- •Английский язык
- •Unit 1 Text a Starting a business
- •Vocabulary
- •I. Read and translate this text:
- •III. Answer the questions:
- •IV. Fill in the gaps with the following words:
- •V. Match up these words with the definitions below:
- •VI. We generally describe the economy as consisting of three sectors:
- •VII. Translate into English:
- •Text b Business plan
- •Vocabulary
- •Read and translate this text:
- •Choose the right answer:
- •Read this letter and write an appropriate word below to fill each of the gap:
- •Substitute Russian words by English equivalents:
- •Text c Getting a credit
- •Read and translate this text in a written form:
- •Finish the sentences:
- •Read the dialogue between a bank manager and one of her customer:
- •Answer the questions:
- •I. Read the text and translate it into Russian: Budgeting
- •II. Put the terms into the box:
- •III. Irrevocable Letter of Credit
- •Look at the letter of credit. Read the explanations of the various sections below, and agree which explanation goes with which number in the document:
- •Translate this letter of credit into English:
- •Insurance
- •Vocabulary
- •Read the advertisement of an insurance firm and translate it into Russian:
- •Complete the words below to match the given meanings:
- •Mr. Smith has sent a claim form to his insurer after a fire at his restaurant. He receives the reply below. Complete the text with appropriate words from the box:
- •Bridge Insurance Ltd
- •124 Kew Gardens Road, London sw2 5hb
- •Look at the words used with the term claim; use the verbs to fill the gaps in the sentences below. Put the verbs into the correct form:
- •Which of the people below is being referred to in each of these sentences?
- •Match each of the ‘liability’ word partnerships with the appropriate definition:
- •Match the terms with its definitions:
- •Text c a Loan agreement
- •Read this text and translate it in a written form: Preamble, Amount of principle
- •Read the text and translate it into Russian:
- •Introduction to corporate taxation
- •Answer the questions:
- •True or False?
- •Text b Business organization
- •Vocabulary
- •Read the text and translate it into Russian: Types of business organization in the United Kingdom
- •Answer the questions:
- •True or False?
- •Text c a Loan Agreement
- •Unit 4 Text a Joint-Stock Company
- •Vocabulary
- •Read the text and translate it into Russian:
- •Insolvency problems
- •Answer the following questions:
- •Match the following sentences (1-11) with the words or phrases (a-k) on the right:
- •V The process of developing a corporate plan goes through several stages. Put the items (a-I) below in the correct place on the corporate plan:
- •VI.Translate into English:
- •Text b Organization structure
- •Vocabulary
- •Read and translate this text:
- •II Answer these questions:
- •III. Which of the following three paragraphs most accurately summarizes the text, and why?
- •Study the organization chart, then complete the description of the organization:
- •Unit 5 Text a Production
- •Vocabulary
- •Read the text and translate it into Russian:
- •Job production
- •Mass production
- •Batch production
- •Match the equivalents:
- •Answer the questions:
- •Match up these words with the definitions which follow:
- •Read the text below, and insert the words in the gaps:
- •Just-in-time production
- •Translate into English:
- •Text b Products and brands
- •Read the following text, and write a brief heading for each paragraph:
- •Answer these questions:
- •III Find words or expressions in the text which mean the following:
- •IV .Preparing a report
- •Read and complete the gaps using the following words:
- •VI Look at the words which can be used with the word ‘investment’ to make word partnerships, for example ‘capital investment’.
- •Role-play. Work in pairs to decide on the capital investment program. After you have decided, present it to the rest of the group.
- •Translate into English:
- •Text c a Loan Agreement
- •Unit 6 Text a Labour Unions
- •Vocabulary
- •Read and translate this text:
- •Industrial relations
- •Answer these questions:
- •Text b Who needs unions?
- •Read and translate this text:
- •II Answer these questions:
- •Find the words in the text which mean the following:
- •Translate into English:
- •Unit 7 Text a Preparation for negotiations
- •Vocabulary
- •Read and translate the following text about financial ratios:
- •Answer these questions:
- •Match the phrases on the left with a word or phrases on the right which means the same:
- •VI.Change the underlined words or phrases in the sentences below to other words or phrases that have a similar meaning. Choose them from the box:
- •Match each word with the correct definition:
- •Text b Business letter
- •Vocabulary
- •Read the following information on business letter:
- •Answer these questions:
- •Text c Types of business letters
- •Read and translate this text in a written form:
- •Read the following letters and match them with the type of the letter:
- •Unit 8 Text a Business Documents
- •Vocabulary
- •I Read and translate this text:
- •Invoice.
- •Answer these questions:
- •Read and translate this text:
- •II. Answer these questions:
- •III. Say whether the statements are true or false:
- •Insert the correct words in the appropriate spaces in the passage below:
- •Translate into English:
- •Text c The Bank of England
- •Содержание
Read the text and translate it into Russian:
Introduction to corporate taxation
A well-worn saying holds that nothing is certain but death and taxes. Unhappily, governments are also responsible for the former, and they are virtually always the source of the latter. Since the United States is the world’s largest capital market, we will focus on taxes levied on US citizens and corporations. Most of the specific tax rates and provisions applied in the first half of the 1990s. By far the most important taxes for investment decision-making are personal and corporate income taxes.
Corporate Income Tax
In the US and most other countries, the corporate form of organization is the most important in terms of dollar value of assets owned, although many more firms are organized as partnerships or single proprietorships. Legally, a corporation is regarded as a separate entity, while partnerships are considered as extensions of their owners. Income earned through proprietorships and partnerships is taxed primarily through the personal tax levied on their owners. Income earned by a corporation may be taxed twice – once when it is earned via corporate income tax and again when it is received as dividends by holders of the firm’s securities, via personal income tax.
Corporate Tax Rates
The corporate income tax is relatively simple in one respect. There are usually only a few basic rates. For example, in 2010 there was a tax rate of 15 per cent applicable on the first $25,000 of taxable income, a rate of 18 per cent applicable to the next $25,000 a rate of 30 per cent applicable to the next $25,000, 40 per cent to the next $25,000 and finally a rate of 46 per cent applicable to all income over $100,000. The marginal rate is more relevant for most decisions. For example, if a corporation was considering an investment that would increase its income from $65,000 to $70,000 each year, the increase in income would be (1-0.3) X $5,000. The larger a corporation’s taxable income, the closer its average tax rate comes to the higher marginal rate. Overall such corporations pay taxes equal to virtually the largest marginal rate (46 per cent).
Defining Income
For tax purposes, corporate income is defined as revenue minus expenses. The problems arise in measuring these two elements. The most dramatic instance of this difficulty concerns depreciation of assets. If a corporation buys a computer for $1 million, it is entitled to eventually charge off this cost as a deductible expense when computing taxable income. On 46 per cent rate, this represents an eventual tax saving of $460,000. The sooner the cost can be written off, the greater the benefit to the company. For the purpose of reporting corporate income to the IRS, assets are grouped into four broad classes. Automobiles and research equipment are considered three-year property, most business equipment is considered five-year property, buildings are usually considered as fifteen-year property.
Another vexing problem associated with the measurement of corporate income concerns the cost of inventory sold during the year. This arises when prices are changing fairly rapidly and a company holds inventory for long periods. To take a fairly simple case, imagine a retailer of sailboats. At the start of the year he has 100 in stock, all purchased for $10,000 each. During the year he takes delivery of 100 more but must pay $11,000 each, ending with 90 in stock. The boats are sold for $15,000 each. What was his income?
The question concerns the relevant cost of the 110 boats that were sold and of the 90 that remain. The firm may have sold all the ‘old’ boats first, or all the ‘new’ boats, or a mixture of the two. An accountant may assume any of the above combinations without regard to the actual facts of the situation.
The impact of different inventory valuation methods is illustrated in such a way: When prices have been rising, the LIFO method will permit a corporation to charge more to cost in the present and less in the future. This will lower taxes in the present and raise them in the future. However before 1990 many companies used the LIFO method, suggesting that in times of moderate inflation many managers were willing to sacrifice some real benefits to improve the appearance of their company’s financial statements.
In all cases, investors should examine depreciation and inventory procedures carefully when assessing the profitability of a company.