2. Match the words with the definitions:

ownership accountant earnings value investor partner board of directors agreement law business

one's work; buying and selling to earn money; trade all or any rules made by a government arrangement or understanding (spoken or written) made by two or more persons, groups, business companies, governments, etc. a person who takes part in some activity in common with another or others a person who gives money to a business or organization with the hope of making more money the amount of money that could be received if something is sold group of persons controlling a business money earned a person whose profession is to keep and examine business accounts state of being an owner; right of possessing

listening

3. Listen to the text and answer the following questions:

1. According to the speaker, what is usually needed to decide how much of the partnership each person controls?

1. law

2. agreement

3. money

4. partners

2. According to the speaker, which form of a business is designed to have an unlimited lifetime?

1. individual proprietorship

2. partnership

3. limited liability partnership

4. corporation

3. According to the speaker, what do doctors, lawyers and accountants often form?

1. individual proprietorships

2. partnerships

3. corporations

4. other organizations

4. According to the speaker, how is the simplest form of business called?

1. individual proprietorship

2. partnership

3. limited liability partnership

4. corporation

5. According to the speaker, how is the most complex kind of business organization called?

1. individual proprietorship

2. partnership

3. limited liability partnership

4. corporation

4. Now go to the printed version of the text and follow the speaker when listening. After listening answer the following questions:

1. According to the text, what do limited liability partnerships have?

1. full partners and limited partners

2. only full partners

3. only limited partners

4. no partners

2. All of the following are mentioned in the text as different forms of business EXCEPT

(A) partnership

(B) corporation

(C) joint-stock company

(D) individual proprietorship

Reading

5. Look at the word highlighted in paragraph 1 of the text. Mark two answer choices that are closest in meaning to the word needs.

1. people

2. necessities

3. partners

4. wants

6. Look at the word highlighted in paragraph 2 of the text. Mark the answer choice that is closest in meaning to the word proprietor .

1. shareholder

2. stockholder

3. householder

4. owner

7. Look at the words highlighted in paragraph 6 of the text. Mark the answer choice that is closest in meaning to the words business organization.

1. business plan

2. business

3. form of a business

4. business design