And what does your company do? Do you make hi-fis? TVs?
B: No, we make video games and software.
A: Video games? Do you play them at home?
B: No, I don’t take my work home. When I’m at home, I write.
That takes a lot of my time.
A: That’s interesting. What sort of things do you write?
B: Novels and short stories, mainly.
A: Is this one of your books?
B: Yes, it is.
A: “Absolution”… Oh, you’re name’s Olafsson. Let me write
that in my notebook. O-L-A-F-double S-O-N. But there’s one
thing I don’t understand. You run a big division of an
international company and you write novels? How do you
find the time?
B: Well, I travel a lot, so I have free time to work in the
evenings, in my hotel room. And at weekends, of course.

4) This is an extract from the article Miguel Martinez wrote

about Olaf Olafsson. Fill in the spaces with one of the verbs: are, is,
does, do, don’t, isn’t, write, writes, works, makes

Meet sony’s best selling president

Sony Electronic Publishing is a division of Sony. It….(1) video

games and software. The President of the division….(2) old – in fact
he is only 30 years old! And his name ….(3) Olaf Olafsson.
But….(4) you know his other job? In his free time, Olaf
Olafsson….(5) novels and short stories. In his native country, Iceland,
Olafsson’s books are best-sellers. But if you….(6) live in Iceland,
don’t worry! His new novel called “Absolution” is translated into
English and German. And the books….(7) in the shops now!
Olafsson is a busy man. He….(8) long hours, and he travels all
over the world for Sony. So how…..(9) time to write?

10
 “I usually write for an hour or two every evening” he says. ”And
at the weekends, I often….(10) for eighteen hours, alone, on the roof
of my apartment building.”
(Adapted from Business Basics by David Grant and Robert Mc
Larty, Oxford University Press, 1995)

VOCABULARY DEVELOPMENT

1) Complete these sentences about yourself:

a) I work for………………(company) as…………….(position)

b) My business address 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….
7) Pleased to meet you
8) How are you?
9) Fine, thanks
10) Not too bad
11) I’d like to introduce….
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….tennis player

b) Mary goes to….church every Sunday
11
 c) He has….hour and….half for dinner
d) …. radio is broken. I need….screwdriver
e) We never refuse to offer someone a job on ….basis of….age
f) Don’t worry. Everybody makes….mistakes
g) ….visitors must be accompanied at all times.

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), it’s (him/he) I’m afraid of, not
(she/her)
c) Let (we/us) all go for a walk except (she/her), since (she/her)
is tired
d) You’re as tall as (I/me), so you can easily ride my bike, but
you’re much fatter than either (I/me) or my cousin, 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), (she/ her) has fainted.

3) In the following sentences insert the missing possessive

adjectives and pronouns:

a) James has come to see me; ….father and I were school

friends.
b) I see that she has lost….pencil; perhaps you can lend her …
c) Tell him not to forget….tickets; she mustn’t forget….either
d) It was a very good chocolate, but I’ve eaten…up; can you
give me a little piece of….?
e) They have two of….houses in this street, and the house on the
corner is also…
f) This doesn’t look like….notebook; it must be….

* The Plural of Nouns:

Model:
- Regular: houses; planes, knives, watches, et
- Irregular: man-men; woman- women;
child- children; tooth- teeth, etc.

12
 - Collective nouns: family; army; police, crowd, jury, etc.
e.g: My family are at the mountains (Correct)
My family is at the mountain ( Incorrect)
- Compound nouns: brothers- in -law, armchairs, overalls, etc.

- Foreign plurals: formula- formulae; datum- data; appendix-

appendices, alga- algae, etc.

4) Put the words in brackets at the right plural forms:

a) They have some nice (flower) in their garden.

b) The (boy) are talking to their (friend).
c) ( Dog) are nice and friendly (animal).
d) The (dictionary) are on the (shelf).
e) The (mouse) were caught by the (cat).
f) She asked that her (book) should contain detailed (appendix).
g) Television and (newspaper) are the mass (medium) for
advertising.

• The Synthetic Genitive: – answers the question “whose”?

• At the singular and irregular plural forms- s; e.g: the professor’s
courses; children’s books
• At the regular plural forms ’: the students’ notebooks.

5) Complete the next sentences with the right form:

a) Entering the room I saw that the children.. books were thrown
everywhere on the floor
b) This waitress.. smile is quite nice and pleasant
c) I don’t remember these students…names
d) His father.. job is interesting
e) The professor.. remark should be taken into account
f) Today.. journey was very interesting and comfortable

6) Make questions and put the right Auxiliary Verbs using

the examples below:

e.g. The students/ go to courses every day?

Do the students go to courses every day?
Paul/ like Mathematics?
Does Paul like Mathematics?
13
 a) Mary / understand the question?
b) it / rain a lot in autumn?
c) Mr. White / read the newspaper on the bus?
d) your parents / like old films?
e) the shops / close at 9 o’clock?
f) you / attend a good University?
g) he / know what he is doing?
h) these magazines/ publish interesting articles?

7) Choose the correct form of the verbs in brackets according

to the Subject- 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.

8) Put the verbs in brackets at the correct form according to the

Subject- Predicate Concord:

a) Either my parents or my elder brother (accompany) my

younger sister to school.
b) Neither Joan or her sisters (wash) the dishes after lunch.
c) Crime and Punishment (rank) among the best novels of world
literature.
14
 d) To treat them this way (be) unfair?
e) Where (be) the scissors?
f) These sort of mushrooms (be) not good to eat.
g) The cat, together with the kittens, (be) playing in the sun.
h) My father, as well as my mother, (be) eager to know you.
i) John, alongside with his friends, never (miss) a basketball
match.
j) The principles on which he worked, as well as the way he
acts, (be) appreciated by his fellow-students.

9) Write sentences using the following words and expressions of

price, speed, ratio, time, so on.

A couple; a dozen; half a dozen; a score (20); a gross (144); a

hundred: a thousand; a lot of; a great many of; a great deal of; five
pence a kilo; six pence a dozen; eighty kilometers an hour; four times
a day; a pound; a metre.
E.g: I saw him a couple of days ago. There are a lot of students
at the University. He usually drives with eighty kilometers an hour, so
on.

SPEAKING

In groups of four discuss about your name, addresses, birth

place, occupations, nationality, families and relatives

15
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. Statistics estimate a 10
percent increase in secretarial positions in the ten-year period through
2010. Managerial / administrative positions are expected to increase
by more then twice that percentage.
Now that you are aware of the promising outlook for office
employees, you should familiarize yourself with the steps you must
follow in seeking employment. If you work full time, you will spend
approximately 50 percent of your waking hours at your job. Make
sure, then, that the job you select will be a rewarding one to which
you can give your best effort.
Sources of job information
– newspaper advertisements: the classified section of
newspapers is a major source of job openings. Two kinds of classified
advertisements are listed in newspapers: signed and blind. A signed
advertisement includes the name of the firm placing the
advertisement. A blind advertisement does not show the firm’s name.
In many cases only a telephone number or a post office box number is
given in a blind advertisement. Private employment agencies must
place signed advertisements;
– employment agencies;
– placement offices and instructors: most schools and colleges
have placement counsellors that aid students in career planning;
– friends and relatives.
The job application process
Before you apply for a job with a particular company, find out
all you can about the company. This information is needed for two
major reasons. First, you need to know if you meet your career goals
16
by working for this company. Secondly, you need to know as much
about the company as possible in order to be prepared for the
interview. One question often asked in the interview is “Why do you
want to work for this company” Unless you know something about the
company, you cannot satisfactorily answer this question.
When a company needs to employ new people, it may decide to
advertise the job or position in a newspaper. 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. In some
cases a company may prefer to do this initial selection after asking
candidates to complete a standard application form. 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.
How to write a Letter of Application ?
A letter of application should be concise and to the point. It
should contain three or four paragraphs.
– First paragraph
ƒ state your interest and purpose for writing the letter.
ƒ if you know of a specific job opening, state that you are applying
for it and how you learned about it.
– Second paragraph
ƒ emphasize your qualifications. Highlight only those areas that
will give you an advantage over other applicants.
ƒ State what experience you have and how useful you can be to
the company.
ƒ create interest in your abilities and state your desire to work
for that particular firm.
– Third paragraph
ƒ request an interview. Be clear as to when and where you can
be reached. If you are responding to an advertisement which asks for
salary requirements, give a range instead of a specific number.

How to write a CV
The CV or résumé is a concise statement of your background,
education, skills and experience. In writing your CV, remember that it
17
is one of the tools that should help you get a job. You should present
your qualifications in the best light possible. In addition to personal
information such as your name, address and telephone number, other
information include:
ƒ your career objective
ƒ education
ƒ list degree, institution, major & date (suggest beginning
with the highest degree and working backwards
ƒ office skills and abilities
ƒ work experience / work history
ƒ title, employer’s name, dates (dates can go first if you
wish; list your experience in reverse chronological order).
ƒ achievements and accomplishments (if relevant to your
objective)
ƒ references
The interview
If you have done well thus far in the application process, you
may get the opportunity you’ve been hoping for – the chance to meet
the employer face-to-face. Helpful hints:
ƒ dress appropriately
ƒ give a firm handshake
ƒ maintain good eye contact
ƒ try not to act nervous, display good humour
ƒ show a genuine interest in what the interviewer says and be
alert to all questions
ƒ try to understand your prospective employer’s needs and show
how you can fill them
ƒ express yourself clearly and with a well-modulated voice.
From your application, your CV, and your employment tests that
may have been administered, an interviewer can determine your
specific skills. What must be determined, however, is your ability to
project yourself through your use of good grammar, your knowledge
of current events, your interests and your attitude toward people and
work in general.
Commonly asked questions:
ƒ regarding experience
ƒ Why did you leave your previous job(s)?
18
 ƒ Which duties performed in the past have you liked the
best ? the least? Why?
ƒ Have you had any problems with previous supervisors?
ƒ regarding education:
ƒ Which courses did you like the best? the least? Why?
ƒ Did your grades adequately reflect your full capability?
ƒ What special training have you had that is required for
this position?
ƒ questions you need to ask:
ƒ What are the key responsibilities of the position?
ƒ What factors determine promotion eligibility?
ƒ Has the organisation had any layoffs or cutbacks in the
last five years?
Preparing for an interview takes quite a bit of work. If you believe in
your ability to be a good employee, prove it in the interview.

READING COMPREHENSION

1) List sources that can be used to obtain job information.

2) Give two reasons why you need knowledge about a company
before you apply for a position.
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
 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 a. I specialise in advising on
management reporting systems.
2. Bank manager b. I obtain and record financial records.
3. Accountant c. We build bridges.
4. Management consultant d. We examine and (usually) approve a
company's financial records.
5. Receptionist e. I receive and pay out money in a
bank.
6. Civil engineer f. I have about 500 patients on my list.
7. Sales representative g. I visit all my clients four or five
times a year to tell them about our
latest products.
8. General practitioner h. I welcome and deal with people
arriving in the office building.
9. Bank teller i. We are always ready to discuss
lending possibilities with our clients.
10.Bookkeeper j. I draw up and check financial
statements, calculate tax, and the unit
cost of products.

20
 3) Match the form of revenue with the right recipient
1. commission a. retired employee
2. wage b. shareholders
3. salary c. sales representative
4. fees d. government
5. royalty e. blue-collar worker
6. redundancy pay f. student
7. tax g. financial adviser
8. grant h. author
9. pension i. laid off employee
10. dividend j. 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

21
 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.

22
 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

GRAMMAR

♦ 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.

23
 2) Choose the right adjective from the list given below and
fill in the blanks:
frightened, cold, delicious, expensive, friendly, smart, electric, fresh,
helpful, attractive, correct
a. The librarian proved to be very………..
b. She looks quite …………in her new dress.
c. You can eat ……….food in this hypermarket.
d. Have you bought an………….overcoat?
e. The little boy was so ………..that he couldn’t speak a word.

3) Fill in the following sentences with the comparative or

superlative adjective given in brackets:
a. The bus I have come by today is much…….than the one I
came by yesterday (fast)
b. We bought the ………….clothes we could find (thick).
c. Tea is………than coffee in England (popular)
d. What is the ………..city in your country (large)

♦ Adjectival word order

opinion – size/age/shape-colour- origin- pattern/material- noun

4) Decide on the correct adjective order for each of the

items below:
a. striped / jeans / she / is / tight / wearing
b. lawyer / Armenian / clever /a / middle-aged
c. a (an) / Dutch / attractive / girl / 23-year-old
d. a (an) / leather / wears / he / long / coat / black
e. box / silver / interesting / small / a (an)
f. gingery-brown / hair / long / wavy / has / Amelia

♦ Adverb position: manner – place – time

24
 5) Decide on the correct adverb order

a. They negotiated ( for five hours / aggressively)

b. John read ( at home / very much / all day yesterday)
c. 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. Everybody felt……..(happy, happily)

b. George is the best student in class. He studies………(hard,
hardly)
c. Jane speaks so ……..that I can’t understand her. (fast, fastly)
d. The food smells …….(nice, nicely)
e. She smelled the food ……(careful, carefully)
f. You look ………(sad, sadly)
g. Some of us did the exercise very……… (good, well)
h. The students worked very ……………..(carefully, careful)
i. Yes, she said……….. (soft, softly)
j. Drive ……….! Don’t walk so ……..(slowly, slow)
k. Business is ………..(slow, slowly)
l. Your can solve this problem………... (easy, easily)

7) What are the possible opposites of the words ‘hard’,

‘high’ and “good” in these phrases?

a. Hard exam
b. High price
c. High-rise building
d. Hard drugs
e. High opinion
f. Good performance

25
 8) Which collocation (word partnership) is more likely?

a. big detail / great detail

b. strong tea / powerful tea
c. a lengthy car / a lengthy meeting
d. strong car / powerful car
e. broad summary / wide summary

9) What adjectives can be derived from the following?

a. occupation
b. skill
c. manager
d. clerk
e. profit

♦ Expressing similarities and differences :

(Affirmative and negative agreement)

so do I / I did too neither do I/ I don’t either etc.

10) Read the statements made by several speakers and agree

with them, using so or neither.

a. Our company directors have awarded themselves huge pay

rises (US pay raises)……………
b. I don’t like to do overtime. ……………….
c. We went to the meeting yesterday…..
d. I’m tired……………
e. I can’t stand waiting in the airports…………….
f. I’ll be going to the meeting…………..
g. I’d prefer to do it myself……..

11) Choose the correct answer (Affirmative agreement)

Technically, glass is a mineral and _____________

a. Water so
b. Water is so
c. So is water
d. So water is
26
 12) Suppose you are writing a cover letter to apply for a job.
Pick up four adjectives that best describe you. Then write four
sentences that describe your qualities. (Do not include the four
adjectives in your sentences).
e.g. I always think of other people’s opinions before making
decisions (considerate)

reliable determined fluent confident sociable

flexible organised convincing considerate tidy
competitive balanced successful

SPEAKING

♦ Most people think they are overworked and underpaid.

What’s your opinion?

27
UNIT 3

SOCIALISING IN BUSINESS

Business people have to talk not only on the actual aspects of the
business, but also in a variety of social situations, while travelling
abroad or receiving visitors.

At an international fair
A: How do you do? My name is Charles Stevens.
B: How do you do? I’m Diana Nicolae.
A: Nice to meet you…So, you’re with….
B: Sorry? Oh, you mean….I’m with the Global Telecommunications.
A: Oh, really!
B: You seem to have heard of us….
A: Sure I have. Global Networks…Global Mobile Phones … You’re
a multinational, aren’t you?
B: You’ve got it quite right. I’m the Finance Manager of the
Romanian Branch.
A: You are?!
B: Well, yes, actually. I’ve been with them ever since I graduated
seven years ago.
A: That sounds like a perfect example of company loyalty.
B: I’d say so, too. And you?
A: Well… I’ve been with mine for nearly … two years now.
B: What is your company, by the way?
A: Oh, I work for a firm of car engine manufacturers. Best Motors
Ltd., we’re called. We produce and install machine parts, mostly for
British motorcars. Let me give you my card.
B: Thank you… and here’s mine.
A: Thank you.
B: …So, you’re Area Sales Manager.
28
A: Yes, I used to work as an editor for a racing car magazine before.
I prefer what I’m doing now, I must say. I meet all kinds of
people…I like that…I enjoy the driving, too. I’m always happy to get
out of the office.
B: I take it you travel around a lot.
A: That’s right. You see, we’re based in Bristol, but we’ve got branch
offices all over Britain…Is your head office here in Bucharest, by the
way?
B: Well, no actually. We’re in Arad – that’s in western Romania -…
but I work in our Bucharest office.
A: That’s interesting… So, what’s it like to be with a huge
multinational? You’re pretty big, aren’t you?
B: Well… I’d say so. Our branch alone has a turnover of…
roundabout € 20m. And we’ve got a workforce of over…1,000…
A: Ah, that’s a lot.
B: Yes, you can call us big.
A: Indeed, it’s really big. My company’s much smaller. Our total
turnover’s just over € 5m.
B: I see. And … how about your staff?
A: Our staff? Yes, I’d say about 80 people, maybe 90, that’s full-
time staff. We’re a private company, by the way. But I reckon the
firm is doing quite well so I expect we’ll go public in a year or so’s
time.
B: Really? That’s most interesting. We’re a public company, of
course. We have been so for the last 10 years.

READING COMPREHENSION

A. Read the conversation again and mark the phrases used

by the characters to express the aspects mentioned below:
a.introducing themselves
b. responding to introductions
c. saying what their company is
d. saying what the company's line of business is
e. describing company size
f. giving other details about the company
g. summarising their career to date
29
 h. speaking of their present job/responsibilities

B. Match each phrase with one of the topics given in the

exercise above. There may be more than one phrase for each topic.
1. I work for Best Motors Limited.
2. I dea1 with. Customer comp1aints.
3. I’m Sales Manager.
4. I’m with Global Telecommunications.
5. We deal in mobile phones.
6. We employ around 300 people.
7. My company's based in 8. We produce spare parts for the car
industry.
9. I’ve worked for this company for 5 years. Before joining it...
10. Our head office/headquarters is in...
11. I’m responsible for marketing strategies.
12. Our turnover is Sm Euro.
13. We have subsidiaries in...
14. We've got a work-force ofnearly 500.

VOCABULARY DEVELOPMENT

1. Write one or more words into each gap to complete this

dialoque:
Example: Pleased to… meet…. you.
Receptionist: Good afternoon. ..1…. I help you?
Charles Stevens: Good afternoon. My name is Charles Stevens. I’m
….2… Best Motors Ltd. I …..3… an appointment with Mary Taylor
at 2 o’clock.
Receptionist: Ah yes.Take a seat, please. Mrs Taylor….4…be with
you in a moment, Mr Stevens.
Mrs Taylor: Good afternoon, Mr Stevens. I’m Mary Taylor. Pleased
to meet you.
Charles Stevens:…………5…, Mrs Taylor.
Mrs Taylor: Welcome to our company……………..6 a good trip?
Charles Stevens: Oh yes, it was fine thanks.
Mrs Taylor:……7…. a cup of coffee before we start?
30
Charles Stevens: Thanks very much, that would be nice.
Mrs Taylor: ….8….1 milk and sugar?
Charles Stevens: Just sugar, please.

2. Choose the best word or phrase from the list below to

complete the extract.
Charles Stevens…9…for Best Motors in the Sales
Department. He…10…in the company for three years now. He enjoys
the job, although he spends…11…time on the road visiting customers
from all over Britain. Sometimes he travels hundreds of miles in a
day. Last week, he …12….more than 2,000 miles. If he …13…make
a long trip, he usually stays overnight in a hotel. His wife complains
that he spends too …14…….time at home.
9. a) work b) works c) is working d) is worked
10. a) is b) was c) has been d) had been
11. a) many b) a lot of c) few d) quite much
12. a) drive b) drove c) has driven d) drived
13. a) would have to b) will have to c) had to d) has to
14. a) little b) few c) short d) less

3. Match the following most likely conversational topics with

the appropriate suggested questions:
1. the journey a. Did you have a good flight?
2. plans b. How long are you going to be here?
previous
3. visits c. Whereabouts in Britain do you live?
4. visitor’s country/town d. How do you find our climate?
5. the weather e. Is this your first visit to Romania?
6. accommodation f. Where are you staying?
g. How was your trip here?
h. Have you been to Bucharest before?
i. Which part of France are you from?
j. What was the weather like when you
left London?

31
 4. Match the questions with the appropriate reply from those
listed below:
1) Do you have to travel a lot on business, Ann?
2) How well do you know London, Robert?
3) You’re from Bucharest, aren’t you?
4) You live in London, don’t you?
5) How’s the hotel? I’ve heard it’s very good.
6) How are you enjoying your stay in London?
7) Have you ever been to Romania?

a) Yes, that’s right. I’ve got a small house in the suburbs.

b) Yes, it’s fine. Very comfortable. Great service, too.
c) Not very much, a couple of times a year, mostly to Eastern Europe.
d) Yes, I was on holiday near Sinaia last summer. I enjoyed it very
much.
e) No, I come from the north of the country, a city called Iaşi .
f) Very much. It’s a beautiful city and not at all as foggy as I
imagined.
g) Not at all. It’s my first time here.

5. The conversation below takes place at a sales conference.

Complete it with appropriate phrases from the list.
A: Frank!………....1!
B: Hello, Pamela………….2?
A:………..…3, thanks.
B:Pamela,…………4 Robert Smith from the European Headquarters?
A:Hello!………..5!
C:………………….6!
B:…………….7 in the new Portuguese project.
A: That’s right. We’ll be working together on that.
C: Perhaps we could meet and talk about it later. Right now
………...8.
A: OK……………………...9 this afternoon?
C: Yes,…………………….10.

32
a) Nice to meet you.
b) Nice to meet you, too.
c) How nice to see you again.
d) How are you?
e) I’m fine.
f) That would be good.
g) I’m afraid I have to go to a meeting.
h) Maybe we could meet.
i) I think you both have an interest.
j) Can I introduce

6. Read these short extracts from different conversations.

In each one someone is telling a visitor about their country.
Which ones are talking about:
1. a festival?
2. the climate?
3. natural resources?
4. politics?
5. the economy?
6. the tax laws?
7. a local drink?
8. a national sport?
9. the currency?

a. There are a hundred öre to the krone and each krone is worth
around l0p.
b. Our biggest problem is the balance of payments. There’s a huge
deficit.
c. In spring, when the cherry blossoms are out, hundreds of people
gather under the trees for picnics.
d. You have to be careful it doesn’t burn your throat. Some people put
it in the deep freeze for a while, so it’s cold when they swallow it.
e. The rate you pay depends on how much you earn.
f. We’ve just changed from a proportional representation system to a
first past the post system. So instead of working out the total votes
cast for each party, we count up the votes in each constituency and the
winner is elected.
33
g. You have to wrap up really warm. Minus 10 or 15 degrees is quite
common, so you need a hat that covers your ears.
h. You have a puck and you have to try and hit it into the other team’s
goal.
i. There are the mountains of course. We have a few copper and tin
mines, but that’s all in the way of minerals.

7. Social Quiz
Do you know what to say on social occasions? Choose the best
word or phrase for these situations.

1. What would you say to someone on their 27th birthday?

a. Congratulations. b. Happy birthday.
c. Joyous birthday. d. Happy anniversary.

2. The taxi fare is 8.30 Euro so you give the taxi driver 10 Euro. What
do you say?
a. The tip is yours. b. The change is yours.
c. Keep the tip. d. Keep the change.

3. You didn’t hear what someone said. What do you say?

a. I apologize. b. Please repeat.
c. I didn’t hear. d. Sorry?

4. You want to attract a waiter’s attention in a restaurant. What do

you say?
a. Waiter! b. Sir!
c. Over here! d. Come, please!
5. Your colleague tells you he can’t come to your party . What do
you say?
a. How shameful! b. I don’t care.
c. What a pity! d. You don’t matter.

34
6. Your English client says, ‘I’ll get the first round’. Where are you?
a. At a boxing match. b. On a golf course.
c. In a pub. d. In a car.

7. The person you are playing golf with has just missed a shot.
What do you say?
a. Good luck. b. Bad luck.
c. Bad chance. d. Sorry.

8. The person you are playing golf with has just made a good shot.
What do you say?
a. Good shot! b. Good chance!
c. Well shot! d. Good luck!

9.You meet an old friend at a conference. She says, ”Lovely to see

you. How are things?” What do you say?
a. How do you do? b. Very well, thank you.
c. Fine, thanks. d. Good.

8. Match each comment with a suitable reply:

1.We’ve just won that large contract with ICI.
2. Here, let me pay.
3. Our sales manager is in hospital.
4. It’s not good news. They say they might have to make me
redundant.
5. I’m just off to my interview.
6. I’m so sorry we’re late.
7. Do have a seat.
8. Would you mind waiting for a moment?
9. Thank you very much.
10. It’s been a lovely party but I’m afraid I must be going.
a. Good luck!
b. It’s a pleasure.
c. No, please, I insist. Dinner is on me.
35
d. What a pity! Lovely to see you anyway.
e. Congratulations!
f. No, not at all.
g. I am sorry. Bad luck!
h. That’s all right. We haven’t started yet.
i. Thank you.
j. Oh dear! Nothing serious I hope.

9. Match the sentence on the left with the response on the right
1. Sarah is getting married in the spring, a) It was my pleasure.
2. Thanks for the ride. b) Fine, thanks.
3. How do you do? c)Wow!
4. How’re you doing? d) No, it’s true, I assure
you.
5. I’ll get another round of beers. e) Yeah, take care.
6. Thank you for a wonderful time. f) No, this one’s on me.
7. Here’s to a successful partnership! g) Any time.
8. We made over a million bucks h) How do you do?
in five days.
9. You’re joking! i) Congratulations.
10. Bye then. j) Cheers!
11. Thank you very much indeed. k) Spain
12. Can you speak German? l) Sorry, I don’t smoke.
13. Do you know Mr Davis? m) You’re welcome.
14. Where do you come from? n) Yes, we met last week.
15. You haven’t got a light, have you? o) Just a few words.

10. Choose one of the accompanying phrases to thank your host.

Situations a) While on a business trip, some foreign friends invited
your delegation over for a drink.
b) A colleague has bought you coffee.
c) A potential customer you have been visiting has invited
you to dinner at a country club.
d) You have spent ten weeks running an English course for
a company’s staff in Bucharest. The people have been
quite friendly and invited you to a farewell reception.
36
 e) While in London, your business associates arranged for
you to see a performance at the Albert Hall.
f) The Sales Manager of a company you do business with
has taken you to the theatre to see a comedy.
Phrases of thanks:
1. Thank you for getting me a ticket.
2. It was most kind of you to invite us over.
3. It was very nice of you to invite me. I always enjoy a good
laugh.
4. Thanks, Roy.
5. Thank you for all your hospitality. I really appreciate it.
6. Thank you very much for the meal.

11. 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.
Mr Smith“Thank you for the information.
Airline Clerk:“You’re…”
b) Mr Williams is thanking an elderly lady for a lift back to his
office.
Mr Williams: “See you tomorrow madam, and thanks for the
lift. I hope it hasn’t taken you out of your way.
Mrs. Jones: “That’s ... I live quite near anyhow.”

12. Read the six expressions of thanks below and match them
with one of the sentences on the right.
a) Thanks for the coffee. 1) That’s okay/all right.
b) I did enjoy the performance. It 2) You’re welcome.
was really excellent.
c) I think we’ve got all the details 3) Really, it was no trouble.
now. Thanks for the information.
d) Thanks for everything. You’ve 4) Good. I’m glad you liked it.
been very helpful.
e) Thank you very much for finding 5) Don’t mention it.
out about the shipping charges.

37
 SPEAKING

Over to you
Decide which would be the most appropriate way of greeting
people in each of the following situations:
a. A trade delegation from Japan is visiting your company. As
Public Relations Officer, you have been asked to look after them.
Greet the visitors, then introduce yourself and state your position in
the company.
b. You have made appointments to meet a financial expert on
two previous occasions, but something has always gone wrong.
Finally you meet.
c. Someone has just arrived in your department to do a one-week
computer training course.
d. You are meeting Mary Perkins, a customer from Britain, at
the airport. She’ s going to spend a couple of days in your company.
Identify yourself and your company.
e. A new colleague has just arrived at the office. Greet him/her
and introduce yourself and your other colleagues.

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, or
we need to be polite. In a series of questions, we start with an indirect
question to establish politeness, then we ask direct, usually shorter
questions. When a lot of questions are asked, using varied question
types is advisable.
Questions may be Yes/No ones (using an auxiliary as the first
word, requiring a positive or negative answer), open ones (with a
question word before the auxiliary), with who, what or which as

38
subject (an auxiliary is not used). Tag questions are used when we
expect the speaker to confirm what we are saying or when making an
offer, suggestion. They are formed using an auxiliary and the pronoun
referring to the subject.

1. Ask questions to the words in italics:

a) We worked with an important customer.

b) I’m interested in the new project.
c) The manager invited Michael to visit the company.
d) The divisional director complimented Daniel on his organisation
e) Two hundred people visited the plant.

2. Tag Questions

Fill in the blanks with the right positive or negative question tag:
a) You finished all your tests in time,…………?
b) He isn’t quite a nice guy, …………….?
c) The train arrives at 6.30 p.m.,……….?
d) You will call me as soon as you arrive,………..?
e) Catherine left on a trip to Paris last summer, ………..?
f) I’m not intruding, I hope,…………?
g) You aren’t too enthusiastic about my idea,…………?
h) Janice was going to revise the estimates,………..?
i) She said she would talk to Bill about it,………….?
j) Bill wanted to change the procedure, …………….?
k) Let’s call up a meeting on Monday morning,………?

WRITING

1. Customer’s Personal Letters

Match the type of letter with the excerpts below:

1. Congratulatory letter
2. Referral
3. Invitation
4. Thank-you letter
39
a) Dear Professor Harrold,
Three senior editors from Herald Business will serve on a panel at a
special luncheon, June, 2nd, at noon in the Japanese suite of the Palace
Hotel. We’d like you to join us. These gentlemen will be giving their
informed views on the business outlook and tax reform. I’ll look
forward to meeting you there.
Yours faithfully,
Charles Sherman
b) Dear Mr. Markinson,
Thank you for your letter requesting information about financial
planning. I’m sorry to say that we have not yet added that kind of
service to our firm. But I recommend you IM Consult, an
organization I consider among the best in the field, highly
knowledgeable in investment strategies. I suggest you give Mr.
Davidson a call for the help you requested in your letter.
Yours truly,
Tom Beadley
c) Dear Mr. Lawrence,
I certainly enjoyed reading the April 21st “Financial Times” article on
your fast-developing company. Such coverage renders the company’s
achievements and objectives for future products.
Sincerely,
………..
d) Dear Mr. Atkins,
I am writing to thank you for your kind hospitality during my visit to
your company. I was impressed by the high quality standards that you
maintain. It was thoughtful of you to give up so much of your time.
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.However, I must
first wait for my company to finalise the purchasing plan for the next
quarter.
I will be in contact with you again as soon as I can.
Yours sincerely,
………………..

40
UNIT 4

HOBBIES AND INTERESTS

Hobbies are spare-time recreational activities. They have their

origin in the Middle Ages, when falconry was a very popular leisure
activity (what today might be called a hobby), and of all the different
birds used for it, the Euroasian Hobby was perhaps the most popular.
It is said that the modern use of „hobby“ to indicate a pastime
followed from this.
An alternative explanation is that the usage grew from another
recreational animal called hobby, which was a type of small ambling
horse. A hobby-horse was a wooden or wickerwood toy made to be
ridden just like the real hobby. From this derived the expression „to
ride one’s hobby-horse“, meaning „to follow a favourite pastime“, and
in turn, hobby in the modern sense of recreation.
Hobbies are practised for interest and enjoyment rather than
financial reward. Examples include collecting, making different
objects, sports, etc. Engaging in a hobby can lead to acquiring
substantial skill, knowledge, and experience. However, 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,
while a professional chef might enjoy taking photographs as a hobby.
Generally speaking, the person who does something for fun, not
remuneration, is called an amateur (or hobbyist), as distinct from a
professional.
Almost no one can make a living by collecting stamps, but many
find it enjoyable; so it is commonly regarded as a hobby.
While some hobbies are considered by many people trivial or
boring, hobbyists have found something compelling and entertaining
about them.

41
 Pursuit of a hobby may have calming and helpful therapeutic
side-effects. In some cases, however (for example in collecting), the
line between a hobby and an obsession can become blurred. There is
more than one recorded case of violence over things as simple as coin
collecting.
(adapted from Ann Huxley,History and Present in Hobbies,
Edition Laurel,1984)

Reading comprehension

1. Read the text again and specify whether the following

statements are true or false:
a. In the Middle Ages, falconry was a very popular leisure T/F
activity.
b. The modern meaning of hobby is profession. T/F
c. Hobbies are practised for interest and enjoyment. T/F
d. We don’t learn anything from having a hobby. T/F
e. A hobbyist is a person who does something for fun. T/F
f. Hobbies are boring and unimportant activities. T/F
g. Hobbies can become obsessive and lead to acts of violence. T/F
h. “To ride one’s hobby-horse” means to ride a horse received T/F
as a gift.

2. Choose the words and phrases most similar in meaning to

the following as used in the reading passage:

1.alternative: a. atypical b. another c. optional d. distinct

2.enjoyment: a. entertainment b. relaxation c. satisfaction d. gladness
3.engage: a. participate b. commit c. employ d. go in for
4.skill: a. aptitude b. ability c. know-how d. technique
5. trivial: a. meaningless b. frivolous c. unimportant d. irrelevant
6. compelling: a. necessary b. attractive c. exciting d. provocative
7. blurred: a. indistinct b. obscure c. confused d. vague

42
 VOCABULARY DEVELOPMENT

1. Match the words and phrases in column (A) to the right

explanation in column (B), then use them to fill the blanks in the
sentences below:

I.
(A) (B)
1.spare time a. a horse walking at a slow, easy pace.
2.leisure activity b. money given for a service or merit.
3.ambling horse c. personal development
4.side-effects d. time not needed for work; extra time
5. financial reward e. to earn one’s living by
6. personal fulfilment f. activity done during a time that is free
from work
7. make a living by g. the breeding and training of hawks
8. falconry h. secondary (usually less desirable)
effects

II.
a. They played football and considered it a......................activity.
b. He decided to make miniature figures and.....................by selling
them.
c. They had a small..................for their daughter to learn to drive.
d. She didn’t expect any..................., she did it with the greatest
pleasure.
e. During his..................he was fond of listening to music.
f. She didn’t know that the medicine had...................
g. The aim of hobbies is generally................................
h. Bored and without any occupation he took to......................

2. Complete the following text with the right prepositions:

A hobby store is a place dedicated.........the selling............things
that people usually employ...........their personal satisfaction. Hobby
stores are particularly popular..........men and children, less
so...........women, although many hobby stores today
cater........women’s interests, too.

43
 Typical items to be found.......hobby stores include airplane
models, train models, ship models, house models, dolls, coins, stamps,
specialty magazines and sometimes even flowers and small animals. A
specific type ......a hobby store is a game store.

3. Here are some eponyms in sports, i.e. sports terms named

after people. 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. Davis
Frances Pomeroy after James Naismith’s daughter-in-law
Frances Pomeroy Naismith(USA)
a. Her...............jump made the audience applaud frentically.
b. She was such a perfect gymnast that her..............vault was
worth a gold medal.
c. In skating contests, a..............jump and a..........spin are
compulsory.
d. It’s the first time our basketball team has been given
the.................Award.
e. Being the best tennisman in the world, he won the ...........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. Complete the following sentences with Play, Go, Do:

E.g. My best friend likes Doing judo, Going skiing in winter
and PLAYING bowls with his friends.
a. All little girls are fond of..............ballet.
b. Are you looking forward to..............fishing next weekend?

44
 c. He gave up...........hockey with his broken arm.
d. She took to.........jogging as she was getting fat.
e. I feel like..........football with my friends this weekend.
f. What about.........diving, the weather is very fine.
g. She put off........fitness as she was very busy.
h. She preferred.........gymnastics to............snooker.

5. Fill in the blanks in the following text with the words below:
Letter Manuscripts Prices Collectors Signed
Photographs Signatures Auction To Pay

Today,........are prepared ........ever-increasing..........for coveted

hand-written autographs and...........letters or......., not just
scrawled...........on............or slips of paper. A letter written by Charles
Dickens could be bought for 1 pound in 1903; today it is worth £ 600
at an ........

GRAMMAR

Modal verbs
Can/could express present and past ability (was able to or
managed to are used when speaking about more specific actions; be
able to is used for infinitive, future and present perfect)

1. Use modal verbs to express ability:

a. He is very persuasive, he...........make his team mates adopt his
opinion.
b. After a few months of training after the accident,
she........skate well again.
c. You’ve put too much in your bag, you ...........to carry it.
d. They had a very successful meeting and they..........make the
Olympic Board agree to a 60% discount.
e. I knew the town very well so I..........advise them what to visit.
f. The injured football player.............to walk in a few weeks.

45
 May/might, can/could to express permission (allow or permit
supply past and future tenses ; can used for permission is an informal
alternative to may ; could is more polite)

2. In the following sentences, use modal verbs to express

permission:
a. He.............to drive the family car ever since he was sixteen.
b. ........I use your phone? Mine is out of order.
c. On weekdays we had to get up early but on Sundays
we.......stay in bed till ten.
d. I don’t know what to answer. I make a suggestion?
e. ........fill in this application form for me?
f. ........I see your passports, please?

May/might = to grant, refuse or request permission, and to

express possibility in the present or future (you can, one can are also
used to express possibility, but in a different way : you can = it is
possible = circumstances permit)

3. Use modal verbs in the following sentences:

a. Take your coat, it............rain on the sports ground.
b. Candidates .........not bring textbooks into the examination
room.
c. I think I left my bag in your office. .....I ask your secretary to
look for it for me?
d. They sacrificed their lives so that we..........live free.
e. You.........ski on the hils. There is enough snow.

Must and have to express positive obligation (have to expresses an

external obligation), needn’t, don’t have to express lack of obligation,
and mustn’t, can’t, (be) not allowed to express prohibition.

4. Use modal verbs to express obligation or prohibition:

a. As you are from the European Union, you.............have a visa
to go to Germany.
b. You.............write more than 250 words on this subject.

46
 c. I’m sorry, but we............give the results by phone.
d. Drivers wishing to hire a car............be over 21 and have a
full driving licence.
e. She...........leave home at 8.00 every morning at present, given
her new job.
f. I can’t support you any longer; you............earn your own
living from now on.

Can’t/couldn’t + perfect infinitive express negative deduction

and reproach; may/might + perfect infinitive express speculations
about the past; must + perfect infinitive expresses affirmative
deductions; needn’t + perfect infinitive = a past action which was
unnecessary but was performed.

5. Use modal verbs + perfect infinitive to express deductions,

reproach, speculations, past unnecessary performed actions:
a. He had his umbrella in the morning, but he hasn’t got it now.
He.......(leave) it in a shop.
b. He............(escape) by this window because it is not locked.
c. You..........(warn) me about his arrival. You know I don’t
want to see him.
d. I think he swam across the river.
No, he........(do) that; he can’t swim.
e. I spoke French very slowly.
You............(speak) slowly. He speaks French fluently.
f. I don’t remember reading about it in the newspapers.
I............(be) abroad at the time.

Opinions and advice

Should, ought to = advice, must =strong advice, had better =
strong opinion, would rather = preference

6. Fill in the blanks with modal verbs to express opinions

and advice:
a. You are really ill, you.............go to the doctor.
b. I..............not interrupt him while he’s speaking on the phone.
47
 c. I can’t tell you what to do, you...........speak to your boss.
d. You............go and and visit your parents immediately.
e. I............go abroad during my holidays than stay at home.
f. You..................keep an account of all your expenses.

SPEAKING
1. Try to ascertain the difference between an interest and a
hobby.
2. Speculate about going deeper into the matter, what do you
think of being more scientific between an interest and a
hobby, what do you think of people who go beyond all bounds
in a hobby and reach the field of a profession, and give
examples.
3. Speak about the closeness of art and sport and how it is
revealed by the nature of the Olympic Games which, as we
know, are celebrations of both sporting and artistic
achievements.
4. 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”.
5. 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”.

48
Unit 5

OBTAINING INFORMATION: TELEPHONING

A: Fenton Engineering.
B: Extension 273, please.
A: I’m afraid the line’s engaged. Will you hold?
B: Yes.
A: The line’s free now. I’ll put you through.
B: Thank you.
C: Travel agency.
B: I’d like to speak to Mrs Isaacs.
C: Who’s calling, please?
B: Jacques Duvil.
C: Hold on, M Duvil. I’ll get her.
C: I’m afraid she’s in a meeting. Do you want to call back later?
B: No, it’s urgent. Could you take a message?
C: Yes, of course.
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 read that back to me?
C: 00 331 45458394.
B: That’s right.
C: Anything else?
B: No, that’s all. Thank you very much.
C: You’re welcome.
B: Goodbye.

READING COMPREHENSION

I. Answer the following questions:

a. What exactly did each person say when answering the phone?
49
 b. How did the company secretary tell the caller he couldn't
speak to the person he wanted?
c. What did the company secretary suggest?
d. What did Jacques Duvil say when he round out Mrs. Isaacs
was in a meeting?

VOCABULARY DEVELOPMENT
1.Telephone language

Look at these expressions which are often heard or used when

telephoning. Decide which are from recorded messages and mark
them with X.
1. Sorry to keep you waiting.
2. Heathrow Travel. Christine speaking. How may I help you?
3. I’ll get him to call you back as soon as possible.
4. Hold on a moment and I’ll put you through.
5. Could you put me through to the accounts department, please?
6. Could you speak up a little?
7. We are unable to take your call at the present time. Please
leave your name and number after the tone.
8. This is the Australian Embassy visa information line. The
consulate section is open every morning from 10 o’clock to
13 o’clock.

2. Taking someone’s name

Write the names of the people in the blanks.

1. My name’s………….. I’ll spell that for you — gee are ay
aitch ay em new word aitch you gee a itch ee es.
2. My name’s…………, that’s jay eh en i see ee new word why
oh you en gee.

3. Which phrases are most appropriate in a telephone

conversation? Mark all the acceptable ones in each set

1. a) James Watt’s office. Good afternoon.

b) James Watt’s office. Can I help you?
c) James Watt’s office. What do you want?
d) James Watt’s office.
50
 2. a) Could I speak to James Watt, please?
b) I must speak to James Watt.
c) Give me James Watt.
d) Can I speak with James Watt, please?
3. a) He’s not here.
b)Who are you?
c) Sorry, you can’t.
d) I’m afraid he’s not in the office at the moment.
4. a) Oh, could I leave a message then please?
b) Give him a message, will you?
c) Would it be possible to give him a message?
d) Well, could you ask him to call me back?
5. a) Certainly.
b) Yes, that’s no problem.
c) What’s your message?
d) What’s your name?
e) Yes. Who’s calling please?

4. A phone conversation
Number this jumbled conversation in the correct order. The first
one has been done for you:

… I’ll sign them this afternoon and send them back to you.
… Hello. My name’s Betty Green. I’d like to speak to Katie Stevens,
please.
… 1. Good morning. HMV Industries. How may I help you?
… Hold the line, please. I’ll see if she’s in.
… Great. Thanks a lot.
… (pause) Hello. Katie Stevens speaking.
… Betty Green and I’d like to speak to Katie .
… Hello, this is Betty.
… Sorry, I didn’t quite catch that.
… Hi, Betty. How are you doing?
… OK. Busy as usual.
… Fine, thanks. And you?
… Yes, they came this morning but I haven’t signed them yet.
51
… I’m just ringing to find out if you’ve received the copies of the
contract.
… OK, there’s no rush.

5. Complete the following conversations with phrases from

the list below. Use each phrase only once
a……………………………………………….
Good morning. Could I speak to Mr Dennis please?
b…………………………………………
Lesley Lewis from RB Manufacturers.

c. Oh, hello, John. How are things?

…………………………………….
d…………………………………..
Yes, hold the line and I’ll put you through to him.
e……………………………………
OK.Could you ring me back today?
f. I’m afraid he’s out of the office at the moment.
………………………………………..
g………………………………………
I’ll look it up for you... It’s 01 320 6745.

1) Fine. I’m phoning to ask you about the Woodrow Group.

2) Who’s calling, please?
3) I can’t tell you right now, but can look into it.
4) Thompson Chemicals, good morning.
5) Right. I’ll ring again. Thanks a lot.
6) I’m afraid I haven’t got Steve Lester’s number.
7) Could I speak to Charles Williams?

52
 6. Here are some dialogues about fixing an appointment. Fill
in the missing words and phrases, choosing from those listed
below. (Two of the expressions are not used)
1. A: Hello. I’d like to __________________ with Mrs Rush in the
Personnel Department. My name is Sydney Jones.
B: Yes, Mr Jones. Would 10.30 on Wednesday ?
A: That ___________ thank you.

2. A:Mr Smith? This is Tom Ronalds.

B:Oh, hello, Mr Ronalds. Nice to hear from you.
A:______________to see if we can discuss a business proposition
that I wish to make.
B:I see. Can you be more specific?
A:Actually, _______________ we could meet somewhere and talk
about it. How about lunch today, if that’s ___________________
B:I’m afraid _______________ today. How about tomorrow?
A:Tomorrow’ll be fine. Let’s say 12.30 at the French restaurant,
shall we?
B:Yes, 12.30’s OK. See you there.
A:Right. ________________ seeing you. Goodbye.

3. A:Mr Russell?
B:Oh, good morning, Mr Higgins.
A:I’m ringing _____________ tomorrow. 2.15 at your office, as
arranged?
B:2.15. That’s right.
A:Good. See you then. Goodbye.

4. A:Hello? Mr Murray? I’m ringing for Mr Durham of Durham and

Associates. He’s_______________ but he won’t be able to manage
Wednesday afternoon. Friday afternoon instead?
53
 B:__________my diary. I’m afraid I can’t _____________. I have
somecustomers visiting then.________change our meeeting to
Thursday afternoon?
A: Well, I think that should be all right, _______________ later on
to confirm. Thank you. Goodbye.

a.very sorry j. very busy

b.I’m phoning k. I wonder if
c.make an appointment l. I look forward to
d.I can’t manage m. see you
e.all right with you n. to confirm our meeting
f. Let me just get o. suit you
g. make it on Friday p. I give you a call
h. Perhaps we could q. Could I suggest
i. would be fine r. This is Jim Higgins

♦ Phrasal verbs

7. 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. 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

54
 Example:Good morning. Could you put me through to
extension 253, please?
1. I’ve been trying to arrange a meeting with Mrs Carter for
weeks but she’s a difficult woman to ________________
2. I’m afraid I can’t make this afternoon’s meeting. Something
urgent has _______
3. Shall we ____________ next Tuesday? I’ll check that I’m
free with my secretary and give you a ring to confirm.
4.Tomorrow’s meeting ______________. Everyone seems to be
too busy doing other things.
5. That’s settled then. I ______________to seeing you on the
15th.
6. Are you sure it’s convenient? I know you’re very busy and I
don’t want to _______ you ________.
7. I think Mr Lee’s number has been changed. Could you
________________ me a moment and I’ll find the new list.
8.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.
9. She asked me to tell you she’ll be late. She’s _____________
in a meeting with a client.
10. There’s an emergency at the Athens office. You’ll have to
____________ your trip to the States and fly out to it
instead.

GRAMMAR

♦ The Present Tenses

Present Simple vs. Present Progressive
Form:
Present Simple: verb+s (IIIrd ps.sg.)
Present Progressive: aux. "to be” + verb-ing

Present Simple is used for actions and situations which are

considered generally true, in order to present factual information, in
55
summaries, headlines, timetables, for directions, instructions, with
frequency adverbs (never, often, always, every), with a number of
verbs (of perception, like and dislike, possession, being, mental states
or performance ones, such as to “declare”, “to admit”, “to name”, ”to
demand”, “to advise”, ”to apologise”). Present Progressive is used
when talking about an event in progress at the moment of speaking, in
order to describe ongoing projects, temporary situations, changes,
arrangements and plans as well as repeated actions (with always).

E.g. Our company employs over 100,000 people.

I never smoke at work.
The legislation comes into force on 1st January.

Mr. Branwell can’t see you now. He is interviewing someone.

He’s working in New Zealand on a fixed-term contract.
I’m seeing Mr Sykes tomorrow. I’m taking our client to the
best restaurant in town.

1. Read the following dialogue about travel arrangements.

Make any necessary changes to the verbs in brackets.
Traveller: Hello, I ….(need) to go to London next Friday and
come back on the same day. I’ve a meeting which ….. (start) at
11 o’clock.
Agent:……you…..(want) to fly or take the train?
Traveller: That……… (depend) on the price. How much
……….. it………(cost)?
Agent: The train………. (be) cheaper and…..(get) you right
into the centre of London. It (take) just three hours.
Traveller: OK, that’s fine. What about times?
Agent: Well, the Eurostar… (leave) Paris at 7.19 and… (arrive)
in London at 10.13 local time.
Traveller: What time…I…(have to) check in?
Agent: Not later than 20 minutes before departure.
Traveller: OK, how…. (make) a reservation?

56
 2. Complete this dialogue appropriately, using verbs in the
present progressive.
A Are you free next Wednesday?
B No, sorry. I’m afraid I…1….
A Well, I can’t make it on Thursday so what about Friday?
B In the morning I…2... but in the afternoon I…3. anything special.
A Fine, that’s OK by me.

3. Present simple or present progressive?

Which of these ideas do you associate with the present simple
and which with the present progressive ?

1. regular activities 6.permanent and factual situations

2. temporary situations 7.a present arrangement for the future
3. fixed timetables 8.mental states
4. giving instructions 9.trends and changing situations
5. an event in progress 10.doing by saying

4. Study these sentences and decide which example corresponds

to each of 1-10 above.
a) I’m replacing Bill because he’s off sick.
b) The scheduled flight leaves next Monday at 8.15 from JFK.
c) The technician is mending the photocopier so you can’t use it
right now.
d) I’m seeing Bill Williams tomorrow afternoon, I’ve got it in
my diary.
e) The conference room measures 162 square metres.
f ) I admit there has been a mistake.
g) I understand they have gone bankrupt.
h) Enter code number, select menu, press OK.
i) With the Internet the world is getting smaller.
j) We have a planning meeting once a month.

57
 Present Perfect Simple vs. 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, when talking about life experiences, announcing news,
with expressions referring to “up to now”, with “for” and “since”,
when referring to an event in the future after “when”, “as soon as”.
Present Perfect Progressive is used when talking about actions in
progress for a period until now, about the effect of recent events or
about repeated actions.

E.g. This is the first time we have ever received a complaint.

I’ve already talked to Cristopher about it.
He has been manager of the company for two years.
I’ve been reading your proposals.
I’ve been trying to repair my car all afternoon.

5. Complete each of these sentences, using the present

perfect simple or progressive
a) How long (you / wait)?
b) I (play) tennis four times this week.
c) Look outside. It (rain); the pavement’s still wet.
d) ‘You look tired”. I (drive) all day long.’
e) I (know) John since we were at school together.
f) The government (announce) a drop in unemployment.
g) I (read) a book on negotiating skills but I don’t think I’ll
finish it.
h) He (work) as a consultant for three different firms in the same
sector of activity; I think there’s a conflict of interest and he should
resign.
i) He (work) as a consultant for three different firms in the same
sector of activity, but was fired from the first two.
58
UNIT 6

HIGHER EDUCATION AND CAREERS:

“SPIRU HARET” UNIVERSITY

“Spiru Haret” University-21st Century University- Established in

1991, today “Spiru Haret” University comprises 23 accredited
faculties with over 43 specializations.
“Spiru Haret” University has a complex structure which reflects
a diversity of specializations- from law, public administration and
economic studies to architecture and veterinary medicine, from
philosophy, journalism, sociology and psychology to history and
international relations, from mathematics and informatics to drama,
music and physical education. But the most important aspect is the
fact that in terms of the content of studies, teaching methodology, the
Faculties of “Spiru Haret” University have reached European
standards .Students working for their first degree at our university are
called undergraduates. When they take their degree we say that they
graduate and then they are called graduates. If they continue studying
at “Spiru Haret” University, after they have graduated, they are called
Post- graduates.
“Spiru Haret” University has made investments of over one
hundred million US dollars.
“Spiru Haret” has a highly-educated staff – the teaching quality
at “Spiru Haret” relies, first of all, on the activity of highly dedicated
professors with excellent methodological skills. Moreover, many of
them are personalities well known nationally and internationally.
Another aspect, just as important as the one mentioned above, is the
fact that “Spiru Haret” has a permanent staff of professors, which
ensures the continuity of teaching.
40 Postgraduate programmes – The quality of the academic
staff, as well as the results obtained in teaching activities and scientific
59
research, enabled “Spiru Haret” University to organize Postgraduate
studies beginning with the 2003-2004 academic year. The increasing
number of graduates with very good results, alumni who, from one
year to the next, wanted to obtain a post graduate degree, resulted also
in an increased number of Postgraduate programmes. Thus, during the
2005-2006 academic year there were 40 Postgraduate programmes
within the faculties of “Spiru Haret” University.
Distance Learning – the education of the future. Beyond its
infrastructure, however, what makes “Spiru Haret” a modern university is
the quality of the educational system and its orientation towards the
future. Thus, besides traditional forms of teaching, “Spiru Haret” has also
introduced distance learning. The fact that at “Spiru Haret” University
distance learning is not a mere trifle is proven by its own TV channel. A
national, cultural and academic television station that broadcasts live and
recorded lectures, debates, syntheses and seminars, TVRM represents a
major advantage that “Spiru Haret” University has in promoting distance
learning, a form of attendance that has come up to a standard of EU
countries….To the young people who choose to attend one of our
faculties and specializations we only wish them good luck with the
exams, as “Spiru Haret” University is a guarantee for their success in life.
The long, medium and short term objectives set by “Spiru Haret”
University and Romania’s Tomorrow Foundations are meant to add new
dimensions to our academic community. They regard the fulfillment of
high quality cultural tasks and the improvement of a kind of educational
system whose essential attributes should be modernity and
competitiveness, dynamism and flexibility, so as to adequately and
efficiently meet the requirements raised by the integration of Romanian
higher education into the European higher education and research area.
(Adapted from „Monitorul Oficial” –
Official Bulletin, July 2002)

READING COMPREHENSION

1) In pairs decide whether the following statements are True (T)

or False (F):
a) Today, “Spiru Haret University comprises 23 accredited
faculties with over 43 specializations.
60
 b) The University was founded in 1993.
c) “Spiru Haret “ University has a complex structure which
reflects a large diversity of specializations.
d) The University organizes post-graduate studies for its alumni.
e) “Spiru Haret” University has made investments of over
one hundred million pounds.
f) Besides traditional forms of teaching, the University has
also introduced distance learning.

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) B Sc A. Doctor of Philosophy
2) BA B. Very Important Person
3) PhD C. Master of Arts
4) MA D. Bachelor of Arts
5) M Phil E. Master of Philosophy
6) VIP F. Bachelor in Science

61
 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, plus 350 colleges and institutes of higher education.
Undergraduate courses normally take three years of full-time study,
although a number of subjects take longer, including medicine,
architecture and foreign languages (where courses include a year
abroad). They lead in most cases to a Bachelor’s degree in Arts or
Science (BA or BSc). Students of law, architecture and some other
professions can take qualifications that are awarded by their own
professional bodies instead of degrees. There are various postgraduate
degrees, including Master of Arts or Philosophy (MA or MPhil) and
Doctor of Philosophy (PhD). Universities accept students mainly on
the basis of their “A” levels, although they may interview them as
well. At present, students who have been accepted by Universities or
other institutions of higher education receive a grant from their local
authority, which covers the cost of the course, and may cover living
expenses, books travel, although parents with higher incomes are
expected to make a contribution. Before 1990 the grant was paid back,
but since then a system of loans has been introduced.
(Adapted from Britain Explored, Longman, 1998)

4) Complete the chart. Then compare the educational system

in UK or the USA with the educational system in Romania:
UK USA Romania
Courses
Degrees
Admission
Tuition fees
Concern

62
 GRAMMAR

Tenses- part two:

Past section (past tenses simple and continuous and past perfect)

Read the following model and examples:

*The Past Tense Simple- an action finished in a specified past
moment; e.g: I went to the University yesterday/ last week/ three days ago.
Past questions and Negatives : Did you go to the University
yesterday?
Yes, I did/ No, I didn’t (short answers)
I didn’t go to the University yesterday
Regular Verbs: work-worked; try-tried,etc.
Irregular Verbs: do-did; write-wrote, etc.

1) Use the following verbs to complete the sentences. Some of

the sentences are positive statements, some are negative, and some
are questions. The first sentence has been done for you.
accept; complain; hire; place; realize; study; visit

a) Oh, I’m sorry to disturb you. I didn’t realize you had a visitor.
b) …….you…..economics when you were at the university?
c) Last week a number of customers…..about slow service
d) …….you…..the Acropolis when you were in Greece?
e) I am writing with reference to the order. I…..with you last week
f) At last year’s lunch party, who…you….to do the catering?

2) Complete the following passage by putting the verbs into

the Past Tense Simple. Pay attention to the Irregular Verbs. The
first one has been done for you.
After the second World War, Akio Morita, co-founder of Sony
(1), joined (join) forces with a friend, Masaru Ibuka. Both men
(2)….(know) a great deal about telecommunications, so they
(3)….(use) all their money, about 100 pounds, and (4)….(set) up a
small engineering company, Tokyo Tsushin Kogyo. They (5)….(find)
a small broken- down building to use as a laboratory in Tokyo. There
63
(6)…..(be) so many holes in the roof that when it (7)….(rain), they
(8)…..(have) to continue working under umbrellas.
Their first task (9)….(be) to decide what to make. They
(10)….(not want) to make radios because of the competition from
much larger companies. Instead, they (11)…..(decide) to create an
entirely new product, a tape recorder. They (12)…..(succeed) in
making a machine, but unfortunately they (13)…..(not have) any tape,
and they (14)….(not know) how to produce it.
So they (15)….(start) to experiment, and (16)…(try) using a
number of different materials. Finally, they (17)….(make) a
breakthrough. They (18)….(cut) up strips of paper to make a reel, and
(19)….(paint) them with a magnetic material that they (20)…(heat) on
a frying pan in their small room. It (21)….(work), and they gradually
(22)…(improve) the process. In 1950, they (23)….(begin) trying to
sell their revolutionary machine.
And the rest is history!
(Adapted from Oxford Business English- Grammar& Practice
by Michael Duckworth)

* The Past Tense Continuous – an action taking place at a

certain past moment or interrupted by another past one; Subject
+was/were+ verb+ the suffix-ing; e.g.: I was working at a new project
at this time yesterday; or: He was writing his essay when the phone
rang.

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. She (3)
noticed/ was noticing me while I (4) stood/ was standing in the queue
at the airport check-in desk. We decided to travel together, and while
we (5) waited/ were waiting for the flight to leave, we (6) realized/
were realizing that we were going to the same conference and staying
at the same hotel. We talked about old times, and while we (7) had/
were having lunch on the plane, she (8) said/ was saying that she was
going to look for a new job. I didn’t think of it at the time, but later on
when the plane (9) came/ was coming in to the land, I suddenly (10)
64
remember we had a vacancy for a lawyer. I told her about the terms
and conditions, and later that evening, when we (11) had/ were having
dinner, she (12) accepted/ was accepting the position.
(Adapted from Oxford Business English- Grammar& Practice
by Michael Duckworth)
• The Past Perfect Simple – a past action before another past
one;
• Subject+ Had+ Verb (3rd form)
• E.g.: When we arrived at the University, the courses had
(already) begun.
• In questions: Had you seen the Dean when you were at the
University?
Yes, I had/ No, I hadn’t (short answers)
At the negative: No, I hadn’t seen the Dean when
I was at the University.

4) Put the verbs in brackets at the past perfect simple tense

according to the following example:
When he arrived at the faculty, the professor had (already) started the
seminar.
a) The referee didn’t whistle the beginning of the game until all
football players (gather).
b) By the time the coach (give) us all the training instructions,
the last member of the team arrived.
c) After we (play) hard, we won.
d) As soon as I (finish) my breakfast, I went to the stadium.
e) Mother told me she (break) the new vase.
f) I (invite) my friends to come for dinner.
g) When they (finish) their lunch, the waitress took the dishes
away.
h) The course (begin) when the student arrived at the University.

65
 5) Complete the sentences by putting the verbs at the right
past tense. 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.
c) We could not call our new low-fat spread Mono, because one
of our competitors (already/ choose) the name.
d) I found out about the vacancy too late. When my application
form arrived, they (appoint) someone else.
e) By the time he sold off the shares, his original investment
(grow) by 80%.
f) He found his first few weeks at the new company very
difficult because he (not/ study) accountancy before.
g) When I got back to the office, I was surprised to hear that the
manager (put) someone else in charge of my main project.
h) The bank returned the cheque to me because I (not/ sign) it.

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.
b) The company decided to take legal action because…..
…………………………………………………………
c) The company was forced to pay a fine to the tax authorities
because………………………………………………..….
d) My trip to the airport to collect Mr. Jones was a waste of
time. When I got there I found that…
…………………………………………………….
e) She was not worried when the stock market fell because…
………………………………………………………………....
f) I went to my office as soon as I heard that….
………………………………………………………..………

66
UNIT 7

EUROPEAN UNION MEMBERSHIP

The European Union (EU) is an intergovernmental and

supranational union of 25 democratic member states from the
European continent. The European Union was established under that
name in 1992 by the Treaty of Maastricht. However many aspects of
the Union existed before that date through a series of predecessor
relationships, dating back to 1951.
The Union nowadays has a common single market consisting of
a free flow of goods, persons and capital, a customs union, a single
currency managed by the European Central Bank (so far adopted by
12 of the 25 member states), a common Agricultural Policy, a
common trade. The SchengenAgreement abolished passport control,
and customs checks were also abolished at many of the EU’s internal
borders, creating a single space of mobility for EU citizens to live,
travel, work and invest.
Originally created by six founding states in 1952, the EU has
grown to its current size of 25 member states by five successive
enlargements, with the largest occurring on May 1st, 2004, when 10
new member states joined.
The EU will have 27 member states when further enlargement
takes place in 2007, with the addition of Romania and Bulgaria. The
process of enlargement is sometimes referred to as European
Integration.
Romania established diplomatic ties with the EU in 1990 , and
the following year a Trade and Cooperation Agreement was also
signed. In 1995, the bilateral Europe Agreement entered into force. Its
formal application for membership of the EU was submitted on June
22nd, 1995. The Romania – EU intergovernmental meeting in Brussels
on February 15, 2000, marked the official start of membership
negotiations.
67
 At the Copenhagen Summit in December 2002, EU leaders set
2007 as the target date for Romania and Bulgaria to join the Union.
In December 2004, 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, (i.e. January 2007) provided that it
continues its efforts to that end and completes all necessary reforms
and commitments undertaken, in particular important commitments
regarding Justice, Competition and Environment”.
In spite of the good progress made, Bucharest must redouble its
efforts to meet the accession requirements, the Brussels Council added.
Meanwhile the EU Commission will continue to monitor
Romania’s compliance with its commitments closely.
(adapted from Şerban Boicescu, Business Communication, Editura
Universitară, 2005, “The Economist”, no. 24, 2005, The Sunday Times, 4,2006)

READING COMPREHENSION
1. Read the text again and specify whether the following statements
are true or false:
a. The European Union was formerly known as the North
Atlantic Treaty Organisation (NATO). T/F
b. The EU was established under that name in 1992. T/F
c. There are 25 member states now in the EU. T/F
d. Estonia, Latvia, Lithuania, Slovakia, Slovenia don’t belong to
the EU. T/F
e. The candidate countries are Bulgaria, Romania, Turkey and
Albania. T/F
f. The free flow of goods, persons and capital; a customs union,
harmonization of laws,a single currency are the major aims of
the EU. T/F
g. Romania submitted its formal application for membership of
the EU on June 22nd, 1995. T/F
h. On 15th February 2000 in Brussels, EU leaders set 2007 as the
target date for Romania and Bulgaria to join the Union. T/F
i. European Integration supposes the process of enlargement of
the EU. T/F
68
 2.Choose the words or phrases most similar in meaning to the
following as used in the reading passage:
1. predecessor : a. antecedent b. Forerunner c. precursor d. previous
2. currency : a. money b. dollars c. finances d. funds
3. abolish : a. suppress b. cancel c. repudiate d. invalidate
4. borders : a. frontier b. boundary c. threshold d. edge
5. found : a. establish b. generate c. Organize d. initiate
6. envisage : a. feature b. anticipate c. predict d. consider
7. commitment : a. obligation b. engagement c. undertaking d. vow
8. comply with : a. conform to b. go along with c. shape up d. agree to

VOCABULARY DEVELOPMENT

1.A. Match the words and phrases in column A to the right

definitions in column B:

A B
1. customs union a. A meeting attended by heads of two or
more countries.
2. bilateral agreement b. The state of being a member or the total
number of members or the members of an
organization collectively.
3. application c. A group of countries that have arranged to
charge the same amount of duty on
imported goods
4. summit d. To keep watch over, to record or test
or control the work
5. membership e. An arrangement agreed between two
persons or groups.
6. to monitor f. making a formal request

B.....Use the words above to fill in the blanks in the following

sentences:
a. The two countries established a.......................on the import
and export of goods.
69
 b. At the...................of Copenhagen in 2002, the EU leaders set
the EU joining date for Romania, January 2007.
c. The new organization numbers a total of 100..................
d. The EU Commission will..................Romania’s compliance
with its engagements.

2. The following text illustrates the way of enlarging the

European Union.Fill in the blanks with the words given below:

democratic level trademember adjustmentstate

integrate development membership agreements
To become a………….of the EU, a …………..must be
European, ………….and able to fully……………..into the Union’s
activities after a short…………….period, necessary for attaining an
equivalent …………..of economic……………..and for building
similar structures. Association agreements, free………… agreements,
and partnership ………………. Are forms of co-operation which can
prepare a state, in time, for integration and full ……………… .

GRAMMAR
The FUTURE = WILL, ‘LL + short infinitive

1. Match the following sentences with the equivalent

functions of the Simple Future:
1. I’ll answer the phone. a. prediction
2. There will be probably another lecture and I b. invitation
expect we’ll attend it.
3. Believe me, I’ll never be late again. c. offer of help
4. Shall I give you a cup of tea? d. polite request
5. Unless you finish your project, you e. promise
won’t get the money.
6. Will you please call on us on Sunday? f. instant decision
7. Consolidation in the technology department g. first conditional
will create a greater demand.
8. I like this camera; I’ll offer you $300 for it. h. future belief
70
 Simple present = a planned future action or series of actions,
fixed timetable, programme
Present continuous = a definite future arrangement with the
time almost always given in the near future.

2. Use either simple present or present continuous of the

verbs between brackets in the following sentences:
a. Our president.....................(make) a speech on Wednesday.
b. We...............(leave) here at six,...........(arrive) in London at
noon, and ...........(take) a plane on to Amsterdam.
c. The sales...............(start) on Monday.
d. The plane for Paris............(take off) at 7.30 a.m.
e. She.................(leave) at the end of the week.
f. The elections..............(be held) next week.
g. The last train.............(leave) at midnight.

„Going to“ expresses intentions, decisions and predictions

(when there is mere physical evidence that an event will take place).

3. Use Going to and match the sentences with its functions in

the following sentences:
1.As RTM bought MTS last month, there........................(be)
some big changes in the company.
2.They have ordered new equipment; they ......................
(modernize) the factory.
3.The A.M.Group..............(open) a new branch this summer.
4.I’ve just heard the news; we.............................(lose) this
bargain.
5.They..................(offer) him a good job.
6.He won’t be in the company for the next few days;
he...................(visit) the new subsidiary.
a. intention
b. decision
c. prediction

71
 Future continuous = will + present participle (will be doing) =
an activity that will be in progress at a particular moment in the future

4. Use future continuous of the verbs in brackets:

a. In spring they....................(start) the new production.
b. Next year, he...............(work) in their London office.
c. Where...................(live) in six months’ time?
d. New European companies..................(invest) in our country
starting from next year.
e. In September.................(build) the new wing of the company.
f. They........................(hold) an important meeting at the
beginning of June.

Future perfect = will + perfect infinitive (will have done) + in

most cases, a time phrase with BY = to look back from one point in
the future to an earlier period of time

5. Use future perfect of the verbs in brackets in the following

sentences:
a.By the time we prepare our proposal,........................(find)
another partner.
b. I.....................(finish) this job in twenty minutes.
c. By next winter they..................(build) the new factory.
d. By the end of the year they..................(manufacture) all the
engines.
e. 1,000 workers ..............(go) on strike by the end of the week.
f. At the present rate, they...............(sell) all the cars by the end
of the month.

Time clauses = simple present tense or present perfect (never

will) are used to refer to the future after Time words and phrases like:
when, before, as soon as, after, until, till, by the time, whenever,etc.

72
 6. Complete each sentence 1-6 with an ending a.- f., paying
attention to the use of the tense after time words:
1. When we have signed the a. they have been/are introduced
contract to one another.
2. I’ll pay you as soon as b. we get the information.
3. One Englishman will not speak c. till the bus strike is over.
to another until
4. We will contact you as soon as d. we’ll have a party.
5. Please take a seat until e. I get my cheque.
6. I won’t come to London f. the manager is ready to see you

Remember
To be (at present) + likely to/unlikely to/certain to + infinitive
= refers to things that we think are probable, improbable, certain to
happen in the future;
Will + definitely/probably or probably/ definitely + won’t or
Maybe/perhaps + subject + will = show how probable or certain
we believe a future event is.

7. Match the sentences in column A with the sentences in

column B that are similar in meaning:
A B
1.We will definitely sign the a. I’m 50% sure that I’ll work
contract. abroad in the next years.
2. I’m quite sure they will win b. Volksbank probably won’t
the deal. reduce the interest soon.
3. Perhaps I’ll work abroad in c. We are certain to sign the
the next years. contract.
4. I’m confident that they will d. We are very unlikely to win the
give us a pay rise. deal.
5.Volksbank is unlikely to lower e.They are certain to win
the interest rates soon. the deal.
6. I doubt very much whether f. We’re almost certain to be
we’ll win the deal given a pay rise.

73
 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,scholarship,studies).A LETTER of
APPLICATION for a SCHOLARSHIP should present you to
possible scholarship supporters in the best light. It should state clearly
what you want (money allowance or studies), and should tell what
your abilities are and what you have to offer. 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, your
education, your domestic status(married or single), your personality
(how you get along with others), your training, your experience, your
abilities (what you can do),your record (what you have done), your
work habits, your character, your aims and ambitions.
Read the following LETTER OF APPLICATION FOR A
SCHOLARSHIP in the European Union. Insert in the blank spaces the
three missing paragraphs given below, in the logical order:
a. I have an inquisitive and analytical mind – plus enthusiasm,
persistence, and the willingness to study hard.
b. I am 24 years of age, unmarried, and living with my family. I
am a graduate of the National Economics Institute, where I specialized
in European Economy.
c. I offer my qualifications and very good letters of recommendation
from my instructors, in the hope you will consider me for this scholarship.

Dear Mr.Bolton,
The advertisement in this morning’s‚Transcript’ about your
funding organization, greatly appeals to me because a scholarship
supporting a training programme for experts in European problems
meets my deepest aspirations for the future.
.................................................................................................................
.................................................................................................................

74
 I have always wanted to specialize in European problems and
this opportunity to extra specialize as an expert and improve my
knowledge of European economic institutions and intra-European
relations as well as of the history and cultural development of both the
continent as a whole and its regions, is crucial to me. My aims at
being given the tools to work with international corporations with
European ties, organizations with international tasks, and institutions
developed to work across national boundaries, would be highly met by
the scholarship you grant.

.................................................................................................................

Looking forward to receiving a positive answer, I enclose a self-

addressed envelope to myself, hopefully you will use it to tell me
when to come for an interview.

Yours sincerely,

SPEAKING
1. Speak about your country after it joins the European Union.
Imagine new companies, new kind of businesses. Make a company
profile under the new circumstances.
2. Imagine people’s possibilities of working when Romania
becomes a member of the European Union.
3. Speak about students’ opportunities of improving their
education in countries belonging to the European Union.
Write a Letter of Application for a Scholarship in a member
country of the European Union.

75
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”, according to Ms Angela Tripoli, a lecturer in
Business Administration at University College Dublin. “Organisational
structure concerns who reports to whom in the company and how
different elements are grouped together. A new company cannot go
forward without this and established companies must ensure their
structure reflects their target markets, goals and available technology.”
Depending on their size and needs there are several organisa-
tional structures companies can choose from. Increasingly though, in
the constantly evolving business environment, “many firms are opting
for a kind of hybrid of all of them.”
The most recognisable set up is called the functional structure
where a fairly traditional chain of command (incorporating senior
management, middle management and junior management) is put in
place. The main benefit of this system is clear lines of com-
munication from top to bottom but it is generally accepted that it can
also be a bureaucratic set up which does not favour speedy decision-
making.
More and more companies are organising themselves along
product lines where companies have separate divisions according to
the product that is being worked on. “In this case the focus is always
on the product and how it can be improved.”
The importance for multinational companies of a good geo-
graphic structure, said Ms Tripoli, could be seen when a
manufacturer produced an innovative rice cooker which made perfect
rice - according to western standards. When they tried to sell it on the
76
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.
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. Essentially the matrix structure organises a
business into project teams, led by project leaders, to carry out certain
objectives. Training is vitally important here in order to avoid conflict
between the various members of the teams. During the 1980s a wave
of restructuring went through industry around the globe. This process,
known as delayering, saw a change in the traditional hierarchical
structures with layers of middle management being removed. This
development was driven by new technology and by the need to reduce
costs. The overall result was organisations that were less bureaucratic.
The delayering process has run its course now. Among the trends
that currently influence how a company organises itself is the move
towards centralisation and outsourcing. Restructuring has evolved along
with a more “customercentric” approach that can be seen to good effect in
the banks. They now categorise their customers and their complex
borrowing needs into groups instead of along rigid product lines.
Another development can be seen in larger companies, which are giving
their employees more freedom to innovate in order to maintain a
competitive edge. Ms Julia MacLauchlan, Director of Microsoft’s
European Product Development Centre in Dublin, said the leading
software company had a very flat organisational structure. “There would
not be more than around seven levels between the average software tester
and Bill Gates”, she said. Microsoft is a good example of a company that
is structured along product lines. In Ireland, where 1,000 employees work
on localisalion of the software for all Microsoft’s markets, the company
is split up into seven business units. Each unit controls the localisation of
their specific products while working closely with the designers in
Microsoft’s Seattle Headquarters.
It works, said Ms MacLauchlan, because everyone who works in
the unit is “incredibly empowered”. “Without a bureaucratic
infrastructure people can react a lot more quickly to any challenges
and work towards the company’s objectives.”
From “The Irish Times”
77
 READING COMPREHENSION

1. Match these definitions with the four organisational

structures described in the text.
a. A cross-functional structure where people are organised into
project teams.
b. A structure rather like the army, where each person has their
place in a fixed hierachy.
c. A structure that enables a company to operate internationally,
country by country.
d. A structure organised around different products.

2. Read the text about the different ways in which companies

are organised and answer these questions.
a. Four main kinds of organisational structure are described in
the article. What are they?
b. Is one kind of organisational structure more common than the
others?
c. When did ‘delayering’ take place?
d. What were the reasons for delayering and what were the results?
e. How does Julia MacLauchlan describe Microsoft’s organi-
sational structure?

VOCABULARY DEVELOPMENT

Collocations

1. Match these nouns as they occur in the text.

1. product a) teams
2. target b) objectives
3. borrowing c) lines
4. project d) units
5. delayering e) company
6. country f) process
7. business g) markets

78
 8. software h) needs
9. company i) managers

2. Use an appropriate phrase from Exercise A to complete

each sentence.
Example: Banks need to be fully aware of their customers’
..…borrowing needs.
a) Silicon Valley is full of…………
b) Many companies are now organised along …….., in which
each division is responsible for a group of products.
c) A matrix organisation groups people into………..
d) Some companies are divided into different………., often also
called profit centres.
e) A multinational company will often have a number of………
in charge of activities in different parts of the world.

Definitions
3. Match these terms with their definitions

1. business entities a) focusing on the customer rather than the

product
2. set up b) new, original
3. innovative c) companies
4. flopped d) something that makes you better than other
companies
5. outsourcing e) did not succeed, failed
6. customercentric f) structure
7. competitive edge g) getting external companies to do work for
your company

4. Fill in with a suitable word according to the model:

Example: The Finance (manage)…manager……. is in his office.
a. Our (compete) ….. have brought out a new product and it
looks very good.
b. After a long negotiation, we finally reached (agree)……….
79
 c. The Far East suffered from (economy)…… difficulties in the
late1990s.
d. The Z400 is our best-selling ……..(produce).
e. The World Bank is an international………(organise) that
supports development projects around the world.

5. Match these words with their definitions (a—j).

1. advertisement a) A reduction in the price offered by the
seller.
2. customer b) A person or company that makes goods
from natural materials.
3. discount c) What remains from a company’s income
from sales after its expenses have been
deducted.
4. employer d) An arrangement with a bank to borrow
money with a promise to pay it back at a
future date.
5. loan e) A person or company who sells goods to
you, usually on a regular basis.
6. manufacturer f) A buyer, client or guest.
7. personnel g) All the people who work for a company.
8.profit h) A public notice selling goods or services.
9. research i) A person or company who provides work
for others.
10. supplier j) Exploring a new market or developing a
new product.

6. Complete these sentences with an appropriate preposition:

Organisational structure concerns who reports……to…whom.
a. Depending …….its size, there are several organisational
structures a company can choose from.
b. Many companies are organising themselves………..product
lines.
c. In the 1980s a wave of restructuring went………industry.
d. Delayering was driven………….the need to reduce costs.
e. Microsoft in Ireland is split…………….seven business units.
80
 7. A. In the following groups of sentences, the speaker is
either complaining or responding to a complaint.
Which is the most forceful of these complaints?
a) I’m sorry but I’m not satisfied with this product.
b) There is a small problem with this product.
c) Unfortunately, we had some problems with this product.
d) The product doesn’t seem to work very well.
B. Which is the most polite of these responses?
a) What’s the problem then?
b) I’m very sorry to hear about your problem.
c) You could be using it incorrectly.
d) It’s not our fault if the equipment wasn’t installed correctly.

SPEAKING

Discuss these questions

1. How many different ways of organising or structuring a
company can you think of? Think about departments, products and
markets.
2. The functional organisational structure has clear lines of
communication. In contrast, where things are organised along product
lines or with a matrix structure, 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. What, if any, problems
could you imagine in the second case?
3. 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.

GRAMMAR
Direct/Indirect Speech
We use indirect speech in order to report what people say or
think, changing verb forms and pronouns as necessary. It is not
necessary to follow the introductory verb said by that.

81
 Direct Speech
She is getting annoyed.
I’ve forgotten the area code.
I’ve been trying to get
through.
Mary sent the invoice.
They were driving
carelessly.
Don’t sell yor shares yet.
You can/may/must go.
You could hire more
temporary staff.
Indirect Speech
He said that she was getting annoyed.
He said that he had forgotten the area
code.
She said she had been trying to get
through.
They said Mary (had) sent them the
invoice.
She said they had been driving
carelessly.
He warned me not to sell my shares
yet.
She said that we could/might/had to go.
She suggested hiring more temporary
staff.

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; 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. A. Reporting what the MD said

These are some of the things that the Managing Director said
at a meeting you attended recently.
A colleague who was unable to attend wants you to tell her
what the MD said.
a. ‘I think a joint venture is the best way to break into the Far Fast.’
b. ‘We are not planning to set up a subsidiary.’
82
c. ‘We’ve been talking to a group of investors in Asia.’
d. ‘I don’t want to diversify in the immediate future.’
e. ‘We shouldn’t attempt to move too fast because we might get
our fingers burned.’
f. ‘We will be sending Stuart Campbell on a fact-finding
mission.’

2. News in brief
Match the sentence halves in A and B.
A.
1. Richard Pound, the International Olympic Committee official
leading the investigation into the corruption scandal engulfing
the Olympic movement, said yesterday............
2. The director of the Office of Fair Trading said that car
manufacturers..................
3. The catering industry said that the new rules on genetically
modified food..........
4. The European Union’s trade commissioner said that Britain
and the US have told the United Nations
B
a) would be unenforceable and would put an unacceptable
burden on food outlets.
b) the EU was prepared to put all its tariffs on the table for
negotiation in the next round of talks.
c) were using recommended resale prices to mask the true
selling price of vehicles.
d) to exclude their citizens from UN staff beginning to return to
Afghanistan.
e) the IOC had been trying ‘for years’ to find proof that its
members took bribes from bidding cities.

Reporting Questions
When reporting yes/no questions, we use if or whether and
make the necessary tense changes
“Will you be going to the reception?”
She asked me if/whether I would be going to the reception.

83
 When reporting open questions (beginning with which, what, where,
why, when , how), we report them using a different word order.
“Where is the station?”
She wanted to know where the station was.
“When will you be leaving?”
He wondered when I would be leaving.
“Who told you?”
They wanted who (had) told me

3. Sentence transformation
Report these yes/no questions using the words in brackets, as in
the example:
‘Do you want to call Derek?’ (asked)
He asked me if I wanted to call Derek.
1. ‘Have you seen Bernard yet?’ (asked)
2. ‘Are you open on a Saturday?’ (could)
3. Did you get my message?’ (wondered)
4. How much time is there left?’ (idea)
5. ‘Will you be taking your wife with you?’ (wanted to know)

4. Enquiries
Maria works at an information desk in an airport. These are the
answers she gave — what do you think the questions were?
1. ‘The restaurant is upstairs.
2. ‘You can get a shuttle outside the building.’
3. ‘The duty free is on the first floor.’
4. ‘Yes, you can leave your suitcases in the left-luggage lockers
over there’.
5. ‘I’m sorry, I really don’t know why the flight has been
delayed.’

BUSINESS WRITING

1. Match the beginnings of each sentence with the correct

ending:
1. Thank you a) for not replying to your letter before.
2. I apologise b) on helping you to prepare the report.
3. I insist c) to seeing you soon.
84
 4. They succeeded d) in getting everything ready on time.
5. We look forward e) for sending the documents.

2. Match the elements of the following business letter with

their corresponding Dames:
a. COURTNEY & Co.LTD
6, Nottingham Street
London
Telephone: Lon 7785653
b. May 15th2006
c. Our ref.: CAlER 45-P93-29
Yourref: Gh/SD 613
d. „Software Today” Ltd.
3, Shepton St.
Manchester
e. Dear Sirs,
f. Acknowledgement of letter and printed material
g. Yours faithfully,
h. COURTNEY & Co.LTD
Per pro. John Brown
Selling Manager
i. We acknowledge receipt ofyour letter of May 15th 2006, and
we thank you very much for the 10 copies of the magazine
„Software Today” which are really interesting and helpful to
us. We would appreciate ifyou would kindly continue to send
us these magazines in the future.
1. Heading
2. Date
3. Reference
4. Inside Address
5. Salutation
6. Subject line
7. Body of the letter
8. Complimentary close
9. Signature

85
 3. Match the type of statement with the corresponding
lines (components of the body of the letter)
1. Introductory paragraph a. The subject of our letter is to notify
you…
2. Conveying the message b. We hereby let you know…
3. Closing paragraph c. We are in receipt of your letter dated…
d. Complying to your instructions…
e. We are unable to accept such terms
f. Looking forward to receiving your
answer, we remain…
g. We hope to receive your news
h. We count on the matter being solved
according to our instructions.

4. Choose the correct word or phrase to complete the

following letter:
Dear (Sir/ Mr. Daniels/Mr. Sales Manager)1
With (relation/reference/connection)2 to our telephone
(dialogue/meeting/conversation)3 today, I am
(posting/enclosing/including)4 our latest catalogue. I (am afraid/deeply
regret/apologise)5 our most up-to-date price list is not yet available,
but I shall send you one as soon as they are printed.
I hereby wish to inform you that our products listed on pages 20
and 21 meet the most recent environmental conditions. We would be
happy to supply you with any samples you may (require/pretend)6.
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.
In the meantime, I (look/wait/expect)10 forward to
(listening/hearing/seeing)11 from you.

(Regards/ Yours sincerely/ Love from)12

J.P.Green
(Enc./p.p.)13

86
5. Enlarge upon
a. The parts of a business letter (The heading, date, reference
line, inside address, salutation, subject line, body of the letter,
close, signature, enclosure).
b. Types of complimentary close.
c. What is the difference between letters and memos?

87
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).
In other words accounting is a language – the language of
business. Like all languages it has its own vocabulary, methods of
expression, terminology and conventions- and because of these, its
own difficulties of interpretation and understanding. When using
accounting words, it is important that you understand their
accounting meaning.
As in any language, some accounting rules and terms have a
single correct meaning, and others are like dialects in that their
meaning varies with different users. Accounting is a language which
pervades, in some measure, everybody’s life, and hence it is a
language with which everyone should have some familiarity.
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, ie. managers.
Financial accounting, on the other hand, seeks to provide
information to other interested groups, including shareholders,
government, customers, suppliers of goods and services, lenders of
finance and employees.

88
 Briefly, 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, present and future creditors, customers, suppliers,
regulatory State commissions, competitors, financial analysts, and
trade associations although the information is also of interest to the
company's officers and managers. Such information relates to the
financial position, liquidity (that is, ability to convert to cash), and
profitability of an enterprise.
Management accounting reports, on the other hand, are often
specific-purpose reports. They are designed for a particular manager.
The information is not generally disseminated outside the company.
• Level of detail
Financial accounting reports provide users with a broad
overview of the performance and position of the business for a period.
As a result, summaries of information are made available and detailed
information is often lost.
Management accounting reports provide managers with
considerable detail to help them with a particular operational decision.
• Regulations
Financial reports, for many businesses, are subject to accounting
regulations, which try to ensure they are produced according to a
standardised format.
Because management accounting reports are for internal use
only, there are no regulations from external sources concerning the
form and content of the reports.
• Reporting interval
Financial statements are issued either at the end of an accounting
period or on a quarterly basis.
Management accounting reports may be produced as frequently
as required by managers. In order for managers to make timely
decisions, the reporting cycle is usually much shorter than for
financial accounting.
89
 • Time horizon
Financial accounting reports are backward looking. They do not
incorporate expectations concerning the future.
Management accounting reports, on the other hand, may provide
information concerning future performance as well as past
performance.
• Range and quality of information
Management accounting prepares information for the
management that is the users are inside the company, the range of
information is much wider, more detailed and based on specific
methods.
Financial accounting reports concentrate on information that
can be quantified in monetary terms.
Management accounting reports may contain information of a
non-financial nature. For example if management intends to put
pressure on slow payers, information on the dates when sales took
place and on the customer’s past record is required. Other examples of
non-monetary data required by management might be the percentage
of shipments made on time, number of customer complaints received,
unfilled sales order, in other words, backlog, the estimated market
share of competitors. For deciding if it is advisable to continue the
output of a certain product, management might require an analysis on
the breakeven point, that is the point at which revenue will equal total
costs. For cost estimation managerial accounting might resort to the
Cost-Volume-Profit analysis (CVP), which is an instrument for cost
analysis.
Financial accounting places greater emphasis on the use of
objective, verifiable evidence when preparing reports.
Management accounting reports may use, at times, information
that is less objective and verifiable.
We can see from the above that management accounting is less
constrained than financial accounting. 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.

90
 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. Reports
to management may be either summaries of past events, forecasts of
the future, or a combination of the two. 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.

READING COMPREHENSION

1. Say whether the following statements are true or false

according to the text:

a. Financial accounting reports may provide information

concerning future performance as well as past performance.
b. Management accounting exists in order to improve the quality
of economic decisions made by users.
c. Managers are interested solely in information expressed in
monetary terms.
d. Management accounting provides information for investment
analysts, competitors, and future creditors.
e. Financial accounting is less constrained than the management
accounting.
f. A breakeven point analysis reveals whether it is profitable to
produce a certain item.
g. Managers have greater control over the form and content of
information provided than other user groups.
h. As a rule financial statements are produced every week.
i. Financial accounting provides information especially for
inside users.

VOCABULARY DEVELOPMENT

2. Find in the text words/phrases that mean:

a. a quantity of goods to be sent together.

b. a person or organization that provides necessary goods or
services.
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 c. a committee or an organisation appointed by the government
that draws up and enforces codes of conduct for the control of
certain economic issues.
d. of an order or promise that has not yet been supplied or
completed.
e. a number of jobs waiting to be done that were not done at the
proper time, resulting in a lot of extra work.
f. the percentage of the total sales of a product in a particular
area or country obtained by one company.
g. the quantity of goods produced by a worker, a machine or an
organization.
h. the position where income from sales equals costs.
i. money received from the sale of goods or services.

3. Match up the terms on the left with the definitions on the

right

A B
1. managerial a) the process of using unusual but not
accounting illegal ways to change business accounts to
make them look better than they really are
2. bookkeeping b) the design and maintenance of the
accounting system.
3. financial accounting c) daily recording of financial information
4. auditing d) Preparing budgets and other financial
reports for decision-makers
5. “creative e) an official examination of a company's
accounting” / financial records in order to check that they are
“window dressing” correct

SPEAKING
Discuss in small groups on the following topics:
1. Are there any similarities between financial accounting and
managerial accounting?
2. Is there any overlap between the information needs of
managers and the needs of other users?
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BUSINESS WRITING

• Letters of enquiry
What should you say in a letter of enquiry?
1. Say where you saw the advertisement – giving reference.
2. Give some general information about your company.
3. State your general reason for writing-why you want the
information.
4. Request action and further information-tell what you want.
5. Close the letter.
6. Add a formal ending:
(yours faithfully)-if the salutation is Dear Sirs.
(yours sincerely) – if the salutation is Dear Mr/Mrs/Miss/Ms).

1. Match the sentences below with the list of functions

Eg. A. We look forward to receiving your reply. = Close the
letter (5)
Some functions can be matched with more than one sentence.

a. We look forward to receiving your reply

b. Could you send us at least two samples of …..
c. Please send us your latest catalogue and price list
d. We are one of the largest importers of …
e. I would also like to know …
f. We have seen your advertisement in today’s “Capital”
g. We are interested in importing your range of ….
h. Could you please send us some samples of….
i. We have read you advertisement in this month’s edition of….
j. We are a company which specializes in / imports…
k. We would appreciate it if you would send us more
information about….
l. We have seen your new model at Bucharest International Fair
m. We are interested in purchasing
n. Could you tell me whether …

93
 2. Complete the letter. Refer to the list of functions above
Dear Sirs,

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, we are ________(8) in _________(9) some new
vehicles.
We would therefore ________(10) it if _________(11) send us
your ___________(12) catalogue and price lists. We would also want
to know if you are offering any trade discounts.
We look forward to__________(13) from you soon.
Yours ___________(14)

D.Cliff
Managing Director

• Replying to letters of enquiry

How should you reply to a letter of enquiry?

1. Acknowledge the letter- thanking the potential customer for
his/her interest.
2. State what action you are taking –providing requested
materials.
3. Answer any specific questions the enquirer asked, for
example about prices and delivery.
4. Suggest alternatives (optional).
5. Suggest ways in which you could help the enquirer to make a
decision to buy-“selling” your product.
6. Invite the enquirer to ask for further information.
7. Close the letter hoping for future business.

94
 3. Match the sentences in the following letter with the
functions listed above. Some functions can be matched with more
than one sentence
Eg. C. Invite the enquirer to ask for further information.
“Please do not hesitate to contact us to arrange a suitable date
and time for a demonstration.”
a. We can assure you that the MLI 2005 is one of the most
outstanding machines on the market today, and our
confidence in it is supported by our three-year guarantee.
b. We look forward to … hearing from you / receiving your
order / welcoming you as our client (customer).
c. Please do not hesitate to contact us to arrange a suitable date
and time for a demonstration.
d. ….Fortunately we have produced an amazing substitute, “ CP
Soft” which has the same texture, strength and quality of
leather, but is less than a quarter of the cost.
e. We would like to thank you for your letter of … enquiring
(asking for information) about ..
f. We would like to draw your attention to our offer of ….
g. We would like to suggest a demonstration of this model by
one of our representatives
h. Please find enclosed our current catalogue and price list
quoting f.o.b. prices Constanţa.
i. Our prices include insurance and delivery.
j. We are sending the samples you requested under separate
cover.
k. We would be pleased to supply any further information you
require.

4. Complete this letter. Refer to the list of functions above.

Dear Mr. Cliff

Thank you __________(1) your letter _________(2) 25 June

enquiring ___________(3) our Aro vehicles.

95
 We _________ (4) pleasure ________(5) enclosing our latest
brochures and price list. Please ________(6) that the prices quoted do
not _____(7) insurance and delivery.
As we _______(8) received a large number of _______(9) from
all over East Africa in response to our advertisement , we
_________(10) shipping two of our _______(11) to Nairobi, and
sending out ________(12) of our most experienced ________(13).
We__________(14) that you should contact Mr. Ionescu, who
will be staying __________(15) the Grand Hotel, Nairobi, between 10
and 30 July, if you __________(16)like to examine and drive these
vehicles. The Aro vehicles that we are sending out _______(17)
special modification, carried out by ourselves, which will be of
particular __________(18) to you.
We look _________(19) to hearing from you.
Yours _______(20)

Marcel Pruteanu
Sales Manager

GRAMMAR

If clause
I. Zero conditional: Stating a general rule (what generally
happens when something else happens): Both verbs are in the present
simple tense:

ƒ If you pay people peanuts you get monkeys.

ƒ If you order in bulk you usually get a discount.

1. Match the first part of the sentences in column A with the

right endings in column B
A B
1. If inflation is high a) if they work in pleasant
surroundings
2. If a company doesn’t advertise b) people tend not to save

96
3. If the government lowers c) you don’t pay income tax
interest rates
4. People are more productive d) if they give aid
5. Governments expect e) it makes borrowing easier
something in return
6. If you have an offshore bank f) it loses market share
account

II. First conditional: Speculating about the future (possible

future events )

ƒ If I do an MBA I’ll improve my job prospects.

ƒ If our main competitor goes bankrupt we will increase our
market share.

2. Put the verbs in brackets into the correct tense

a. If the meeting (finish) late, I (spend) the night in Bucharest
b. If you (give) us a 5% discount we ( make) a firm order of 10,
000 units.
c. If you (order) now you (get) a free gift.
d. If we (break) into the Bulgarian market, our turnover
(increase) substantially.
e. If sales (not/go) well this year, we (try to) reduce our costs.

III. The second conditional ( for unlikely, imaginary situations)

ƒ What would you do if you won a million dollars?
ƒ If I lost my job tomorrow I would move to the country side.
ƒ I wish I wasn’t working next weekend.

3. Read through the following sentences. Decide whether the

events in them are likely or imaginary, and put the verbs in
brackets into the right tense.
a. I ___________(apply) for the job if I ________(have) a
degree, but unfortunately I am still an undergraduate.

97
 b. I’m leaving now; I _______(be) back at noon if the
traffic_______(not /be) too bad.
c. If I __________(be) chief accountant I _______(insist) on
having more staff in the accounting department.
d. We _________(not/be) able to do business with you unless
you ______(comply) with our ethical policy.
e. If I ________(invent) a new product, I _________(patent) it
immediately.
f. If you _________(increase) sales by over 15% the company
_______(pay) you a performance bonus.

IV. The third conditional : speculating about the past

(unfulfilled past conditions)

ƒ If I had got up earlier, I would have caught the train

ƒ They wouldn’t have given me the job if the interview
hadn’t gone well.
ƒ I wish we had advertised on TV.

4. Put the verbs into the correct form

a. If the flight had been delayed, I ___________(stay) at the
airport hotel.
b. If I ________(know) that you are coming , I would have met
you at the airport.
c. If we had followed his advice, we could _________(lose) a
great deal of money.
d. If we ___________(offer) large quantity discounts, we might
have won the order.
e. If we ____________(had) the right figures, we could have
avoided a costly error.
f. If you___________(leave) earlier, you might have got there
on time.

5. Write down what you would have done if the following

things had happened
What would you have done if……
98
a. You hadn’t come to this university?
b. You had lost your passport in Iraq?
c. You had fallen seriously ill while you were abroad?
d. You had missed your return flight ?
e. A burglar had come into your room at night?

6. Choose the correct continuation for each sentence:

a. I can’t enter the system because I don’t know the password.
i. If only I would have the password
ii. If only I had the password
b. I wasn’t taking notes, and now I can’t remember what she said.
i. I wish I took notes
ii. I wish I had taken notes.
c. I am worried about the meeting tomorrow. We need to reach
an agreement.
i. I wish we succeed.
ii. I hope we succeed.
d. I am not a good typist.
i. I wish I could type better.
ii. I wish I would type better.
e. This is a very unusual situation
i. I wish I had known what to do.
ii. I wish I knew what to do.

Review questions on management accounting

• Management accounting has been described as ‘the eyes and
ears of management’. What do you think this expression
means?
• Accounting information should be understandable. As some
managers have a poor knowledge of accounting we should
produce simplified financial reports to help them’.
To what extent do you agree with this view?

99
UNIT 10

BANKING

Banking refers to the business of providing financial services to

consumers and businesses. The basic services a bank provides are
checking accounts, which can be used like money to make payments
and purchase goods and services; savings accounts and time deposits
that can be used to save money for future use; loans that consumers
and businesses can use to purchase goods and services; and basic cash
management services such as check cashing and foreign currency
exchange.
Four types of banks specialize in offering these basic banking
services: commercial banks, savings and loan associations, savings
banks and credit unions.
A broader definition of a bank is any financial institution that
receives, collects, transfers, pays, exchanges, lends, invests, or
safeguards money for its customers.

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.
These norms stipulate that the monthly instalment a borrower
pays towards a mortgage loan cannot exceed 35 per cent of his or her
income.
Some banks are also beginning to advertise new products, such
as loans for new and second-hand cars.For all types of loans, the
minimum down payment one has to make is 25 per cent of the value
of the goods.
Last week Volksbank announced it has extended the maximum
maturity of mortgage loans to 25 years.The amount one can borrow is
100
unlimited however, and the bank will decide on its value after
analyzing the family revenues.Housing loans provided by Volksbank
in 2005 amounted to some eight million Euro. „Around 40,000 people
took a housing loan from our bank by December 2005“, said the
communication officer at Volksbank Bank. „Most of the clients prefer
to take a loan in foreign currency because of the lower interest“, she
added.
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.The payback period for acquiring or extending the house is
between three to 20 years while for refurbishing is between three to
five years.The minimum amount of the loan is 10,000 Euro.
Car loans given by banks target a different customer’s segment
than the one targeted by leasing companies. „The loans we offer
mostly address private individuals, while leasing addresses more the
corporate segment“, said the communication officer at HVB.
Raiffeisen offers loans for those who want to purchase a new
car, Romanian or foreign-made.The loans are given in RON, Euro or
US dollars, with a maximum value of 75,000 Euro and with a
reimbursement period between six months to five years.The total
value of the loans taken out in 2005 increased by nine times on the
previous year, said the bank.
The loaning market will increase further but with a lower year-
on-year percentage than the last two years. New players will come on
the market such as Banca Tiriac, ABN Amro, Banca Românească,
while the clients will search for the most convenient loans.
(adapted from “BUCHAREST BUSINESS WEEK”, October 2005)

READING COMPREHENSION

1. Read the text again and specify whether the following

statements are true or false:
a. 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. T/F
101
 b. Loans for new and second-hand cars are not granted
by the Romanian Banks. T/F
c. For all types of bank loans, the minimum down
payment the borrower has to make is 25 per cent of
the value of the goods. T/F
d. Given the lower interest, most of the clients prefer to
take a loan in foreign currency. T/F
e. The minimum amount of the loan at HVB is 20,000
Euro. T/F
f. The director of the Credit Division of Volksbank
declared that the loans they offer address mostly
private individuals. T/F

2. Choose the words or phrases most similar in meaning to

the following as used in the reading passage:

1. grant : a. allow b. authorize c. admit d. bestow

2. acquire : a. obtain b. annex c. earn d. gain
3. reimburse : a. compensate b. pay back c. recompense d. make up for
4. bid : a. offer b. present c. submit d. propose
5. observe : a. celebrate b. honour c. respect d. commemorate
6. refurbish : a. rehabilitate b.renovate c. restore d. redecorate
7. target : a. aim b. purpose c. procure d. get hold of

VOCABULARY DEVELOPMENT

1. Match the words in column A to their right definition in

column B
A B
1.maturity a.any of the parts in which a debt is paid,over
a period of time.
2.mortgage b.to give someone a claim on (property) as
security for payment of a debt or loan
3.instalment c.payment at the time of purchase
4.borrower d.date when a bill has to be paid
5.down payment e.the person who gets the temporary use of
sth.,on the understanding that the thing
received is to be returned
102
6.leasing f.a contract by which the owner of a car,a
building,land,etc. allows another person to use it
for a specified time, usually in return for payment.

2. Fill in the blanks with words chosen from the above ones:
a. They decided to extend their house and got a .......................
loan for a period of five years.
b. As he was short of money, he wasn’t able to pay on the date
of ...............................
c. The monthly .........................they had to pay was as much as
his wife’s wages.
d. As she was not very wealthy, she made a ..................of $50.
e. They used .................contracts for all the buildings in the
district.
f. He wasn’t the real inventor, he only was the...............of their
methods.

3. Which verb refers to which nominal group to form bank

collocations:
1.grant a.the maturity date
2.pay b.a down payment
3.extend c.an instalment
4.make d.a housing loan
5.take e.mortgage loans
6.apply for f.a loan

4. Match the words on the left, having to do with “kinds of

payments”, to the explanations on the right:
1.dole a. money given in recognition of services rendered, a
tip
2.graft b. state payment to insured persons who are unable to
find employment.
3.alimony c. money received during a certain period (esp. a
year) as wages or salary,interest on investments,etc.
4.gratuity d. an allowance payable by a man to his wife or
former wife after a legal separation or divorce.
103
5.income e. a sum of money paid as a penalty.
6.interest f. money given to obtain some advantage in business
or politics by bribery or unfair influence.
7.fine g. fixed payment made by an employer at regular
intervals,usually calculated on an annual or quarterly
or monthly basis
8.salary h. money paid for the use of money lent
9.wages i. money paid or received for work or services,
specially paid daily or weekly.
10.pension j. 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.

5. Use some of the above words in the following sentences:

a. Being above age of working, he retired and received

a................
b. As she lent so much money, the................she had to pay was
considerable.
c. He used substantial................to reach that position.
d. Without any job, they have been living for years on
a..............

GRAMMAR

The passive voice = to be + the past participle of the main verb

1. Change the following sentences as shown in the example:

E.g. They have made progress.

Progress has been made.

a. They will develop new techniques of accounting.

b. They have improved their lending methods.
c. They eliminated the restrictive norms last year.
d. They had identified the causes of the loss.
e. They are extending the maturity date one of these days.
f. They advertise new products every two months.
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 2. Put the following sentences into the passive voice making
all necessary changes and mentioning the agent where necessary:
a. The judge gave him one month in which to pay the fine.
b. They will say nothing more about the matter if somebody
returns the stolen document.
c. The burglars had cut an enormous hole in the steel door of the
bank.
d. The organizers will exhibit the objects until the end of the
month.
e. He has just written a special edition for the bank employees.
f. Anyone with the proper knowledge can understand these
instructions.
g. They will have to adopt a different attitude.

3. Change the following sentences from the Passive Voice

into the Active Voice:
a. Last year a profit of two million pounds was made in the first
six months by our bank.
b. Your money could be put to better use instead of being left
idle in the bank.
c. He spoke for an hour, and his remarks were received by the
audience with loud applause.
d. Someone will have to be found to take her place.
e. The matter will be dealt with in a later paragraph.
f. My computer is being repaired at the moment.
g. I’m afraid all our copies have been sold but others have been
ordered.

Remember:
In English, both direct and indirect object of the verb in the
active voice can become subject of the passive construction.

4. Change into passive the following sentences according to

the model:
E.g.I showed him his mistakes.
His mistakes were shown to him.
He was shown his mistakes.
a. They offered him a good job.
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 b. They promised her immediate help.
c. I paid them the money this morning.
d. She will give us the answer as soon as possible.
e. He owes her quite a lot of money.
f. The lawyer has just given to him the details of his uncle’s will.

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.

5. Rewrite the sentences according to the model, with the

proper form of the verb to have:

E.g.Our door is broken, we’ll call the carpenter to repair it.

We will have our door repaired.

a. The office was dark so last year we decided to put in another

window.
b. I can’t read Chinese so that somebody had to translate my
documents.
c. The manager asked us to finish the report at once.
d. I need to print some visiting cards till tomorrow.

6. Fill in the spaces with the correct form of the verb TO

HAVE, the past participle of the verb between brackets and,
where necessary, a pronoun:
E.g. The room is very untidy, but we...it......next month.
(redecorate)
The room is very untidy, but we are having it redecorated next
month.
a. They can’t find a house to suit them so they............one.........
(build)
b. My dress is too long, I must................(shorten).
c. You’ve spilt oil on your coat; now you’ll have to .........
it........(clean)

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 d. They didn’ like the colour of the walls so they .......... them
........(paint)
e. We went to a service to.............the puncture............(mend)

BUSINESS WRITING
1. Order letter
The letter in which a company expresses its decision to buy, on
certain terms, some specified goods, is called LETTER OF ORDER.It
is usually a reply to an offer. As a rule the order is placed on an order
form, which gives all the details on quantities, qualities, terms of
delivery, terms of payment and prices, packing, sizes, deadlines, etc.
When placing an order it is essential to be accurate and clear. Orders
may be first time orders, repeat orders and trial orders (meaning that
the goods are ordered subject to being accepted by the buyer after
examining them. If he does not accept them he returns them to the
supplier with no commitment to pay for them).
Functions to be found in an order letter:
− acknowledge receipt of previous correspondence (offer)
− express your reaction to prices, discounts, etc.
− 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.Brown,
Thank you for your.......... of 15 September 2005,accompanied
by your latest............and price-lists as well as your quotation for one
million units and a pro-forma invoice.

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 Your trade..............of 12% plus your 7% quantity discount is
quite satisfactory.
We are therefore enclosing our........... .............. for 1 million
metal paper clips with all the details containing sizes, terms of
delivery, types of documents required.
We agree to ................ by documentary ............to be opened at
Barclays’ Bank,London
And undertake to apply to our bank and have the credit opened
within the next two weeks.
......................by 10 October 2005 is essential and we reserve the
right to..................the order and return the entire....................at your
entire..............and ................any time after that date.
We hope that this will be the first of many orders we will be
placing with you.
Yours sincerely
M.Smith
Sales Manager
Enclosure: Order form

2. Reply to an order
An order that has been received by a company must be
confirmed at once, especially when it can be carried out. In it you tell
the buyer that the order has been received and has been put in hand.
You assure him it will be executed carefully and without any delay.
Sometimes the terms and conditions of the order are repeated in
the confirmation.
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

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 Here is a list of some phrases to illustrate the above mentioned
functions:
1. Acknowledge receipt of the order. Use phrases like :
− Thank you for your first time order;
− We want to tell you how pleased we are as it is our first
dealing with you.
2. Confirm that you are able to supply the goods and meet the
conditions of the order. Use phrases like:
− We are happy to inform you that we can meet your order
immediately;
− We are glad to confirm that we can supply your order from
stock.
3. Say what you intend to do to implement the order. Use
phrases like:
− We are now making arrangements for the shipment of your
order;
− We are now dealing with your order and you may expect
delivery within the next 15 days;
− The order will be dispatched as soon as we get confirmation
of the opening of the documentary credit from our bank.

The following letter of confirmation of an order normally has

four paragraphs. Put the paragraphs below in their right order:

Dear Mr. Peters,

a. We are looking forward to the safe arrival of your order and

receiving further orders from you.
Yours sincerely,
Paul Hartley
Sales Manager
b. We thank you for your order of 5th May 2006 for 150 portable
electric typewriters which we received today.
c. The order has been put in hand and will be dispatched as soon
as we receive confirmation of the opening of the documentary
credit.
d. We are glad to confirm that we can supply your order from
stock.

109
 3. The turning down of an order
There are different circumstances when an order cannot be
carried out.
Here are the functions of such type of letter:
− Thank the customer for the order;
− Say that you cannot meet the order;
− Suggest an alternative.
Fill in the blanks in the following letter of turning down of an
order, with the words listed below:
Order difficulty sorry available shortage send fill

Gentlemen:

We are ……..to have to tell you that we cannot ……your order

for 200 pairs of black doeskin gloves.
We can…….you all the white, tan or yellow gloves you want;
but there is a temporary……..of black due to…………with the
dyes.
Thank you very much for your………. – which we hope you’ll
give us an opportunity to fill when black doeskin gloves again
become ………….
Yours very truly,

110
UNIT 11

FINANCIAL ACCOUNTING
FINANCIAL STATEMENTS

As we know an Accounting department systematically records,

sorts and summarizes the thousands of documents representing the
transactions of a business. These transactions are then compiled,
classified and summarized into financial reports for a business so that
a financial statement can then be prepared.
Financial statements are usually prepared on a quarterly,
biannual or annual basis. Most are drawn up on a yearly (fiscal) basis.
Statements provided that are outside of the fiscal closing are known as
interim statements.
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, a profit and loss account (US
income statement) and a statement of cash flows. These year-end
financial statements are drawn up by most accounting professionals.

Balance Sheet
The purpose of a balance sheet is to show what a company is
worth. It is like a “snapshot” of the firm's position on the last day of
the financial year. It is basically concerned with the capital of the
business and not with its performance.
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, this is usually divided
into original capital and retained earnings)
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 A balance sheet, as the name implies must balance:
-sources of funds equal employment of funds. In other words:
creditors equal debtors. (US accounts payable vs. accounts
receivable)
This can be calculated by a simple equation:
• assets = liabilities + owner’s equity /net worth
or
• owner’s equity = assets - liabilities
This is a basic formula that must always be true, unless some
kind of fraud or serious errors have occurred. Since assets represent
the way in which funds have been employed, and liabilities and net
worth represent sources of funds (i.e. funds borrowed) this means that:
-employment of funds = sources of funds.
This balance in which for every debit there is a corresponding
credit, 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. It measures the profit or loss for
the period. 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. Therefore the statement will show the firm's trading
position in terms of its profitability for the whole twelve months of the
financial year. The components of the P&L account are:
• revenue / cash from sales
From this must be deducted:
o cost of sales (raw materials, labour costs, overheads,
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
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 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 value of the stock at the beginning of the period
2. the cost of the stock acquired during the period
3. the value of sales made during the period
4. 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.
Your equity on the beginning balance sheet plus the profit (or minus the
loss) from the income statement equals your equity for that period.

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, so it “ties together” two consecutive year-end balance
sheets, illustrating the company’s ability to earn cash. It is a historic
view of the flows of cash into and out of the business.
Many if not most of the features are the same as in the P &L
account. Both statements show income and expenses. However, the
bottom line on the Profit and Loss Account is not the same as in the
Net Cash Flow. But why is this ? The answer is quite simple, the
figures included in each are similar but they are not identical. The
main differences result from how depreciation and certain payments are
recorded. For example:
Income from sales is entered as it is received, not before. If a
credit sale is made, the income is only entered when the actual bill is
paid. In the P&L account, sales are applied to the accounting period in
which the sale occurs. So a good sold in one period on credit, is
entered as a sale for that period, even though the payment may not be
due until the next accounting period.
In the cash flow statement expenses are entered as paid. In the
P&L account , provision is made in accounts for expenses incurred but
not yet paid, these are known as accruals.
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 Another distinction refers to depreciation. As depreciation is a
paper accounting transaction, not involving actual expenditure, this is
not shown. In the P&L account, depreciation is shown as a business
expense.
Also, capital inflows are recorded differently. If a business
receives a further injection of capital that has not arisen from its
trading activities then, this is shown in the cash flow statement as a
type of income. The P&L account will only show an inflow of capital
that has arisen as a result of trading activity.

VOCABULARY DEVELOPMENT

1) Find words/phrases in the text which have the following

meanings:
a. money owed by a company; a debt
b. 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
c. 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. 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. money received from the sale of goods or services
f. a gradual loss in the value of something, such as a vehicle, a
machine or any ASSET that wears out with use and age
g. an amount charged for money borrowed
h. an amount of money received from the sale of goods minus
the cost of manufacturing or buying them
i. part of the annual profit that is not paid out to shareholders as
dividend, but reinvested in the company
j. the profit obtained before tax has been deducted
k. money taken by a government from the profits made by
companies and corporations

114
 Quiz: How to Analyze a Balance Sheet
1) Here are a number of essential business entries used on a
balance sheet. Use the words listed below to decide which type of
entry fits the definition.
(intangible assets dividends liabilities depreciation fixed assets
distribution costs overhead variable costs advertising costs
operating costs)
a. Payments made to shareholders based on company profits
b. Equipment and other assets which generally loses value over
time
c. Patents, ideas, trade marks, licenses
d. Costs and money owed
e. Property, equipment currently owned and not intended for sale
f. Non-changing costs such as rent, lighting, heating, etc.
g. Changing costs of employment, raw materials, etc. based on
rate of production.
h. Costs related to encouraging consumers to buy a product
i. Costs related to delivering goods to points of sale
j. Day to day cost of running a business

2) The opposite of accounts receivable is...

a. Current Liabilities
b. Long Term Debt
c. Notes Payable
d. Accounts Payable

3) Working Capital is...

a. Current Assets – Current Liabilities
b. Current Liabilities
c. Notes Payable
d. Accounts Payable

115
 4) At least some of the capital surplus of any business is the
result of...

a. Inventory Markdowns
b. Treasury Stock
c. Retained Earnings
d. Bank Loans

5) What is the difference between Shareholder Equity and

Book Value?

a. They are the same thing

b. Book value excludes intangibles
c. Shareholder Equity measures only the net assets
d. One is an asset, the other is a liability

6) Match each of the words in brackets with the correct

definitions below:

(debit, teller, withdrawal, balance, deposit, credit, cash,

statement (of account), cashier)
a. A record of the financial transactions of a business
b. Money paid into a bank
c. An amount of money deducted from an account
d. Money in the form of bank notes and coins
e. The removal of money from an account
f. A clerk who pays out and receives cash at bank
g. The remaining amount of money in an account
h. A machine or person who counts out money
i. An amount of money in an account

7) Choose the word that best fits the context. Modify its form
where necessary.

Unbalance, transfer, give, balance, debit, rendered, offer, credit,

settlement, nominated, keep
a)Have you ________an account of expenses? b) The account
doesn’t __________because a credit has been wrongly entered in the
books. c) Please acknowledge receipt of the enclosed cheque and
________our account accordingly. d) Please supply the goods as soon
as possible and ________our account. e) Please ________me a
116
detailed account of the meeting. f) Your expenses can be paid straight
into a bank account _________by you. g) The deposit account
________ a high rate of interest but withdrawals require 90 days’
notice. h) The account was ________ on the 15th of August and is now
overdue. i) We enclose a debit note showing the amount due and look
forward to the _______ of your account. j) I am _________ my bank
account from the city centre branch to one nearer my home. k) The
account will be ______.

Numeric response questions

1) If an insurance company purchased a bank with a book value

of $23,487,525 for $75,387,000 in stock and cash under the purchase
method, how much Goodwill would the insurance company be
required to put on its balance sheet?

a. $75,387,000
b. $63,028,480
c. $31,398,500
d. $51,899,475

2) If a large Jewelry store chain purchased a family owned

Jewelry store for $187,400,000 and the family retained 14.387%, what
is the minority interest that will be put on the balance sheet?

a. $39,230,200
b. $26,961,238
c. $18,209,218
d. $14,210,094

BUSINESS WRITING

Payment

ƒ Advice of payment

We would like to inform you that we have arranged for a credit

transfer through our bank, Banca Românească. The transfer is for €
3,650 in payment of invoice no. Re1825. Could you confirm the
transfer has been made as soon as the correspondent bank advises
you?
117
 ƒ Acknowledgement of payment
We received an advice from our bank this morning that your
transfer for invoice no. Re1825 has been credited to our account. We
would like to thank you, and ask you to contact us if you need
anything else….

1. Complete the following business letter choosing the

appropriate word or phrase from the sample letters above. MODIFY
its form where necessary.
Dear Mr. Savolainen

We have instructed our bank to ____________(1) for a letter of

credit for € 4,850.92 to be _________(2) against your __________(3)
no. Gl 1538 and the proceeds will be credited to you as soon as Finish
Trust receives the documents.

ƒ Chasing late payments / bad debts

¾ Summarize what has happened since the payment was due.

¾ Try to make the bad debtor guilty of his / her behaviour
¾ Remind him / her of your agreement
¾ Say what action you intend to take

2. Complete the following business letter choosing the

appropriate word or phrase from the list below. MODIFY its form
where necessary. (remittance, undertake, cash flow, overdue, full,
settle, debt, outstanding )
Dear Mr. James
Re: Invoice 32448

I am writing to you once again regarding the above invoice,

dated 11 January , for the exhibition equipment we supplied to you.
This invoice is still ___________(1)

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 According to our records, we have not yet received your
___________(2) or a reply to our previous requests for payment, dated
18 February and 15 March.
Under the terms of our contract you _________(3) to settle
within thirty days of receipt of our invoice. We felt, that as the owner
of a small business yourself, you would appreciate the effect that late
payments have on our __________ (4) and therefore, had expected to
receive your remittance some time ago. However, as of today, your
account is sixty days ____________(5).
We will, of course, be able to recover the _____(6) through the
courts, which would involve you in additional legal costs. However
I’m prepared to give you a final opportunity to ________ (7) your
account. Unless I receive _____(8) payment within the next seven
days, you will leave me no alternative but to put this matter into the
hands of my solicitor.

Yours sincerely,
Marin Ionescu
Head of Financial Dept.

GRAMMAR
Subjunctive
Structure
For all verbs except the past tense of be, the subjunctive is the
same as the bare infinitive (infinitive without “to”):
be (past) be (present) all other verbs (past & present)
I were I be I work
you were you be you work
he, she, it were he, she, it be he, she, it work
we were we be we work
you were you be you work
they were they be they work

119
 Use
Talking about events that somebody:
• wants to happen
• hopes will happen
• imagines happening
It may also express
A demand, requirement, request or suggestion.
ƒ The subjunctive is typically used after:

• the verbs: ask, command, demand, insist, urge, propose,

recommend, request, suggest + that
• the expressions: it is desirable, essential, important,
necessary, vital, a good/bad idea + that
• if, as if, wish, suppose

ƒ 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.
• It is essential that we do something about it as soon as
possible.
• The President requests that you be present at the meeting.
• Romanian people demand that the troops be withdrawn
• She acts as if she were Queen.

The use of the subjunctive as above is more common in

American English than in British English, where should + infinitive
is often used:
120
 • The manager insists that the main entrance should be
locked at night.
• The board of directors recommended that she should join
the company.

Subjunctive Quiz I

1) After each sentence, select the verb or verb string that

best completes that sentence. Caution: the subjunctive form will
not be the best choice in all sentences.
a) Her employees treated Mrs. Ionaşcu as though she (is, be,
were) a queen.
b) It is essential that she (was / is / be) at the meeting.
c) I hope that he (finish / finishes/ finished) his job on time.
d) The doctors recommended that she (take / takes / took) a
holiday.
e) Suppose she ( is / be / were ) here. What would you say?
f) I think it's an interesting fact that she (come/ comes / should
come) from Estonia.
g) The landlord requested that John (moves, move, will move)
out of the apartment.
h) We want the windows (to be / be / were) washed before
Saturday.
i) She says that the government (regulate/ regulates) the airline
industry. I don't know if that is true.
j) The office administrator demanded that the heater (repair /
repairs / was repaired / be repaired) immediately.
k) It is important to remember that Janine (think/ 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 sees / should see/ saw an
eye specialist.
m) The teacher insists that his students arrive / arrived / on time.
n) I demand that she immediately (apologize/ apologizes) for
what she just said.
121
 Negative, Continuous and Passive Forms of Subjunctive

Examples:
♦ The company asked that employees not accept personal
phone calls during business hours.
♦ The President demanded that I be allowed to take part in
the negotiations.
♦ I propose that we all be waiting in Andy’s apartment when
he gets home.

2) Subjunctive Quiz II
a. The boss insisted that Mr. Predescu (be not / is not / not be)
at the meeting.
b. It is important that you (are / be / is ) standing there when she
gets off the plane.
c. We suggested that you (are / be / were) admitted to the
organization.
d. It is crucial that a car (is / be / were) waiting for the boss
when the meeting is over.
e. I suggest that you (don’t take /not take / didn’t take) the job
without renegotiating the salary.
f. Jake recommended that Susan (is / be / were) hired
immediately.

Financial accounting terms

How many of these questions can you answer?
1. Which of the following will appear as a current asset on a
balance sheet:
a. Proposed dividend to shareholders
b. Creditors
c. Trade debtors
d. Bank loans and overdrafts

122
 2. When Mrs. Petcu writes out a cheque for $100 and sends
it to Electrica S.A., then Mrs. Petcu is known as the:
a. creditor
b. drawer
c. payee

3. Which of the following assets are intangible?

a. buildings
b. machinery
c. trademarks

4. An item can be reported as an asset only if it passes three

of the following tests.
a. item is valuable
b. item is located in a building owned by the entity
c. item is used by the entity
d. the entity has ordered the item.
e. item was acquired at a measurable cost
f. item is owned or controlled by the entity.

5. Indicate whether the following statements about the

BALANCE SHEET of a corporation is true or false:
a. The amount reported for the paid-in-capital item is
approximately the market value of the stock
b. Land is reported at approximately what it is worth

6. Capital accounts represent the owner's ......... worth in the

business.
a. equity
b. value
c. net
d. profit

123
UNIT 12

FILING SYSTEMS

The most important rule for successful management of

information is: Be Consistent. Choose a system for each kind of filing
you must do and follow it religiously. If you are moving into an office
where a filing system already exists, learn the rules as soon as
possible. The more information passes through your office, the more
you need a logical system for filing it.

ALPHABETICAL FILING SYSTEMS

In an alphabetical system, all information is filed in ABC order.
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 organize your system by a person’s last name, by first name of
corporation, by case name, and so on.
− Alphabetical by Subject is useful when the information you
are filing corresponds to a number of different topics. You may handle
materials for several departments, or your office might deal with a
number of products.
− Alphabetical by Location is helpful if you work with a
number of branch offices or have sales regions over a broad area. You
might list files alphabetically by state or region and then by city within
those areas, or by city with clients or companies listed as subheadings.
NUMERICAL FILING SYSTEMS
Depending on the amount and type of information you need to
file, you may find that filing by number makes the best sense. There
are a few kinds of numerical systems:
− Consecutive Filing is useful when filing invoices or numbered
forms of any kind. Numbers in consecutive files often begins with
0001 and range to 9999.
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 − Digit Filing (Terminal Digit Filing, Middle Digit Filing) is
based on six digits, and usually indicates the drawer, guide, and folder
in which an item is filed.
− Chronological Filing is simply filing by date. This may be
useful in a correspondence file or as a record of sales figures.
NON-PAPER FILING SYSTEMS
In theory, today’s electronic offices have less and less paper to
file. Materials may be filed on microforms, stored on computer or
filed on optical disks.
− Micrographics is the process of storing photographic
reductions of documents.
− Computer Files are part of our software. We can save files to a
hard disk, a floppy disk, or a tape. Depending on the software we
have, we may have the option of consolidating large amounts of
information, merging files, and creating management systems.
− Optical Disks can store large amounts of information, both
printed and graphic. A CD-ROM disk can store nearly a quarter of a
million pages of text.
(adapted from K.A. Zahler, Ellen Lichtenstein, “21st Century Office
Assistant’s Manual”, The Philip Lief Group, Inc.1996)

READING COMPREHENSION
1.Read the text again and specify whether the following
statements are true or false:
a. The more information passes through your office, the
less you need a logical system for filing it. T/F
b. In an alphabetical filing system, all information is
filed in ABC order. T/F
c. Alphabetical filing system by location is useful if we
work with branchoffices over a broad area. T/F
d. Consecutive filing means to file documents by date. T/F
e. Non-paper filing systems suppose information stored T/F
on computer.
f. A CD-ROM disk can store nearly a quarter of a
million pages of text. T/F
125
 2. Choose the words or phrases most similar in meaning to
the following as used in the reading passage:
1. consistent :a.homogenous b.persistent c.uniform d.steady
2. religiously :a.scrupulously b.meticulously c.faithfully d.rigorously
3. topic :a.field b.area c.subject d.point
4. amount :a.quantity b.number c.volume d.extent
5. consecutive :a.in sequence b.successive c.connected d.serial
6. management :a.administration b.control c.supervision d.operation

VOCABULARY DEVELOPMENT
1.I. Match the words and phrases in column (A) to the right
explanation in column (B), then use them to fill the blanks in the
sentences below:
(A) (B)
1. filing a. any numeral from 0 to 9, especially when forming
part of a number
2. digit b. a folding cover for loose documents
3. folder c. computer programs or the tapes containing these (as
distinct from hardware)
4. record d. to place in a file or preserve in written records
5. software e. the mechanical and electronic parts of a computer
6. hardware f. information preserved in a permanent form,
especially in writing

II.
a. The last two..............in a Terminal............Filing generally
indicate the drawer where the documents are kept.
b. Check your..............before purchasing software.
c. ................systems are very important for the book keeping.
d. Many companies have.................created to fit their specific
accounting and financial needs.
e. When he put the papers in.................he could find his
documents more easily.

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 GRAMMAR

GERUND = -ING verbal form = used in some particular situations:

− as a subject;
− after prepositions;
− after phrasal verbs;
− after certain verbs (deny, avoid, keep, suggest, dislike,
understand, etc.)
− after can’t phrases;
− after certain common phrases (it’s no use, to be worth, to
be/get used to/accustomed to

1. Transform the verbs between brackets into subjects of the

sentences:

E.g....................(to fish) is a profession, and..........(to angle) is a

hobby.
Fishing is a profession, and angling is a hobby.

a..............(to deal) with figures is not a very easy job.

b..............(to give) employees higher wages helps to increase
motivation.
c..............(to fly) Business Class makes trips abroad less
stressful.
d..............(to become) a fully-qualified doctor can take about ten
years.
e. ...........(to find) a good job is rather difficult.
f..............(to learn) foreign languages is a very pleasant pastime.

2. Use Gerund after prepositions in the following sentences:

E.g. She left the room without ............(to say) good-bye.

She left the room without saying good-bye.
a. He left university after............(to get) a good job in a good
company.
b. She’s very interested in.........(to visit) foreign countries.
c. He in sisted on..........(to see) her.
d. I have no objection to............(to hear) the story again.
e. They had a lot of difficulty in............(to find) the company.
f. We managed to extend the house without..........(to take)
another loan.
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 3. Use Gerund after phrasal verbs (verbs + prepositions/
adverbial particles):
E.g. He took to.............(garden) when he retired.#
He took to gardening when he retired.
a. She went on..........(work) until late in the evening.
b. I have seen the film, now I am looking forward to..........(read)
the book.
c. They gave up........(work) inindustrial business and took
to.......(farm)
d. I don’t care for.......(stand) here and......(wait) for them.
e. Because of the strike they put off......(meet) on that day.
f. They kept on.......(laugh) and.......(speak) until the end of the
meeting.

4. Fill in the blanks with the verbs given below:

PUNISH MEET BE LATE WAIT RESIGN TRAVEL
a. He didn’t want to risk........ so he left very early.
b. They often try to avoid.............in the rush hours.
c. He always resented..........his employees.
d. They suggested...........for the manager.
e. We can’t understand him...........his job.
f. They don’t anticipate...........any opposition.

Remember
Gerund + can’t phrases (can’t help, can’t bear, can’t stand,
can’t resist, afford) :

5. Use Gerund of the verbs between brackets

a. She couldn’ resist.................(buy) a new car.
b. They can’t help...........(laugh) at her story.
c. He can’t afford..........(miss) such an opportunity.
d. I can’t resist..........(help) them.
e. She can’t afford..........(travel) business class every time.

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 Remember
Gerund is used after certain common phrases, such as : it’s no
good/use, to be worth, good at, to be/get used to/accustomed
to.6...Fill in the blanks with the following verbs at gerund:
Tell work buy stay leave
a. He’s used to..................at night.
b. There’s nothing here worth............
c. She’s accustomed to.................the office so late.
d. He’s good at..............jokes at the parties.
e. She got used to.................late at the company.

BUSINESS WRITING
1. In business, letters of complaint are not unusual. Their
purpose is to get better goods or service, or to effect a satisfactory
adjustment of some kind. You are more likely to get what you want if
you are polite in your letter. Nothing is gained by being sarcastic or
insulting. So just state your case, say what the trouble is and how you
expect it to be corrected. Be specific and to the point, but be pleasant
about it. 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 complaints
protection complaining instructions shipment

Gentlemen,
Many of our.............have been............about your ball-point
pens. They are clearly not giving satisfaction, and we have had
to...........the purchase price of many of them.
We have had trouble only with the last ............. .The pens
received before were satisfactory and we had no.............. from
customers.
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 Please check to see if there was an.............in the making of these
pens. We suggest that you check also to see if they are being packed
with adequate ......................for shipping.

We have 8 thousand of the pens left, and we should like you to

send us a new shipment at once to replace them. We will wait
for.................from you before returning the others.

Sincerely yours,

2. The adjustment letters, in answer to complaints, must be

written without anger or impatience, very politely, 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. Accusations only make things worse, as a rule. But being
very reasonable and understanding about the whole thing, explaining
how or why it happened, often settles the trouble pleasantly, and
without loss of good will. 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. After studying the

writing technique of these two letters, try to answer the letter of
complaint under Ex.no.1, by an adequate letter of adjustment.

(1)
Dear Madam,

Thank you for your very courteous letter.

We are sorry the furniture arrived in poor condition. It was
apparently damaged during shipment.

We are sending you another table at once, doubly well-packed,

this time, to make sure it reaches you safely. The driver who delivers
it will pick up the damaged table.

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 We hope you have not been inconvenienced and that you will
enjoy your purchase for a long time to come.

Sincerely yours,

(2)
Dear Mr.Goodwill,

We’re sorry you found it necessary to return our last bill for
correction.

You are right about the 15% discount, of course. But the $45 is
not an error; it represents charges for air-express deliveries made at
your request during the month of February.

We’ll take care that our accounting department makes no

mistakes about the discount in the future.

Yours very sincerely,

3. Here are some jumbled paragraphs of a letter of adjustment.

Put them into the appropriate order according to the stages
presented above:

Dear Madam,

a. However, your stationery is now ready and will be sent to you

at once. You should receive it about the same time as this letter.
b. We can understand your annoyance at not having received the
stationery you ordered on March 3rd.
c. We hope you will forgive us for the delay, and that you will
thoroughly enjoy your purchase!
Sincerely yours,

d. Orders for printed stationery take three to four weeks for

delivery; and our salesmen have been instructed to so inform
customers. Apparently you were not told it would take long; and we
are certainly sorry for the oversight.

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Unit 13

INTERNATIONAL TRADE
IMPORT-EXPORT

International Trade is the process of exchanging goods or

services between two or more countries, involving the use of two or
more currencies. The benefits derived from the development of
international trade are numerous, including a wider consumer choice
and higher levels of consumer satisfaction. International trade
increases competition and prevents the monopolistic control of the
home market by local exporters.
Exporting today is a highly skilled and professional operation.
Above all, the exporting results must be profitable and, accordingly, it
is most desirable that the export personnel are of a high calibre, with
language proficiency, adequately qualified and rewarded, to attain this
objective. The export department has two main functions: marketing
and shipping.
The former is responsible for sales, pricing enquiries,
quotations, recording and checking orders, and other marketing
functions such as promotion, research, etc. whilst the latter is
responsible for transportation, customs duties and the relevant
documents involved, packaging, costing for distribution, etc.
Overall, 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.
DOCUMENTATION
A typical export–import transaction may involve some or all of
the following documents and records.
Quotation
The quotation states: a) prices at which goods can be supplied
b) special export packing, handling c) terms including discounts
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available d) cost of carriage of the goods (freight costs) e) time
required for delivery f) banking charges (service fees, interest)
f) period for which the price will remain valid. Where the term
“carriage forward” is used, this means that payment for transport will
be the responsibility of the consignee. Where the term “carriage paid”
is used, this denotes the carriage charges will be paid by the sender of
the goods.
Pro-forma invoice – similar to a sales invoice except that it is
headed “pro-forma”. It is not a record of sales effected, but a
representation of a sales invoice issued prior to the sale. As it contains
all relevant details, it is used for quotations to customers and for
submission to various authorities. When used as quotation the pro-
forma invoice constitutes a binding offer of the goods covered by its
price and condition shown.
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.
Letter of Credit (L/C): a written undertaking from a bank, at
the request of its customer, the Importer (Applicant) that it will pay
the beneficiary (Exporter) so long as he meets the conditions of the
credit. A Letter of Credit is also commonly referred to as a
Documentary Credit.
The main points:
ƒ an agreement between banks (not buyer and seller).
ƒ contract from buyer to seller (not the other way around)
ƒ requires proof of specific acts of performance
ƒ uses credit line, or ties up cash flow
ƒ the wording must match exactly the terms of the credit
Commercial Invoice: is an accounting document through which
the Exporter claims payment from you, the Importer, for goods and
services purchased. It provides details about the goods and/ or services
(size, quantity, shipping marks and numbers etc.) as well as the trade
terms (CIF, FOB etc.). It shows practically who shipped what to
whom. Where there are several packages in one consignment the
invoice is usually accompanied by a packing list.

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 Packing list indicates which goods are in each carton and since
the cartons are numbered this facilitates Customs inspection. The
numbering in a six-carton consignment should read 1 of 6, 2 of 6, etc.
Consular Invoice. This applies particularly in South America.
The reason may be concerned with the country’s need to control
foreign exchange to ensure that only essential goods are imported.
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:
ƒ Contract to deliver the goods;
ƒ Receipt from the ocean-carrier for the goods shipped;
ƒ Becomes certificate of ownership. It is a document having the
force of law.
House Bill (of Lading) B/L is issued for a full container load. 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.
Certificate of Origin (c/o) is prescribed by certain countries as
a condition of importation. Whether or not goods are being imported
form an embargoed nation. It may be issued by the exporter himself or
by a Chamber of Commerce or Consular authority, as specified. Its
true function is to help identify the origin of goods for the purpose of
levying duties and taxes. It has a further purpose in so far as it is often
used as a means of collecting statistics.
Airway bill (AWB) a receipt for dispatch of goods transported
by air detailing all the information about the flight and destination. It
is non-negotiable so it does not carry the same validity as a bill of
lading for sea transport.
Certificate of Health- Agricultural and animal products require
a certificate stating that they comply with the health regulations in the
importing country.

READING COMPREHENSION
1. Find words/phrases in the text which have the following
meanings:
a. having or requiring a particular talent or ability
b. the coins and banknotes that belong to a particular country
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 c. the first or first mentioned of two.
d. free from disturbance or excitement, untroubled; uninterrupted,
unobstructed
e. the second mentioned of two; (more loosely) the last
mentioned of several.
f. a government order to stop trade with another country
g. a condition of sale where the cost of transporting goods is paid
by the receiver
h. a condition of sale where the cost of transporting goods is paid
by the sender
i. to store, pack or move goods
j. a person or an organization intended to receive goods sent
k. the cost of transporting goods
l. material used to wrap, contain and protect products; designing
and using this material.
m. an amount that must be paid when particular goods are
imported into a country, or occasionally when they are exported
n. a load of goods sent to supply a customer's order or to provide
an agent with goods to sell for the owner
o. a thing that is being carried or to be carried
p. that cannot be exchanged for money except by the person
whose name is written on the document.

Multiple Choice Questions

1. One of the main purposes of consular invoices is to

control:
a. payment of Customs duties
b. the issue of visas and passports
c. foreign exchange
d. the issue of haulage permits

2. For which one of the following countries would you expect to

have to produce a Certificate of Origin as a matter of course?
a. France c. Hungary
b. Saudi Arabia d. Turkey
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 3. 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. bill of lading for the consignor
b. house bill for the consignor
c. house bill for each consignee
d. bill of lading for each consignee

4. Which one of the following can be a document of title

enforceable at law?
a. House bill c. Airway bill
b. CMR consignment note d. Bill of Lading

5. If the Romanian currency were to rise sharply against

other world currencies, the probable effect on the Romanian
economy would be to:
a. make imports cheaper
b. make exports cheaper
c. Increase the price of products made in Romania
d. encourage foreign tourism in Romania.

BUSINESS WRITING

Apology for delay in 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 allow, to want, to cause, sell, unloading, stroke, to buy, to
contact, to be able to, to be, to make, to serve, to cancel, delay)

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 Dear Mr. Boyanov
I’m sorry that we have not ____________deliver as scheduled
your shipment of rugs from India. Unfortunately, the dock workers’
strike in Contanţa has prevented the ___________ 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 __________ and inconvenience this
__________ you. I will notify you as soon as the strike _____ over.

Yours sincerely
Marin Nedelcu
Shipping Dept.

Apology for damaged shipment

2. 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
_________ 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____________that it will take four to six weeks to get here. I’ll
call you as soon as it_____________, and we will arrange a
convenient time for delivery.
I am sorry for the inconvenience this ___________you. I’ll be in
touch very soon.
Sincerely,
Bob Chamberlain
Manager
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 VOCABULARY DEVELOPMENT

Business idioms
1. Match the verbs on the left with the nouns on the right to
form common banking collocations
1. purchase a. bills
2. open b. funds
3. earn c. an account
4. make d. a deposit
5. withdraw e. financial data
6. pay f. goods
7. transfer g. cash
8. download h. interest

2. Replace the words in italics with expressions from

exercise above
a. Just by using the keypad on your phone, BCRPhone Banking lets
you __________________ settle invoices from wherever you are.
b. The BRD Euro Account allows you to _______________
buy products in local currencies without paying any exchange
rates.
c. All you need is a modem or Internet connection to
_______________ transfer account information onto your
personal computer.
d. You can __________________put money into your account
by post at Bankpost branches.
e. Online banking services lets you ______________ move
money from one account to another quickly and easily.
f. The Citicard allows you to _______________take out money
from cashpoints around the word.
g. With Citibank, you can______________receive a percentage
on your current account balance.
h. Just fill out and return the application form or call a Ţiriac
Bank representative to __________________ set up a banking
arrangement.
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 Banking collocations

Account (bank)
Adjectives: Current/ checking account; Deposit account,
Savings account; joint account, open account, interest-bearing/
paying account, numbered account, healthy~

Verbs: open, have, credit, debit, add sth to, close, publish, draw
on, keep, overdraw, pay sth into ~
Verbs: is in the red/black; is overdrawn/in credit
Noun; holder, deficit

3. Choose the pairs of words (collocations) listed above that

best fit the context
a. Transilvania bank has launched a (an) ………………..
………. 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 … ……………with
our bank.
c. Business is slow, our …………………..is……………… …..
d. He has admitted that he has money in his
………………………….. but still he said he would not pay.

4. Choose the best verb to complete each sentence

1. The bank is charging / providing /giving/requesting/ a
minimum rate of 9% for the loan.
2. They paid / awarded / gave / credited the money to his wife’s
account.
3. Some cash machines give / make / reveal / sell information
about accounts.
4. It may be easier to refund / draw / take / remove money from
your account than to pay money in.
5. She put / paid / deposited / placed the cheques in her account.

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 Confusing financial terms

5. Choose the correct word to finish the phrase or question:

a. I haven't got enough money for lunch. Could you
borrow/lend me some?
b. How much does she earn/gain in her position?
c. It was a very good dinner. Can we have the account/bill
please?
d. We expect prices to raise / rise by at least 4 percent.
e. We only exchange goods if you produce a receipt / recipe.
f. He's an excellent doctor, but he doesn't charge/spend too much.

6. 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 charge each ……………………..a fee of €50 to arrange a
loan (borrow)
b. We are looking for a ………………..who offers reasonable
interest rates. (lend)
c. I think that our……………………..is now under control.
(borrow)
d. This year we will pay a ……………of 1 RON per share
(divide)
e. To get the loan we had to use our brand new Toyota as
……………..(secure)

Polysemantic words

7. How many meanings or senses do you know for the

following English words?
How are they translated in the different contexts presented
below?
Account Bank Head Share Enterprise Performance

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 Have you kept an account of expenses? Our suppliers must
account for the delay. The salesman was visiting one of his most
important accounts. Put it on my account. Please give me a detailed
account of the meeting. I asked for the goods to be charged to my
credit account. You need to take into account the quality as well as
the quantity of goods produced. Exports account for 42% of sales.
My salary is paid into the bank. Do you bank with Bankpost?
The bank was steep and overgrown. I know I can bank on her. We
need to bank that cheque today to avoid being overdrawn. I don’t
have a bank account yet.
Have you hurt your head? She’s head of the accounting
department. I’ll meet you at the head of the valley.

The computer company has a 25% market share. The price of

shares rose today on the Stock Exchange.
We are going to start up a new enterprise. She has great
enterprise and is sure to make the business work. Romania is now an
economy based on free enterprise. The government plans to make
Giurgiu into an enterprise zone. The great majority of the companies
all around the world are SMEs (small and medium sized enterprises).
She was fired on account of poor performance. Care must be
taken in the performance of these tasks. How can we improve our
sales performance? More and more companies are adopting a system
of performance-related pay. We watched a musical performance
yesterday.

8. Complete the sentences below by inserting the right

business idiom in brackets:
(In the red, to break even, to carry over, to go over the books, to
write off, to keep books)
a. The new manager has no experience to ……………. and has
made many mistakes.
b. After only two months the company was able to
………….and started to make a profit.
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 c. The company’s final results put it seriously …………. and a
sharp fall in its share price has taken place.
d. Our company is facing difficult times and we must ………….
last year’s losses to this year.
e. We hired an auditor to ……………………
f. It was impossible for the bank to collect the money so they
were forced to …………. the loan.

Idiom Quiz

9. Choose an idiom to replace the expression in the brackets:

a. The large drug company (took control of) the small drugstore
chain.
1. took over
2. took stock of
3. turned over
4. sold out
b. After the earthquake the company was forced to sell most of
their merchandise (and lost much money).
1. by a long shot
2. at a loss
3. in black and white
4. in the long run
c. The price of oil (reached its lowest point) in July and began to
rise soon after.
1. cut corners
2. closed out
3. broke even
4. bottomed out
d. We closed the store early in order to (count the number of
items we had).
1. take stock
2. run short
3. buy out
4. gain ground

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UNIT14

THE STOCK EXCHANGE

Securities markets are the marketplace wherein investors can

conveniently invest in stocks and bonds. They provide investors with
a convenient means of disposing of their stocks and bonds as well as
purchasing new ones. They operate amazingly fast- The New York
Stock Exchange boasts that once the order to sell has been placed, it
can take less than one minute to dispose of a stock such as IBM.
Contrast this with an investment in real estate – which can take
months or years to dispose of- and the usefulness of securities markets
is readily apparent.
The most important marketplaces for the stocks of the largest
corporations in the United States are the stock exchanges. 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. Stock exchanges provide a key service: they organize
all the information that exists, at any one moment, about the prices at
which investors are currently willing to buy and sell particular stocks.
Thus, 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; they are merely a place for
matching a buyer and a seller) …Most stocks are purchased from
other investors, at prices that are determined by the ups and downs of
investors’ enthusiasm for the stocks, as expressed through the
workings of the stock exchange. The value of a stock goes up if
investors are willing to pay more for it, 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. This return on investment falls into the capital
appreciation – growth in the value of an investment over time.
Investors base their valuation of a stock on the amount of dividends it

143
pays: by watching changes in dividends, they can make assumptions
about the profits the company is making, for it is out of those profits
that the company pays dividends. If investors foresee that the
company’s earnings are likely to increase tomorrow, they will try to
acquire shares in that company today, 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. In
this market there is no single trading floor where transactions occur.
Instead, the market consists of a network of about 250,000 registered
stock and bond representatives scattered across the country, who trade
with each other by telephone or teletype. They provide stocks to their
customers by holding stocks in inventory. They also stand ready to
purchase stock from their customers (at a price of the dealers’
choosing) , and thus they are said to “make a market” in that stock.
The New York Stock Exchange (NYSE) is the largest of the nine
stock exchanges now operating in the United States. It accounts for
about 81 percent of he trading on all the exchanges. The American
Stock Exchange, or Amex, also located in New York City, is the next
largest, handling roughly 7 percent. These two exchanges-NYSE and
Amex – are sometimes referred to as the national exchanges. This is
because the trade primarily in stocks of companies that operate
throughout the nation.
Besides these two national exchanges, there are the regional
exchanges of different American cities. Regional exchanges tend to
trade the stock of companies that do business only in their areas. Some
stocks are traded on a national exchange and on several regional
exchanges as well. U.S Steel stock, for example, is traded primarily on
the New York Stock Exchange, but it’s also available on all the
regional exchanges.
There are stock exchanges in all major cities of the world,
including London, Paris, Hamburg, Tokyo and Toronto. The world’s
oldest exchange, founded in 1611 when the Dutch East India
Company sold its shares to the public, is in Amsterdam. Each of these
exchanges specializes in the securities of its national companies.
However, some U.S. companies that do substantial business abroad
now trade on these foreign exchanges (IBM, for example, trades in
144
both London and Tokyo) , and some foreign companies (Sony of
Japan and Holland’s Royal Dutch/ Shell) trade on U.S. exchanges.
The over- the- counter (OTC) market provides a means to trade stocks
not listed on the national securities exchanges. The OTC market is
made up of a network of several thousand brokers. These brokers
maintain contact with each other and buy and sell securities for the
public. A nationwide electronic system communicates trades to the
brokers. The system is known as the National Association of
Securities Dealers Automated Quotation system (NASDAQ-
pronounced “nazz-dak”) .
Originally the over-the- 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. Today, however, well-known
firms such Apple, MCI, and Coors prefer to have their stock traded on
the OTC market.
The over- the- counter market also handles most corporate and
U.S. government bonds as well as many city and state government
bonds. Common stock of most insurance companies and banks as well
as the stock of many smaller firms is traded over- the- counter. If you
look in the Wall Street Journal under “NASDAQ Bid and Ask
Quotations” you will see that the price of over- the-counter stocks is
determined by supply and demand as reflected in “bid” and “ask”
prices.
There are some other types of securities, such as:
− stocks
− bonds
− debentures
− A bond is a document issued by a government or a company
borrowing money from the public, stating the existence of a debt and
the amount owing to the holder of the document, called a bondholder,
who must use the document to obtain the repayment of the loan. There
are different types of bonds like: tax-free bonds, revenue bonds, so on.
A debenture is an acknowledgment of a debt, 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. A
debenture represents a separate debt of a fixed sum of money.

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 − A debenture stock is the borrowed capital of a company or
other organization, with all or some of the borrower’s property
promised as security by a trust deed. A debenture- stock certificate
represents part of one large debt, and thus differs from a debenture.
The debenture stock is usually not redeemable and is registered in the
owner’s name. The stock holder has the right to be paid debenture
interest before any dividends are paid on the equity capital (shares) .
− -A share is a particular separate part or portion which the capital
of a company is divided, thus, e.g. a company may have a capital of 1
million pounds into two million shares of 50p each. Ownership of a share
gives the owner, called a member or a shareholder, the right to receive a
share in the profits of the company and to share in its management. The
main clauses of shares are; ordinary shares; deferred shares; preferable
shares and founders’ shares; but there are many variations of these. Shares
can be bought and sold on a stock exchange in lots or parcels according to
their price. In a limited liability company, the liability of the shareholder is
limited to the amount of their share in the company. In the U.S.A, although
the capital of a stock corporation, the equivalent of a company, is divided
into shares, they are called stock and their holders are called stock holders.
− A stock is a portion of those debts of a company that consists
of money lent to it. The stock can also a fixed-interest security issued
by the government of a country or by a local government authority.
− (Adapted from Business Today by David J. Rachman&
Michael H. Mescon, Fourth Edition, Random House, 1984;

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;
b) OTC provides a means to trade stocks not listed on the
national exchanges;
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;

146
 d) The world’s oldest exchange was founded in 1611 in London;
e) NASDAQ is the National Association of Securities Dealers
Automated Quotation system;
f) NASDAQ can’t revolutionize stock trading;
g) NYSE and Amex are sometimes referred to as national
American exchanges.

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;
b) A portion of those debts of a company that consists of money
lent to it;
c) The National Association of Securities Dealers Automated
Quotation system;
d) A document issued by a government or a company borrowing
money from the public and stating the existence of a debt;
e) An acknowledgment of a debt, usually in the form of a deed
(document under seal) by a company or public organization;
f) Two American national exchanges.

2) Explain what a stock exchange is and speak about the

stock exchanges both in the world and in Romania.

3) Read and translate into Romanian the following excerpt.

Identify the following words in it and give their definition in
Romanian: Financial centre; City: Square Mile: Wall Street; Trade;
Securities; Bonds; Commodities: Currencies; foreign exchange;
forex; stock; stocks; equities; blue chip shares; blue chip stocks; blue
chips.

Financial centres
Stock exchanges are found in financial centres. New York’s
financial centre is, of course, Wall Street and London’s is the City,
also referred to as the Square Mile.
147
 Things traded in financial centres include:
Securities: shares and bonds, investment certificates with a fixed
rate of interest.
Commodities such as cereals and precious metals.
Currencies such as dollars, pounds, and francs on the foreign
exchange or forex markets.
Shares are also called stock, stocks, or equities.
Blue chip shares, blue chip stocks, or blue chips are the safest
share investments in leading companies.
(Adapted from Key Words In Business Helping Learners with real
English by Collins Cobuild)

4) Fill in the blanks:

a) The financial….of the shareholders is limited to the value of

their shares; b) Shares yield a dividend,….yield an interest; c) The
accountants of the company are checked every year by….;d) If you
cannot attend the meeting in person, you may vote by….; e) you are
hereby….that the meeting will be held on March 2nd; f) The official
address of the company is that of the….Office; g) When the market
price of a share is the same as the price printed on it, the share is said
to be….

SPEAKING

1) Answer the following questions:

a) Can you mention three legal types of firms? ;b) Can you
mention two different kind of securities?; c) What is the difference
between a company and a society?; d) What else can you say for “to
create a company”?; e) What does the expression to “chair a meeting”
mean?; f) What are the two meanings of the word “ a vote”? (Answer
in Romanian); g) Can you define bulls and bears (on the Stock
Exchange)?
(Adapted from Commercial English in 40 Lessons by Michel
Marcheteau, Jean Pierre Berman and Michel Savio, Editura Niculescu, 2003)

148
 2) Translate the following fragment into Romanian:
„…The Bucharest Stock Exchange had previously fluctuated
heavily in the first part of this year, due to investors attempting to
speculate as best as they could on the upward trend on the market at
the time. Things cooled down once the summer came, and now the
heavy fluctuations are back..” Itis not about a trend reversal. I think it
may have been about an attempt to destabilise the market. There are
quite a lot of good stocks to buy in view of the medium term, and SIFs
are amongst them”, the trading director of one of the leading securities
firms on the market said yesterday. Some of the analysts on the market
say the larger fluctuations actually mean a high risk. If this is so, then
the best thing investors can do is sit and wait” ( From “Ziarul
Financiar”, The English Section, November 2005)

3) Match the words from column A with the definitions from

column B:
A B
1. Broker a) An agent who is employed by
his principal to buy /sell his
goods or service -
2. Securities b) Investments generally and
stocks, shares and bonds which
are brought as investments
3. Shares c) A particular part or portion into
which the capital of the
company is divided
4. Bond d) A formal document acknoled-
ging the existence of a debt
5. Shareholder e) A holder of one or more shares
in a company

149
 BUSINESS WRITING

Contracts

In business, a contract represents a mutual understanding among

two partners, concluded in a binding legal form. Here are a large
variety of types of contracts: -Sales Contract (or Sale purchase
Contract)
− Contract of Agency
− Leasing Contract
− License Contracts, so on.
According to local traditions and customs, the contact in
business may take different forms. In Japan, for example, a simple
verbal understanding is enough to arrange a business. But, in the most
cases, the businessmen prefer to conclude a contract as a written
document. Such a document is always safer, in special in a situation of
disagreement between the contracting parties. Whatever of its forms,
the contract comes into force from legal point of view only when it
bears the signatures of both seller and buyer. As a rule, the object of a
Sales Contract is the transfer of property over certain goods from the
seller to the buyer, at a price agreed upon by them. The Preamble of a
Sales Contract commonly contains: number of contract, place and date
of its conclusion, contracting parties, their names and legal addresses.
A Sales Contract has different clauses, such as: the Quality, the
Quantity, the Packing and Marking Clauses, the Price and Terms of
Payment ones, the Insurance and the Force Majeure Clauses. In this
fragment, I am going to describe these clauses briefly. Every contract
of sale indicates the quantity of goods sold/bought. Commonly, the
nature of goods or commercial practice in different branches
determine measuring units used in a contract. Thus, quantity is
expressed in units of weight, length, area/surface, volume (capacity) ,
number of pieces, etc. The quantity must be indicated in exact figures.
It also contains precise provisions concerning quality of the goods.
The quality is designated by brands, trade-marks, international and
local standards, samples, so on. The goods’ quality is attested by a
quality certificate, issued by the seller or by a quality control
organization, mentioned in the contract. The Packing Clause is about
150
the proper packing of the goods according to the contract. The
marking of the products should be according to the buyer’s
instructions and identical with the marking in the shipping documents.
The Price Clause must show the amount of money for which an article
or commodity can be bought or sold. The world prices are based on
the international value of goods. 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. It should include elements like: place of payment,
the method of settlement, the methods of payment, the currency and a
bank guarantee. Finally, the Insurance and the Force Majeure Clauses
refer to the safety of the transactions in case of accidents or other
unpredicted situations. In the last cases, either one or both parties may
be excused from performing his/ their part of agreement.
− A Contract of Agency is an agreement between a principal
and an agent by which an agent has to sell the principal’s goods.
− A Leasing Contract is an agreement in writing by which one
person gives another one the right to use his/ her property, usually for
a fixed number of years, in return for either a single sum of money
called a premium or a series of regular payments called rent. The
person giving the lease is called lessor and the person to whom it is
given is the lesee or tenant.
− A License Contract consists of: 1) a formal permission in
writing from an authority recognized by law, to perform an act which
without permission would be lawful; e.g: an import/ export/driving/
building license; 2) the usage of someone’s property; 3) permission
given by the owner of a copyright to reproduce an article, such as a
book or work of art; or by the owner of a patent, to use a process or to
produce an article under 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
 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, usually in a

written form;
b) The transfer of property over certain goods from the seller to
the buyer;
c) The first part of a sales contract;
d) The different parts contained by a sales contract;
e) The money expression of a good’s value;
f) The conditions regarding prices, discounts and payment under
which the goods are supplied.

2) Match the terms on the left (A) with those on the

right(B):

A B
1) A contract is a… a) …. must show the amount of
money for which an product can
be bought/sold
2) A Sales Contract refers to …. b) … brands and trade-marks
3) The first part of a Sales c) the Preamble
contract is called…
4) The quality of a product is d d) the transfer of property over
esignated by.. certain goods from the seller to
the buyer
5) The Price Clause …. e) a written understanding-
between two partners

152
 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, signed, 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.
II) An Agency Agreements:
We, the undersigned,….have appointed Mr… of… as our
representative for….under the following conditions.
a. Mrs…, undertakes to obtain orders in our name and for our
accountant at the prices and conditions quoted by us.
b. We undertake to allow Mr…a commission of…% on all
orders transmitted by him and reimburse him for all expenses incurred
c. Mr….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….day of…. between….(hereinafter
called “the Author”) and the COPYRIGHT PROTECTION SOCIETY
OF…(hereinafter called “the Society”) .
1) The Author hereby appoints the Society as his/ her Sole Agent
for the collection of all fees, 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.
2) In consideration of the services to be rendered by the Society
to the Author, 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
 SPEAKING

4) Explain the differences among the above-mentioned

contracts. 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, like in the

following examples: Skiing is enjoyable (general meaning) ; No
smoking (prohibitions) ,so on. The gerund can be used after
prepositions, such as: After swimming I felt tired.

1) Turn the following short Infinitive verbs into Gerunds in

the following sentences:
a) I have read the book, now I am looking forward to…(see) the
film.
b) He took to…(garden) after he retired.
c) They gave up…(ski) and took to….(farm) .
d) I don’t care for….(stand) and (watch) the football match.
e) She insisted on (to see) me.
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, 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, the play (begin)
f) Before we (reach) the stadium, the coach (already, arrive)
g) It (be) an excellent football match tomorrow evening on T.V.
h) He (play) tennis with his father as soon as he (come back)
from his office
154
 i) Before the ball, 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.

3) Use the grammatical constructions There is/ There are in

different Affirmative, Interrogative and Negative sentences.

4) In the following sentences choose the best phrasal verb

(verb+ preposition/ adverbial particle; e.g: to look for something;
to run into somebody, so on)
a) I agree, and if they criticize you at the meeting, I will back
you (up; down; out; in)
b) Could you ring TAROM and find (up; over; in; out) details
about our next flight?
c) Work is always so much better if you have a manager you
(get; carry; take; hold) on with.
d) Power PCs are expensive, but if you wait, prices will (back;
run; turn; come) down .
e) By the way, I (looked; turned; came; ran) into Mary in Los
Angeles, and she sends you her regards.
f) What words are you (looking; asking; waiting) for in that
dictionary?

5) Put the verbs in brackets at the correct tenses. Give

several variants where possible for the following If Clauses:
a) If there (be) any problem, I’ll contact you.
b) If you (not run) , you (be) late.
c) We (play) in the school yard if we (have) a longer break.
d) If you (not tell) me the truth, I’ll punish you.
e) If foreign aid (dry up) , the situation (be desperate).
f) If the weather (be) fine, we (leave) to the seaside.
g) If he (wake) up early in the morning he can catch the train.
h) I (speak) to him if I (see) him.

155
 6) Change the following sentences from Direct into Indirect
Speech as in the following example.
“ I like Economics”- 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- 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
UNIT 15

FINANCIAL MANAGEMENT
SOURCES OF FUNDS

Successful business needs:

ƒ workforce
ƒ money
ƒ materials
Money is needed:
ƒ to pay for raw materials for making goods
ƒ to meet running costs; everything from rate demands, pencils
and wages to electricity bills, paper clips and petrol
This is “working capital” needed to keep the business running.
Money is also needed to keep the business in business and able
to grow, in other words to:
ƒ Build new factories
ƒ Extend existing ones;
ƒ Buy machinery, equipment and transport;
ƒ To replace or renew outdated or worn out equipment
This is “fixed capital” needed to keep the business properly
equipped and able to develop.
Where the money comes from depends on what it is for and how
long it is needed.
The four main sources are:
ƒ Money earned from the sale of goods or services, retained and
ploughed back into the business;
ƒ Money specially set aside to replace particular items of
equipment;
ƒ Selling assets not essential for running the business;
ƒ Borrowing from banks or shareholders.

157
 Working capital for day-to-day expenses is needed all the time;
fixed capital is needed when major items of expenditure are planned.
Thus working capital will usually be met by money retained in the
business while fixed capital will largely be met by borrowing.
Although customers eventually pay for the goods produced or
services rendered, 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. Meanwhile
the business is “out-of-pocket”. The money has to come from
somewhere just to keep in business. Ideally this out of pocket period
will be covered by money kept in the business.
If costs rise very fast, the money kept in business may not be
enough to cover it so money may have to be borrowed just to keep going.
This is a problem of liquidity, of not having enough cash “liquid” or “on
tap” as it were, to meet immediate needs. When this happens cash may
have to be borrowed to meet these immediate needs.
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.

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:
ƒ Interest rates;
ƒ Length of loan;
ƒ Repayment terms;
ƒ Conditions of loan-security to back loan, etc.;
ƒ Amount needed.
In general, loans can be divided into short-term and long term.
Short-term is usually one to five years, long-term over five years. The
principal sources are as follows:
Short term (1 to 5 years): Creditors; Banks; Hire Purchase;
Merchant Bank or Finance House, Leasing
158
 Long (over 5 years): Leasing-Banks; Merchant Bank or Finance
House; Retained Profits; Share Issues; Government Agencies
(Finance for industry, grants, 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.

Internal sources
a) Long term
ƒ Profits retained in the business
b) Short term
ƒ Cash budgets for the forthcoming year will reveal any
surplus arising during the year;
ƒ Dividend policy-the level of dividends could be reduced
to conserve cash;
ƒ Tax reserves (which do not have to be paid immediately);
ƒ Within a large company or group some divisions may
have surplus funds which could be transferred to meet
shortages elsewhere;
ƒ The time given to customers to pay for sales could be
shortened;
ƒ The company’s debts could be sold to a factor for
immediate cash at a discount, leaving the factor (a third
party) to collect from the customer,
ƒ The time taken to pay suppliers could be extended;
ƒ Sale of surplus assets which are not required for present
operations;
ƒ Sale of free hold property under a sale and lease back
arrangement to realize the capital value of the property.

External sources
a. Long term
ƒ Preference shares. These shares usually have a fixed rate
of dividend and their holders are paid in full before the
ordinary shareholders receive anything. To persuade people
to invest in preference shares the fixed interest is normally a
159
 little higher than that yielded by investments in Government
Stock.
ƒ 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.
ƒ Deferred shares. Holders of deferred shares rank for
dividend after the ordinary shareholders have had a
percentage of the profits.
ƒ Loan. Raising a fixed interest loan repayable after a
period of years.
ƒ 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
ƒ Bank overdrafts;
ƒ Hire Purchase;
ƒ Other loans. There are various other bodies that will offer
loans over short to medium term, e.g. Pension Funds, Insurance
companies etc.

READING COMPREHENSION
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.

160
 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 External sources

short long short long
term term term term

VOCABULARY DEVELOPMENT

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.

161
 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 sale and lease back agreement leasing
retained profits shortage savings return on capital
security interest factor 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.

162
 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.

163
 c. The rise …… consumer prices could lead to the fall of the
government.
d. The FT index went up five points ……. 3850, a rise …….
over 3%.
e. When the index was ……….. 3000 our shares were worth
€3.20 each.
f. We’ve seen a fall ……….. prices recently.

2) Choose the right preposition

a. We set ………. The Bucharest office ten years ago.

b. I am quite happy to listen ………….. what you have to say.
c. There is absolutely no way we can make a deal ………..
them.
d. She found the €100 ……….. accident.
e. We are not interested …………. your service.

Review questions on sources of funds:

1. Which one of the following would be classed as a source of

long-term funds for a company?
a. An issue of ordinary shares
b. Trade creditors
c. Bank overdraft
d. Factoring

2. Which of the following would be treated as short-term

fund by a company?
a. Ordinary shares
b. Debenture stock
c. Tax provisions
d. Preference shares

164
 3. Which of the following could be used as a short term
means to improve cash flow in a business?
a. A new issue of debentures
b. A new issue of preference shares
c. Taking out a mortgage on firm’s depot
d. 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, Constanţa county. This entails
outlay of approximately $15,000. How might it reasonably try to raise
the extra money?

165
Further Readings

FINANCE
TWO MAJOR FINANCIAL SCANDALS

Recently, several major American companies have been forced

to reveal involvement in some major financial irregularities. Some
companies don’t record their losses, or record them as loans to
specially created subsidiaries. Other companies record normal
expenses as capital expenses, and remove them from the profit-and-
loss account. In some cases, important flows of finance are simply not
recorded at all, and just disappear from the balance sheets.
Other accounting discrepancies include understanding of
interest payments, fictitious investments, and simply taking cash out
of employees’ pensions and social security funds. These are not small
amounts of money. They often involve several billions of dollars.
Many financial experts also say that these cases are not “mistakes”,
but practices that have been occurring for years.
The biggest and most public scandal of recent times was that
concerning the energy trading multinational giant Enron. Enron
admitted to improperly inflating earnings and hiding debt through a
complex system. The company later went bankrupt, and hundreds of
people lost their jobs.
WorldCom, like Enron, was a symbol of American capitalism in
the past decade, with enormous success in the stock market.
WorldCom has now admitted that $3.8 billion of operating costs
were treated as capital spending, forcing it to restate results for 2001
and the first quarter of 2002. With so many losses, WorldCom had to
file for bankruptcy and default on its $35 billion debt. WorldCom and
Enron were only tow examples of what could be a major crisis for
166
corporate America. Many financial analysts agree that corporations
have to “clean up their act” and start behaving more ethically with
their finances. Can business meet that challenge?
(taken from the vocabulary section in www.onestopenglish.com. 2002)

READING COMPREHENSION

True or False ? (according to the text)

1) In order to avoid paying taxes some companies don’t record
their profits.
2) Some expenses are removed from the profit and loss account.
3) Companies are used to taking cash out of their accounts in
order to pay employees’ pensions.

VOCABULARY DEVELOPMENT
1) Find the words in the text with the following definitions
a. To fail to pay money that you owe: _______________
b. Money that a person, company, etc. loses when it spends more
than it earns: _________
c. An amount of money that a person, business, or country
borrows, especially from a bank:___________
d. A situation in which the rules have been broken: __________
e. A company that is owned by a larger company: ___________
f. An amount of money that you owe: ________________
g. A document that shows how much money, for example
money used for buying property or stock in a company:
___________
h. An amount of money you spend in order to buy or do
something:__________
i. A written statement showing the value of a company at a
particular time:_____
j. An amount of money that you collect , save or invest: ______
k. Money that a company spends on things such as equipment
and buildings that it needs to operate as a business: ________
l. The usual expenses involved in running a business but not
including the costs of producing the goods to be sold ______

167
 m. 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 be in pay off a file for

take a expenses be loss
default on a
a. Bankrupt………….
b. Loan
c. Capital
d. Make a
e. All………paid
f. Debt
g. Bankruptcy

3) Choose the right word from the list to complete each

sentence
(overdraft facility loans bonds standing order pension)
a. We offer __________________ for buying cars and homes.
b. To help a customer cover expenses without any worries, we
recommend a/an _________________.
c. We can manage investments such as shares, real estate and
___________.
d. For retirement planning we have got excellent ____________
accounts available.
e. A customer can arrange a/an _____________to have transfers
made on a set timetable.

168
 4) Make word partnerships to name typical banking
products and services. The words can be used more than once
currency cheque banking safe foreign cards book
internet machine/dispenser/point box deposit cash credit

SPEAKING & WRITING

Banking products and services

1) A new customer would like to meet with you about doing
business with your bank. Use the practice below to help you prepare a
talk about your bank’s products and services.
Your bank features basic accounts for customers. Write 1-2
characteristics for each type of account.
■ current account
________________________________________________________
________________________________________________________
■ deposit account
________________________________________________________
________________________________________________________
■ money market account
________________________________________________________
_______________________________________________________

Types of property
The two kinds of property are real and personal.
Real property, according to English legal tradition, is the land
and anything firmly attached to it, such as buildings and the
permanent fixtures of those buildings, and the minerals beneath the
surface of the land. Personal property is anything that can be owned
other than real property.
Personal property can be divided into tangible and intangible
property. Tangible property exists physically; an example is a book.
Intangible personal property has no physical existence but
nevertheless can be legally owned; an example is patent rights.

169
Certain items, such as the atmosphere and the high seas, are viewed as
neither real nor personal property.

British and American English

widely used terms in the area of finance

BRITISH AMERICAN Romanian equivalent

authorized share authorized capital capital social subscris
capital stock
company corporation firmă /
societate/companie
creditors accounts payable conturi creditoare
current account checking account cont curent
debtors accounts receivable conturi debitoare
gilt / gilt-edged treasury bonds obligaţiuni de stat
securities
overheads overhead costuri administrative,
de regie
profit and loss income statement contul de profit şi
account pierdere
property real estate proprietate (clădiri, şi
sau terenuri)
quoted company listed company companie cotată la
bursă
share stock acţiune
shareholder stockholder acţionar
shareholder’s equity stockholder’s equity capitalul acţionarilor
stock inventory stocuri
trade union labor union sindicat

170
Annex A:
Common Abbreviations and Acronyms

A BBA:
Bachelor of Business
ACC. CUR. sau A/C: Administration
account current
BC sau B.C. :
A/cs Pay sau A/cs pay: before Christ
accounts payable
B/E sau b/e:
A/cs Rec. sau A/cs rec: Bill of exchange
accounts receivable
bldg. sau Bldg. :
ACV: actual cash value building
adv. pmt. : B.L. sau B/L :
advance payment bill of lading
A.O.: b.o sau b/o:
accountant officer back order
ARR : B.O.M. Stock:
accounting rate of return beginning-of-the month
inventory
AS sau A.S.:
account sales BRE:
Business Reply Envelope
ASAP sau a.s.a.p.
as soon as possible BSC
business service center
ATM:
automatic telling machine
C
attn.: attention / for the
attention of cc
carbon copies
B
C& F:
cost and freight
B&B sau b.and b.:
( a shipping term)
bed and breakfast

171
CEO DAP:
Chief Executive Officer Documents against payment
c/f: DB:
carried forward day book
ch.fwd: dba:
charges forward doing business as
C.I.A.: DD:
cash in advance; direct debit
C.I.F.: deb:
cost-insurance-freight 1. debenture 2. debit
(a shipping term)
disc.:
Co : (en) discount
company
dft:
C.O.D.: draft
cash /collect on delivery
DN:
CPA debit note
certified public accountant
DPS:
C/T: dividend per share
cable transfer
d/s sau d.s.:
CV: days after sight
curriculum vitae
E
C.W.O.:
cash with order
EFTPOS:
electronic funds transfer at
D
point of sale
D/A eg:
(en.) 1. deposit account for example
2. Documents against
acceptance enc
enclosure

172
EPOS: H
electronic point of sale
HO sau H.O.:
eps:
(en.) 1.head office 2. Home
earnings per share
Office
ERM:
HP:
exchange rate mechanism
1.hire purchase 2. horsepower
ext
HQ:
extension
headquarters ;
F HRM:
human resource management
FIFO:
first in, first out; I
F.O.B.:
IBRD:
free on board;
the International Bank for
f.o.c.: Reconstruction and
free of charge Development
FMCG: I/F:
fast moving consumer goods; insufficient funds
ILO:
G
the International Labour
GATT: Organization
general agreement on tariffs
IMF:
and trade;
the International Monetary
GDP: Fund
gross domestic product
in:
GMT: inch
Greenwich Mean Time
inc:
GNP: incorporated
gross national product;
inv. sau invt.:
inventory
173
IOU: L&D:
I owe you 1. loans and discounts 2. loss
and damage
IRS:
Internal Revenue Service l.d.c.:
long-distance call
ISE:
international stock exchange LIBOR:
London Inter-Bank Offered
IT:
Rate
information technology
LIFO:
J last in, first out
Llds:
JA:
Lloyds
joint account
London FOX:
JFK:
London Futures and Options
John Fitzgerald Kennedy or
Exchange
airport
Ltd:
K limited

KK: M
Kabushiki Kaisha (Japanese :
joint stock company) MBA:
Master of Business
L Administration

LAN: MBO:
local area network 1. a management buyout 2.
management by objectives
LBO:
leveraged buyout; MD:
managing director
L/C sau LC:
letter of credit MEP:
Member of the European
LCE:
Parliament;
London Commodity Exchange
174
MDSG:
merchandising NAV:
net asset value
MIS:
management information NBV:
system net book value
Mr: n.c.v sau NCV:
the title used for a man no commercial value
Mrs: nil:
the title used for a married no number or amount
woman NNP:
net national product
Ms:
the title used for a married or No.:
unmarried woman number

M.Sc. sau MSc: NPV:

Master of Science net present value

M.Sc. Econ.: NYSE:

New York Stock Exchange
Master of Science in Economy
mph: O
miles per hour
OD sau O/D:
N overdraft
OH sau O/H:
n/a sau n.a.: overhead
not applicable
o/s.:
NAG sau n.a.g.: 1. (accounting) outstanding;
net annual gain 2. (commerce) out of stock
NASDAQ: P
National Association of Dealers
in Securities Automated PA:
Quotation 1. (banking) personal account
2. (commerce) personal
assistant
175
3. (law) power of attorney Q
4. (insurance) particular
average qr:
quarter
p.a.:
per annum qty:
quantity
PAC sau P&C.:
put and call (option to sell or qtly. sau Qtly:
buy stock) quarterly
PAYE: quot.:
(tax) Pay As You Earn quotation
payt:
R
payment
pc sau p.c.: R:
percent ratio
PCB sau p/cb: R&D sau R and D:
petty cash book research and development
PER: re:
price-earnings ratio with reference to
per cent: ref:
in or for every hundred reference
PIN: rep:
personal identification number representative
P/L sau p.l.: Rev. a/c:
partial loss revenue account
p.m. sau pm: ROA
after noon received on account
P/N: RORO:
promissory note roll-on roll-off
RPI:
POS: retail price index
point of sale

176
S U

Sav.: unp. sau unpd.:

savings unpaid
SE: USM:
single entry (accounting) unlisted securities market
S.E.C. sau SEC: USP:
Securities and Exchange
unique selling proposition
Commission
U/W sau UW:
T underwriter

TB: V
trial balance
vac.:
tba:
1. vacant 2. vacation
1. to be agreed 2. to be advised
3. to be announced VAT:
value added tax
Tessa:
tax-exempt special savings
W
account
T/O sau TO: W:
turnover wire
TPI: WAN:
tax and price index wide area network
TSE: WB:
Tokyo Stock Exchange 1.way-bill 2. World Bank
TT: w.c.:
telegraphic transfer without charge
TU: wkds:
trade union weekdays
wkly:
weekly
177
WO:
work order
w/o:
without
wpm sau w.p.m.:
words per minute
wt.:
weight

x sau xtn.:
extension

Y:
yen
yr:
1. year 2. your
Yrs.
yours

Z:
(en) zero
ZEG:
zero economic growth

178
ANEX B
GLOSSARY

account a record of the money that a business cont

receives or pays out
accounting recording the past growth or decline of contabilitate
the business, analyzing these results and
suggesting the ways in which the
business may grow in the future
accountant expert who is familiar with the economist,
methodology of finance and the contabil
fundamentals of fiscal and business
administration and who analyzes and
interprets business transactions
accounts accounts recording money owed to an conturi
payable organization or person for creditoare
things or services purchased by credit
accounts the claims against customers
that owe money conturi
receivable debitoare
allowances special price adjustments for certain rabaturi
customers
assets the things of value owned by the active
company, including cash, securities,
property
audit a review of the financial records of an audit
organization
balance shows what the business owns and what bilanţ
sheet it owes to its creditors and to its owners
on the last day of the accounting period
blue-collar factory worker muncitor
într-o
fabrică
bookkeeper one who enters data in financial books contabil
boom a period of optimism,high economic apogeu,
activity and relatively low avânt
unemployment
179
brand a name used to identify the maker or marcă
distributor of a good or their trademark
brand products that perform the same function concurenţă
competition and compete against each other directă
bribe money that is paid secretly and mită
dishonestly to obtain someone’s help
branch an office or shop that is connected to a sucursală
larger company
budget an amount of money set aside for a buget
special purpose
budget the broadest form of competition; concurenta
competition included in this category is anything prin buget
that the consumers might want to spend
their available money on cash
dispenser/
ATM an automatic machine for supplying bancomat
cash to cardholders,installed outside
banks to provide round-the-clock
service
chief controller responsible for maintaining contabil-şef
accounting the records of the company’s
officer operations, interprets the results of the
operations, plans and recommends
future actions
cash flow the movement of cash in and out of a fluxul de
business trezorerie
capital money used to start a business capital
capital money spent on buildings, cheltuieli de
expenditure equipment,etc capital
clearance selling items at lower prices in order to vânzare cu
sale reduce stocks preţ redus;
solduri
commercial advertising run on TV reclama TV
consignment a quantity of goods delivered at the transport,
same time livrare
consumer goods purchased by members of the bunuri de
goods public larg consum
180
current a bank account on which deposits do cont curent
account not necessarily earn
interest,withdrawals can be
made,however,at any time,even by
cheque
CEO (Chief Executive Officer) the head of a director
cyberstore company online store general
magazin
virtual
CPA – Chartered Accountant (in U.K.) contabil
– Certified Public Accountant (in autorizat
U.S.A)
current circulating(floating) fondurile
assets assets:stocks,debtors and cash at the active
bank
current ratio measures the current assets against coeficient
current liabilities de
lichiditate
client someone who receives a service client
deposit a bank account which pays interest,but cont la
account notice is required for withdrawals and termen
cheques cannot be used for making
payments out of it
discount a reduction in price allowed to reducere
customers
domestic/ referring to the home market comerţ
home trade interior
expenses costs incurred in connection with the cheltuieli
earning of revenue
efficient working well and quickly,producing a eficient,
good result in the minimum time competent
effective producing the result that you want eficace, apt
flexitime a system in which people who work in a program de
company do a fixed number of hours lucru
each week, but can also choose what flexibil
time they start or finish work within
certain limits
181
foreign/ flow of goods and services across comerţ
overseas national frontiers exterior
trade
gross profit turnover minus direct costs profitul brut
gross one of the main measures of economic produs
domestic activity;it measures activities located in intern
product the country regardless of their brut
ownership
headquarters the main office of a company sediul
central
holding company controlling shares in a compania
company company mamă
income receipts from sales or payments of venit, profit
interest and dividends
interest rate the percentage a bank pays to depositors rata
for the amount in deposit dobânzii
joint venture a co-operative operation between two societate
companies, sharing expertise, mixtă
resources, etc
ledger detailed listing of all accounts of an cartea mare,
organization registru
letter of a bank document arranging a payment scrisoare de
credit for goods debts owed to creditors, credit
liabilities wages or salaries owed to employees or pasive
taxes that have not been paid yet
long-term debts extending over a long time datorii pe
liabilities termen lung
manufacture a person or company that makes goods producător
r materials from raw industrial
market an economy where the market is economie
economy relatively free de piaţă
minority money owed to minority shareholders in dobânzi
interests the company’s subsidiaries and datorate
associated companies acţionarilor
minoritari
mortgage loan with properties and securities to be ipoteca
paid
182
notes promissory notes with the current efecte de
payable assets(on a balance sheet) plătit
notes promissory notes with the current efecte de
receivable liabilities (on a balance sheet) primit
net(opp. after everything is taken away (opposite net (op.
gross) gross) brut)
operating gross profit minus operating expenses profit din
profit exploatare
outcome consequence rezultat
outlet a place where sth. can be sold vad
comercial,
debuşeu
output quantity of goods produced producţie
overdraft arrangement with your bank by which împrumut
you can withdraw more money than you prin
have in your account descoperire
de cont
overspending buying more items than you can afford cheltuiala
peste buget
overheads administrative costs and rates cheltuieli de
(power,water,etc) întreţinere
peak the highest point of a fluctuation punctul
maxim al
unui ciclu
de afaceri
placement supplying goods to retailers distribuţie
planned economic system in which economic economie
economy decisions are made by centralized planners planificată
price range the area of variation of prices for a gama de
particular product preturi
promotion to reach a higher rank publicitate,
publicity; promovare
pay-roll company’s employees and how much statele de
records they earn plata
patents exclusive right given to an inventor to brevete de
produce invenţie
183
premises buildings, offices, property proprietate,
clădirile
firmei
plant assets land,buildings and store equipment active
imobilizate
prepaid insurance paid in advance asigurări
insurance plătite
prosperity period of relatively rapid growth of in avans
output creştere,
expansiune
receipts an amount of money received over a încasări,
period by an organization; a written chitanţe
acknowledgement of this
recession period of relative stagnation or decline recesiune
recovery period of relatively rapid growth of redresare
output
retailing the sale of goods in small quantities to vânzare cu
the public amănuntul
profit and
loss
account income statement;summarizes the contul de
profitability of the company by profit si
balancing revenue against epenses pierdere
purchases the budget for the goods that the buget de
budget business will have to buy first in order cumpărări
to sell
purchase register where purchases are recorded registru de
book cumpărări
quick ratio measures current assets,from which are rată rapidă
deducted the stocks against current
liabilities
record of register where cash is recorded registru de
cash casă
recruit to employ or take on new staff a recruta
refund to pay back money spent a restitui

184
Revenue any increase in the owner’s equity cifră de
(=turnover) resulting from the operation of the afaceri,
business venitul
mare
share measures the current assets against prima
premium current liabilities de capital
staff the people who work for a company, its personal
personnel, its employees
stake a number of shares in a company participaţie
subsidiary a company that is controlled by another sucursala
company
survey research undertaken among consumers studiu de
piaţă
stocks inventories(USA), goods stored ready stocuri
for sale
trade buying and selling comerţ
trial balance the test that determines whether the balanţa de
total of debits equals the total of verificare
credits
white-collar a clerical worker in an office funcţionar
worker
wholesale buying and selling in large quantities vânzare en
gros

185
 Answer key

UNIT 1: MEETING AND GREETING PEOPLE

READING COMPREHENSION:

1) a-T; b-F; c-T; d-T; e-F; f-F; g-T; h- F; i-T; j-T.

2) a. A: am; B: is; b. A: are; B: am: c. A: is; B: isn’t; is;
d. A: Are; B: am not; am; e. A: Is; B: it is; f. A: Are; B: are.
3) 1-d; 2-b; 3-e; 4-a; 5-f; 6-a.

Reading

4) (1) makes; (2) isn’t; (3) is: (4) do; (5) writes; (6) don’t;
(7) are; (8) works; (9) does; (10) write.

GRAMMAR:

1) a) a; b) Zero article; c) an; a; d) the; a; e) the; Zero article; f)

Zero article; g) the.
2) a) he; b) me; him; her; c) us; her; she; d) I; me; e) her; f) me;
her; she.
3) a) his; b) her; yours; c) his; hers; d) it; yours; e) their; theirs;
f) my; yours
4) flowers; b) boys; friends; c) Dogs; animals; d) dictionaries;
shelves; e) mice; cats; f) books; appendices; g) newspapers;
media.
5) a) ’s; b) ’s; c) ’; d) ’s; e) ’s; f) ’s.
6) a) Does Mary understand…?; b) Does it rain…?; c) Does Mr.
White read…? ; d) Do your parents like…?; e) Do the shops
close…? f) Do you attend..?; g) Does he know…?; h) Do
these magazines publish…?
7) a) have; b) Is; c) have; d) was; e) were; f) is; g) have; h) have;
i) has; j) attracts.
8) a) accompanies; b) wash; c) ranks; d) is; e) are f) are g) is; h) is;
i) misses; j) are.

186
 Answer key

UNIT 2: JOBS

VOCABULARY DEVELOPMENT

1. a. occupation; b. wages; c. salaries; d. occupation;

e. professions; f. professional.

2. 1D; 2I; 3J; 4A; 5H; 6C; 7G; 8F; 9E; 10B.

3. 1C; 2E; 3J; 4G; 5H; 6I; 7D; 8F; 9A; 10B.

4. a. PART-TIME ……….. FULL-TIME; b. APPLICATION;

c. LAYING OFF; d. QUALIFICATIONS ………… EXPERIENCE;
e. OVERTIME; f. FREELANCE; g. SKILLS.

5. a2; b1; c5; d6; e4; f3.

6. 1 b. ; 2. b; 3 c.

GRAMMAR

1) a. Less and less……….; b. The more………..the better;

c. The sooner………..better; d. Fewer and fewer…………; e. Stronger
and stronger…; f. The earlier…………the better; g. The higher
…………the colder.

2) a. friendly; b. attractive; c. delicious; d. expensive; e. frightened.

3) a. faster; b. thickest; c. more popular; d. largest.

4)
a. She is wearing tight striped jeans.
b. A clever middle-aged Armenian lawyer.
c. An attractive 23-year-old Dutch girl.
d. He wears a long black leather coat.
187
 e. An interesting small silver box.
f. Amelia has long wavy gingery-brown hair

5)
a. They negotiated aggressively for five hours
b. John read very much at home all day yesterday
c. My friend spoke to me very kindly in the street the day
before yesterday

6) a. happy; b. hard ; c. fast; d. nice; e. carefully; f. sad; g. well;

h. carefully; i. softly; j.slow …………slowly; k. slow; l. easily.

7) a. Easy b.low c.low-rise d.soft e.low; f. poor.

8) a. great detail; b. strong tea; c. lengthy meeting; d. powerful

car; e. e. broad summary.

9) a. occupational b. skilful c. managerial d. clerical e. profitable.

10) a. So have ours; b. Neither do I; c. So did we/I; d. So am I; e.

Neither can I; f. So shall I; g. So would I

11) ANS: c

188
 Answer Key

UNIT 3: SOCIALISING IN BUSINESS

VOCABULARY DEVELOPMENT

1. Can/may; 2. from/with; 3. have; 4.will; 5. Pleased to meet

you/ Nice to meet you/ How do you do; 6. Did you have; 7.would you
like; 8. Do you take/Would you like.
2. 9.b, 10.c, 11.b, 12.b, 13.b, 14.d, 15.a
3. 1.a, g, 2.b, 3.e, h, 4.c, i, 5. d, j, 6.f
4. 1.c, 2.g, 3.e, 4.a, 5.b, 6.f, 7.d
5. 1.c, 2.d, 3.e, 4.j, 5.a, 6.b, 7.i, 8.g, 9.h, 10.f
6. 1.c, 2.g, 3.i, 4.f, 5.b, 6.e, 7.d, 8.h, 9.a
7. 1.b, 2.d, 3.d, 4.a, 5.c, 6.c, 7.b, 8.a, 9. c
8.1-e, 2-c, 3-j, 4-g, 5-a, 6-h, 7-i, 8-f, 9-b, 10-d
9. 1-e, 2-c, 3-j, 4-g, 5-a, 6-h, 7-i, 8-f, 9-b, 10-d
10. a-2, b-4, c-6, d-5, e-1, f-3
11. a- welcome, b-okay/all right
12. a - 2/5, b-4, c-5, d-1/2/5, e-1/3/5

GRAMAR

a. Who did we work with?

b. What are you interested in?
c. Who invited Michael to visit the company? / Who did the
manager invite to visit the company?
d. Which director complimented Daniel?
e. How many people visited the plant?

2. a-didn’t you, b-is he, c-doesn’t it, d-won’t you, e-didn’t she,
f-am I, g-are you, h- wasn’t she, i- didn’t she, j-didn’t he, k-shall we.

3. 1.c, 2.b, 3.a

189
 Answer key

UNIT 4: HOBBIES AND INTERESTS

READING COMPREHENSION
1. a-true, b-false, c-true, d-false, e-true, f-false, g-true, h-false.
2. 1b, 2a, 3d, 4a, 5c, 6b, 7c.

VOCABULARY DEVELOPMENT

1. I. 1d, 2f, 3a, 4h, 5b, 6c, 7e, 8g.

II.a-leisure, b-make a living, c-ambling horse, d-financial
reward, e-spare time, f-side-effects, g-personal fulfillment,
h-falconry.
2. to, of, for, with, with, to, at, of.
3. a-Axel, b-Tsukahara, c-Lutz, Biellman, d-Frances Pomeroy
Award, e-Davis.
4. a-doing, b-going, c-playing, d-doing, e-playing, f-going, g-
doing, h-doing, playing.
5. collectors, to pay, prices, signed, manuscripts, signatures,
photographs, letter, auction.

GRAMMAR
1.-------a-can, b-could, c-won’t be, d-managed to, e-was able to,
f-will be able to
2. ------a-has been allowed, b-may, c-could, d-may, e-can/could,
f-may
3. -----a-may, b-may, c-may, d-might, e-can
4. -----a-don’t have to, b-need not, c-can’t, d-must, e-has to, f-
must/will have to
5. ----- a-must have left, b-may/might have escaped, c-could
have warned, d-can’t/couldn’t have done, e-needn’t have
spoken, f-must have been
----- a-must, b-I’d better, c-should, d-ought to, e-would rather,
f-should

190
Answer Key

UNIT 5: OBTAINING INFORMATION: TELEPHONING

VOCABULARY DEVELOPMENT

1. Numbers 7 and 8 are recorded messages.

2. 1. Graham Hughes, 2. Janice Young.
3. 1. a,b,d; 2. a,d; 3. d; 4. a,c,d; 5. a,b,e.
4. line 1 in the exercise is actually line 14, 2-2, 3-1, 4-5, 5-15,
6-6, 7-4, 8-7, 9-3, 10-8, 11-10, 12-9, 13-12, 14-11, 15-13.
5. 1.c, 2.b, 3.e, 4.a, 5.f, 6.g, 7.d.
6. 1.c,o,i; 2.b,k,e,d,l; 3. r,n; 4.a,q,f, g, h, p.
7. 1. pin down; 2.come up; 3. pencil in; 4. is off; 5. look forward;
6. put out; 7.bear with; 8 draw on; 9. tied up; 10. put off.

GRAMMAR

1. 1. need; 2. starts; 3. Do… want; 4. depends; 5. does…cost;

6. is, 7. gets; 8. takes; 9. leaves; 10. arrives; 11. do...have to;
12. do…make.
2. 1.’m visiting our London office; 2.’m seeing a new customer;
3’m not doing anything special.
3. 1.PS; 2.PP; 3. PS; 4.PS; 5.PP; 6.PS; 7.PP; 8.PS; 9.PP;10.PS.
4. a.2; b.3/6; c.5; d.7; e.6; f.10; g.8; h.4; i.9; j.1.
5. a. have you been waiting, b. have (‘ve) played, c. has (‘s) been
raining, d. have been driving, e.have known, f. has announced,
g. have been reading, h. has been working, i.has worked.

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 Answer Key

UNIT 6: HIGHER EDUCATION AND CAREERS:

“SPIRU HARET” UNIVERSITY

READING COMPREHENSION

1) a) T; b) F; c) T; d) T; e) F; f) T.
3a)1-F; 2-D; 3-A; 4-C; 5-E; 6-B

GRAMMAR
1) b) Did…. study….?; c) complained; d) Did…visit?; e) placed;
f) did…hire?
2) (2) knew; (3) used; (4) set up; (5) found; (6) were; (7) rained; (8)
had; (9) was; (10) didn’t want; (11) decided; (12) succeeded; (13) didn’t
have; (14) didn’t know; (15) started; (16) tried; (17) made; (18) cut; (19)
painted;( 20) heated; (21) worked;( 22) improved; (23) began.
3) (1) met; (2) was travelling; (3) noticed; (4) was standing; (5)
were waiting; (6) realized; (7) were having; (8) said: (9) was coming;
(10) remembered; (11) were having; (12) accepted.
4) a) had gathered: b) had given; c) had played; d) had finished;
e) had broken; f) had invited; g) had finished; h) had begun.
5) a) had he gone?; b) had left; c) had already chosen; d) had
appointed; e) had grown; f) hadn’t studied g) had put; h) hadn’t
signed.

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 Answer key

UNIT 7: EUROPEAN UNION MEMBERSHIP

READING COMPREHENSION
a-false, b-true, c-true, d-false, e-false, f-true, g-true, h-false, i-true.
1d, 2a, 3b, 4a, 5a, 6d, 7b, 8a.

VOCABULARY DEVELOPMENT
1. A-----1c, 2e, 3f, 4a, 5b, 6d
B-----a-bilateral agreement, b-summit, c-membership, d-monitor.
2. member, state, democratic, integrate, adjustment, level,
development, trade, agreements, membership.

GRAMMAR
1……..1c, 2a, 3e, 4b, 5g, 6d, 7f, 8h.
2……...a-is making, b-leave, arrive, take, c-are starting, d-takes
off, e-is leaving, f-are being held, g-leaves.
3……..1c, 2b, 3a, 4c, 5a, 6b.
4……..a-will be starting, b-will be working, c-will she be living,
d-will be investing, e-will be building, f-will be holding.
5…….a-will have found, b-will have finished, c-will have built,
d-will have manufactured, e-will have gone, f-will have sold.
6…….1d, 2e, 3a, 4b, 5f, 6c.
7…….1c, 2e, 3a, 4f, 5b, 6d.

BUSINESS WRITING
b., a., c.

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 Answer Key

UNIT 8: COMPANY ORGANISATIONAL STRUCTURES

READING COMPREHENSION

1. a. matrix; b. functional; c. geographic; d. product lines.

2. a. Functional structure, Organisation along product lines,
Geographic structure, Matrix structure. b. Yes, the functional
structure. c. During the 1980s. d. Reduce costs and take advantage of
new technology. e. A flat organisational structure.

VOCABULARY DEVELOPMENT

1. 1.c; 2.g; 3.h; 4.a; 5.f; 6.i; 7.d; 8.e; 9.b.

2. a.software companies; b. product lines; c. project teams;
d. business units; e. country managers.
3. 1.c; 2.f; 3.b; 4.e; 5.g; 6.a; 7.d.
4. a.competitors; b. agreement; c.economic; d product; e. organisation.
5. 1.h, 2.f, 3.a, 4.i, 5.d, 6.b, 7.g, 8. c, 9.j, 10.e.
6. a. on; b.along; c. through; d.by; e.up into.
7. A. a; B. b

GRAMMAR

1. a. He said (that) he thought a joint venture was the best way

to break into the Far East.
b. He said (that) he was/we were not planning to set up a
subsidiary.
c. He said (that) he had been talking to a group of investors in
Asia.
d. He said he didn’t want to diversify in the immediate future.
e. He said we shouldn’t attempt to move too fast because we
might get our fingers burned.
f. He said he would be sending Stuart Campbell on a fact-
finding mission.
194
 2. e; 2.c; 3.a; 4.b .
3. 1. She asked me if I had seen Bernard yet.
2. Could you tell me if you are open on a Saturday?
3. He wondered if/whether I had got his message.
4. Have you got any idea how much time there is left?
5. She wanted to know if/whether he would be taking his
wife with him.
4. 1. Someone asked her where the restaurant was.
2. Someone asked her where you can get a shuttle.
3. Someone asked her where the duty free was.
4. Someone asked her where they could leave their suitcases.
5. Someone asked her why the flight had been delayed.
1. A. 1.e, 2.a, 3.b, 4.d, 5.c
2. 1.a.b,c; 2.d, e, h; 3.f, g

BUSINNES WRITING

1. 1.e, 2.a, 3.b, 4.d, 5.c.

2. a.1, b.2, c.3, d.4, e.5, f.6, g.8, h.9, i.7.
3. 1.a.b,c; 2.d, e, h; 3.f, g
4. 1. Mr. Daniels; 2. reference; 3. conversation; 4. enclosing
5. am afraid; 6. require; 7. questions; 8. hesitate; 9. contact; 10. look;
11. hearing; 12. Yours sincerely; 13. Enc.

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 Answer key

UNIT 9: ACCOUNTING

READING COMPREHENSION

1) a) F; b) T; c) F; d) F; e) F; f) T; g) T; h) F; i) F.

VOCABULARY DEVELOPMENT

2) a) shipment; b) supplier; c) regulatory state commission;

d) unfilled sales order; e) backlog; f) market share; g) output;
h) breakeven point; i) revenue.
3) 1 d; 2c; 3b; 4e; 5a.

BUSINESS WRITING
Letters of enquiry

1) a. 5; b. 4; c. 4; d. 2; e. 4; f. 1; g. 3; h. 4; i. 1; j. 2; k. 4; l. 1;
m. 3; n. 4.

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
are interested (8) in purchasing (9) some new vehicles.
We would therefore appreciate (10) it if you could (11) send us
your latest (12) catalogue and price lists. We would also want to
know if you are offering any trade discounts.
We look forward to hearing (13) from you soon.
Yours faithfully (14)
D.Cliff
Managing Director
Replying to letters of enquiry

196
 3) a. 5; b. 7; c. 6; d. 4; e. 1; f. 3; g. 5; h. 2; i. 3; j. 2; k. 6.

4) Dear Mr. Cliff,

Thank you for (1) your letter of (2) 25 June enquiring about (3)
our Aro vehicles.
We have (4) pleasure in (5) enclosing our latest brochures and
price list. Please note (6) that the prices quoted do not include (7)
insurance and delivery.
As we have (8) received a large number of enquires (9) from all
over East Africa in response to our advertisement, we are (10)
shipping two of our Aro vehicles /models (11) to Nairobi, and sending
out one (12) of our most experienced technicians / engineers (13).
We suggest (14) that you should contact Mr. Ionescu, who will be
staying at (15) the Grand Hotel, Nairobi, between 10 and 30 July, if you
would (16) like to examine and drive these vehicles. The Aro vehicles
that we are sending out underwent 17) special modifications, carried out
by ourselves, which will be of particular interest (18) to you.
We look forward (19) to hearing from you.
Yours sincerely (20)

GRAMMAR

If clause

I. Zero conditional:

1) 1b; 2f; 3e; 4a; 5d; 6c

2)
a. If the meeting finishes late, I will spend the night in Bucharest.
b. If you give us a 5% discount we will make a firm order of
10, 000 units.
c. If you order now you ‘ll get a free gift.
d. If we break into the Bulgarian market, our turnover will
increase substantially.
e. If sales don’t go well this year, we’ll try to reduce our costs.

197
 3)
a. I would apply for the job if I had a degree, but unfortunately
I am still an undergraduate.
b. I’m leaving now; I’ll be back at noon if the traffic is not too
bad.
c. If I were chief accountant I would insist on having more staff
in the accounting department.
d. We won’t be able to do business with you unless you comply
with our ethical policy.
e. If I invented a new product, I would patent it immediately.
f. If you increase sales by over 15% the company will pay you
a performance bonus.

4)
a. If the flight had been delayed, I would have stayed at the
airport hotel.
b. If I had known that you are coming, I would have met you at
the airport.
c. If we had followed his advice, we could have lost a great deal
of money.
d. If we had offered large quantity discounts, we might have
won the order.
e. If we had had the right figures, we could have avoided a
costly error.
f. If you had left earlier, you might have got there on time.

6) a. ii; b.ii; c. ii; d. i; e. ii.

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 Answer key

UNIT 10: BANKING

READING COMPREHENSION

1. a-false, b-false, c-true, d-true, e-false, f-true.

2. 1a, 2a, 3d, 4a, 5c, 6d, 7a, 8b.
VOCABULARY DEVELOPMENT

1. 1d, 2b, 3a, 4e, 5c, 6f.

2. a-mortgage, b-maturity, c-instalment, d-down payment,
e-leasing, f-borrower.
3. 1e, 2c, 3a, 4b, 5d, 6e.
4. 1b, 2f, 3d, 4a, 5c, 6h, 7e, 8g, 9i, 10j.
5. a-pension, b-interest, c-graft, 4-dole.
GRAMMAR

1. a-will be developed, b-have been improved, c-were eliminated,

d-had been identified, e-is being extended, f-are advertised.
2. a-was given, b-will be said, c-had been cut, d-will be
exhibited, e-has just been written, f-can be understood, g-will have to
be adopted.
3. a-made, b-could put, leaving it, c-received, d-will have to
find, e-will deal with, f-are repairing, g-have sold, have ordered.
4. a-a good job was offered, he was offered, b-immediate help
was promised, she was promised, c-money was paid, they were paid,
d-the answer will be given, we will be given, e-money is owed, she is
owed, f-details were given, he was given.
5. a-we had another window put in, b-I had my documents
translated, c-he wanted to have the report finished, d-I’ll have my
visiting cards printed.
6. a-are having one built, b-have it shortened, c-have it cleaned,
d-had them painted, e-to have the puncture mended.
BUSINESS WRITING

1. offer, catalogue, discount, order form, payment, credit,

delivery, cancel, shipment, risk, expense.
2. b, d, c, a.
sorry, fill, send, shortage, difficulty, order, available.
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 Answer key

UNIT 11: FINANCIAL ACCOUNTING

VOCABULARY DEVELOPMENT

1) a. liabilities; b. assets; c. double-entry book keeping; d. equity;

e. revenue; f. depreciation; g. interest; i. (trading) profit; j. retained profits
/ earnings; k. pre-tax profit; l. corporation / income tax.

Quiz: How to Analyze a Balance Sheet

1) a. dividends; b. depreciation; c. intangible assets; d. liabilities;

e. fixed assets; f. overhead; g. variable costs; h. advertising costs;
i. distribution costs; j. operating costs;

2) (Accounts Payable)

3) (Current assets – Current Liabilities)

4) (Retained Earnings)

5) (Book value excludes intangibles)

6) a. statement (of account); b. deposit; c. debit; d. cash;

e. withdrawal; f. cashier; g. balance; h. teller; i. credit.

7) Have you KEPT an account of expenses? b) The account

doesn’t BALANCE because a credit has been wrongly entered in the
books. c) Please acknowledge receipt of the enclosed cheque and
CREDIT our account accordingly. d) Please supply the goods as soon
as possible and DEBIT our account. e) Please GIVE me a detailed
account of the meeting. f) Your expenses can be paid straight into a
bank account NOMINATED by you. g) The deposit account OFFERS
a high rate of interest but withdrawals require 90 days’ notice. h) The
account was RENDERED on the 15th of August and is now overdue.
i) We enclose a debit note showing the amount due and look forward
to the SETTLEMENT of your account. j) I am TRANSFERRING my
200
bank account from the city centre branch to one nearer my home.
k) The account will be UNBALANCED.
Numeric response questions
1) D.
2) B.

BUSINESS WRITING

1.
Dear Mr. Savolainen
We have instructed our bank to ARRANGE (1) for a letter of
credit for € 4,850.92 to be PAID (2) against your INVOICE (3) no.
Gl 1538 and the proceeds will be credited to you as soon as Finish
Trust receives the documents.

2.
Dear Mr. James
Re: Invoice 32448

I am writing to you once again regarding the above invoice,

dated 11 January, for the exhibition equipment we supplied to you.
This invoice is still OUTSTANDING (1)

According to our records, we have not yet received your

REMITTANCE (2) or a reply to our previous requests for payment,
dated 18 February and 15 March.

Under the terms of our contract you UNDERTOOK (3) to settle

within thirty days of receipt of our invoice. We felt, that as the owner
of a small business yourself, you would appreciate the effect that late
payments have on our CASH FLOW (4) and therefore, had expected
to receive your remittance some time ago. However, as of today, your
account is sixty days OVERDUE (5)

We will, of course, be able to recover the DEBT (6) through the

courts, which would involve you in additional legal costs. However
I’m prepared to give you a final opportunity to SETTLE (7) your
201
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.

GRAMMAR
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.

202
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. C
2. C
3. C
4. A; E; F
5. a. F; b. F
6. C

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 Answer key

UNIT 12: FILING SYSTEMS

READING COMPREHENSION
1. a-false, b-true, c-true, d-false, e-false, f-true.
2. 1b, 2a, 3c, 4b, 5b, 6b.

VOCABULARY DEVELOPMENT
I. 1d, 2a, 3b, 4f, 5c, 6e.
II. a-digits, digit, b-hardware, c-filing, d-software, e-folders.

GRAMMAR
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.

BUSINESS WRITING
1. customers, complaining, refund, shipment, complaints, error,
protection, instructions.
2. b, d, a, c.

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 Answer key

UNIT 13: INTERNATIONAL TRADE

READING COMPREHENSION

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

BUSINESS WRITING
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

205
 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.
206
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?
207
 c. It was a very good dinner. Can we have the bill please?
d. We expect prices to rise by at least 4 percent.
e. We only exchange goods if you produce a receipt.
f. He's an excellent doctor, but he doesn't charge too much.

6)
The first has been done for you:
The contract is not negotiable (to negotiate)
g. We charge each BORROWER a fee of €50 to arrange a loan
h. We are looking for a LENDER who offers reasonable interest
rates.
i. I think that our BORROWING. is now under control.
j. This year we will pay a DIVIDEND of 1 RON per share
k. 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. Agentul comercial făcea o
vizită unui beneficiar/ client important. Trece-o în contul meu. Vă rog
daţi-mi un raport detaliat al şedinţei. Am cerut ca mărfurile să fie
achitate din contul meu de credit. Trebuie să ţineţi cont atât de
calitatea cât şi de cantitatea mărfurilor produse. Exporturile reprezintă
42% din vânzări.
Salariul meu este achitat în bancă. Îţi ţii banii la Bankpost/
Lucrezi cu Bankpost? Ţărmul era abrupt ….. Ştiu că pot să mă bizui
pe ea. Trebuie să depunem acel cec la bancă pentru a evita…... Nu am
un cont bancar încă.
V-aţi lovit la cap? Ea este şefa compartimentului contabilitate.
Ne întâlnim la capătul văii.
Compania de calculatoare are o segment de piaţă de 25%.
Preţul acţiunilor a crescut azi la Bursa de valori.
Vom înfiinţa o nouă întreprindere. Ea are spirit întreprin-
zător……. România este acum o economie bazată pe libera iniţiativă.
Guvernul plănuieşte să transforme Giurgiu într-o zonă de…. Marea
majoritate a companiilor din lume sunt întreprinderi mici şi mijlocii.
(IMM-uri)
208
 Ea a fost concediată pentru rezultate slabe /prestaţie necores-
punzătoare. Trebuie să se aibă grijă în îndeplinirea acestei sarcini.
Cum putem să îmbunătăţim activitatea de vânzare? Din ce în ce mai
multe companii adoptă un sistem de plată bazat pe realizări. Ieri am
urmărit un spectacol muzical.

8)
a. Keep books.
b. Break even.
c. In the red.
d. Carry over.
e. Go over the books
f. Write off.

Idiom Quiz

9) a. 1: took over; b. 2: at a loss; c. 4: bottomed out; d. 1: take

stock.

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 Answer key

UNIT 14: THE STOCK EXCHANGE

READING COMPREHENSION
1) F; 2) F; 3) T; 40 F; 5) T; 6) T; 7) T

VOCABULARY DEVELOPMENT
1) a) a stock exchange; b) share; c) NASDAQ; d) bond;
e) debenture; f) NYSE and Amex
4) a) liabilities; b) bonds; c) auditors; d) proxy; e) notified;
f) registered; g) at par

SPEAKING
1) a) One-man business; partnerships; companies; b) shares and
bonds; c) society is a non-profit association; d) to set; to form; to
found; to float; to launch a company; e) to preside over a meeting;
f) a) un vot; b) o opinie; g) Bulls are spectaculators who expect a rise,
bears are spectaculators who play for a fall.
3) 1-a; 2-b; 3-c;4-d 5-e

BUSINESS WRITING (contracts)

VOCABULARY DEVELOPMENT
1) a) a contract; b) a sales contract; c) the Preamble; d) Clauses;
e) price; f) The Payment Clause
2) 1-e; 2-d ;3-c; 4 –b; 5-a.

GRAMMAR
1) a) seeing; b) gardening; c) skiing; d) standing; watching; e)
seeing; f) relating;
2) a) am teaching; b) Did you hear; c) I have been; d) arrived;
had begun; e) reached; had already arrived; f) will play; g) will be; h)
will play; comes back; i) had met; j) found out;

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 4) a) back you up; b) find out; c) get on; d) come down; e) ran
into; f) looking for;
5) a) is ;b) don’t run; you’ll; c) will play; have; d) don’t tell me;
e) had dried up; would be desperate; f) is; will leave; g) wakes; h) I’ll
speak; see;
6) a) who the woman in black was; b) ….the conference would
bring about greater international cooperation; c) …it was still raining;
d) … what day it was; e) …the judge would decide the case the next
month; f) …I defied him to prove that he had lied to you; g) …deeds
were better than words when people needed help; h) …he wasn’t
coming with him and that was his final word.

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 Answer key

UNIT 15: FINANCIAL MANAGEMENT

Reading comprehension

1) a. F; b. T; c. T; d. T; e. T.

2)
Internal sources External sources
short term long term short term long term
Sale and lease retained profits bank overdraft share issues
back agreement
factoring hire purchase
bank loan
Leasing

VOCABULARY DEVELOPMENT

3) a. running costs; b. raw material; c. fixed capital; d. items of

expenditures; e. working capital; f. money retained in the business /
retained profits; g. asset; h. out of pocket; i. on tap; j. repayment.

4) a. sale and lease back agreement; b. shortage; c. overdraft;

d. return on capital; e. retained profits; f. hire-purchase; g. security;
h. leasing; i. factor; j. savings; k. interest;

GRAMMAR
1. a. by b. in c. in d. to, …of e. at f. in
2. a. up b. to c. with d. by e. in

Review questions on sources of funds:

1. a; 2. c; 3. d.

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 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, Constanţa county. This entails
outlay of approximately $15,000. How might it reasonably try to raise
the extra money?

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 Answer key
FURTHER READING
FINANCE

READING COMPREHENSION
1) F 2 ) T 3) F

VOCABULARY DEVELOPMENT
1) a. DEFAULT ON; b. LOSS; c. LOAN; d. IRREGULARITIES;
e. SUBSIDIARY; f. DEBT; g. PROFIT AND LOSS ACCOUNT;
h. INVESTMENT; i. BALANCE SHEET; j. FUND; k. CAPITAL
EXPENSE; l. OPERATING COSTS; m. BANKRUPT.

2) a. GO/ BE bankrupt; b. TAKE OUT A loan / DEFAULT

ON a loan; c. Capital EXPENSES; d. Make a LOSS / TAKE A
LOSS/ RUN AT A LOSS; e. All EXPENSES paid; f. TO BE IN debt
/ PAY OFF a debt; g. FILE FOR bankruptcy;

3) a. loans; b. overdraft facility; c. bonds; d. pension; e. standing

order.

5) Cash machine/dispenser/point
Cheque book
Internet banking
Credit cards
Foreign currency
Safe banking
Deposit box /Safe deposit box
Cash book

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