Методическое пособие 651

Task 2. Read and memorize the words below that will help you understand the text.

1.set of objectives [əb`dʒek.tɪv] – комплекс задач

2.be aware of [ə`weə(r)] – быть в курсе, понимать

3.affect [ə`fekt] - затрагивать

4.obvious [ˈɒbvɪəs ] - очевидный

5.rationality [ræʃəˈnælɪtɪ] - рациональность

6.relations [rɪˈleɪʃənz] - отношения

7.intuition [ˌɪntjʊˈɪʃən] - интуиция

8.sensitivity [ˌsɛnsɪˈtɪvɪtɪ] – чувствительность, чуткость

9.essentially [ɪˈsɛnʃəlɪ] - существенно

10.achieve [əˈtʃiːv] - достичь

11.accord [əˈkɔːd] – зд. приписывать, относить, причислять

12.seniority [ˌsiːnɪˈɒrɪtɪ] - старшинство

13.pay-for-performance - оплата за результаты (система стимулирующей оплаты труда, при которой размер заработной платы зависит от производительности или качества работы)

14.collectivists cultures – коллективистские культуры

15.rewards [rɪˈwɔːd] - вознаграждение

16.loyalty [ˈlɔɪəltɪ] - верность

17.theorist [θɪərɪst] - теоретик

18.universalists - универсалисты

19.particularlists - партикуларисты

20.former [ˈfɔːmə] – бывший, зд. первый из перечисленных

21.latter [ˈlætə] – второй из перечисленных

22.take precedence [ˈprɛsɪdəns] - предшествовать, иметь преимущественное значение, превосходить по важности

23.hardly – с трудом, вряд ли

24.tolerate [ˈtɒləˌreɪt] – мириться, принимать

Task 3. Read and translate the text.

Cross-Cultural Management

Managing a truly global multinational company would be much simpler if it requires only one set of corporate objectives, goals, products and services. But local differences often make it impossible. Companies that had to be successful in foreign markets have to be aware of the local cultural characteristics that affect business is done.

The most obvious division that was studied is the one between the countries of North America and North-West Europe and the Latin countries of southern Europe

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and South America. In the first group of the countries mentioned management is largely based on analysis, rationality, logic and systems. For the second group personal relations, intuition, emotion and sensitivity are of much greater importance.

The largely Protestant cultures of the North Atlantic (Canada, the USA, Britain, the Netherlands, Germany, Scandinavia) are essentially individualists. In such cultures status has to be achieved. In most Latin and Asian countries, on the contrary, status is automatically accorded to the boss. This is particularly true in Japan where companies traditionally have a policy of promotion by seniority.

In northern cultures the principle of pay-for-performance often successfully motivates salespeople. The more you sell, the more you get paid. In more collectivists cultures rewards and promotion are expected to come with age and experience.

Another example of an American idea that doesn`t work well in Latin countries is matrix management. The task-oriented logic of matrix management conflicts with the principle of loyalty to the line-superior. Andre Laurent, a French researcher, has said that in his experience, French managers would hardly tolerate with a system in which a few subordinates have to report to two bosses.

In discussing people`s relationships with their boss and their colleagues and friends Trompenaars (a Dutch-French organizational theorist, management consultant, and author in the field of cross-cultural communication) distinguished between universalists and particularlists. The former believe that rules are extremely important, the latter believe that personal relationship should take precedence. According to Trompenaars`s data, there are many more particularlists in Latin and Asian countries than in Australia, the USA, Canada, or North-West Europe.

Source: Ian MacKenzie, A course for Business Studies and Economics students. — 2nd edition. — Cambridge University Press, 2002. — 206 p.p. 36-37.

Task 4. Match the words in two columns.

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Task 5. Use the information in the text to fill in the table below that shows their main differences:

Task 6. Answer the following questions:

1.What makes it difficult to manage a multinational company?

2.What can provide company`s success in the foreign market?

3.What groups of countries are mentioned that possess obvious differences?

4.What is the attitude of individualist countries to status?

5.What does promotion by seniority mean?

6.What does pay-for-performance mean?

7.For what countries is matrix management more acceptable?

8.What is the difference between universalists and particularlists? Give examples of the countries that are: universalists/particularlists.

Task 7. Trompenaars (1993) describes seven aspects of culture that affect behavior. Below there are five of these aspects which contain contrasting features (universal-particular; individual-collective, etc.). Match each feature (1-10) with its correct meaning (a-j):

Source: Simon Sweeney. Series Eddition: Nick Brieger. Professional English Management, 2-nd imprssion 2002, First Published 2002, Pearson Education Limited, Edinburg Gate, Harlow, Essex CM20 2JE, England. Section 3. Unit 21.

Corporate Culture in Action

Imagine you organize a multinational forum. Think of how to make it comfortable for every nation-visitor. Present your ideas.

UNIT 12

FINANCIAL CONTROL

Task 1. Discuss the following questions:

1.When may companies need to conduct financial control? Why?

2.Who may implement it?

3.What does financial stability of a company depend on?

Task 2. Read and memorize the words below that will help you understand the text.

1.expansion project – проект расширения

2.expenses – траты

3.opt to - зд. принять решение

4.financial ratios – финансовые коэффициенты

5.performance – зд. деятельность

6.stacks upвыглядеть на фоне остальных

7.stockpile – делать запасы

8.receivables – счета дебиторов, причитающиеся суммы

9.lender - кредитор

10.balance sheet – балансовый отчет

11.portrait [pɔːtrət] - портрет

12.assets - активы

13.liabilities – обязательства

14.business loan agreement – договор о предоставлении ссуды

15.evaluate – оценивать

16.ratios – коэффициент

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17.liquidity - ликвидность

18.leverage ratio – коэффициент собственных и за мных средств

19.overview – общее представление

20.insight - понимание

21.collection - денежный сбор

22.profitability – рентабельность

23.viability – жизнеспособность

24.solvency – платежеспособность

25.vary – варьироваться, различаться

26.fluctuations – колебание

27.performance – эффективность

28.own – владеть

29.owe – быть должным

Task 3. Read and translate the text.

Company Financial Issues

At some point, most businesses require an in-depth look at their financial structure. An expansion project, low cash reserves or a jump in expenses can prompt you to conduct such an exercise. You might also opt to examine your financial structure if you find yourself borrowing more frequently as your sales increase, or if, for example, a customer wants to place a large order and is asking for longer-than-normal credit terms.

One way to analyze your financial health and identify how it might be improved is by looking closely at your financial ratios. Ratios are used to make comparisons between different aspects of a company's performance or how the company stacks up within a particular industry or region. They reveal very basic information such as whether you have accumulated too much debt, stockpiled too much inventory or are not collecting receivables fast enough.

A common use of financial ratios is when a lender determines the stability and health of your business by looking at your balance sheet. The balance sheet provides a portrait of what your company owns or is owed (assets) and what it owes (liabilities). Bankers will often make financial ratios a part of your business loan agreement.

But ratios should not be evaluated only when visiting your banker. Ideally, you should review your ratios on a monthly basis to keep on top of changing trends in your company. Although there are different terms for different ratios, they fall into 4 basic categories.

Liquidity ratios measure the amount of liquidity (cash and easily converted assets) that you have to cover your debts, and provide a broad overview of your financial health.

Efficiency ratios are often measured over a 3- to 5-year period, these give additional insight into areas of your business such as collections, cash flow and operational results.

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Profitability ratios are used not only to evaluate the financial viability of your business, but are essential in comparing your business to others in your industry. You can also look for trends in your company by comparing the ratios over a certain number of years.

Leverage ratios provide an indication of the long-term solvency of a company and to what extent you are using long-term debt to support your business.

Ratios will vary from industry to industry and over time. Interpreting them requires knowledge of your business, your industry and the reasons for fluctuations.

It's important to keep in mind that ratios are only one way to determine your financial performance. Beyond what industry a company is in, location can also be important. Regional differences in factors such as labor or shipping costs may also affect the result and the significance of a ratio.

Source: BDC, [Электронный ресурс]. – Режим доступа: URL: https://www.bdc.ca/en/articles- tools/money-finance/manage-finances/pages/financial-ratios-4-ways-assess-business.aspx (время обращения - 12.11.2018).

Task 4. Find the definition for the following economic terms:

Task 5. Match the sentences as True or False:

1.Balance sheet and financial ratios are two different papers.

2.Ratios are evaluated only on your request by your banker.

3.There are many ways to determine your financial health.

Task 6. Answer the following question:

1.When is in-depth look at their financial structure of your business needed?

2.What do financial ration usually identify?

3.How often should you look into your financial ratios?

4.What ration can show the efficiency of using long-term investments in your company?

5.What ration shows the competitiveness of your business compared to the others?

6.What other factors may influence the performance of your business?

7.What is the difference between assets and liabilities?

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Task 7. а) Below are the names and signs of currencies of different countries. Group the picture, sign and currency name to the country:

в) Look at the signs below. Which of them are used in economics?

Task 8. Read the text below and choose the sentence that better summarises its main idea:

a)Currency market: coins vs paper money.

b)The overview of ancient and modern situation of currency on the market.

c)Synchronical description of currency origin: historical facts.

8. The History of Money

Money is one of the most important inventions of civilization. Before money emerges people used the system of barter: a relationship between two people when each of them has something that others want.

All societies, even the primitive ones, invest certain things with a

special value: livestock, items of rarity or beauty. The presence of these things is traditional on ceremonial occasions, such as weddings.

The most quoted example of money is shells: cowries in Africa and wampum in America. American Indians use a small white cylindrical shell for ceremonial gifts, embroidered on to decorated belts or other ornaments.

The earliest currency used in commercial transactions appears in Egypt and Mesopotamia by the third millennium BC. It consisted of gold bars which need to be weighed to establish their value each time they are exchanged. Later they were supplemented by gold rings for smaller sums.

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Gold rings and ornaments, which can be worn for safe keeping as well as display, approach the ideal of a portable currency. Many poor women in India today still wear their limited wealth in this way, even when working in the fields or on the roads.

In the 18-th century BC in Egypt and Mesopotamia gold is deposited in temples for safe-keeping. In Babylon there are records of loans made by the priests of the temple. The concept of banking has arrived.

The earliest known coins in the western world come from the city of Ephesus in Ionia (in western Turkey) in about 650 BC. The metal used is electrum. The coins were bean shaped and are struck on one side with a distinguishing mark, such as the image of a lion.

In Rome in 7-th century BC unworked lumps of bronze were used as a currency. Their value was expressed in terms of sheep and cattle.

At that time the shape of coins was different: in China coins resembled a metal part of a spade or a blade of knife with a handle. In the 3-d century BC coins had a hole in the middle.

Modern currency originated in Rome. The stable currency of the Byzantine empire is a gold coin, the solidus. Later it was joined by dinar (from the Latin denarius), first minted by the caliph Abd-al-Malik in Damascus in about 690.

There evolves a monetary scale of 1:12:20 (penny: shilling: pound) which prevails in much of Europe until the decimalizing innovations of the French Revolution, and in Britain until 1971.

One of the most resonant names among modern currencies – dollar – derives from a somewhatlatercoin-thelargesilverJoachimsthaler,widelyknown asthethaler.

Paper money is first experimented with in China in about 910, during the Five Dynastiesperiod.Itisafamiliarcurrencybythe endofthecenturyundertheSongdynasty.

Paper currency makes its first appearance in Europe in the 17-th century. Later public confidence in these pieces of paper gradually increases, they are issued by national banks with the backing of government reserves.

In 16-18 centuries there were confrontations between traders of cash and tribe valuing shells. The traders transformed the shells into national currency. That resulted in a huge inflation. Europeans flooded market with shells, debasing the currency.

Source: History World, [Электронный ресурс]. – Режим доступа: URL: http://www.historyworld.net/wrldhis/PlainTextHistories.asp?historyid=ab14#ixzz5jmzIJxSI, (время обращения – 01.04.19).

Task 9. Find the derivatives to the following words in the text:

invent, tradition, cylinder, ceremony, west, work, innovate, appear, nation, govern, trade, inflate.

Task 10. Fill in the gaps with the words from the list. There are three words you don`tneedto use.

reserves, confidence, inflation, livestock, monetary scale, barter, cash, transac-

tions

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1.In the rate of … is 3-3,5% a year, it can be controlled and stimulates business activity.

2.In many countries the control over gold and currency … is conducted by the government.

3.The terms of … are stated in you contract.

4.When monetary system wasn`t developed … was used to exchange one good for the other.

5.The value of unrenewable natural resources can`t be described in … … .

Task 11. What names of animals or plants are there in the text that are connected with the origin of currency? In what connection are they given?

Task 12. Below is the part of an interview between economist and journalist. To the right there are the answers. What can the questions be?

Financial Control in Action

Discuss the following questions. Give your opinion/interpretation in a form of essay:

1.What is the most useful form of payment today?

2.What can replace money in the modern world (if it is possi-

ble)?

3. How is it possible to explain the meaning of the proverbs: «A

good mane is better than riches »; «In for a penny, in for a pound», «A good paymaster never wants workers»?

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