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Файл:The world of business. Tutorial
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The Ministry of Education and Science of the Russian Federation
Kazan National Research Technological University
L. Y. Khafizova
THE WORLD OF BUSINESS
Тutorial
2nd edition, enlarged
Kazan
KNRTU Press
2018
2
UDK 802.0(07)
BBК 81.2 Англ: 65.9(2)30
Khafizova L. Y.
The world of business : tutorial / L. Y. Khafizova; The Ministry of
Education and Science of the Russian Federation, Kazan National
Research Technological University. – 2nd edition, enlarged. – Kazan :
KNRTU Press, 2018. – 156 p.
ISBN 978-5-7882-2435-0
ISBN 978-5-7882-2435-0
©
Khafizova L. Y., 2018
©
Kazan National Research Technological
University, 2018
UDK 802.0(07)
BBК 81.2 Англ: 65.9(2)30
Published by the decision of the Editorial Review Board
of the Kazan National Research Technological University
Reviewers:
Ph. D. in Philology L. G. Dunyasheva
General Manager “Pulsar Venture” LTD P. V. Korolyev
The purpose of this publication is to acquaint readers with the main and
most relevant concepts of the business world in English. It consists of 10 Units,
which contain the basic theoretical material on the most pressing issues of a
business nature and a complex of assignments for translation and work with
terminology, both for individual and group work.
This training manual is intended for all students who receive additional
qualification "Interpreter in the field of professional communication", as well as to
develop skills of writing and speaking in Business English in groups of
undergraduates and graduate students.
The manual is prepared at the Department of Foreign Languages in
Professional Communication.
3
Introduction………………………………………………………….
4
UNIT 1. BUSINESS ORGANIZATION………………………..……
6
UNIT 2. MANAGEMENT …………….……….................................
15
UNIT 3. ORGANIZATION STRUCTURE …………………………
27
UNIT 4. MARKETING …….……………………………………......
35
UNIT 5. MONEY AND CURRENCY……………………………….
47
UNIT 6. BANKS AND BANKING …...……………………………..
56
UNIT 7. STOCKS AND SHARES …………………………………..
67
UNIT 8. INFLATION …………………….………………………….
77
UNIT 9. GLOBALIZATION ………………………………………...
UNIT 10. INNOVATION AND INVETION………………………...
Supplement …..……………………………………………………
83
93
101
References…………………………………………………………...
155
CONTENTS:
4
Introduction
The manual is the second, supplemented publication of the training
manual "The World of Business" by L.Y. Khafizova. The manual is
intended for university students receiving additional qualification
"Interpreter in the field of professional communication", as well as for
undergraduates and postgraduates studying business literature in English.
In order to compete in the labor market, an interpreter in the field of
professional communication needs not only excellent knowledge of the
language material in his professional field, but also a clear understanding of
the subject of the discussion or translation. Practical translation in a specific
subject area requires knowledge and understanding of terminology,
language cliches and speech standards necessary to achieve the adequacy of
translation.
Similar to the first edition, the materials of this manual are divided
into lessons (Units) on the most important and relevant topics of business
discourse. Each block contains text, which is a general description of a
certain economic phenomenon, and a set of tasks. The main goal of the
exercises is to practice the use of business terms and expressions. We offer
tasks for training and development of all speech skills. It is necessary to
answer the final questions at the end of each block, which are to control the
accumulation and consolidation of knowledge.
When selecting texts for reading and developing oral skills, the
authors sought to acquaint readers with the main and most interesting
phenomena in the business world, as well as to present samples of business
literature, where the learners can find functional-style features of modern
business English. Due to constantly changing economic and political
conditions, it is obvious that there is a need to update a number of topics
proposed for study.
This publication is supplemented with the 10th lesson (Unit)
"Innovation and Invention", containing, similarly to the remaining lessons
of the manual, theoretical material on the topic and a set of exercises and
tasks for working out terminology. The materials for the final testing, which
are collected in the supplement in the form of standard exercises, translation
tasks and tests, which are divided into topics according to the lessons are of
the manual. The materials of the supplement can be used not only to control
knowledge assimilation, but also as additional tasks for practicing the
studied vocabulary. Also, the lesson 4 "Marketing" is supplemented with
5
theoretical material, an exercise in translation and new vocabulary on the
topic. Exercise for translation in the lesson 3 "Organization Structure" is
supplemented by new sentences with new additional vocabulary.
This publication will provide practical assistance to students who
receive an economic specialty, as well as to other students wishing to learn
business English.
6
Unit 1
Organization by forms of business
Sole proprietorship
Partnership
Corporation
Kinds of business organization
Joint stock organizations
Holdings
Limited partnerships
Franchises
Joint ventures
Cooperatives
Basic structures of business
organization
Line structure
Functional structure
Line and staff organization structure
Departmentalization by product,
territory or customer
Matrix organization structure
Styles of business organization
Bureaucratic
Contingency
Just-in-Time
BUSINESS ORGANIZATIONS
Exercise 1. Read and translate the text.
Business Organizations
Sole Proprietorship (A sole trader): A sole proprietorship is one
person alone. He or she will have unlimited liability for all debts of the
business or loss. All the income goes to the owner. Although proprietorship
avoids the expense of forming a partnership or corporation, many start
businesses this way because they are unfamiliar with the other forms of
organizations.
persons combine their resources in a business with a view to making a
Partnership: A partnership is an agreement in which two or more
7
profit. In order to establish the terms of the business and to protect
partners/shareholders in the event of disagreement or dissolution of the
business, a partnership/shareholders agreement should be drawn up, usually
with the assistance of a lawyer. Partners share in the profits according to the
terms of the agreement.
Corporation (Joint-stock companies): A corporation is a legal
entity that is separate from its owners, the shareholders. No shareholder of a
corporation is personally liable for the debts, obligations or acts of the
corporation. Directors, officers and insiders can bear some liability for their
involvement with the corporation. The shareholders each receive one
dividend (part of the profit) per share.
a. Private Corporation (Private Limited Company (Ltd.): A
private corporation can be formed by one or more people. The shares of a
private limited company are held by specially chosen persons or companies,
which means a private corporation cannot sell shares or securities to the
general public and it isn’t listed on the stock exchange.
b. Public Corporation (Public Limited Company (plc)):
Generally, a “public corporation” is one that offers its securities to the
public, so it can be listed on the stock exchange, although it doesn’t have to
be. The capital for this type of company is raised from members of the
public.
Franchises: Franchising is a method of product or service
distribution that is governed by a contract. A franchise is a license to
operate an individually owned business as if it were part of a large chain of
stores.
Franchises have many advantages. The franchisee is the one who
purchases the franchise and enables the franchiser, the corporation that sells
its franchises to others, to expand operations at little cost to itself.
Franchisers also benefit because franchisees, as business owners, have an
incentive to increase efficiency, sales, and profits.
Those who buy franchises benefit as well. Many franchisers
provide training programs, financial assistance, and other kinds of help in
operating and managing the business. Advertising campaigns, name
recognition, and reputation bring increased sales to franchisees as well.
8
Form of
business
Advantages
Disadvantages
Sole proprietor
1) easy to start;
2) flexible;
3) is owned by one
person, which has a
total control;
4) profits belong to the
owner.
1) limited resources;
2) difficulties in raising
capital, hiring
professionals, and in
management;
3) personal responsibility
and financial liability
are unlimited;
4) instability, great risk
of losing capital.
Partnership
1) capabilities are
expanded because of
more than one owner;
2) ability to share capital,
experience, pressure
and work;
3) financial liability is
limited.
1) difficulties in
supporting of
uniformity in
management;
2) distinction in duties
and profits is not easy
to define (conflicts);
3) difficulties in getting
loans from the bank.
Corporation
1) limited financial
liability;
2) ability to borrow
money from bank;
3) delegation of
authority;
4) succession;
5) synergy and high
salaries.
1) not easy to organize
and “untwist”;
2) “double taxation”
(corporate tax);
3) strict legal regulation.
Exercise 2. Find English equivalents of the following words and
expressions in the text:
товарищество, акционерная компания, совместное предприятие,
частный предприниматель, неограниченная ответственность,
9
доходы, расходы, открыть свое дело, объединить ресурсы,
согласно условиям договора, нести ответственность за долги,
частная компания с ограниченной ответственностью, ценные
бумаги, быть зарегистрированным на фондовой бирже,
открытая компания с ограниченной ответственностью, прибыль,
наращивать капитал, рекламная кампания, продажи.
Exercise 3. Translate the following expressions from the text into
Russian:
organization by forms of business, sole proprietorship, partnership,
unlimited liability, loss, income tax, expense of, forming a partnership,
combine their resources, terms of the business, share in the profits, terms of
the agreement, liable for the debts, bear some liability, stock exchange,
securities, capital, service, at little cost, distribution, incentive, to operate
some business, to increase efficiency.
Exercise 4. Put a tick next to the sentences which are true, and correct
those which are false.
1. A private corporation can be formed by two or more people.
2. A sole proprietorship is operated by two people.
3. Public corporation is one that offers its securities to the public.
4. A franchise is a license to operate an individually owned business
as if it were headquarters of the company.
5. Those who buy franchises don’t benefit.
6. Partners in a partnership share in the profits according to the terms
of the agreement.
7. A partnership is an agreement in which two or more persons
combine their resources in a business with a view to making a profit.
8. Each shareholder of a corporation is personally liable for the debts,
obligations or acts of the corporation.
10. Many start corporations because they are unfamiliar with the other
forms of organizations.
10
Exercise 5. Match the names forms of business organization with their
Forms of business organization
Definitions
Franchising
Joint stock company
Holding
Partnership
Enterprise
Joint venture
A business or a project that is
begun by two or more
companies
A formal permission of a
company to smb. who wants to
sell its goods or services in a
particular area
A company or a business
A number of shares smb. has in
a company
A company whose stock is
owned jointly by the
shareholders
Business or firm owned and run
by two or more partners
definitions.
Exercise 6. Cross out the odd word.
1. franchisee, corporation, proprietorship, cooperative
2. entrepreneur, sole trader, owner, joint venture
3. to have, to own, to limit, to possess
4. legal entity, artificial person, shareholder, juridical entity
5. profit, limited liability, income, capital
6. corporation, proprietorship, holding, partnership
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