- •Пензенский государственный университет economics
- •Пенза 2005
- •Glossary
- •Introduction
- •Exercises
- •Text 2 Entrepreneurs
- •Exercises
- •Text 3 The Elements of Risks
- •Exercises
- •Discussion
- •Unit II. Small-scale business Glossary
- •1. Translate the following derivatives paying attention to the suffixes:
- •Text 1 The Sole Proprietorship
- •Exercises
- •Text 2 Limitations to the Size of Proprietorship (1)
- •Exercises
- •Text 3 Limitations to the Size of Proprietorship (2)
- •Exercises
- •Text 4 The Partnership
- •Exercises
- •Discussion
- •Unit III. Large-Scale Business Glossary
- •1. Choose several principles to arrange the words into groups.Translate the words:
- •Text 1 The Corporation
- •Exercises
- •3. Give derivatives of the following words and translate them:
- •Text 2. Organization of the Corporation
- •Exercises
- •3. Give derivatives of the following words and translate them:
- •Text 3. Organization of the Corporation II
- •Exercises
- •Unit IV. Securities and the Organization of the Corporation Glossary
- •Text 1. Organization of the Corporation III
- •Exercises
- •Text 2. Bonds
- •Exercises
- •Text 3. Leverage
- •Discussion
- •Unit V. Financial Aspects of Corporation Glossary
- •Text 1. Corporate Finance
- •Exercises
- •Text 2. The Securities and Exchange Commission
- •Exercises
- •Text 3. Concentration of Control
- •Exercises
- •Text 4. Management Control
- •Exercises
- •Discussion
- •Unit VI. Evaluating Performance of the Firm Glossary
- •Text 1 The Balance Sheet
- •Exercises
- •Text 2 The Income Statement
- •Exercises
- •Discussion
- •Unit VII. The Importance of the Corporation Glossary
- •Text 1 The Number of Corporations
- •The Size of Corporations
- •Exercises
- •Text 2 Size of Firm Vs. Size of Plant
- •Exercises
- •Text 3 Specialized Management
- •Exercises
- •Text 4 Other Reasons for Larger Firms
- •Exercises
- •Discussion
- •Review tasks
- •Literature
- •Contents
Exercises
1. Find the English equivalents in the text:
ценные бумаги, испытывать недостаток информации, гарантия, выпуск ценных бумаг, подать заявление, осветить вопросы, полномочия страховщика, чиновник, материальная операция, судопроизводство, финансовый отчет, вступить в силу.
2. Give synonyms of the following words:
remote, actual, operation, prospect, to encourage, perspective, to establish, public, to hold, interest, transaction, proceeds, statement, to embody, accuracy, to offer, security, remuneration.
3. Give derivatives of the following words and translate them:
to act, to inform, bank, to change, to register, to state, to pay, office, to direct, effect.
4. Give possible translations of the words:
operation, assurance, officer, transaction(s), statement, examine, commission.
5. Write definitions for the following notions:
to lack the information, prospects of the company, investment banker, perspective stockholders, Securities and Exchange Commission, underwriters’ commissions, the SEC staff.
6. Answer the questions:
1. When was the Securities and Exchange Commission established?
2. What is its function?
3. How does the SEC deal with a corporation?
4. What information must the registration statement of a corporation contain?
5. How does the SEC staff examine the registration statement?
7. Render into English:
Потенциальному покупателю ценных бумаг часто не хватает информации о работе компании. Он может получить всю необходимую информацию в инвестиционном банке, но ему нужны гарантии ее достоверности. Такие гарантии дает Комиссия по Ценным Бумагам и их обмену, образованная в 1934 году. Прежде, чем выпустить новые ценные бумаги, каждая корпорация должна подать регистрационное заявление и проект в КЦБ. Это заявление должно освещать все необходимые вопросы, связанные с деятельностью данной корпорации. КЦБ рассматривает заявление и проверяет достоверность изложенной в нем информации. Затем регистрация заявления вступает в силу, и ценные бумаги поступают в продажу.
Translate Text 3, 4 in written.
Text 3. Concentration of Control
In addition to their leverage effect on earnings, bonds and preferred stocks facilitate concentration of control over the firm.
Absolute control over a corporation is guaranteed by ownership of one more than half the voting shares. If the capital of the company is $ 10 million, represented by 100,000 shares of common stock, absolute control requires ownership of 50,001 shares, an investment of $ 5,000,100. But if half the firm’s capital is provided by bonds and preferred stock, neither of which is entitled to vote, absolute control can be exercised by ownership of only 25,001 shares of common stock, requiring an investment of only $ 2,500,100.
In fact, corporate control is often exercised by people without a majority control. When ownership of common stock is widely dispersed over thousands of people, each holding only a few shares, their participation in running the company is limited to sending in proxy votes to be cast on their behalf by a representative of the controlling management group. In such a case, a concentration minority block of shares can exercise control.