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I. Reading Exercises:

Exercise 1. Read and memorize using a dictionary:

accomplish, expenses, accuracy, expenditures, manipulation, measurable, promotion, available, sufficient, funding, preceding, revise, selfish, throughout, incur, revenues

Exercise 2. Answer the questions:

1) What does financial planning (like all planning) begin with?

2) What must financial planners identify?

3) What does the budgeting process begin with?

4) What is the traditional approach to budgeting based on?

Exercise 3. Match the left part with the right:

1. In the process, they must make sure that financing needs

a) they cannot be translated into costs, and financial planning cannot proceed.

2. If goals and objectives are not specific and measurable,

b) into a companywide cash budget.

3. These amounts are modified to reflect any revised goals,

c) are realistic and that sufficient funding is available to meet those needs.

4. These budgets can easily be combined

d) and managers must justify only new expenditures.

Exercise 4. Open brackets choosing the right words:

Once planners know what the firm's goals and objectives are for a specific period of time - say, the next calendar year- they can (estimate/reject) the various costs the firm will incur and the (losses/revenues) it will receive.

The speaking module

II. Speaking Exercises:

Exercise 1. Describe budget, goal, objective, revenues, expenses

using the suggested words and expressions as in example:

budget

statement, projects, income, expenditures, and/or, financial, period, future, specified, time, that

example

A budget is a financial statement that projects income and/or expenditures over a specified future period of time

goal

to achieve, state, end, that, the organization, wants

objective

statement, organization, to accomplish, intends, what, specific, is, period, certain, of time, within

revenues

money, receives, a business, that, a period, time, of, time

expenses

money, you, spend, have to, of, the amount, on something

Exercise 2. Ask questions to the given answers:

1) Question: ___________________________________________ ?

Answer: Budgeting accuracy is improved when budgets are first constructed for individual departments and for shorter periods of time.

2) Question: ___________________________________________ ?

Answer: Financial planners must determine how much money is needed to accomplish goals and objectives.

3) Question: ___________________________________________ ?

Answer: These budgets can easily be combined into a companywide cash budget.