II. Retell the text. My future speciality (Responsibilities of the Financial Manager)

І.Study the vocabulary:

financial management управління фінансами

handle регулювати, здійснювати контроль

finance фінанси

cash flow рух грошової готівки

totter хитатися

brink край

bankruptcy банкрутство

financial manager фінансовий менеджер

acquisition придбання

dispersal розосередження

financial assets фінансові активи

responsibility відповідальність

trade credit комерційний кредит

requirements потреби

overall загальний

ensure гарантувати, забезпечувати

earnings доходи

exceed перевищувати

costs витрати

proprietorship власність

partnership товариство

owners’ wealth майно власників

common stock звичайна акція

on hand наявний

deficit дефіцит, нестача

extensive поширений

idle cash невикористана готівка

interest payment сплата процентів

disbursements виплати, витрати

status стан, статус

accurate точний

current поточний

investment opportunities інвестиційні можливості

financial adviser фінансовий консультант

II. Read and translate the text.

Next (this) year I'll graduate from Kyiv Trade and Economic College and become a specialist who is in a great need for our national economy.

Financial managers have many responsibilities. These include collecting funds, paying debt, establishing trade credit, obtaining loans, controlling cash balances, and planning for the firm's future financial requirements. But a financial manager's overall objective is to increase the value of the firm and thus to increase stockholders' wealth. To rich this goal, financial managers must ensure that the company's earnings exceed its costs ~ in other words, that the company earns a profit. In proprietorships and partnerships, profits translate into an increase in the owners' wealth. In corporations, profits translate into an increase in the value of common stock.

Managing Cash Flow (Cash Flow Planning). To increase the firm's value, financial managers must make sure the company always has enough funds on hand to purchase the materials it needs to

produce goods and services. At the same time, any funds not needed immediately must be invested to earn more money for the firm. This management of a firm's cash flow requires careful planning. < Otherwise, excess cash balances will sit idle (and therefore be unproductive) or cash deficits will occur.

Mow extensive is the idle cash situation in businesses? More and more companies are learning that these idle funds can become a profitable workhorse. By finding out where its idle cash is located and putting it to work, companies avoid borrowing from outside sources. The savings on interest payments can be substantial.

Pools of idle cash can often be found in checks that are received by a company but not cash immediately. To remedy this situation, companies that receive large numbers of checks can have them sent to lockboxes - addresses near the senders where checks are held in locked boxes for safekeeping. Another source of idle cash can be found in the checks issued by a company but not yet cashed. Some firms used special «controlled disbursement» accounts to keep track of these funds. In these accounts, managers use desktop computers wired directly into their banks to see which checks will be cleared by which banks at what times during the day.

Accurate information about current cash status isn't enough for good cash management, however. Managers also need to plan cash (lows days, weeks, and months ahead of time. Accurate projections allow firms to take advantage of high-yielding investment opportunities. Many businesses choose to use special financial advisers for this purpose.