Module test 1.

ASSESS YOUR PROGRESS
Task	Scope of the task		Points for each correct answer	Maximum score
Task 1.	20 items		0,5	10 points
Task 2.	20 items		1	20 points
Task 3.	5 items		1	5 points
Task 4.	20 items		2	40 points
Task 5.	10 items		2	20 points
Task 6.	10 items		2	20 points
Task 7.	10 items		2	20 points
Task 8.	5 items		2	10 points
Task 9.	5 items		1	5 points
Task 10.	5 items		2	10 points
Task 11.	10 items		2	20 points
Task 12.	5 items		4	20 points
Final mark				200
Mark for the test		National assessment system		ECTS System
180-200		“Excellent”		90-100	A
164-179		“Good”		82-89	B
150-163				75-81	C
138-149		“Satisfactory”		69-74	D
120-137				60-68	E
70-119		“Bad”		35-59	FX
1-69				1-34	F

Variant 1.

Task 1. Fill in the missing letters.

de…t; ex…el; tre…ty; vi…ion; defi…it;

a…cept; s…rplus; so…iety; produ…t; welf…re;

essen…e; ind…stry; b…siness; resour…e; catalog…e;

propri…tor; suc…essful; emplo…ee; all-inclu…ive; manuf…cturer.

10 points

Task 2. Give the English equivalents for:

1. Виробник; 2. підприємець; 3. підприємство; 4. збанкрутувати; 5. підкорятися владі; 6. виготовляти товари; 7. міжнародний договір; 8. економічний надлишок; 9. керувати підприємством; 10. видимий імпорт / експорт; 11. власник, володар; господар; 12. вести комерційну діяльність; 13. необмежена відповідальність; 14. малий бізнес; мале підприємство; 15. франшиза; ліцензія; комерційна концесія; 16. борг; заборгованість; боргове зобов’язання; 17. великий бізнес; велике підприємство; великий капітал; 18. індивідуальне приватне підприємство; одноосібна власність; 19. вітчизняний бізнес; вітчизняне підприємництво; внутрішня торгівля; 20. основна діяльність; профільна діяльність; основний вид діяльності, яким займається компанія.

20 points

Task 3. What do these abbreviations stand for?

1. BP	_________________________________________________;
2. Ltd.	_________________________________________________;
3. IBM	_________________________________________________;
4. TNC	_________________________________________________;
5. GDP	_________________________________________________.

5 points

Task 4. Distribute the following synonyms of “ENTERPRISE” into two columns according to their meaning: PERSONALITY TRAIT (column A) and BUSINESS ENTITY (column B).

1. Firm;	6. business;	11. ingenuity;	16. inventiveness;
2. drive;	7. initiative;	12. dynamism;	17. establishment;
3. energy;	8. company;	13. enthusiasm;	18. resourcefulness;
4. venture;	9. operation;	14. corporation;	19. entrepreneurialism;
5. concern;	10. creativity;	15. organization;	20. profit-making enterprise.

A PERSONALITY TRAIT	B BUSINESS ENTITY
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------	----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------

40 points

Task 5. Complete each sentence with the correct form of one of the words from Task 4 (for some sentences there may be more than one way to be completed).

1. Most governments try to create an economic environment favorable for small _____s.

2. A joint _____ (often abbreviated JV) is an entity formed between two or more parties to undertake economic activity together.

3. _____ tests will be given to those applying for jobs in our company where new approaches are needed to solve old problems.

4. She had the _____ to succeed where everyone else had failed.

5. With extensive experience in the international pharmaceutical industry, he lent his knowledge to inject a new spirit of _____ for a potentially unlimited emerging Canadian economy.

6. Does she have enough _____ to finish the job?

7. Shops and other commercial _____s remain closed today.

8. Large _____s can be entrepreneurs, too.

9. A _____ is a German type of business group. It results from the merger of several legally independent companies an economic entity under unified management.

10. In simple terms, _____ is the energy and desire to build successful, sustainable businesses and to continually seek ways to improve and change as conditions change.

20 points

Task 6. Each sentence contains a mistake. Correct the sentences.

1. A document that presents the reasons that show why a product, project, etc. would be successful and make money, used to try to get people to invest in the project is called licence.

2. A sole trader (sole proprietorship) is a firm with a single owner – a proprietor – who has limited liability.

3. Entrepreneurs and small businesses owners are motivated by the possibility of losing money.

4. Esperanto – an international artificial language based on words common to the chief European languages – was designed in 1887.

5. College education helped Mary Kay Ash develop a successful cosmetics business.

6. Jean Baptist Say invented the Master of Business Administration degree (MBA) in 1921.

7. Globalization is a result of the increasing decline of international business ventures.

8. A gift of liquor is most appropriate in Arab countries.

9. A well-known saying holds “Nothing have, nothing venture.”

10. Stockholders own all the profits of their enterprises, and they are their own bosses, free to make whatever changes they please.

20 points

Task 7. Use the terms in the box to complete the paragraph.

risk	goods	owners	ownership	consumers
profit	wealth	enterprise	economies	state-owned

A business (also called a company, firm and (1)_____) is a legally recognized organization designed to provide (2)_____ and/or services to (3)_____. Businesses are predominant in capitalist (4)_____, most being privately owned and formed to earn (5)_____ that will increase the (6)_____ of its owners and grow the business itself. The (7)_____ and operators of a business have as one of their main objectives the receipt or generation of a financial return in exchange for work and acceptance of (8)_____. Notable exceptions include cooperative enterprises and (9)_____ enterprises. Socialist systems involve either government agencies, public ownership, state-ownership or direct worker (10)_____ of enterprises and assets that would be run as businesses in a capitalist economy.

20 points

Task 8. What type of company is the sentence about? Put number of each sentence in the correct column in the table below.

A SMALL BUSINESS	A MEDIUM FIRM	A LARGE FIRM / CORPORATION

1. Although such business organizations are outnumbered by about four to one by sole proprietorships, they dominate the world business.

2. The company is cutting its headcount to about 45 000.

3. The firm of accountants has an annual turnover of $750 000.

4. This American business employs 400 people.

5. With over 388,000 employees worldwide, IBM is the largest and most profitable information technology employer in the world.

10 points

Task 9. Are the following statements true or false?

	True	False
Business interruptions can cause losses.		
There are many business parks in the centre of Kyiv.		
A scope of a company’s business activity is defined in terms of its turnover and the headcount.		
Corporate stockholders personally assume all the debts of their companies.		
Entrepreneurial wealth creation often is rapid: for example within 5 years.		

5 points

Task 10. Choose the correct alternative from the brackets.

1. French economist Jean Baptiste Say coined the term “entrepreneur” in (1800 / 1900) to describe a very important activity.

2. With $(1,000 / 10,000), dedication and desire, Michael Dell dropped out of college at age 19 to start PC’s Limited, later named Dell, Inc.

3. Mickey Mouse was created in (1918 / 1928) by Walt Disney and Ub Iwerks and voiced by Walt Disney.

4. Henry Ford was (30 / 40) years old when he founded the Ford Motor Company.

5. Bill Gates was ranked as the world’s richest person from 1995 to (2006 / 2009).

10 points

Task 11. Name 10 most successful entrepreneurs you know and the respective fields in which they excelled.

A ENTREPRENEUR	B FIELD
-----------	-----------
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20 points

Task 12. Give definitions of the following concepts (in writing).

1. Profit	________________________________________________
	________________________________________________
	________________________________________________ ;
2. invisibles	________________________________________________
	________________________________________________
	________________________________________________ ;
3. entrepreneur	________________________________________________
	________________________________________________
	________________________________________________ ;
4. philanthropist	________________________________________________
	________________________________________________
	________________________________________________ ;
5. venture capitalist	________________________________________________
	________________________________________________
	________________________________________________.

20 points