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Файл:Business Vocabulary. Учебное пособие
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15.4 Math the words you might see on a computer screen (1-6) with the activities you
might be doing at that time (a-f).
a. using a search engine
b. logging on
c. registering with an ISP
d. typing an email address
e. automatic logging off
f. surfing and trying to enter a particular site
15.5 Read the text below and find in it expressions with the following meanings:
1. traditional shops (two possibilities)
2. selling on the Internet (two possibilities)
3. where you put your items before you purchase them
4. physical delivery of goods to Internet customers
5. how many times a web page is viewed
15.6 What type of e-commerce are the following? Choose from B2B, B2C, or B2G.
1. Private individuals can rent a car without going through a call centre.
2. The city is looking for construction companies to build a new airport. There are
hundreds of pages of specifications you can obtain from the city authorities.
3. Car companies are getting together to buy components from suppliers in greater
quantities, reducing prices.
4. Small businesses can get advice about wages, taxation, etc.
5. Members of the public can buy legal advice from law firms.
6. It can seem very convenient, but if you're out when the goods you ordered arrive
at your house, you're in trouble!
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(Share capital)
Unit 16. Share capital and debt
I. Capital
Capital is the money that a company
uses to operate and develop. There
are two main ways in which a company can raise capital, that is find
the money it needs: it can use share
capital or loan capital? From investors. These are people or organizations who invest in the company;
they put money in hoping to make
more money.
II. Share capital
Share capital is contributed by shareholders who put up money and hold shares in
the company. Each share represents ownership of a small proportion of the company.
Shareholders receive periodic payments called dividends, usually based on the company’s profit during the relevant period. Capital in the form of shares is also called
equity.
A venture capitalist is someone who puts up money for a lot of new companies.
III. Loan capital
Investors can also lend money, but then they do not own a small part of the company.
This is loan capital, and an investors or a financial institution lending money in this
way is a lender. The company borrowing it is the borrower and may refer to the
money as borrowing or debt. The total amount of debt that a company has is its in-
debtedness.
The sum of money borrowed is the principal. The company has to pay interest, a
percentage of the principal, to the borrower, whether it has made a profit in the relevant period or not.
IV. Security
Lending to companies is often in the form of bonds or debentures, loans with special conditions. One condition is the borrower must have collateral or security: that
SHAREHOLDERS
COMPANY
LENDERS
(Dividends)
Loan
Repayments
and interest
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is, if the borrower cannot repay the loan, the lender can take equipment or property,
and self it in order to get their money back. This may be an asset which was bought
with the loan.
V. Leverage
Many companies have both loan and share capital. The armor of a loan capital that a
company has in relation to its share capital is its leverage. Leverage is also called
gearing in BrE. A company with a lot of borrowing in relation to its share capital is
highly leveraged or highly geared. A company that has difficulty in making pay-
ments on its debt is overleveraged.
Unit 16. Practice (Share capital and debt)
16.1 Choose the best word to fill each gap from the alternatives given below. Put a
circle around the letter, A, B or C, of the word you choose.
When I started my engineering company five years ago I had to (1) __________ a lot
of capital. First, I looked around for a (2) ___________ and took out a loan. The (3)
___________ was £100,000 at an (4) ___________ rate of 5,2%. I had to use my
house for (5) ___________ so that was a big worry. Next I found ten people who
wanted to (6) ___________ in the business. Each one put (7) ___________ £10,000 in
return for 1,000 shares. I (8) ___________ 12,000 shares so I am the biggest shareholder. Our total (9) ____________ is nearly a quarter of a million pounds. We paid
our first (10) ___________ last year but it wasn’t very big. Now we are making a
profit, we will start to reduce our (11) ___________. I don’t like carrying this much
(12) ___________.
1
A rise
B raise
C rose
7
A out
B up
C off
2
A lender
B borrower
C capitalist
8
A hold
B pick
C hand
3
A money
B balance
C principal
9
A gearing
B venture
C equity
4
A account
B interest
C audit
10
A divisions
B divider
C dividend
5
A security
B safety
C salary
11
A borrowing
B lending
C sharing
6
A lend
B borrow
C invest
12
A capital
B debt
C collateral
16.2 Decide which of the alternatives (A-H) each speaker is talking about. Write the
letter of your answer in the box at the end of the sentence. There are some alternatives that you don’t have to use.
1
‘We had to find a lender who was prepared to finance an exciting new
company.’
2
‘Our lending to companies takes the form of conditional loans deben-
tures.’
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3
‘If you do not keep up with the repayments, we may sell your home to re-
cover our money.’
4
‘The company is highly geared so I wouldn’t invest in it.’
5
‘We owe our suppliers $12,000 and we have a loan of $8000 so the total
is about $20,000.’
A indebtedness
B equity
C share capital
D bonds
E leverage
F gross profit
G venture capitalist
H collateral
16.3 Complete each sentence by writing in the gap a noun formed from the verb given in brackets ( ). The first on is an example.
1. We charge each borrower a fee of £200 to arrange a loan. (borrow)
2. This year we will pay a __________ of 25¢ per share. (divide)
3. To get the loan we had to use the new lorry as ____________. (secure)
4. We are looking for a ___________ who offers reasonable interest rates. (lend)
5. Their debts have grown steadily and now their ___________ is dangerously high.
(gear)
6. I think that our ____________ is now under control. (borrow)
16.4 Choose the correct expressions in brackets from I, II and III opposite to complete the text.
I started 15 years ago with (1 capital/dividends) of $50,000/ We had one small restaurant in Sydney and now we have twenty throughout Australia. My (2 borrowers/shareholders) were members of my family: my parents, brothers and sisters all put
up money. They didn’t receive any (3 dividends/shares) for the first five years: we
put all our profits back into the company!
Now we want to increase the amount of
(4 equity/dividends), so we are looking for outside (5 borrowing/lenders).
(6 Lenders/Shareholders) have been very helpful. We obtained $A50,000 of (7 loan
capital/share capital) from a bank when we started. Now we have paid off all the (8
dividends/principal) and (9 interest/shares) after seven years. We have taken out other
loans recently, but our (10 lending/indebtedness) is not bad in relation to the size of
the business.
16.5 Answer these questions, using expressions from III, IV and V opposite.
1. You want to raise money for your company, but you do not want to sell shares.
What can you use instead? (2 expressions)
2. You want to raise money and you want to reassure lenders that they will get their
money back if your company cannot repay. What would you offer them? (2
expressions).
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3. You are interviewed by a financial journalist who wants to know why you are bor-
rowing money. What do you tell them that you want to increase? (2 words)
4. The journalist writes an article saying that your company has a lot of debt in rela-
tion to its share capital. Which two expressions might she use in her article?
5. A few months later the journalist writes an article saying that your company has
too much debt in relation to its ability to pay. Which expression might she use in her
article?
Unit 17. Financial centres
I. Financial centres
Financial centres are places where there are many banks and other financial institutions. London as a financial centre is called the City or the Square Mile, and New
York is Wall Street.
Financial centres bring together investors and the businesses that need their investment. A speculator is an investor who wants to make a quick profit, rather than invest over a longer period of time.
II. Stock markets
Heather Macdonald of Advanced Components:
‘We needed more capital to expand, so we decided to float the company (sell shares
for the first time) in a flotation. Our shares were issued, and listed (BrE and AmE)
or quoted (BrE only) for the first time on the stock market. Because we are a UKbased company, we are listed on the London stock exchange.
Stock markets in other countries are also called bourses. Maybe when our company
is really big, we’ll issue more shares on one of the European bourses!’
Note: You can write stock market or stockmarket; one or two words.
BrE: shares / stocks (countable)
AmE: stock (uncountable)
III. Other financial markets
Other financial products include:
commercial paper: short-term lending to businesses.
bonds: longer-term lending to businesses and the government.
currencies (foreign exchange or forex): buying and selling the money of par-
ticular countries.
commodities: metals and farm products.
These are traded directly between dealers by phone and computer. Commodities are
also traded in a commodities exchange. Shares, bonds and commercial paper are se-
curities, and the financial institutions that deal in them are securities houses.
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IV. Derivatives
A futures contract is an agreement giving an obligation to sell a fixed amount of a
security or commodity at a particular price on a particular future date.
An options contract is an agreement giving the right, but not the obligation, to buy
or sell a security or commodity at a particular price at a particular future time, or in a
period of future time.
These contracts are derivatives. Dealers guess how the price of the underlying security or commodity will change in the future, and use derivatives to try to buy them
more cheaply.
Unit 17. Practice (Financial centres)
17.1 Decide which of the alternatives (A-H) each speaker is talking about. Write the
letter of your answer in the box at the end of the sentence. There are two alternatives
that you don’t have to use.
1. ‘This is New York’s financial centre.’
2. ‘We bought euros at $ 0.94 and sold at $0.98.’
3. ‘If I want, I can buy 10,000 shares at $ 2 in 12 months’ time.’
4. ‘The government has borrowed £50 billion over a ten-year period.’
5. ‘Our contract is to buy 500 ounces of gold at $420 in 30 days, so we hope
the price rises.’
6. ‘The traders here deal in metals, wheat, rice, orange juice – things like
that.’
A. Square Mile B. forex C. bourse D. futures contract E. Wall Street
F. commodities exchange G. bonds H. options contract
17.2 Complete each by writing in the gap a word formed from the verb given in
brackets ( ).
1. This bank is one of London’s oldest ___________ institutions. (finance)
2. We deal mainly in commodities and ___________. (derive)
3. We have about 60 ___________ buying and selling stocks. (deal)
4. The ___________ of the company raised £1.4 million. (float)
5. A ____________ wants to make a quick profit. (speculate)
6. I invest in ___________ – mainly stocks and bonds. (secure)
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17.3 Choose the best word to fill each gap from the alternatives given below. Put a
circle around the letter, A, B or C, of the word you choose.
Pegasus Software looks like a good buy. The company was (1) ___________
last year and its shares are (2) ___________ on the London stock (3) ___________.
When they were (4) ___________, they were valued at 60 pence. Lots of (5)
____________ were attracted by the company’s strong sales figures. Now the
(6)___________ is worth 92 pence.
1. A. bonded
B. floated
C. raised
2. A. quoted
B. signed
C. noted
3. A. bourse
B. city
C. exchange
4. A. issued
B. started
C. distributed
5. A. auditors
B. creditors
C. investors
6. A. trade
B. stock
C. deal
17.4 Correct the eight mistakes in italics in this article, using expressions from I opposite.
Now that a lot of buying and selling can be done over computer networks, (1)
breakers and (2) tradesmen do not need to be in one place, and (3) speculists can
make money dealing from a computer in their living room.
In New York, the area around (4) the south Bronx is traditionally home to
many financial institutions, such as the New York Stock Exchange. But many of
them have now moved some or all of their offices outside this expensive area.
London is one of Europe’s most important financial (5) towns: over 500 foreign banks have offices in London, and its stock exchange is the largest in Europe.
But more and more financial (6) institutes are not actually are located in the traditional area of the (7) Citadel or (8) Mile Square. As in New York, they are moving to areas where property is cheaper.
So, will financial centers continue to be as important in the future as they are
now?
17.5 Looks at II opposite and say if these statements are true or false
1. ‘Stocks’ is another name for shares.
2. ‘Stock market’ means the same as ‘stock exchange’.
3. Bourses are only found in France.
4. An American would normally talk about shares ‘quoted’ on the New York
Stock Exchange.
5. Shares in Company X are being sold for the first time. This is a flotation.
17.6 Use expressions from III and IV opposite to describe:
1. a bank that makes companies’ shares available.
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2. a contract to buy 500 tons of wheat for delivery in three months.
3. coffee and copper.
4. dollars, euros and yen.
5. lending to a company for less than a year.
6. lending to a local government authority in the form of 10-year investment certificates.
7. shares and bonds, but not currencies or commodities.
8. the London Metals Exchange.
9. the right to buy shares in a company in one month, at 150 pence per share.
Unit 18. Time and time management
I. Timeframes and schedules
‘Time is money’, says the famous phrase. The timescale or timeframe is the overall
period during which something should happen or be completed. The lead time is the
period of time it takes to prepare and complete or deliver something.
The time or dates when things should happen is a schedule or timetable.
If work completed at the planned time, it is on schedule; completion before the
planned is ahead of schedule and later is behind schedule. If it happens later than
planned it is delayed; there is a delay. If you then try to go faster, you try to make
up time. But things always take longer than planned.
A period when a machine or computer cannot be used because it is not working is
downtime.
II. Projects and project management
A project is a carefully planned piece of work to produce something new.
Look at this Gantt chart for building a new supermarket.
Jun
July
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
stages
phases
steps
tasks
Prepare site
X X X Build walls
X X X
Build roof
X X X
Fitting out
X X X X
Finish site
X X X
Recruit employees
X X X Opening
X
These stages overlap: the second These stages are simultaneous; they
one starts before the first finishes. run in parallel. They happen at the
same time.
Project management is the managing of these stages. Big projects often include bo-
nus payments for completion early or on time, and penalties for late completion.
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III. Time tips
Lucy Speed runs seminars on how to manage time:
Everyone complains that they never have enough time. Lots of employees do my
time management courses, to learn how to organize their time. Here are some ideas:
Use a diary (BrE) or calendar (AmE) to plan your day and week. Personal organiz-
ers (small pocket-size computers) are good for this.
Plan your day in advance. Make a realistic plan (not just a list) of the things you
have to do, in order of importance: prioritize them. Work on things that have the
highest priority first.
Avoid interruptions and distractions, which stop you doing what you had planned.
Do jobs to a realistic level of quality in the time available, and to a level that is really
necessary. Don`t aim for perfectionism when there is no need for it. Try to balance
time, cost and quality.
Unit 18. Practice (Time and time management)
18.1 This is what actually happened in the building of the supermarket described in II
opposite.
Use appropriate forms of expressions from A and B to complete the text.
J J A S O N D J F M A M J J A S
O
Prepare site
x x x x x x x
Build walls
x x x
Build roof
x x
Fitting out
x x x x x
Finish site
x x x
Recruit employees
x x x
Opening
x
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The overall (1) ___________ ___________ was originally 12 months, but the project
took 17 months.
It started on (2) ___________ in June, but site preparation took (3) __________
__________ ___________ because of very bad weather in the autumn. Site preparation and building the walls should have (4) __________, but the walls were started in
January. We were able to (5) __________ __________ a bit of time on the roof: in
took two months instead of three, but we were still behind (6) __________. The next
(7) __________ was fitting out the supermarket, but there was an electricians’ strike,
so there were (8) __________ here too. The store opened in October, but now there`s
a lot of (9) __________, when the computers don`t work.
18.2 Harry is a magazine journalist. Give him advice based on the ideas in III. The
first one has been done for you.
1. Harry started the day by making a list of all the things he had to do.
You should make a realistic plan and prioritize the things you have to do, not just
make a list.
2. He started an article, but after five minutes, a colleague asked him for help. Harry
helped him for half an hour and then they chatted about last night’s television.
3. He started on his article again, but he heard police cars outside and went to the
window to look.
4. He wanted to make the article look good, so he spent a lot of time adjusting the
spacing of the lines, changing the text, etc., even though an editor would do this
later.
5. At 6 pm he hadn`t started on the other article he had to write, but he went home.
On the train, he realized he had arranged to have lunch with an important contact,
but had forgotten.
6. Harry decided he needed some training to help him change his behavior.
18.3 There is one word which is wrong in each of the numbered sentences (1-8). Circle the mistake and write the correct word at the end the line.
I`m Eddy Yeung and I`m in charge of building this bridge.
1. The leader time for preparing this project was six months.
___________
2. We drew up a three-year frametime for the work to be completed.
___________
3. At the end of one year, everything was on scheduling. ___________
4. Then there was a delayment because an important machine broke down.
______
5. We had nearly two months of uptime while it was repaired. ___________
6. As a result, we are now a long way before schedule.
___________
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