MFC 1 2 Business English

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Preview Assessment: MFC_1_2_BUSINESS

ENGLISH
Denumirea: MFC_1_2_BUSINESS ENGLISH
Instrucţiuni:
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testului apăsaţi butonul Submit. Examenul este
anulat dacă se depăşeşte acest timp.
Question Completion Status:
Întrebarea nr. 1 5 points Save

A practical alternative in collecting past due receivables
is to use the services of a collection agency.
Adevărat
Fals

Generally, high levels of supply and low levels of
demand means unemployment falls.
Adevărat
Fals

Financial accounting is less constrained than the
management accounting.
Adevărat
Fals

Which of the following statements are true and which
are false?
Stretching accounts payable is a cost-free method of

financing a business.
Adevărat
Fals

The opposite of a loss is a profit.
Adevărat
Fals

In accounting a gradual loss in the value of something,
such as a vehicle, a machine or any ASSET that wears
out with use and age is called depreciation.
Adevărat
Fals

Because of the going-concern concept, accounting does
not report what the assets could be sold for if the entity
ceases to exist.
Adevărat
Fals

Social security (welfare) transfers wealth to people that
have suffered a loss due to natural disaster.
Adevărat
..
Fals

Inventory is a synonym for stock
Adevărat
Fals

A breakeven point analysis reveals whether it is
profitable to produce a certain item
Adevărat
Fals

Managers are interested solely in information
expressed in monetary terms.
Adevărat
Fals

The distinguishing feature of full-block style of a
business letter is that all structural parts of the letter
begin to flush with the left margin
Adevărat
Fals

An auditor is a person who keeps accounts.
Adevărat
Fals

The distinguishing feature of semiblock / modified
block style of a business letter is that all structural
parts of the letter begin to flush with the right margin
Adevărat
Fals

A high value of the local currency is good for exports
Adevărat
Fals

Stocks and bonds are traded on
national / international exchanges
where investors can buy and sell them
to other investors.
Adevărat
Fals

Financial accounting reports may provide information
concerning future performance as well as past
performance
Adevărat
Fals

Accounting is the daily recording of financial
information while bookkeeping is the design and
maintenance of the accounting system.
Adevărat
Fals

The average is the total amount of something.
Adevărat
Fals

Gross national product (GNP) is a measure of the
annual value of sales of goods and services in a
country, and it does not include sales for companies
abroad.
Adevărat
Fals

Things that you own are called assets and things that
you owe are liabilities.
Adevărat
Fals

Creditors are people who owe you money.
Adevărat
Fals

The Board of Directors is appointed by the Managing
Director (MD)
Adevărat
Fals

Pre-tax profits are the same as net profits.
Adevărat
Fals

In management accounting reports the information is
generally disseminated outside the company
Adevărat
Fals

A debt with a bank arising from drawing more from
an account than the account holds, is called overdraft
Adevărat
Fals

In a semiblock style (Modified block) business letter
the first line of each paragraph is indented five to ten
spaces.
Adevărat
Fals
/2008..
Raw materials are bought and sold on the stock

exchange.
Adevărat
Fals

A sole trader is a natural person
Adevărat
Fals

In a semiblock style (Modified block) business letter
the complimentary close begins slightly to the right of
the center of the page. All lines of the signature are
aligned with the complimentary close.
Adevărat
Fals

The most common type of spontaneous financing is a
commercial bank loan.
Adevărat
Fals

There are no indentations in a full-block style business
letter.
Adevărat
Fals
/2008
Spell out the following abbreviation.

( Un singur cuvint )
VAT
“Value _____ tax”

In accounting the idea of income is the
difference between _________ and
expenses. (Scrieti cuvintul la plural)

Common abbreviatons and acronyms.
Spell out the following abbreviation:
NYSE ( New York ______ Exchange)
( INSERATI SINGURUL CUVINT
CARE LIPSESTE)

( UN SINGUR CUVINT FARA SEMNE
DE PUNCTUATIE)
Wkds:

CPA ( ________ public accountant)
-INSERATI CUVINTUL CARE
LIPSESTE
/2008

Turn the statements, questions and orders below into
reported speech. A sentence has been done for you;
“I have just opened a savings account. I want to go to
Bahamas next summer” my uncle said.
My uncle said he had just opened a savings account, as
he wanted to go to Bahamas the following summer.
“You must take out a mortgage.” my parents- in-law

said.
My parents-in-law said that we____to take out a
mortgage.

The process of using unusual but not illegal ways to
change business accounts to make them look better
than they really are, is usually called _______
accounting

Money taken on legacy is known as _______ tax

ATM ( Automatic _________ Machine )

Enter the correct word to build expressions related to
accounting.
The most popular way of calculating the depreciation

each year is the _______ line method.

Fill in the correct preposition in the following sentence
He deals______many enquiries of this sort.

Insert the correct word to finish the phrase or
question
How much does she __________(a câstiga) in her

position?

Enter the correct word to build an expression related to
economics and finance. (Scrieti numai cuvintul care
lipseste)
A _______________order is an instruction to a bank to

pay a fixed amount of money at regular times to
another bank account.

Business writing - Apology for damaged shipment -
Complete the following business letter choosing the
appropriate word from the list. MODIFY its
grammatical form where necessary. Use standard
English spelling.
(to order, to arrive, to contact, to be able to, to be, to
make, to serve, )
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_____________, 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

Supply the appropriate tense of the verb in brackets:
They asked me where the railway station (to be)

(Scrieti numai verbul)

Give the accounting name for the following term:
Claims of creditors

Traduceti in limba englezã: Pretul
cu ridicata este:
The ________price is

Title used for a married or unmarried woman in
business letter writing.

Grammar
Put the following sentences into the
passive voice making all necessary
changes.
He has just written a special edition for
the bank employees.
A special edition has just_____written
by him for the bank employees.
(Completati spatiu liber)
_1...
Transform the following active construction into a

passive construction. Insert one word.
They have opened the new conference hall (just)
The new conference hall has just ______opened

A favourable name or reputation purchased by an
entity is usually referred to as _________

Grammar
Suppose she ________(to be) here.
What would you say?
(scrieti verbul la forma gramaticala
corecta)

As compared with straight-line depreciation,
accelerated depreciation writes off more depreciation
in the early years of an asset’s life and less in the later
years. Over the whole life of the asset, accelerated
depreciation writes off the ____ total cost as straight-
line depreciation.

Insert the correct word to finish the phrase or
question
a. I haven't got enough money for lunch. Could you

________(a împrumuta) me some?

Money taken by the government on
certain imports and exports is known
as :________ duties ( INSERATI UN
SINGUR CUVINT)

Money paid to people that are made redundant is
known as ________ benefit

Enter the correct word to build an expression related to
economics and finance. (Scrieti numai cuvintul care
lipseste )
• A _____ debt is a loan that is not likely to be paid

back.

Money taken from the profits made by companies is
known as :__________ tax

Complete the sentence below by inserting the right
derivate of the verb in brackets. An example has been
done for you:
a. The contract is not negotiable (to negotiate)
I didn’t agree to the ___________of the meeting

from the beginning (to cancel)

Business writing- Apology for billing
error -
Complete the following business
letter choosing the appropriate word
from the list. MODIFY its grammatical
form where necessary. Use standard
English spelling ( to allow, to pay, to
make, to want, to do, to sell, to buy,

to be, )
( UN SINGUR CUVINT)
Dear Mr. Howard
I would like to apologize for the error

we made on our invoice DCI-987
dated June 15. I’m cancelling that
invoice and re-invoicing you as
follows:
12 tables @ $11,48 each
$137.76
48 chairs @ $2.05 each $
98.40
12 tablecloths @ $1.88 $
22.56
24 5-piece place settings @ $3.24
each $ 77.76
Subtotal
$336.48
Tax (4.5%) $
15.14
______
Total
$351.62
I hope this resolves the issue to your
satisfaction. I look forward to
___________ business with you in the
future.
Yours sincerely,

Business writing - Collection letter-
Complete the following business
letter choosing the appropriate word
3//2008
from the list. ( unul singur !!!!) MODIFY

its form where necessary. Use
standard English spelling
( purchase, bank statement, to tell,
invoice, contract, salary, charge, to
make, to serve, to receive, balance,
to settle, )
Dear Mr. Boyanov
Unfortunately, we still have not

received your $2,375.60 payment for
merchandise you purchased January
15 (invoice #4454, dated January 17).
Because your account is three months
past due, we are now forced to add a
late charge of $23.75 in accordance
with our credit policy. The new
___________is $2.399.35
Please be sure to settle your account
with us today. If you have difficulty
paying the full amount now, please call
me today to discuss arranging a
payment schedule.
Sincerely,
Bob Chamberlain
Manager

Fill in the blanks with one of the words from the list
below. Change the grammatical form of the words
where necessary.
overhead, supply , shareholders, payroll,

authority, to hire , promotion
Our company has over 1000 employees on its .............
...

Grammar
The manager demands that the main
entrance __________(to be) locked at
night.
(INSERATI VERBUL LA FORMA
GRAMATICALA
CORESPUNZATOARE)

Traduceti in limba engleza
urmãtoarele documente bancare /
financiar contabile. INSERATI UN
SINGUR CUVINT care este valabil
pentru fiecare dintre cele 3
variante !!!
· extras de cont
"bank ___________" or "bank
____________of account" or
"__________of account".

Fill in the correct preposition in the following
sentence. All are expressions which occur frequently in
business letters:
a)We are sending
samples_________separate cover

One of the most important shipping documents which
is also a document of title is "the bill of ________"

The terms profit, earnings and income all have the
same meaning. They are the difference between the
__________ of an accounting period and the expenses
of that period. (use plural form)

Grammar
Complete the sentences with the correct preposition
The increase in salaries is around 4%. Inflation now
stands______6%.

Complete the sentence below by inserting the right
derivate of the verb in brackets. An example has been
done for you:
The contract is not negotiable (to negotiate)
He needs a _________________accountant for the

new subsidiary in Bucharest (to certify)

Write the missing word in the gap
People who buy shares in a company are called
________

(Grammar)
Put the verbs in brackets into the appropriate
conditional form using the information given.
You are talking to a customer who has asked you to
replace a lost credit card for the fifth time.
If you ______( to lose ) your card again in the
future, I’m afraid that the bank will refuse to issue
a replacement.
08

Money paid to people with a handicap is known as (use
singular form): disability _______

State the COMMONEST METHOD OF PAYMENT
for trade between countries. It is operated by the banks
and money is transferred from the buyer to the seller
through the banking system.
"letter of _______"

Grammar
The board of directors recommended that she
____________(to join) the company.

Fill in the correct preposition in the
following sentence. All are expressions
which occur frequently in business
letters:
Duty has been paid on the goods and
they are not liable ____VAT

Complete the sentences below by inserting the right
derivate of the verbs in brackets. An example has
been done for you:
The contract is not negotiable (to negotiate)
There is a ________________between product mix

and product depth.. (to distinguish)

Identify the error in the following
sentence, then correct the mistake.

It is possible that there is no error
(in this case write "No error")
(Daca nu este nici o gresealã scrieti
"no error". Daca exista vreo gresealã
atunci scrieti numai cuvintul ce trebuie
sa inlocuiascã unul din cuvintele
evidentiate)
Although I cannot see you, I can

hear you good. No error

Match the following basic accounting concepts with
their definitions:
- The conservatism
concept A. Recognize increases
The matching in equity only when
-
they are reasonably
principle certain but recognise
- The materiality decreases as soon as
concept they are reasonably
- The realization possible.
concept B. Disregard trivial
matters but disclose
- The consistency
all important matters.
principle
C. Revenue is realized
at the moment when
goods are sold or
when services are
rendered.
D. The revenues
generated in an
accounting period are
identified with
related costs
whenever they were
incurred.
The same methods of
E. (depreciation,
inventory valuation
etc.) must be used
from one period to
the next.

Here is a list of 8 cost items.
Categorize them according to the
headings given below.
- employee
costs A. accountacy
- property fees
- equipment B. books,
- vehicles newspapers
- services C. car hire
purchase
- preofessional
agreements
fees
D. electricity
- miscellaneous
account
costs
E. mortgage
- insurance
payments
F. leasing of
computers
G. salaries
H. employer’s
liability
insurance

Match the verb with one of the nouns to form
common banking collocations.
- purchase A. interest
- open B. funds
- earn C. an account
- withdraw D. a deposit
- make E. goods
- transfer F. cash

Complete the gap in the following sentence with a
suitable / matching verb.
- If you take out a

loan, make sure
you A. keep up
can..............the B. take out
repayments.
The bank manager
C. make
-
refused D. save
to ..............us the
mony we needed. E. losing
She said that our F. earn
accounting system
was too G. owe
disorganised. H. lend
- I have really done
well since I
moved to
Bucharest.
I ............more than
2000 Ron per
month and I have a
company car.
- We’ve decided to
move to a new
office
to................money.
The place we rent
at the moment is
too expensive.
- Scotbank decided
to close its Tokyo
/2008..
operation because
it
was...........money
- The easiest way
to .........money is
to invest wisely in
the Stock Market.
- I still .......the bank
$3800. I don’t
know when I’ll be
able to pay it back.
- I’m going
to ...............that
loan so I can buy a
brand new Toyota

Match the English words to their opposites:
- loss
- weaken A. fall
- rise B. profit
- double C. halve
D. strengthen

Match the form of revenue with the right recipient
- commission
- wages A. retired employee
- salary B. shareholders
- fees C. sales representative
- redundancy pay D. government
- tax E. blue-collar worker
- dividend F. student
- grant G. financial adviser
- royalty H. author
- pension I. laid off employee
J. white-collar worker

Match the following statement of a potential
customer to the appropriate financial service
needed. The first one has been done for you:
“I want to send $1500 to my son in Tokyo as quickly

as possible”……………………… Swift
transfer
- “I want to guard my
house against
A. Foreign currency
damage”……………
B. deposit accounts
C. personal loan
D. treasury bonds
E. health insurance
F. overdraft
facilities
G. SWIFT transfer
H. business loan
I. business loan
J. business loan
K. cash/credit card
L. giro account
M. standing order
N. insurance policy

Match the first part of the sentences with the right
endings.
- If they work in
pleasant
A. it makes borrowing
surroundings easier
- If they give aid B. people tend not to
If you have an save
-
offshore bank C. it looses market share
account
D. governments expect
- If inflation is something in return
high
E. you don’t pay income
- If a company tax
doesn’t advertise
F. people are more
- If the government productive
lowers interest
rates

Match the Business English terms to
their Romanian equivalents:
- equity
- earnings A. randament
- straight line B. preluarea
depreciation unei firme de
catre alta
- yield care si-a
procurat
- debenture
fondurile
- LBO necesare
( Leveraged printr-un
buyout) imprumut
- time sheet garantat cu
activele
firmei
..
preluate
C. titlu de
creanta /
obligatiune
cu dobinda
fixa
D. amortizare in
cote egale
E. venituri
F. pontaj
G. capital
propriu

Match the English words to their Romanian
equivalents:
- lucrari in curs de
executie A. balance sheet
- cheltuieli regie B. liabilities
- bilant C. operating costs
- mijloace de
D. capital goods
productie
-
E. work-in-progress
CAS
-
F. to bring forward`
a prezenta
-
G. overheads
pasive
- cheltuieli de H. depreciation
exploatare I. social security
- conturi de
trezorerie / flux de
J. cash flow
numerar
- amortizarea
mijloacelor fixe
.

customer to the most appropriate financial service
I want to send $1500 to my son in Timisoara as

quickly as possible”………………………
Swift transfer
- “I may be in debt
sometimes”……………….. A. foreign
currency
B. savings
account
C. deposit
account
D. personal
loan
E. treasury
bonds
F. insurance
policy
G. overdraft
facilities
H. SWIFT
transfer
I. business
loan
J. mortgage
K. debit card
L. giro
account
M. standing
order

Match the opening and closing greetings.
- Dear Sirs / Dear

Sir or
Madam /Ladies A. Yours sincerely /
Kind Regards
and Gentlemen
B. Take care / Best
- Hi Susan / Dear wishes / All the best
Robert and Mary
C. Yours faithfully
- Dear Mrs. Jones /
Dear Mr. Smith

Match the English words to their Romanian
equivalents:
- usor
- a se ameliora A. growth
- crestere B. figure
- a spori, a majora C. assess
- tendinta D. expand
- a (se) dezvolta, a E. raise
creste F. steady
- cifra G. improve
- drastic, radical H. slightly
- constant I. drastically
- a evalua J. trend

customer to the appropriate financial service
I want to send $1500 to my son in Tokyo as quickly as

possible”……………………… Swift
transfer
- “I’m going to buy

equipment for
A. Foreign currency
the new B. deposit accounts

premises”……….
C. personal loan
D. treasury bonds
E. insurance policy
F. overdraft facilities
G. SWIFT transfer
H. business loan
I. mortgage
J. cash/credit card
K. giro account
L. standing order

customer to the most appropriate financial service
I want to send $1500 to my son in Tokyo as quickly as

transfer
- “I want to save
and get a very
good return on A. foreign currency
my B. mortgage
money”………
C. savings account
D. debit/credit card
E. treasury bonds
F. insurance policy
G. current account
H. high interest deposit
account
I. personal loan
J. overdraft facilities
K. SWIFT transfer
L. business loan
M. giro account
N. standing order

Match the following adjectives with the
nouns that they would usually go with:
- retirement
- risk A. calculated
- judgement B. deliberate
- mistake C. premeditated
- murder D. voluntary
- wish E. express
F. considered

Match the following statement of a
potential customer to the
appropriate financial service
needed. The first one has been
done for you:
“I want to send $1500 to my son in

Tokyo as quickly as
possible”………………………
Swift transfer
- “I would like
to authorize A. Foreign
Romtelecom currency
and B. deposit
Electrica accounts
Muntenia C. personal
S.A. to draw loan
the money D. treasury
from my bonds
current
E. insurance
account”
policy
F. overdraft
facilities
G. money
order
H. SWIFT
transfer
I. business
loan
J. mortgage
K. cash/credit
card
L. direct debit
M. giro
account
N. standing
order
Întrebarea nr. 97 5 points

Match the following statement of a potential customer to
the appropriate financial service needed. The first one has
been done for you:
“I want to send $1500 to my son in Timisoara as quickly as

possible”……………………… Swift transfer
“I’d like to buy a new

- house”………………………………. A. Foreign
currency
B. high-
interest
deposit
accounts
C. personal
loan
D. treasury
bonds
E. insurance
policy
F. overdraft
facilities
G. SWIFT
transfer
H. business
loan
I. mortgage
J. cash/credit
card
K. giro
account
L. standing
order

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.
- Payments made to
shareholders based
on company A. intangible assets
profits B. dividends
- a gradual loss in C. liabilities
value over time
Costs related to
D. depreciation
- encouraging E. fixed assets

consumers to buy
a product F. distribution costs
- Day to day cost of G. overhead
running a business H. variable costs
I. operating costs
- Costs and money
owed
J. advertising costs
- Changing costs of
employment, raw
materials, etc.
based on rate of
production.
- Patents, ideas,
trade marks,
licenses
- Costs related to
delivering goods
to points of sale
- Property,
equipment
currently owned
and not intended
for sale
- Non-changing
costs such as rent,
lighting, heating,
etc.
Întrebarea nr. 99 5 points Sav

Match the following statement of a potential customer
to the most appropriate financial service needed. The
first one has been done for you (select one):
“I want to send $1500 to my son in Tokyo as quickly as

transfer
- “I want to invest in safe

securities”……………………. A. foreign
currency
B. savings
account
C. deposit
accounts
D. personal
loan
E. treasury
bonds
F. money
order
G. insurance
policy
H. overdraft
facilities
I. SWIFT
transfer
J. business
loan
K. mortgage
L. cash/credit
card
M. giro
account
N. standing
order
Întrebarea nr. 100 5 points Sa

Match the following statement of a potential customer
to the appropriate financial service needed. An
example has been done for you:
I want to send $1500 to my son in Timisoara as quickly as

possible”........ Swift transfer
- “I want my regular bills such

as rent or mortgage payments
or other fixed amounts of A. foreign
money to be paid currency
deposit
monthly”……………………… B. accounts
C. personal
loan
D. treasury
bonds
E. insurance
policy
F. overdraft
facilities
G. money
order
H. SWIFT
transfer
I. business
loan
J. mortgage
K. cash/credit
card
L. giro
account
M. standing
order

(Scrieti
60 is 20% of what number?
NUMARUL IN CIFRE )

Assume that one pig eats 4 pounds of food each
week. There are 52 weeks in a year. How much food
do 10 pigs eat in a week? (Scrieti numai cifra !)

Together , a hat and coat cost $125 . The coat
costs $25 more than the hat. What is the cost of the
..
coat? (nu folositi semnul $-scrieti numai cifra)
George scored an average of

80% on three tests. What score
must he get on the fourth test to
bring his average to 85%. Scrieti
NUMAI CIFRA FARA % !!!

A car travels a scenic route of 15 miles in 30
minutes and the 60-mile balance of a trip in one
hour. Its average speed for the trip is: ____mph.
(Scrieti numai cifra)

Spifmobile Ltd. is selling at a 30% discount off its
sticker price. Its sticker price is $8000. What is its
new selling price? ( Scrieti numai cifra !!)

A person 2 m tall casts a shadow 1 m long when a
tree has an 8 m shadow. How high is the tree?
(scrieti numai cifra ! )

Last year Hank’s income was $12,000. This year
it rose to $15,000. What was the percent increase in
Hank’s salary? ( Scrieti numai cifra FARA %)
.

How many paintings were displayed at the
County Museum of Art if 30% of them were by Monet
and Monet was represented by 24 paintings?
Scrieti numai CIFRA !!

Nine hundred head of cattle must be
transported from Constanta to Bucharest. If each
cattle car can hold a maximum of 80 head, what is
the least number of cattle cars required to transport
all the cattle? (Scrieti numai cifra !)

What is the simple interest on a $40,000 savings
account over 3 years if the interest rate is 2%
quarterly. Scrieti NUMAI CIFRA FARA $ SI FARA
PUNCTUATIE !!

Money taken by the government on certain imports
Value Added Tax

Income tax
Customs duties
Inheritance tax
Tax liabilities

Which of the following could be

used as a short term means to
improve cash flow in a business?
Debt factoring
A new issue of preference
shares
A new issue of debentures
Taking out a mortgage on firm’s
depot

A company buys 10 items at a price
of £200 each, all on 14 days free
credit. It then sells on the next day 5
units for £350 each. One item was
sold for cash, the remainder on 21
days free credit. What effect do these
transactions have on the firm’s cash
flow on the day of the sale?
(Select one answer)
Gains £750
Gains £1,750
Gains £350
Losses £2,000

Choose the right word to fill in the
gaps:
Investors are influenced by the
projected _________ on their capital.
investment
market
return
expenses
rate

Choose the most suitable
accounting idiom.
After only three months the company
was able to ...... ............ and started
to make a profit.
BREAK UP
BREAK OFF
BREAK DOWN
BREAK EVEN
BREAK OUT

The document which shows details of goods being
transported and which entitles the receiver to collect
the goods is called a …..........
bill of exchange
bill of lading
bill of quantities
bill receivable

How to say it: Dates
You write it like this: 5th August 1989. You say it
like this:
fifth August ninety hundred eighty-nine

fifth August ninety eighty-nine
the fifth August nineteen eighty-nine
the fifth of August nineteen eighty-nine

The letter of credit is valid_______ 30 days.
for
in
during
by
A … is a period when prices cannot

be increased.
price freeze
hold-up
price-fixing
price-cut

Grammar
I demand that she immediately ______________ for
what she just said
apologize
apologizes
apologizing

The three business partners decided to end their
partnership due to a dispute
__________ them.
between
in the middle of
among
by

____________.capital is risk capital.
venture
equity
authorized
operating
seed

A person can purchase__________ of a stock sold on
a stock exchange.
shares
dividends
interest
charges

If their business is doing well , shareholders receive
__________
commission
salary
taxes
dividends
annual bonus
.
Of the following , all are consumer

goods except:
A performance by the
Romanian Philharmonic
Orchestra
Family automobiles
A painting by Rembrandt
Apples sold at the supermarket
Transport trucks

Choose the correct phrasal verb to
complete the following sentence
The persons you sent for us weren’t
at the airport to __________so we
had to get a taxi.
pick out us
pick us out
pick us up
pick up us
pick on us

Understanding news stories:
Below is a heading from newspaper
reports on the business environment.
Choose the best explanation of the
keywords from a ) b) c) or d)
BRD bank writes off Ron 2 million
in bad debts:
To write off debts means:
demand the money back

immediately
forget the money, since the
loans are not going to be paid
back
write a cheque covering debts
get the money back from
creditors

The new management team has
succeeded ___________stricter
cost control.
In introducing
The introduction of
For introducing
To introduce

Which of the following would be
treated as a short-term fund by a
company?
Tax provisions
Ordinary shares
Preference shares
Debenture stock

In the sentence: ‘A shipment of urgent medical
supplies is expected to arrive very soon.’ the term
‘shipment’ means:
3/12/2008
a large boat for travelling on water

a quantity of goods to be sent together under the
terms of a single bill of lading
a ship used especially for taking military or
medical supplies from one place to another

In national income accounting
which of the following is not part
of national income but of personal
income?
Undistributed corporate profits

Corporate income taxes
Social security contributions
Transfer payments
Personal consumption
expenditure

Which one of the following would
be classed as a source of long-
term funds for a company?
Trade creditors
An issue of ordinary shares
Bank overdraft
Factoring

Most of the money ......... was donated to charity.
Raised
Gathered
Risen
found

_____________ pay is what an
employee earns before deductions.
Net
Gross
Full
Complete

Choose the correct alternative for the
following. In “I wouldn’t bank on it”
the verb means:
lend money
rely
promise
borrow money
receive money

I am pleased to inform you that there was no delay
and the goods arrived ______time.
in
about
on
by

A balance sheet reports the status of

an entity… (Select one answer)
At a point in time
Over a period of time
All of the above
None of the above

Domestic sales have _______by 6% over the last
year.
Raised
Rose
Risen
Arisen

Choose the best verb to complete each sentence
It may be easier to _____________ money from your
account than to pay money in.
refund
draw
taken
remove

An amount of money which you lend to someone …
loan
debt
share
interest

Payment must be made ...........10 days
during
within
in
by

If 1 worker produces a total of 4 units of output, 2
workers produce a total of 10 units of output, 3
workers produce a total of 30 units of output, and 6
workers produce a total of 28 units of output, with
the addition of what worker do diminishing returns
first occur?
worker 6
worker 3
worker 4
worker 5

Choose the most suitable accounting / banking
idiom.
It was impossible for the bank to collect the money
so they were forced to ............... the loan.
write out
write up
write down
write off

A person who has lost his / her job is :
unemployable
unemployed
underemployed
overworked

Tom purchased 100 shares of Yummy Butter
Company stock. When the company had a jump in
sales, he received …..........
interest
assets
collateral
instalments
dividents

Evidently, an event can affect the owner in one way
and the entity in another way. Financial statements
of Ionescu & sons Ltd. report the effect that the
event has:
only on the owner

only on the entity
on both the owner and the entity

A Bill of Lading is issued by a
shipping line and is a receipt for
the goods shipped. Which of the
following pieces of information is
unlikely to be ascertained from the
Bill of Lading?
the gross weight of the

consignment
the value of the goods
a description of the goods
the consignee’s address

If you want to borrow money to buy a house, you
should ask the bank for …
a mortgage
an interest
an account
an overdraft

Andrea Biris withdraws $100 from ABC Company,
of which she is the sole owner. Andrea now has $100
more cash, but she has $100 less equity in ABC
Company. Andrea is ..............................than she was
before
better off
worse off
no better or worse off

After an initial deposit , you
pay_______
remittances
installments
charges
shipments

Whereas you … interest on a
mortgage, you … interest on a
savings account.
pay; earn
earn; earn
earn; pay
pay; pay

The directors of the company
approve the .______at the end of the
_______ year.
accounts; accounting
accounting; accounts
accounts; accounts
accounting; accounting

A person who has lost his / her job is ______
unemployed
underemployed
unemployable

Four construction workers build a
house containing 16 rooms. If the
house has 4 floors and they take
exactly 4 months (without stopping)
to build it, then which of the
following must be true?
I They build 4 rooms each month

II Each floor has 4 rooms
III They build an average of 1 floor
per month
IV The house averages 4 rooms per
floor
I, II, III and IV

III and IV
II and III
I , II and III
I and II

The debt should be paid______within thirty days of
receiving this statement.
all over
in fool
in full
for fool
for full

What can you write off?
workers
a bad debt
a business plan
a balance sheet

Accounts ___________show how
much money your customers owe
you.
Obtainable
Receivable
Collectable
Incoming

Grammar:
If you ..............sales by over 15% the
company would pay you a
performance bonus.
will be increasing
increased
would have increased
will increase

A person can buy part of a business by purchasing …
of a stock sold on a … exchange.
shares; stock
stocks; share
shares; share
shares; commodity

The … ...........account is used to compare actual
results with projected results, and for future planning
profit and lost

profits and losses
profit and loss

Listed companies.................shares to raise capital
buy
issue
purchase
exchange

A .......… is a formal agreement between a shop or
other business and a customer, in which the customer
can take goods and pay the shop or business for them
at a later time
credit account
deposit account
current account
sale and lease back agreement

Products -such as coffee, sugar, oil, cereals, rubber -
that are exchanged on special markets in
international trade are usually called
Raw materials
Consumer goods
Commodities
Merchandise

Orders are written down on an ______
authorized dealer
order form
assessment
application form

Try to ensure that each employee’s
_____________ is not too great.
Workload
Working place
Work-to-rule
Working part

In order to buy new equipment, to expand the
business, some companies make use of internal
sourses of finance.Which one of the following
sources of finance is a good example.
overdrafts
bank loans
hire purchase
retained profits
government stock

You record how much each of
your employees should be paid in
the ......... account.
Payroll
Employee pay
Net pay
Employer pay
Standard deduction

All firms, whether competitive or
not, will tend to produce to the
point where
Variable costs equal price

Fixed costs equal marginal
revenue
Marginal costs equal marginal
revenue
Fixed costs equal variable costs
Average revenue equals
marginal revenue

Most banks … ...their customers for services, in
order to cover their costs.
pay
get
charge
give credit to

Our …………………. include a
$12,000 tax bill and the $8,000 we
owe our suppliers.
Debtors
Assets
Liabilities
Overheads

We have just received a ________ for a quotation
requirement
demand
supply
request

For each of the verbs below, three
of the four words or expressions
fit. In each case circle the one
which DOES NOT.
MAKE
MONEY
BUSINESS
A DECISION
A LOSS

Grammar: In the following pair of
sentences one of the tenses is
wrong. Say which one?
My first job was in a factory. I’ve

done it for three months
My first job was in a factory. I
did it for three months

What can you lay off:
a bad debt
machinery
workers
a contract

If you don’t have enough money in your account to
pay your bills, you’ll have to ask for a/ an _________
charge
estimate
overdraft
overhead
interest

In the sentence : “We could take out a loan to start
our own business”. “to take out a loan” means:
to borrow an amount of money from a bank

with a promise to pay it back at a future date
to lend money
to give money to someone
to withdraw money

A company sells goods on credit, but if customers
never pay for these goods the money owing is known
as ….
loss accounts
bad debts
bad payment
overdraft

People who are owed money are

called_________
creditors
lenders
debtors
payers

A ...........is when one company offers to buy another.
merger
leveraged buyout
management buyout
takeover bid

What is the probability of tossing a penny twice so
that both times it lands heads up?
1/8
1/4
1/3
1/2
2/3

The … on an investment is the amount of money it
earns for the investor.
yield
stake
outlay
collateral

READING COMPREHENSION
Teacher salaries account for
approximately seventy percent of
a school budget. Any major
proposal designed to reduce
educational expenditures will
ultimately necessitate a cut in
teaching staff.
Neighbourhood High School is

staffed by fifty teachers, and its
administration has just ordered a
reduction in educational
expenditures. According to the above
passage, which of the following will
be one result of the reductions?
A reduction in both
administrative and teaching
salaries
A teaching staff of fewer than
fifty teachers
A substantial change in the
quality of education
A teaching staff dependent on
fewer educational materials
A teaching staff of only fifteen
teachers

With internet banking, it is possible to transfer …....
on-line from one account to another
accounts
interests
funds
cheques

Alegeti traducerea corecta:
Ar fi putut afla cifra de afaceri daca
ar fi cautat in foaia de calcul
He could have found out the

turnover looking at the
spreadsheet
turnover if he has looked at the
spreadsheet.
He could find out the turnover if
he looked at the spreadsheet
turnover if he had looked at the
spreadsheet

____________accounts are accounts for your
sources of business-generated income.
Liability
Revenue
Balance
Drawing

ENGLISH WRITING
Select the answer that produces the
most effective sentence, one that is
clear and exact, wihthout awkardness
or ambiguity. In choosing answer,
follow the requirements of standard

written English. Choose the answer
that best expresses the meaning of
the original sentence.
Answer (A) is always the same as the
underlined part. Choose answer (A) if
you think the original sentence needs
no revision.
Because George Washington knew

how to submit an accurate
expense account was the only
reason he had so little trouble
collecting money due him.
George Washington knew how

to submit an acurate expense
account; therefore, he had little
trouble collecting money
due him.
George Washington’s expense
account , having been so
carefully submitted that the cost
was paid almost immediately.
The reason that George
Washington had so little trouble
collecting money due him was
because he knew how to submit
an acurate expense account.
George Washington had little
trouble collecting money due
him, he knew how to submit an
accurate expense account
Because George Washington
knew how to submit an accurate
expense account was the only
reason he had so little trouble

collecting money due him.
Which of the following will appear as

a current asset on a balance sheet:
Bank loans and overdrafts

Trade debtors
Proposed dividend to
shareholders
Creditors

Financial statements about cash funds are usually
known as …........... statements.
cash outflow
cash loss
cash resource
cash flow

A payment which is overdue is one
which is......
early
not paid
overpaid
on time

Reading comprehension
In modern society, those who are

most adaptable to both an inflating
economy and the decreasing value of
the individual will survive in comfort.
It is these survivors who will have the
most value in the future.
The kind of value that the
survivors possess is:
Inflating
Decreasing
Individual
Comfortable
Unstated

Possesions acquired by a company for long term use
( e.g. buildings) are called:
current assets
long term assets
circulating assets
fixed assets

Choose the best verb to complete the sentence.
The bank is ____________ a minimum rate of 9%
for the loan.
charging
providing
giving
requesting

An amount of money which you lend to

someone.....................
debt
interest
loan
share
charge

The ____________department staff has been cut
back substantially.
Product
Production
Produce
Producing

Since import regulations have
been relaxed it has become
____________to work in the
Egyptian market
More easy
Difficult
More easier
More difficult
Easier

All the workers in our firm get a
Christmas__________of $100
tip
bonus
prize
reward

Before starting a business, you have
to raise the necessary________
capital
currency
market
investment

Petronela Bogard ___________the
post of Managing Director since
1999.
has filled
filled
has been filled
fills

Five washloads of clothes need to be laundered. If
each load takes a total of 15 minutes to be washed,
and the laundry person begins washing at 3:20PM
and washes continually, at what time will all the
loads be finished?
1:15PM
3:35PM
4:35PM
5:35PM
6:15PM

For each of the verbs below, three of the four
words or expressions fit. In each case circle the
one which DOES NOT.
MEET
A DEADLINE
AN APPOINTMENT
CUSTOMERS’EXPECTATION
A TARGET

Understanding news stories:
Below are headings from newspaper
reports on the business environment.
Choose the best explanation of the
keywords from a ) b) c) or d)
The price of kitchen appliances
has soared in recent years.
To soar means:
increase quickly to a high level

fall dramatically
go down little
go up little

What can you put off?
a phone
a computer
meeting
balance sheet

Grammar
She insisted on _______________the judge
the seeing of
seeing
seeing it
to

Petty cash is
money held in a business to

cover small expenses
a tip
pocket money given to children
small denomination coins

The following are all examples of possible causes of
cash flow problems, except
(Select one answer)
over-investment
overtrading
selling on credit
buying on credit

(Alphabetic filing rules)
Choose the right order of indexing
units for the following business name
Burr & Brown Corporation
Unit 1=Burr; Unit 2=&; Unit

3=Brown; Unit 4=Corporation
Unit 1=Burr; Unit 2=And; Unit
3=Brown; Unit 4=Corporation
Unit 1=Burr; Unit 2=Brown;
Unit 3= Corporation; Unit 4=
And
Unit 1=Burr; Unit 2=Brown;
Unit 3= Corporation

Suntem deosebit de interesati sã
vindem cu amânuntul produsele
dvs. si abia asteptãm sã primim
esantioanele
We are highly interested in

retailing your products and we
look forward to receiving your
samples.
We are highly interested of
retailing your products and look
forward to receive your
samples.
We are highly interested to retail
your products and look forward
to receive your samples.
We are especially interested to
retail your goods and are
looking forward to receive your
samples.

If you need more money, I could_______you some

tomorrow.
lend
withraw
borrow
lease

When public spending exceeds
receipt from income taxes, VAT
and so on, the government issues:
Vouchers
Bonds
Blue chips
Shares

Grammar
The boss insisted that Mr.Petcu ___________at the
meeting
be not
is not
not be
doesn’t be

What can you carry forward?
a meeting
a profit
an appointment

A_________is a reduction in price.
mark down
profit margin
mark-up

A … ..........company is one that is
wholly owned by another company.
subsidiary
parent
off shore
holding

Everyone was impressed with the sales_______for
the new product:
shapes
digits
figures
money

Reading comprehension
The 55-mile-per-hour speed limit has
not only lowered the number of
accidents, it has also saved many
lives. Yet, auto insurance rates have
not reflected this decrease.
Therefore, insurance companies are
making profits rather than lowering
premiums.
This argument implies that:
saving lives is of more

importance than lowering
premiums
driving skills have improved
greatly since the 55-mile-per-
hour-speed limit has been in
effect.
insurance companies are taking
advantage of drivers
the 55-mile-per-hour speed limit
is unfair
auto manufacturers agree with
insurance companies’ policies

Grammar:
If we..................the right figures, we
could have avoided a costly error.
had had
have had
have
would had

We are looking for an economist
experienced in teaching economic
and financial matters
Cãutãm un economist cu
experientã în predarea
problemelor economice si
financiare
Cãutãm un economist pentru
predarea problemelor
economice si financiare.
Cãutãm un economist care sã
predea probleme economice si
financiare
Cãutãm un economist cu
experientã în probleme
economice si financiare

At the end of the year, some of the profits may be
shared out among the shareholders who will receive a
….
fee
bonus
tip
commission
dividend

The amount of money an employee
receives, and the money generated
from an investment project are both
known as ….
wages
dividends
salary
bonus
earnings

The correct matching between the words in set A (1-
3) and their definitions in set B (a-c) is:
1. account a. detailed listing of all
accounts of an
organization
2. accounting b. a record of the money
that a business receives or
pays out
3. ledger c. recording the past
growth or decline of the
business, analyzing these
results
1a; 2b; 3c
1b; 2c; 3a
1c; 2a; 3b
1b; 2a; 3c

FINANCIAL ACCOUNTING is the area of
accounting concerned with
reporting financial information to interested

external parties.
reporting financial information only to
managers.
money as a factor of production.
Preparing budgets and other financial reports
for decision-makers

Tom borrowed money from his bank. The bank gave
him …
an asset
an interest
dividends
loan

An item can be reported as an
asset only if it passes the
following tests.
(choose one answer)
item is located in a building

owned by the entity
item is used by the entity
the entity has ordered the item.
All of the above
None of the above

A …..... is a bank account in which you usually leave
money for a long time and which pays you interest
current account
credit account
account of liabilities
deposit account
joint account

The bank is _________ a minimum rate of 9% for
the loan.
charging
providing
requesting
giving

Reminders must be sent out to all
customers whose accounts are

more than a month ________
Unbalanced
Overdue
Unpaid
Indebted

If you pay by credit card, you have to … the
transaction by signing a payslip.
apply
withraw
transfer
authorise

John and Ellen own the John and
Ellen Laundry, a partnership. Each
takes $1000 cash from the
partnership entity and deposits it into
a personal bank account. An
accounting report of the financial
position of the John and Ellen
Laundry would show that:
the change in the entity’s equity

is zero.
John and Ellen each have
$1000 more cash
the entity has $2000 less equity
the entity has $1000 less cash

They didn’t know how________ to

our warehouse so they stopped
______ the way
To get, to ask
Got, asked
To get, asking
Getting, asking

A registered company whose shares can be bought
and sold on the Stock Exchange is called:
partnership
private limited company (Ltd.)
public limited company (PLC)

sole trader

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Stretching accounts payable is a cost-free method of

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maintenance of the accounting system.

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Raw materials are bought and sold on the stock

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Spell out the following abbreviation.

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“You must take out a mortgage.” my parents- in-law

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The most popular way of calculating the depreciation

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How much does she __________(a câstiga) in her

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A _______________order is an instruction to a bank to

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Dear Mr. Boyanov

I’m sorry to learn about the damage to the sofa that

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They asked me where the railway station (to be)

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