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Vocabulary exercises

I. State the part of speech and say how the words are formed:

economic, organization, enterprise, consumer, compete, scarce, common, satisfy, satisfaction, proprietor, legal, legally, free, assume, personal, personally, owner, opportunity, generally, recognition, financial, lack, another.

II. Find equivalents:

1. to be liable for smth

2. a partnership

3. to dissolve the business

4. profit-seeking enterprise

5. sole proprietorship

6. retail business

7. the main link

8. red tape

9. unlimited liability

10. to compete

  1. scarce resources

  2. the main advantage

  3. to achieve success

  4. savings

15. to pay taxes

a. конкурувати

б. одноосiбна власнiсть

в. основна сполучна ланка

г. прибуткове пiдприємство

д. заощадження

е. бути вiдповiдальним за щось

є. припинити діяльність підприємства

ж. партнерство

з. платити податки

и. дефіцитні/недостатні ресурси

i. головна перевага

ї. необмежена відповідальність

й. бюрократизм

к. досягти успіху

л. роздрібна торгівля

III. Substitute the words in bold type by their synonyms:

1. Business organization is a profitable enterprise that serves as the main link between scarce resources and consumer satisfaction. 2. The firms compete with one another for the chance to meet people’s requirements. 3. The simplest form of business undertaking is that managed by one person. 4. There is almost no bureaucracy involved. 5. In the event the owner wants to go out of business, a sole proprietorship is as easily dissolved as it is formed. 6. Sole proprietors have the chance to succeed in business through their individual efforts. 7. They are responsible for the firm’s operation and take all risks of loss. 8. Many small businesses have gone bankrupt recently.

IV. Fill in the blanks with prepositions or adverbs if necessary:

1. A business organization is a profit-seeking enterprise that serves ... the main link ... scarce resources and consumer satisfaction. 2. These businesses compete ... one another ... the chance to satisfy people’s wants. 3. The most ... common form ... business organization is the sole proprietorship — a business owned and run ... one person. 4. Most ... proprietorships are able to open ... business ... they set ... operations. 5. Sole proprietors have the opportunity to achieve success and recognition ... their individual efforts. 6. Another serious problem faced ... the sole proprietorship is the lack ... continuity ... the business.

V. Match the antonyms:

profitable, separately, advantage, producer, to give permission, limited, to start a business, unprofitable, jointly, to go out of business, to agree, illegal, to succeed in business, to be out of business, consumer, to disagree, unlimited, legal, disadvantage, to prohibit.

VI. Complete the following sentences:

1. One of the major economic institutions is ... . 2. These businesses compete with one another ... . 3. There are three major kinds of business organizations ... . 4. The most common form of business ownership is ... . 5. The main advantage of a sole proprietorship is ... . 6. In the event that the owner wants to dissolve the business ... . 7. Sole proprietorships are generally found ... . 8. Sole proprietors have ... . 9. The major disadvantage of a sole proprietorship is ... . 10. Since the business and the owner are legally the same, the sole proprietor is ... . 11. If a business fails ... . 12. A second disadvantage of the sole proprietorship is ... .

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