20.The company ________ obtain complete control over oil in the country.

a) should b) may c) must d) can

PART II

UNIT 1

1. Memorize the following words and word combinations:

2. Read and translate the text:

STARTING A BUSINESS

People who start up and run business organizations are known as entrepreneurs. They are the people who take the risk and decisions necessary to organize production and make a firm run successfully.

Within industrial sector in the UK there are a wide range of different types of business organization that can be started by private individuals, from small one-person businesses to huge multinational firms. Walk down your local

high street or browse through a local business phone directory and you will see many examples of each type of business.

Each type of business organization can be distinguished from other types by considering:

Who owns it

Whether owners will have to repay any business debts

Who controls the organization from day to day

How the business is financed

Who gets the profits

Before starting up any business venture all future entrepreneurs must ask themselves three vital questions:

Will I have enough money?

Can I manage a business alone?

Will I risk everything I have?

The answers to these questions will help them to decide which type of business is the best for them.

3.Answer the questions. Start your answer with the phrases: I’d like to remind you that…, I wish to draw your attention to…, It seems to me that…

What are entrepreneurs?

How many types of organizations are there in any industrial sector?

How can one organization be distinguished from the other?

What questions should one answer before starting up a business?

Which of these questions is the most important one?

Which of these questions is the most difficult to answer?

4.Match the terms and their definitions:

5. Fill in the blanks with the missing words. Use the words from the box:

entrepreneurs decisions production organization local organize owners joint venture multinationals risk

1.To encourage people to take some ________ some reward must be offered.

2.Shareholders are the _________ of the company.

3.The word ‘______’ is frequently used to define a small business

________ .

4.A corporation is one kind of business __________ .

5.Marketing and _________ departments need to cooperate.

6.Let’s take a look at budgets of federal and _______ governments.

7.Large companies operating in many countries are ________ .

8.It is not easy to __________ a business and operate it successfully.

9.The economic situation and ________ taken by the owners affect how it grows and changes.

10.When two or more companies decide to work together, they form a

_________ .

6.Read and translate the following sentences. See the difference between Indefinite and Continuous Tenses:

1.We normally produce it in six colours but we are doing two extra at present.

2.People know that the company is losing money.

3.I usually work with Joe and Clair, but this week I am working with Mary on the accounts.

4.I was just leaving the office when he arrived.

5.We were talking about safety procedures when the fire alarm went off.

6.While Mary was recording the new data we were calculating our receipts.

7.When I returned she was still calculating overheads.

8.John Adair will be speaking on the subject of leadership at 3 o’clock.

9.Jim is lucky. From now on he will be working for the company GAZ.

10.When John comes the managers will be discussing the problem of new markets.

11.When people make a choice between two possible uses of their resources, they are making a tradeoff (компромисс) between them.

12.The people were building a bridge and the construction required different resources.

13.Don’t phone me at 8 a.m. I’ll be having talks concerning a loan with the bank manager.

14.I can’t come to you tomorrow afternoon. I am working overtime tomorrow.

15.Tomorrow I am meeting with the manager.

7. Which of the ideas do you associate with Present Indefinite and which with Present Continuous:

8.Study the sentences and decide which examples corresponds to each of 1-10 above.

a.I’m replacing Bill because he is off sick.

b.The scheduled flight leaves next Monday at 8.15 from JFK.

c.The technician is mending the photocopier so you can’t use it right now.

d.I am seeing Bill Sykes tomorrow afternoon, I have it in my diary.

e.The conference room measures 164 square metres.

f.I admit there is a mistake.

g.I understand they have gone bankrupt.

h.Enter PIN number, select menu, choose language, press OK.

i.With the Internet the world is getting smaller.

j.We have a planning meeting once a month.

9.Use the right form of the verb given in brackets:

1.An individual (to make) careful decision now about how to allocate resources.

2.You (to spend) a lot of money these days.

3.They (to discuss) a very important project the whole day yesterday.

4.Mr. Martin (to have) a talk with H. Grant about delay in delivery.

5.The delegation (to come) at 5 p.m. tomorrow.

6.I (to feel) that we (to make) too much noise.

7.At present we (to do) business with Japanese companies.

8.They (to build) a new bank when I (to be) there last year.

9.I (to talk) to my boss when you (to ring) me up.

10.The UK (to become) more popular as a location for international business.

11.I (to think) why he (to say) such things.

12.I (to come) at 3 p.m. – O.K. We (to expect) you.

13.Inflation (to increase) steadily next year.

14.As the international debt crises (to grow), the world economy (to become) more unstable.

15.We (to study) the effect of the fall in the dollar’s value at the moment.

16.During your visit you (to stay) at the Plaza Hotel.

10.Look through the text and state its main idea:

All building entrepreneurs must decide whether or not they can manage along before choosing the type of business organization they wish to form. Running a business on your own will often require working long hours and being a ‘jack of all trades’. One must not only be a skilled specialist in a certain industry, but will also need to manage the business, do the accounts, advertise, employ staff if necessary, be familiar with employment laws, pay the bills, negotiate with suppliers – and much more. Setting up in business with other people can spread the loan and allow more work to be done.

Notes to the text:

11.Explain the meaning of a ‘jack of all trades’.

12.Agree or disagree with the following statements. Use the phrases:

We can’t deny that …; Everybody knows that…; It is generally accepted that…; I greatly doubt that…:

All entrepreneurs must decide whether they can manage along.

All entrepreneurs must decide whether they can need any help.

Running your own company you need not work much.

Running your own company you must be a skilled specialist in your sphere of business.

Setting up in business with other people will make your task easier.

Once a business is established it can earn money for its operation.

Retained profits provide the only source of finance.

UNIT 2

1. Memorize the following words and word combinations:

2. Read and translate the text:

STARTING A BUSINESS (Continuation)

To start a business an entrepreneur will need capital. This is the money used to finance a business. Money used to pay for premises, machinery, and other equipment is known as fixed capital. Money used to pay for bills, such as electricity, purchases of materials, wages, the telephone, etc., is known as working capital.

Some businesses will need more capital than others. If people cannot raise enough money themselves to equip their business they may need to find other people, or partners, who would like to help finance their business and share

in its ownership. This type of business is known as a partnership. If yet more money is needed, people might consider forming a limited company and selling shares in the ownership of their business to other people.

Once the business is established, it could become self-financing if people are able to earn enough revenue from the sale of their goods or services to more than cover the cost of producing or providing them. A part of profit is spent for wages to live on. Any profit left over can be used to invest in business, for example, to buy new equipment or move into larger premises. So-called retained profits provide a major source of finance for established firms of all types and sizes, reducing their need to take on expensive bank loan to pay for business expansion.

3.Answer the questions. Give as full answers as possible:

What does one need to start a business?

What is fixed capital?

What is working capital?

What is retained profit?

How can you use your profit?

What is retained capital used for?

4.Match the terms and their definitions:

5.Fill in the blanks with the missing words. Use the words from the box:

1.The family will never sell more than 49 per cent of the ________ .

2.We have not found out yet whether he got a ________ .

3.The company produces different types of office _________ .

4.We can either buy a car or _______ our money for a stereo.

5.They _______ in research and development.

6.Both of them have to ______ their living.

7.The major point is the equipment ________ .

8.A producer makes goods and _________ services.

9.Better ________ is the best way to increase productivity.

10.In return for working you will receive ________ .

11.________ of a corporation is represented by shares of stock.

12.There is not enough money to ________ operating costs.

13.Business ________ are classified as short-term _______ and longterm _________ .

14.Profit is defined as difference between total _______ and total costs.

15.Most of the money used by business comes from the ______ of its products and services.

6.Read and translate the following sentences. Pay attention to the Perfect Tenses:

1.Has Jerry just arrived to start work?

2.We have received $5,000, but that still leaves $10,000 outstanding.

3.By the time John arrived, all we had done our work.

4.We have just lowed our prices.

5.They have never seen such an agency.

6.The owners of the company have discussed the new advertising program.

7.The auditor said that he had looked through the financial statements.

8.They informed us that tax bodies had visited these two companies.

9.By the end of this year they will have earned 10% of profit on their investment.

10.We shall have discussed the article by 2 o’clock to-day.

11.By the end of May, next year, my friends will have purchased a new house for their new office.

12.Will the buyers have taken decision what prices they are willing to pay at the auction by 11 a.m.?

13.A consumer, who had bought enough items of a commodity, was not interested in getting more.

14.Eve has saved nearly two thousand pounds so far this year.

15.We have just lowered our prices.

16.She has always been a creative person.

17.At the end of the year we shall have renewed our production.

7.Use the right form of the verb given in brackets:

1.They already (to update) their website.

2.She (to decide) what to do yet?

3.Mary (to work) never in the field of social statistics.

4.He (to establish) his business by 2001.

5.He (not to work) in business before he joined our company.

6.After they (to invest) in this business, our share prices went up.

7.By next summer the company (to open) new office in Kiev.

8.By the end of the year the company (to pay off) all our debts.

9.You (to buy) anything interesting lately?

10.He didn’t return to his work until he (to spend) all his money.

11.He didn’t get anything until he (to pay) for it.

12.As soon as he (to understand) it he (to quite) down.

13.He (to think) that he (to lose) his money

14.I (not to understand) him until he (to repeat) his words twice.

15.She (to work) as a flower girl before she (to own) a flower shop.

8.Look through the text and answer the questions:

What is the difference between limited and unlimited liability?

What influences the type of business organization one chooses?

What must you decide before starting your business?

As the owner of your own business, you are entitled to any profit you make. However, you also have the responsibility of finding money to pay for the firm’s debts if the business should fail. This financial responsibility is called the owner’s liability.

Before starting your business, you must decide if you are willing to risk all your savings and possessions if the business were to fail. The answer to this question will influence the type of business organization you choose because some businesses are more risky than others.

Some business owners have unlimited liability. This means that they are liable to pay all business debts and may have to sell their personal possessions – house, car, furniture, jewellery – to do so. Business owner will be taken to court and declared bankrupt if debts are not repaid.

However, some business owners enjoy limited liability. This means that they will only lose the amount of money they invested in the business if it

fails. They will not have to sell personal possessions to raise money to clear business debts. This reduces the risks involved.

9. Agree or disagree with the following statements. Prove your point of view. Use the following phrases: I fully agree…; I have no doubt that…; I don’t think that… :

As an owner of a business you will have all the profit.

As an owner of a business you will not have any responsibility for finding money for paying debts of your business.

Starting up your own business you will not have any risk.

All business owners have unlimited liability.

There is not any difference between limited and unlimited liability.

It is better to have unlimited than limited liability.

All businesses enjoy unlimited liability.

UNIT 3

1.Memorize the following words and word-combinations:

2.Read and translate the text:

OWNERSHIP

A business is an organization of material, human, financial, and information resources that are joined together for a specific purpose. Not all businesses are owned and organized in the same way.

In unlimited liability companies the owners are personally and entirely liable for the debts of the company. This means they may lose their personal assets (e.g. their house or their car) if the company is in financial difficulties.

In a limited liability company (Ltd) the owners are liable only for the amount of money they have invested in the business.

Unlimited liability companies are subdivided into sole traders (BrE)/ sole proprietorship (AmE) (a type of business organization owned and run by one person) and partnership (BrE)/ general partnership (AmE) ( a firm run by two or more partners).

Limited liability companies are subdivided into private limited companies (BrE)/limited liability companies (AmE) and public limited companied ( BrE)/listed companies (AmE). A private limited company/ limited liability company is a company which has shareholders (people who own the wealth of a company) but which offer its shares to the public.

a.a firm run by two or more partners;

b.a business owned by one person;

c.a company in which the owners are entirely liable for the debts of the company;

d.a company in which the owners are liable only for the amount of money they have invested in the business;

e.a company that may not offer its shares for sale to the public;

f.a company whose shares can be bought and sold on the stock exchange;

g.money owed by one person or organization to another;

h.an item of value belonging to a person or a company;

i.one of many portions into which a company’s capital is divided;

j.a market where stocks and shares are bought and sold under fixed rules;

k.a person who owns shares in a company and is, therefore, a member of the company;

l.(owning) a large amount of money, goods or property.

7.Speak at the expressions in the box:

a.divide them into these which talk about a present and those which talk about a past period;

b.chose 3 expressions from each list and write sentences about your own educational experience.

8.Choose the correct variant:

14. Her face was familiar, I ____________ her at the University before.

a) have met; b) met; c) had met;

15. Most of the delegates ____________ by the time I got there. a) have arrived; b) arrived; c) had arrived;

9. Complete the sentences using the correct forms (Past Simple, Present Perfect, Simple or Past Perfect Simple) of the verbs in brackets:

1.People (begin) to watch TV about 50 years ago.

2.I am looking for Tom. You (see) him? I (see) him last week, but not today.

3.He already (work) in business before he joined our company.

4.He (organize) his sole proprietorship this year.

5.We (be) to our main office since 7.30

6.We (win) a controlling share of the company before they went out of business.

7.When they (make a bid) for a computer company they were ready to buy it at that price.

8.She (be) a regular investor in my business.

9.They just (start) their business when we worked out a programme of restructuring.

10.The company (change) a lot lately.

11.Several years ago these two companies (form) a joint venture.

12.This morning I (take) a little walk.

13.As soon as this company (be privatized) their expenditures increased.

14.They (decide) to work together and (form) a joint venture.

15.After they (invest) in this business, our share price went up.

10.Complete the sentences using the correct form to express future meaning of the verbs in brackets.

1.Wait for a minute I ____________ ready in a moment (to be). 2.In ten years time I expect I ____________ in this company (work). 3.By the time we reach office, the rain ____________ (to stop).

4.He ____________ the employment contract by the end of this week (sign).

5.The representatives of the company ____________ my friend from 3 to 5 tomorrow (interview).

6.I’ll give him your message. I can do it easily because I ____________

him tomorrow (see).

7.This time next Sunday I ____________ in a London café reading newspaper (sit).

8.I ____________ this article by tomorrow morning (finish).

9.By next summer the company ____________ new office in Kiev (open).

10.By the end of the month 2.000 visitors ____________ this exhibition (see).

11.By the end of the year the company ____________ all our debts (pay off).

12.I wonder what I ____________ this time next year (do).

13.I am going to Netherlands next week. – You are lucky. The tulips just

____________out (come).

14.We ____________ this work by the end of the month (not finish).

2.Read and translate the text:

TYPES OF BSINESS OWNERSHIP: THE SOLE TRADER

Types of business ownership: the sole trader or a sole proprietorship.

A sole trader is a business owned and controlled by one person. It is the oldest and most popular type of business in the UK, because it is easy to set up. Many of the largest and most successful business in the world started life many years ago as sole traders.

Most sole traders are small organizations in the tertiary sector selling personal services such as hairdressing, carpet cleaning, aromatherapy, painting and decorating, plumbing and running small local shops.

Sole traders will usually dip into their own savings to start their business, or will borrow from family, friends, or a high street bank. Some may grow to employ several people or have a number of branches, but so long as there is only one owner, the business will remain a sole trader. Most sole traders

employ few if any staff, and many work from home in order to save the expense of paying for premises.

Sole traders can trade under their own name or a suitable trading name. The name of the business does not have to be registered, but care must be taken not to use the name of another business or one that would imply a connection with royalty or government. For example, if you were to set up a small record shop, you could not call it “Our Prince Records” or “Royal Records”.

(To be continued)

3.Answer the questions:

What is the most popular type of business?

What sectors of the economy are sole proprietors common in?

What are the characteristic features of sole proprietors?

May all sole proprietors grow to have several branches?

Why do many sole traders work from home?

What must sole traders take care of? Why?

Why are sole proprietors very popular?

4.Sum up what the text says about: setting up

A sole trader

The tertiary sector

Employing people

Suitable trading name

5.Speak about your attitude to start a small business such as a small corner shop. Would you prefer to do business as a sole trader? Why?

6.Look at the words in the box. Match them with the correct definitions from the list below:

Sole proprietorship, to dip into, business to borrow owner trade to set up

1.To start something such as an organization

2.To use part of one’s money

3.A person or business that owns something

4.To sell a certain kinds of goods

5.A business owned by one person

6.Commercial activities in general

7.To receive something from someone for a certain time, intending to give it back

7.Choose the correct variant:

1.He ______________a new product for a month

7. ________ you________ our company development programme all

9. When I came the Board of Directors ____________ this contract for an

11. The telephone _____________ for 3 minutes before I answered it

14.My friend ______________ around for a new flat, but he hasn’t found

8. Complete these sentences using the correct form (Present Perfect Simple, Present Perfect Continuous, Past Perfect Simple or Past Perfect Continuous) of the verbs in brackets.

1.I’m exhausted I (work) all day on my business plan, and I (not finish) it yet.

2.I (shop) all morning, but I (not buy) anything yet. I (not see) anything I’ve liked.

3.I (work) for the company for six years before I got a promotion.

4.He (live) in New York for two years when he decided to return to France.

5.I (read) the report before I left the office.

6.I (wait) for two hours, but nobody (arrive) yet.

7.The company (not make) any money 2 months.

8.This shop never (make) any profit.

9.He was tired as he (work) since early morning.

10.She (not receive) any information until it was too late to do something.

11.By the 1990s they (build) financial empire.

12.The parent company (finance) its subsidiary for 2 months.

13.My friend (be) President of the holding company for 3 months now.

14.I (read) a lot of special literature lately.

15.He (look for) a new business partner for a month before I found him.

9.Correct where necessary:

1.We have been thinking ways to help our sister company for a week already.

2.Our President has decided to change the management structure last May.

3.We have been placing an advertisement in this month.

4.How long were you doing business in Spain before you met boss?

5.We were waiting for you for two hours before your secretary called us.

6.They have raised the prices for gas last month

7.Everyone had been spending time packing boxes before the company moved into a new office

8.I have prepared the annual report since early morning

9.She was working in the Marketing department for 5 years before she became a good specialist

10.My uncle knows everything about finance. He has been working as a financial manager for 20 years.

11.My brother has quarreled with his boss yesterday

12.When I telephoned my secretary she had gone out

13.I have been sending them a fax today.

14.I had been studying our experiment by the end of the year.

15.He was working for this company for two years before he could buy a house.

10.Discuss with your group mates the situation how to set up a small business in Ukraine.

UNIT 5

1.Memorize the following words and word combinations:

2.Read and translate the text:

THE ADVANTAGES OF A SOLE TRADER:

The sole trader business is a very personal one. The owner of the business will have personal contract with customers and staff; will be able to find out quickly what people want and then change what the business produces to suit what customers wish to buy.

The sole trader is his/her own boss, that’s why the sole trader does not have to consult anyone else before making a decision. This means that they can make decisions quickly.

The sole trader receives all the profit. Being your own boss means not having to share profits with anyone. This is an important advantage to most people and it explains in part why the sole trader type of business is so popular.

It is easy to set up a sole trader business. Sole traders need very little capital to start up with, so it is fairly easy for one person to set up a business alone. There are also very few legal formalities to complete before starting to trade.

DISADVANTAGES OF A SOLE TRADER:

The sole trader has unlimited liability. So if the business owes money, its owner must pay up.

The sole trader has full responsibility for the business. As the sole owner of a business, the sole trader must take all of the decisions. Most people are not good at everything, but sole traders still need to be able to manage the business, do the bookkeeping, advertising, buying and selling, and many other things. This means that the sole trader may have to work long hours and if they are ill, or go on holiday, there is no one to take over the running of the business.

Sole traders lack capital. Banks are often unwilling to lend money to new small businesses, especially if the owner has little experience of business and there is a risk of failure. Banks loans are also expensive to repay once interest is added.

3.Answer the questions:

Why is the sole trader business a very personal one?

Why doesn’t the sole trader have to consult anybody else before making a decision?

What can the sole trader decide?

Is it easy or difficult to set up a sole trader business? Why?

Why are banks unwilling to lend money to new small business?

4.Sum up what the text says about:

a very personal business;

making decisions;

setting up a sole trader business;

the responsibility for the business;

sole traders different activities;

risks of failure.

5.Speak about your attitude to work in a private sector. If you were to choose where to work, would you prefer small business, big business or your own one? Why?

6.The words in the box frequently occur before “sector”.

service sector

retail

insurance

public

Find combinations that mean:

1.All the companies which assemble components into finished products, or which make goods from raw materials;

2.All the companies which provide services in areas such as tourism, banking and finance, wholesale and retail trade;

3.State - owned and - run organizations, e. g. government departments, and nationalized industries;

4.Privately – owned and – run companies;

5.All the companies which provide insurance;

6.All the companies selling goods to the general public.

12.He __________ for 10 years at his telephone business, before he decided it was time for a change.

a)worked b) was working c) had been working

13.He developed his business plan later than we __________ .

a)expected b) had expected c) have expected

14.Last year they __________ their business into two.

a)divide b) divided c) have divided

15.He __________ a very rich man when he was just 25.

a)became b) has become c) was becoming

8.Complete these sentences by putting the verb in brackets into the correct tense (Active Voice).

1.He __________ in the USA for two years when he decided to buy a house (live).

2.The telephone __________ when I was discussing this plan with my boss (ring).

3.I __________ for their company from 1996 to 2008 (work).

4.I hardly __________ the office when it started to rain (leave).

5.I __________ to London several times before 2000 (go).

6.We __________ the answer to that problem yet when he came (find/not).

7.I haven’t seen him since he __________ working for our company (stop).

8.We __________ a lot of work with British suppliers when he bought the company (do).

9.They __________ so loudly that I couldn’t hear his words (talk).

10.As the equipment __________ we decided to replace it (get old).

11.After she had spoken to the manager, she __________ the report (write).

12.The conference was very interesting and it was obvious that all

13.Look. The meeting __________ (start). We’d better go in.

14.Tom is a very reliable person, everybody __________ him (trust).

15.I __________ for Midmark (work), a firm that __________ medical equipment (make).

9.Correct where necessary.

The term “big business” took origin in 1901 in the USA.

She didn’t buy any new clothes since the beginning of the year.

I am going to suggest something to you.

I’ll try to get there as soon as I can.

Another ten years and you’ll have forgotten all out it.

Do you know when the results are out?

He looked at his watch. It had been time to go in now. She would be waiting for him.

In business they spend billions on advertising.

He explained that each product has its own “product life cycle”.

Nancy will be participating in the work of Management Congress for 5 days.

Jim is lucky. From now on he would be working with the Company GAZ.

By the end of this year they will have earned 10% of profit on their investment.

Yesterday was a special day and we got there by a taxi.

By the first of May, next year I shall have known this family for ten years.

Analysts have predicted continued growth in the service sector last year.

10.Discuss with your group-mates the advantages and disadvantages of setting up a sole proprietorship. What qualities in your opinion are the most important to be a sole trader?

UNIT 6

1. Memorize the following words and word combinations:

2. Read and translate the text:

PARTNERSHIPS

A Partnership is a business agreement, normally between 2 to 20 people to finance and work together in a business with the aim of making a profit. Partnerships are common in professions such as doctors, insurance, brokers, and vets, although they can also be found in other occupations such as builders, garages, and in small factories. Firms of accounts, solicitors, and members of the Stock Exchange are allowed to have more than 20 partners. In partnership it is important to have a written partnership agreement. This usually contains the following information:

How much capital each partner invested in the business;

How profits (and losses) are shared among the partners;

Rules for accepting new partners and expelling existing ones;

Rules for ending the partnership.

Terms and conditions like these help partners to avoid disagreements.

Partnership is fully liable for taxation on income, but there is no legal obligation for keeping books or accounts. Partners are the business and not employees of it, so, if one partner dies or becomes unable to continue with the business the partnership is automatically dissolved.

Unlike sole proprietors, partnership can grow to be relatively large organizations have many employees in addition to the partners, with offices in every major city in the country as well as overseas.

3.Answer the questions:

What is a partnership?

What professions are common in the form of partnership?

Why is it important to have a written partnership agreement?

What happens if one partner is unable to continue with the business?

Are there any differences between sole proprietors and partnerships?

4.Sum up what the text says about:

a partnership agreement;

full liability;

the difference between sole proprietors and partnership.

5.Imagine you are setting up a partnership. Draw up a list of questions you would like to contain writing a partnership agreement.

6.Fill the appropriate word or phrase from the box in the spaces. Translate the sentences into your native language.

1.Formed by two or more persons, the __________ is considered business entity. Each partner is responsible for the __________.

2.__________ receive dividend in proportion to the capital they invest.

3.Being a __________ she works long hours in her hairdressing business.

4.The partnership collapsed as a result of the criminal activities of one of the __________.

5.The __________ of going to school is to learn.

6.He works as a computer operator at the New York __________.

7.The person operating a __________ owns the business in his or her own name.

8.He has __________ in British Gas.

9.All personal _________ of each partner are at risk if the business fails.

7.Change the following from Active to Passive:

1.The company manager increased my salary last week.

2.We bought the car last Friday.

3.He paid for this service in cash.

4.We seldom undertake such activities to protect the consumers’ rights.

5.We informed the customer of the delivery of his order.

6.The company increased the commission paid to agents.

7.Human Resources Department recruits new staff every year.

8.Manufactures investigate consumer tastes.

9.British Airlines forbids smoking during the flight.

10.We shall reduce taxes in a few years.

11.They will meet the delegation tomorrow at the airport. 12.Tourist companies provide different kinds of services in tourism. 13.We have just sent them new information.

14.I realized that I had lost the letter. 15.They speak much about this new product.

8.Complete these sentences using the correct passive (simple, continuous, perfect) form of the verbs in brackets.

1.I (not pay) enough for the work I do.

2.A security system (install) in this laboratory next week.

3.Newspapers (deliver) every day except weekends.

4.The problem (solve) by the committee a week ago.

5.Taxes (reduce) in a few years.

6.Close the door please, the matter now (discuss).

7.We watched how this information (collect).

8.My car (repair) now.

9.My office (redecorate) when I moved there.

10.I couldn’t give you daily programme, it still (work out).

11.A lot of new companies (open)in our city this year.

12.We didn’t know that he (not invite).

13.The instructions just (give).

14.He didn’t follow the advice he (give).

15.This historical fact (know) for many years.

9.Open the brackets using the Passive Voice.

1.This new product much (talk) about.

2.Those papers (not look through) yet.

3.Several contracts (sign) next week.

4.When I came, the problem (not settle) yet.

5.The letter still (translate).

6.The list of applicants (make) before I came.

7.Nothing (hear) from her since she left Kiev.

8.This product (produce) in large numbers before we received this complaint about a bad quality.

9.A new cosmetic line (launch) onto the market by the end of the year.

10.The date of the meeting (change) before they informed us.

11.Your order (send) before you return.

12.My computer (repair) now.

13.Negotiations (hold) in Kiev next week.

14.Prices for oil (increase) again.

15.Our company (found) in 1990.

10.Explain the difference between:

sole trader;partnership.

UNIT 7

1.Translate the following text in writing:

FORMS OF BUSINESS: SOLE PROPRIETORSHIP AND

PARTNERSHIP

In most countries there are three forms of business. They are the sole proprietorship, the partnership and the corporations.

The sole proprietorship means to go into business for oneself. Everybody has the right to do it. All you need is ideas about the business, some capital to begin with and knowledge of regulations of this business. Sole proprietorship is common in most sectors of the UK economy, especially in retailing. Anybody can be a sole proprietor simply by commencing business transactions in an informal manner. They have no legal

requirements to keep books accounting to the conventional legal (accounting) standards. They must, however, like everybody else who receives income, pay income tax on their pay from the business. A sole trader may find it difficult to manage a business alone or raise enough money to expand. A partnership can help overcome this problem, and can be set up quite easily.

Partnership is an unincorporated business formed by the associations from two to twenty persons who share risks and profits. Partnership is a common form of organization in the professions and business where capital requirements are relatively small, e.g. retail and other service trades, doctors, insurance, in small factories, firms of accountants, solicitors.

However, none of the very large business in the UK, or indeed in the world, are partnerships. This is simply because no partnership could raise enough money to expand into a large enterprise. Other types of business are needed to do this.

2.Choose the most suitable word or phrase.

Variant I.

6.My friend wishes he __________ a car.

a)have b) has c) had

7.I want to finish this letter before my secretary __________.

a)will come b) came back c) comes back

8.He wanted me __________ him five euro.

a) lend b) to lend c) that I lend

9.The office manager had a difficult decision to make today,

__________?

a)wasn’t he? b) didn’t he? c) hadn’t he?

10.Helen is __________ person I know.

a) the more intelligent b) the most intelligent c) most intelligent

Variant II.

1. She __________ here for 10 years.

a) is working b) has been working c) works

9.All my money __________ by the burglars!

a)was stealing b) has been stolen c) were stolen

10.He __________ away from work all this week.

a)is b) has been c) have been

Variant III.

1. Our guests __________. They are sitting in the office. a) had arrived b) arrived c) have arrived

2. All this money __________ spent on books last month. a) was b) were c) have been

3. He is not so __________ as I am. a) busy b) busier c) more busy

4. I didn’t see this girl __________.

a) somewhere b) anywhere c) nowhere

5. I can’t join your company. I have __________ time. a) few b) much c) little

6. The company gave __________ employees raises. a) her b) its c) his

7. The financial news __________ found in the business section. a) are b) is c) were

8.This is __________ obvious problem we face.

a)most b) the most c) more

9.__________ is a type of business organization owned and run by one person.

a)partnership b) sole proprietorship c) private limited company

10.The IMF helps the __________ of the developing world.

a) economic b) economics c) economies

3.Open the brackets, using the Passive Voice.

1.As I entered the office, I had the feeling that I (watch).

2.A lot of experiments (make) in the laboratory now.

3.I am sure a lot of questions (ask) when I finish speaking.

4.This report (send) at once.

5.This money (spend) on market research next year.

6.Service (include) in the bill.

7.Don’t enter without invitation. A very important problem (discuss).

8.The program (work out) many years ago, but it still (use) with great success.

9.When the market (segment) last?

10.Market share often (use) as an indication for the success of a business.

11.The new method (show) to the young specialist today.

12.Your order (send) before you return.

13.Taxes (raise) now.

14.Payment (make) in the local bank last week.

15.Special training (give) to new week employees in our company.

UNIT 8

1. Memorize the following words and word combinations :

2. Read and translate the text:

Advantages of a partnership:

Partners bring new skills and ideas to the business.

This means that the partners can carry out a wider range of jobs that a sole trader could do alone, and they can provide cover when one partner is ill or on holiday.

More partners means more money for the business. If other people want to share in the ownership and control of a business then they

must pay money to do so. This money can then be used to expand the business.

Partners can help in decision - making. A sole trader has full responsibility for making decisions in a business, whereas in a partnership all decisions are shared.

Setting up a partnership is easy. There are few legal requirements involved in setting up a partnership, although it is advisable to use a solicitor to draw up a partnership agreement.

Disadvantages of a partnership

Partners can disagree. The more partners there are, the more likely are disagreements. If the partners cannot agree on important decisions affecting the company, the business will suffer.

Partnership have unlimited liability. Just like a sole trader, in an ordinary partnership, partners stand to lose everything they have if the business goes bankrupt. Furthermore, each partner is held

responsible for the actions of the other partners.

It is, however possible to have limited partnership where some partners have limited liability. They are called limited partners or sleeping partners. Like ordinary partners, they pay money into the business in return for a share in the ownership and profits. However, they do not play a part in the day-to-day running of the business.

3.Answer the questions:

What can be used to expand the business?

Who can help in decision – making?

Why is it advisable to use a solicitor?

When will the business suffer?

Is it possible to have a limited partnership?

Who is called a limited partner?

4.Sum up what the text says about:

new skills and ideas to the business;

more money for the business;

making decisions;

partners disagreements;

limited partnership.

5.Discuss with your group-mates the advantages and disadvantages of a sole proprietorship and partnership.

6.Use the Past Simple or the Past Continuous in the object clause. Translate the sentences:

1.He was surprised that. I (know) his telephone number.

2.I knew the children (hide) somewhere in the room.

3.He told us that he (work) for a large corporation.

4.He said the information (be) rather interesting.

5.We knew that Ann (have) an English class every Wednesday.

6.I knew that they (discuss) my new proposal then.

7.He said that he (be) interested in marketing.

8.She said she (be) busy.

9.The customer said that he (want) to have a word with me.

10.He explained that he (take) driving lessons.

11.He thought I (joke).

12.I understood that business organizations (belong) to either the private or the public sector.

13.He asked who (be) responsible for all the company’s business affairs.

14.We knew that the firms in public sector (be) owned by the government.

15.He learnt that they (set) up a small travel business then.

7.Use the Past Perfect or the Future-in-the-Past in the object clause. Translate the sentences:

1.I knew that he (go) to London already.

2.He said he (not hear) anything about her complaint.

3.Mr. Black said the manager (come back) to New York the following day.

4.She decided that she (ring) up there tomorrow.

5.She thought he (graduate) from the University already.

6.I knew she (make) an appointment with the general director already.

7.We decided that you (be) able to help us in future.

8.She hoped that her brother (ring) up her tomorrow.

9.He explained that the price (not include) the cost of packing in future.

10.I knew that he (be) ill the day before.

11.He told me that he (meet) her the year before.

12.She said she (not attend) our meeting the next Monday.

13.They explained that they (be) never there before.

14.They knew that they (develop) already new marketing strategy.

15.He said they (sign) the contract the next day.

7.Choose the correct variant:

6.A new computer system __________________ at our head office now.

a) is installed b) is being installed c) installs

7. When applied for that job I ________________ by a very handsome young manager.

a) was interviewing b) was interviewed c) had interviewed

8.They say that the rate of unemployment _________________ by 10 percent by 2010.

14.They realized that economics _____________ an important role in the relationships among countries.

7.The worth of something to its owner;

8.a legal obligation, such as to pay debts and damages.

9.a written arrangement, contract.

10.a legal form of business with two or more owners.

11.money remaining after business expenses are deducted.

10.Prepare a short report to discuss how a sole proprietorship differs from partnership in terms of:

1.Memorize the following words and word combinations:

2. Read and translate the text:

THE PRIVATE LIMITED COMPANY

Other forms of business enterprise are known as joint stock companies, which are also called corporations. Joint stock companies are also known as limited companies and are owned by individuals who buy shares in them. These are companies that sell shares to investors in order to raise money. There are two main types of a limited company:

The Private limited company (LTD)

The Public limited company (PLC)

Forming a limited company means changing the form of ownership and control of the business, and how profits are used. In order to set up a limited company the law requires that two legal documents are drown up. These are: a memorandum of association and articles of association of private limited company.

Private limited companies can raise money for expansion by selling shares to people. A share is simply a piece of paper which states that the person who holds it has paid for part of the company and now has a share in its ownership. The value printed on a share, or its face value, is the price at which the company first sold the share. The people who buy the shares are called shareholders. The more shares a person holds, the more of the company they own, and the bigger their share of profits. The profit paid out on a share is known as a dividend.

Most shareholders do not wish to become involved as owners in the daily running of their company. Instead they appoint a board of directors to run the company on a daily basis. This is done by voting at the shareholders meeting.

Every company must hold an annual general meeting (AGM) every year. At this meeting the board of directors reports on company performance during the year and the shareholders then vote on whether they wish the existing board to continue to run the business. Each shareholder gets one number of shares can vote for themselves to be a company director if they wish. Any person, or a group of persons acting together, holding over 57% of the shares in a company is said to have a controlling interest. That is, they can outvote all of the other shareholders if they wish.

A memorandum of Association contains:

The company name

The main business address

What the business will produce

A statement of limited liability of the members

The member and face value of shares to be sold.

(to be continued)

3.Answer the questions:

How do private limited companies raise finance for expansion?

Who appoints a board of directors?

Who can vote for themselves at an annual general meeting?

How many votes does each shareholder get?

Who are shareholders?

Who can outvote all of the other shareholders and why?

4.Sum up what the text says about:

limited companies;

memorandum and articles of association of private limited company;

face value;

shareholders;

dividends;

the board of directors;

an annual general meeting.

5.Speak about the principle of organization of private limited company.

6.Look at the words in the box. Match them with the correct definition from the list below:

Commodity, firm, responsibility, veto, share volume, Ltd

Company with a small number of shareholders whose shares are not traded on the Stock Exchange.

1.“What happened to your partner?” asked one of the men.

2.“Why do the prices go up so often?” she wondered.

3.“Have you got a work permit?” Ann wanted to know.

4.“Are you interested in advertising?” Asked Mary.

5.“Would you like to join our company?” She asked.

6.“Are you leaning today or tomorrow morning?” Asked his secretary.

7.“Don’t watch latenight horror movies” I warned them.

8.“Read the contract before you sign it,” he said to his client.

9.“Buy a new car,” I advised him.

10.“Don’t drive so fast,” she begged him.

11.“Don’t wait till tomorrow,” said the advertisement.

12.“Could you translate this for me?” I asked the agent

13.“Could you mind paying cash? Said the sales-girl when he took out his cheque – book.

14.“Can I have the weekend off?” She asked her boss.

15.“Why don’t you trust her?” I asked Mary.

9.Rewrite the passage in Direct Speech:

John worked in a shop selling gramophone records. One day a middle – aged woman came in, sat on a stool in front of the counter and smiled at Joan. Addressing Joan familiarly, she said she wanted a record – one she had heard on the radio that morning. Joan asked what the record was called. The woman shook her head, and said she didn’t remember, though she would know it if she heard it. She suggested that Joan should play her some. Joan pointed out that they had hundreds of records in stock, and it would take a very long time to play her even a little of each. The woman looked very unhappy, but suddenly her face brightened. She had just remembered something, she said: the music she wanted came from a play in which there was a woman who spoke very badly, but who after a time learnt to talk beautifully. Joan asked if it could be from “My Fair Lady.” The woman cried out that must be it. She wished Joan had thought of it earlier instead of wasting time asking silly questions. She supposed Joan was new to the job.

10.Give examples of joint stock companies or limited companies in Ukraine in real industries such as steel, coal-mining, electricity, gas, telecommunication.

UNIT 10

1. Memorize the following words:

2. Read and translate the text:

ADVANTAGES OF PRIVATE LIMITED COMPANIES

Shareholders have limited liability. A person who owns part of a limited company is only responsible for the repayment of any debts up to the value of the shares they hold. Without limited liability people would be unwilling to buy shares, because if the company went bankrupt they would end up losing a lot of money – and even their personal possessions – to repay debts.

Shareholders have no management worries. If shareholders in a company had to run business, they would have to take on all the worries and responsibilities themselves. However, they can choose to pass on this responsibility to company directors to manage the business on their behalf.

The company is a separate legal entity. In the eyes of the law, a limited company is not the same as its owners. As a result, if the company owes the money, it can be sued and taken to court, but the owners cannot. The company can be forced to pay its debts or pay compensation out of company funds. Owner’s funds are entirely separate.

Disadvantages of private limited companies

Limited companies must disclose information about themselves to the general public. They have to keep detailed records of their activities and to publish this information in a set of annual accounts so their shareholders can read about what their company is doing.

Limited companies must hold an annual general meeting of shareholders each year, but this is an advantage to the shareholders.

Private limited companies cannot sell their shares privately to people they know, like family, friends, employees. This means that such companies

1.If he wishes my car, _____________________

2.If you smoke, ____________________________

3.If you need a lot of money, ______________

4.If you fail your test in English, ________

5.If she loses her weight, _________________

6.If you phone me tonight, _________________

7.If I go to the party, ____________________

8.If it rains, _____________________________

9.If I eat a lot of sweets, ________________

10.If we get this loan, ____________________

11.If you skip classes, ____________________

12.If you buy a new flat, __________________

13.If they sign a contract, ________________

14.If the secretary asks you, ______________

15.If he has must work, ____________________

8.Put the verbs in brackets into the correct form:

1.If you ( see ) Mary, tell her I have a message for her.

2.If he (refuse ) to help, I'll have to manage without him.

3.What will we do if he (not meet ) us?

4.If I (get ) a work permit, I'll stay for another three weeks.

5.If you (help ) us, the job will only take an hour.

6.If I find his passport, I ( phone ) him at once.

7.If you leave your car unlocked, someone (steal ) it.

8.Unless she (sell ) more, she won't get much commission.

9.If I lend you $100, when you ( repay ) me?

10.If we ( make ) share issues this month, we'll raise our finance.

11.If you manage to get cheap loans, the firm ( stay ) in business.

12.If we ( need ) extra capital, we'll apply at the bank for a loan.

13.If you ( be) in difficulties with money, I'll help you by all means.

14.If this trend continues, the firm ( make ) even bigger profits.

15.If the government ( impose ) an import fee, prices will increase.

2. Read and translate the text:

PUBLIC LIMITED COMPANY

Public limited companies raise capital from the sale of shares to the general public and other business organizations in the UK and abroad.

Public limited companies are among the largest and most successful firms in the UK. Examples include such well known names as Marks and Spencers Plc; British Telecom Plc; and National Westminster Bank Plc.

Public limited companies can sell shares on the Stock Exchange. The UK Stock Exchange is one of the largest markets in the world for the purchase and sale of its shares on the stock market to people all over the world. A Plc can advertise the sale of shares. The Plc can attract shareholders by placing advertisements in newspapers and on television. Private limited companies are not allowed to do this.

Forming and launching a Plc is an expensive business. Many legal documents are required. Advertisements in newspapers are needed. The original owners of the company may lose control. This is especially a risk where there are many shareholders.

Some Plc may have management problems. The more people there are in business the more people there are to consult when decisions are taken. This can make decision-making slow and disagreements can occur.

3.Answer the questions:

What companies are the largest and most successful in the UK?

How do they raise capital?

Can you give any examples of Public limited companies in the UK, in Ukraine?

How can the Plc attract shareholders?

What is necessary to do when setting and launching a Plc?

4.Sum up what the text says about:

Stock Exchange;

Attraction of shareholders;

Setting a Plc;

Decision making.

5.Draw a list of advantages and disadvantages of setting a public limited company.

6.If you were to choose where to work, would you prefer a public sector or private sector? Why?

7.Below is a table listing how different types of business are owned, controlled, pay debts, raise finance, and use their profits. Copy out and complete the table by filling in the blank spaces.

8.Complete the sentences using the second conditional.

1.If I passed my English exam, ________________

2.If my friend got promotion, ________________

3.If he listened to my advice, ________________

4.If he invested in a government bonds, ______

5.If I were you , ____________________________

6.If the customer complained, _________________

7.If you know him better, ____________________

8.If I could help you, _______________________

9.If she were present, _______________________

10.If you didn't ask me any questions, _______

11.If he took better care of his health, ______

12.If I saw it with my own eyes, ______________

13.If I were asked, _________________________

14.If I were a president of the company, _____

15.If they started their own business, _______

9. Put the verbs in brackets info the correct form (all the sentences refer to the present or future ):

1.If nothing better (turn up ), he would apply for this job.

2.I wouldn’t want to live in this city even it I ( have ) all the money in the world.

3.If you (change ) your mind, I would never forgive you.

4.If you (study) harder, you would get better marks.

5.If I ( win ) a lot of money, I would feel very happy.

6.If I were you, I ( be ) more careful.

7.If it ( not be ) so late, I would phone him.

8.If you really wanted to help, you ( can ) do it even now.

9.If we reached an agreement, we ( sign ) the contract.

10.If market prices ( rise ) , we would talk about a full market.

11.If you ( send ) us this information, we would be very grateful.

12.Our products ( not sale ) if we didn't have a strong sales department.

13.If she had more money, she ( spend ) her summer holidays in Italy.

14.If you ( provide ) a better service, you would get more customers.

15.We would save money if we ( employ ) our own people.

10.Answer the questions with a conditional sentence.

1.____________ you won lots of money?

2.____________ you were a famous film star?

3.____________ you found a wallet on the ground?

4.____________ you were invited to play a part in a film?

5.____________ you were trying to lose weight?

6.____________ you were to change your job?

7.____________ you saw someone cheating in an exam?

8.____________ you wanted to buy someone a really good present?

9.____________ you were to apply for the manager's job?

10.____________ you found a job abroad?

11.____________ you were promoted?

12.____________ you were fired?

13.____________ you were asked to work overtime?

14.____________ you were president of a big company?

15.____________ you were president of the country?

UNIT 12

1. Memorize the following words and word combinations:

2. Read and translate the text:

PUBLIC SECTOR ORGANIZATIONS

The public sector in the UK is made up of organizations which are funded by, and responsible to, local and central government. These organizations affect our daily lives by the way in which they raise money and through the services they provide and the rules they make.

LOCAL GOVERNMENT

Local governments include :

District councils

County councils (regional councils in Scotland)

London borough councils

Local voters elect council representatives to make decisions that affect their communities. Each representative is known as a councilor and usually represents one of the main political parties. If voters are unhappy, they will choose another set of councilors to represent them at council elections which are held every four years.

The decisions of local councils and the day-to-day running of their offices carried out by paid employees known as local government officers.

Local authorities provide public services to local businesses and communities such as education, leisure facilities, refuse collection, housing, the maintenance of local roads, and parking enforcement.

Councils raise money in a number of ways :

Most of their money is provided by grants from central government

Council Tax

Charges for services, such as the use of swimming pools or leisure centers

Rents from council houses

Proceeds from the sale of council house and council land

Loans

3.Ask the questions to fit these answers:

Public sector organizations affect our daily lives.

Councils are appointed by the government.

The voters are not entitled to choose councilors.

The decisions of local councils are carried out by voluntary employees.

Local authorities provide public services.

Councils raise money by getting charges for services.

4.Give equivalents to the following words and word combinations. Use them in sentences of your own.

5.Fill in the blanks with the missing words. Use the words from the box:

Responsible community raise public sector day-to-day taxes local

1.Those who run the company are _________ to the directors who hired them.

2.Firms need money to meet their __________ expenses and to expand.

3.Some large corporations _______ capital through the sale of stocks and bonds to the public.

4.Among _________ governments, the property tax provides the most revenue.

5.Firms in a _________ are owned by the government.

6.Most of the money is used for _________ development.

7.________ are the most important source of income to the federal government.

6.Read and translate the following sentences. Pay attention to how condition is expressed:

1.It would have been good if someone had told us this fact.

2.If people had paid on time, we wouldn’t have had the cash-flow problems we have.

3.If the pound had been so strong, our export figures would have been better.

4.If he had pointed out all the drawbacks, we should have found ways to solve the problem.

5.If our supplier had not fulfilled the agreement, we would have taken legal actions.

6.If the consultant had done more careful research, he would have identified the gap in the market.

7.If I had known that, I wouldn’t have said anything.

8.If the government hadn’t introduced the tax incentive scheme, we would have faced serious financial difficulties.

9.If she had had skills of handling complains, she would have worked for our company.

10.I should have done this work in time if only, I had received the goods ordered.

11.Mark should not have been moved to another section of the firm, if he had performed his functions better.

12.He would have come to the last meeting of the company if they had invited him.

13.Had he pointed out all the drawbacks, we should have found ways to solve the problem.

14.Had I known that, I wouldn’t have said anything.

7.Use the right form of the verb given in brackets:

1.If he had had more spare time he (to take part) in the research.

2.If you (to organize) your conference last month, I would have been able to take part in it.

3.If he had lent me the money, I (to pay) him back last week.

4.If you (to be) there at that moment, what would you have done?

5.Why didn’t you say that you were short of money? If I (to know), I (to lend) you some.

6.If I hadn’t been promoted then, I (to leave) the company.

7.If I (to save) enough money, I wouldn’t have bought this house.

8.He never (to buy) shares in that company if you hadn’t recommended him to do it.

9.If I (to sell) my shares then, I (to make) a lot of money.

10.If you hadn’t taken so many risks, you (to lose) so much.

11.If I (to buy) that lottery ticket, I would have won one million.

12.If the company hadn’t raised its funds, it (to go) bankrupt.

13.If I (to sell) my car a couple of years before, I would have got more money.

14.If he (to know) all the facts, he (to help) us last Monday.

15.If we (to install) the equipment, we (to become) more competitive.

8.Complete the sentences:

1.If I had won the money, …

2.If I had been better in English, …

3.If I had only known about this earlier, …

4.If I had consulted the stockbroker in time, …

5.If he had been an honest man, …

6.If he had been more friendly, …

7.If I had asked his permission, …

8.If you had established a company of your own, …

9.If we had signed an agreement, …

10.If the new investment plan had been completed, …

11.If the guests had come earlier,…

12.If a government had cut taxation, …

9.Look through the text and say if there was anything new for you in it:

CENTRAL GOVERNMENT

Voters elect Members of Parliament (MPs) to form the central government to be responsible for mainly national issues. The political party with the most MPs forms the government. If their voters are unhappy with their MP, or the government as a whole, they can vote for another representative every four to five years.

The main central government decision-making body is the Cabinet which normally consists of around 21 members headed by the Prime

Minister. Each minister is appointed by the Prime Minister to be responsible for the activities of a government department.

There are around 20 central government departments, including the Department of Transport, Department of Trade and Industry, the Treasury, and the Ministry of Defence. Each department has its own budget to spend on the provision of a range of services and has to submit these spending plans to the Treasury each year for approval.

Civil servants are employed by the central government in departments to develop and control economics, social, environmental, and foreign policies.

Notes to the text:

10. Agree or disagree with the following statements. Prove your point of view. Use the following phrases: I think so, because…; It is clear from the text that…; If we come back to the text…; If we read the text more carefully, we … :

Central government is formed by Members of Parliament.

The main central government decision-making body is the Cabinet.

Each minister is appointed by the Members of Parliament.

There are several departments in a central government.

All departments have common budget.

Civil servants are employed by the central government/

UNIT 13

1. Memorize the following words and word combinations:

2. Read and translate the text:

Public corporations have a number of features in common:

Each is controlled by the government minister. For example, the BBC is accountable to the Home Office minister, the Post Office to the President of the Board of Trade and Industry, and the Bank of England to the Chancellor of the Exchequer at the Treasury.

Each has a board of directors who are responsible for the organization. These are appointed by the government minister responsible for the industry.

Each has a separate legal identity from the government. This means that legal action can only be taken against a corporation and not the government.

Each must publish an annual report and financial accounts.

Each is financed by revenues from the sale of its services to consumers and by central government grants. (The BBC is financed by the TV license fee set by the government each year and by revenues from the sale of programmes.)

Public corporations do not have to make an overall profit, although they are expected to earn at least 8% profit on the value of any new investments (this is known as the required rate of return). For example, if the Post Office invested £1000,000 in a new post office shop, it would be required to earn at least £108,000 in revenue from it.

Public corporations may be allowed by central government to retain all or some of any profits made to plough back into improving their services. However, the government may instead decide to use these profits to finance other public services and help reduce taxes.

3.Discuss with your group-mates:

Common features of public corporations.

Role of government in setting up public corporations.

4.Read the following definitions. Guess the term they all refer to:

A person who uses, buys manufactured goods.

Exchange of goods or property for money.

A group of persons authorized to act as an individual for business purposes.

In accordance with the law.

To put money in business.

To make or become better.

Money paid by citizens to the government for public purposes.

Person at the head of Department of State.

Group of persons controlling a business.

Statement of money paid or received

5. Fill in the blanks with the missing words. Use the words from the box:

consumer grant profit investment retain improve

1.Stockholders elect __________.

2.The company’s ________ consists of three financial statements.

3.Governments can ________ international trade.

4.The ________ in our company is good because we take in much more than we spend.

5.Multinational _______ have become dominant in some foreign markets.

6.The primary users of _________ are managers.

7._________ are people who buy goods and services for their own use.

8.Through international trade countries can __________ their living standards.

9._______ requirements complicate international business.

10.A business organization is a business that makes, buys or sells goods and provides services to make a _________ .

11.The company decided to _______ a part of its profit and reinvest it in the company.

12.The Ford Foundation gave the economists a _______ for research.

13.________ in small business always carries special risks.

6.Read and translate the following sentences. Pay attention to the translation of the words one, it, that, those, ones:

1.Their business is like that of their competitors.

2.We had only two constant clients and those went bankrupt.

3.Don’t use our old price-lists. Use the new ones.

4.People are beginning to realize the true scale of the problems facing them. Some of these are connected with generation of energy.

5.You can trust some advertisements, at least those which advertise services.

6.He felt he had to tear off the label and replace it with an identical one.

7.Did you ever attend an auction, or see one conducted on TV?

8.The market price is the one at which goods or services will actually be exchanged for money.

9.A multinational corporation is one that has its headquarter in one country but whose operations are worldwide.

10.A holding company’s relationship to its subsidiaries is that of parent company.

11.I wanted the exact figures not the rough ones.

12.I don’t like your report, it is not an exact one.

13.The house is in the hands of agents, but until it is sold it is yours to use if you want it.

7.Fill in the gaps with the words one, it, that:

1.The family that spends its money wisely will get more out of its income than the ______ that spends _______ carelessly.

2.Some technologies are more complex than the other ________ .

3.The subsidiaries’ relationship to each other is __________of sister companies.

4.We need the latest price-lists, not the old _________.

5.My report is not here. ______ is on my boss’s table.

6.The income of our company is greater than ________of theirs.

7.The market price is the ________at which goods or services will actually be exchanged for money.

8.I don’t like your report, it is not an exact one.

9.People in top management need more information than _______in middle management.

10.Our losses this year are less than ________of the previous year.

12.The profit of this company is greater than ________of their competitors.

13.There are many new catalogues, the most interesting ________are on the chief’s table.

8.Look through the text and tell how government raises money:

Expenditure and finance

Central government raises money mainly from taxes. There are two main types of tax :

Direct taxes on incomes and business profits.

Indirect taxes on goods and services, such as Value Added Tax and

customs and excise duties.

Central government also raises some money from interest charged on loans, dividends on shares it owns in some public limited companies, and charges for some public services, such as post office deliveries.

The government uses the money it raises to pay for the provision of public services such as social security, and major road-building schemes. If government spending in one year is greater than the amount raised in taxes and other revenues, the government will borrow the difference.

9. Agree or disagree with the following statements. Prove your point of view. Use the following phrases: That’s for sure…; One can’t deny…; I doubt that…; Probably not:

Central government raises money from charitable payments.

There is only one type of tax.

Central government raises money from indirect taxes.

The government uses money for the provision of public services.

The government always borrows money.

UNIT 14

1. Translate the text in writing:

PUBLIC CORPORATIONS

Most public corporations are responsible for the day-to-day running of industries owned and controlled by central government which sell goods or services directly to consumers. These are called nationalized industries. Examples include the Post Office and Nuclear Electricity generation.

However, public corporations also run the Bank of England and the Civil Aviation Authority, which are not involved in trading activities, and the British Broadcasting Authority, which is neither owned by the government nor the private sector

Nationalization refers to the transfer of an industry from private to public ownership by the passing of an Act of Parliament forcing private owners to sell their shares to the government.

UK government has in the past taken entire industries into public sector ownership for the following reasons:

To control nature monopolies

For safety

To protect employment

To maintain a public service.

2.Answer the questions in writing:

What are public corporations responsible for?

What does nationalization refer to?

3.Choose the right answer:

1.What is the main purpose of a government-owned organizations?

a)to provide a service to the public

b)to grow as quickly as possible

c)to provide competition for private firms

d)to make as much profit as possible

2.Services like the fire service, police, and ambulance service are provided for everyone. These are paid for by:

a)sales revenue

b)sponsorship by industry

c)charitable donations

d)government

3.Limited partnership is the partnership where __________ .

a)partners have equal liability.

b)partners have limited liability.

c)some partners have limited liability.

d)Some partners have no liability.

4.Shareholders are people who ________ .

a)buy the shares.

b)sell the shares.

c)borrow the shares.

d)lend the shares.

5.Limited companies must disclose information about themselves the

________ .

a)authorities.

b)general public

c)shareholders

d)all of these.

6.Public limited companies raise capital from the sale to _________ .

a)shareholders

b)general public

c)the other companies

d)members of the family

7.Limited companies are owned by __________ .

a) individuals who invested money in them

b)individuals who buy shares in them

c)individuals who manage them

d)individuals who possess more then 50% of shares

8.Public limited companies can sell shares _________ . a)in the market

b)to individuals

c)on the Stock Exchange d)to groups of people

9.More partners means ___________ .

a)more liability for the partners.

b)more money for the business

c)less liability for the partners.

d)wider range of jobs.

10.If there had been any benefits, I ________ the position.

11. The executive board reported that it _______ a good decision to find a permanent director.

12. If we ________ the plans carefully, we would not have made such a bad mistake.

13. If I were you I ________ with your boss.

14. If he _____ to sign the contract, we ________ try to take urgent measures.

b) refuses ………. will try d) refuses ……. would try

15. Mr. Black said the manager _______ to New York the following day.

16. He said he ________ hard since last term.

17.She wondered __________ .

a)why do prices went up so often.

b)why prices went up so often.

c)why did prices go up so often.

d)why prices go up so often.

18.He asked the manager __________ .

a)study his report.

b)to have studied his report.

c)to study his report.

d)studied his report.

19.I asked _____________ .

a)if they would solve that problem at the meeting.

b)if would they solve that problem at the meeting.

c)if they will solve that problem at the meeting.

d)if they have solved that problem at the meeting.

20.He explained that _________ .

a)Kiev was the capital of Ukraine.

b)Kiev had been the capital of Ukraine.

c)Kiev is the capital of Ukraine.

d)Kiev were the capital of Ukraine.

LITERATURE

1.Дубинина Г.А., Драчинская И.Ф., Английский язык, Практикум для развития навыков профессионально ориентированного речевого общения, Москва: Экзамен, 2002. – 192 с.

2.Латигіна А.Г., “Basic English of Economics”, Київ, 2004. -320с.

3.Derek T. Lobley, Applied Economics, London, 1998.- 350 с.

4.Gerald Lees, Tony Thorne, English on Business, London, 1998246 с.

5.Gertrude Williams, The Economics of Everyday Life, London,2002.-280 с.

6.Graham Bannock, Dictionary on Economics, N.Y., 2004. – 540с.

7.Gusak T., Modern English Grammar in Practice, Київ, 2002.- 430 с.

8.Heather Ferlicchia BA (Hons), Commercial English, Харьков: Торсинг, 2002. – 192 с.

9.Peter Strutt, Business Grammar and Usage, Business English, Rearson Education Limited, 2004. – 221p.

Вітренко Ірина Петрівна Дегтяренко Олена Олексіївна Новікова Ольга Миколаївна

ЕЛЕКТРОННИЙ НАВЧАЛЬНИЙ ПОСІБНИК ДЛЯ СТУДЕНТІВ І КУРСУ ЕКОНОМІЧНОГО НАПРЯМКУ ПІДГОТОВКИ

ENGLISH FOR ECONOMICS

Підписано до друку _______

Формат 60х841/16 Папір типограф. Гарнітура Times. Друк офсетний. Умов. Друк. Арк. _____ . Обл.-вид. арк. _____ .

Тираж ____ екз. Вид. № _____ . Замов № _____ . Ціна договірна.